Skip to main content

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

See other formats


ES 


a sr 

# 


T/i No. 27,74i Friday December 15 1978 1 I - approach to eve 

ai^Alfa ^Tr^^.\.^Lordi^pton S2333 '. V_i' . . m_--,,. L ~ _ ,,-W size of project 

<»NTD®fWt *iaJJMC;W»aa 4XKWUtV& ; lS: ULCiUM Fr 25 , DENMARK K* 3 St FRANCE Fr3J: GERMANY DM 2.0; ITALY L SOOj NETHERLANDS FI 2.Dt NORWAY Kr 3 J; PORTUGAL Be 30; SPAIN Pti 40 j SWEDEN Kr 3 JS: SWITZERLAND Fr 2.0; EIRE 15p 


-taking a constructive 
approach to eveiy 

size of project 


NEWS SUMMARY 


CABINET ABANDONS SANCTIONS ON PAY 











Government survives 
with majority of 10 J 


BY RICHARD EVANS, Lobby Editor 


>N pay • 

Public sector! 
unions to put! 
on pressure |§ 


BY CHRISTIAN TYLER 


... >Z ■ THE GOVERNMENT survived the damage inflicted on the night's defeat! the Government January General Election, and I 

. 4 . e .v:'. the crucial vote of confidence* Government's economic strategy, will no longer use such powers claimed that the Government had THE END of sanctions against But appMrations for Govern- l 

... r EQUITIES ■" V«itfiniied on- relatively comfortably in the did not specify what action iF for that purpose." he declared., no vestige of economic policy private companies will put the men-t aid of various kinds in- i 

Lord" Snowdon, divorced 1 from settled on jJolM^ imcirtainties. Commons last night to enable any would be taken to ensure “Firms that have been told relevant to the nation’s needs. Government under far greater eluding Temporar-v Employment > 

Princess- Margate* far JWy, will FI 30 -sl»rc'“ ^ 2 JJ to J" - - SUfS 1 ?? ? h ^ Ie A 2l l r „ e n l1 i he C0UI1 t tcr ‘ ,I l, flaU£lQ that dJscreti«>nary action will be In a surprisingly disjointed trades union pressure to be more Subsidy and export credit i 

many Lucy Jindsay-Hogg, a 477.9for a fo«ti-day loss of 15.4. Se - n oS Tnm next year ,! t maintained. taken against them will be in- speech she accused the Prime flexible in aublic sector pegotia- guarantees are likely to be * 

idevisioa - . resear cter,' ’ . at Gold mines IndttL shipped 2.0 to 1 ne 1 * He placed great emphasis on formed. The Government will Minister of making no attempt to tions where it has virtually restored to their old basis. ! 

Kfinsingtoo'-r^Sder. office. in_13Z.9. ■ ! ^ "! ed J # , r .^ h ,L^' e /^ rll,cr det,,ils in *» ESSfe, ““*?» “““o'; . .. . Go**™™* mootortas .c • 


tctbisioD researcher, ' . at Gold Mines Index sUpped 2.0 to 
Kensin^n,^ office. in_ 131.9. - C ; ' 

London today.. : . A. „„ 


Government 


Wednesday sensus in talks starting next course.' 


Xondon. todays: ■ GILTS* Shbrls.-'sreeisierctl forced .the Cabinet to abandon Tuesday between Ministers and ,,, KrailI u . 

" Mrs. I4rnb0y-HogS,' ajged 3f. ‘a manrin discriminatory sanctions againsr TUC leaders, and with the CBI „ ^ w ht? , actc Plcd the 

was forinerly marriedrto the film ^ privae companies which breached shortly, and warned of the pros- VI dc ? 1 ! , , on - ln . *** 

producer -Michael Lipdsay-Hogg. Goverbm^rt^^.Secimt ^ the 5 per cect pay guidelines. pect of byper-i dilation should VA'lrnm ’nr resu ! t , was 

Sbe;. will, now become the indcx elosed pJ2 dpWnat 6S.G0. The . yott Qf confidcnce emplnyers take the “soft option" m 

demanded by Mr. Callaghan to »>uy Industrial peace. £ nd ftS* behfnd its back? 

Lord Snowdon- said there nbM«kh'i.p xeftlemr-nt salvage what he could from the „ 

would be no honeymoon, «s both 1 damaging defeats won by a T) The Government is not wi 

he and his bride 4 £re; btisy work= Price : 204^30 (201,7ft)^; Government majority of ten was IyODUSI ins to S»ve up this fight, ho 

- .. - . . 1 r . ■ _ . • . nvpr. the nrn<»rotc hum 


intended to deal with the con- TUC demands for “equal productivity deals— required In 
sequences of the two defeats. treatment" especially for public be self-fina’nrin= under the nay • 

Amid Tory cheers Mrs. service workers, will first be put policy— could be rendered less *• 
Thatcher maintained that with no t“ e Chancellor on Tuesday effective. 


GOLD, rdse ^L^tb; $2031. »™»aeo oy nr. uuagn«n to ' hand tied behind its back. 

Lord Snowdon- said. there Oorpmhpp romera settlement salvage what he could from the „ — „ 

would be m; honeymoon, aa both damaging defeats won by a T) Tbe Government is not writ 

he and his bride 4£re; btisy work= Price : 204^30 (20^)-;.; Government majority of ten was XvObllSt lnR *°. SIve «P this fight, how- 

ing. ; •. : _ . satisfactory enou°h in ’ the ever, the progress we have made 

.•• - • STERLING was .ttnehanged c i rcum ct a 1 Jces ° So far there is no sign that is too substantial, to throw 

Iran crackdown ' 51.8765. Tra'^Le^weigbted _.. _ , Ministers are preparing to curb away." 

* * iL_' average was 63".l(fii2>.DoUar's . The Governments survival jjj e tnoney supply or increase There remained one form id 

** jssa.a.jsi. sin« 


The vote of coofideoee emplovero take the -soft option” »« SShoT'thV^SmJit^w^ 0 " uS'SmoSTrVC SSTteCBlf n *Ji SI' i lSlSiL' , 'h ri .h n “/£" 

■manded by Mr. Callaghan to and bu >' industrial peace. hand tied behind l /ts back determination to cling to office to explain the implications of his pj d io!lS r 

Ivage what he could from the _ _ ~r£rJ.TLT. ....... without, effectively* discharging decision... _ . " ,5 ?“ 


determination to cling to office « »«»«““ Priei? Curain i ssiu n would be I 

without effectively discharging decision. asked in ni-.v a more. 

any of its responsibUities. Some kind of announcement J™ 1 :o P“> a roore pos5U ' e l 

cJariJying the policy is eiqfecied 

in the next day or two. Mean- Yesterday Mr. Charles Wil- h 
m . ■ while Governmeot departments hams, us chairman, said in • 

Conviction are reviewing the arsenal of launching the commission's 1 

weapons they have used or quarterly report: “There is no 
There is a growing conviction, threatened to use against cam- question of the commission 


Conviction 


1 


seiikAiu? mmT *n the Arias the^ two Scottish Nationalists n!us c " unt ? r - infla t ion policy remains would have u. consider, and that among Ministers that the Govern- parties breaching the pay poUey. either adopting or trying to 

^ *, V. S unnort from T^r W?Uh effert,v e. But these remain was the result of a wages free- mem’s retention of power will The action already taken operate any form of guideline 

UP Nationalists F and oS Ubwal ."Si In lhat th t o{ becD “? T e increasingly difficult in against Ford Motors is likely to salaries.' 


^ ik ortd w ,,1M “ ~ K Mo ri Ana i icf c an ,i nnp TJhpral wcupuua iuai i-wum ue us.eu i a ior-aii u uw mat me uireai of uecome increasingly nimcuit in against ford Motors is likely to ""sm *«'u salaries. 

2 * t * 8 at 812.S4. : ,i StS rv. nd ° De * • ” ' the futu re. provided Ministers discriminatory Government the New Year as the carrots be rescinded quickly, and the He said the commission would. 

Ja^h! ' „ ’ V’-'™ 1 Hlf Government is now are prepared to lake the econo- action had been lifted. proffered for minority support company said <it was “naturallv in any case, he taking a tougher 

SSSSSL vfu,. ■ u,s - numey snppfit: --W1 rose ^ ll h its counler-in nation m j c and political consequences. «if the Private wrtnr ic nr.t are steadily consumed. pleased.” Action against British Jin ^ ihe coining months with 

SSgi!^ h I. - rjM speech in ,hleh ,The Bill ’pereaeing U.e „ U mber Own - found W of . TreSf ZltU" IXS 

ona- nnt doting bis job. Pace 3 to SS,2.an : ($SJ0.6bn). muntrj l arli!t n „ t B year than ha oho loosed the minorily aga inst inOation and if it takes Northern Ireland seats at . j!, " I 2J 1 C “- prices UnflTlbonr TEo eoSld 

Isra-lmeetln^ ± & "EPM %**?“•*** ^ ta " SSta' «? ^..“thi m VSSSE Judins scan, ut, «« *i 


led again 1"“*. _ v 
•Exchange I wi ® bed - 


TIB 


oha not tWmx bis ji*. Page 3 . Bre * w lu 

Israel meeting: * ™ S^iM^chlfnse 

Israel's Caft»iiet vail .today -.CTnf* : i n ti** wake of: a ^iarp fall in 
sider. Egypt’s, ww peace treaty . ' • 

- demands. XT-S. .Secretaiy of. State ' f irnn n £pertanne 
Gyrus Vance was unable, to j«r- "-.'•'T-M' 

sua-dq the Israelis, to compromise - - IfIV il' - 

■■ at'taJte yesterday. Page 3 ^ £ Q • M V; 

^pre^wim ; 7 , 500 - _ ; yfj- 

• r Express I N eyrepapers, obtained.-. 'a - - ■ . jZ §-- - * -l| - 

‘High Court injunction forcing * • . - . •-n'JrY r- | - i - 

joarnalist^to handle copy -from - fyr-: [, | - 

" the Press Association: “blacked" 7,00 C “ rirr rv | 

■fltoughant Fleet Street’ in sup- “ “ “ } 

^-^cJal pay claim. . J “. | ' 

Eftimy returns . 6500 

W^flBi-ei^iVoy CJedwyn. Hughes . - n WHIlilf fpsK 

• arrisei hack in London from bfs ' ' 1 

. Airrcaxr-ttrar but_th«e;is no sign-: ,fi,Q00l , i -t--- 

. : - }^pites^jhas:_\ r r ^ ffil 

‘ ; Penang. ovbrni^Jt:. Cas^r tin ilesV 


Mr. Callaghan, having assessed “ In accordance with the reso- Mrs. Margaret Thatcher, the 
with the Cabinet in the morning lulion of the House (Wednesday Conservative Leader, called for a 


Parliament, Page 8 
Editorial comment Page 22 


Euro-Parliament sticks to its 
guns over increase in budget 


’SEP PPM I 


tinilast 


prZUNOR GOODMAN 

• • .. * i ‘ 

LUXEMBOURG — The Euro- 


panies will! be excused having to l ^ e 5 Pf r rent limit, made no 
sign contract clauses pledging ronprfient yesterday, but the CBI. i 
a^ierence to the 5 per cent limit w " 1 , * las . a so . opposed 
before receiving Government sanct| ons. welcomed the move. I 
work. Continued on Back Page ‘ 

Inflation rate likely 
to remain steady 

BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 1 

THE PRICE Cnmmwsion index, today. Last month fhc 12-month 

which rellects the increases in index was 7.8 per cent. 

prices over the pa«« six months A Central Statistical Office 


«:u^o iftiiHmiquuuA *-TwfiVFY -SUPPLY / stprlins* nZ.Z* J — iue necessary majority to Kill the Airs, eiatca oy.ine unusual 

Fhva^ - Seeretary - 'aAer Ihe increased bv onlv £103m ■» •«« Parliament's proposal for in- Technically the Parliament taste of power, were expecting 

lOTWatiWL.:. -St beJause^ ^ ^ casing tbe regional fund, des- has the last word on this kind the initiative W tome from the 

M Wv Sle« SriLSwA ?^^ e S T ?l,SS tal & e /'5S pite VC1 ^ stroa S French oppcSi- of " non^bligstory " spending. Council. 

GlbraitarlaiKS ; SSl?J?ee lion - ^ ut l , h .™ C °u Unci1 may argvt ^ Background Page 3 

^ . "*** ’"‘ge • - i . bodte. responsible for allocating . the MPs ♦».„ - - - 


C-i 2L 


iciiers 


crcaw 


Gjbraltar talks , BrPiSjr . ■ ^ SLSS b “‘ iSS™> »■» OTS r»*e s 

, e-ipoaj* &^SS2K^«SS?*“ Authority ...^ £ n n,» ve, k 

£ ^projected mean* that the sum her- The Parliament, which seemed which the Parliament can amcSd _ j Dec . Z4 | Pnvi 

Astern h«l 'aXo'SSlve'rt^huWeforS M"gM.S , ?Sa.S — i 1 

a$0 ; •.; . ., .: y •• . be brought into fort^ in handing over to an lected body with the Council at 11.4 per cent , spot |ii.mMW, *»J77 

" Mn lf aWan iMnua ! • .LOANS' 'and grants totalling £® aaai ^*- Eventually the Euro- next year, yesterday rfeused to of the total. Th e Council will a 1 month* Ms-lob d!S I S'.fllij 

ITIQye.-y . gjilm; #or.UK development priir ■ p ®A^. C o urt may be asked to compromise. claim that this does not leave iz months^. 05 - 3.90 die I A.oaa.i 

, . sakf 4f Kwd- nnt t pcp i veiT a fleets' and other forms of invest- arbitrate. It approved a Community enough head-room to pay tbe ■ ■ ■ 


£ in New York 


spot >£1.9740-9760; 61.9770-9780 
1 month 0.41-0.36 dig 0.50-0.40 dig 


- *?}*¥ At TffrgiTgir ? jfect& and other forms of invest- arimrate. It approved a Community enough head-room to pay 

rtquwf. tor the *extradition • of meat were announced by the V ■; 

L6rt ; .Ka^yvrazrf^:b^ Brftish r ^repe^ Cbmnussion, on behalf - -..y 

•rpdttpe* :in ; 'eonnectioir '. -with" of - the European Regional y -w • w t% a j o 

^ ^.luiipish Property Corporatton 

» ^BWT41N tmd Othdr oil- ex- ;■■■ ° r * ■■*... 

• >*? ^.lij^W.TlwInesqfcy. phri^ r s : whoare not members of -::.*..•* • B O A£\ A. 1 1 • 1 

:^eonsiaers Mum takeover bid 


petinc ^e commission take some two !j* a t V are exen !- lt . fr0U1 notification 
n the t0 three months to work their j® tIie comnnssiun, such as rent. 

11 me way .through to retail prices. ra L e ^ 3nd *«*>"? h3 J) d car P^ces. 

_. , T^be commission has therefore 

The slight increase for made a furtiier study which 
November, theretore, suggests separates the exempted and other 
that there -is unlikely to be any narLs of the rela ij price index . 

sharp fall in the inflation rate This revealed that the index 

iouE early next year. But the change closely followed the parts of the 
is not substantial enough to RPi that were not exempt from 
0-9780 ^ n ^ ,ca ^ e any sigiuficruit increase, notification — which represented 
ao an The latest Retail Price Index almost three-quarters of ihc RPI 
05dj» is due to be announced by — offer a lag of about three 
90 dl *. the Department of Employment months. 




■ IfOrd^ I^tgah, > wanted - by British. ' Eu mfieafl Commission, on behalf 
."poltice * :iii ; 'tsonnectipix-'. -with - °f .’ European RegiwiaJ -» 

exchange •• coptfot allegations. Development Fund, and the ;; J 
Lord Kagapi^s wife arid^son wrics European Investment Bank. . j 

Jrt CQpxt ^t W^Weonesdsy. are no t members of 

* a Pciiih refpgeei. S^briiary : tpt' T decide areas, of y : y 

4i wre fn^Swit- ^mmon fnterest - and possible • \« 

-• q-jpor, djgging ii p: '.fhe^hpdy' ccmi p era tiom -~Bagk and 'Page -22-. ,'g 


BY- JOHN BRENNAN. PROPERTY CORRESPONDENT 


ABO_UT 800,000 ' motorists ia-'f 




w * 




..Tr , - , '.s«rei± with "Eagle Star Insurance, ENGLISH Property Corporation, yesterday that be could not as a Vereldhave’s bid. which would 
nii htc /i ‘ . 'ttas> . UK's T t3nrd- biggest mot 05 - Britaiii’s second largest property director comment on the bid. But be financed initially by a con-' 

insureTr, faefe higher premiums' group" with book assets of £770m. as one of EPC's largest private sortium of Dutch banks and later I 

s^ecfbts : were; ,!•: only six months w&s considering a £40.4m cash shareholders he describes the by equity issues in the Nether - 1 

•'?$fcwiniEp fbr^* last-Tuidaite. Jt ness ..After the previous increase. Back takeover bid last night. offer as “derisory" — a view lands and Britain, offers 37p for 

_: test^B : fehrfSi Old and- > Geoff- Page.'. . J.: foBV Beleggingsmaatschappij shared privately by a 1 number of each ordinary share. 74p cash, 

^ftdlter=Befarb-®Ettiiilg on; aleBin ^ ii-A-rriTaivc *tnnn Wereidhave, the Netherlands’ ° is fellow directors and by for each preference share and 

vi^s^be'-fiecQiid-^ ^Test-^asainst;*; „-!^ v ?«SSS iafgest- quoted property group, directors of Eagle Star Insurance. £S6.5Sp cash for EPC’s 6 i per 

■>AustraUa Jh-Pferth;-' "- . ’• r au „fj ! -f. 7 ° 7 r ' y ■ % V :„ ^ iis stepped into the open with a which holds 27.2 per cent of cent convertible Unsecured Loan 

- to 37p> a share cash for EPC just EPC’s shares. Stock. 

: 1 '-|iri 4 SfIwV 5 ’V* ;-: ":* - |:*; / l^p- A^taonth after, secret takeover Wereldhave, advised by Me*- The offer is conditional on 90 

' -P^ , ®T | y - . f f SS^es^S P industtY n ogotiations with the British chant bankers Morgan Grenfell. Per. cent acceptance from 

Zambian, President Kaunda bad SSSSLS'^SSLi- ■ 5 renp were broken off. has had on-off talks with EPC ordinary shareholders no re- 

■ ; secitied up -to ‘56 per .’.etift; of- the ^^fhoui ine region. -. VEPCTs board. which ex- for the past six months. In the for 1 *® 1 ,0 Monopolies Com- 

." votes With oriy 1 haodfliL stiJl: pressed ‘ surprise at the snmmer EPC announced that .bid mission. exchange control 
• ' to ^cnunt-L" in: the -Ereaidisitjail » -hARLAND AND WOLFF, tbe aa hoaneemeDt, has issued a hold- discussions had -broken down, approval and. more critically, 
'election'.-. - : V f ' - ; publiclv-owneci Belfast shipyarcL ■ statement jo shareholders But it is now clear that Wereld- consent to the bid under the 

Pime John -PanT ir has annealed dSdosed ^tosses of EtJBm^va ^head of today’s normal monthly have continued its talks until £ orei ~ n ^! i tt ange , 1 ? eview Act of 

■ SJSk^nSd ^out last year : 1 boBnl meeting, advising share- early November, when EPC Canada— without that consent no 

acainst losses of £600 000 in 1976.. holders to take no action at the decided not to proceed with plans bidder for EPC could take over 

moreftreedwuto cany .oat. as. aggjrt. losses of teoo.uuuin .^ omenL tn sen its overseas properties the groups holding in ihe Cana- 

nmsion. y '^ase a - Mr. David Llewellyn, who valued at £645zn. including its «L dian Tnzec ^ Corporation. 

Opinion poll inJ’ariS'Match says ® CUSTOMS -and Excise is stepped down as EPC’s chief per cent stake in the giant News Analysis Page 28 
56 ‘per . cent trf ■. FJe ach -poogle investigating if VAT can be executive in November, said Trizac property group of Canada. Lex Back Page 

favour, .fe e -ro ^ntro^setton . of eliminated . in -transactions ' ’ 

Sta*teruh brothels. . between registered traders. . "i™— 

A BBC. Upa of . the Queen's Barit Page -- #»ft M -rrErrc or* taimvic* Ia - Iir 

Christpm'jnessage is bang flown - • CONTENTS OF TODAY'S ISSUE 

outtolbe Pacific iglenddfiTuva-lu; C&HN’AlilES » •"•;■ „ „ . , . . „ 

ki ttM'te.ChiMs.as. '’"/.A'MifririRRiwrmv n^ 4 ar -'IfW*® "*» A Technical page 9 Inti. Companies 29-30-33 

JWM police have ^ea«t Monawment pose 12 Eoromarkeb 29 

1B23 gangsters in a twn-Tnontb on sales of £i: 01 bn .(£9 04m) for - tSorld 4 Arts page 21 Money and ExchM1 Bes M 

CTackdown on.crixue.^ the year ended September 30. tuc n ews-2general ^ 5-6-R Leader page 22 World Markets 36 

Lisbon police have heW seven Pa se -24 and Lex , — labonr T yK Com panics 24-28 Farming, raw materials ... 37 

miHtaints , aiid ^ized ^ posters gj icL pre-tax profits rose. 24 ' —politics 8 Mining 27 UK stock market 38 

attacking .President -;Eanes... . . pg r cent" to -£37.5m . on turnover ~ v ' : : “ 

Asian Games boxing tournament up 22 per. cent. at £509.4m in the FF A Tl 1PCC 

was suspended when fan "rioted year to' September -30. Page 24 rtM * WRta 

after a Tteai had;4osL .- . - . .-a ad -Lex . . - - OPEC taekies oil price in Asbestos Corp. takeover: Cleveland prepares for 

- ' • * • . subdued mood 22 Politics take a hand 29 bankruptcy 4 

-,-W 'Nonragtan W "SWSrX^.*? a 4 

The pros and cons & EEC farm policy seminar: Energy review: The Coal 

. Loin comfort for the boat Gloom and disenchant- Board's dilemma 7 

14 rant 37 ™, si*™ 

Around Britain: Belfast stHI Washington weighs up the 0,4,1 

'■ under siege - 20 oplisiu 3 Trading with Yugoslavia 15-19 





SURVEYORS TO INDUSTRY 
a complete property service 

Lettings - Sales • Acquisitions / 
Development Appraisals & Funding / 
v Rent Reviews -Valuations /A 

Investments- /Jr 

Sale & Leasebacks /'Jr 


CONTENTS OF TODAY'S ISSUE 




s — general 5-6-8. 

—labonr f 

— politics 8 


Technical ' page 9 

Management page 12 

Arts page .....' 21 

Leader page 22 

yK Companies 24-28 

Mining 27 

FEATURES 

Asbestos Corp- takeover: 

Politics take a hand 29 

Tbe growing market # in 

interest futures 31 

EEC' farm policy seminar: 
Gloom and disenchant- 
ment 37 

Washington weighs up the 
options 3 


Inti. Companies 29-30-33 

Euromarkets 29 

Money and Exchanges 24 

World Markets 36 

Farming, raw materials ... 37 
UK stock market 38 


Cleveland prepares for 

bankruptcy 4 

Brazil and Argentina closer 

trade ties 4 

Energy review: The Coal 
Board's dilemma 7 

FT SURVEY 

Trading with Yugoslavia 15-19 


WANTED FOR MAJOR INDUSTRIAL CLIENTS 



4 LEEDS/MANCHESTER 

■ Warehouse 

150,000/200,000 sq.ft, 
or 10 acre site 

O SOUTHAMPTON 

^ Warehouse 

70,00Q/100,000 sq.ft, 
or 4 acre site 


3 WATFORD 

U/arahfM id 


Unit Trusts 39 

Weadw 42 

Base Lend. Ratos 35 

INTERIM STATEMENTS 
Assd. Commune. 24 

Braham Millar ... 2“- 

Haslemar ' Estates 27 

Saint Plran 33 


Wilkinson Match. 25 

ANNUAL STATEMENTS 
Bureo-Dean - 28 

Londn. Shop Prop. 33 

MEPC 24 

Mitchall Cotta ... 25 

Nat. « Com. Bkg. 32 

F. W. Thorps 27 

Vaux Brswariea ... 26 



S(.:>n X; I );m 


Warehouse 
100,000 sq.ft. : 
or 6-8 acre site 

CARDIFF/NEWPORT 
Warehouse 
70-000/80,000 sq.ft, 
or 5 acre site 


Chartered Surveyors 

2(1 *28 SackvilJe Street 
London W'lX 2QL 

01-734 8155 THcx 289U5 








EUROPEAN NEWS 



financial Bines Friday Decanter f 

OVBRSEAS ;fi fW«i|iM^ 


undesbank cuts banking liquidity p.food 

NATHAN CARR 1IUIU W 

double 


BY JONATHAN CARR 

BONN — Tbe Bundesbank something of i surprise. Dr. The Bundesbank argued that, increase currency Intervention 

yesterday announced steps Otmar Emminger, the Bundes- given the weak economic per- by tbe Bundesbank. These 

ri-si»ned to emoharisp at homo bank President, indicated a fort- formance for the first half of factors together would appear to 

„ .* hrnaw that !*• «« . n , an night ago that it would be no the year, a tight mooey supply imply a higher inflation rate and 

?2 i tragedy if such target were poMcy could not be tolerated, that is what many experts have 

to ***** until/ January. The danger of Inflation was been predicting. 

ip nauon m west Germany next ^ clear that in the mean- greatly reduced by both the rise Bundesbank leaders have given 
y ear - time pressure for an early state- of the Deutschemark, which cut individual- warnings against this 


lending 


By -Rupert Cornwell 

HOME — Tbe International 



SOUTH- 


Xwapgju 


inti 


BY G2LE5 MERRITT i°S s J stem wndd he reduced stability policy. lion rate will average about 23 would bring fears from some ^aW niTa tote? of almost 1 

througQ a cut by DM 5bn to This year the Bundesbank has per cent. that the economy is being gsoom’for tiufaeeuev’s first rwn 

BRUSSELS — “It is as if a DM —bn “J rediscoimt Quotas, been criticised by some for However, next year the squeezed again even as it Starts vears of exLstencL ^ 

frightened rabbit bad bitten the “ also decided that the growth permitting the 8 per cent money economy is expected to be more to gather pace. But the reaction 9 ' 

stoat,” remarked one observer °[ c ?® * bank mooey supply supply growth larger it set for buoyant, with a 4 per cent real 'from industry and business has poverakig coun^l S Imre!]®? 


President Park:' in' no danger 


BRUSSELS — “It is 


operation 


twdjj ruriuuueiu duu ui? rr- «ri«i -( idw uic aperauuu vi ui c uic iwnsi iuwi — » w n * tn _ _ oor » vrftN 

Council of Ministers th2t has the same pcnod of 1S79 - suggestions that the experiment European Monetary System cent growth in money supply— at 

been riveting the Community's The decision now on the of naming a target at all should (EMS), due to begin on January which the Bundesbank should j nortfn*Ii nMrfwHflm a” *nmK»r 
attention on Luxembourg this money supply target came as be dropped, 
week. 


1, has been thought likely to aim particularly. 


For rhe Common Market’s well- 
oiled administrative and legisla- 
tive machinery has suddenly 
ground to a halt iin a row over 
Che sire of the 1979 Community 
budget, and of tbe Regional 
Fund. In the absence of a solu- 


Steelworkers warned of threat to industry 


BY OUR OWN CORRESPONDENT 

BONN — Striking West German more than DM 300m on itost pro- au important principle. 


port food production and combat 
malnutrition In the poorer 
developing countries. 

However, be criticised as 
u grossly inadequate " the level 
of food production in most 
w * developing countries, pointing 
out that in most of them the rise 1 
had been only 2 per cent annually 
Details of an employer offer compared with the 4 per cent tar- ; 


SOUTH KOREAN ELECTIONS 

Protest vote aver 
President Park’s 


economic 


toon, the New \ ear will see me steelworkers were warned yester- duction and flbe trade onion 1G employers say such a move made privately to tbe mediator get laid down by the United u - _ , 

introduction of a sa-.i*ty-oet * one- day -that if they continued their Me tail more than DM 30m in would cost them DM I bn in addi- and disclosed yesterday include Nations in its latest development SOUTH KOREAN voters, using major reason, however, has been 
rwelfih system of averaged ujto ttie New Year tbe in- stroke (pay. There are signs -UhaA tiooal costs, force further two days extra holiday for all programme. • the only very limited .'democratic the dramatic emergence- .of the 

monthly payments until the dnstry woidd lose more than West German companies seeding rationalisation and mean fewer steel workers, and four free In SS developing coantries, con- weapon available to . them, rate Soath Koreans as itiasvmers In 
dispute is finally settled. DM 50Om (£132.8m) and its steel are increasangly looking jobs. The union says the move shifts a year for all those who t&ining nearly half the inbabl- weelc displayed .signs of svgnm- their own rigbtr Th is- -rapid 

But th* confrontation also has future existence wauM be abroad for it, «nd are being asked would help preserve jobs, and have to work at night (about half tants of the Third World, popti- can . t . dissatisfaction with the change in the demand structure 

considerable political irapli- threatened. to conclude torng-tenn contracts that several other West Euro- the labour force). latiou growth had outstripped P°Hl ie L t 5L *° r better :food supplies .ahfi 

cations. With next June's direct The statement here by Hen- which wouid mean ilost customers pean countries are further along ' This can be calculated as a f 00t j production. *Tf this tread parly M Frestaeni raix utumg- confflHBer-imraWes-Xike _remget 

elections to an enlarged 410-seat Hans-Josef WeLsweilar, leader of for the domestic steel industry tbe road to a 35-hour week in 40-hour week less 40 minutes. But is not reversed by 1985 the gap . t, -v etoh; . and- TVs hss^ tins year, 

Parliament drawing closer, there toe Iron and Steel Employers Despite /the efforts of a political the steel industry. the employers are not prepared between food needs and avail- _ Fresmeni__^arics __uemaOTac been xoupl«d^TVitli two other 

is lively speculation that the Association, came on the six- mediator, there is still no sign Despite the argument on the to see it put this way on a formal abilities in developing nations KepuDucan rax^u^arv tu .powerful- mfi&tionarx influences. 

European Parliament Is begin- teenUi day of the strike which, that the -two sides are ready to principle, which seems more agreement and the trade union will be even larger than the 85m 5?®°* «5« • JSpHmT fnr^th* Firstly, good wither has enabled 

nina to flex its muscle’s The together wdflh lockouts, has made ait down together -and seek a com- bitter now than two weeks ago, maintains that anv accord must ton gap forecast at the 1974 ijr 8 t * 1^' ,flke constriction .industry., ...to 

danger is that it could set off a idle 80,000 out off 200,000 steel- promise on the key issue — pro- it is rJear that the employers are include such a formulation. The World Food Conference,” he said. National -rtsseraDur— ^ne jnaJntata'aboom-tevelof^opera- 

political chain reaction in workers. gressive Introduction of a 35-hour ready to offer a cut in working stalemate therefore continues The agency is a joint venture ££!?£. law wum chimeed: ThI - Aa 4 *»' :«-.■*■ 

national parliament that are Already the action is estimated week. time which would imply a move and the. rhetoric becomes between the* oil producers, the nlSSfSon^ Ne«r . 8Iir P lQ6 hhs increased . 

already wary of the European- to have cost the steel companies Both insist they are defending towards the 35-hour week. harsher. Industrialised countries of the 2552! fwnp\ toS 32B om-ceSt- •. supply;: and 

assembly, notably those of ------- v 


BY RICHARD C HANSON, RECENTLY IN SEOUL 


France and the UK, and so com- 
promise direct elections. 

The European Parliament’s 
action is already being seen, par- 
ticularly by France's Gaullists, 
as a direct challenge to the 
authority of the EEC Heads of 
Government, who last week 
decided at their Brussels .sum- 
mit that there would be no major 
increase in the Regional Fund. 

So far. however, the matter at 


Unemployed femes may block electoral law 

irSotTttn 1 1 Of^ * countries are expected to join president Bark Is in no danger 

OOWIl XmL/O BY JIMMY BURNS * during the cureenr session, which of seeing Ms party lose any of. 

' ends today. Highly concessional its position in the mostly power-, succeeded _ln c^^mg. 

LISBON — In a move that forthcoming on tbe basis of the law by the two-thirds majorits low interest loans granted in less assembly— he personally:^, f irwTnf 

luld force Portugal's political present parliamehtarj- support required. 1978 went to ten countries In appoints' one-third of the -231- nfrti * 


industrialised countries of the party (NDP) took 32 B per ceDr-.rwS ; “ 

OECD and poorer TTiird World of the* votes- to- -the DRP’s 31.7 

nations. It the newest per cent ThJii^ & ^the first such --iSl „ tL 


decided at their Brussels sum- Iffl T^r3¥ICG could force Portugal's political present parliamentary support required. 1978 went to ten countries lnTappoints' one-third of the -231- vm ^ “ 

mit that there would be no major parties to decide whether to press for the law. The Act was No official reason has been Asia. Africa and Latin America. | member body. " . . _Ttrtr L u« 

increase in the Regional Fund. By David Whit* for an early general election, the originally approved bv a com- given for the Council’s surprise »" Mudinrr Haiti tiouador. Raner.l d.,v Hi*>tA*na«fp nhcowum U 1018 teases unporrs, wawa are 

, . . _ . . . Council of the Revolution, the bined vote of the Socialists and anttounjceoieDt made late last 

i„ir i : l . ho }''? v . er ^^ e u in f tter i a ' t PARIS--The depressed atmo- constitutional watch-dog. headed the Communists. The Social night, but the timing of the 

2SiV^IrS-h- L 5-J t,U uf, et for sphere th at descended on the by President Antonio R am ai ho Democrats (PSD) and tbe decision is significant It comes __ _ , 'Ifew' trappings of democracy in 

that tiS Kin 0 v»w Ch r»lf,Sd Ur «r S ^ii Eanes, has declared the electoral Christian Democrats . (CDS) less than 24 hours after the Swi^S Ollflftflt : South Korea, but it is generally^ 1 ^®*^^: toe<munttY^_b^ice 
5i e «* 2 ?TJ ^ r0, Sj j 11 ln4l “ hc Y law unconstitutional. voted against it' The latter Government survived a i3VVISa UUllUUIk • agreed the assembly eLection of payments at a derirg_8maU 

if VeI S utfaac ^ 1 L ted a Htt e ye * leT : The law was passed by Parlla- parties wanted to make voting rejection^ motion in Parliament Smnrniroc itself was "dean” and, - within deficit y T^e Fi na nce Min^try 

fa B SSiSin? ^nn? e ?! day with the announcement of meQ t in October when it created in the election compulsory and The delay in creating tbe legal lUipFOVCS the Korean context, an accurate 'g* | C 2J I ?Z,S!S^7 h^t «77 

MPftmftPd hvS a , sU S fat . dT °P 40 0Vfira11 unem_ the legal framework for holding to alter constituency boundaries mechanism for an early election gauge of puhfic fienttoenfc ^ SSS'iJS 

dJSti"XL-fo™7md p 1 5JS® n ;S5 eleciion before Oiel980 bin both IfeM. Un, were left horded bj to (5™iS«5 *y John Wick, : ondertytae Issues 

should hp^ Increawd ht re than The number of people looking date laid down m the comfjtu- out of tbe law. could mean a period of relative campaisn were ; economic— it is Nv 

W nerMPt oIStii lVS leirtf fwr work last mroft dropped by ?<»■ Fonowuug the Councils The presidential veto is stability fo r Sr. Carlos Mota Pinto thif iUesaI t0 ***** ^ wf^in^viS wSer 1^9 

w per cent over the 197S level. u percent, from 1.34 m to 1.33 m. d«aaon. however, the Prudent expected to place Parliament in and hi 8 administration. On the wtoter are "rather m^favhuS eonsifrtotion, BresidetttFark.. Or- 
The wrangle between the Seasonally adjusted, tbe reduc- ca ? «»jr exercise his right of a quandary. The promulgation other hand, the blocking of an X,« r ™ rdfnS tn tife llf«t B€QS1 ^ ve government .policies. - i ^ w i L°i ™ m 5S' ' 

Parliament and the Council ever tion was 12 per cent ? et0 and return the law to Par- of a new electoral law could Act of Parliament by the Bresi ™' rt of?hSei!f There is widespread antipathy 

budgetary commitmenls has „ bamentt without signing it take months. dent could provoke a fresh con- S? Eennnmic tSS? toward a system of value, added 

become a ritual dance since . Laboi f r Mln i6try said the According to the constitution. The parties could' still leave frontation between Gen. Eane* nMiiiSi 1 * ?SS taxation introduced by- the ■ SLi!?!!?!?: 

1975, with the Parliament improvement came as a result the Act cannot be promulgated open the possibility of an early and the Socialist party. But given ^ b marfrpd to ^k«fin«r**rtT^Sf Government last year, 4nd the • 

doggedly proposing iaLTeased ?^^ i ™ P ^“ e “l^ ct n ? D ffeP ^ g ^s 8 ParUament approves it election, however, by coming to the Socialists’ lack of enthusiasm ^ssftSc^nTei^o/mSc^ ofddal Pollies of unbridled wraSfcSJ 

spending in its amendments to JjfJjST" .*? by a ! tw °- thirds majority. a fresh agreement and ensuring for an early election, this is un- ^ Commission also ^oinf'to esAort-led growth have - ^Jrrod.^p mi aeooen and mraS to- 

f ro e n Commi^ion's provi- SSf^wS^Sl ThlS W ° Uld Mt be ^ Safe P “ SaSe ^ lhe present ^ thZrtSWS moneSffiS {£& 

6roaal draft oud^ets. and the stabilisation policies, the slight ticulariy f W: food prices and wizich T were - previously absent 

Council dnsnosinc of these *' ra ^ ue - a improvement in Europe** ftoasing. .Inflation will -run. at frmn the maHret- shelves; 

economic growth and -.the more than ;16per cent *fats;year. Perhaps mofe r imp 0 rtaut for 
increased co-operation betweeri compared with 10 -per coat ’to tse future of the' South Korea 
monetary authorities. Falling 1977^ with fooa pnoes up ahout eebnoniy. is tke hardening of 
credit costs are, moveover, 22 per cent over year. . attitudes' toVthe major foreign 
expected to compensate in pan •'WbCle , Hie., Government can markets where it sells its goods, 
for rising import prices, as well choose to ignore lie. xeadtsitif Korean moreritiiaii all but a small 
as supporting capital exports. an ejection, it has decided -apt, nuinbw <rf ideveloping countries, 

20, at failed to vote down the l- 5 R er c® 111 b|gher than in the VIENNA — Despite a Roman- conference was not a decision- attempts aimed at setting up a ^ *djus f .its 

amendments by -the necessary previous month, but stiM over ian call for "friendship and soli- making body but rather a-scien- "China-U.S.-Japan axis." v .-- - to^foreigo, s^es 

qualified majority of 41 votes 18 per cent down on the number darity," most speakers at the fific conference, both he and The same the me was renea ted eventual return to Wjthfe 'toe next 

oot of 58. of openings available a 1 year high-level international ideology Soviet central committee secre- with St variatioS by aU »!?«!? Si- ft,SES a 8?J <w i2£ PresWeIlt Par ?J? 

M Ml» was «ftof an nunJ . r of .. ■ KKSS,^ ST 

.“Li- ZZSS£?±JS£'3LSi ■aL'k.'SSiflSH dLHE !*«-»» 


By David Whiti 


eneral election, the originally approved bv a com- given for the Council’s surprise in eluding Haiti, Ecuador, Bang- But diplomatic observers felt - This leaves imports, which are 
le Revolution, the bined vote of the Socialists and axinounjceoieDt made late last ladesh and Cape Verde. the -Government will take heed .-JiS™*' ? - 5 n ?5!lJSSri«: HLSS’u*'’ 

watch-dog. headed the Communists. The Social night, but the timing of the ,': v of the voting change: There. 

Antonio R am al ho Democrats (PSD) and the decision is significant It comes __ _ , ' few trapplngs of democracy to w even 

cla red the electoral Christian Democrats . (CDS) lew than 24 hours after the Ctxticc nilflAnlr : South Korea, but It is generally in keeping. the pountTy^ oa im ce 


Swiss outlook 
improves 


By John Wicks 


oouin rvuren, uui it u jcucia m- . ^ - 

agreed the assembly eLection rtijWg; 

itself was "dean" and, within n. 

the Korean context, an accurate fbete the country cannot afford 

Suge of puMc fienttoont *! <** stu ^ - 1a V 7 * 

■ The underlying Issues, in tfce a^smaRmirrent- account. 

' campaign were eco.Qtmrto— 


sional draft budgets, and tlie 11 said * yfa& ^ 

’$(•? Council disposing of these l,ra £ ue - 

^ through its powers of rejection. This note of caution is backed 
This year, however, to its own by figures showing a continuing 
surprise, die Farliaraent found -shrinkage of Jobs on offer. . The 
that thanks -to a technical iha-tch number of unfilled employment 
Sffi* ite «meodments frad gone offers fell 8.8 per cent in 
pT;; uncocutested. When die Council November to 79,400. Seasonally 
if met in Brussels in November adjusted, the figure was la fact 
20, at failed to vote down the l - 5 P® r «eot higher than in the 


Communist officials attack China 


BY PAUL LENDVAI 


That failure was -part, of an 
internal disagreement between 
meariber countries over -tile size 
of the Regional Fund and its 


el— - * -w— sasSSf 1 " delesaKS “ r "usiw- v sn.fii 1 ^ aras? a sssr^s«s 


various 


ferring resources within the 

kSS w&S 

Britain iv-as one of the voices, Assemblj on Wednesday that the na tj O0a i Communist monthly, he stated with re 
seconded by Italy, demanding an Government would reinforce its problems of Peace and Socialism, policy that it wa: 
increase in rhe Regional Fund. e “°. rts to *™ 8 *® new jobs in the ^ reflected in tbe presence oi 21 of divergencies 


e conference. the Czechoslovak Presidium L. _ nd Nira-raiHia and the 

The importance of the meet- member and Centra! Committee i^sSth Mrica. ThU oSf M 


oreign workers be dni for reptecesn'ent. -after /cpontriea. -Korea has jjeen;ab!e 
unemployment four office. •• Mr. Kini to overcome many off fiesa^iiff 


between the imperialist axis.” whUe the hard- economist. Dr. Hans Mast, has 


price- comPetivenesE, . v? r 

The tht tnges j*KSWznitiy*mU; A striking example Of Kiman 
i maned at steering the bureau- competitltm^can be- foood*tthe 


that k be iovri eased" f ro m £365m ^ 1980 wi “ ^al 37,000. SStrat Commie "SccreVarieV. oi a “general opposition to pro- uZ S ZSZ SltriS SintS? S3W3W5T « 

zundT, l ° J ° 1979 >m5 , A priority programme for pew represen tins 73 Communist par- gress and peace. . reaVtionaryimpeS is t forces" f Over^ the^Slod^lWWsS^Dr’ **** -.exports. Eoanomists waot suU,^be^eS^h^ard*Stoe 

allowed -to stand. Industry in the northern region ties from Europe, Asia. Africa Mr. Bilal; also warned that the . ,_ u ’ er ““R 1 J ur. a jno,™- mature balance between Tt & ™toTtK? « tTfall 

What the Coita<-iI of Ministprs where the major steel company and tbe U.S. events of 1968 in Czechoslovakia Ail speakers linked the attacks Mast reckons with an average economic growth ar,/ * the «Hff r>dnA<«ifv riiitti • ^iriimn^riifrrTinr 

did not count on was th^t h-rine Usinor is reducing its activity Although the Bulgarian Presi- showed haw- dangerous and disas,- against China with declarations annual growth of only some 2 w M en | nc g^os both in Incomes^ ■ 

gained a procedural victoiy by would be brought out in dent, Mr. Todor Zhivkov stressed trous anti Solvelism was. Mr. ^ th the Soviet Per cent m Switeerlands Gross the poorest and the th 5jj. g r^ W ^ 

default the normally comping January, he said. in his opening speech that the Bf.uk expressed fears about leadership. National Product. weR-to-do oxdUlso m suiipLv forSd SSTV^Sfl oSSiSS 


industry in the northern region ties from Europe, Asia, Africa 


gained a procedural victory by would be brought 
default, the normally complais- January, he said. 

ant European Parti-- meat would — 

stick to its guns. This week in EDEMPU TPI 
Luxembourg it has followed the PKCixwn IB! 
new hard line of its budget com- . . 

mittee and refused to let the B ,1 * 

Council of Ministers bend the 0*4 ill M/ 

ruies. JL 1 V ?▼ 

The line is that the Council 
had its statutory chance to reject 
the amendments that would iu- 


Natlonal Product. 


FRENCH TELECOMMUNICATIONS INDUSTRY 


Fewer jobs as 


electronic sprint starts 


BY DAVID CURRY IN Pi 


i^n e e r. th a« C? rbore THE DECISION by CIT-AJcatel France, having begun its massive the plunge into electronics thing, the Swedish company a Nev 

v e ° - r ‘e p *^ n to cut its workforce by 920 people equipment programme using systems, but tbe nature ca the Ericsson decided to market only digital 


S?f.-™LV- d0 -?of es .^ l00 ^ f tn ? by 'mid *1989 heralds' the onset*!)? traditional crossbar technology; FVenrh network diclaied the the digital systems on world has the best export recori 

•owPvi ^ L f, 1 , Council ^ much-forecast employment and then adopting space-switch- initial adoption of the hpace- markets. Thomson has to date. The French Indus: 

r v SJ? themselves to court if rrjsis Jn r be French telecommuni- ing. has decided now to go the switching system. i l develop a digital competitor or orders as .a whole fell t 
in - 1 . ' ..... , cations industry. whole hog for temporal or To bring this technoltky under find itself marketing an Ericsson- FFrLfibn inl975 to FFr l.( 

kjJr£ b > (h ai the possi- ^ indnstry’s trade assorts- digital systems — and this new ihc French flag, the Gqtemmcnt licensed system abandoned by to 1976 to FFr 1.02bn tn ] 

oi/uy that toe Gonna I could lay _ grrr has said that over the technology requires far less man- arranged for the acquisition by Ericsson. C it- Alcatel s deliveries 

3Sw?SSM PTi , the Thomson electronics group Thomson's rush Into digital from FFr 110a In 1976 

£*?!” a ri JfBto-e for a - 50<J0 iobs must disappear. Put With long-distance capacity to of the ITT subsidiary [LMT and threatened the unofficial equf- FFr 225m last year. 

V. d D eed ' C , on ^ t0 against the industry workforce some extent satisfied, the PTT's of the French subddiary of librium on the French market The exports axe hard t 


New Zealand order for its] 


between the poorest aod .the The Govemment fc now being 
wefl-ft Klo a nd also to supply forced into a pmtiod o£ve«ntffl*a-. . 
and denwrd. • tlvely low growth, after havipg 

The Economic Planning Board successfully cotnpletedan adjust- 
already has made up its mind to menc from the 1973 loflr «isi& 
lower- real economic growth to which ntearly 'pW'a~stoip;,to^iiKe 
about.® per cent in 1979. down Korean dream of eveutoatiy 
from estimates as high as 15 ranking among the fcadipg 
per cent for the current year industrialised states. Wlt&mf .a 
which was achieved' despite stable - and- • -rtxong ’ ecNf&fny.: “ 
comparatively tight • money South .Korea could not hopes to ■ 
conditions. maintain the. huge defence dfifert 

The growth of the money it feels is needed-' & . di$CMN?gB 


t only digital system, and this company supply baa dropped from .the any attempts by North Korea 
world has the best export record to break-neck pace of more than to unify the tvvo stUea“^tOti& 
i to date. Tbe French todusrty’s 40 per cent to 1977 to around • Tbe election results tms W«k 


thp matter in front nr UOU ai*JL uas »aiu UiaL wvci uib .. 

BK.wKsj SSWSE '*SSk Jr 

TrSLd for , ftSfo-LpromS cah '“LS is .^JSSSn' ^ 

It will not he hnwpvpr U^Oly modest in relfiticffl TO 
for the £rn.JL£- ™ ™ ™£l'. present job-sb adding practice in 
tfjhin fn/ln^no fit 2™! France. But. m fact*, the reduc- 


table for nrpnarin" tHp rnn>- r ra“c e - DU ‘- “ Ia «*. “«= 
tminity" budget are “clearly laid 


down in Article 302 of tiTe Rome 1° ^e stogie area of switching 
Treaty, and the Parliament is ° e ‘ ir ' . . . ^ 


arguing that its budget must be , . -- v-_„ 

implemented. Procedurally. the ^ toe regions where France has Ohomsor.) 
hall is finnly in the Council's made a big effort to install high OT-Aieatei 
court. technology industry — like 


technology industry 


It will Lt u; 5 " • :r,rn P rorDts -- uveiv modest to relation to i per cent of world production 

for X? SSS«fi.r« y, ..« ? w £ VBr ' present job-sbedding practice in FRENCH MAKERS OF TEUPHONE TECHNOLOGY volume of telephone exchanges. 

r me ‘ France. But. to fart, the reduc- — f- But. like the industry as a whole, 

mSnitv' ‘ budget ? ™*cii5fiy C i£d tions w11 Mme almost enlirely SWITCHING SYSTEMS : TRANSMISSIONS It needs to realise 30 per cent 

SX S 3? Of to toe Stogie area of switching Market Sow. 1 Temporal/ Market turnover from exports to the 

Treaty and th» Parliament ’ is Sear. Companies share %■ Crossbar switch! digital Companies share % 1980s. Only if it achieves this 

arguine that its budget must he Many of these jobs will be lost J-MT-Eriesson Mctacanta; AXE cnr-Aleatcl ran jt generate tbe cash to 

toiptomemed ProSraUv the to the regions where France has (Thomson) 40 CP -400 AXE. MT-20 (CG€) « finance the almost constant 

Sl T fitmly /n toe Coiicirl made a big effort to install high CJT-Alcatel ] W0 SAT renewal of technology necessary 

court! 6 Coimci ‘ 5 technology industry — tike (CGE) 35 CP^JOO -j E-U (independent) 2S m tius sector. . 

In nreetica! tprmc fhmish fr Brittany. lUey will also, for the £GCT (ITT) IS Pentaconta Mptacontar — J-TT Cit-Alcatel gives i lb E10 only 

sa: « sr “ k.«p, M cp^. j. E ,o b?— ° 

EEC member Gorernnirtit,'. The fact that its 920 jobs to he i- it ScoStisw thS^MnSltirinn 

odds in Brussels are that in the lost are only a first batch. i f eT neioiiii mn atlon 

New Year they will begin to ^ substomry “Jl? orders for transmission equip- Ericsson of Sweden— complete between tbe CIT-AIcatel home- Areulne that t gn j aH 

contribute funds to the Com- to»t tt reckons it will find itself men t are dropping off. It is with the licence fortne Ericsson produced system and Thomson's n owtoSwa«inpw 
m unity on tbe basis of iheir own with JO per cent too many people reckoned that 2,000 of the 15 000 AXE system. J licensed or derived systems At fSanSira^f! comple? 

agreed budgetary recommends- in J 9 ' 9, „ 4 , . people in tms sector will lose This brought under Thomson’s the same time it left CGCT of technology CIT-Alcatel feels 

tions. . Thomson the pole suwind their jobs. The companies control rbe axe lechbolagy. and awaiting the availability of new that fh _ -tineth nf tS r^v 

The tru** Si'Tlifi.cance of the .toe French^ Government affected udll be C1T- Alcatel, the so-called HP system ITT technology, and increasingly Broun behind it?« nJ. 

mnfrannrion rhat it has has built up France s presence in which is part of the giant developed on the basis of the subject to speculation that it was asSe ^ d Is an important 


w.r 1976 10 cen ^' I f ext yrac 25 per cent demands o/ ihe peopft^Kho'^Sm 
F viL /2am ^ year ' . . growth is ‘expected. maikt'.. it possible. Keeping ,up 

The exporte axe hard won. The hasic causes of Korean wittt tii change vrillhe 
Thomson reckons that at the ipflatiofi are hard to define/ Oho question in plotting" tbe, future, ‘ 
moment it represents about 6 , ^ . . = 


Hit 1 


SC 


» /• >. 




m>r>_ 


ms*’: ' 



,a -uvaji^ca- win, 1117 jbiUiuiJCAU I _ 

Parliament will he allowed to set I aD J?_^? * ,or ® e ®* 


away with its defiance of «ke CIT-AIcatel does nert disguise 


EEC member GovernnieaLf. The fact that its ®0 jobs to be 
odds in Brussels are ihit in the tost are only a firat batch. The 



SWITCHING SYSTEMS 
Market 

Soaee 

Temporal/ 

TRANSMISSIONS 

Market 

Companies 

LMT-fricssen 

share % 

Crossbar 

switch! 

digital 

AXE 

Companies 

Cri -Alcatel 

share % 

(Thomson) 

CIT-AIcatel 

40 

CP-400 

AXE[ 

MT-20 

E-10 

(CGE) 

SAT 

45 

(CGE) 

35 

CP-J00 

1 

E-12 

(independent) 

25 

CGCT (fTT) 

AOIP 

IS 

Pentaconta 

Meta con tar 

i 

— 

LTT 

(Thomson) 

25 

(worker co-op) 

10 

CP-400 

f 

E-10 

TRT 

(Philips) 

5 


bYcharles smith 
TOKYO — The - 


tions. 

The true significance of the 


confrontation (hat it has Has built up France’s presence in which is part of the giant developed on the basis of tbe subject to speculation that it was °e“nu xt is an important 

SSSS diSnflon on die' PaiS£ switehing technology, is trying engineering concern Compagnie ITT metaconia tectoology by about to sell a part of its But across the footsteus of the 
ment's nows Thele are much b ? T * t( ? Spmt ‘ nt °, t ? e General* d EJectricile. LTT tbe Thomson-ised : LMT and activities to the missile company fre^h gr oSI tl 

electronic age, and will also find which is part of the Thomson CGCT. ; Matra which was anxious to S 


ment's P ore" W &e are much ^ t( ? Sprint ‘ nt °, ^ General* dEJectricile. LTT the ThomronW 

jrLLiu.9 pun^.a, 1 UL £>U Jlc dUVll I oliii-rmnii- a<M nnd viill aUh find _u.i. ik. 'T'Vi .m... rn-fr 


wider than is "•iierallv- reahsed. ? 1 !ec ) 7 0Dic a S*’ an . d wil1 also 61111 which is part of the Thomson CGCT. , maira wmea was anxious to generate laree amounts nf each 

•' for Ihc good reason that Aev lls ^ l£ Qver - manned - sroup, toe independent concej-n The other force in the market expand in electronics. ggm an uSgeJSSS?' dSmSrt^ 

' havenever been used ' , 2®£S»« JSS«? SAT- “ d Fhl ^ s subsidy *„ , the E10 wtt w { Clt- Th< m J*™*B'W**lj}* economic citinate, IoS tSS 


amoiogy 

;lmt 


asset. 

But across toe footsteps of the 


for the employment problem. 1BT. 


They range, from challenging fi„ t is toat Frme fe wrti 



Alcatel, the only purely French LMT and former Ericsson subsi- 3badows of world riants— 
developed technology and an all- diaries into an economic interest Ericsson ITT toe JaunnL* 
electric digital system. The group, is now offering its MT Western’ Electric oftta US 
market was effectively divided series of purely electronic equip- Australia, Saudi Arabia. Tran 
Between Cit-Alcatel, Thomson ment to toe version SO, 25 and Brazil — the bie recent nr 

•lw.l riTT M Tt hnr kr.14 It. IMA . . l» Bu l Ofaera 


to Fink home to the capatals^of rai£ / d £ f^Ibn) ^plr^Vof X^^Offire «* was the %'slem tooSt for alTinS p^fcs&toe markrt i *°Z 

iS^JSiLl SS forpuSy tsta; re . 

- torectl> -elected Euro-Partiament ends, industry faces an order tin rue systems. j ast yea - when tbo - industry system although, under the terms structured at immensiT nntocJ^ 

will be reopened. fam in**- iiuclutJ nf m M lvins Th* main 11 hudifinnal " rrocs. wi-irhoil ra!)n,Ki»< Minrliuinn nf ifr i . * ““ r~® paiHa 3 


v/iu be reopened. famine: instead of receiving The main “ traditional " cross- reached (he collective 

— - — ■ — ■ — orders for the installation of bar or electro-mechanical that the aii-eiectr 

FtsAxcw. times, pubiisiwd daily eserw around 2.&m-2.7m new lines s syste ms installed in France were system was toe teebne 

SSSH'* 3? MIS* JSi-S; year the figure wiU arop to ITTs PentaconU and the CP400 future. 

5?15n£f f fconPdf»Sia» vJf it around 1.5m. ol Thomson and CIT-AlcatfiL In This presented -arr 

new York, s.Y. The second reason is that 1976 the FIT decided to take challenge to France. 


ror on- Citp-Alcatel has itself just won hoped for. 



in 



a* 

















OVERSEAS NEWS 



1 ELEci| o*, 

vote If, 

f % 


abinet meeting to Shah holds negotiations with leading Iranian opponents 

■ • by Andrew whitley 

f TEHRAN — Political negotia- The Faee-lo-face meetings have was ousted in a CLA-backed hour on Wednesday. It said he at all U a hopeful sign. Tt was 
li llrfll/lllllW tioos between (he Shah of Iran been stepped up in recent weeks, royalist coup. bad been taken to the meeting the first such meeting between 

w t J and eminent Iranian* inpludin? after a of discreet sound- Well-placed Iranians dose to by -General Iraj Moghadam. the die Shah and the opposition 

-_'= V V-. . cnm« ® lags conducted by political the talks say that at least, two head of the secret police SAVAK, .leader to be officially confirmed. 

rv Kavio V'. . ' V '' ' ^ . some aeeiarea opponents nave brokers with good relations with of these elderly figures, in Uieir who has in recent weeks become Most observers here dr> not 

- - .. . .... • resumed in earnest after a five- the moderate constitutional 70s, have been offered I3ie one of the Shah's most kiftuen- expect a new civilian pvvern- 

■TCRfTSAT.TCW ^.' mV TtEenahem day ’ afternoon :t5dL : ; ‘jreport to had been agreed that the <biy break during which the opposition in Iran, and in the premiership by the Shah but tial political advisers. ment to be formed soon, but pro- 

Begin,: titer' Isfadl - .Prime President An war. SadkTof -Egypt exchange of diplomatic repre- opposition held huge demonstra- court. None of the opposition have refused. The man cunrentiy The Front's statement, dearly poneots of >tihe middle road solu- 

Uinister, has ^Sailed a .-.special on the Israeli impos ition before sentatives would take place nine tioos against the monarch. religious leaders within, the most disposed to accept the post designed t® head off expected (non are actively seeking oonstitu- 

Cablnet me«ing- thJa*tnot® in g to -returning to -Washingtonr today, months after the signing of the T», n <,iL., . country has been taking part and its attendant risks is criticism from the Shah's lead- tdonal forms, such as the setting 

rir.ctnire -the tough' new. Egyptian The deez^Son - tp ^recall the treaty, when Israel had completed are oeuevea to centre directly, although they have pro- believed to be Mr. Ghotem Ing opponent, Ayatullah up of a Shura, ur Council of 

demands which,4ed.. to a. ’break- Secretary ^ot-S^e-^jWa^Taken by the first sage- of its withdrawal on finding a solution to the bably been kept informed. Hossein Sadiqi, a 73-year-old Khomeini, the retegious leader Elders, that wou-ld bring on 

down up the yi tlflle . East : peace President JimKy^ -torter ^ on i n Sinai. political deadlock that will allow Among those participating are distinguished academic wbD was exiled in Paris, said that daring influential -religious leaders, as 

mission of. Mr. Qyras-yance, the. Wettaesday,' after Mr.-Vance told According to Israeli officials Ibe Shah to remain, though with Dr. Ali Amini. a former Prime a prominent member of the Che palace meeting Dr. Sanjabi a way of creating a buffer 
D.S.- Secretary of State; bun that Israel ^-rejected the ^ other) reduced powers The kev Minister. Mr. Housbaog National Front under Dr. reiterated fobe Front's refusal to between .like Shah and Ehe 


can mediator -again - met -the JSSr 1 jSSoSfcnmit clauses in the treaty of any con- i ac k of Tn.*t in the sk,*- mal 4nv <* ved m court politics In a statement yesterday the of Governments “under the pre- As one Western diplomat com- 

toraelr negotiating xeain but was tent." This applies particularly to m . r 5 ““ 5 and a number of respected National Front, now the main sent circumstances." merited yesterday: “People do 

unable to . persuade ‘ diem j,o If® th» Article 6, which gives the treaty 6lDCcrlt y « n lb® of those eider statesman from the era of poetical opposition grouping, Despite ttes apparently hard- not seem to realise Eh at the Shah 

soften 'Israel's-., stand oit-lhe 'out- with Israel precedence over Prepared in principle to nego- Dr. Mossadegh, the nationalist said its leader. Dr. Karim line statement, diplomats say the is in effect already a constitu- 

standing isaues^Cto -.fh^^peace^- its Egypt's agreement with other Uate with him. Prime Minister of the 1950s, who Sanjabi, met the Shah for an fiact that the meeting took place id on ai monarch." 

toiks - V. -- VV ' : temand io link the bilateral Arab states. 

A^r .the.-w^Hngi-^Hr.'‘Begm wdtfcrthe creatioriSoC* self- Mr. Shimon Peres, leader of the ITT 1 • a • 1 il A 9 

W9^lhlI1OTnTl WPlPn^ 1ITI TilP ODtlOTK 

awswarjyss ^ *" dauuigiuii rr Cigna up me up nuns 

be : & ..special session - of tbe. si dors already .agreed must be by the December 17 deadline 

Cabinet . at which ■decisions, -will postpone until after- the holding agreed at the Gamp David sura- BY DAVID BUCHAN IN WASHINGTON 

£rz ssa “ 


BY DAVID BUCHAN IN WASHINGTON 


Iraq rejects ‘token’ oil increase 


NO ONE in President Jimmy making “ uncontrolled State- 
Carter's administration, least of meats from foreign nations that 
all Us head, underestimates the encourage bloodshed." all but 
policy crisis posed for the U.S. pointing the finger at Ayatollah 
by the continued turmoil in Iran. 'Khomeini, the Paris-based leader 
What action to take has led to of the Iranian religious mullahs, 
more searching of souls and For public consumption. Mr. 
scratching of beads than any (-...* 0 * has ,i SQ rpiieratpd hi* 

adrnfni«iM 1 Mnn , * n ni 1 itp SUe ° D ^ support for the Shah, delivered 
administration s plate. persona) messages to that effect 

Caught on the hop by the out- io Tehran through his Treasury 


: BY JAMES BUTTON , ‘ a<totauiSKti ; ! a pla? Ue °° **** su PP° rt for the Shab - *»®Hvered 

ABU DHABI — 'Iraq te pre- Iraq ‘wanted to see’ 44 a 'reason- oil market, accentuated by the Caught on the bop bv the out- mTe^LTtTnS ‘hi^Traafurv 
pared to accept a “modest” but able adjustment to compensate cut tn Iranian production, OPEC break of the Iranian doubles in -Secret w and the U Democrat 
not a “token^mcrea^ in the for part of our losa».” This was is expected to end the price August, alarmed by the recent leader in the Senate and despite 
pnee- of oil, when OPEC meets dependent on -the West,* and the freeze that ha s been in effect and continuing large-scale dc- the odd tactless nub ic admission 
here tomorrow to decide , on a United States in particular, tek- since July 1977. Saudi Arabia monstrations against the Shah, of doubt voiced his confidence 
price increase for next. year. Mr. ing steps to end the depreciation has indicated that it would be the U.S. Government has been ?£,» ^,he Pahlcvi thrnne win 
Tayeh Abdul-Karin. the Iraqi of the dollar and to .correct prepared to accept a small price slow in sorting out a strategy. {Sfact mrone win stay 

Oil .Minister said yesterday. • inflation. He said that this offer increase if the majority of OPEC It may have one by the end of , . 

W,M «nV fnr fhll would not TCpeated'iin the countries wanted it. but has this week, when Mr. George Ball. . cours ?- a l . rorni of 

MmSnldSfnn nf future! “The objecUvft’Js to get made clear that an increase of the former top State Department T r. I? 2 U - f ’ eve 5 

com penaaupa foe the; a reasonable and -.minimum 10 ner rent would he rnnsirim-nd offirial under nrevious Demo- though Mr. Carter has peppered 


.extreme than previous' pre- of oil indexed against a basket on the long-term implications for Iranian people" and wi 
? ^ncraaa^of^io Iff oer C0nferenC e Positions MopTed by of other currencies to .protect it v - s - P° Jic - v of the Ionian crisis disapproval of the bloodshed. 

H lirilB UlUCdW. VI y W - -irei T,,n - it .« ■ - , .. in ths ufVinla r.ulf 3TD9 Dmnatalv V. r., a. 


cent would he oiv'Vtokeii or lTaq \ wh “ n ^°™®^^ pposed ■*““**■ the depredation of the ^ th ® who1 ® Gulf ****■ Privately, however, the assess- 

symbolic increase- Saudi . ^Arabia’s,; .^moderate U.S. currency. Sa«ds Arabia, the Lacking a strategy, the main jnenls are rather different. The 


approach to' oil prices!- 


Mr. Abdul-Karim said that In view of the tightp^&^bf the opposed to indexation. 


dominant member of OPEC, is concern of the U.S. has been to Shah has stepped aside for a 


. vy •• ... .• — . o a . warned other countries to ao p***®™ weeKena snouia not • 

peace mooa: BYK. fC. SHARMA‘V'\> likewise. encourage him in think the 

A. „ ■ ;• . .•’* i n,, wurniTiPQ have hern worst may be over and that a 

By Our Own Correspondent- _ , - NEW DELH!— Ibd^V^tnfe- to take him hack into the beamed mainly at the Soviet ™m®back could he made. Few | fit 

- tbrn. , ruling Janata -7ai4y has Government. Efforts to persuade Union fwhich in turn has told u - s - officials seem to be wedded X' In? 

. LISBON — Unite, the guerrilla received another blow, with the Mr. Desai to make a dea-1 with the U.S. to keep its hands off t0 sh ab- a* many were to 
movement operating in southern decision of'Mr. Charan. Sjrieh, the , r - Singh, who is a powerful Iran)— -though administration that ° the . r ill-fated American fro 

Angola, may be trying -.to' Jdd Home Minffit^o form j £ ader Jf J* e ^rners' lobby in views differ between those like ?”>'•' President Thieu of South 

Ite wm .? e . Hindt-speaking northern Mr . Zbigniew Brzezinski. the Vietnam, 

.hood of -a reconciHationwitii, the Par^-^ win states, have been abandoned. White House National Security Now that a semblance of ijk 

MPLA J government.^ ''in Luanda, be drawn from the Bhajpn^s Lok Mr e; ne i. .treadv an. Adviser, who see Iran as a ripe executive power is all that the *: ' 

according to.; diplomatic Dal, (Indian- People T a.^!Barty) ' . . . . ... . plum for Moscow to pick, and Shah can expect, the focus of j raa ;an s 

nkranM-c Wi inn ..kiaV 'Ciflnh UUUHCCB luai ne will not join C_,_ .. TT C ,14..,!,.. .u- I "r Iranian a 


hold the ring against foreign in- military Government, and mast 
terference while the Iranians officials feel he should stay there 
sort out their future. Mr. Carter for the good of ali concerned, 
repeatedly has ruled out any The fact that the street demon- 
overt U.S. intervention, and strators did not burn down his 
warned other countries to do palsce last weekend should not 
likewise. encourage him in think the 

His warnings have hern worst may be over and that a 



observers here.* 


-a. Sf- [STft*S?SA. w SSS 


of the political and religious more sanguine calculations 
oppostlon. Which leaders, and about an OPEC price rise that 
what accommodation, no one in Mr. Michael Blu men that, the 
the administration is spelling Treasury Secretary, brought 
out. A label of “ U.S. candidate " home from his Middle East trip 
would be the kiss of political last month. His U.S. energy 
death. counterpart, Mr. James Schiesin- 

What happens if ail this fails S&r. was warning even then that 
presumably will form a key part next year’s world oil market 
oF Mr. Ball's paper. The "would be tight, and even stepped 
possibilities are endless: An ll P Saudi production in recent 
Iranian Government standing weeks has not offset that, 
neuteal between East and West, The past close U.S. -Iran ion 
a theocracy less interested in links, economic as well as 
™ I i 1, £ ry , p0 H?r 10 Political, have probably gone for 
police the Wests oil lifelines good. The administration has 
through the Gulf than in enforc- sought to prevent any mass 
ing the canons of Muslim law. or exodus of the 45.000-50 000 
a regime avowedly anti- American Americans who were in Iran at 
and pro-Soviet. th e start of the troubles, though 

The immediate concern would many dependents have left 

be the fate of the smaller Gulf ostensibly for the Christinas 
states, particularly the oil period, but probably with little 
Emirates, which might be laid intention of returning in Uie 
open to proxy subversion by near future. 

Soviet client states such as South Strapped for cash in the short 
Yemen. Lessons from Iran for term. Iran is deferring many of 
Saudi Arabia can be drawn, its planned ir.S. arms purchases 
though officials here seem over the coming year Cash 
divided about whether the prob- problems, compounded by the 
iems of the two countries are strike in the central bank, have 
parallel. delayed payments to Bell Heli- 

Fears for the Gulf are copter, which at least tem- 
niitigated by the somewhat sur- porarily has shut down its Iran 
prising fact that Iraq has let it operation. 

* be known that it does not want a In the longer haul, there is 
! Russian presence on its likely to be a re-ordcring of 
a Iranian doorstep. Iran's economic priorities — 

■ There may be a long-term started earlier this autumn when 
. threat to Western oil supplies; toe Shah was still at the helm — 
there will be an immediate away from defence and towards 
effect on oil prices. U.S. officials more spending on social prn- 
^ now expect that, with Iranian grammes, agriculture and small 
^ crude production reduced again industry.- 

. to a relative dribble of 1.2m-1.3m' This may or nuy not lead In a 
barrels a day, compared with the decline in U.S. exports to Iran. 


’.. This follows reports io i.the and • which, like JanafA’k .four V lonSdelaved statenfem specialists, who argue that the Its hopes seems to have 
PortugUKe press sugg^stius that other constituent* noM ipto a l0 Parli ™ ei f t abo i t his Soviet Union has reason to Tear switched to General Aghatf's 

Portugal, has been attempting to single party some 18 tion on Monday He has alsm 3X1 » n rt BbI ® Ira "- spreading the military Internment. What 


the Shah 


6m barrels a day, market forces by the spring, the political 
will allow the Organisation of demonstrations and labour 


government:. in. Luanda. Dipio-j Mipifter, to resign — , _ . ... . , — — — * — - - ~ - , -v .... 

mafs believe these tsportft torbe CablneHast June, has tak’etf th&'ilys birthday— to demonstrate his | This week the President ex- adraittefliy .unknown future. here, could come to same. The renewed stoppages in cent foreign ownership rule) will 
Inspired -by- IJotfsu -- folldwing Mr. Desai’s^usal' 1 . support. • -tended his warning to thos<* In their six weeks of power accommodation with the leaders Iran's oilfields have upset the start pulling out. 


New, Delhi on December 23— ,ts ad J acent - southern border. 


its adjacent, southern border. a peaceful transition to an Shah, the military, it is argued year by nearly 10 per cent. lively few because or the 25 per 
This week the President ex- admittedly .unknown future. here, could come to some. The renewed stoppages in cent foreign ownership rule) will 

tended bis warning to thos“ In their six weeks of power accommodation with the leaders Iran's oilfields have upset the start pulling out. 









m 

pjjj 




1 




v 


i 


K 




1 






. - ... : Ti" l’” 




mm 


lises 



T TWiTi V-I - ,‘v " 


r.f 

‘ - _ y 

t 

' '"'ti 



W8$i 




It ? s only too easy to let cash flow difficulties 
talk you into short term cost-cutting. But the 
wrong lift truck can bring its chickens home to 
roost much sooner than you think. 

Because in a logistics, system as finely tuned as 
your materials handling should be, one “bargain” 
lift truck can be like a rogue gear in your car. 

Everything suffers. And everybody notices. 

Lansing can show you why buying a lift truck 
because itis “cheap” is putting the cart before the 
horse. For itis long-term cost-effectiveness that 
counts, not just purchase -price. 

And a lift truck is only cost-effective when its 
the right truck for the job. 

Yet you can get the right truck from Lansing 
without outlaying capital at all, if you wish. 
Because we can rent you a lift truck, or lease you 
one. Just the one you want - perhaps the very one 
you’d buy outright if times were better. How 
many other lift truck people can offer you that? 

And with that Lansing truck -bought; reiited 
or leased - come all the unique Lansing benefits. 
Product support? None better. Driver training? 
The best Helpful advice? We’re renowned for it 

So ask for some now, free. A phone call to your 
local Lansing depot could be the 
shrewdest investment your 
company has made for years. 


m 





We do more for you 






Jf-S 


. General Enquiries: Basingstoke: 0256 313J. Depois: Bristol: 0272 7H26L 
Durham (Bow bum): 0385 770313. East Kilbride: 03552 3560L 
East London: 01-987 2090. Edenbridge*. 0732 S6267L Enfield: 01-8W 7474. 

Ilkeston (Derby): 0602 32878L Isleworth: 01-568 4681. Leeds: 0552 53025L ' 
Manchester rFamworfh): 0204 700022. Pens nett 0384 27S14L Hedditch: 052728773. 
Wales (Bridgend): 0656 56625. Warrington: 0925 51177. 




• - ;r‘. . >;;; ’ V'-'-':’-'- ■' -\h :•»' • • 

- *• --. l - i---. '-'“1 « -Trf - 5 

7"->' •.'T 














Financial Times S«day D6ceml)er iS »78 ^ 


AMERICAN NEWS 


WORLD TRADE NEWS 


Energy 

officials 


firm on 


stockpile 


By David Lascelles 

NEW YORK — America's plan 
to build up a lbn-barrel strategic 
oil store to'cushion Rs dependence 
on imports is facing mounting 
criticism for its high cost. But 
the energy authorities seem 
determined to keep it going. 

The plan, formulated three 
years ago. aims to have lbn 
barrels stored in underground 
caveros by 19S5. At present rate 
of imports, reported by the 
American Petroleum Institute 
yesterday to be running at about 
9ra barrels a day. this would be 
enough for about 3.7 mouths, 
though in an emergency ti could 
be stretched out longer. 

The overall cost of the pro- 
gramme, including buying the 
oil and preparing the reservoirs 
is put at S22bn. President Carter's 
budget advisers are now reported 
to be urging him to rut bark on 
the programme because of rapidly 
mounting costs and what they 
believe to be its unnecessary size. 
• Storage costs have risen, 
installation of pumping equip- 
ment is behind, and fears have 
been expressed about the 
dangers of Hooding large 
caverns with oil. By the end 
of this year only about a quarter 
of the scheduled 250m barrels 
will have been stored. 

Suggestions have been made 
that the stock's target should be 
cut back, to 750m barrels on the 
grounds that the oil companies 
always have oil in hand. 

The Department of Energy, on 
the other hand, led by Secretary 
Schlesinger, plans to resist any 
cutbacks, mainly on the grounds 
that the strategic stock wil-J 
greatly strengthen the U.S.'s 
hand in foreign policy. Mr. 
Schlesintjer has promoted the 
main responsible for the pro- 
gramme to Deputy Under- 
Sescreiary level. 

A house hearing on the pro- 
gramme, starting on Monday, 
could lead to a Congresional 
decision to cut back the pro- 
gramme. Mr. . Schlesinger's 
department will present a report 
against cuts to the hearing. 


Cheaper Pacific 


air fares agreed 

CANBERRA — Australia 
announced today it had reached 
an interim agreement with the 
U.S. on new low air fares across 
the Pacific, halving the cheapest 
return rate to AS45G (SSIO). 

Australia's airline Qantas has 
been cleared to introduce the new 
fares from February 1. They will 
apply only during four off-season 
months and tickets must be 
bought 45 days in advance. 

Proposals by the U.S. Airline 
Pan American, which provide for 
a new low fare of AS493 ($562) 
available for six months of the 
year, have yet to be approved 
by Washington. 

Reuier 


U.S. COMPANY NEWS 


Mattel sees peak sales as 
profits fall: counter-bid for 
Credit Fonder: optimism at 
CPC International — Page 29 


Teamster chief challenges 


wage and price guidelines 


BY STEWART FLEMING 


NEW YORK — A- defiant Mr. 
Frank Fitzsimmons, president of 
the 2m-5trong Teamsters’ Union, 
threw a new challenge at the Car- 
ter Adnunistrdlon's anti-inflation 
policy today. 

Only a day after the Adminis- 
tration announced key modifica- 
tions to the wage and price guide- 
lines, specifically designed to 
smooth the way to a new freight 
contract for the Teamsters, Mr. 
Fitzsimmons said the revisions 
appear to fall short of the onion’s 
wage contract goals. 

Mr. Fitzsimmons made the 
statement as he arrived with 120 
members of the union's national 
negotiation committee for the 
start of wage negotiations' with 
the trucking industry which 
opened in Washington today. 

These negotiations are due to 
be concluded . early in March, 
when the existing three-year 
truck industry contract expires. 
The new contract which is to 
emerge then is seen both inside 
and outside the Administration 
likely to provide the critical 
test of phase two of the anti- 
infiation policy. Privately, offi- 
cials agree that, if the Teamsters’ 
Union does not agree to a new 
contract close to the 7 per ceot 
ceiling, the chances of the wage 


guideline holding are virtually 
nil. 

The guidelines' prime objective 
has been to hold the wage in- 
creases as near to 21 per cent 
over three years as possible, and 
certainly well below the mini- 
mum 35 per cent which seemed 
likely before the guidelines were 

announced. 

Mr. Fitzsimmons' comments 
and their setting will be closely 
analysed by officials, who may 
well draw some comfort from the 
fact that they were made at the 
firsr formal meeting of the 
industry ond union sides. It is 
a meeting, moreover, at which no 
monetary demands or offers are 
being presented. 

Thus. Mr. Fitzsimmons com- 
ments can be seen as the opening 
shot in his bargaining campaign, 
and therefore, aimed as much at 
the trucking industry executives 
as at his own membership, which 
has grown used to fat contract 
settlements and received a 34.5 
per cent three-year contract in 
1976. 

What comfort can be drawn 
from this interpretation, how- 
ever, has to be balanced against 


publicly expressed hopes by top 
Adminls 


istration officials that the 
modifications in the wage guide 
lines announced yesterday would 


help towards a settlement in the 
trucking industry. ■ , , 

Administration officials 

realised soon after the wage 
guidelines were announced in 
late October, that by including 
the cost of fringe benefits in the 
7 per cent a year wage increase 
guideline, they had saddled them- 
selves with a policy which might 
not clear its first hurdle, the 
Teamsters' talks, although no- 
body. not even the Teamsters, 
has precise figures, it is gener- 
ally accepted that the cost or 
fringe benefits in the Teamster 
contract could take a large chunk 
of that 7 per cent allowable in- 
crease, leaving the union with 
much smaller cash wage gains, 
something the union simply 
could not accept 
Hence, the ^Administration 
yesterday announced modifica- 
tions in the guidelines to allow a 
proportion of fringe benefit costs 
to be excluded from the 7 per 
cent guideline. Mr. Fitzsimmons’ 
warning that the modifications 
appear to fall short of the 
union"s negotiating goals was 
amplified in an official union 
statement saying: “The prelim- 
inary reports on the revised 
standards do not appear to make 
sufficient adjustments in this 
wag ©benefit * area. 


U.S. Lines to abandon NYC 


BY STEWART FLEMING 


NEW YORK — Only a month 
after American Airlines created 
a furore hy announcing that it 
was moving its headquarters 
from New York to Dallas next 
year, another large company, the 
steamship company U.S. Lines, 
announced its departure from 
the city yesterday. 

The company has bad its head- 
quarters in Manhattan since 1908 
but is now planning to move 
across the Hudson River to Cran- 
ford. New Jersey, closer to its 
marine terminal operations in 
Howland Hook on Staten Island. 


The loss of another 420 jobs 
on top of the 1,300 to be lost 
with the American Airlines 
decision is a further blow to the 
city’s image. But while the 
departures are making headlines, 
so too are announcements by 
companies intent on digging 
their roots even more deeply Into 
New York. 

Philip' Morris, the tobacco and 
consumer goods conglomerate, 
disclosed yesterday that it is to 
build a new 26-storey granite-glad 
tewer block at Park Avenue and 
42nd Street as its new headquar- 


ters. The location of the black 
will give a fillip to a part of the 
city which was threatened with 
creeping blight as the seedy sex 
and pornography-parlour industry 
spread east -from West 42nd 
Street. 

The Philip Morris decision, 
coupled with the renovation of 
the Connaught Hotel now under- 
way at Grand Central Station, 
-and the repair of the Chrysler 
building, a few blocks away on 
Lexington Avenue, are a few of 
the projects which promise to 
improve the heart of Manhattan. 


ITEL AIR, a subsidiary of Ttel 
Corporation. has concluded 
(-agreements to provide four inter- 
national airlines with five 
Boeing and one McDonnell 
Douglas aircraft, worth a total 
of $123m. 

The aircraft are being placed 
with AerLingus, Braniff Airways. 
British- Midland Airways and 
Span tax. 


Cuban, U.S. delegates in 
clash over Puerto Rico 


NEW YORK — The United 
Nations General Assembly on 
Wednesday night endorsed a 
committee report that included a 
resolution calling for Puerto 
Rican self-determination — and 
prompted sharp debate between 
the Cuban' and U.S. delegates. 

By a vote of 129—0 with six 
abstentions, the Assembly 
adopted an omnibus anti-colonial 
resolution and thereby approved 
the annual report of the 24-nation 
UN Special Committee on 
Colonialism. The U.S„ Britain. 
France, West Germany, Belgium 
and Israel abstained. 

In the report was a Cuban- 
Iraqi resolution, adopted by the 
Committee on September 29. say- 
ins the Puerto Rican people 
should exercise self-determina- 


tion after a “full transfer of 
all powers.' 1 

The resolution was worded to 
leave the people a choice 
between independence and free 
association with the U.S.. but not 
a new U.S. state; 

Speaking before the assembly 
voted, Sr. Raul Roa Kouri, -Ifiie 
Cuban Ambassador, said Puerto 
Rico was a “Yankee colony " 
and Sr. Carlos Romero Barcelo, 
its pro-statehood governor, was 
a “ bootlicker.” 

After the vole, Mrs. Angel ique 
Stahl, a U.S. delegate, said 
Puerto Rico had been removed 
from the U.N. list of non-self- 
governing territories in 1953, 
and was -therefore outside the 
purview of the Committee of 24. 
AP 


IMF clears 


the way for 
expansion 


By Our Own Correspondent 
WASHINGTON — The Board 
of Governors of the International 
Monetary Fund (IMFi has 
formally cleared the way for a 
significant expansion of the 
Funds resources. . 

It has passed two resolutions 
this week providing for a 50 per 
cent increase in quotes held at 
the IMF by member nations and 
for the issue of about 4bn special 
drawing rights (SDR) at the start 
of each of the next three years. 

These resolutions set the sea! 
on the agreement reached during 
the IMF’s annual meeting here 
In September. The SDR alloca- 
tion will be able to commence on 
January 1. but individual coun- 
tries have to approve the quota 
increases. 


CLEVELAND PREPARES FOR BANKRUPTCY 


Downfall of ‘Dennis the Menace’ 


BY JUREK MARTIN 


WASHINGTON — If the bank- order. Unfortunately, a few weeks unholy coalition of the city's 
ruptcy of a city with a popula- later, he fell out with Mr. commercial interests and its 
tion of more than 600.000 were Hongisto and sacked him. biack political establishment, 
not a serious matter, then what After an interval of some which had been outraged by the 
has happened to Cleveland, months, and keeping up the new man already known, inevitably. 
Ohio, in the last year would be broom spirit. Mr. Kucinich putin as “Dennis the Menace." Mr. 
the excuse for much hilarity, an old friend as police chieL This Kucinicb survived the attempt 
The eighteenth-Iargest city in the was legitimate, but confidence to oust him by a mere 230 votes. 
U.S. is defaulting on S15.5m of was not enhanced when it became Shortly afterwards, exhausted 
civic debt at 4 pm this afternoon, known that the new man had an and laid low by an ulcer, be 
Even if. by last minute Jiego- admitted history of problems with took a month's holiday, 
ti at ions, that deadline is some- alcohol and that his knowledge His opponents were hardly 
how postponed. Cleveland’s fin- 0 f police work was limited to pure. The all-powerful President 
ancial problems seem certam_ to sortie fcourses at night school. of the predominantly black city 
recur next year. Yet outside with the police in disarray, council is Mr. George Forbes, a 
Cleveland, nobody seems to care Kucinich also had a problem major force when Cleveland 
very much. witli the schools. After voters became one of the first of the 

The federal and state Govern- 


ments appear indifferent to the 
city's plight the credit rating 
agencies have declared civic 
notes to be too risky to warrant 
investment the local bankers 
and politicians are fulminating 
and often set against each other. 

At the eye of the hurricane, 
and, fairly or unfairly, the man 
who is perceived as baring given 
urban problems a humorously 
macabre name, is Mr. Dennis 


Mayor Dennis Kucinich, aged 32, promised a 
bright, young administration to Cleveland, Ohio, 
when he took- over a year ago. Now the city is 
about to default on its debts, its council is trying 
to get rid of the mayor and the public utilities and 
school system are on the point of breakdown. 


Kucinich, Cleveland’s mayor for rejected successive school bond big cities to elect 
wt nir Kui-inir-h ic n icsiip.s. the ritv found Itself un- admin station 10 year: 


_ _ o black 

the” last vear. Mr. Kucinich is a issues, the city found itself un- administation 10 years ago. 
tiny. Elfin character who looks able to pay its teachers and for Mr. Forbes had been distressed 
even younger than his 32 years, much of the summer and autumn that Mayor Kucinich seemed 
He won the Mayoralty on a good was without a school system. In inclined to appeal to racial divi- 
old populist platform of holding addition, the city was under a slons in bis runninK battles with 
the line on taxes and never sell- court order to bus children to the city council. The local e?ec- 
ing the local civic-owned elec- achieve racial balance. trical utility, known as Muny 

tricity utility. These were problems not of Light, principally served the 

When he took office, he the Mayor's making and argu- white working-class citizens who 
promised Cleveland a new broom, ably beyond his control. But, are the basis of Mr. Kucinich's 
and style- He appointed aides again, be hardly helped bis political support, 
far younger than himself to cause by appointing an education Mr. Forbes and the business 
senior civic positions. He held officer who, in a moment of community wonted Muny Light 
Press conferences in a restaurant either pique or frustration, did to be sold, since it made a loss 
from whose greasy pulpit he w hat football players have been and had been successfully sued 
would inveigh against all and known to do and lowered his by- the much larger privately 
sundry. . trousers in public. owned Cleveland Electric 

Some of bis . ^arly actions So intense was the anti- Illuminating Company for non- 
seeraed encouraging. ‘Conscious Kucinich sentiment by mid year, payment of bills for the elec- 
of the low reputation of the city after barely six months *n tricity Muny bought from it. 
police force, he hired the cele- power, that the necessary peti- Mr. Kucinich. however, kept 
brated Richard Hongito.'an inno- tions wore gathered to force a chanting. “Power Jo the people” 
vative and successful police chief special recall election in August, (even though Munv Light was 

San Francisco, to restore Opposing the Mayor was whit providing very little power!, and 


The city's population has 
dropped by 15 per cent since 
midst, according to one local 
authority, more millionaires than 
1970. Ironically, it still has in its 
any other comparable American 
city and it is surrounded by 
some extremely affluent suburbs. 
But lhat is a resource the city 
cannot tap. i 

Its current .problems ar^ not 
exactly new, but the federal 
Government had helped out 
earlier this decade. Since I then 
there have been a succession of 
financial misfortunes: some 1 350m 
in capital funds were spent under 
the previous city government: 
the persistent -losses incurred by 
Muny Light, which now dries not 
even produce its own .power but 
buys from outside: thb refusal 
of the city's electorate to sanc- 
tion an increase in tocume tax 
(which is the lowest of any 
urban area in tbe s 
Mr. Kucinich's fin: 
tor. Mr. Joseph Tegr- 
appreciably younger 
Mayor, but who -see- 
earned at least a 
respect, has grave 
present in working 


of Ohio). 
ch dixec- 
ne, who is 
tian the 
to have 
icuin of 
ulty at 
t the bud- 


get deficit, because of the arcane 


by the 
Salomon 
from 
,pts have 


jn 


humanity as well as law and would normally have been an dug in his heels. The force of 

* Mr. Forbes's argument lost some 



^Hie Sayings of Pfece Patriardhe^ 


£t To act on R'wHm can be 

entertaining. To buy vine with 
uncertainty Jacks 


anv amusement. 


PERE PATRIARCHE 

: RED AND WHITE VTNDE TABLE 

For once, don’t worry about the wine. 


weight when he and several 
colleagues on the city council 
were indicted on criminal 
charges connected with a slot 
machine operation. 

The amazing chapter of acci- 
dents — and there was much more 
besides — does not, however, ex- 
plain why Cleveland is now in 
such a state. Alt the classic ex- 
planations for the decline of the 
older Industrialised cities apply 
to Cleveland — emigration to the 
suburbs, shrinking tax base, the 
collapse of established heavy in- 
dustry. increasing pressure on 
social services to meet the needs 
of the poor and black. 


accounting practices 
city. He has ask 
Brothers to send e: 

New York xuid a 
even been made to [tap German 
banks for assistance! 

The Mayor's “ finkl solution " 
was presented to the city on 

Wednesday night. It included a 
referendum to raise the city 
income tax by 50 (per .cent, a 
S90m bond issue to meet next 
year’s obligations,] and -the 
appointment of a cily fiscal over- 
seer (although the mayor, whose 
attention to detaill is not his 
strong point, failed! to mention 
ibis in his television address). 

The city council ijmst approve 
The package: Mr.t Forbes is 
sceptical because tiffi Mayor still 
refuses to sell Muny Light. 
Meanwhile the ; Cleveland 
Electric Illuminating Company 
has had federal marshals going 
round the city .. attaching 
property, such as garbage 
trucks, in pursuit Of 4l£ suit 
against Muny Light 

It is fair to say that the 
chances of Mr. Kucinich being 
re-elected next year do not look 
great. His diehard supporters 
allege— and they may be right— 
that the financial problems are 
simply a plot by the establish- 
ment to get rid of'him. His reign 
has been nothing if not divert- 


ing 


R-R signs 
accord on 


engines 
with India 


By Michael Donne, 

Aerospace Correspondent 

.ROLLS-ROYCE ha s signed .an 
agreement with the Indian 
Government for the supply of 
Adour jet engines for tbe Jaguar 
combat aircraft- which could 

eventually be worth more than 
£150m. 

Tbe deal between India and 
British Aerospace for tbe supply 
of an initial number of 
Jaguars to India, with eventual 
manufacture of the aircraft 
under licence in that country, 
was announced several weeks 


ago. 


Announcing its own share of 
tbe deal yesterday. Rolls-Royce 
said it covered both the outright 
sale of Adour engines to India, 
with eventual manufacture of 
the engines under licence. 

Hie Adour is a joint develop- 
ment by Rolls-Royce and the 
French engine company, Turbo- 
meca. and the engines for the 
first Jaguars will be built in both 
Britain and France. The even- 
tual licence manufacture will be 
undertaken by Hindustan Aero- 
nautics, at Bangalore. 

Deliveries of Adours to date, 
for use In the British Aerospace 
Jaguar, Hawk trainer and 
Japanese T-S and F-l trainers 
and close-support aircraft, now 
amount to 1.400 engines. The 
engine is also built under 
licence in Japan. 


THE EXPORT Credit? Guarantee large contingency Items .and 
Department (ECGD) is to _,in- allow more latitude fat .minor 
crease its premium nates early Variations during, the course of a 
next year, raising its. income .'contract . ..... . 

from .that source by about 10 per In addition, there wiu.be scope 
cent- ‘due to the effects of 4nfla- lor premium discounts ai con- 
tion and “ adverse, el ating tracts where, because or; the pay- 
experience." . " menf arrangements, the .maxi- 

Astoouncing foe changes yesl-mum amount at risk at any 1 a 
terday, ECGD said v^ue. * — 

affect aH iypes of buanea • overall changes are recog- 
covered and most would be Un-. -a.***® i, rrTV r d lo ^.1-; 
p 4 ©merited in April.- The last?!?*" £ “g 2 2® per 

rise was in tfae seme momb KsvJjto VS 

. , - -• ^-commercial account.. - This ratio 

For comprehensive cover oa-. has £a u e n to arbund 1-9 per. cent 
UK exports soJd on shorMerin’' £ Ue mainly to the effects of' iufla- 
credjt • (up to six months’) pror/fron a nd increasing business. . 
mlums wttl increase by between., -j t . i S estimated 7 that "the 
3p and 9p .per £100 insured, with -increases next vear, barring un. 
tbe aim of raising average . ph*, foreseen problems, will Take the 
miuan income from about 3p..ar ^tlo back to around 2J25 -.per 
present to about 32p per £100-- cetit in tbe early 1980s. . 

“This is the approximate. level • ECGD also announced yester- 
aimed at in ■the 1977 increase, -day that -ii is to seek Partia- 
but ir was not *hen a&teved, mentary approval for a year’s 
because of ifo e difficulties -crtCU- extension from March 1979 of 
lating the precise effect of fa- powers to operate its cost escala- 
creases dn this area of busing, -tion- scheme for export contracts, 
amounting to ■about £X3bn fat -The scheme applies, to ■ export 
year.” ECGD said- ; > ^contracts worth £2m ■ or /more 

For business on terms of two with a manufacturing period of 
l-years or more, handled case by, fwo years or more- • . . - 

case, ECGD is also streamlining' ' Since tbe introduction of the 
Uts premium system to- simplify scheme in 1975, a total -of II 
r procedures for exporters, but the' guarantees have been issued for 
aim is to bring in oboizt 5 per exports with a contract value of 
cent more income overall, -V." £246m. Eight other • contracts 
This will Introduce m or e^fiexi- which may receive cover' (worth 
bitity in collecting premiums for £468m) are under negotiation. 


Itel to lease 
five aircraft 


China hotel and 
electronics deal 


HONG KONG— The New York- 
based Amherst group ol 
companies announced yesterday 
it had reached agreement with 
China on an electronic assistance 
plan and a hotel building 
project. 

Amherst’s president, Mr. Abe 
J. Lieber, told a Press 
conference the electronic plan' 
was to provide the design, the 
technology for the development 
and manufacture of “complete 
facilities to produce electronic 
components, equipments and 
systems." 

The hotel project called for 
constructing, designing and 
financing five 500-room hotels in 
major Chinese cities and one 
200-room hotel in Lhasa. Tibet 

Mr, Lieber declined to disclose 
the amount of capital required 
for the projects and implemen- 
tation dates. 

AP-JD 


Japan aid on 
patent treaty 


TOKYO — Japan will help China 
join an international patent 
treaty within the framework of 
a Chinese move to expand -its 
trade with Japan and Western 
countries, a Government official 
said yesterday. 

The subject was discussed by 
Japan’s Minister for Interna- 
tional Trade and Industry Mr. 
Masuml Esaki and Mr. Wu Heng. 
China's Scientific and Techno- 
logical Commission Vice Minister 
who is visiting Japan. 

A Japanese ministry spokes- 
man said Mr. Wit expressed 
Peking's desire to join the 8S- 
nation Paris cwvention for pro- 
tection of industrial property, 
and Mr. Esaki assured the 
Chinese of Japan's help. 

Mr. Wu and 10 other officials 
from tbe Chinese Commission 
arrived here last Friday for a 
study and orientation of the 
Japanese system of protecting in- 
dustrial property. 

AP 



premiums 


increase next year 


BY LORNE BARLING 


Pre-shipment inspection 


for all Nigerian imports 


BY OUR OWN . CORRESPONDENT 


LAGOS Nigeria has appointed' 
Societe General and Surveillance 
(SGS ) of Geneva to carry out 
from January I next year' pre- 
shipment' inspection of,, all 
foreign imports in order rto 
ensure standard quality and com- 
petitive prices. •* ? > 

A Central Bank notice to Im- 
porters said that tbe services of 
the - 'company would benefit 
importers and conserve' the 
country's dwindling foreign 
exchange reserves following 
declining' returns from the ,oil 
industry'. . 

Overseas sellers are required, 
to give at least 14 days notice 
before shipment to SGS, indicat- 
ing where goods may -be 
inspected and expected time of 
despatch. ' ? 

Such notice should be accom- 


panied by a copy of the pro- 
forma invoice, letter of. credit, 
contract price and “ any other 
document relevant to the order 
which SGS may deem necessary 
for the execution of inspectron.- M -| 

On completion of inspection. 
SGS will issue either a clean 
report of findings 'if. inspection 
yields satisfactory - results* ", or 
noD-negotiabie reports or finding 
if inspection reveals discrepan- 
cies. 

A warning was made that no 
payment would be ’fcfltttfcd un- 
lessdocuments presented in- 
cluded a report of findings; It 
said It would decide which goods,- 
either by type or value, were 
to be exempted from pre-ship- 
ment inspection, foreshadowed 
last April whezr the ; Federal 
Government announced its 1978r 
1979 budget. - • ' - : — '* 


T 


India to assist Vietnam 


on oil production 


•*.x 




withdraw 


BY K. K. SHARMA 


NEW DELHI — India is to 
assist Vietnam to explore and 
produce oil by helping, it to 
supervise the working of con- 
tracts given to Western com- 
panies in offshore areas. 

This was agreed at a meeting 
here between the Minister for 
Petroleum. Mr. If. N. Babuguna, 
and Vietnam's Oil Minister. Mr. 
Dinb Due Thein, who is leading 
a 10-memher delegation of 
experts. 

The Vietnamese Minister told 
his Indian counterpart that his 
country had already started 
drilling onshore with Soviet help 
and had given contracts Tor ex- 
ploration in offshore areas to 
West Germ an, Italian and 
Canadian companies. Plans for 
setting up a refinery were being 


formulate! - 

India baa gained considerable 
experience -in offshore explora* 
tion through the successful work- 
ing of the Bombay high offshore 
oilfield' in the- western con- 
tinental shelf which is now pro- 
ducing- more 'than 4m- tonnes 
annually. • j-. 

9 India is to help. Libya buud .a 
6QB megawatt -power, station at 
Suara under an . agreement 
signed by Mr. George Fernandes, 
Indian Minister of Industry, hnd 
Mr.. Jumah-Al-Arharsh. .. Libyan 
“Minister, of Electricity, -in 
Tripoli. : : 

Work on the power station will 
he . done by the recently, formed 
Indo-Libyan construction - com- 
pany and the government-owned 
Bharat Heavy Electrics. 


Bulgaria hopes for export boom 


AY PAUL LENDVAJ 


VIENNA— Bulgarian exports to 
the West are scheduled to treble- 
between 197WI0. according to 
BTA. the Bulgarian news agency. 
During the same period, overall 
trade should rise by 76 per cent. 

Last year trade exchanges 
with Western partners totalled 
Sl.56bn as against a mere 
$158m in 1960. With regard to 
co-operation -projects. BTA 
claims that Bulgarian State 
Enterprises have so far con- 


cluded more than 100 joint ven- 
ture agreements with-, companies 
from 19 capitalist countries in 
the fields of electronics, elec- 
trical- engineering, chemicals, 
-petrochemicals, tobacco- machi- 
nery and others. 

Bulgaria's trade with:, the 
developing countries is also ex- 
panding. according to BTA. .Two’ 
way trade last year reached 
S948m. compared to only $S5m 
in I960. 


. By Rhys David ' 

TEXTILE INDUSTRy leaderk jn 
the UK want-- the"- British. 
Government to press for -with- 
drawal of the textile .tariff reduc-. 
tion offer' made, by the -EEC .at . 
the current . GATT; MultHateral- 
Trade Negotiations ' because:, of 
the failure of. other countries to 
come 'trp' with shaiiariygenerous 
proposals. 

The industry also . Wants 
Britain to take a tough ime'.at 
next week’s Council of Ministers 
meeting bn l®e ■ access - tp. .- be 
allowed next year “to .tihoorts. of 
textiles from the .EEC'S Mediter- 
ranean associates, currently the 
subject of negotiations / in 
■Brussels. -- * . • 

The textile. industryj wirfeh pat 

Its proposals at a meeting With 
Mr. John S mith/ the Trade Secte-' 
tan,- .arid "Mr. Alan Williams -and 
Industry Minister, is expressing ' 

bitter disa pboi ntmentat the ^ack 
of reciprocity in the offers .made " 
at the MTNs by ‘ ^ number of 
countries and in particular’', the 
U.S. V ' - 
. The EEC itself has been, trying 
to -' secure haminnlsaffonV: of 
tariffs betweov -.the - devoted 
countries ' biit the reductions 
which the -U.S: has proposetE have 
fallen far short of =tfce.v: £ • 

The U^. has also f atidd in the 
]UK industry’s view tb-mbeSffijgi-- 
timatb requests to open; -up/sbme 
tightly can trotted parte >bf its 
market A -major campaign has 
been waged, to -try- and’ secure -a 
reduction in the effective-'50-per.. 
cent tariff , on export of wbblitex^ 
tiles into the ;U.S,": ’but these' 
efforts have . been largely" ua- 
successfiiL 

Other developing countries, in- 
cluding Australia, ' t^hada .aM ' 
Japan.; have-, alsd offered, very 
tittle in 'the way of reduction, on 
textiles and a second sroup of . 
mtddlerrahk Industrial "powers 
including Brazil and Korea have' 
f.also insisted, on- maintaining 
their' hiEh' tariff walls. • 

Mr. Cotitf Purvis;- ’.assistant 
director cf the British ^Textile 
Confederation said yesterday 
that: in textiles the Tokyo Round 
had proved a fallure -aad there 
was a need for. a fundamental 
review of the EEC’s position." - 

“ Unless we can obtain tbe teal 
market * opportunities ■ overseas - 
which w® seek: and need! we can- 
not accept a significant reduction 
hi the EEC’s -already low level- 
of textile tariffs,"- -- ' '. . 

. The - textile industry . delega- . 
tion Which included represen ta- . 
lives from the BTC." the Clothing . 
Industry Council for Eurboe and . 
the Knitting Industries! Federa- 
tion' is similarly concerned that ■ 
the EEC' Commission may pre- 
-aent . the ' Cofindf or. • Ministers 
next 'week -. with -a .package dewl 
negotiated -wtth - ihb: Mefflter- 
raneair asseriatesr-^hfeh. will 
resuIfiregreaU^tecteaSe'd access 
i6r.textile : imports. - ■ 
r- Tbe Commission, has been 
working lo it, mandate laid: down, 
last Decemtifer.whicb is: intended 
to ensure : that ceilings on -total 
imports of -certain' sensitive pro- 
ducts. are not .exceeded. 





-j- 



over t 
inv( 




Wool textile 


eariiuigs up 


- financial Times Reporter 
EXPORT -EARNINGS' foi^Bri- 
taifc’s wool textile industry, 
based mainly in West ^York- 
shire, were 3 per cerrr up In the 
first eight months of the year 
compared with the figures to the 
end of August, 1977- ■■■•".- 

Earnings totalled • £270Sra, 
which was £7J?m ahead of ’last 
year’s ffgures, However, the 
August exports were slightly 
down on the r previous month’s 
earnings. 

- Wool cloth 1 , accounted-.-' for 
£I14J!m— 17 per cent moire than 
in' January to August. 1977 and 
3. per cent bigheV in volume.:; : 

- Yanr export*' at £47^ra : were 
down by- -7 per ■ cent over- 1977 
U2. per cent less .in volume) and 
raw-wool by 3 per cent ar-J3L-4m 
(2 per cent less in -volume). 
Earnings from tops decreased by 
13 per cent .to.L-£36.6nu 14 
cent leas in volume. - . 

Exports . of cloths,, yarns end 


tops -to EEC countries totalled 
£73 re 


3m, 2 per cent jnore -than to 
1877 whilst sales to. the -rest of 
the world were £I24.5m, a gain 
of 5 per cent. 


LATIN AMERICAN TRADE 


Brazil and Argentina draw closer 


'■Mei 
tyares • 


BY DIANA SMITH IN RIO DE JANEIRO 




AFTER MONTHS Of public 
wrangling - over, hydroelectric 
schemes and merchandise in 
transit, Brazil and Argentina 
have quietly, and suddenly, 
begun to mend their fences. 

One of the -worn bones of con- 
tention is the planned number 
of turbines for the Brazilian- 
Paraguyan hydroelectric scheme 
at Ttaipu on the Parana river 
(which Argentina has insisted is 
excessive). 

There is also lhe planned 
height of the Argeatina-Para- 
Ruay Corpus dam downstream of 

Itaipu (which the Brazilians 

have insisted is excessive, and 
as detrimental to Italpu’s future 
performance as the Argentines 
claim 20 turbines at Itaipu 
would be to Corpu’s perfor- 
mance). Bur, with recent Foreign 
Ministers' meetings on neutral 
Uruguyan ground, signs of com- 
promise are emerging. 

itaipu, first conceived eight 
years ago, and now In the build- 


but no less ambitious Argentina. 'As a spin off, tbe minister involving .technology^ transfers 
Meanwhile, a low-key visit to hopes the low-running problem by more developed countries 
Brazil by Sr. Jose Alfredo Mar- faced by Brazilian exporters who like Brazil, Argentina Mexico or 
liner de Hoz, Argentina's route goods to Chile via Argen- Venezuela to Industries^ in Jess- 
Minister of the Economy, cast tina's roads (and must cope with” advanced ■ Latter American 
aside polemics and produced periodic" frontier ' closures each countries. ' ' -- -■ •'■>-?■■-'• 

signs of ententes that could lead time the Beagfe channel dispute These ventures’ a iid : teehno-' 
10 greater two-way trade, new between Chile and Argentina 
joint ' production ventures and comes to -a head) can be resolved, xjfl ■ 

STSSS,," 1 !ide effett - of M^“ **** 

hHh nKmorttw thnf -(iiwiU Wa • - -t- a * * ■ j 




Sof stujy proje^Tbaf 




' _ ^ U mtm m 


- - — *“*# , r* am vive • *or. , jjiud ■■ ■ AiuenctiiJ 

— . all temporary interest to both couhtries: joint busiaessmeh Interested ' ki form- 

must be solved with ^auction ventures .loaned' to sueh tioS 

JwSitiS* 3Dd 3 SPmt 01 ^ Mpilalvxre -heiphig >- revive^ -Wl afie- 

single trading partner in Latin processing, iron ore pelletising. . „ „ “ . . \ 

America. Two way trade iq 1977 ind; alloys using Brazilian. ^ ffgTfJcpressei v 

was ^26ni, with a 580m balance manganese;. . . . .»•• confidence lo^rgentih^s jecopo-' -, 

in Argentina’s favour. This year. - mi,-. ;• - ~ r^K: re<oycry antf effectiveness of • 

to July, Brazil exported goods ^^raT.teform^tedUttogVfltate.r .k 

worth Sl5B.6ra and while imports he- m tetventkm aod- stimulati^ pri-. 




worth Sl5B.6ra and while imports SSSSS 4 ?, Kln-ir 01 bc - totetventkm aod-stim:ula(tifi* -pri-. : - 1 
from Argentina were worth 7 ^’ ^ aEbbug® be - ; 

SS68.4m, the «UBte ^ie .gap 


S2SS.4m, the 51085m trade gap.^^K* 15 ^^ 
caused substantially by - a ' bad ■SApS ic' 
Brazilian agricultural year and >^ Il£re - %razt{ 1 s 


Africa and Asto.'^rili.^be ; neg ative ^ v cm note ;c 
enjoymg grow- growth."' '• 



>ng stages, will be the largest 
in the world: Argentina's 


dam 

concept of Corpus is more recent, 
and still on the drawing board. 
Throughout the tong dispute 
there have been signs of prob- 
lems that go beyond technical 
frontiers to tbe heart of the 
ancient polemic, of large, 
ambitious Brazil versus smaller 







lurgy), tosuraucc and V 

. v.-4 3 






te 

«9? 


V «ii -? 


«cl 0 » 


S|^sif 0 Si|and and Wolff 

ldsiis reach £ 7 . 8 m 


Ex-shipyard Write if you want 

chief in , . . , 

£200.000 to join management, 


devolution 


By Robni Reeves; - 
Webb Correspondent 


ST OtW BELFAST CORRESPONDENT 

OAKLAND i®® .."WOLFF, lie have to meet the arbitration cost orders at prices other than those 
publicly-owned' Belfast . rfdpyard, and that of laying up the ships, which will result in losses.” 
yesterday amnjmiEai ios&es of The current value of the The morale of the S.50O-5trong 


-THE XX>N^MXES&A.T7QN! . ; of that further fhjsres'jjbbld resuftt losses.” siderable redundancies.” the cc 

industry fis tfo, ^ jpp af g a : fnjan toe : nBusalJ' 'fit ..JRanarican Sir Brian said the shipyard. The company had made pro- breach 1 

SSS? osiers to anctpit'f iw» super- which is orwoed and funded by vision m the accounts of £7m Mr. B 

soemcs Welsh- d&rotaVKm- pro- ... .• > • the Northern Ireland Department to meet emolovees' dainu fnr . 

SS' SSSldMS'F of Commerce, would go on mak- in dusSll defines. iSSnber 

tojhe refe rtodom. op atara ; Sir Bx^aiL Morton,- ofiBarman, ing a loss for several years. of claims settled so far is small sei T e<1 i 

_ The ooMater attgu a, said In «he.' annual report a He added: "Within the neat but the directors expected many £° i * 

Council, apceog g to y ^ 'flnfflher recession. !£:•. world three years, we shall have com- more and, therefore, increased 

h°»™ fli pr " 1,1 “ £rom the ilSS 

aheafiy made more than suffici- Because of the size of the 

dtflvffiiirs qf toe Welsh Assembl y December 31, 19 lY^rman- less ent provision for loss. claims the company had been ~ , 

rensunerative ordeas/woesened " However, in order to main- able to get only partial insurance Salary 

-%Sm- to® tosses. -.. - :• . Jain production at a satisfactory cover. Sir Brian said. It meant * 

panel , speake rs^ for ^ anti - : ^ level, new orders must be most of the cost fell on the com- 

.1 :^ , aX r^ ■?. °£ tained - We cannot expect to pany. placing it at a considerable 

3RSJ£tf!iSl£* oMa “ 1 su ? draey «■ iueh «*-*-■»» to ia compem ° rs - 3TB 

§££ S.WfSiS Airport security levy up sir 

money into 'Hap antfcdflwdirfion which, atr3S3, 000. /tonnes eadb, are ’*■ •/%/ Mr ^ 

campaign coffers. the ter gest htott ia.Ii&e'TRK. BY OUR AEROSPACE CORRESPONDENT toe wit- 

be T toJel^smcamed e ^fe S wbat *a t ^ riaa<i ® Dd LEVY, on each passenger addition to ticket price. It is paid . 

« sees as. the Wh. SVSJ &&3SS5S at UK airport, to pay toft, airport auU»rite which 

Governments .proposals for toe tioa .of toe roorrfn^rtodarfine for security services .is to be P a “ g t0 “e ^overamtiit. ta ^ e 

£B‘H'S“«»_'j£S!S“ <* SS. d , fnm 80p t0 85p “ it will yield just o?er £19m. with 


£200,000 

settlement 


A FOBMEB managing director 
of toe Harlan d and Wolff ship- 
yard, Sr. Ivor Hoppe, is to 
receive £200,000 in settlement 
of an action he brought 
against too Government and 
the ' company for alleged 
breach of contract. 

Mr. Hoppe, aged 57, Joined 
Hariand and Wolff in 1971 and 
served three years of a 10-year 
contract before the Northern 
Ireland Office withdrew its 
approval of his appointment as 
a director and be resigned. 


invites Sir Arnold 



Further expansionist 


tori instalments wortfa£4m. 

trative devolution ±o the -Welsh __ v ■•■- 

Office, .which, through the Secne* . deputes over, - toe ships 
tarv of State save tW nrinri. gone to arbitration.but the 


April 1. 


an eventual surplus of £l.llm 


_ _ js The airlines collect the levy, expected, due to higher traffic. 

taw “of" ''State eave^thT nrimri- be gone ’to arbitration. but tfie whi ch covers cost of maintaining But toe estimated costs of | 
pal Sty Its own voice in- the will not be known untii security. Including passenger security for next year are put 

Cabinet. well into next -yeaxe * The com- baggage and body searches, at at over £24. Im. hence the 


Cabinet well u>to next yeari- The com- oaggage ana Doay searenes, at at over j^^.liu. 

-The danger was that the Wtfsh. panjr “W its adyfcp->«i toat ft all main airports, through ao increase in the levy 
Assembly would be bound to seek wto. 

taxation powers which would be The report saM toat-’-if toe 
loaded on to busines^-r'Cventually buyers succeeded to^toeir claims, 

making’ ft Tnore difficult , for Harland and Wolff Wddld have t>t a r*V T-IOD CC ITTXT A \T/^T7 CtTD TT7Q 

Welsh industry. to compete across to ■ repay the . iSSm;;' 1 already DLAUs. nUlu)C rUNANVX OxM\iu> 

offers dyke.-;' received plus interest, <tod would 


The Northern Ireland Office 
said toat there had been a dis- 
agreement over policy when 
the shipyard came Into full 
public ownership. 

Hr. Hoppe's salary on 
leaving was pat at £75,000. He 
sought compensation in the 
region of £lm. The amount of 
toe out-of-court settlement is 
within the limits of a trust 
fund, which he had asked to be 
estabBshed to compensate him, 
In the even of certain circum- 
stances. 

The Northern Ireland Office 
and the company have settled 
without any admission that 
bis contract was broken. Mr. 
Hoppe is now living in his 
native Denmark. 


BY MAX WILKINSON 

ALL THE younger employees of more -ideas developed, new 
the General Electric Company markets conquered if only you 
have been asked by Sir Arnold were , given the chance to take 
Wei ns took, the managing direc- decisions and direct toe team?” 
torrto send him a personal letter Sir Anxold says that there is 
if they would like to be pro- no single way in which a 
mo ted into management. manager’s career need be 

Sir Arnold hopes to hear from developed. M The shopfloor is 
secretaries, fitters, welders, every bit as ^suitable as a 
apprentices, clerks, draughtsmen, business school.” Q tr mvm n wFiMs rnrk - 

or anyone who thinks he might The appeal for new blood sns ARNOLD WE LIN STUCK 

be good at managing a business, comes at an important turning Seekirur hidden talent 

The only qualification required point m the company's develop- w 

are that they should be young, ment 

self-confident and have something It is making a senes of acqiu si- Further expansionist moves 
abont their personality which Sir tions in an effort to diversify are expected early in the New 
Arnold ‘ can recognise as into toe U.S. and. possibly move Year. The company has frequently 
executive material. into European markets. said that one of the main limits 

The appeal to talent as yet It also wants to develop a on expansion is the speed with 

unrecognised among GEC's range of new electronic products W hich it can find suitably 
190,000 employees is made in in the business and comm uni ca- qualified people, ranging from 
the company’s newspaper Topic, tions systems area. technicians and engineers to 

It says: M If you are straining The company is prepared to managers, 
to be thrown tn at the deep end, spend up to about £700m on sir Arnold’s Christmas appeal 
I should like to hear from you. acquisitions and developments, therefore, can be seen as a way 
“ Give a resume of your quali- The intentions announced so of identifying new people who 
fications and your previous far are: would help promote an expon- 

evperience in GEC and outside. A joint semiconductor manu- sionist phase. 

Say a bit about yourself, a short torturing venture with Fair- It is not clear how many people 

character sketch. child, Cali torn ia. he plans to promote from toe 

“ Indicate the areas of working The puixhase of A. B. Dick, a shop or office floor, or how their 
life in which you feel strong and big U.S. office equipment claims to be managers would be 
those in which you don’t Say company. measured against those of 

why you think you are the right The purchase of Averys, the graduate engineers and scientists, 
type to exercise authority.” UK weighing machine com- The answer is likely to be the 

The appeal starts with toe pany. same as to the question about 

i questions: "Do you see yourself Two smaller ventures in the which companies GEC will buy. 
as a budding senior executive? U.S. in control and instru- It all depends on what (or who) 
Couldn't things be better run, mentation. turns up. 


Ex-Minister in faw ■ 

over effluent fees| M W 

for wool cleaners^ - _ 

BY RHYS DAVID H W , 

MR. ]*QB f/.CRYER, ; -former hi the report were correct and 
Industry Junior Minister, is «t : did^ ^not seem to aooept'toat the 
the centre of a dispute weto toe wool scouring inriosiry ^ras at a 

Yorkshire- wool textile ijukistry- major oocf)^^^ % HH 1 

over itss response -to - a report as far as effluent ridges are |H * 

. on toe . hlgh^ effktexrt xhargea .oonceraed. 
paid by toe -andnstry whenfcoin- ■' Mr. as aibo-r highly 

pared jfts. - Oantineptal castwyj o£n^. ; ,Gr 3 reris ; 

ctranteipart , , "v . ' X '. - . new n !devetopshenV toe .LowJPlo ’ 

• The wooMiexifte .hudnsfery^ainl ^ .process. “It is dear that there fa. * \ . ’ 

fte jyorkshire 'Wwter Authority no prospect <tf effecS,v^fy firatuat- : : - \ _ 

- had 1 Bu3>mfltted--a joftdt wording mg tob process wrSMn the' next - v \ -.^^1 0 

■ party.report to the DepBttments - tvro years «ud wen M suocesaful \ M 

• of Industry and. Enviroomesit' in. tt ConM not be adopted through- \ ^1 m/ V JH TW 

May ; It. emphasised toe case for pot the UK^ ^wtithin a flzriher two] \ V wW 4 

a £750,000 . ; mumai . -o’ \ V v m 

assistance to - wool scourers— ; The cfeSms made by' Mr. Cryea: 

cleaners of raw wtwJ-^-to krep tor toe savings fresp use of tote / » 

toeir costs in flarie wllfa the Qon- 'pnoeess were in an y case based ^ ^ 

tinentiaj average: :• misuude/stsrading. . . I 

To a ' large axtwtt . ' _the ..-. ■ ~ ^ yro ridng jwiay had not ■ 

imbalance reflects ■ the app84ca- x’eoosjiiuetkted -movement of toe 
tion of ' toe ^-'* r i>dM^tor pays” industry to .the coast as Mr. 
prmrfpae « the - - UK wiach Ciyer lunplied. tort had merely . . 

. imposes ■ particidarly high poontted «*t : toe advantages of 

Charges. OT^<XMhpahietfwito h^h- “ nnder present ^ 01 *tt i i i • 

«reugto.--dtecharg» such ». wodt -. g oalanes Howmany monthly saianes 

scourers. --- . . : ; • The Mfcttx also questaotw Mr. ■ l ji rn r^r\n 

Mr. Ciyer- ' m ',1ms. repay . as C^yerV sn^estion that an 'JL Can VOU handle at a true COSt OI 3 uL,VAa) 
Jwdor ABolgber niHEed Aurther openffloag suhsddy would aJmost -» T) C 1 • i ji ■ i 

modemSon^ toT faduw ^ dfiseikwed by toe a yean Uur ray oervice can handle the 

MdaariK payroll operation of a company employing 
ftSittUSMUSt 300 salaried people for less dian that and, 

■ reswrt— ireJoratowa of toe, 4n4us-; toe indonstey within certain EEC besides SavinSf time and StaiT, provide atl 

toy on a. «s^a! ette-rraawl be member states as they moved :v . n i 

. turned, down finamdat aM be-- towards . mone regular poUutton : . UnprCSSlVe CashllOW advantage. 

.cause it woukf jmse : difficsrfaSs confroL ' 

fOr toe Government domegtipaTiy ^ ■ ; Altonu^i fbe working party ... 

aj. 9 Pension Schemes You could get 

the benefit of a profosionally managed 
oonsutt,lti ' ve -pension fund portfolio. We already handle 

that meraoere of toe -wgasang. groua? esUBbiistoeo- • . - c*/’r\r\ ■ 11 * i r- 

party pannot _ a^ree w4Bi-Jtoe. Mr. Oyer, iwho was Labour MP, . rOVeTXDUU TTlTlhnn WOItll Oi investments 

tente of Mr.” Cryer’s.Jett«, whach foir Keighley, Yozktoire resigned * ;>>• . « - T? ■. - W7 a 

he says .amounts lo r^nctkm of from, toe Government tote, j JOT IQajOI Companies 111 ontaiXL WC Can A 

also advise on insured pension schemes I 
c *° per * ,im jxx companies and for individuals. \ 


BUSINESS 

SYSTEMS 


Six ways we can help you 
streamline them 


Salaries How many monthly salaries 
can you handle at a true cost of £1,000 " 


4 Money Transfer Ifyou 
have access to a computer, but 
are still processing credits and 
^ debits manually you re possibly 
not aware of BACS -Bankers 1 
^ Automated Clearing Services. 
f They can save not only 
i. considerable clerical effort but, 
ffor credits, also give you almost 
t an extra month’s use ot your 
fc money each year. 


Scots development body 
prepares fivo-year plan 

BY AAY. RERMAN, SCOTTISH CORRESPONDENT 


3 Shareholders Whatever else you 
.are in business for, it’s not to rim your 
own share registration department We 
t . could do it for you - better and probably 
: - cheaper. We have the largest specialist 
. ; "-. department in Europe. 


THE . SCOTTISH Development putting money into industries 
Agencys which was promised an that it believes will have an 
increase, in ' Its budget -from ■ above-average potential for 
£3Q0m to JESOOm test week, is-.ta growth. 

submit its five-year corporate Those' are. likely to include 
plan, to the Government in the electronics, the subject of a' 
new year. 1 ' report commissioned by toe 

Its strategic planning team, agency from Boot Allen and 
headed by. Mr. Edward Cunhingr ' Hamiiton, toe U.S. consultants, 
.ham, of the World Bank, 1 will' and textiles and plastics, 
spend this weekend putting final Hare emphasis is also likely, 
touches fo- toe plan. ' to be given to aid for small, 

The intention is to take, the burinesses and . on attracting 
agency, away from its position, in vestment from abroad, par- 
durine its first . three years ' in tlcolarly from toe . U^.. where 
which it has bad fo respond to the agency has agents and is to 
approcahes when, making equity open a staff ' office, and Japan, 
investments or - loans, 1 to one where representatives -are to be 
where it can he more innovative, . appointed shortly." t 


Steel output up slightly 

by James McDonald. t 

STEEL 'PRODUCTION ih.Britain three years, .... 
last month] averaged 439,200 . British Steel plants ii 


last month? averaged 439,200 British Steel plants In the 
tonnes a week. — . '1.7 per -cent Northern, and : Scottish region.- 
more than in. October and 12.7 recovered .- from problems 
per cent more toan in November experienced in October, but out- 
last year, ' when outpaf ; yeas put at the; corporation's Aldwarke . : 
affected, by a> shortage of in*: works in -Yorkshire was affected 
dustrial gases. : , by- a fire in., the second week of 

- Bat- toe! • British' ;Steel': Cor- November. : 
pbrution andT- toe ; British. Inde- . production in toe first IT ' 
pendent SteetPrtJdtHJers' Ass^^ months of- this year averaged • 
tiott-r^jort- that-oatput generally 894, 1W) tonnes ft week, 1.7 per 
canthnied to refiect toe depxe&ad cent less than in the same period [ 
ieveg.- of ^demand -over toe past, oi last year, 'r - •[ 


5 Investment Most businesses 
enj oy periods when they have 
surplus liquid ffmds.Throughour 
worldwide group network we can 
arrange profitable short-term 
investment ot such funds. 

6 Expenses Handling travel and 
entertainment expenses is a time- 
consuming chore. Company Access 
Cards provide financial and adminis- 
trative savings: separate monthly 
statements are sent to the company 
making control simpler and cheaper. 

Streamlining your operating 
procedures is one way of 
generating more money.Butyou 
may still need extra finance for 
expansion and development; 
we’d like to help with this, too. 
See your local Lloyds Bank 
manager or send in the coupon 
below 

|™ TorlS^rfcetingDeparrnient, F ^J 

| UoydsBankLimired, 25 Monument Street, | 

| London EC3RSBQ. i 

| I would like ro know more about: ■ 

j I [Salari es I I Money Transfer I 

| I \ Pension Schemes ! [ Investment | 

■ I I Shareholders ■ [Expenses « 

a hj Finance ! 


j Company.. j 

■ Nature ofBusiness ■ 

| Address j 

L= ^ =a =.- ! 








6* 


■' ;yi :5; x 

* ’ ’ _s _1 TWiInn TIohflTrtVlAT' "Tl . "■ ‘ 


UK NEWS 


Knaiicial Euafess -Eiidaj'.DegBiBft^; ^ 


Hattersley orders 
inquiry into 
rising toy prices 


Mechanical engineers 
‘have missed boom’ 


BY HAZEL DUFFY, INDUSTRIAL CORRESPONDENT 


THE CHILDREN’S toys and 
games market to to be 
Investigated by the Price Com- 
mission at the request of Ur. 
Roy Hattersley, Prices Secre- 
tary. 

The move results from com- 
plaints by MPs and consumer 
groups that the cost of toys 
has risen steeply. In some 
cases by 50 per cent on last 
year’s price for the Identical 
article. 

Mr. Hattersley in particular 
has asked the commission to 
examine the metal toys and 
indoor games section of the 
market, where concern over 


BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT LARGE PARTS of basic manu- for mechanical engineering com- The hope is, however, that the 

factoring industry have failed to panics to compete In interna- Government, might increase its 
av rmfYiKFirc »«« and nrices is mrrinii*i-iv amt* share in this year's economic tional markets. spending on .construction pro- 

“es^STto 1 S to TO to a report m fact0 , . mrnmeA with ta particular, which will 

vestigated by the Price Com- tion will have little effect on pu £^?nro^h^X* particularly stiff competition y®j*t SSt^irSr 68 * 1116111 

tostonat the request of Mr. prices for this Christmas frora ftwi « D manufacturers as fa J & ^ - 

uy Hattersley, Prices Secre- because the commission is not a "•“It of slow world-wide Levels of activity m lie in- 

rv. expected to complete its cll £ ed ,* n 1116 first half a ? d P™ 5- growth is expected to keep ex- dortry are not expected to im- 

The move results from com. examination before July at {ft * ear are for only port orders and sales at a fairly prove much, leaving sales vodume 

atote byk^and consumer the earliest * tto Jov i^el-nert year. significantly -below that of 2974 

»k« a, if it find* that' nHrpc mtih _ from the tripartite . ___ . . _.*«» and 1975. The decline in Dro- 


ll it finds that prices and ,-v e m - e ~ 1 P. artIte Tn t v_ 011 ;ta and 1975. The decline in pro- 

“ssrs .uursn suss. £*Mr?4M 1 fe 


Mecnanicai angineenng maustry imbir^u <■*** ductivitv evident over th» j-,ct 

[working party, to distinctly more su bstanUaitocreasejn^Muf ac- ^ been halted, hut 


worKjng parry, is distinctly more luwedae m three rears ha»: heen halte 

pessimistic than its last published turing industry investment has {? vSmTSSiJft-t of 1074 
reDort in August. given rise to only a small in- * mat of iir/4. 



sell sea i 
interests 


Sr. Richard Tailing 


I tUtiil 111 ftUKUfiL {)*•'<« » vuij w ■■■■■ — pi _ , 4 , £ _ , 

The Inquiry came as a sur- it savs: “ the economic benefits crease in mechanical engineer- onor^es pt skiuea ■tfaftsmen, 

rise to the toy trade last of North Sea oil are not reach- in? activity In the latter half of particnlarly in the south-east But 


prise to the toy trade last of North Sea oil are not reach- in* activity In the latter half of paracniany in the south-east But 
night Some manufacturers ine the mechanical engineering this year. . a. 1 ® 0 more surprisingly on Mersey- 

saw the move as being pollti- industry, but are being spent on Much of the investment how- “de, continue to hamper many 


saw the move as being politi- 
cally Inspired for electoral 
gain. 


Tarling 


electoral increased imports of manufac- ever will have been in replace- companies. . . . . w e‘ - V 

tured goods.” meet of existing assets rather Recruitment of professional InCPC III 5) I IT 

nuitL in tiw than additlnnai manufacturing engineers to also reported as Lt/CSVjj Ululll 


Retail stocks climb 
£526m in October 


BY KEVIN DONE. ENESGY CPRRESPONDENT 

THE British Kfationaf Ofl Cor- 1 . \ Y : f ’SSm 

poration and Deminex, the West ^ L 

jGennaa oil exploration company, , m. . Jj\ -. y. 
are to pay $22.5m UlLSmj for SHFrjA’tos^ 
the North Sea- nffshore- licenCe" ffffiS&Fr- 
Interests of nine small Canadian j 
companies. 1 - J 

Preliminary agreement was.: . 
signed yesterday- for the sale, of- t w]i- . .1® 
the Canadian- companies' 48 per:- : 

dent interest in block 3/7a. ■ > ' . ‘ : 1 j 

•i The block to directly west of (■ 

the Nihian. Field, in which the ... j\ 
corporation has a 21 per. cent 
equity . Interest, . acquired for n / -S 

,£90m from Burmah Oil in 1976. Q~ . /.... .•« 
- Three wells have' been drilled- 
on block -S/7A and have aU cuwrae*r> 

i encountered some oil- TheJJsr. /fsZiZ? 
two wells, located in -the- ' top ■ * r J™yr 


a , 


[ V .yT/awnwo •' , 


T^4v: 


■namv . . 

• «.'• v 


BY MICHAEL BLANDEN 


Quite rapid growth in the XJK than additional manufacturing . is. also reported as north-east corner of the_ block,. ... .'J T 

economy in 1978 has resulted in capacity. difficult by some-companies. a closest to the Ninfaa Field,-^ ‘botii ' 5 

increased consumer spending A big increase in Investment Since these shortages are DV fl h-O fl 1 ' produced oil in test qiiantitles. 

«U tavstorat. “but taportl is uolibely.tb t>k* pin* anil at a; time, when the CAU dUlllUBL KjSt tatted at>100 b^ .JgSJJ > V ' - 

have risen also leaving only a manufacturing output and profit- industry's activity is not | , ' ■,*£•«> rels a day of light crude. . *SSSiJhS?5’ ntom£ 

small benefit for UK manufac- ability rise substantially, and m exceptionally high, there would nl OlfT! There may be reserves of- * r - j 

turers.” both these areas, the report is appear to be no prospect of a tialill mar e than 100m barrels of erude se ^ eraI reasons. ^ . - 

North Sea oil production is pessimistic. short-term solution/’ R Christina Moir oH in the block,- but' much more The corporation has a'I5.6 per ; = \p IK 

keeping sterling at a higher ex- Consequently, the outlook for .Mechanical Engineering In- 1 > appraisal would be’ heeded to cent -interast.:jln- the^'.-Wock • 

change rate than ihe position of new orders and sales In mechani- duriry Short Term Trends. Pub- Par Brothers Internationa^ -IXr. dermine whether the- - find: ia acquired- -as ;part - qtiiuvearlier J , 
manufacturing industry would cal engineering from the home- [idled by Ihe Engineering Richard Tarling, yesterday lost c omm ercial. " farmdn- deal- by rtw' Uheyrdn 

justify, making it more difficult market is far from buoyant. Errota/ers’ Federation. Ki« maan aparnst extriiU. - vh* pnrmntion.imd Deminex etoud. This- deal will give it an mi lit 


extradition P i 

claim ■ f i ^ j 

LlUliU . mn™ than 100m barrels nf crude se * er “ reas( ^ ' : . . . - 


justify, making it more diffic ult market is far from buoyant. Employers’ Federation. 


STOCKS HELD by retailers have was 8 per cent 

ir2ffa™ l TSS I iiJ?rtfla2 j-«5- - ft 

fiS^m the officiaf' Trade P and reuU * TS * at 1975 prices 

^ T d and and seasonally adjusted indicate 
magazine. a fise of H | m w j n October to 

At book values the level of ca47hn u, 

stocks in October was £5.46bn, 

£526ra higher than in the pre- The rise happened in a month 
vious month, and 16 per cent up when the seasonally adjusted 


Government aid to industry 
totals £3bn in five years 


his main claim against extradi- * The corporation and D emin ex group - Tlifs; deaL wi lt give it an 
tion to Singapore on .'five-' -cbm- appear to have paida&out 50 extra 28 per Centh^r^ttnthe 
pany law Charges. -<■ . cants a barrel for.-th® oiL : ‘ block, -making' tt thi - dominant 

The Lord Chief Justice, lu-i - The State micompamy is- ^re- partner.; • .7 f.: 

14-page judgment permitted Mr. pared to pay S13d6m- to acquire « w w.*'<^-ffl:;winim 
Tarlin g to apply for a second the UK companies*in the Canada- IjF the Rods 1c 3/7A. Are de- 
time for a writ of Habeas' Corpus Northwest Land Group • of . J eight veloped, .It will;, nrobably .be 
but denied Ms mala plea; tfcatlt concerns. Deminex is paying thron^i. subsea^ welto tiefliriato 
would be oppressive to return $9.4m for Scurry Rainbow (UKIi- the Nlnian southern. ^platform. . - 
Itim to Singapore- given --’the’ The corporations acquisition Demiaex's. interest js-; to -bt& 
passage of time. v has been made, ag part of the more oil resarveg for lts parent 


;;; emp 1 

]fof^ 


BY JOHN ELUOTT, INDUSTRIAL EDITOR 


on the same month a year volume of retail sales was little „ « would oe -umpa-- nnd 

earlier. changed. As a result, the ratio MORE THAN £3bn of Govern- 425,00 jobs have been safe- previous year. Almost 1,000 pro- oppressive 11 to return 'him- to 

At constant prices, making of stocks to sales rose to 107.4 in meat money has ben awarded to guarded by all the aid schemes, jects, with a £1.5bn total capital Singapore because so much.. time 

allowance for the impact of infia- October, compared with 106 in industry during the past fire The investment-oriented isdus- cost, were offered assistance of had elapsed! since the -alleged 

tion, the increase over the year the previous month. years through regional and other trial aid schemes have generated £163m. compared with £90m in offences— to which be claims he 

aid schemes aimed at boosting £2^bn of manufacturing projects. 1076-77. A further £31u aid for has a complete defence— were 

employment and industrial Teh total of £3bn Government 416 projects has been offered committed. ^ . • 

Off 1 *1 AAA 1 efficiency. ajd D ff Bre d includes £767m under aiace Marc h this year. The court found no important 

tS7 8 It 111 Q 1 8" Sir 1 TYlSltpC 0ne Qf the largest aUocations If. «?nR Expenditure on regional factors had come to lightsmce 

A.O / ,VUU dlidi lildlVCS is a £150m regional aid package 5“?“°. ^ deVjkTpn.ent pit, "fched Us fl»t appeal which made the 


£57,000 altar makes 
history for Sotheby’s 


Mr. Tarling had claimed -that Government’s, assagnment policy, ^ compadles In [Wept'^Mrmiiiy. Zr~t- 
it would be- “unjusl;’ ihd * - - r -.— •- : — - - ..j 

oppressive 1 * to return' -to . * : 

1SSSS; Consumer imports J 

has a complete defence— were < - ...y-.'. .' r : -'' 

Tie court found no Important Uif T 11^: ATWBlJlfiilfl .- 

sss ^KpeWch^rtS uii uh Cfleimidft : ; 


IS A zxuiuu [Cgiuucu Ai u covers the vartmic ce1ertfv«> in. aeveiopraent grants reacnea 

which Mr. Alan Williams. S^27alLhem« « S ^ «93m in 1977-TCwit ha further tune factor a*y more ojmresBive. 


wiuca J nr. jumu wiuiauia, rj us trial schemes as well as in rerr-re, wat na rurtner 

Minister of State for Industry, JJjgjj"- or rm S rly Bri ttoh f227jn a llD «ted since the end of 

yesterday confirmed is being 5*”““ , Ior "“0®® March. 

P^ d *°. F _°_ rd . Motor as part of SS-r 8 The . Government also 


As a result, Mr.- TarTIng’s 
prospects of avoiding extradition 


BY SUE CAMERON, CHEMICALS CORRESPONDENT: 


— - — 




15th-century Nottingham alabas- were the £5,000 for 30 etchings 
ter altar was sold at Sotheby’s published in 1905; £3.900 for a 


new range of light cars. It also includes £499m on Sec- ^ill be available during 1979 from diminished. 

The overall £3bn stems from tion 7 selective regional aid, th e European Investment Bank 

a P.niravnnuint^ urhi^h tirnrte niif f -» o/set tn fhn __ _ i< « . _ ji i 1 a 


-■ ^ |F tuu tuau luuivi aa ***** l u> ^ inane fnr c*hrm}ar ~ ‘me uovemiDeDt also to Singapore on the five remain- HIGHER jjPENDIN G?, - On . ~ te* - dQll^r> - ? » s 

A VERY rare, unrecorded, late went for £67,030 The ton nrices its Pwje« l or developing ‘ ' ro ; „ announced yesterday that £30m ing charges. have , been ported consumer gobdsto^tead- ~ .^hebttUetln - flaw-thatthe = r 

15th-century Nottinnbam alabas- were th» vs’nnn for m .Jh™ I a P? w range of light cars. It also includes £499m on Sec- ^ available during 1979 from diminished- ing to erosion of Jhe .chi-mical oflSdal, Inttexv may ^evferstete * " 


yesterday, a “first” for the lithograph of Bershe Morisot • and HHL c ?*“ ervativ ® Government’s which works out at a cost to the f or small- and medium-sized corn- 
sale room. £3,700 ^fcr “Le Buveur «?!? Industry Act which was Government of £1,100 per job panies expanding in development 

- - - e uuveur unti ] ^ pre $ent created, and £2.7bn on regional area* The fieura this vears Is 


It was probably part of the d’Ahsintbe" tittle used until the present created, and H.7bn on regional 

Carthusian mnnastprv thp “ ... . Labour Government was elected development grants. 

Chartreuse. *>*»£.& £* JHS£«. * 2, A 


areas. The figure this years is 
£20m. 


nSdbVhiud V L^SihouS SSL^MiJS^fW'e "«* «**« « _ -- --- - . 
gSBLAiW K.; SSSS&tfSfi AC.- S auuua, Thailand 12-day 

£57000 dIus buver’s nrraiW ±25.000 and an evening report for 1977-73 yesterday, Mr. at £50m to £60m a year. for £C/iO 

in a sale of medieval? RenS A F^ a ^ V £t°tiS Williams said the assistance had The Government’s largest in- lOUr lOT £54V 

sance and baroque works of art ior “e ^rst time bad a major impact on industrial vestment-oriented aid is provided HOLIDAYS OF 12 days to Thai 

which totalled £393.055. ' Investment which would be en- by the £150m selective invest- land for £549, “with no extri 


Steelworks 
may cut 
500 jobs 


The bulletin, based an, afQdaT; " Even so. tbe apparent oVeraii 
statistics, says this is- a “ par- rate of inpreMe in import pene- 
ticularly disturWngitrend.^;. . tration is vie'wed by the Industry 
An imported car.- it says, con-' with great cpncerm particulatly 
tadns a much smaller proportion having regsord ^to the '- current 
of British-made plastics : and . ovet-dapacity. within -the UK 
chemtcais than -a . UK . boilt chemical js^rtor." ' ^ ' V 


An English oval portrait 
medallion of a man, carved in 
ivory about 1700 by David le 
Marchand. sold for £42.000; a 
Rhenish Gothic walnut figure of 
the Virgin and Child fetched 


SALEROOM 


BY ANTONY THORN CROFT 


£19,500; and a pair of Flemish in a London auction house, a gratifying response to 
brass Gothic pricket candle- woman porter was at work. sectoral schemes, and th 
sticks of the 15th century, Christie’s South Kensington encouraging evidence of : 


Williams said tee assistance had The Government’s largest in- IUU1 IU1 dLJIy By M aurice S amurison -r . chemtcais than ^ hailt chemical jSector." ' : 'z:: 

had a major impact on industrial vestment-oriented aid is provided HOLIDAYS OF 12 days to Thai- A FURTHER 500 jobs .may be model, whUe ' imported ,-:<3o1hdSiVv:.Cb'en)i^^x3)jDi^ continued to 

Investment which would be en- by the £I50m selective invert- land for £549, “with no extra cut early next year at the British have fewer h(me-produ«d : 3yn^;riM Strt^^ second half, ’ a -- 

d angered if a Conservative meat scheme, under which £74m costs except personal spending Steel Corporation’s works at Tirtic fibres and chemicals.. : .i -^iough:Tipt as- much -as imports, t * 
GO u 7 ST inieDt w ? re eJ ® cte 5; . aid for projects vrortb £740m has money.** are being launched this Consett, County Durham; irtfaddl- The. tome market is hit hy_,.ttL*he first -top 7 montfi? -exports “ 

There can be no doubt what- been approved, ..with a £450m week by Lunn Poly.- The new tion to. -the 350 redundancies' an increase: in. chemical -Imparts" rose^Rjper bent ; iri;value- and S.5 

soever that the assistance woitid balance of paj-ments .benefit Thailand " worldfarer ” tour can announced in the summer. groper: These h&ve.Jzpen bj p^x^tin,^abrm r em:thAt getfod ' 

be enormously cut back if Keith expected by 1982. be increased to 15 days for £565. Mr. Derek Mate, general about 11 pet cen,t 

Josepbite policies were applied. There are also about 15 “This covers return flights on manager of the works, once, the thirst ten 'month* :of this yeac . Reports trbttL -^ hig chemical 
“ e ‘ inere has neen a individual industry sectoral Jumbo jets by Japan Air Lines, biggest producer in the North Chemical, import volume rt»e ^concerts , in the .DK. suggested rf-. 
gratifying response to our schemes under which 3.700 appli- first-class accommodation in East, said last night that the by Iff- per ?ent in that -period. that Juuae Sales ia summfer and 




11 a„ m 2 t0 * in f *“? n V 16 . !l Vel allocated to projects worth £lbn. charges, taxes and seven sight- closure and to make Consett over-capacity in Europe; tough lying impirovement. But com* 

twJ^ 0 a the D ® anuf * ctun “8 Industry now During 1977-78 nearly twice as seeing excursions in air-con- viable. Consett is an integrated competitihn; and • . relative : pany figures were, “only a little 

w, Arras ’ 3 pitiJtic house at running at a volume 8 per cent much w spent on regional dilioaed coaches.” a spokesman iron, steel and rolling mill. strength' of sterling against..® better” than official ones, 

brought m £485.630. Amsterdam s Irrekap, near Preston. A “penny higher than in the previous n Be iet,n^ .. i« v - 

Rijksmuseum paid £41,000 for a farthing” that used to hang on year.” selective assist ance as m wc sam. '• “ v 


woodcut printed in colours, the wall of the pub sold for £520, Mr. Williams’s views are 

“ Frauen <un Meeresufer,” by double its estimate. backed by some senior civil 

Edvard Munch. Munch was fetch- A half concert grand piano, servants in the Industry Depart- 
ing prices far above estimate, commissioned from Bosendorfer ment, who can be expected to 

“Vampyr” made £30.000; “Das of Vieana in 1862 by the advise a future Conservative 

kraufce MSdohen.” £27,000; “ Der Empress Elizabeth of Austria as Government that the industrial 


Plant genetics project 


Directors 9 policies criticised 


BY DAYID HSHLOCK, SCIENCE EDITOR 


BY ANDREW TAYLOR 


Kuss,” £25.000; “Abend am a birthday present for the aid schemes are highly cost- THE NATIONAL Research Deve- areas of an nativity in whioh it DIRECTORS OF the British sub- 1ms to be undertaken ^ \ 
Straud-^MelaiiclKiIie.” £21,000; and Empress Eugenie of France, sold effective and should not be cut. lopmenr Corporation is about to is already engaged. The Cor- sldiarv of Kuehne and NaeeL These resulted in charges-: 
“MSnnarkopf in Fraueabaar,” for £60,000, plus buyer's pre- Tbe Department estimates that decide whether to put a “ slgnifi- ponation described it yescentey Hamburg-based transDort brought under the Theft 
£15,000. mium, at Christie's. There are the employment-orieted regional cant sum” of money info a as a “bigtoly speculative project # n d forwarding Broun, have been agamst the cofiraanv and. 


DIRECTORS OF the British sub- ings to be undertaken. > actually is. The inspectors found 
sldiary of Kuehne and Nagel, These resulted in eharges being that this practice 7 had' resulted 
the Hamburg-based transport brought under the Theft, Act “in - a- considerable loss of 
and forwarding group, have been against the company and three revenue” ti> shipping, -lines. * 




Balance of payments erratic 


BY OUR ECONOMICS CORRESPONDENT 


THE CURRENT a cron, 
payments has continued 


cultural Research Council aims tion. 

to •improve the yields of cereal Tbe kdnd <rf information in 


umuence on tne atutuae ot its company itseit were found not cent er these showed freight paid 
employees. guilty- at the dlrectionr of the. by K and N to be eubsmutfaily 

The Government Inspectors Judg& . ' . less than .tbat chaiged.' to the 


account of the Balance of raannfacto red goods were the main adverse crops by the nmriputaBon of which .the council’s scientists are report on tbe affairs of Kuehne ..'-The / Department of. Trade mistbmer. • •' 
timed to move erratically in movements. The terms of trane--4ne ratio of genes. j _ inteneated would, for example, and Nagel Ltd. was submitted to report rcritieises..’ a number of . It «dd 'that -tiie' misdescription 


trade was in deficit by £330m against a defiat indicate that sterling »n. which includes th-r*^** 


SSL a. l 2KL' , a:' SS.’S-Lf^SS ass **Z 2 F t***S&£LlL**? » -i? to 


of £2l7m in the previous three months. An cash and current and seven-day bank deposits, 
increase In the deficit on trade in oil and a rose by 0.2 per cent in the four weeks to 


during the quarter, to latest money snppiy poration to put up cash, for a disease or pests, or would tit- June. 1975. Publication of the nesa, including the practice, or in commercial'- morality ' but 
figures indicate that sterling TO, which includes three-year research pro^amme crease tfbe plant’s yield of pro findings was delayed until yes- “cabecntting " — stating . that most also^roLve a' caJcalatecI 


into selected and more applied tem or rate of growth. 


terday to allow criminal proceed- cargo , carried is less/ than; if deception: , " : 


reduction In surplus on trade In finished November 13, on a seasonally adjusted basis. 


BALANCE OF TRADE 


FINANCIAL TIMES CONFERENCE ON INFLATION ACCOUNTING 



Exports 

Imports 

Exports 

Imports 

Terms of trade 



Em seasonally adjusted 

Volume seasonally adjusted 

'Unadjusted 

Oil balance 




1975 

=100 

1975 = 100 

£m. 

1976 

25,424 

29^13 

I09A 

105.7 

990 

-37973 

7977 

32,182 

33391 

118.9 

107.1 

1000 

-2404 

1976 1st 

5,654 

6^04 

1060 

1000 

1000 

“947 

2nd 

6,160 

7,109 

109.7 

1060 

908 

~968 

3rd 

6513 

7MS 

1IQ.1 

I09J 

96A 

“1,058 

4th 

7,097 

8JJSS 

113.4 

107.1 

980 

-1,000 

7977 1st 

7^12 

8,485 

iiso 

109.4 

98.9 

“800 

2nd 

7,927 

8,689 

118.0 

109A 

100O 

“745 

3rd 

8^56 

8,525 

124 A 

1066 

101.0 

“602 

4th 

8,187 

8,192 

117.6 

102.7 

102.4 

“657 

1978 1st 

8380 

9^22 

1200 

114.1 

104.8 

“642 

2nd 

8,743 

8,932 

122S 

1104 

1044 

— 398 

3rd 

9,071 

9,415 

126.1 

116A 

1050 

-515 

June 

2,910 

3.K21 

121.4 

111J 

7040 

“107 

July 

3,029 

3,181 

126J 

116.7 

1044 

“221 

August 

3,005 

2.959 

124A 

1710 

105.7 

— 98 

Sept. 

3,037 

3073 

12S.1 

1208 

1050 

“196 

Oct 

3,098 

3JJ01 

127.4 

111.9 

1050 

“131 

Nov. 

3J0SZ 

3044 

124ff 

1200 

1064 

“167 


Urgent need to decide the rules 


-. "'rj;. , 

- »'-*■ -••- 
-■ 1,1* .. 


>av , 


FINANCIAL TIMES REPORTER 


^s‘ n 


inflation adjusted {Profits, Mr. ago but subsequently set aside. He said that, of the 2,509 sets principles with enthusiasm. Mr. 1 He elitoa consul^ion 

Paddy Curtis, director of . The vacuum that was created of accounts received by the stock Donald Mackay, finance, director. was necessary to enable nil 
,! or . Guestj Keen and by the demise of ED IS was exchange so far this year, only of ICI’s largest UK-bas^ reanu- parties to undersfend what is 
NetUefold said yesterday. partly filled a year ago by the 298 had contained some form of factoring division, the Mond betng done, - 

AHrirecc no n,n^ than inn Hvde Guidelines far DubUctv suDDlementarv cea fimroc Tn nMann uv*-: i tuvi^a u * v 


companies to adopt corrent cost inflation accounting, 
accounting principles, on as “Many managements 
simple a basis as passible, is no chosen not to use tbe gul 


in their statements. “In - . many h nrinwigaB. • --t jnftnrdU 


* ntio d export prkei to import price* 


simple a basis as possible, [ s no Chosen not to use tbe guidelines ' arithmetic, that means that historical accounts, both manage? nfbrw 
less urgent now that the rate of at all, while others appear to roughly SO per cent of our com- ment and pnbhshed-. are how * 

inflation has falle-^ haTO h< “" nnni»« hn«» ten** nBn «*nd^w2Uoh affect^many more : 


Source: Department of Trade 


have been preoccupied with panies have failed even to meaningless Ss a measure ' 

wloffTno th. rflmmpnt " ho Raid. “ Althmmti Zill lT, ?{^-P^».tAaU-a«MmtailtoL Yi?mi6 


:se&appoisted body 
lxs.^mikitig^lawa q T 
ti. affiset ^nany more : 


GROWTH OF MONETARY AGGREGATES (£m) 


Money Stock Ml 


Money Stock Ml 
Sterling 


Bank lending* 


Domestic jredit 
expansion 



Unadjusted 

Seasonally 

MfJnaKt 

% 

SauMnfly 
Unadjusted adjusted 

% 

UnaQotri 

ScmoUr 

adjnad 

UlBdlMod 

SwMMflr 

adjusted 

1977 

Nov, 16 

487 

325 

74 

438 

296 

OJ 

97 

226 

388 

355 

Dec 74 

663 

233 

1,1 

828 

442 

1.0 

44 

308 

504 

161 

1978 

Jan. 18 

“256 

617 

24 

60 

1,036 

24 

747 

192 

-349 

254 

ftb. 75 

113 

475 

2.7 

386 

7,047 

2.4 

342 

287 

274 

960 

March 75 

345 

142 

04 

359 

292 

04 

309 

560 

546 

598 

April 79 

813 

369 

T.6 

1,755 

416 

1,152 

24 

391 

259 

2,043 

1,431 

May 77 

201 

213 

OS 

403 

<L9 

528 

. 739 

947 

1,113 

June 21 

-309 

-94 

-0.4 

208 

148 

03 

646 

540 

523 

314 

July 19 

763 

409 

1.7 

93S 

514 

1.1 

1,001 

554 

638 

104 

August 16 

134 

T5 

0.7 

“496 

-481 

-14 

“164 

262 

-366 

-292 

Sept. 20 

138 

510 

2.1 

479 

570 

U 

12 

202 

546 

713 

Oct 18 

487 

251 

1.0 

546 

520 

1.1 

385 

327 

569 

535 

Nov. 15 

30 

-61 

-02 

243 

103 

-03 

301 

360 

116 

106 


their implications.? he said. •* As regards taxation, there ewapantes lor .wh 
Turning to tbe case of smaller has been no reaction at all from n ° obvious excuse, 
companies. I do not agree with the Inland Revenue to the Hyde tbls tnean *v on 
the suggestion that they should Guidelines which, after all, are °? r 11 t,u0 ? t » TO 


individual companies as to bow inducting Mr. Bany JUIey, of the H ^ de GoJdeltoK.- empharts on ^ ^ 

Giev make use of it Financial Times’ Lex Column. The reason generally given by. and 'therefore, who ^ . f 1 * 

One of tbe main objectives of “it remains a fact that a companies that failed to comply imions if they regard : 

of maJflrihf nl MimnoniAd line CaII aA W9R aCCflrrfifl? ffl Mt. WiceAti frtrtratfvp fl ’ Diannoammif^ iWk. OpfiflM'.Oy, 


putting' 


Btore^ff mtOv ^mjsaltation and 


dt >1 

A 


• Tb privaot HCtor In sterikif lo«M'u>s Bwk of Enctmd bat* D»partnwnt HoMtogt of cmmeidri bflla. 



The iteriiflg money stock on tbe wider definition (M3) showed another sharp rise of 7.7 per cent 
after seasonal adjustment last month, but its growth so far this year remained below the bottom 
end of tire Government* s target range of 8-72 per cent. 


714 IK methods. [ guidelines was much gi 

It would be .more of a among large public comp 
bait tragedy if leaving the smaller than « was among tee sn 

Soorea: &onk d England companies outside tbe rules pre- companies. 

vents the achievement of a more Mr. George Nlssen, d 
w of 7.7 per cent rotlona] basis for taxation." chairman of the London 
below the bottom Mr. Custis said he was not Exchange, added further 
,-dvocaT‘nq an immediate switch deuce to the poor support 


L-mftteih 


^Accounting 


^ wi( |y >m _ ^ 

from historical cost accounting by companies to appeals to° pro- While experts; ' argue . these ^tumitifie/alM the 




fS 









. December' .15 T 1978 





BYNfCK CARNETTr CABOUR STAFF 


SCOTLAND’S - ‘'iSiOdO. private- patties breaching .^ruidelines 
sector ^oiydrfrors.Save voted by. 
ballot to strike iram January - 3 
in -a xe-rtiuMjf the-lSTA stoppage. 


inigbt be fete m^jpad- tumJase. 


alser over pafe^Twlijclj crippled 
deliveries'; to Scottish nidus try. . 

Transport' . ante' ... General 
Worfce»\-Unionrne«otl^o*s . for 
the -Scottish - drivers, are \-sskwg 
the . union to- call “a strike.; of 
drivers in^^tlwf jregioos'of vge, 

Ikey j&mphaia^d -'that' the 
strike . ia^vScotlaBd^^winld- j» 
alieatL -irrespective of- jjecisians 
in other. ^dreffionSi- unless • : eoH 
foyers' matTe . a “ substantial 
'.Improvement in; the,- present '5 
per eent offer. • 

' There were . indications. . that 
.some of the ficst results of the 
Government's decision to. end its 
policy Of. sanctions, against' com- 


Tom BratUn. secretary of 

the- Road Haulage ^Association 
-Scottish region, ;saM.‘ last night 
that tragofiatioas-WottH now be 
part of “ a new Uraa-game.” 

- The • ■; association; "Could not 
make ' a- decision tesernlght on 
the presnt position; 1 but x major 
constraint on ■ employers had 
'beeh re moved. - - ■ 

Efpciency call 

- ■ The’, association, stressed that 
. ability, of the industry to flay was 
still -a factor; and -quoted more 
particularly : the recent Price 
Commission iepottte*L*read haul- 
age. ■ 

The report shid'th& industry 
could keep its price-; rises within 
the general level'Of inflation if it 
made . itself;.' more ", efficient. 


Implicit In the report was a warn- 
ing that the . Commission would 
not allow road-hau tiers, to pass 
on to customers increases in costs 
above the level of inflation. 

The association welcomed the 
ending of sanctions, but said the 
Commission report, which it had 
not accepted, was a further 
powerful weapon which could be 
used by the Government against 
hauliers. 

The drivers have submitted a 
national claim, -worth 20-30 per 
cent, to increase the present 
basic rate of £53 for 40 hours to 
£65 for 35 hours. 

Most association regions have 
offered their drivers 5 per cent. 
The Scottish offer includes an 
increase of 5 per cent on basic 
rates, higher night-shift rates 
longer holiday entitlements and 
cash compensation for -altering 
the settlement date. 


Newspaper 
employers 
to review 
pay offer 

8y Alan Pike,. 

Labour Correspondent 

PROVINCIAL .NEWSPAPER 
employers will -review their 
position on the^ayuffer which, 
has' led. to / a. fortnight-Jong 
journalists’ strike, : after the 
Government's decision to drop 
Its sanctions poHey. ; 

The - National; . Onion •„ of. 
Journalists yesterday urged 
the Newspaper. Society, which 
represents ‘ . provincial r news- 
paper employers, ' to . resume 
immediate negotiations, with- 
out strings, following- the. vote 
against sanctions in' the - Com- 
mons Altiiongh . the society 
first reacted . andensfy, .It 
announced that It wioite pre- 
pared to review the situation 
after Mr. Jflines Callaghan had. 
told 'the; Commons : that sanc- 
tions .Would end.' 

: The ; society ‘has - already 
asked the Govenrment to treat 
provincial joumalistsas.a 
special case, and has indicated: 
tiiat .it is wtitihg to make ate 
offer worth aboatSteer cent. 
The j onrnaiists are demanding 


■ Fleetwood teockerte.'jTbey have 

'been alone amdng A&e ' board Sir Keith Stuart managing 
'dockers to settle vwfth&A the 5 director said recently that there 
per cent policy. Fleete^bad was would be no productivity deals 


claim that- * tedmber. -of. ptek 
•vindaT ■ vmanageraetEts ^ am 
prepared to pay more .than the- 
9 per eent-': ■ 

NUJ members oti the Times 
• Md ite three supplements, yes- 
; terday .readied.' an - interim 
agreement with their employers 
on terms and conditions; for : 
their 'Jobs; 1 -r\ ' - 

Times - Newspapers, r : -which 
suspended publication a fort: 
night ago,. 1*. seeking similar 
agreemrarts with teU -chapels 
(office union sections )- v Son day 
Times-jonnialists have already- 
signed. . . -V ..V; 

-The Times journalists have 
told the; management .that they 
accept nfcw technology in prin-' 

dple^ but will not do work: 
which has not been volriai- 
: tariJy reflnqubhed by members 
:of other unions; -. " 

Refusal by the National 
Graphical- Assodation to allow 
journalists ter advertising staff 
to shareVthe work of trans- 
mitting material 'directly intoj 
a new computer-based; compos/ 
ing system. Is tbe.most difficult 
problem ■ facing ; Times Ne^s- . 
papers m its search for. indta-. 
triad relations reforms. ’•-/ 

. .A meeting between mahigO; 
neat' rid 1 imM$;.' > ciulie^ kf, 
Mr. Albert Strath, Employment 
Secretaxy, vwfi^ ;• resume , ; in. 
London today -When dismissal 
notices, are. due- to go' tent . to 
staff who have hot signed agree- 
ments with the company. The 
notices will hot go out before 
the meeting has started. 


Railway union 
attacks pay 
free-for-all 

SOME POWERFUL' groups 
“ have scorned rational -deter- 
mination of pair and. conditions 
and se lfi s h ly onarched. oh, regard- 
less of. the consequences for] 
others or for the country,” says 
Mr. ‘Sidney Weighell. * general 
. secretary Of the National Union 
of Ra&waymeii. \ 

Writing in (the union's weekly 
newspaper. Transport Review, he 
adds: “The NUR. has- never 
believed this to be the right -way. 
But we cannot ~aione- , make 
policy, except for our own union. 

“ If others attempt to forge 
ahead oblivious of the effects we 
shall not fall behind; We shall' 
be ' compelled to maintain our 
rights to justice.” • - '■ ; 

The so-eal led free ' market 
economy, still showed - that - it 
served only the haves and greedy 
ones. -Those who "suffered were 
tbe workers and those not so 
well off. 7 r - - 


Docks leaders plan 
unitedpay battle 

- • ■ 7 V."- 

RY PAULINE CLARJC; LABOUR STAFF 

LEADERS OF rabte .than 5,000 their demand well ahead of their 
registered dockers employed by January 1 settlement date, 
the state-owned British Trans- Shop stewards in Hull were 
port Docks Board late planning yesterday making plans for the 
a united attack on the Govern- national talks after gaining an 
meat's 5 per coni pay guidelines, assurance from dockers in 
Representatives of some 2,000 Southampton and other ports 
hoard dockers iteHtel'- who this controlled by the board that 
Week - stepped •up 71 -’industrial diverted ships would be sent 


action over a : 20-’ per cent pay 


back to Hull. 


claim.- said yesterday- that in- Cargo operations m Hull have 
vkations were boihg : issued to been seriously disrupted for 
fellow dockers 'nationally to more than a month since the 
form a conference on pay. dockers started their overtime 
They said ibateifadld be the ban. Delays are expected to 
first national meeting: of board worsen at the weekend, follow- 
dockers separate c; -tom the in jg a decision to extend action 
national 'ports: ah op/v stewards wth a work to rule, 
committee on a teugc^iay Issue. The overtime ban has halted 
Aihrther. 2,000 aa» .expected to weekend working and the work 
be involved Southa m pton to rule will Intensify problems, 

and smaller . groups:- from 19 it involves strict observance of 
other ports are adso Skely to be bealth and safety -checks, 
represented. .. So far, the Hull shop stewards 

have held three meetings with 
: their employers but each time 

The conference -^p*fihed to talks hare broken down on the 

take place' as soon after Christ- b0 2 rds 011 firm , appLl ' 

mas, vrill probablyitebt.-include c -*bon . of the 5 per cent , pay 
"have gtu delanes 


Militant. 


gfrte^weefcr increas^'2;ante ^ oifly;-_jinaja port -^otrf^ed either. 

tedtoc TOss 


r BTDB to ; make a : *tbsS Ndrth Sea Ferries, badly hit By 
st yeafj b „ n ..the Hn^. dispute, has offered to 

j 'Htell dockers hate d&eiged as negotiate' separtely with its 155 
the most ' militant -(So .flar in registered Mockers providing they 
present pay negotiations .with the call off their action. But shop 
board. Southampton .’ dockers stewards said, yesterday that at 
hare submitted a' 15 -per cent Hull dockers wquld stick together 
Lclaim and although ; they have in the orerall\ fight with the 
h nof started -industrialhction they board, ^the main, employers in 
Irave joined.; Hull in drawing up the port 

' • 


Rolls-Royce unions urge 

ban on overtime 

2^ • • • * "*• • 

BYjARTHUR SMITH, MIDLANDS CORRESPONDENT 

SHOP STEWARDS ©t Rols-Rnyce . plementation of the national 
are urging . (be 30,000 manual agreement is worth nearly 5 per 
workers, at (be state-owned coin-, cent and leaves an insignificant 
pany to ban overtime. That amount for the annual pay 
’would directly challenge the Gov- award. 

ernmeot's 5 per cent pay. guide- - Mr. Phil Higgs, secretary of 
Hue. i; iie combine, said last night that 

tee stewards were meeting next 

The v noffieud shop Tuesday to consider shopfloor 

combine caM^ for the ^^ eaction to their recommenda- 

Barring overtime would 
by have a rapid effect as the com- 

Bftiuoldswiclc, amr Colne, who - p any depends on that because 
object <o (be company's mast: « c f ... its shortage of skilled 
euoe . that shift and overtime pay.' porkers. 

agneemeots negotiated tiiis year '-.-.Any disruption to production 
by the Engineering Employers’^ would be harmful when the’ Corn- 
Federation should be deducted: parry (has won important new 
firoan the 5 per cent- a nn a ta il wage -orders, 
award. '• 

The issue of wbether such pre- . ' 
niium payments should be Offset 
against the 3 .per cent is one of .-. 

Ore; praznapaL pattie grounds ite : - 
the, : engatefeert«ig-itedusitiyte pay, 
round- 

For- companies have settled, 
and . the fedenatSM says ohaf - 
many emptojflera. cannot afford to . ; 
honour the national agreement' THE Civil Service Union said 
and offar additional pay. - yesterday that it might caB for 

••■.'.the resignation of Professor 
Piveprlonf -j David Donnison, chairman of the 

X lcvcuou . Supplementary Benefits Commis- 

/BL Cars, owned. Eke Rolls: riten, over allegations of brutality 
Royce; by the-National Enterprise': involving seven union members 
Moard, has set an importanC -against inmates at Camberwell 
precedent by agreeing to impfe- Reception Centre, 
merit the agreement from next : The union said that it had 
February in addition to 5 per- instructed the' seven, all recep- 
cent award. BL ■ ju stifie d the centre assistants, to refuse 
increase to the Department of - ^q- - respond to the disclptinazy 
Employment by saying that the charges against them and had 
shift payments would b e fina nced .'protested vigorously to the corn- 
through higher productivity. - . ^ajssion over, “sensational Press 

' Rolls-Royce, which negotiates publicity," which, it says, 
individually with 10 UK plants,, “seriously prejudices” a fair 
teas maintained the official laine.'- hearing ‘of the charges, 
that premium payments must be - .The union has protested over 
fully offset, but has tended to a : : . .meeting to be held today 
offer thq - prospect of bigherTratween -professor Donnison and 
earnings through productivity ‘representatives of the Campaign 
deals. Jfor- the Homeless and Rootless, 

Extensive shift-working 'at" which, the union says, is chiefly 
plants such as Scotiand. Sunder- responsible for the allegations 
land and Derby means that inir -and the publicity. 


Civil servants 
criticise 
benefits chief 


Attempt to save Singer plan 


BY RAY PERMAfc, SCOTTISH Gffit RESPONDENT 


SHOP STEWARDS at the: Singer 
Clydebank ■ plant,- - which . is 
threatened with- elosute and: the 
loss of -M500 jobs, will meet -full- 
time union officials, today to try 
to salvage the " resime plan 
negotiated 'with the . company 
during tiie last six months. /• 
,. .; -The . "U.5.; management of the 
company -responded' strongly to 
tiierejection bythP workforce on 
Wednesday of ^demands fdr^nro- 
dtictivity , J improycmenls 7fih3 


changes in working arrangements 
in- return for new investment of 
sp ,tp fiOnii which would have 
saved -^OO jobs.. . 

Mr. Edward Keehn, ■ head of 
the European sewing machine 
division, said that, without 
endorsement of tiie plan, the 
company saw no practical way 
to keep tee plaitt open. 

Stewards, - who- have- worked 
since the summer to persuade 
the . company to retain 500 more 


jobs than . was originally in- 
tended, are disappointed by the 
decision of their members. They 
are likely to leave a cooling-off 
period before Hying to call a new 
meeting of the workforce, which 
may be addressed- by Mr. Gavin 
Laird, Scottish executive, member 
of- the - Amalgamated Union of 
Engineering Workers. He is 
known to many Singer workers 
from his days as a Clydebank 
shop' steward.' - 


ENERGY REVIEW 


i yf>hl ] cr a 




BY JOHN LLOYD 


The Coal Board’s dilemma 


THE PROBLEM facing the 
National Coal Board now has 
well defined parameters, as the 
Board itself has admitted in 
past months. In broad terms, 
it can be put like this: in spite 
of the quadrupling of oil prices 
in 1973-74, and the Plan for 
Coal of 1974 which put the in- 
dustry’ on a new footing, its 
immediate dilemma remains 
one of finding a sufficiently 
large market. 

The major difference between 
today and five years ago is that 
the longer term outlook is rosier 
than it was in the early 1970s. 
Then. continual decline 
stretched on into the future: 
now, coal is the officially 
approved substitute for oil and 
natural gas when supplies of 
these begin to run low. as they 
are expected to do, in the 1990s. 

But in the realiy’Iong term, 
to paraphrase Keynes, all Board 
members are retired. The NCB 
must safeguard its distant future 
by securing markets here and 
now, and that is proving an in- 
tractable -task. 

Earlier this month, a fresh 
document was added to the sub- 
stantial pile of reports and Tore- 
casts recently published on coal. 
The House of Lords Select Com- 
mittee on the European Com- 
munities pronounced on the 
position of the coal industry: 
and while little emerged in the 
way of policy, much was 
contained in the way of infor- 
mation. 

Specifically, the evidence 
which their lordships called for 
from the countii-s major 
interests concerned with coal 
allowed the Central Electricity 
Generating Board to present its 
case in reasonably unequivocal 
terms. Its case is that it does not 
want as much coal in the future 
as "the NCB wants it to want, 
and even if it did, the NCB 
could probably not produce it 

The key factor here is the 
fact that the CEGB will, in the 
Imm ediate future, be required 
to downgrade coal in its order 
of priorities simply because it 


h^ s under construction very 
little coal-fired capacity. The 
point was brought out by Mr. 
J. A. Jukes, the CEGB’s member 
fpr corporate planning, in his 
evidence to the committee. 

He said: “We have under 
construction at the moment 
about 12.000 megawatts of 
capacity of which 6.000 is oil- 
fired, 4.000 is nuclear and. when 
the Drax order is placed (i.e., 
for the Drax B coal -fired power 
station, for which orders have 
since been placed) that will 
account for 2,000 megawatts. . . 
The net capacity will go up 
from 56,000 megawatts to 67,000 
megawatts in round figures. . . 
About 400 megawatts of capa- 
city (wili be closed down) over 
seven or eight years. . . Broadly 
speaking, the reduction in 
capacity will be from the small, 
inefficient, old coal-fired plant.” 

Understated 

Thus, in absolute terms, while 
the CEGB has (unwillingly) 
committed itself to add 2,000 
megawatts of coal-fired capacity 
to the system by the late 1980s 
(Drax B is due for completion 
in 1986) it will close down over 
that period something between 
2,500 and 3,000 megawatts of 
old coal-fired stations, a loss of 
between 500 and 1,000 mega- 
watts of coal. But that greatly 
understates the problem. 

The 4.000 megawatts of 
capacity which is nuclear will be 
base load power— that is. the 
stations will run continuously, 
pushing more of the coal-fired 
stations on to the margin, to be 
brought in only for peak load, 
thus further depressing the coal 
take. Further, since Mr. Juke's 
evidence was given, the CEGB 
has called in competitive tenders 
for 2,000 more megawatts of 
nuclear capacity to be built at 
Heysham. while the South of 
Scotland Electricity Board has 
placed a similar order for 
Torness. 

. Also there is the joker of the 


oil price, and the continued 
availability of cheap foreign 
coal — between 10 and 20 per 
cent cheaper than UK fuel. As 
Mr. Jukes went on to explain: 
“If the price (of coal) is too 
high or if the Coal Board does 
not produce enough (our take) 
may be towards the lower end 
of the range (between 55m and 
85m tonnes of coal a year), be- 
cause we have our duty to pro- 
duce electricity as cbeaply as 
possible. If oil is substantially 
cheaper we will wish to burn it 
and therefore reduce the coal 
burn; if there happens to be 
imported coal available we may 
wish to take tbaL” 

As Lord Wyrme-Jones, the 
committee chairman, com- 
mented, the CEGB can at times 
appear to be arguing circularly. 
“ You (the CEGB) could burn 
more coal if the coal were avail- 
able. The Coal Board could 
put down more pits if the price 
is right, but if the price is not 
right you would not bum more 
coal. Therefore why should 
they put down more pits?” 

The Generating Board's 
answer to that objection — 
which is a major one made by 
the NCB, when it complains -that 
a CEGB ordering switch baric 
would prevent it from planning 
properly — is an interesting 
one. Mr. Jukes responded : 
“ Our belief is that if the Coal 
Board is successful in develop- 
ing the new mechanised pits it 
will be able to produce coal at 
a competitive price. 

“What worries us very much 
is the fact that we do not see a 
sufficient number of Selby coal 
fields coming forward to meet 
our demand and in the mean- 
time there are these high-cost 
pits from which we are taking 
coal at a considerable cost to 
ourselves and our consumers.” 

The response is interesting, 
in the first place because it 
reveals the central concern of 
the CEGB about coal — that the 
NCB will not move to highly 
mechanised “ super pits ” — 
alone the lines of the Selby 


PUBLIC ELECTRICITY SUPPLY CAPACITY SYSTBW 
IN BRITAIN, 1976 AND 1980 


1976 


Under 

construction 


1980 

(estimate) 



MW 

% 

MW 

% 

MW 

% 

Coal-fired 

43.540 

65.1 

1.000 

S3 

44,540 

51.2 

Coal/oil l 
Coal/gas I 

4.946 

7.4 

— 

— 

4,946 

5.8 

OR/fired) 
Oil/gas 1 

9.675 

14.4 

9,580 

50.2 

19,195 

223 

Nuclear 

4,221 

63 

5,752 

30.2 

9.973 

11.6 

Othersf 

4,597 

6.9 

2.736 

143 

7,333 

8.5 

Total 

66,919 

100.0 

19,068 

100.0 

85,487 

100.0 


* Centra] Electricity Generating Board, South of Scotland Electricity 
Board, and North of Scotland Hydro-Electric Board. 

tGas turbine, diesel, hydro pumped storage. 

Sources: Annual Report! and Account! 1975-76 of the three generating an thorIVu. 
Tahtesiued in wbmlman to Haute of Lord, European Communities Committee 
Of Gerald Monitors. Reader In Geography. Unircnhy of London, Nov., 1978 


development in Yorkshire and 
the further developments in the 
Vale of Belvoir, which will be 
the subject of a detailed plan- 
ning enquiry next year— 
rapidly enough to hold down 
prices. Secondly, it is an indi- 
cation that the Generating 
Board is becoming increasingly 
willing to use its powerful 
leverage on the NCB to attempt 
to effect some changes in NCB 
policy. 

The CEGB secs no reason 
why it should have to pay 
prices for coal which are in- 
flated. as it sees it, by the cross 
subsidisation of dear coal from 
old. unprofitable pits by poten- 
tially cheap coal from profitable 
pits. Why not. it argues, close 
the old pits down and throw 
maximum effort into developing 
the highly mechanised fields? 

It recognises the enormous 
problems faced by the NCB in 
doing so: the social costs which 
would be faced, and the 
resultant resistance from the 
mining unions. The CEGB does 
not it says, wish to force the 
Coal Board's hand : but the 
mechanism should be clear and 
not as at present, veiled behind 


an artificially high price and 
indiscriminate subsidies to the 
NCB from European Commis- 
sion funds and from the Gov- 
ernment. 

Where social costs are in- 
curred — and the CEGB would 
regard the retention of many 
old pits as working units to be, 
at least in part, a social cost — 
then subsidies, if given, should 
be clearly identified as such. 
Doubtless, it is not far from the 
CEGB's mind that if that were 
the case, the Government would 
have more incentive to put pres- 
sure on the NCB to hurry along 
its closure programme. 

Negotiations between the two 
organisations about the sire of 
the CEGB’s coal take for next 
year (1979-SO) begin in January. 
The NCB wants the CEGB to 
take at least as much coal next 
year as it did this (around 72m 
tonnes). While nothing so 
crude as a quid pro quo will 
be put to the NCB — that is, 
” you shut more old pits and we 
will take more coal " — that 
general approach will no doubt 
be delicately introduced into 
negotiations. 



Entertain this Christmas- 
and be sure of a certain smile 


It's the festive time of year, and there 
are clients to be dined, hard-worked staff 
to be wined, and friends to be entertained. 

"Whatever the reason, here ? s a selection 
of particularly welcoming restaurants where 
the food and the atmosphere are sure to 
generate a warm glow- and a certain smile. 




Cafe Royal, Grill Room. 

This magnificent restaurant in London’s Regent 
Street has been entertaining great gourmets and 
wits since the days of Whistler and Oscar Wilde. 
Today, its luxurious gilt baroque setting is perfect 
for dining special friends and colleagues, who 
appreciate superb. French-inspired cuisine and 
ah outstanding cellar. Tables on 0 1 -437 9090. 

The Four Seasons, 

Albany Hotel, Glasgow 

Glasgow’s top people gather on seasonal 
occasions in a stri kingl y modem hotel called the 
Albany. Its spacious lounges, elegant bars and 
restaurants include die famous Four Seasons 
Restaurant. Here,^ided and abetted by an 
ins p ired inremati onal menu, a connoisseur’s wine 
list, andpleasingly old-fashioned service, 
Sco tland m errs, eats, and relaxes. Non-residents 
are invited to reserve their tables on 041-248 2656. 


The Swan Hotel, 
Lavenham, Suffolk. 

Britain’s greatest heritage of hospitality must lie 
in the many traditional inns and coaching houses, 
which welcome guests from Land’s End to John 
O ’Groats. The Swan at Lavenham in Suffolk is a 
superb example, with its lofty, timbered ceilings, 
minstrel gallery, vast open fire-places, and creaky, 
uneven floors. A marvellous place to celebrate 
Christmas, with a feast of superb steak, and wines 
to match. Bookings on 078724-477. 



selected THF hotels. They're open for lunch and 
dinner, seven days a week. 

This is just a selection of many splendid and 
individualistic restaurants throughout Britain 
which share wo important qualities - they're al I 
backed by the name of Trust Houses Forte, and they 
all warmly welcome the American- Express Card. 

With Trust Houses Forte and the American 
Express Card as your guides, you can cater for the 
inner man in any style you wish. THF offers the 
complete range, luxury restaurants, first-class 
restaurants, Carveries, handy coffee shops, and 
Butteries. 

If you’d like to know exactly where all THF 
establishments arc, ring 01-567 3444, or write for 
the Map Tariff to: Trust Houses Forte Hotels Ltd., 
P.O. Box 1 , Altrincham, Cheshire WA14 5BJ. 

If you’re not yet enjoying the many 
international benefits of carrying the 
American Express Card, you can pick up 
an application form at any THF 
establishment, or call Brighton direct on 
0273-69355 5. 


For a completely different gastronomic 
experience, how about carving your own 
traditional roast, from the best of British beef, 
tender lamb, or succulent pork, with a selection of 
vegetables, a choice of first courses and desserts? 

. — all for under £ 5 excluding drinks. Carveries 
the one in the Strand Palace Hotel, London 
(01-836 8080), can be found throughout Britain 




Thist Houses Forte warmly welcome the American Express Card 







UK NEWS 


POLITICS 



* v imanclal * 

■ - - ■ : — -- — ■■ . -. mgr i!. 


Rising airport 
menace 



tourist trade 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

CHARGES for airports and other forced by the added ground costs, 
— ™ in *e UK were ”" = 

rapidly that they could barters l0 .th e UK" 


National 
strategy 
sought 
for quality 



■-■■t -rtic 

am ^ 


By Paul Taylor 


rising so 

threaten Britain as a major Provided that the runway 
tourist destination, it was capacity at Heathrow was 
claimed yesterday. increased and not decreased, and 

. Mr. Dan A. Colussy, president provided that the proposed 
and chief executive of Pan Terminal Four was built Pan 
American World Airways, told a Am thought Heathrow could take 
■private meeting of the British the necessary expansion 
Tourist Authority, called in several years. . 

London this week to discuss ways Mr- Colussy also criticised the 
of boosting tourism to the UK, cost of Passenger security 
that Pan Am would fly just over searches at Heathrow, conducted 
500,000 passengers between the by the British Airports Authority 
U.S. and UK next year, rising to on jfihe Govurameats behaW. 
nearly lm in 1983. The problems Since the Department of Trade 
nf costs and declining capacity bad assumed overall respon- 
,™“ thr ° W Were becoming ..£j s 

Whereas in the summer of ^1 ®ot their rast metho- 

1975, Heathrow could handle 73 1 * rth '* rs ' ^h® 1 ^ we P® y 

runway movements an hour at “e -oHl. 

peak times, next summer the air- “Heathrow^ is contr ibutin g 

. lines would be permitted only f er ce S* ®? e ®^ 

67. -an S per cent cut (security) costs for all UR 

Peak hour passenger flows airports while itself requiring 
would be limited to 3.000 in- only 385 per cent of these 
bound hourly and 2500 out- monies. If international tourists 
bound, with no ability to exceed are wanted, do not require them 
those limits. through us to nay for Internal 

"This is not exactly progress,” screening within the UK." 

■ said Mr. Colussy. The money to Pao Am recognised that air- 
pay for the development of ports and aviation services had 
Heathrow came from ’ the air- to be paid for, but commonsense 
lines’ pockets, "and we'd like should be used in not raising 
1o know where it went, or is charges to the point where 
coin” to go." Britain became an unattractive 

Pan American was reluctant to destination for airlines carrying 
move its flights from Heathrow to tourists. 

Gatwicb. While a move might “We will pay our way. but we 
help to ease the strains on Heath- submit that the tourists we bring 
row. it would involve any airline you. and the many more we plan 
in vastly increased ground costs to bring you. are of such value 
which could -influence the airline to the UK' economy that some 
going elsewhere. share of these charges might 

. . .“Our charter people tell me, legitimately come from the 
for instance, that they have been public purse,” Mr. Colussy said. 


Plant will extract 
copper from waste 


the GOVERNMENT has sug- 
gested the setting up of a 
British Quality Board to oversee 
a national strategy aimed at im- 
proving the reputation of British 
goods and services. 

The board expected to cost 
£500.000 a year, is one of several 
suggestions in a consultation 
paper on the ned for a national 
strategy for quality published 
by Mr. Roy Hattersley, Prices 
Secretary. 

The paper comes after recom- 
mendations in several reports, 
including last year’s report by 
Sir Frederick Warner on stan-. 
dards and specifications in the 
engineering industry to the 
National Economic Development 
Office, that provision of a stra- 
tegy on quality should be con- 
sidered. 

It suggests quality is playing 
an increasingly important role 
in customer choice and examines 
ways in which Britain might 
enhance its reputation for 
quality and simultaneously re- 
duce industry’s quality costs. 

It says that quality costs — a 
combination of the cost of defec- 
tive goods and the provision of 
systems to maintain quality— 
could be £10bn annualy. 

The paper also suggests the 
implementation of a national 
strategy for quality should be s 
voluntary co-operation between 
Government, industry, com- 
merce and consumer organisa- 
tions. However, the task of co- 
ordinating the strategy should 
be carried out by a single 
organisation, either a new body 
or an extension of one in 
existence. 

Tbe body would be responsible 
for implementing tbe strategy 
including a rationalisation of 
quality assessment systems. 

Mr. Hattersley promises io a 
letter to interested groups full 
consultations over the need for 
a national strategy and whether 
a British Quality Board should 
be established. Comments are 
due before the end of March. 


BY PAUL CHEESERIGHT 


BRITAIN’S ONLY zinc smelter as a byproduct Previously it 
said yesterday that it was. to has been refined in Europe. Now 
install a plant to extract copper it will be bandied by the new 
and lead from waste material. It plant. 

is expected to start producing in The company is not producing 
nud-19S0. any production targets. The 

Commonwealth smelting is to degree to which the plant will 
spend £5m on the .project ot its he used depends on -the level of 
Avononoufh zinc smelter. metal prices and the nature of 

Although -tbe development is the ore being used as feedstock 
significant for the company, for the basic nine smelter, 
whose capital expenditure in 






v -,. w ‘‘.v,*’ a££L : • 

Cabinet members (above) and the Prime Minister (below) leaving Bdwnlng Street before the corifidcnce vote 


SttBhr.MWwf-:- 




Ombudsman 
upholds 
46 complaints 


Labour 
revived 
by Tory 
babbling 


PM defends pay 
policy but 
drops sanctions 


mm* 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


By Philip Rawctorne 


had been strongly 


recent .years ih as been confined 
to about £750.000 for hygiene 
and environmental controls, new 
job opportunities .will be negli- 
gible. 

- 'Commonwealth Smelting is 


Rail tunnel 
to re-open 


“«>“ Edinburgh- 

of Conzinc Riotinto of Australia, Glasgow* rail line is to reopen 
which is 72.6 per cent owned by on Monday after engineering 
Rio Tinto-Zinc of London. work in Falkirk Tunnel. 

The plant will use a technical During the last 11 weeks train 
“process developed by Common- services have been diverted via 
wealth Smelting. Depending on Grabamston Station to allow 
the content of the one fed into engineers to carry out a £500,000 
tbe zinic blast furnace, copper In improvement project in the 
matte or dross form is produced 850-yard tunnel. 


By Paul Taylor 
THE LATEST report from Sir I 
Idwal Pugh, tbe Parliamentary] 
Ombudsman, published yester- 
day, showed that of S3 com- 
plaints of maladministration by 
Government departments, 46 
were partly or fully justified. 

The seventh report for tbe 
1977/78 session covers investi- 
gations completed between May 
and July this year. It includes 28 
complaints against the Depart- 
ment of Health and Social 
Security of which 18 were found 
to he at least partly justified and 
22 complaints against the Inland 
Revenue of which 14 were found 
to be partly or fully justified. 

Among justified . complaints 
against the Inland Revenue, Sir 
Idwal draws attention to illegal 
tax demands made on a widow 
and further demands which were 
technically invalid. 


® NEWS ANALYSIS— SHORT BROTHERS 


Prop-jet’s £60m hope 


BY OUR BELFAST CORRESPONDENT 


THE Government’s confidence 
rose markedly during Mrs. 
Margaret Thatcher’s attack on 
it yesterday. 

Reeling from two defeats, 
the Government front bench 
had looked a bit apprehensive 
about another redial of Its 
record. ~ 

Mrs. Thatcher, slinging into 
her onslaught, claimed that 
the Government was ex- 
hausted, dying on its feeL 
She then proceeded to revive 
It by going into a furious spin 
herself- 

Her round of charges against 
the Government came faster 
and faster until it sounded 
like a 33 blues record played 
at 78 rpnL 

“Slow down, take it easy. 
Labour MPs unselfishly 
advised— but Mrs. Thatcher, 
barely pausing for breath, let 
alone a Tory “hear, hear,” 
gabbled on frantically. ■ 

Few could keep pace with 
her and MPs on both sides 
collapsed finally in mute 
bewilderment 

The Government’s record on 
Inflation was the worst for 400 
years, she panted. It had 
driven unemployment to its 
highest levels, borrowed and 
spent at profligate rates. 

Babbling through the 
Increasingly heavy silence. 
Mn. 
briefly 

Was it in the best Interests 
of the Commons that Con- 
servative MPs. however 
exhausted, should be allowed 
to sleep on the back benches? 
he asked the Speaker. < 

The slumping Tories sat (up 
and demonstrated their Hike- 
fulness with a few noises 
before Mrs. Thatcher took, np 
the score again. 


THE USE of sanctions against Minister, , ... 

private Industry is to be aban- critical of the monetarist, free, 
dnned as a result of the two market poihcles espoused byi Mrs. . 


and some -' of 


Government defeats in the House Thatcher 
the previous night, the Prime adrisers. • 

Minister told the Commons last He recalled that Mr. Heath had 
night declared. “ It will just not Work..’ 

Opening thecrucial debate on The House was debating:. a 
tbe motion of confidence in his motion expressing confidence m. 
administration. Mr. Callaghan the Government and in<-fts 
also made it clear that the Gov- determination to strengthen flifif 
eminent stiLl adheres to its 5 national economy, control infla- 
per cent wages policy. tion, reduce unemployment and- 

Discussions would take place secure social justice, 
with the TUC and CBI to con- On Wednesday night, the Con- 
sider how this could best be servatlves and the minority 
achieved, and he was open to parties, helped by some Labour 

abstentions, had defeated the 
’ Government, twice..' over .its 
* We Stand by OUT sanctions policy. 

The Prime Mitfrter told the 


W7« om /.nnf nut me rnme imrrer ioiu me 

policies. We ate content House that the Cabinet had met 


for them to be judged 
and we are proud to 
defend them.’ 


votes 


to discuss the 
previous night. 

“We interpret .the vote as 
meaning that the Government 

______ can no ibnger use discretionary 

.powers to the private .sector as a 
suggestions from any quarter, measure to counter inflation 
The Prime Minister warned, where settlements breach the 
however,, that If tbe private sec- Government’s pay policy," he 
tor took the soft option and gave said. 


way to large pay -demands, then 
it would have to accept the con- 
sequences of “hyper-inflation." 

Battling for the continual sur- 
vival of tbe Government, Mr. 

Callaghan finished a robust and 
skilful speech by challenging the discretionary action 
combined Opposition parties to taken against them 


“In accordance with the reso- 
lutions of tbe House, the Govern- 
ment will, therefore, no longer 
use such powers for that pur- 
pose. 

“Firms that have been told 
will 
will 



1 V.. 


hti^uftotaiatini 


_ inflation “with one hand heard, nothing so far thatioakes r 
he tied behind its back." ..... : up depart from out- Judgment,. • 
be These anxieties had = been that the overall, tevel - of.'& jer 


way io a return to profitability 


THE GOVERNMENTS decision after three years of losses. limiting factor, 
to commit £30m to Short Tbe Government wants to be This sector of the American 
Brothers, the state-controlled seen to give full support to a market, the company believes, 

Belfast aircraft and missile manu- company which has increased Its will prove particularly strong 
facturer. for a capital re- labour force by 20 per cent in during the next three years or 
equipment programme taking it five years. so. The biggest single order this 

into the 1980s, is largely based Short Brothers’ achievement is year for the 33&-~costmg more 
on the company's expectations outstanding in a region with the than £lm — was for five from 
for its 30-sea i. commuter aircraft, worst unemployment in the UK, Metro Airlines of Houston, 
ihf. 330. and represents an advancing tech- Texas, tbe third largest com- 

Market potential for the air- nology In a province which has muter carrier in the United 
craft, and the improved pro- obvious problems in attracting States, 
ductivitv now heing recorded by the right kind of investment. Although regarded by some Perform an ce 
tbe Belfast firm, should nave the With the help of consultants, as squat and unattractive, the' 

the company has mapped out the 330 has apoealed to the American 

future until 1982 for its three market because it has adamed 
: divisions, aircraft, missiles and the popular wjde-bodied look of 
aerostructurcs. In the short the larger short-haul jet aircraft, 
term, the 330 Commuterliner and Reliability levels for the aircract 
planned variants will be the exceed expectations and have 
biggest area of growth. enhanced its potential. 

Development of its short-range 
missiles. Seacat, Tigercat and n i OK , 

; Blowpipe, will continue. As the flrul OroCis 
| sole contractor for podding toe Shorts has firm orders for 34 
toe Rolls-Royce RB-211 engine 0 f the aircraft, with options on 
series, the future depends on a further two. This year has seen 
Rolls-Royce's success in the an acceleration in new sales and 
growing civil engine market repeat orders. The hunt is on 
The prop- jet 330. a develop- for between 200 and 300 qualified 
ment of the company s Skyvan personnel, to expand toe design, 
freighter, which has sold more production and commercial 
than 120, has been the mam departments, but results have 
contributor to the srowm of toe been discouraging because of the 
labour *° r “ J? y t0 “°I e scarcity of skilled labour, 

team 6.200 in the last five years. -yhe unhappy side of the story 
Since mid-1976, when 330 sales j s jj, e company’s failure to 
began, toe gradual build-up of ^am profitable. In 1973 tax- 
work on the aircraft has created a bj e profits of £2. 8m were earned 
employment at almost every on 2 turnover o? £27m, but the 
level in tbe company. following year they fell to £I.9m, 

Short's market research shows with sa i es down to £24m. 
that it may be able to sell up Bv jg^ shorts managed to 
to 300 CommuterUners in the ra i s ' e turnover back to 1973 
next decade. Total market poten- j ev els, but incurred heavy pre- 
tial for aircraft in tbe 30-seat tas j 05SCS 0 f £3.7m, which grew] 


p e«ingiy heavy sl ,": do their worst in the vote later informed that such action will shared by Ahe Cabinet however, cent increase in earning*’ is tta* 
au « r >^ 2S that night. ' and -fiat is 'tfby it bad come to best way-Teecazt adtieve^ur :■ 

!fiy by Mr. Tom urwin. " We face a motley crew oppo- • . the reluctant decision to drop objectives." ; v I:*-;'. . 

vac if in (Rp hpot ltlif*rPSlS u.j ** ■ L*a eivir 4hnr n^ivrA HAAti ■ _ — - - - • ■ -.i ' «■ '■ • 


he de- 
Labour 


l 


TlieDuke 
ofWHlington 
imitesyouto 
charge 
your glasses. 


A choice ot three sufgib 
Bodega bottled shemes, Fino, 

Amontillado & 
Cream. AvaSahte 
at Cullens and 
1 Fields Stores. 



The Government bad no 
policies left, she declared. Even 
the Left’s manifesto was “a 
scissors and paste job " 

“So is this." Mri Denis 
Healey interposed, soto voice. 

The Government had tried to 
create toe condi tionj for an 
election In the autuduu “It 
didn’t come off," Mrs J Thatcher 
snapped. i 

“Neither did lhis.f chimed 
a Labour MP, effectively end 
ing the performance-i 

Mr. ames Callagtnin’s open- 
ing to the debate bad, in fact, 
restricted Mrs. Thatcberis 
scope. The Prime Ministers 
main theme was l hat -toe Tories 
had nothing better to offer the 


site, united by nothing, 
dared, to cheers from 
backbenchers. 

“I have no confidence in any 
cne of them or in the whole lot 
pur together. Tha House must 
decide tonight We stand by our 
policies. We are content for them’ 
to be judged, and we are proud 
to defend them.” 

Mr. Callaghan added: “We 
have governed this country in 
toe true interests of our people.” 

He devoted a long section of 
his speech to challenging Ihe 
Tories to explain precisely what 
their wages policy would be rf 


Firms that have been 
told discretionary 
action will he taken 
against them will he 
informed that such 
action will no longer 
be taken.’ 


such , sanctions. The CBI had. askcd tbe Gdyeni- 

“Tbe House has decided that ment -.for jl = meetiug -to , discuss 
it 'does not want us. to “proceed its; own anti-^aflation' ; JJrpr”* 
this way— so be iL But , let me *Pd the G overhmSiit' w is .r 
make'it clear to the. private sec--. to meettoeiti ahd-would .1 ^ 
tor that there is one formidable ing toe TU C Economic jConumtte 
sanction that remains, and it is .Oh Tuesday. ; y . ; 
not a Government sanction. He thought be was entitled .to~ 

“If, the private sector is not- as* whit $be -OpiposttionV poli- 
wlitinz to stand firm in the battle «es were. Hiey -were against a 

against inflation, if it constantly pay p.oJficy, a prices policy, ^nc--. 

no longer be taken on that takes“ms it has in the past — the lions tor private courpsintos and . 
ground. soft option of buying industrial _financial .as^tan^e. .to industry; 1 * 

“Tbe Government will give fur- peace and then passing it on- to; "Mrs:- Thatober seemed, opposed 
ther details in due course." the customer in high pncM. tben t6 ‘ any’\,poIicy' to keep : . prices 


He accepted that Wednesday's priavte industry will face with down. ... . . „.. 

— a — - — * *-» ♦ V *" ***»»- Name'.it-'und t$ey hre- against' 



fact that Mr. Edward Heath, the the House’s decision meant that 
former Conservative Prime toe Government would now be 


Mr, . Callaghan continued : _ Gradfrmd • fjtri ag# ns they tW" 
!I’in bound to say that we have today.? ■ k-f * ; : 


s,; Thatcher 

iw Thatcher 





BY IVOR OWEN 


MRS. MARGARET THATCHER, sector companies, that, before the of g ettin g Iirflati<m.do^;djgtber: When too. ^general .ejection 

the Onoosition leader, called last threat of sanctions, they had too or prosperity- up/* . . came; toe peopiewmld-iudge the 

country by way of tackling its . . January eeneral elec- often resorted to the soft option As-afce had toLd the Conservar. GovexnuptonUpp-Vits-^cpyd^ 

economic and industrUl prob- aw« » or > «nu»r)- gewrui and surrendered to inflationary ttve Party conference m October, she was :nDt l surprised t£at 

tlon and told the commons tnat pay demands. ■ — — 1J B J T ^ : — ^ — - - 

the Govemmenthad no vestige of “ Do you think Ford took the 
economic policy relevant to the soft option by having a nine- 

nation's needs. week strike because of its duced..tto jtofeses whuto would -During^ fins . -Britain 

She accused toe Prime ^ Government's, encour age ^ . - ritigfrgr jnfation 


SoIeA^roix 

J^HCHAELDRUITT WINES LTD. 
5 St lens's Sneer, London SNX'lA 1EE 
Tcirphbne: Q1-V30 357W0i-J>59 5305. 


category over the next seven to t0 £5 5 m j n 1976, 

10 years is for between SOO and ^ 1377 s^i^s rose to more 
1,000. than £36m. with missiles sales 

More than 300 of these will be and servicing contributing 
needed by North American com- £i6.im, aircraft £7.6m, and pod- 
muter and regional airlines, with aQ fl aircraft components 

the remainder spread through hr i^ D ^ j n the remaining £J25m. 
Europe, Latin America, South The loss, however, was still about 
East Asia and Australasia. £5.3ra. 

Sir George Leitch, the chalr- 
GrOWtil man, blamed tbe poor results 

The company saya. there ia 


lems. 

Against a background of Tory 
Jeers, Mr. ’ [Callaghan 
renounced his pay sanctions bat 
firmly resolved to continue the 
fight against inflation as long 
as he could command a Com- 
mons majority. ; 

“ The Government is not 
willing to give up* this fight 

now. Tbe progress: wc have 
made is too substantial to 
throw away." 

Mr. Callaghan said be would 
join Uie CBI and the TUC in 

exploring any variations of 
policy that might yield success 
and Industrial harmony. 

Mr. Edward Heath, be said, 
had already delivered toe 
damning verdict on Mrs. 
Thatcher’s prospective arrange- 


.. . «. pay policy?”- Nor’- was there any Jieto -ever .before- and Jsprrowed ' 

Minister of making no attempt to Mrs. Thatcher suggested that tJjose' who wanted to st^^mali nw^mra«y.>to«u,v^r- before. • 
explain how the Government in- the Prime Minister’s speech sig- businesses, 4 Ike the bakeries. T5iO..:: .Govenraient^.vjMid:.' also 
tended to deal with the conse- nailed a retreat; from tbe _5 per wiiirii: had been jrewdmt SO e j ^r i ord inary • . 

qucnccs of the two defeats it ®**nt 
suffered on Wednesday night. 
which forced bte abandonment of J 

hrea'ch 3 offflW .51^ 

guidelines. 





ca9t toa.taiW5^cecrtnMim .. jp < g^i n g s0 ,toat a Wggef Aare .'tHe tfaxt* Qms6rrativfr 'Govern- ' 

„ _ . . ... . .. . would not hom, iand argued mat gross domestic product nMit wdulff'.adopt -oa-fucuinlve.'^ 

Mrs Thatcher raamtalnedthat toe highly compige isues BaowK couJdtoe taken «p by -tfee^prfvidft. taxatimy-- ^;jtol^ r --whSebV^ould-. V :- 
with nn agreement on policy, all the country oouiM not be deals sedbor. - ; - - . — - -reduce: personal taxation ut all 

that united toe Government was ^ by a- Government fixing a “.The preseat ^ 

a determination ^ling to toe specific p«x»ntage fox 4ev?a not ejnl'«lilj I ot ^ ‘ rates of x ‘ 

ssfitiemenri. ■ . * The Tory Jeader asserted^Hat payrwmild.'be Tw^dati'md the ^ 

An .should be the , pbjectrves set- out iit the^Torics; WonJd^.^aupPbict' 



of its 


U.S. comrauier airlines, which t? Introduce new bonus mceti- 
have enjoyed significant growth tive 3chera es under Phases I 

during the past few years, are 2 under 

cocci Li din? that they must pro- This has ^“rectified under 
vide more fleet seats with larger a Phase 3 a grecrae nt yi ng lu 
aircraft if they are to avoid a self-financing productivity 
losing revenue and prevent toe scheme "or all a* visions a 

choking of major airports, where settlement has brought a marted 
aircraft movements, particularly improvement in industrial reiar 
at peak times, are already a lions. 


w,>rk - .. i. 

Nor, added Mr. ; Callaghan 
amid Labour laughter, did he 
see the Tory leader’s _odd 
duets or the previous mgbt, 
with Mr. John Pardoe of the 
Liberals or Mr. Donald Stewart 
or the Scottish Nationalists, 
finding any response ecil ° * u 
the constry. 


tivelv discharging any _ __ 

responsibilities. only part of the total approach Goverment 

“It would be better if we told' to ntbe economy, m wbldi vote of confidence ':were\?: sordid 
tbe people the truth— that this restnatot on Government spend- unesoOptiaoBble th^coutSb :WfeIL - i . " ' -V* 

Government and this Parliament ing and borrowing jnust be an be emtoaced ;by ; any ‘Govern---, Jn. shsu^-coct^asti^^ie ’^d/- 
i-? dying and the time has come essential edecaeflt . menttih the , worId..fr«a' the- U-S.'-ajaotoer j'i^beur.iLjJweriijnent' ’ 

to rid ourselves of yesterday's “The Government match the" to thb USSR.-’- - ^ «onM further 

men and give Britain tbe chance restraint It expects 4rom ioffivi- “It ,is the.TUethods and , lack sub«ahtial ■ measures of: u»tio% : 

for a fresh start." duals with restraint ia Rs own 

She repudiated the Prime spending and borrowing, because’ 

Minister’s charge against private without that there Is no Ohaiwe tO,^ 



/ 

•.j 



























9 



AVIATION 


Lasers guide the flight 


i i'^eropateiit wiH meant that 

• - praveife'SlM* : dcSSjatSnW j>F /the -businesa-orieniaiect' dmt. 

■ ^'luiemae* ' tirit. Timet ■ Aiif 


fi' hardv^re' raiTge.itf ; e^tiat: ^Itwsier This 
— v -- '=« — — * * t -‘ - — '•'-.lie .sjnallest 

could 

V' busmess - riot work under 

. ’’ : for. $15^)00; at ; the : ye^/.least and 

, Mme'W; tft r te'Bi£ i 5«co'r9ing : to /function. satisfatftorfJyi. *,• . 

■ ffl art-Inc 7 The true defirritftnt^f &. husi- 

■ btfg&w^'fihpvUis Dpontag? - ness systepn shouljd-ioe'^a. total 
' oJJfet ; experts typfe “o^lBige "offered :<»•■* -' turnkey 
he£bre;'fas -Warned to 

ftjr -jfeici^ wh^iifficuyt -tp-.- write - alloy*; -Sie. buyer to sttJtoEwn. and 
w pn '.aw A' -th'Bf Twffi newp -pgrft' a pos '■TleiKa/.tB'. use it- thfire'.and -then. 


This is the first station of ’British Vita’s new 
£350,000 plant for the production of polymeric 
coated fabrics- at Salford, lanes. The plant, which 
is 80 metres long, trill produce materials ranging 
from lightweight polyurethane or neoprene- 


proofed . nylon suitable -for anoraks and many 
items of sports or general wear, to heavy duty 
double-faced pvc-coated nylon for tarpaulins and 
other protective materials. 


software for small hustoesses 
-.'ieiawf for sometime to 

^ - HfryeLopmou t : * Sup,__ . 

• v ' -cmate -software were : the t>vo 


Srtr^-^tf^vctoiiStJUt ‘ Support: and .pravisWn^&t adtv 
■■■■£:. ■- .'.quate -software were : the two 
; it Rt ear -s tumbling he de- 

ensrta^ .a~ iot> ; more.", io-produce- cJ.area. -, - 

'^fSgSK^ggiSSgtSS 

- Donning ' 
comtnwiitT 


• DATA PROCESSING 


UK group advances 



relia h ' wmrfd/ 1 be -. - » • 

another bu^arbrtfc'Hrfdjt was ? f wanungs -to. «*atwea- users 
7 dot -ioptfaL expect tfa- dealer ..jRrihe U S. nor to -jniracles 

who \ Iras ■ ^equipped 'tef sell to fri* 01 ^inirade-^ips. de-. 

•hobbyist^aV paie -anAjQie same spitewhat 
time:,tb'^& a , business user who inters and watette?- uiA>' • • , 

was "ixrtio tag into -trouble with'-. -The nub .of tfre j^obTem- is Inal 
payroll .4- :: .fhe. -Central processor - that lies 
- Anyone :-whS-ffiDiipit ie itnfla the whole structure gjgemer now 
pp-t.' -'away : dfei.'-frayfqff; about ■'■costs a -few dollars' iWhMeas yes- 
S?JJ0Q:'for:.d ittioro-based system, terday it was .® major, source or 
. marifiire 'rsrid carfi- . but fire . or revenue . for cdn>pu^/'$ystenis 
six - essential -'bits mess functions builders.' But the system^ nouses 
nn it was; in for a n asty -shock, who would treat -tbd; processor 
He wnulcL inevitably :hare -to add as “just another . component ' 
between SI .000 and 33,000 worth are not yet organiaBd.'to take 
of hardware and anything jn this over. 

* INSTRUMENTS ' \: : v| • 

Reliable chart recorders 

milliseconds' maxipatmr. and 
minimum event duration 250 
milliseconds at the iSaJtest. chart 
speed (1cm in 5 scCs>;:Maximum 
event rate is 0.5 secant, fastest 
chart ' speed : ■ " , . . 

. Charts are Dtlfrj^rtandard 
100mm working wifltik'-Hfmclres 
long with , trim.Tto?ii.printed 
every 2cm. Panel /.crita'ttftis DIN 
standard size. Opera&piTToltag^s 
are 110, 220 nr 240ViiSad: Operat- 
ing'v tempera ture'/TaagS 0.50 
degrees C. y^&k 1 ’■ 

. .:Aughtoh Instrum^htsiv- !Wood- 
Ward Road. "KirfeJj^Jifdustrial 
Estate. Kjrkby,, i^erwrot L33 
7U2 . (051-548; €0601^ ' 


TWO arAJOR sources nf prntt. 
lews with -conventional event 
recrirdeni- ;:: inJrths-^S3isiteins and 
jiuiving pens— have beep eltmi- 1 
noted ihnhe'AR&lft. ten^chamoel 
recorder -■ from . Adgfcton ' instrii-' 
menls, Kirkby.. ; ' ’ 

This has 1«en achieved Jjy : the. 
use of ei'ecirf^ writing oa Vsiiu-. 
miniuin-coated chart paper.- each 
of the TO pens being energised 
at 30Vi-"' Bach event* ' can- be 
-displayed as a ‘tfontinubus, -Jor " 
broken fine^wloch represents the 
duT3tbm>- ^f-’ the ^bceurehces. 
Du1rtag'-iidn-et!«Bt -tnne The. pens 
are deenergised, teasing a dean 
Surface...; ■“ 

. £vent;:atarlr;'T^ponSe.'.,'fe: 1(K)- 


LOGICA is making financial 
strides, remarkable for a largely 
software-oriented group. In the 
ninth full year of operations 
revenues (for 1978) passed the 
£10m mark, against £6m in the 
previous year, a growth of 47 per 
cent. In the past three years, 
group revenues . have more than 
tripled and pre-tax profit has 
quadrupled. 

Group revenue split 56 per 
cent outside the UK and 44 per 
cent for UK-based clients. This 
reflects the work of Logics com- 
panies based in Rotterdam. 
Sydney and Stockholm and the 
sales office in New York, as well 
as exports from Logica in 
London. 

Logica (Benelux) BV in its 
fifth year of operations exceeded 
10 m guilders in gross revenues. 
Al 11.07m guilders they are 
more than double the previous 
year and profitability was main- 
taioed al a high level. Market 


(rends remained favourable fnr 
the quality of service Logica pro- 
vides in the Benelux area and 
the company continues to 
include many new and imporlaDt 
clients. 

Logica Pty. in Australia and 
Logica Svcnska both reached 
stable profitability in tbeir third 
and second year's operations, 
respectively. 

Exports from The UK totalled 
£2:6m and the company contri- 
buted more than 20 per cent of 
all UK exports of computer con- 
sulting and software services in 
the year 1977. Middle East sales 
were particularly strong, exceed- 
ing £lm. 

Logica claimed a leading posi- 
tion in the UK word processing 
market, revenue exceeding Ilm 
and investment in (his area 
showing a cumulative profit since 
its inception. 

Logica. 64. Newman Street, 
London W1A 482 (01-580 8361.1. 


Makes tests quickly 



rriarket^ 

moat EucogeWu! . 

3 Odmtarffl etevelopm&tfo- fifote too qghaa 2 hours 
•' ffontIk>ndohl>> ; M 3 or'(£ SouTs'hy H^hSpeeri Tram 
1 \ bhuretrom Btrirjiwbamby&ilor motorway. 

C ^mti^nTwyelopinsnt’CorTic^^oniasaJ teady 
. ' "buUtvznftetinprpjJian'lOOi^ctpriefi, raid the 

I’. ^ .. -^ir^tbufldiiwpJbspamine provi^ a-Wide choice 
" ' 7 PTmtK tarii. leaseMlitindnKCtfal'pre’nii scsln 1978 . 
v. leaadiold ^ftissace also available. . 

tlTahave 4 JkOQQ peopjq. exc^Jent hoHsiiyr, uchools 
, Aiularnenities. ttmvtng iadustry. and a splendid 
shopping centre ^ a-piagnBii for the region. 

• • .v Getiiefacth about indi^tnal opportunities ' 

And Go veroio eut prsmte at Cwmbran. Housing will 
- • buprovtdetflbr Ali worjcerfl in how industry, and 
key men who conifeWitih you-initlally will tie 
'•• hoased4njojo4iftt8ly y ' 

'.‘' ‘ Please write, p/umfthriise Viecmipoa TODA Y. 


-R.'W.HowleUfrraKttlWangfter 

Cwmbran Dove lomu ouLCo rpotation Cwmbran Gwent OT4 3XJ Wales. 
Telephone Cwmtyao«777-_ . - ' • - 

Please send ine ixdoBnavion about lnilastrial oDportunitiao. 



• ’ . ’ " ' • - • 

mm- ' 








fa TT" ■ . - - 


■ ■ 



j? •• 



■ ■■** i 



ff you’re feeling 
eiq)ansive,we can 
.fit you in. 

Jn-rt how, we.Ve units of between 1.000 
and 5(V,Q0(L sq.XL comprised of new industrial 
or existing warehouse space.. 

And these are on offer at very attractive 
rates. ' ' ••• 

. . Ihry’re immediately available. 

Bat; they ’re not the only reason why you 
. should consider Bristol for your industrial 
. expansion: 

-We've the work fortxs yon need. Both 
staled and semi-stilled. ’ 

"• .And the services. Plus Britain’s most 
streamlined business comm uni cations. 

For more details of Bristol’s Services to 
.industry, please write tp.Mike.Wes t. 

Council Hotfie, College Green,. Bristol 
BS1 5TR. Or ring-hint on Bristol (0272) . 
291620. -. . ... 

Nam r . " - 

Addrc&ftLC- - K - 

:: : •; ftsio 

: BristqlraintMts the pleasure of your Company 



- MA NCHESTER^ 061-&7Z 491 5 ; • 

; lfx_7 E MfKG0<ICT^NU MBEX 01-U7 35S7 fat- 409 


INTEGRATED CIRCUITS can be 
quickly tested with the Glaser 
Logic Probe, the LP-7000, a hand- 
held lest instrument. Its accu- 
rate hjgh/low discriminator ' and 
fast poise counter make it a use- 
ful tool )d the laboratory and in 
fi eld s ervice. 

TTL and CMOS logic threshold 
levels and faulty nr open-circuit 
conditions are precisely indicated 
by (he high and low displays. 

By pressing- a push-button 
switch, pulses as narrow as 50ns 
are detected without triggering 
or requiring consideration of the 
pulse repetition frequency. Dis- 
play and storage of the pulses 
•are performed in a two-bit binary 
counter." .Sporadic ‘and closely 
spaced pulses can now be reliably 
detected and, stored without re- 
quiring continuous observation 
of the display ‘by the user. The 
y 

• PROCESSING 


counting frequency is in excess 
of 10MHz. 

Its input impedance or 2 
Megohms applies minimum load 
to the circuits under lest. Input 
overvoltages up to 250 volts may 
be applied continuously without 
damage to the instrument. The 
device is fully protected against 
supply overloads and incorrect 
polarity connections. 

The Glaser company is also 
marketing an intelligent floppy 
Disc Station with microprocessor 
which controls the collection, 
checking and storing of both 
analogue and digital data. Func- 
tions are programmable. Modular 
programs for the collection of 
measurement data are supplied 
after customer consultation. 

Glaser Data Systems, Myn 
aehdy. Dyncvor Park. LandePo. 
Dyfed. SAI9 6RT. 05582 3621. 


0 COMMUNICATION 

Firm future 
for telex 
service 

THE POST Office Iras formally 
opened the £2.5m stored program 
electronic telex exenanue at Si. 
Botolphs in the City of London 
and al -the same time has 
announced a further order with 
JMessey for a more powerful ex- 
change to be installed south of 
the Thames. 

This second u-nit. which the 
Post Office says wi-H not be ibe 
last of the international gateway 
exchanges is -believed to be two 
io three Umcs the size of St. 
Botolphs, At a corresponding 
cost. 

In addition there are plans in 
bring at (east ten or the country's 
50 regkHurt telex exchanges up lo 
date. 

Among the advantages St. 
Botolphs wiH he offering next 
year will he the ability for a 
caller to shed -his message lu 
more than one destination auto- 
matically — he just dials a code 
and the -numbers concerned. In 
ad&nkui. re-try ” will be 
offered, in which the exchange ii- 
seif will keep trying an engaged 
number rather than the t-ailer. 
in the longer term higher send- 
ing .raies — tip to six times the 
standard 50 baud — w-iii be avail- 
able. 

Post Office predictions are 
that the present 76.000 telex 
machines in the U.K. will grow 
to 200,000 in ten years and it see s 
a “very firm future for a long 
wav ahead " fnr the service — in 
spite of .some gloomy forecasts 
by -professional market surveyors 
that rnoTe modern -techniques 
such as Jar^irviie will encroach. 


BOEING'S new short-range 
transport, the 160 -seater 757, will 
be equipped with a technically 
advanced inertial reference 
system I IRS) to be built by one 
of the leading U.S- companies in 
missile and other guidance equip- 
ment — Honeywell Avionics Divi- 
sion. 

Both the 757. of which 19 have 
been ordered by British Airways, 
and the slightly larger 767, will 
bave the Honeywell LRS and with 
deliveries to start in 1981, con- 
tinuing till at least 1986, it is 
anticipated that some 1,800 IKS 
units will be supplied on the 
basis of up to three per aircraft. 

IRS equipment provides the 
heart of the flight management 
system on each aircraft. II 
replaces current complex electro- 
mechanical units such as 
gimballed spinning gyroscopes 
with ring laser gyroscopes and 
computers. Together ihey 
measure angular rates and linear 
accelerations and immediately 
calculate and display values such 
as attitude, velocity and position. 

IRS can be used, if the operator 
demands, as a self-contained 
navigation system. 

Laser gyro equipment, on 
which Honeywell started work 
in 1962. consists essentially of a 
block of glass in which two laser 
beams are made lo move in 
opposite directions. They follow 
a triangular path and. as long as 
the block is at rest, have the 


same frequency. If the block is 
subjected lo an angular turning 
moment around an axis perpendi- 
cular to the plane of the beams, 
a frequency difference appears. 

This is proportional to the 
angular turning rate and can be 
measured optically and a digital 
signal derived. 

La^er gyro units are thus 
essentially simple, compared 
witb -their spinning predecessors. 
But they are also rugged, cheaper 
and more reliable. 

A single IRS takes the place of 
vertical gyro, directional gyro, 
rate gyro, accelerometer, magne- 
tic compass and inertial naviga- 
tion units now found on the 
flight decks of -the big airliners, 
representing a large proportion 
of the total avionics package for 
each machine, generally indicated' 
to amount to roughly one-third of 
the cost of current models. 

Because of the way in which 
the IRS is built up. it should be 
far less difficult to test and main- 
tain than current equipment, 
much or which — and certainly 
the inertial navigation units — 
requires test uniLs just as expen- 
sive to carry out periodic perfor- 
mance checks. 

Honeywell has given the value 
nf the contract as “multi-million" 
dollar and neither it nor Boeing 
will go into further details, pre- 
sumably because 1 he contract is 
virtually open-ended. 


The power to 

generate exports 

a 


DAWSON -KEITH 

T 


d-K 


*7 


GENERATORS OF POWER 
Tel: (0705) 474122 
Telex: 86491 DeekayG 


• POLLUTION 

Checks smoke emission 


FITTED TO the output duct or a 
burner or on to a chimney, a 
simple smoke alarm unit from 
Pholain Controls wifi provide a 
visual or audible alarm when the 
smoke density exceeds an accept- 
able limit. 

I) consist* nf a light emitting 
diode in a robust cast aluminium 
housing fitted lo one side of the 
chimney and a photocell in a 
similar housing on the other. 

Sensitivity is set by a control 
on an associated box and if the 
beam is obscured to a greater 
extent than this pre-set alarm 


point then a red lamp on the 
control panel is illuminated and 
an alarm bell voltage is pro- 
duced. together with a change- 
over of some relay contacts lo 
provide remote switching 
facilities. The unit re-sets itself 
when ihc smoke clears. 

Apart friim providing protec- 
tion in respect of the Clean Air 
Act, the detector can alsn bring 
to the attention of the operator 
the waste of fuel which is always 
implied when smoke is madv 

Unit IS. Hangar No. 3, The 
OBE (09064 21531). 


Oil spills dispersed 


ORIGINALLY designed for the 
Belgian Navy for carrying out 
marine surveys, a catamaran is 
now operating as an nil dispers- 
ing workboat in polluted har- 
bours and olher coastal regions. 

The oil dispersion equipment 
is from a standard range supplied 
For inshore operation fitted by 
Biggs Wall and Co.. Hampden 
House, Hitchi n Road, Arlcsey, 
Beds. It comprises a portable 
pumping unit driven by a Petters 
AA1 air-cooled diesel engine 
which delivers a controlled flow 
of non-toxic dispersant to spray 


beams mounted on each side. 

Oil and dispersant mixture is 
thoroughly agitated by trailing 
breaker boards causing the oil to 
be broken down into tiny drop- 
lets. This increases the surface 
area of oil exposed to micro- 
organisms in the water, so speed- 
ing up the process of degrada- 
tion. 

This equipment and attach- 
ments are easily removed from 
the craft fnr it to carry out duties 
such as mooring and harbour- 
master’s launch or diving plat- 
form. 


• MATERIALS 

Keeps walls 
free from 
fungi 

BROAD spectrum biocide fTee 
from phenol and containing no 
heaw metals has been called 
Parnielol DF12 by Sterling Indus- 
tries. 

It is an in-can and film pre- 
servative likely to interest manu- 
facturers of water-based paints 
and similar types of product. 

Based on a combination of 
halogenised acid amide deriva- 
tives and heterocyclic com- 
pounds. Parmctoi DF12 is effec- 
tive against aerobic - and 
anaerobic bacteria, yeasts and 
moulds. For in-can preservation 
oF aqueous paints it would be 
added at concentrations varying 
between 0.1 per cent and 1.4 per 
cent. 

Used as an anti-fungal surface 
treatment for walls and ceil- 
ings. such as in the brewing and 
food processing industries, it 
can be applied by either brush 
or spray method at concentra- 
tions from 1.0 per cent to 3.0 per 
cent 

Further information from the 
marketing department Sterling 
Industrial, Chapeltown. Sheffield. 
S30 4YP. Ecclesfield 368173 . 

• IN THE OFFICE 

Copes with 
many texts 

SPRINT 5 from Facit of Sweden 
will prim up to 10 copies, using 
any one of more than 50 type- 
faces. and it can be used as a 
quesiion/answer terminal or as 
a print-out unit in word proces- 
sors. 

Apart from the actual typing, 
operators have a choice of 58 
different instructions to the pro- 
cessor from diagnostics to form 
control and including memory 
for tab settings. 

The type faces include scien- 
tific symbols and the special 
characters used -in the Scandi- 
navian languages, as well as in 
French. German and Spanish. 

Printing speed is 45 or 55 
characters per second and there 
is automatic line justification 
and plotting with up to 5.760 
points per square inch. 

Facit Data Products, S-105 45, 
Stockholm, Sweden. 


Fast sorting and crimping 


.IMPROVED efficiency of. crimp- 
ing. operations" on electrical 
.contacts is promised with a 
machine from Vernon Instru- 
ment Company, 27, Wilbury 
■Way, Hitchin, Herts SG4 0TS 
(0462 2322). 

Operating from a 240 volt ac 
supply, the machine comprises 
four basic units: vibratory bowl 
feeder; electronic sensing unit; 
teed chute; and crimping unit. 

Components fed into the 
vjbjratory bowl feeder, whicn 
oscillates rapidly, are then pre- 
sented to the feed chute in a 
bmgie line. 

: Transducers with the elec- 
tronic sensing unit sense whether 
thV component is feeding in the 
correct direction and. If this is 
not the case, a solenoid operates 
an air jet which ejects it from 
;the basic drum. 

. An infra red cell synchronises 
the tinning of the solenoid and 
the measuring circuit which 
provides and maintains a steady 
flow of components to the feed 
chnte; 

; Components are delivered 
from the feed chute to the crimp- 
ing unit where at the upper end 


a jet of clean dry air ensures 
that they are kept moving and 
are nol halted by extraneous 
matter such as grit particles 
etc. 

Two opposed jets positioned 
at the lower end of the feed 
chute control the number of 
components moving down the 
chute. Should a build up of 
components occur, the flow of 
air is immediately restricted 
between the two jets thus ensur- 
ing the operation again of the 
electronic sensing unit which 
temporarily halls the bowl 
feeder. 

The crimping unit comprises 
a driven spigot with a slotted 
outer sleeve of hard nylon. The 
components pass from the feed 
chute into the slots in the outer 
sleeve, and are carried by the 
rotating spigot under the ser- 
rated edge of the crimping blade 
where the crimping operation is 
then completed. 

As ihe feed rale is a minimum 
of 3.000 components an hour, 
says, the company, considerable 
saving in manufacturing time is 
envisaged. 


Production is speeded 


THROUGHOUT EUROPE, panel 
.'manufacturers have experienced 
a high reject rale and subsequent 
wastage while veneering or 
flaminating panels for ultimate 
^assembly into furniture, or doors, 
v They have been faced with a 
J choice between unstably slow 
f production when using ideally- 
suited low platen temperatures 
and pressures, and expensive 
'^wastage with high temperatures 
up to- production speed. 

• Now. there is a multi-day tight 
press, designed and built by 
Bergiuii of Italy', which promises 
.to’: solve the problem. It is 
introduced to the UK by Lob- 
mann apd Co., Lohmamr House, 
Horton Bridge Road. West Dray- 
ton, Middlesex (West Drayton 
40621). 

Although these presses are not 
new: in themselves, says the com- 
pany, the Leomatic LAS pro- 
mises ideal curing conditions: to 
overcome the -inherent problems 
-presented by pre-catalysation of 
the glue and by tolerance thick- 


ness variation, without sacrific- 
ing production speed. 

An important factor is that 
fast production rates do not arise 
from Intrinsic speed but from 
co-ordinated cycle limes. Effec- 
tively, the machine is ten presses 
in one unit with each platen 
operated independently but in 
synchronisation. If. for example, 
a manufacturer of hollow core 
flush doors wants to veneer his 
prodnet with near zero wastage, 
then a realistic press time for 
that panel is typical at three 
minutes. 

What the new press does, 
claims the company, is to divide 
the process time by the ten day- 
lights — while each panel would 
still get a three minute process 
time, the production rate is one 
finished door every IS seconds. 

Tt is available with ancillary 
equipment, including automatic 
infeed and outfeed systems. In 
two model sizes catering for 
panels op to 1,2500 mm by 2.300 
min and 1,300 mm by 3,300 mm. 


Freeze dryer for research 


A HEAVY duty unit for research 
or, pilot- production in freeze 
drying . has been put op the 
market by Techmation. 

/-Known as the Virtis Freeze- 
mohile ..Hit Jtas. a total con- 
tiensate capacity of 18 Mtres and 
can' achieve a . temperature of 
55 deg - o in- less than 20 
“-minutes or 85 deg C witb 
bpflonai cascade freezing. 

. The condenser has a clear 
plastics cover through which the 
observer can -see the ice build-up 
during drying- An automatic 


hot gas quick de-frost facility is 
available which completely 
removes the 18-litre ice plug in 
three hours. 

Five basic models are avail- 
able including one with a built-in 
shell freezing bath and twin 
condenser units. Accessories 
include a manifold far proces- 
sing greater quantities in a 
single cyele. 

Mare from S5 Edgware Way. 
Edgware. Middlesex HAS 8JP 
(01-95S 3111 J. 



Cali nmc . 
We can provide 
half die cost 


Good ideas don’t come easily: 
And getting the money to develop 
them can be just as hard. 

That's why if you’ve got a 
genuine technological innovation 
and you need moneyto develop it, 
you should have awordwith NRDC. 

Our money and technological 
backing could be yours for the 
asking. NRDC can provide half the 
development and launching costs 
and shoulder half the risk. 

You dorithave to pay apenny 


back until you start generating 
sales. And you stay in control 
throughout. 

So contact the National Research 
D evelopment Corporation, 
Kingsgate House, 66-74 Victoria 
Street, London SW1E 6SL. 

Or better still, ring Brian Mann 
now on 01-828 3400. 

NRDC 

Finance for innovation 








^Financial ’Bines; 



The ‘small tornado’ 


%r 3 *£sjr 


' ^TwfScr*?- 


NEVILLE CONRAD lha$ had a 
difficult week. The chairman 
and chief executive of Regional 
Properties has spent the past 
few days in 41ie High Court 
recalling -the events that led to 
Regionai's HGm j plus tosses on 
the abortive St. Stephen's 
Precinct development by the 
West London Air Terminal on 
Kensington. 

Mr. Conrad found himself in 
Court Numher One of the Old 
Bailey's West Annex as a key 
prosecution witness in the trial 
of Charles Hudson. Mr, Hudson, 
a former chief planning officer 
of ihe Royal Borough of ‘ Ken- 
sington and Cheteea, is charged 
with corruptly receiving cash 
and other benefits as an induce- 
ment to show favour over plan- 
ning applications. And his trial, 
the result of a three-year investi- 
gation by the Chelsea Police, 
covers ground that forms the 
basis of Regional's separate civil 
action for more than £ 10 m 
damages “due to fraud aod/or 
conspiracy to defraud . . .” 
against the borough of Kensing- 
ton, Mr. Hudson. Edward Pineles, 
who sold the St. Stephen's site, 
surveyors' Michael Laurie and 
Partners, and Elliott Bernard of 
that firm. 

As teams of barristers, a 
strong contingent of police, and 
a rather bemused looking jury 
waded through tbe mountain of 
papers amassed for the case, Mr. 
Conrad told the court of the 
weeks in the *uramcr of 1973 
when.' to quote Mr. Hudson's 
statement, ho swept inio the 
planner's office like a “ smaLl 
tornado " on his way to the 
£9.5m purchase or the St. 
Stephen's site. 

Mr. Conrad told of meetings 
with Mr. Hudson who. he said left 
him with. “ the clear impression " 
that Regional would “certainly" 
be allowed to develop 80,000 sq 


ft and could “probably" build 
100,000 sq ft of offices on the 
site. 

Asked by Mr. Hudson's 
defense council why he did not 
check the planning position with 
either Kensington’s development 
committee or the Greater Lon- 
don Council. Mr. Conrad 
explained that the site had only 
come to Regional's attention 
two weeks before tbe date of 
its sale hy tender. He spoke 
of his first meeting with Mr. 
Hudson in May 1973 just 8 days 
before the tender date and said 
that apart from the lack of time, 
he kne-.v from experience that 
tbe GLC did not welcome plan- 
ning enquiries from a developer 
that did not yet own the land. 
He said that he had relied upon 
his discussions with Mr. Hud- 
son and upon the favourable 
outlne of the councils attitude 
to development of the site 
carried in a letter signed by 
Mr. Hudson and reprinted in 
the leader documents. 

Mr. Conrad said that “We did 
not deem it necessary (to uinke 
wider investigations of the 
planning position) fn view of the 
catagoric statement given to us " 
(by Mr. Hudson). Mr. Conrad 
also told the court that he had 
trusted Mr. -Hudson and bad 
relied upon bis advice, “we 
expected truthful guidance on 
these points from a borough 
planning officer." 

On a number of occasions Mr. 
Conrad was asked by the defense 
council whether he had been 
over-enthusiastic about tendering 
for the site. He was asked about 
a telephone conversation before 
the tender with Sydney Kaye, 
the architect who bad drawn up 
provisional redevelopment plans 
For the St. Stephen's site. In that 
call Mr. Conrad was reported to 
bave said that. “I intend lo 
make a very bullish attempt to 


acquire here.” Replying to the 
defense council’s suggestions 
that he had been loo keen to 
acquire the site, XLr. Conrad 
accepted that he had been 
“ enthusiastic " about it as a 
result of his talks with Mr. 
Hudson. But he made It clear 
tbat bad be known then that a 
major office development would 
nut he accepted by the council 
Regional, “would have pursued 
the scheme no further.” 

Mr. Conrad spoke at length 
about the circular to Regional's 
shareholders that was posted in 
August 1973 and which carried a 
valuation certificate by Jones 
Lang Woattan saying -that, on the 
information available to tbe sur- 
veyors. the £9.5m paid for the 
site was “ reasonable.” Although 
,TLW had helped to sell the site 
for Mr. Pineles, Mr. Conrad con- 
firmed that be got Slock Ex- 
change permission to ask the 
same firm for a valuation on the 
condition that a JLW partner not 
involved in the sale dealt with 
the certificate. Mr. Conrad said 
that he chose JLW because they 
knew the site and could produce 
a valuation quickly. But be told 
tbe court tbat he would not have 
used tbe firm “if I knew then 
tbat a partner (of JLW) had 
assisted in drafting tfut -letter " 
(the letter signed by Mr. Hudson 
tbat appeared in the tender docu- 
ment). Asked by Judge Brian 
Gibbens QC if he knew this as a 
fact, or if it was merely hearsay. 
Mr. Conrad said “I've been 
shown a letter." 

The JLW valuation was. he 
explained, based on a develop- 
ment appraisal by Regional for 
which Mr. Conrad accepted 
“ultimate responsibility” That 
appraisal in turn was based on 
plans for a 270,000 sq ft develop- 
ment. half office and half resi- 
dential. Mr Conrad explained 
that the 133,000 sq ft of offices 
consisted of the 100.000 sq ft 


of “ pure " . offices that he 
believed “probable’’ after his 
talks with -Mr* Hudson, and a 
further 35,000 sq ft of “hybrid ” 
offices - that he had “clearly 
understood” from the planner 
could be brought Into the 
scheme for “ diplomatic or 
embassy use.” — ; 

In May 1974- Regional was 
“ shocked ” to learn that Kensing- 
ton would not accept a major 
office development on the site, 
and Mr. Conrad told the court, 
“once we established that wc 
had come against a brick wall 
with the ‘ planners, and had 
obviously been misled,” he 
attempted to wip permission far 
a smaller scheme. 

He said 'tflrcaJt after May 1974 
“ we were trying to make the 
best oF a bad job once we 
that we were not going to get 
what we had been told we would 
get.'* And 'in the following 
months other schemes were .pro- 
posed, and rejected. 

The site was eventually sold 
piecemeal after "the group 
abandoned development plans 
late in 1975. And even on a con- 
servative estimate direct co str- 
and years -of interest charges 
must push Regional's ILoss on the 
land over £i0m. 

Mr. Conrad told ihe crrjrt of 
the extent of his. roisfon uf.es Lel 
sate acquiteitkm b etwee r, early 
1972 and date 1974. In tbat 
year period he bought 9 sites for 
“ comprehensive redevelopment " 
by -Regional, aodadiog - tlje St. 
Stephen's iPrecdnct land. Of those 
9 only one friad been fully re- 
developed and one partially 
redeveloped. 

Mr. Hudson's trial continues 
without uhe jury as Judge 
Gibbens considers a. point of law. 



rfHflh JKmOaide 

Even a £7m cost overrun to of the bank's more distin- the triangular block dace 

C 1 D k.o mcIammc fnrm-illv . 1D1M sir Pn^dprick Parker MaV' and RMioen. IKS 


cost overrun io or me miuks more uixuk- me ui*nfti«" — 

£18® has not dampened gm&hetf customers, formally -1904* pushed Sir Frederick _ ParKer jilay apd KOwpen has 

Gratis and Company's enthu- opened the bnfiding jester- ’ .•••ffikbert’s reconstruction been -appointed to .choose 

si asm for its spectacular Nash day, nearly 10 years after the" '.design through a series oi . suitable mix o£ tenants for 

refurbishment by Chorine first plans for a reconstruc- 1 GLC, conservation, ” aim-, the Zlstrops wirmn tne boiJd- 

Cross Station. tion of the 1826 building. Department of the Environ ing and a tenant for. 3U.W0 

Her Majesty tbe Queen, one Coutts, which has- occupied; ‘meat enquiries. Now that the *. sflttef surplus office spate. 


corr 

and 


In th 


IN BRIEF 



CHESTERTONS may soon be the 
first British agent to establish 
an office in Switzerland. The 
firm, which is one of the only 
agencies with regular experience 


of the Swiss and Scandinavian 
property markets, has been run- 
ning its occasional business in 
these areas from its City of 
London offices for the past three 
years. But the volume of agency 
and valuation work now justifies 
a full-time brunch. 

Agency*work for the Hennes 
and Mauritz AB stores group of 
Stockholm could provide a com- 
fortable fee base, far the new 
office as H and M begins an 


expansion programme through-- LEER. 
Switzerland. ~ 


head of the Bernard 

out Switzerland. Two sbopS; Thorpe and G. de WandetcerSA 
acquired for the stores group ^ Brussels and Antwerp, 

*cu* 

unit on the Rue du Marche, uii 125 te of lhe Federation Inter- 
Geneva and a slightly smaller; rationale des Professions Imm(h 
shop on the Freie Strasse and" biuiers (FIA3SC). . 

Falknerstrasse each costing Mr. de Wan deleer, who was 
SwFr 500.000' (£149,000) a year. ’I'born in Kingstou-on-Thaihes. 

_ - : takes over the presidency, at 

9 ■ ' iHABCI’s next annual conference 

GEORGES M. L. DE WANDE^to beheld in Tokyo next June: 


: To Seep him.' oedipieef .. 
the Japanese conference - Mr. de ' 
-Waihdeleer's firm- ia ■oSerinff the . 
26d,000- S{( ft 'Anitentifr 'House 
offices • bn ike Antwerp water- : 
front for sale for £l2jat'A third 
-of tbe DutCh Ggcrn Group owned., 
'building has- been let,' the nest [ 
is on offer at £3 e sq ft; the same. ; 
rent Thorpe achleved -for the 
135,000 aq_ft it haslet (to British 1 
Xeylsrad) irf Shell Pension Fund's-.- 
North Triide BnaixEng- close 'by. 


.1 .i 
- . i 
I - V 


have 

base 

OpS r ' 


V h 


is io; 
and* 
mote 
majo 


)T U i' 


BUSINESS 


Chestertons 



75 Gjrosvenor Street, London, WlX OJB 
• " 01-4990404 



„ r-i ft. 

fe-i Ko-: 


Hugaenergy find switches UKeconomic centre to west coast 
through discovery of three trillion cubic feet of natural gas. 

Get your bid in fast for new plant and development sites close to the 
newfield. _ 

Call David Mowat 


*1 

r 


Refurbished Offices, N.W1. 
13,535 Sq. Ft approx 




051-227 3296 




s* v 


» ’ -s 


SI' 

-i 




Liverpool Development Officer, 
POBox88, Municipal Buildings, 
Dale Street, Liverpool L692DH. 


THE 

INVASION 
OF 

MV OL 


Self-contained, first floor offices in open plan, 
including carpeting, suspended ceiling, integral 
lighting, prestige marble-lined entrance half lifts 
and Commissionaire service 



For further details contact M.G. or REAS. 

Chestertons, Chartered Surveyors. For all your property needs 


The 

proper way 
to go about 
property 


No 3: Go for experience 


After more than 135 years of dealing with 
every aspect of property, Farebrother Ellis are 
today, more than ever, a leading force in the world 
of property. In London and indeed throughout 
the nation. 

Their services inciude:- 

ln vestment : Building Design : 
Acquisitions : Letting : valuation : 
Property Development : Management : 
Rating : Rent Review : Project Management. 


. Farebrother Ellis & Co.. Chartered Surveyors, 

29 Fleet Street, London EC4Y lALTel: 01-553 9344 



CENTRAL SCOTLAND 

STIRLING 


5.000 - 

23.000 

square feet 


MODERN FACTORIES 

FOR RENT 


Central Region's newest industrial estate . Bandeath, is 
an ideal spot tor developing your business. 

23.000 sq.lt.lactory blocks are now available, each 
composed ot5 bays. 124 it. long x190 ft. wide, 17 ft. 
eaves, some with overhead cranes. 


PRICES FROM 50p PER SQ. FT. 


For more details contact 
industrial Development Unit, 
Central Regional Council, 
Viewforth. Stirling. 


Il, Telephone 

Stirling 

3111 


NORTH LONDON 

NEW AIR-CONDITIONED 

OFFICES TO LET 

approx 4.000 


EVEFfY MODERN AMENITY 

IMMEDIATE OCCUPATION 

Apply Joint Letting Agenls 


PEPPER muss 
&YHKW00D 



01-499 6066 


Henry Davis 
& Company 

01*4992271 


NEWCASTLE UPON TYNE 


Residential Building Land for Sale 
with Outline Planning Permission 


Located close to the eastern boundary ef the City 
and extending to 14 acres or thereabouts. Frontage 
to an Estate Road completed to adoption standard by 
the Vendor. Foul and surface water facilities and 
all other public services available up to the site 
boundary. 


The land is to be sold by Tender and offers by way 
of formal Contract are to be received by 5 p.m. on 
Friday, 26th January, 1979. 


Tender Documents, Forms of Offer and Particulars of 
Sale can be obtained from the Agents: — 


HINDMARSH AND PARTNERS 
Chartered Suireuors. Land and Estate Agents 
107 Northumberland Street. Newcastle upon Tyne. 
(Tel: Newcastle 610081) . 


V 


ST. PAULS COURT MILTON KEYNES 



SHOPS AND 
OFFICES 


CHEStCA. Tawit Centre builtflttfl with 
Peijil inf ro Irt. Ctoso to mslor 
redewtonment (ore lel to Tttw *ncr 
fpoBl. . Overlook i np inner rlna rase. 
Ontjciiie existing larne car park. 
Prominent as starer buWemo with 
total net area of almost jb.oOo sc ft. 
—6.750 VI. II. Bt around floor, tOO 
fl. road front juf. Contra I HeaClnQ. 

wooifi lift . ano hohi. Modernised 
ancillary nttlcas. Ideal for discount 
storr, showroom or similar retail! ware- 
heusc u'e. Write Bo* T.4997. Finan- 
10. Cannon Street, CMP 

4BY . 




Total sita ires of appftumttly 
6 acres, with existing 43.000 iq. 
ft. of Offices, and. pfanninR ptr- 
mltiion for i further 25.0Q0 so- 

ft. of additional office I frier 
iiibject to O.D.P. Ideal Joeitlon 
for a Conference Centre. Residen. 
dal Trtlnlnj Cemre, European 
Haidquireen. Hotel .pottiuial. etc. 
For Site or To Let fClien<* would 
consider lclKng or lotOne In para). 
FREEHOLD £250,000 S.T.C. 
Derek Gwyn/ie it Co, 

J-5 George Street, Luton, 

Lul 2A A. 

. TsfaplMftw OS92 JO 792 /J 


SHOP PORTFOLIO London.* S.L Cnsland 
for aale as a wMJo or individually. 

Imminent rovlowi, sutstantlal rovers I one. 

Suit Family Trust or Gmail institution. 

Further detain: Maurice Andrews and 

Partners. 01-387 0123. 


FACTORIES AND 
WAREHOUSES 


M40IM4IM3 LOCATION — Commercial 


. --.to— «,VI, — tovionn..,, 

c nffi anaTr - - Valley WW, CPrn 


lenaive. Reenter. nuintaifiMf ASMv 
Cro lt ano Co.. Windsor 31251. . 

PA WHOLB INOUSTRIAI, land For- Sale 
hc*rt of the Midland*. Puilr 
Serviced 73-xre comply.. Plots half 
Mm .acres. £38.000 oj. Richard 
Whittaker mil 9lie m lull details. Plum* 
him noiy Widen hall <W. M|fl»J 6851}. 


V 






!TY 


rind 


Since we eut ou r first sod in 1 970 we've 
completed well over 6 million sq ft of industrial 
and commercial development in Northampton. 
In the past eight years more than 200 firms 
have chosen Northampton as their ideal UK 
base. Over 30 overseas companies now 
operate from here. This historic county town 
is located on the Ml, midway between London 
and Birmingham, in the centre of the 
motorway system. It provides easy access to 
major ports and airports¥nd almost every part 
of tfie country. 

Since expansion-started 12 000 new . 
jobs have beeri created #riti Northampton has 


an excellent labour relations record. New 
homes, schools, roads, sporting and social 
amenities have kept pace with the expansion, 
making the Northampton of today more than 
just somewhere to Work. 

If you enjoy life to the full find out 
about Northampton. You won't want to be 
anywhere else. 

For further information write or phone 
L Austin-Crowe BSc, FRICS, Chief Estate 
Surveyor, Northampton Development 
Corporation, 2-3 Market Square, Northampton 
NN12EN. Telephone (0604) 34734 


•' ft . •• •-. . 


|| Henry Telfer Ltd has established a factory, distribution 
' warehouse and offices totalling 268 000 sq ft on a 20 acre site. 
■ The factory employs the latest techniques in the hygienic 
: manufacture of meat products and is among the largest of its 
v? ;; kind in Europe. 



PROPERTY DEALS 


Etridge’s return 

TONY ETRTDGE, whose Cox 
Industries rose and faded from 
the lists of quoted property 
groups between 1973 and 1877, 
now runs a private property 
group. Imaginatively named 
Tony Etridge Properties. Ster- 
ling Land Commercial Develop- 
ments, Etridge's property invest- 
ment side, has been busy meet- 
tug the demand for small indus- 
trial units by converting older, 
multi-storey factories. And Ster- 
ling’s 39.000 sq ft former Lenton 
Works at Castle Boulevard, 
Nottingham, has now been either 
let or is under offer. 

'Lettings so far include 11.700 
sq ft let on a 21-year lease with 
three-year reviews to Ronhouse 
Joinery for 68p a sq ft and 7.S50 
sq ft to End Packaging for 12 
years, again with three-year 
reviews, for an initial 76p a sq 
ft. Not bad for a building that 
dates from just before the turn 
of the century. 

Mr. Etridge believes that these 
late Victorian properties offer 
high yields at low risk as the 
space “meets ihc huge demand 

from new firms, who, -in the 
embryo stage, need to find pre- 
mises to set up operation before 
expanding into larger premises 
cm an industrial estate. 1 ' 

• 

HASLEMERE ESTATES has 
now let the whole of its 13.000 
sq. foot Georgian refurbishment 
at 34. Grosvenor Street and 3 
King’s Yard .in Mayfair. The 
building, refurbished by Hasle- 
mere in conjunction with the 
Refuge Assurance Company was 
let through Barrington Laurence 
to Costal States Petroleum (UK) 
for " in excess of " f 10 a sq. foot. 
Jeffery Young and Anthony 
Lipton acted for the tenants. 

• 

PRIVATE property Investors, 
Standard Securities of Arlington 
Street 1 . SW1. have bought Legal 
and General Assurance's shop and 
office block in Queen Victoria 
Street. Reading, for “In excess 
of flm.” Weaiherall Green and 
Smith along with Healey and 
Baker advised the fund, which 
has sold a current rental income 
, of around £6(1,000 a year from the 
71 shops and ancillary offices in 
the block. 

« 

J A CKSO IV-STOPS and Staff and 
Clark Quinney and Company’s 
offer hy tender of 104 Lancaster 
Gate W2. which is open until 
December 20. brings just 
under 7.000 sq feet of net office 
space onto llie market, not 2.2S6 
sq feet as reported earlier. 

• 

LEST.TE L1NTOTT. having found 
a 200.000 sq foot Aberdeen head- 
quarters site for Occidental, has 
now been appointed joint letting 
agent with F. G. Burnett on 
Aberdeen Construction's jm sq 
foot scheme at the Hill ©fTtubis- 
law on Anderson Drive. The first 
speculative 60,000 sq foot phase 
of the building is already under 
construction and due for comple- 
tion in I960.- Further vn the 
coast, at Peterhead. Knight 
Frank and Rutley has nnw sold 
40 acres of industrial land to the 
west of the harbour in Peter- 


head (BOO Base. BOC Is start- 
ing work on a £2.5m 135,000 sq 
foot office and warehouse block 
with 15 acres of open storage. 

• 

TESCO STORES' Home n' Wear 
Division has paid around £lm 
for the long leasehold of an 
83,360 sq ft factory in Milton 
Keynes. The flve-year-old build- 
ings. which include 9.600 sq ft 
of offices, were held by Tactful 
Finance on a lease from the 
Development Corporation run- 
ning until 2072. The lease, cost- 
ing just £5,600 a year before its 
first 14-year review in 1087. was 
sold to Tesi-o by Clive Lewis and 
Partners acting for the finance 
bouse. Tcsco's estates depart- 
ment handled its own negotia- 
tions. 

In another New Town deal. 
Debenham Tewson and Chin- 
nocks. acting for a food group is 
asking £160.000 for the remaining 
SS years of a lease nf 4 acres of 
industrial land and a 37.000 sq ft 
factory building in Avondale. 
Cwmbran New Town in South 
Wales. 

• 

EQUITY AND LAW Life Assur- 
ance has paid just over £2.5m 
for a long leasehold on Allied 
Suppliers' Scottish Regional 
Headquarters and distribution 
depot on Inch in nan Road, 
Paisley. 

The Abbotsinch Depot, close 
to Glasgow’s Abbotsinch Airport 
and the MS Motorway, is 10 years 
old and includes 35,000 sq ft of 
offices and 200.000 sq ft of ware- 
housing on a 14.8-acre site. 
Equity and Law. which takes 
an initial yield of 8.5 per cent 
on the investment, was advised 
by Clive Lewis and Partners. 
The fund bought on the strength 
of the Cavenham Group-owned 
Allied Suppliers’ 50-year loan on 
the space. Allied pays £215.000 
a year until the first five-year 
review in 1983. Alliance Pro- 
perty Management, another part 
of Sir James Goldsmith's 
empire, handled the sale. 

• 

COMPASS SECURITIES has let 
the whole of its 25.395 sq ft office 
refurbishment at 19 Eastcheap, 
EC3, to Jardine Matheson for£10 
a sq ft. Compass, represented 
by Jones. Lang Wootton and 
Edward Erdman recently com- 
pleted the listed building, which 
includes 3,190 sq ft of basement 
storage. 

# 

INDUSTRIAL .AND COMMER- 
CIAL Finance Corporation 
(ICFC)'s subsidiary. Anglia 
Commercial Properties, has sold 
its recently completed 21.700 
sq. foot office and warehouse 
scheme in West Bromwich to 
the National Provident Institu- 
tion for £415.000. National Provi- 
dent, advised by St. Quintin Son 
and Stanley, takes an initial 
yield of 7.7 per cent on the 
properly, which has been leased 
to Securicor For £32,000 a year. 
Anglia's scheme — 15.400 sq. feet 
of warehousing and 6.300 sq. feet 
of offices on the A41 Holyhead 
Road near the headquarters of 
West Bromwich Albion Football 
Club was let and sold by its 
agents. Elliott Jones Martin of 
Birmingham. 


CANADA 

“ QUEEN ELIZABETH TOWERS ” 

200 Luxury Condominiums in the centre of 
Ottawa, capital of Canada 
NET CASH INCOME 6% ON YOUR 
INVESTMENT FOR 5 YEARS 

Prices from $40,000 — $120,000 — 50% Cash 
Protect your money — buy real estate 
Builder and guarantor; 

DEL CORPORATION 
one of the largest North American 
housing contractors. 

Exclusive Agents: 

WINZEN 

Please write to: WINZEN REAL ESTATE LTD. 

85 Richmond 5t„ W., Toronto, Ont. M5H 2C9, Canada 
Phone: 416-863-0071. Telex: CKVR NTL TOR 06-23621 


1 0^ 

_ ir 

Si** 11 


AVON' i 

BRISTOL. - 


■ V * * ':*■ pWriceil t? MTP h .. -sitHlP. Tell i0822i 5339 L 22 "24 Htsb 

; /^ADVERTISEMENT ...... SUM, Tonbridge Wells. Tel: iWHJi 

- • '•-■•.25136. Band SrreeL Ashford. Tel: <0233/ 

i ' ii 'hT ' i ' ' ■■ 24561. 

• ■ t '• •: •:.• ••- GROMMET MARSH AND. DISTRICT 

AVON ' ." • ' - .“ SOUTUENO-QH-SEA ' Tlwfcx & CIlKh. Vainers and Estate 

MIETQL 1 ' r. ' ■ --WaUnw. '. Temple, . Talbot ft White. Agents. New Bomnej. Tel: B6193 3194. 

AUat* & 1 Price. T :0i - StfinWens Chartered Surveyors. 34 CUTEMfl - ; St SEVENOAKS 

IftL.1 «K Tot <6297/- 380717. - V. Honshu & Son. FRICS. House A=*mi. 

S£«L . ltr .™ eBe T, rac . • Estate House. Sevenoaks. Tel: Stiol. 

. ■ , .. - . . GLOUCESTERSHIRE ■ tuhbridge wells 

BEDFORDSHIRE " •' . "" Powell aHd Powell, Chartered Surveyors.- Goertog & CoJycr. Chartered Surveyors, 

Corners commercial:. .Estate' Agents, . Commercial end- Industrial SoedaBsla.. 22.-14 High Strret, Tunbridge Wells. 
Vainer* and Surveyors: 5 Ujmer Grerso T?? r *£L < ?Sd? ? rn»L U Tri ' 

street. Uaon- flSa/.SlWfc. , . SfeiSgwSHf ftni™cr 5 LANCASHIRE 

BERKSHIRE- ' Tv j., SEPSiSS." GlSter. ^ ^ 

t.jl. * - 1£77 ' ? - - ■' tndmttbl dtrelopmoM. lUTMOHenr and 

IS? GREATER' MANCHESTER • leiuiis suecialtets throughout the UK m 

zss au*. .. .. .. . . . Sotumt, Chartered Surveyors, W Spring ■ conjunction with Barton' office. 

CAMBRIDGESHIRE: _ Cardens. D61-SS2 3X03. And at Buffington, MkiroLNOllRF 

CAMBRIDGE & SURROUND IHC . Ofraffie -BULM- MooLjhffiMd. SW»- & Co, char. Svrvys.. Estate 

AREAS * • •• hrldee and wnmslow in CheOTlre,- -ivwi 

j.. Jmmwv a, .>*»»*, Bridw In DcrbKlto. 

DomtloB Street, Catnhrid*B. Tel:'i(lfi23>"* UopeninJl In Yorkshire. . city 


BedroKL Teieptawn <0334/ So 93i. ... • SJSKSJ. sSmT lS' llOTitk ' Wnde owl Waters. Vrnwmre. 

•.BERKSHIRE- .. ' SS%AgS? “W ‘.Bf 

- 21CTy *- - industrial dereloomem. investmenr and 

■SHgS GREATER' MANCHESTER • . letttns soecialtets thronshout the UK in 

«gaa tW^. ^ M. zss au*. .. .. .. . . . sirttons. Chartered Surveyors, W Spring - t^mjunction with Harkin' office. 

CAMBRIDGESHIRE: . . Cardens. B61-SS2 3103. And at Bollutgian, i njrnLMlHIRE 

CAM BR K>C£ & SURROUND IHC .• , Ofradte S S2- Briato » Co- Char. Sum’s.. Estate 

AREAS * hrldce and wnmslaw in Cheshire, ■ New... 

3 - Jtmuwv rV-mJ wm Bridw In DcrbKlto, ' 

Downing Street. CatnhridBo.- Tel :'i 0223V* UBpenmJl In Yorkshire. . -rirv 

5&W 

Commercial and Astricathtirar property H aJ|Pafa & Foster. Chartered Srtrreyora. Evm Aldermans House. 

N ? wmflrket v^^auate Atmnu.® London Hoad, . la.' Bx^l™ 

SwSmidcc - , - Southampton lOTOS) 2891a. . Chesterton*; Chartered Surveyors and 

. BwETDIuiy and Handley, dharteiwl HERTFORDSHIRE -• - ^ 

StarveysM, Centenary Htm*. Hinitlnsdou HATFIELD- . ' _ _ . /SSSgpfrtiL**- gg ”S!. * Wood 

■ PE18- 6PO Cand at BfKKfceswade. Cam- 'Mault' A Co. R.LC.S.. Com. and UL ■ ECIV TAK. MB MSS. . . 

bridge. Ely, Peterborough. St. Ives- and Property and Develownent Con sffi t am g, Office Specialists. 13 Well 

SU Neoui. TriJ Htmdnfdon S617L 20 StiWmry 5a.. .Hatfield. Tel: 6Wi9. j? 0 .?! 1 - , , , e, 

SnoB. •. . HEMEL HEMPSTEAD . . Xoll.er ft. Ha d m. Ch artered Surverors 

rueeu.ne ' - • - 7 R. . J. • ARcbtann, Cfiarteied Surverors. Property Consoltants a Bride 

• CHESHIRE. . 6j Marjowes, Home] Hcmpsiead 3W. Strret. London EC4A 4DE. Bi-w53 nm. 

WIPNES , ' LETCHWORTH, HITCHIN AMD Conrad RltblaL & Co« Consonant 

Dixtm Retmarson ' * ; Ces»- --Charterrd stevEMACE Surveyors and Valuers. Planlation Bouse. 

Surveyors. 32 Wldaea. JW; K.IBlj 123?- Hendalesl Industrial- . DcDt.. 44. Broad-: Penclrarch Street.' ECS. DI-BS3 9116. 
ESSEX'. T. way.’ Letchwcmh 3T75; Hltdun 5B44L. D« GnwtCallls. Estair Aaerns. Viters 

T.- ' b-. "BU vdnw ,v aaMr'.' 1 ,M Woor6al * : ECM 

Bafrstsw Evesr. 75 High Sflrect. . B«nt : ■ ROYSTDM -ft SURROUNDING ARM. HaU B Dow- 

^ ; -spiNSE* Aissna- sra. ^BL' ^Tg-gg 

CHELMSFORD ^ (Mon.rCRj.-Aa - Tfcnl , M 

Cteons IAI-& Son. Ctarteredr-Suretwow. ArnloilTural properBes. . Estate Agctas, W Northumberland Alley. 


CHELMSFORD • ■ _i: " . BesIde JUtu . . Industriai. 

Gicony (A) & son. Charteredr Surewms. ACTteuIttaTd nroperaes. 
423. Now London Ttwid. 103451 33374. . WATFORD . 


4 ^ 0 , new LOrRUU humu- UUUI Wi. • BC 3 - - 01 -iSS 4431 . 

Taylor *■' ^ gartered. - surveyors.. Cordm-.HiHtaw R Oo- 147 The X*aiaaeF Melrartu surveyors. Valuers and 


Conzmorcnf- aad'-»«lt«n»l AynoJ* , and- Watford smi iio umbi, 

-Yataew, lTJJuke St TeL-flE4SyW5Sl. . KENT • •• •-' 

HARLOW . _•••' - _ ASHFORD 


Estte Agnus. If St. Helen's Place, 

ECS. Tel: ai-CS -158L 

John 43. Wood. Surveyors. AncUoneers. 


HARLOW - ; _ - .. ASHFORD •. . John 43. Wood. Surveyors. Ancuaneers. 

Derrick. Wbw « T*rmlun5 Barrows & Day* Cbirtpred Surveyor*, -Valuers and 'Estate Asesta. tfamfort 

House. 4be-- Hisb, Harlow; -Eaaex Estate Agnrts. 39/41 Bans Street Court. Throgmorton SL, ECZK 2AT. 
Q420 1 DT. TO: JSXBL -Ain ;.WU. , ™ . Surd TosSi 3«a. • ... ■ TM: H L-3SS B557. 

Commercial /. industrial -deveUmmenL- cmHm & Cdm. Chartered Surveyors, west cBhtral 

investment-., and 'letiiRB- apariallsls, STreei Ashford. Teh i«3Sl*24SSL. -iDa Grsot CsDIs. B Stale Aaeuts, Valoeis 

UtroosIXont the, HK r ta iwJimcttea r£Ui. eromlEY * UISTR1CT am) Sumyow, 3WdiB High Hnlbom. 


■throtKiwtit t»tt HKtacaatnnnloa «,nii 'BROMLEY A U I STRICT am) Surveyors, 300410 High Hffibqm, 

-Presbm Office-V - . t.' - 1.. ; Bwctar.- Pssno- *■ towtor, Oiartered WCIV TLX. 01-831 7651. . 

SAPmtOIC TWACDEU & • rV’ ’ Surveyors:' lfl Hast ‘Street- 01-404 11*L Lander BntffeW, Chartered Surveyors. 
SURROUNDING AREAS x . - DARTFORD . ■ Harpur House, 38/58 Lamb's Conduit 

Dmtas J; January Partner*. 7 Klflfi, PruH • ChwapJon * PntlL Chartered ■ Sbw.-JVCiK sLLTel:- W-JQI bill. 
STrapi--: ; ninM-j yaiif m». . ” 'frOt- t«J9a>.. :Smve5Vrs , F : AucUoumtb and Esuie- Ninel Kins & Ptneis., Surveyors Kst- 

28891. .- , Carey Sum. 

VBincrSe Ajuatv* w- 'A&ctbhNrs . MJklDSTDUfc . . _ _ ■ . +B4_ 

ofaU*tiRps it ReSIdenUal,.^ ^ Industrial, **“’£*'* SJZST* AbUu^v L n!S™ » r- ourverors 

- Commercial- and Asrlcclturai proprnu:*. £- ColntaJt House, Kin. Street. Maid- Anthony Bamnusn 5 Co., surveyors 


Property Consults u is. Standbrwnk Heuw. 
2'S Old Bond Street. Wl Tel: 01 -MS 0901. 
Ayton Hooper. Chartered Surveyors and 
Estare Aseuts. 312 Kins Si.. W8 0RR 
and Ken sin Eton and Btmilnabam. 
Chestertan. Chartered Surveyors aud 
Eat ate .Vsents. West End OEBl-l-s. 
Factories. Warehouses. clc.. 7.4 
flrosvmor Street ■ W1X WE 01499 0404. 
Connells Commercial, Estate AKi-nis. 
Valuers and Surveyors, fi- Grosvenor 
Street. WIN 9DA. 01492 4932. 

Conrad RKblat & Co.. Conan Hart 
Surveyors and Valuers. Milner House. 14 
Matx-tK-sier Sq.. WIM GAA. 01-935 4499. 
Davis & Co- M Berners St.. Wl. Esi. 
Agents, Valuers £ Surveyors. 91437 1061. 
De Grant Coins. Estate Agents. Valuers 
and Surveyors. 9 Clifford Street, W1X 
2AL. 01-734 1.104. 

Harrison & Puen., Office Sperlalisti. 
57 Blandrord St.. W1H 3AF. 91-486 5131. 
Harron and Panncrs, Estate Agents, 
Valuers and Surveyors. 39a SadtviUe 
Street. Loudon Wl Tel: 01-437 MSI. 
Leavars, 38 Bruton Street, wix SAD. 
Tel: 81-630 43fil_ Offices in Edinburgh 
and Assoc, office In Dublin, Malta and 
Chicago. 

Anthony Upton ft Co- Office, Industrial 
and Investment Surveyors. 38 Curzon Si.. 
Wl. 01-491 tTBO. 

Meadow Schama & Company. 79a Parte 
Street. WL 01-183 8902. 

Retff Dinar ft Co. coffiee and Commercial 
Property Specialists), J79 New Bond 
Street. W1Y KPD. 01.-491 3154. 

Ian Scott ft Co.. Estate Agents and 
Surveyors, Berkeley House. 20 Berkeley 
Street, London. Wl. 01-493 9911. 

Smith Metzadc, Surrey ora. Valuers and 
Estate Agents. 8 Cork Street. Wl. Tel. 
01-439 0531. 

SOUTH WEST 

Jamas Andrew ft Ptnro., Consultant 
Surveyors and Estate Agents. S3 Pall 
Man. London. SW1Y 5HZ 01-839 4438. 
Hampton ft Sms. 6 Arlington Street. 
London. SW1. Tel: 01-493 S222. 

SOUTH EAST 

David Baxter. Cmnmerciul Dept.. >69 ' 
170 High Street, Penge. SE20 7'JE. Tel: 
01-6SB I636-- 
NQRTH 

Michael Berman & Cn.. Shop. Office ft 
Industrial Specialists. 358 R? cents Park 
Road. Finchley, Ns. 01-349 1211. 

NORTH WEST 

Bennett ft Ca* 167 CridJewnod Broad- 
way. NWS. 01-463 BOB. Speetahsis in 
commercial and residential properties. 
Philip Fisher ft Company, “ Either 
House." 379b Rendon Way, London, 
NW4 3LS. Tel; 61-203 6565. Incorporated 

Valuers. Aurtfoneere and Surveyors. 

S piter Rex. Industrial Shop, Commercial 
and - Industrial ' Specialists. 267 Kentish 
Town RouL NW3. 01-267 207L 

MERSEYSIDE 

LIVERPOOL- 

Dl»e. Henderson & Ca- Chartered 
Surveyors, 44 Old RaU Street, L3 9PP. 
Tel: 051-236 4456. 

Ramiey Murdock ft Ptnera, Commercial 
Property and invcjnnant Valuers, -W 


Celtic S' Llrerpool L2 7LO. 03J-CJS 144?. 
R. F. Spark ft Co., chartered Snnnors, 
31 rial.- Sircei. Tel: l»l-3C6 MS.">. 

ST. HELENS 

Dlian Henderson ft Co, CUanercd 
Siirr-’vors antj Estate Aleuts. 5 Clatud)- 
lon Hrwt. WAia 1RR. Sl Helens 34417. 

MIDDLESEX 

HEATHROW 

APC I rlcr national. Indirt'rlal. Cnni- 
mcrcisl. Surveyors and Property Con- 
sulianis Thr Lodye Harmonds worth. 
West Drayton. 91-759 0966. 

HOUNSLOW 

Horne ft Sons, Chart e red Surveyors. 
151 Hj=!i Street. Tel: 01-571) 2244. 

STAINES 

Richard Srantnfon 8r Co.. Surveyors. 
Anems and Valuers. 25 Windsor Road, 
Wraysbtirj Tel: Wraysburr 223S. 

Emm ill RaUibhna. Cotmnemalrindusirinl 
and Residential Surveyors. Valuers and 
Estate A cents. 13 Clarence Street. 
Stainer. Tel: Staines 59321. 

NORFOLK 

Turnbull ft Ctu Chartered Surverors. 
Bank Street. Norwich. Tel: 60361. Blarit- 
friars S' ■ Wncs Lttul Tel: 63614. 
Market Place. Balt. Tel: 3343 and West 
Street, ( rumor. Td: 3764. 

NORTH EAST 

s. D. Ellison ft Partners, 24 Northumber- 
land Road. Newcastle- upon- Tyne. Tel: 
•MBS ■ 24"24. also at Edinburgh. 

Surer Sons & Porker, Chartered 
.StirTt’j'-7r=. NeweasUe BSK 2(KS(. 
Mlddieshrmsh 850 49301. Stnhesley 

0W2 7193 
NORTHAMPTON 

Arnold Bennett. FRITS. 20 Sheep St., 
Nonliamr'un. TeL* iH604 i 35317. 

NOTTINGHAMSHIRE 

NOTTINGHAM 

Beardsley Theobalds. - Chartered Sure 
veyorf. Chartered 1 Aiu.iloHrtrs and 
Estate .WniN. Commereinl and Resi- 
dential. Market Street. 0B02 487SL HO 
luiesi. 

Cavanajgh William H. Brown, Properly 
Auenis. 92 Friar Lane, Worunshiun. 
Tel: ■DM: 1 « n '«- 

Walker Walton Hanson, Chartered 
Surveyors. Estate Agents. Auctioneers. 
Commerei.il ft Industrial Property. 5 
Brard Lane. BrlCOesmlih Gate. Ntrttinn- 
ham fMOJi a«7S and at 43 Stodkwell 
Gafp. MansBcU tfl5S3/ 5»427. 

SUFFOLK • 

BURY ST. EDMONDS EAST ANGLIA 
Lacy ScotL- Commercial. Asticulinral 
and Residential Surveyors and Auc- 
tioneer. ' Haller Street.' i0384'. 93331. 

NEWMARKET ft SURROUNDING 
AREAS 

Douglas L. January ft Partners, 124 

mph Stn-T. Newmarket. Tel: /0B3» 
3711. Esiate Agems, Surveyors. Valuers, 
Land Aaenw. and AtlctinoeerB or all 
tvoes of Residential, .Industrial. Gnni- 
nm.Trial *®I Agrloilttunl properties. 
SURREY . - 

GUILDFORD 

Cubiu ft V/est, Cununercial Surveyors. 


44 Hlth Str-et. Cuildlnrd. CiiOdfnrd 
0463 77277 or (WS65. 18 offices in Surrey. 
So&si-z ami Hampshire. 

WOKING 

David Smllhyn Partnership. Commercial 
Consultants, l West Street, WofeJa«. 
Tel: Wokms 85666.- 
Mann ft Co.. Chartered Surveyors. 
H'okJtu:. Cmldford. Cam her Icy. Fam. 
ham. KlnKston-npon-Thames Walton- 
upon-Thames. 6« Associaiod Offices 
throughout Surrey. llama. Berks.. 
Middx.. Suases and Dorset. Head Office: 
22 Commercial Way. Woklns CU21 lOB. 
Tel: tVokliut KMS62i 7UBTI HO linesi. 

SUSSEX 

Clifford Dann CornmcrclaL Chartered 
Survcyurs, Alhion House. Lctrea 1 07916 > 
4275. «Six local nffices ■ 

Eric Marchaot ft Co., 51 55 Church Rd.. 
Hove. Td: 1 0272 1 713S3. Commercial 
and Professional Departments. Sales. 
Lt-mnes. Acquisitions. Valuations. Rent 
RcviruTi. Surveys. Plannlna Manage- 
ment. Offices ihroaphout Mid-Sussex. 
Stiles. Horton Ledger, Surveyor;. 8 
Pavilion Buildings. Bnkhlon i9273i 
21561, and at Hove 729771. Eastbourne 
36244. Wort bins 27992 and Crawley 316681. 
Geo. White & Co. (Commercial Depart- 
ment i. 26/29 Ship Street. B natal on 
927.1 29116 ( 8 local Offices). 

CRAWLEY 

Philip James Associates. 12 High SL. 
r02S3j 21156. 

John. Stickler ft Co.. Chartered Sur- 
veyor*. 34 Brt tshion Road. Tel: 26425. 
HAYWARD’S HEATH 
Guerins & Colycr. Chartered Sorrows. 
133 South Road. Hayward's Heath. 
Tel: 1 0444 1 57311. 

HORSHAM 

King and Chascmore •Commerrial, 
Carfax. Horsham. Tel: (9403i 6441. 

WALES 

Powell and Powell, Chartered Surveyors. 
Commercial and Industrial Specialist*. 
B-7 St. Johns Square. Cardiff CK1 2SB. 
Tel: 27666. also at Gloucester 56444. 

BRIDGEND 

□avid E. Little P liters. Chart. Surry*., 
tula. Caroline Si.. Slid Clam. 0656 5S445. 
Cooke & AricuirighL Chartered Surveyor*. 
Commercial, Industrial, .\un cult oral 
Specialists. Offices ar Cardiff 45429. 
Brldaend 56551. Swansea 51815. Haver- 
ford wrest 4349. Bangor 2414. Hereford 
G72IS ant Loudon 01-560 <ws. 

TYWYN GWYNEDD 

Flstwr, Ahlht ft Co- Auctioneers, High 

Street, LL3S BAD. iOA54i 710388. 

WEST MIDLANDS 

BIRMINGHAM 

Aylon Hooacr, Chartered Snrverors. 
021-64S 2614 tiiee West London i. 

Geo. Fhhcr ft Son, Esl Aleuts. 29-24 
ITIgh Street. Harborne B17 9NF. 921-427 
2241. 

YORKSHIRE 

SHEFFIELD 

T. Saxton A Co.. Chartered Surveyors. 
Ewtate Agents' and Valuers. 53 Queen 
Street. Sheffield. Tel: 77ftl3. and 10 The 
C rolls. Rotherham. Tel: 77-179: New 


Office: 5t Market Place. Iletford. Tel: 
704748. 

Eadon Lockwood ft Riddle, Chartered 
Surveyors. Property CutwuJ tarns. Salrs 
and Advice in connection with •;om- 
mrrrial i- industrial Properties. Port- 
(olio. Property Manage mem Inresini.-nl. 
Ea Campo Lane. Sheffield 51 2EK. Tel: 
7277. Telex: 547409 ELR. 

YORK 

Bromler ft Spencer. Surveyors, valuers. 
Esioie Agents. Auctioneers and Rating 
Surveyors. 6 “ Bridge Street, York. Tel: 
■ 09Mi 21441. 


SCOTLAND 

Bell Ingram. Chartered Sun wore. 
Aberdeen. Edinburgh, ciasgow. Lnndnn. 
Penh. Walker St.. Edinburgh. 051-225 
8271. 

H Mirer Parker May ft Rowden. 5 Snuih 
Charlotte- Si . Edinburgh. Kil-225 5968. 
ABERDEEN 

Burneu 4F. G.). CharUrred Surveyors. 
Valuers and Estate Agents. 11 Rubislaw 
Terrace. Tel: i0244i 572061. 

James R. Thomsim (Properties) Lid., 
23 Crown Street. Aberdeen. AB1 2HA. 
Tr»I 0234 32«C. 


PLANT & MACHINERY 


Alrey Entwisde. 28.' 14 Cross Street. 
Manchester M2 7AQ. Tel: DU-S54 «l‘» 
Bairstowc Eves. Valuers ami Auc- 
tioneers o( Plant and Machinery am) 
Trade Stacks throughout the U.K.. 
Aldcnnaas Walk. EC2M 3UL. 0I-625 
IVlL 

Frank G. Bowen Limited iEst. 1524 •. 
Specialist AULtioneers and Valuers 
ol Machine Tools. Textile MaL-hlnerr, 
Buffders Plant and Materials. Trade 
Stocka, etc.. In the UK. 15 fire** 
Street. Shaftesbury Avenne. London 
WIT 0NY. Tel: 01^37 3244. 

Henry Botchor & Co. Inc. Leopold 
Farmer ft Sons, Auctioneers ft 
Valuers, 59' 92 HlKh Holborn. London 
WCIV 6EG. Tel: 01-405 S4I1. .Uso 
ar Birmingham and Leeds 
Catehraok. Evaiu ft McKnzic. 3 
Quality Court, Chancery Lane. 
London WC2A 1HP. Tel: 01-242 lftS. 
Specialist Valuers and Aui.-liDDeers. 
to the Printing Industry. 

Eddlsons. Chartered Surveyor*. 
Industrial BuikUne. Plant ft 
Machinery. Auelioneurs & Vala-rs, 
Pennine House, Russell StTi-m . 
Leeds LSI JRZ. Tel: 'It532< »101. 
Also at Huddersfield, Bradford and 
Halifax. 

Edwards, Blgwood, Bcwiay, 7R 
rotmorp Itow. Blrmmgfaam B3 2Ht>. 
Tel: 021-236 S477. 

John Foard. Chartered Surveyors. 
61 Queen's Cardens. W2. 01-102 sS6l. 
Valuers of Industrial Proptriy. 
Plant and Mauhinery tat the U.K. 
and abroad for 150 years. 

Fuller PeJser, Chartered Surveyors. 
9 Leopold Street Sheffield Si IRW. 
Tel: ■ (1742 > 24331. Telex: M70». 
Head Office London. 

Goddard and Smith, 22 King Street. 
St. James's. London. SWIY WJ. 
Tel: ei-oso 7521. Valuers of all 
Plant and Machinery and Industrial 
PmniKs ihrauRhout the Uniu-d 
Kingdom and Continent. 

Kenyons, Lnmb Lane, Andenr-ba». 

Manchester M34 5GW. Tel: Dtil-DTO 
?515. 

Hamnou Raffety, Chartered Sur- 
veyors. Auctioneers and Valuers of 
Plant. Machinery and Fat- tore 
Prunuxe^ throughout U ruled Kiiu:- 


donr Pu Box 1. 30 Htsh Stre--r. 
High Wycombe. Bucks. Tel: iiMWi 
£1234. 

Industrial Plants Corporation (UK) 
Ltd.. Auctioneers and Valuers of 
Plant ami Machinery, 71a Salisbury 
Street. Hull. Ill's 3Dtl. Tel: 0482- 
492872. Telex: 527562. Esublished 
U.S.A. 1919. 

Kina ft Co., Chartered Snrveyors. 
1 Suovr Hill. London EC1.V 2DL. 
Tel: 01-236 3000. Tflox: SS54S5. 
Norman Levy Associates Overseas 
Inc-. Guaranteed Valuations and 
Auctions of Plant and Machinery. 

F. O. Box 19, London 5WI 3 9AJ. 
Tel: 014(39 3151'. Telex: 8X1291. 
Edward Rushtnn. Son ft Kenyon, 
4 Esi. Ibiii. Auctioneers. Loss Asses- 
sors ft Valuers. 19 Caries Place, 
Grosvenor Su.. London WIY 6 HA. 
Tel: 01-493 8767 and at Birmineham, 
Dublin. Manchester, Sydney ft 
Melbourne. 

Sanderson Towocnd ft Gilbert, 

Middlesbrough 0642 244181. Ne**-- 

castle 0632 6)2681. Darltugloa 0325 
82*45. 

G. F. singleton ft Co.. Auctioneers, 
Surveyors and Valuers uf Plant 
Machinery and Factory Premises 
Lloyds, Bank Buddings. Si Kina Si.. 
Manchester 2. OBI -M2 S271. 

Edward. Symmtms ft Partners, 
Auctioneers ft Valuers. SB'M Wilton 
Roail. Londou SW1V 1DH. Tel: 
01-834 8454 and at Manchester and 
Nottingham. 

Walker, Walton ft Hanson. Chart errd 
Surveyors, VaJucrs and Auctioneers 
Of Plant ft Machinery and iradt- 
siocks throughout the United King- 
dom. .Non id chum — Brard Lane. T. I: 

■ 0602 1 54272: Mansfield— 45 Stucku-.-l! 
Gale, Mansfield. Tel: <0623> r.wr: 
Melton Mowbray— 27 Market Place, 
Mellon Mowbray. Tel- 0864 67335. 
Weaiherall Green ft Smith. Chartered 
Surreynrs ' Estate Agents. 22 
Chancery Lane, Loudon. WC2. Tel: 
11-409 6944. 24 Austin Friars. 

London ECI. ni-638 Mil. 

Wet her ail Hollis ft Gale. Chartered 
Surveyors 1 Esram Asphis. C.M.A. 
llnitw. 39 Kins Street. Leeds. Tel: 

05:12 443*6. 






: Times Friday uecem ^ y 


THE MANAGEMENT PAGE 



The palace revolution that helped 


* y : if; 




bring Burton back from the brink 




DAVID CHURCHILL 


IF FRANKNESS were the only membered that the -group's 
key to managerial success then chief executive from i960 to 
the new management at the 1976, Mr. Ladislas Rice, is still 
Burton Group, the largest mens- the groups chairman. • 
wear operation in the UK, But if the “new nmiage- 
would have few problems. raent team (some had actuary 
At a special meeting earlier been 

5 '“, r Spencer Jfd Mr. Ealph HalpS. 

isTS SWTfiS 

“ “ «* The £ 
situation showed. terna i poIiticaI tightrope over 

• a company making no frankness, then it was be- 

and in f*rt. tosm* some £5m felt the situation 

in the 1976-77 financial year. needed some straight 

• low staff morale and too talkill „ 

many dissatisfied customers: 0 

• shops that were out of date T) nvamn 
and the wrong size and shape JVC V dlUp 

for modern retailing: Ralph Halpem. who along 

0 over-complicated an with Cvril Spencer created the 

consuming administration guccess * ful Top Shop ladies 

systems: tailorine fashion chain and revamped the 

O made-to-measure tailoring, Robinson womenswear 

declining fast, with no success- J atrs]iip at Oxford Circus, is in 
ful alternative available- no °doubt that Buxton’s fortunes 

• stock and sales information “ taken a ^ for 

systems that d f ,d better. His argument rests on 

not enough of the right mer- ^ whi]e Burton 

chandisc; previously a clothing manu- 

0 competitors who did just out i ets . it 

about everything better than a retaUer wit h interests 

Burton; disastrous in manufacturing. The shift in 

• aI * l emphasis may not seem all that 

nr al!._ no clear ^ idea of who gignificant but for £153m a 

Burton s customers were. w Burton group it 

Even though the saga of Bur mean ^ be- 

to " s *S5S£? in tiiTreWuS tween catastrophe and growth, 
it the 1970s had Like other companies whose 
been well chronicled, such reputation was larger thin their 
frankness must ^ave come as trading performance. Burtons 
something of a shock to the problems stemmed lajse 1 * JJJJS 
ranks of middle management at its history. Before the second 
[he meeting. Even if the world war the company's foun- 
mana^ers were also told of the der. Sir Montague Burton, had 
positive steps the new manage- built up an ;*^ r ^ ssl ?L t ^ 1 ^ 
ment was taking to overcome operation from his Leeds oase, 
the problems, the language still an operation that jnclud 
seemed remarkably frank, several large Nothin fact0 ^ 
especially when it must be re- and many hundreds of retail 



Cyril Spencer, managing director 
of the Burton Group. 


outlets in prime High Street 
sites. 

Even stockbrokers J. and A. 
Scrimgeour, whose trenchant 
criticisms of Burton's manage- 
ment in the mid-1970s had 
helped lead to the “palace re- 
volution” of late 1976 when 
Spencer and Company took over, 
had made dear their belief that 
without some such change Bur- 
ton's "could have haemorrhaged 
almost, if not to the point of. 
death.” 

Yet within some IS months of 
coming to grips with the im- 
mediate problems facing Bur- 
ton — or “biting the bullet” as 
Scrimgeoure so succinctly des- 
cribe it— the group appears to 
have achieved a remarkable 
turn-around in profitability. 
Last year’s loss of £5. 08m has 
been turned into pre-tax profits 
this year of £7.55m. according 


to the preliminary final results 
announced a week ago. 

Such a dramatic reversal io 
fortunes, however, begs the 
question of whether it heralds 
a new era for one of the most 
famous names in the High 
Street — or is it another of the 
group's “false dawns” of recent 
years ? 

After the war. Sir Montague, 
before his death in 1952. 
had capitalised on manufac- 
turing and trading assets by 
offering made-to-measure tailor- 
ing — previously the prerogative 

of the wealthy— to the masses 
at a realistic price. But while 
this sharp marketing ploy 
further established Burton as 
the country's leading tailors, it 
was never seen as more than 
a means to create more work 
for the company’s factories. But 
the hespoke market started to 
show signs of decline in the late 
1960s as .customers began 
switching to ready-to-wear suits 
and casual clothes, bought from 
stores with an image nearer to 
the “ Swinging Sixties ” than 
was Burton's stolid tradi- 
tionalism. 


into unknown 


Casual 


The Burton family's reaction 
was to bring in a new chief 
executive, Mr. Rice, who came 
from outside the clothing trade. 
Mr. Rice’s strategy appeared to 
be that, if tailoring was in 
decline then Burton should 
utilise its massive property and 
trading assets lo expand by 
acquisition into other forms of 
leisure retailing. Critics have 
since suggested that it might 
have been better to have con- 
centrated on retailing mens- 
wear — which: Burton knew 
best — rather. 1 than to seek 


diversification 
markets. 

Thus the acquisition strategy 
led to the purchase of Evans 
Outsizes womens wear shops 
and the Hymans office supplies 
business — both acquired in 1971 
—followed by Greens Leisure 
Centres in 1973. In addition, the 
group launched a range' of 
children’s wear shops called 
Orange Hand. 

But these moves proved less 
than successful. Greens was sub- 
sequently sold to Debenhams, 
the Orange Hand -chain shut 
down, and flymans has only just 
come back into profits following 
substantial reorganisation.. 

Although Evans shops’ profit- 
ability slumped in the mld-70’s 
—profits have since recovered, 
however — the move brought Mr. 
Spencer (as its owner) into the 
Burton Group as well as intro- 
ducing Evans's strea m lined ad- 
ministration systems which have 
subsequently been introduced 
into the other retail operations 
with some success. 

The combination of the 
unsuccessful diversification 
moves and the acceleration in 
the move in the 70s away from 
suits, especially from made to 
measure, into casual wear, 
farced Burton to rely more than 
ever on its property assets, 
valued at over £130m. But even 
these considerable assets could 
not avert the steep dive into 
financial loss between late 1975 
and 1977. 

Drastic surgery was obviously 
required: sir factories, 120 shops 
•and nearly 8,000 jobs have all 
been axed in the last two years.. 
Although a painful rationalisa- 
tion for the company and its 
employees, the cut-backs were 
implemented speedily. M The 
ability to act with speed and 



Actress Fiona -Richmond opens one 


of Burton's new Top Iten shops* 


determination had long been a .Such «' ©ft} systems 

factor missing from the Burton : been MCceMfttUy J** --• ■ ^ introduced into - 

Group," point out Scrimgeour* . ^ Top ^ *,*«*** , 

But ruthlesaness in pruning. Sh£ p and p u that of the success to ; .the-womens- • 

IteeH^reci^e^or succ^sf°T^e itfhh 1 

renewed emphasis on retailing, ‘quickly.- especially ^ structure of 

In Snencer and Halperifc' , jraunger menswear “? b£ea simpUfied as welL The 

Rurton P are said to have tvvo-W fragmented w ** move from. Leeds 10 Xphdo.n : for 

the successful retailers of the donunant c^m. fi enior management.^ednt that 

-- . .. —=**. — track -Group s Lord John chain and t n« ii-eentives from the guccess- 


both with proven track uroup s uu«« top executives from the Success-. 

e^rSpSr with Evans Iryine; Sellars’s ***«•*"!* ful womens^^de.emld ;also ;. 

2 !d Bento's womenswear and:tbe largest chains at present-in ^erlap ^ti the n^feM.sid^ 
..-I ...i+v r r^r, shim 3 Trri r the market. • sWihusli each ~ o Deraoo n ‘.main- - - 


Halpem with Top Shop and 1 , the marnet. although each FPperation.:nidn- 

^ iaenti^v stock control v 

d£ d ouSed Sd to^mafli opened in London's .Regent delegated by theBo&rd to: an 
stores and, perha^f most signi- Street last week and ^Glasgow p^ratioM;coimnfl^'^pns. 
stores, an vv v this week, brought the irwi tbn Aipf executives of .eatfc 


ofd-fashioned to capture a hew c menswear shops are the ; rerdrganis- 

to do wn and women • .“^^J^ation- conipahr’a phil-. 

likely fnnw^t.TnBn^. 

TTv ann - 

111B ... . . rthe 

create two separate chains^Hjae- together 


create two separate cha in fr^one together in long term i* not.ydt certam-It. 

to cater for the JS-M^^Ee^aybeck has a J^ ad y is no easy tasktoj^motwntB'm 
o-aiipd “ Too Man *-4-' jts Lady at Lord John .stores. oreatl fi at j 0I1 . the- sizer of - the 


market— called 
and the other 
traditional 2544 


s “ Lady at . Lord Jon “ ?™*J-,; organisation- the sizer -of "the 
The decisum^to^; ^^.Burtoh its massive 





-vi . 


price 
in its 
proper 




V 

. v 

■■f. - 


/■ V 


Top Mah^— :Jts 
for Burton's 

plus- maxketthe younger assets, and ' r estabR**d . tradi- 

chain also enabled Burton . to 
concentrate on its traditional uoulh . •" 

customers through its main r But, certain^ rtfag 1 .- new top 
shoos To improve its merd^ah- management is.trwig to^et toe 
i-dise quality and style : it has messasr 

trecruited new buyers. and mioived agere meeting when; toe ana- 
the buying function to London panyVproUems were.so frankly 
from Ueds to enable it to be healed, .ttevmanegers^were 
more sensitive to :: changes m ^so told of toe toans to chstoge . 
fashion. She made to measure the . 

side, although not as important arfeed : 

as it wasV'is still an important - : Thinfc . WJSitiy’e^ mid^ rtop 
part pf Burton shops and fais worrying ^about ^osure,. ;i8iey 
be err reorganised to-: 'improve ^ereurgCil. - \ v 
q yoll tv" and delivery times. - . Moreover, toe managerial 
fjBurtan's shops themselves are p^»-talfc. tocjudfcd - tonail* staff 
h .'.iy ' extensively modernised and elastomers aboutrihe new 
and small shops- replaced .with' developraetos- af Buttoh. Con- 
{ big 2 Pr units. AH Burtoh stores vmce tbeia thst yqp;hdteve that 
1 are due to be moderated over.- it is . tight- Wd 

WERE has bifen a crescendo 

of complaint in recent months to -.sales ..'&ve sniiC<B 9 i.. Pf -toe^bu^W. Get 

spurted by 10B per pent v them.; b«4nd. yo*ti i;;. > •; - 





; rjiantly- 

,i -Hellt 

V^nsurpris 

■i "Why 
.^Thoma 

• • Tdhs 

iil would i 

. _l 

i jelling n 

Inesi 
Vious' wi 


’V 


IS THIS ANY WAY 
ID CHOOSE A LIFE 
ASSURANCE POLICY? 


There are over 1 20 life assurance 
companies in Britain. 

Allhough only some of them sell 
direct to the public, they all want your 
business. 

And they all have excellent sales 
staff with one philosophy. 

That you can have any policy 
you like so long as it’s theirs. 

So how do you, the layman, 
choose? 

You don’t. 

Not when you can get 
professional advice from an insurance 
broker, whose job it is to give an 
independent assessment of your needs 
and recommend the right policy- 

Naturally we’d like that policy to 

be one of ours. 

Because over the last 50 years 
Standard Life has paid out more, more 
of the time, than any other life assurance 
company 

And because Standard Lire is a 
mutual company, which means all the 
profits go to the policyholders. 

So we’re confident that your 
insurance adviser will recommend us' 
where it’s appropriate. 

Why else, after all, would we be- 
running an advertisement for him 
instead of for ourselves? 


Standard life 

Advisers recommend Standard 
Life. It’s mutual. 




the effect that British industry 
places too -much emphasis on 
the price competitiveness of its 
products, and uniferrates such 
; “ non-price factors " as delivery, 

| design and service. _ ' 

This persuasive criticism/par-: 
j ticularly enthusiastically pro- 
| moted by the National Economic 
, Development Office and . its 
plethora of working parties, has 
| gone virtually unquestioned. 

Now, a research team from 
[ the Derby Lonsdale College of 
Higher Education has conducted 
a survey®, the results of which 
appear lo challenge this g row- 
in? consensus. Or do they ? 

The research's rs certainly 
[think so. Their survey of pur- 
chasing altitudes in 62 UK com- 
panies, from four industrial 
sectors, confirms “ that price is 
still the dominant feature." to 
quote their summary report. But 
their comment that “non-price 
factors seem of little impart 
ance ” needs to be qualified. As 
indeed, does the relevance of 
their survey findings so far to 
j the competitive performance of 
| British industry as a whole. 

The four sectors covered 
were: retail stares: wholesalers 
of domestic electrical products: 
construction companies: and 
‘service industries." 

Buyers were asked to allocate 
1 10 points between four criteria: 

'design appeal"; price: “back- 
jup service": and delivery. The 
[overall response was to give 
price 3.5 points; delivery 2.3 
points; service and design 
appeal each 2.1 points. 

This overall breakdown 
hardly seems to justify the con- 
clusion that “ non-price factors 
seem of little importance nor 
does the sector-by-scctor break 
down, except possibly for the 
construction industry. The most 
extreme example is retail store 
buyers, who ranked design as 
only marginally less important 
than price f2.9 points versus 3.1 
respectively). 

To be fair to the researchers, 
they themselves suggest that UK 
I buyers’ considerable emphasis 
Ion price competitiveness may 
condition" British suppliers 
(to neglect the other factors) 
'Is it surprising that we fail 
to react to our export cus- 
tomers ? ", the researchers 
wonder. 

A much clearer picture will, 
it is to be hoped, emerge from 
the next stage of the team's 
research. Into comparative pur- 
chasing priorities - in France, 
Germany and Sweden. 

'Non-price factors.” Further 
information from R. P. Toone. 
Research about Manu/arttm'ng 
Policy, Derby Lonsdale College 
of Higher Education, Kedlcston 
Road, Derby PE3 JGB. TeL 
<032-47181. 



'Sprang 
s credit. 


yet here are a few vti , guuu i cuauu^ Truj ■ ■ 

Ireland's dos&Youcanfly from any toiajerairiiortmd^ 
be there in an hour or less; you cast takeyour car— or move 
. heavy props -by ferry in as litd eas three and-ahalfhours. 

You feel fresher, because lrelahd’s a relaxe d and ’ - 
relaxing place. Your event goes better^ecmisfeyotrvvork ; 

: : . Every possible fadEtyawaitsytHvmid alaige choice ;• 
ofvenue. We can handle any number, of p eople too -from " • 
2& to 5,000.: 


•ineworc 

■■■ Hesn 

/ad not It 

liveries: 
/ %adun 

. “You’rt 
Unseat 

■ f waict 

:. Some 

^tillyour 

y/io'oe.. 

“And* 


' ^he V 


% >s Intel 



t Sin ce s 

acer tai r 


^ me 


facfs.and Sgures-an exeeHentfif?tt_ 
help we specialise mgivia&HeasetoK 
That's wnat we're here fon 


TO: ConfercnceOfficer, Irish TonristBoard , • . . , ‘ L \-:- .. -J 

freepost 15 , ; . . /- x:f % ' ■ I 

; London W1E8YZ (Tib atamppecd/xl) ' vr**.— .i | 

r Or phoocOl-493 320l(2*-b<WAWbcfc)' ;r* ? \ J : i 

Please send ine the free book wi& ^'the ] 


iolrdand. 
Name; 


-t 


Address. 


vl 






/At: 

#5f°" 


l allc 









m 











,’ ' ' .i«i jr: 'liv'." :.r^~.V J '.V-— t . 

!- ■;. -/ ?.v ? ^VK s> v^CS^ji • T- - ’" ‘ ■" "■• ; ;. •• j 


The Financial Times 




“It’s 27 litres isn’t it?” 






V I had been looking; forward to my visit to the Volvo 


showroom for days. 




whim in the i felt obliged to make a contribution. I was still wary 

Jy ^ the six ff amilton’s past fondness for the monologue. 

-jq a dm it He nodded and lowered the bonnet. 

oetulant.” “It takes nine hours to paint a Volvo, did you know?” 

L 

iy visit to the Volvo “No, I didn’t.” I smiled at his erudition. I remembered 

that he had always been blessed with a photographic 

u m mind which memor y> a fact which had often caused me great envy as I can 


enjoy for one last time the 

pleasures of indecision. ;f 

“Should I take the saloon or the estate? Would the 
GLE be better than the GL?”- such were my musings as I 
entered the showroom arid saw Hamilton. 

We had not met J 
for almost twenty years yet 
we recognised each other 
instantly. 

“Hello Hamilton,” 

I said as we shook hands, 

“I’m surprised to see you 


lo it mu 
i irelaii 


that, Thomas?” he asked. 

, “I’d have thought 

. 7 you would have wanted 

- something more . . .” 

■’? I hesitated. 

IL ‘Obvious’ was the word 
z that sprang to mind but, 
to my credit, ‘extrovert’ 

— was the word I used. 

u ^ piled.-:;, / 

He had hot lost that easy 



remember very Iitde unless I write it down. 

“Nine hours and a journey of almost four miles along 
the paint-lines.” He was for a moment lost in contemplation, 
then suddenly he sprang into renewed action. 

“Come here and sit inside.” He had opened the driver’s 

door and I followed in 
the wake of his bustling 
enthusiasm. 

“Can you imagine” 
he said, “any other car 
giving you quite as many 
comforts for £8,492?” 

For the next three 
minutes he expounded 
on the attractions of the 
GLE: power steering, 
air-conditioning, metallic 
paint, electric windows, 
electrically operated door 
mirrors, steel sun roof, 
plush velour seats- the list 
seemed endless. 

Despite myself, I 
warmed to his knowledge 
and attentiveness. 

“It’s very decent of 


“■ attractiveness that had always made him so unbearable as an you to give up your time in this way, but actually I’d more or 

■ ~L \ undergraduate / less decided on the estate car version, the 265.” 

' * / ' V- r 

I -r l! “\bu’re wfong, Thomas” he said. “All motor cars are an He chuckled. “Let me show you something.” 

i-;: extrovert statement of some kind, the VdIvo included.” He reached for his wallet and handed me a photograph. 

I waitedfor him to continue. It was a picture of four boys weighed down with 

“Some cars say-that the owner is wealthy Some that fishinggear.They were standing by aVolvo 265 estate and their 





he is still young. Some that he is no longer young but would parentage was written all over their faces. 

:i ; like to be... “It seems we have similar needs,” I said. “I have three 

“And what does the Volvo say?” I asked. boys and a daughter. 

“The Volvo says one thing above all - it says that the ‘Tunny how car safety seems less of an abstraction 

7- owner is intelligent.” with a cargo like that.” He spoke almost tenderly as he put the 

' . z . , , jj r i- photograph back into his wallet. 

Since these were precisely my own hidden reelings, r ° r 

I felt a certain annoyance at Hamilton airing them so openly. I felt ashamed of my earlier animosity and I asked 

„ T : t . ., T , , him what he was doing these days, 

r Let me explain, he said. 1 was led to a gleaming Volvo ° 1 

264 GLE saloon where he defdy opened the bonnet. “Well, actually I own a motor company - this one in 

S tt i ' j c -v vu It. i * j , ■ i fact, I was just on my way out when you came in.” 

He had a.famiuarity with the cars that made me think ’ ' 11 1 

■■■■& he must have been a Volvo owner for some time. When we had finished laughing I suspected I had 

> “Look at that engine.' he said “The perfect balance a new fricnd “ weU 35 a new c^ 

between power arid economy Sixcylinders with fuel injection f As things turned out both were going to sustain me 

y but a light alloy block and cylinder head.” for a very long time. The Volvo 264 GLE. 

‘ y VOLVO &CYUNDER PRICES START AT £7362 (DELIVERY AND NUMBER PLATES EXTRA): R>R THE 1979 EDITION OF “VOLVO FACTS.' WRITE TO: DEPT. FT 03. VOLVO CONCESSIONAIRES LTD, LONDON W13 9JQ. SALES TEL- HIGH WYCOMBE (0494) 33444. SERVICE TEL- IPSWICH (0473) 72026. PARTS TEL CRICK (0788) 82213L 


some time. 


“Look at that engine,” he said. “The perfect balance 


t^y 


-v * , : *'5 ■ r * rv j. T i-i ■ 











Cold comfort for 




people 


By MARGARET VAN HATTEM, recently in Geneva 


THE ARRIVAL of the small 
freighter Hai Hong, crammed 
with 2.500 Vietnamese refugees, 
in Malaysia last month finally 
focused world attention on one 
of the more horrifying after- 
effects of the wars in Indo- 
china. 

The problem has been grow- 
ing since 1975, when Saigon 
became Ho Chi Mlnh City, and 
hundreds of thousands of Indo- 
chinese refugees began to leave 
their homes for neighbouring 
South-East Asian countries. But 
the drastic rise in numbers over 
the past two months has con- 
founded all estimates and re- 
sulted in insupportable strains 
on the two main recipient coun- 
tries — Thailand and Malaysia. 

This week in Geneva's marble- 
walled Palais des Nations. 36 
governments, representing some 
of the richest and most powerful 
countries in the world, got to- 
gether to see what could be 
done. It was clear from the out- 
set that they were more con- 
cerned with explaining why 
they could not help than with 
ti'ymc to come up with some 
answers. 

Since 1975. about 450.000 
people have fled from Laos, 
Vietnam and Cambodia. Around 

200.000 of them are living in 
temporary camps in Thailand 
and Malaysia, mostly awaiting 
resettlement in Europe, North 
America, or Australasia. There 
could well be 35.000 or more of 
them by the end of next year. 

During the past two months, 
fhe number of refugees leaving 
Vietnam in small boats has 
risen so sharply that they are 
nniv flowing into Malaysia ten 
times faster then they are 
ViV.vinr out veair,. In Angus', 
fewer than 3.000 “ boat people " 
arrived in neighbouring coun- 
ties iins'n'v M.i'ays'al. In 
1:71 nber ! 2.540 arrived and last 
nen'h. ih:-i? w-*rc 21,505. Many 

pv>re ?r>? tv'l:?v?d to have 

dr in the attemnt. 

The imny’d'aie political gains 
for !h? ASEA?! •-•wn tries of see- 


ing the communist states of 
Indochina squabbling among 
themselves are fast being out- 
weighed by the economic and 
political tensions resulting from 
a growing Influx of refugees. 
Beyond the refugee Issue is the 
fear that continuing hostilities 
in Indochina will draw Russia, 
China and ultimately the U.S. 
back into the conflicts of the 
region as they were drawn in 
the past 

New intake 

As a result of the two days of 
talks in Geneva, the 12 countries 
that are prepared to offer 
permanent homes to the 
refugees will increase their 
overall annual intake to 82,250 
from 78,670. Ten countries have 
promised more money— a total 
for 1978 and 1979 which so far 
appears to be well under $30m. 
That is probably slightly less 
than the UN High Commission 
for Refugees will have spent this 
year alone. 

This response falls well short 
of the dimensions of the 
problem, though only one man. 
Tan Sri Ghazali Shade, the 
Malaysian Minister fur Home 
Affairs, was blunt enough to say 
so publicly. Most other delega- 
tions shielded behind promises 
of free and frank (albeit secret) 
exchanges of information, better 
understanding of the problems 
and so forth. Behind the public 
rhetoric, there does seem to be 
an acceptance that more 
countries will have to open their 
doors to refugees, and that those 
which already accept them will 
have to take in a lot more, if the 
problem is to be solved. 

In recent months, the propor- 
tion of ethnic Chinese among 
rlic boat people has been rising 
steadily and is currenly esti- 
mated at SO per cent. No one 
at the conference openly acrussd 
the Vietnamese of persecuting 
the Ch f iK»se and driving them 
away, though rhe implication 
was there. The Vietnamese 


delegates insisted that these 
were economic ■ immigrants, 
people “too accustomed to a 
life based on unproductive con- 
sumption," to put up with the 
country's present poverty. Heavy 
financial aid from the inter- 
national community might help 
persuade them to stay, they 
added. 

The strong Chinese element 
presents particular problems 
for Malaysia, where tensions 
between economically dominant 
Chinese and numerically and 
politically dominant Malays 
periodicily threaten to explode 
into the sort of rioting that 
occurred in 1969. 

The Malaysians are pressing 
hard for the creation oE an In- 
ternationally supported “pro- 
cessing centre” oa an island 
somewhere in the region. TTiey 
suggested that the U.S. might 
like to reopen Guam or the Aus- 
tralians might like to donate 
Christmas Island for the pur- 
pose. The suggestion did not 
<jet an enthusiastic response. 
Too many legal complications, 
said the U.S. Wc do not wish to 
create a PMssf'ne-iype situation, 
replied Australia. 

Since August 1975, 95,000 
Vietnamese boat people have 
landed in countries throughout 
the region, some struggling as 
far as Japan or Australia. Of 
these, 60.000 landed in Malaysia. 
The U.S. has accepted 20.638 
boat people, Australia 9,813. 
France 2,639. But there are still 

40,000 waiting in camps ia 
Malaysia and little to indicate 
tii3t the present disparity be- 
tween inflow and outflow will be 
reduced. 

For the Thais, the problem is 
less sensitive racial! 1 ' but more 
sensitive numerically. Since 
if>75, around 200.000 refugees 
■ have crossed the border into 
Thailand, mainly from Laos, to- 
gether with smaller numbers 
: from Vietnam and Cambodia. 
1 Around 140.000 are currently 
1 living in Thai refugee camps. 
; Most of the cost of keeping them 


there is borne by the UN and 
Thai complaints that the refu- 
gees live more comfortably than 
the local population, strain the 
country’s a dminis trative ser- 
vices, and threaten the coun- 
try's internal stability are no 
doubt over-stated. 

But the Thais are justifiably 
concerned about the very slow 
rate at which The refugees are 
passing through and. like the 
Malaysians, are incensed by the 
selection criteria employed by 
countries such as France, 
Canada, the U.S. and Australia. 
France, for example, 
priority to French speakers and 
those who once' worked for the 
French government in Vietnam 
while Australia rejects the un- 
healthy and gives priority to the 
skilled and educated. Some of 
the receiving countries admit 
that they are applying immigra- 
tion procedures to refugees but 
say that since they can take 
only a limited- number, they 
prefer to take those most likely 
to adapt easily to their new sur- 
roundings; The TCials and Malays 
say that it means they will be 
landed with the dregs. 

New legislation 

Both Bangkok and Kuala 
Lumpur want firm, assurances 
from Europe, North America 
and Australasia that they will 
not be left with this “ residue.” 
Otherwise, they add, they can- 
not continue to accept refugees 
as they cross the border or as 
their boats fall apart. 

The U.S. recently announced 
that it would double its intake 
of refugees for. the year to April 
1979 to 51.000, and oledeed 
Si 5m to the UNHCR for the year 
1979, subject to Cnnvress appro- 
val, as “a response to the 
present emergency, not a long- 
term programme.” New refugee 
legislation is being drawn up 
to provide for long-term plan- 
niog but U.S. officials at ihe 
, conference made it clear that 
, they expect "other nations of 


permanent' resettlement" to do 
the same. The U.S. Is also press- 
ing other countries in the South 
East Asian region to share the 
burden, of first asylum with 
Thailand . and Malaysia. Names 
were not mentioned but it was 
quietly pointed out that of the 
total 95.000 boat people, only 
4500 went to the Philippines, 
6,500 to Hong Kong, 3,500 to 
Indonesia, 2.000 to Singapore, 
550 ' to Macao and 1,600 to 
Australia. 

Australia, generally seen as a 
big under-populated country, 
appears to have come under 
pressure to increase its intake 
further. It announced plans to 
raise it by 1,500' to 10,500 in 
1979 but many felt this was not 
enough. The Australians -say 
that they have already accepted 

15,000 refugees from Indo- 
china. at a cost Of A$1,80C 
(£1,060) per refugee, and can 
not absorb them much faster. 

Australia feels that western 
European countries, other than 
France which has already 
accepted more than 30,000 
refugees, should be taking in 
far more. Britain, perhaps, 
which has so far taken fewer 
than 700; West Germany, which 
has taken slightly over 700; Hoi 
land, Belgium and the 
Scandinavian countries, whose 
intake has been minimal 

Many countries gave the im 
pression that they would be 
prepared to contribute more 
financially but would not accept 
refugees. Japan pleaded pres- 
sure of population density. 
Sweden appeared to have 
ideological difficulties. 

This week’s conference, the 
third in the series organised by 
the UNHCR, represeats the big- 
gest effort so far to come to 1 
terms with the Indo-China prob- 1 
lem on an international scale. 
Anyone wbo hoped to find a 
global willingness to accept res- 
ponsibility may well have been 
disillusioned. No further meet- 
ings are planned in the fore- 
seeable future. 


n 

is about malt 

Every popular whisky is made 
from blending pure malt whiskies and less 
expensive grain whiskies. 

The more malt (which costs 
at least twice as much as grain)- 
the more character it has. The more 
distinctive its taste. 

Teachers contains more malt 
than other popular blends. 

No wonder, then, that Teachers 
is Britain's favourite.* 

End of lesson...time for a test! 

Teadierkln adass of its own. 


“NOP Jan. 1978 




t £ 






a 




is 


1 


4'’'^ 





Atone time, international payments were made by . 
shipping gold and silver coins across frontiers: 
Today telephone, telex and S.V/.I.F.T. do the same thing 
through a sophisticated-system of figures, codes -ena , 
trust. That's tele-money, the money of confidence. 7 
Bergen Bank has 123 years of experience in handling 
international finance, foreign exchange and payments. • 

We would like to be of serviced you, through our country- 
wide network of branches fa Norway, and internationally 
through our affiliates fa Luxembourg. London. Geneva, . 

Tokyo, Hong Kong, Singapore and Bahrain. 


• - ‘'m'J-.v \ 
■ • * • 


1 /'” \ 


Bergen Bank’ V 
* IntemattohafDivfstqn -r. 

• Central Office in Bergen: 

■ ■ VSgsalmlT 4J22, . ' , 

. -N-5ti00:Bargerii Norway - 
TeTejifaone + ; 475 21-7600 
Tele*42018 ;• ., ■.-* i. ... 

?.-■ • • '" CenffalGffide inOsfo: - T-;-. 
“ V ' Kffkegt. 23, - 

- . V- Oslo IrNorway: i'\ , ’ -i 

■ Teiephons: +*472 400550 
'Telex 11069V'.-. ' : 


-s. 






The Financial Times is planning to publish a number::; of Surveys 
in 1979 on the Aviation and Aviation-related Industries. 

The titles are listed below: . ; : -■ 

AIRLINERS — THE NEW GENERATION February 


TORNADO 
BUSINESS TRAVEL 
AEROSPACE /.>. 

SATELLITES 
AERO- ENGINES 

DEFENCE EQUIPMENT INDUSTRY 
ARAB TRAVEL ft TOURISM 
LONDONAIRPORTS 
ARAB TRANSPORT 


.. March . . 

'"’•April’.' 

jfjine:\ ^ ; 
July:. 

August 

October. 

• October 
November 
.: December 


A Survey on BUSINESS ft LIGHT AIRCRAFT may be added to coincide 

with the Cranfield Show. . - * • - - 

A full list of Surveys for. 1979 is avail able on request: C ' . T V 

Brief editorial descriptions of these Surveys are avaflable if required^ 

full editorial synopsis: .vrill be available _ three 1 - months -' before 

publication. : . v _ 


For further 


information and details of advertismg- rates please contact; 

4 , Neil Ryder, - ;j_ : ' ‘ ' r-f-’ •> . ' 

Financial Times. Braken House, 10, Cannon Street, : >'"• 7 

' plvaAxiTi 

■ ■ • • M:it24S 8000 Ext 520T l\ ' 













I a : X 


win 


Trading with Yugoslavia 






By Anthony Robinson 

Europe Correspondent •; 


-^ithougli Y ugoslavia’s trade is still heavily oriented towards its Comecon neighbours — 

; parfcularly tfie Soviet Union, its largest single export customer — President Tito is urging 
'0 ~b }?£'■ Yugoslav trade groups to further investigate broader international markets. 

■ ; A major diplomatic effort is now being mounted to achieve greater access to the EEC. 


YUG OSLAVIA. HAS _ enjoyed •; ..V;v .. 

one of the fastest rates nf lhdns-. ' ”.Y ' 

trial growth In Europe over the - : 
past two years as the country's unions President. TSto empha- The solution proposed by 
self-managing enterprises have sis^ the needfor higher produc* President Tito lies in “greater 
pushed ahead with heavy invest- tivity. He also drew attention to responsibility ” and 

ment programmes and major some of the ; negative con- , . , tf> , -^7' . - - 

infrastructure- developments sequences which;, have- followed the . 1S 

involving new mines, power introduction- of tfeti974 eonstitu- supposed to be inculcated is in 
stations and - improvements to lion with its Revolution of the recently created Com- 
the communication and trans- powers to thSsix Repnblics and “unities of interest for external 
port systems. .. two' aiitpnomous^.i^rovinces of economic relations.” 

Now, however, attention; is the Yugoslav Federal State. Such "communities” have 

being increasingly, focused on a pp. been formed in eaeh of the sbt 

some of thernegatfve features^if " ^Sniartts 0 f the Republics and two autonomous 
an a per . -.cent growth rate. S* provinces and group together 

including the . duplication. - -of |^L nT7 *£ has led to importers, exporters, banks and 

investments in some - sectors, eronomic sjAe^^^has led to ^ other bodies associated in 

inflation running at between 14 an pve some way wlth foreign trade. 

1 e ~, r nnri a tndp to raise investments with an eye ' 

t0 increasing employment The 

defic^_ yrhidi jas . led to tight tin employment problem has been Conifimr 
conjc^ tjn.unports.and^a maior b y the : return of OCniUfiy 


u iri . «gravated bytoe- return of 
effort tOrgecure new; markets for *jg» hS a ntimon' emigrant 


nearly half a million. emigrant 
tvnfth*» workers. But the creation of new 

neS&r^re SSjLonomic g^ 1 ®***: 

.. LILLL ,!, . n, At .the same tune local and 

1?^ Republican pride 4 has led to 

lined that economic stability was t, ni .JJ 

vital- to- Yugoslavia’s continuing considerable prepare to build 

u^rfthd ; ^dependenc» 

taken without sufficient finan- 
mjinj excessive demand-, for bank 


as the result of inability to co in- 


to an excessive expansion of the 


CUB urc IWUI c. IM niau MU J lw virnr - 1 - , 

pete in Western markets ' 'List - money 8U P OT?-/ / 

year Comecon; accounted -far .\'At the same tins? the high 
some 40 per cent of Yugoalavrate' of mvestinen^-ihuch of it 
exports and 28 . per cent ;of made possible i by sutler credit 
imports,: and while Yugoslavia from EEC <apdrtefs,i)as kept 
is qmte ha^y to sre the' voliuuh imports at a high .plateau 
of trade increase ft does not (albeit slightly .lower than 
want to-see -a higher .proportion. 1977),' while expartsilava. not 
M Jtfr^afe te fc i g g . Jte iwfefeeqr -sufficiently .hriaBanfcjlo 
Comecon. more than dent the structural 

In his speech to' the -trade -deficit on the trade.- account. 


What this means for foreign 
suppliers to the Yugoslav 
market, particularly . EEC sup- 
pliers, is that finalisation of 
contracts now only takes place 
after careful scrutiny by the 
“ communities,” who seek to 
establish whether the proposed 
imports cannot be supplied by 
Yugoslav firms, whether suf- 
ficient foreign exchange is avail- 
able to finance them and 
whether the import could not be 
balanced, at least in part by 
some kind of buy-back or 
compensation agreement 
The “communities” are the 
latest creations in that funda- 
mental reorganisation of Yugo- 
slav institutions set out in the 
1974 Constitution, the Asso- 
ciated Labour Act and all the 
other laws devolving economic 
and other responsibilities to the 
Republics and the self-managing 
enterprises. The overall func- 
tion of the new “ communities ” 
is^a Justin a greater awareness 
of the need both for individual 
-enterprises and Republics ' to 


balance as far as possible their 
foreign trade; 

In the background meanwhile 
lie considerable reserve powers 
through which the federal Gov- 
ernment and federal organs like 
the central bank can step in 
with overall, credit ceiliDgs, 
direct import curbs and the like. 

In spite of President Tito’s 
admonitory- speeches, however, 
tbe overall external balance 
does not appear to be too badly 
out of balance, given the fact 
that Yugoslavia is a developing 
country which has budgeted for 
an external deficit of around 
$5bn over the life of the current 
five year plan. 

Exports in value terms rose 8 
per cent to $4J>4bn over the first 
10 months of this year, while 
imports dropped by 2 per cent 
from the very high levels of 1977 
to $8.06bn. Tbe resulting deficit 
of $3.5bn compares with last 
year's overall trade deficit of 
$4-38bn. 

If present trends continue the 
trade deficit for 1978 will be 
slightly lower at around $4bn, 
but the National Bank of 
Yugoslavia expects a bigger 
improvement in the overall 
balance of payments deficit to 
around $l.lbn. This compares 
with a deficit of $1.8bn last year 
and the improvement is due 
mainly to higher tourist receipts 
of over $lbn and a further 
improvement in the value of 
emigrant remittances — the 
largest single item in the 
invisibles balance worth $ 1.35b □ 
last year. The net income from 
transport and transit services is 
also expected to increase. 
Reserves stand at the record 
level of $35bn. 


Tbe National Bank responded 
to signs of overheating in tbe 
economy last July when it 
Imposed a 4 per cent limit on 
new credit creation in the third 
quarter and a 7 per cent limit 
in the last quarter. 

This was aimed at keeping the 
money supply increase to under 
28 per cent for tbe year as a 
whole. The bank is also pre- 
paring fairly tight monetary 
limits for 1979 in an effort to 
bring inflation down to around 
10 pa- cent, and this is likely to 
be a powerful factor behind 
current moves to ensure that 
the 1979 plan sets lower invest- 
ment and job creation targets 
and slows industrial growth to 
around 6 per cent. At present 
the strength of domestic 
demand and relatively high 
domestic prices are powerful 
forces tempting potential 
exporters to divert their atten- 
tion to satisfying the domestic 
market. 


Balance 


- To a certain degree import 
substitution is as important for 
the overall trade balance as 
higher exports. Indeed much 
of the investment in Yugoslav 
industry has this in mind. But 
Yugoslavia has not yet reached 
the level where it can compete 
on equal terms with the more 
advanced economies and has to 
export in order to finance the 
Imports it requires. 

As the bulk of its new plant 
and equipment imports come 
from the Common Market 
countries it is not difficult to 
understand the- current Yugo- 
slav demands for greater access 
to EEC markets. 


Last year the deficit on trade 
with tbe EEC was $2£bn and 
it will only he marginally 
smaller this year. Trade with 
the EFTA countries is also in 
deficit and the overall deficit 
with OECD countries is expected 
to be $3.2bn this year. 

The Yugoslav view is that 
greater access for Yugoslav ex- 
ports of baby beef and other 
industrial and agricultural pro- 
ducts is the best long-term 
method of ensuring higher two- 
way trade with the Community. 
This is what negotiations for 
a new five-year “ sui generis ” 
agreement with the Community 
are all about in Yugoslav eyes. 
Yugoslavia has been forced to 
restrict imports from the EEC 
but would prefer instead to 
raise exports and continue to 
import the kind of technology, 
plant and know-how — and the 
export financing — which is 
needed from EEC suppliers. 

Supplier credits account for 
no less than $5.9bn of the total 
foreign indebtedness of $9.5bn 
(end-1977 official Yugoslav 
statistics) and toe bulk of this 
comes from the EEC countries. 
Indeed the availability of sup- 
pliers’ credit has been singled 
out as one of the reasons why 
imported goods are often pre- 
ferred to similar goods from a 
Yugoslav supplier demanding 
cash payment 

This has led to a growing 
realisation of toe importance 
of export credit and the 
creation of a new export credit 
bank, which will come into 
operation next year. This is 
expected to lead to a significant 
improvement in toe financial 
backing available to Yugoslav 
exporters. 


The new bank will- be called 
tbe Yugoslav Bank for Foreign 
Economic Relations, and its 
shareholders will be the 
National Bank of Yugoslavia 
and the commercial banks, who 
will also take over tbe assets 
and liabilities of the present 
fund which looks after export 
finance. It will borrow funds 
on both the domestic and inter- 
national markets. 

One effect of better export 
finance is likely to be greater 
penetration in Third World 
markets, where Yugoslavia, 
thanks to its position as one of 
the founders and leaders of the 
non-aligned movement, has 
achieved notable successes in 
the construction field and 
supply of investment goods. 

In spite of the political im- 
portance of its links with the 
developing nations, however, the 
future of Yugoslav trade lies 
principally in tbe further expan- 
sion of its markets in the OECD 
countries and Comecon.-- Price 
competitivity plays a major role 
here, and with inflation cur- 
rently running at almost twice 
toe OECD average, the monetary 
authorities have allowed the 
dinar to follow the dollar down- 
ward in order to keep Yugoslav 
prices competitive, especially in 
the EEC market which is seen 
as toe ultimate test of toe 
economy’s viability. 

Although Yugoslavia looks to 
the EEC. the U.S. and also 
Japan, which recently extended 
a $400m buyers credit, for the 
kind of technology it needs to 
develop its economy,, its trade 
is also heavily ..orientated to- 
wards its ComecoD-'iieighbours 
and particularly the Soviet 


Union, -which is its largest 
single export customer. 

In 1976 Yugoslavia signed 
long-term trade agreements with 
Comecon countries which pro- 
vided for two way trade of 
nearly S29bn over the current 
five-year plan period, half of 
this with the Soviet Union alone. 
The prospects are that this will 
be exceeded in practice. This 
year Yugoslavia started taking 
delivery of Soviet gas, in 
addition to the 3.5m tons of oil 
it imparts .annually from the 
Soviet Union. At the same time, 
however, work is now nearly 
completed on the Adria pipe- 
line through which Middle East 
oil will be piped not only to 
refineries in Yugoslavia but also 
to Hungary and Czechoslovakia, 
which helped finance it. 

But Yugoslavia remains reluc- 
tant to increase its trade with 
Comecon much beyond present 
limits in percentage terms. 

This is partly because of its 
perception of the political risks 
and partly because, having 
hitched its star to a form of 
market socialism, it sees toe 
future in terms of competing 
on equal terms with the 
advanced economies of the West 
not only through access to 
Western technology but also 
through exposure to Western 
competition on fast changing 
Western markets. 

Agreement 

Apart from certain honour- 
able exceptions. Yugoslav enter- 
prises and trade organisations 
have not done as much as they 
could to investigate and exploit 
Western markets and were 
castigated for this by President 
Tito at the party congress last 
June. But a major diplomatic 
effort is now being mounted to 
achieve wider access to the EEC. 
while Yugoslav enterprises and 
the various republican govern- 
ments are also under pressure 
to raise exports as the pre- 
condition for increased trade 
generally. 

Present indications are that 
Yugoslavia will remain a strong 
market for investment goods of 
all kinds but that Yugoslav ex- 
porters will increasingly ask for 
greater access to Western mar- 
kets in return. Whether they 
obtain it depends partly on the 
outcome of the present negotia- 
tions on a new 5 year agreement 
with the EEC and partly on the 
readiness of importers in West 
Germany, the UK and other sur- 
plus countries to ensure a more 
balanced trade in future. 



ENERGOIN V EST 

— manufacturer!-;, sellers, buyers. 


The international business community is already familiar 
with the production '■ programme of Energoinvest of 
Sarajevo. Also known are the various forms of produc- 
tion activities undertaken by Energoinvest on the inter- 
national scene in terms of international division of 
labour or international patterns of production. 

It is assumed that international business circles would be 
interested to see how Energoinvest would organise its 
company, after tbe new Yugoslav Law of associated labour 
was enforced, in terms of further penetration into new 
technologies, new products and new markets. 

It could be said that Energoinvest managed to reorganise 
without any delay, parallel .with the normal pace -of 
business activities even showing an increase in total 
business. Tbe self management process of workers’ 
discussions concerning all the major aspects of life and 
work of Energoinvest, contributed not only to a better 
organisation but also opened up new production oppor- 
tunities. Now, also, Energoinvest has included in its 
standard production programme, the installations for 


'Hz' -'i.i" " ’ ’'-V ‘ - : v I 


I silS 


I \, 


•to 

t 

§ 


•; nm- 






H. BflCT i nil 1 1 ayAflia 






Switchgear and transformer station. 

The result of a combined effort by a joint company — 
Electroproject — in Libya. The installations and technology 
were provided by Energoinvest; the design and erection 
were carried out jointly, with Electroproject. 


atomic power stations, new development of electrical 
installations in the SF 6 technique, high voltage breakers 
and metal-enclosed gas insulated high voltage plants for 
transformer stations in populated areas. A11 these new 
products, as well as the relevant licences are already 
available on the market It has also started the production 
and supply of alumina from a newly built plant (second 
largest in Europe), processing Energoinvest's own bauxite. 

Energoinvest is a composite organisation of associated 
labour (SOUR) employing a labour forep of over 32,000 
within its 137 - organisational units. Under the new 
structure all commercial activities related to export 
import sales, commission business etc. are performed by 
a central, but specialised working organisation of Energo- 
invest called- Energokomerc. However, due to the fact 
that Energoinvest also delivers complete projects on the 
“turnkey" principle a specialised working organisation 
called Energtdnzenjering has been established. Energo- 
inzenjering is given the responsibility of maintaining the 
high quality of the projects and installations, as well as 
building especially .complex projects. 

Commercial and engineering activities organised in this 
way have already shown good results. Both these new 
organisations are linked with Energoinvest’s own inter- 
national network in 26 countries throughout the world. 
They are also linked with production units within Energo- 
invest which enables them to know at all times what has 
been offered for sale and what is required for purciiase 
from foreign manufacturing sources in order to complete 
its own production. - 

As well as the business concerned with export and import 
of equipment and. installation, technology and licences, 
Energoinvest is active internationally on joint projects in 
toe Third World markets supplying its own projects' 
equipment or .erection services. For example, the project 
of a thermopower-station at Medan in Indonesia is now 
being carried out together with the French company 
Als thorn. 

Exceptionally good co-operation has been established with 
developing countries in building transmission lines and 
transformer stations for their electrification programmes. 
In all these countries the realisation of these projects on 
the “turnkey'’ basis (a usual provision in toe contract), 
is carried out by Energoinvest in conjunction with local 
companies. 

It has become established practice for Energoinvest to 
enter new business ventures by forming joint companies. 
So far. by providing its own technology. Energoinvest has 
established Energomex in Mexico, Electroproject in 
Libya, Eleject in Egypt Also in Yugoslavia, Energoinvest 
has established a joint company — Petrotinvest — based 
on the technology of its French business partner Technip 
of Paris. 

In 1977 Energoinvest was ranked as the fourth largest 
organisation in Yugoslavia measured in terms of GNP 
(the list is annually published by Ekonomska Politika). 
The materialised gross income amounts to over 19.5 billion 
new dinars at the increased productivity rate of 8-2%. 
In the last year toe value of exports of goods and services 
was over 2.5 billion new dinars. 

Energoinvest's past and present record shows flexible 
capability as both, suppliers and buyers m the markets 
of toe world. 


Further information may be obtained from: 

Public Relations Office, Energoinvest, POB. 158, 71000 Sarajevo. Yugoslavia 
and Energoinvest London Office, Imperial Buildings, 56 Kingsway, London 1VC2B fiDX 














A YUGOSLAV 
ELECTRONIC COMPANY 
ON 

FOUR CONTINENTS 


Iskra is the largest, leading electronic company in 
Yugoslavia, comprising 75 factories throughout 
Slovenia. These are united into seven product 
divisions which are: telecommunications, automa- 
tion, components, auto-electrical parts, consumer 
goods, capacitors and batteries. Supplementing the 
activities of the product divisions there are five 
specialised groups: a marketing organisation — 
Iskra Commerce, Institute for Labour Productivity 
and Metrology, Data Processing Centre, Iskra 
Invest Service (covering the erection of new build- 
ings and maintenance of existing ones) and a 
training centre. 

With its broader production scope — from the first 
watt/hour meters and cinema equipment, three 
decades ago, to more sophisticated telecommunica- 
tion and computer systems, industrial automation, 
electronic and electro-mechanical devices and 
components as well as a wide range of consumer 
goods, Iskra has increased the number of 
employees from 850 (1946) to almost 30,000 at the 
present moment. High quality and outstanding 
product design has won Iskra a high reputation on 
world markets. Iskra’s international marketing 
network consists of seven trading companies and 
eight representative offices throughout the world 
markets. Besides, Iskra has several factories in the 
following countries: Switzerland, Italy, Spain, 
Ecuador and Venezuela. 

From its wide production programme Iskra 
invests most in developing the following market 
segments: 

Micro-electronics 

With all technological variations including thick 
and thin film technology, the majority of thin film 
is made in C-MOS technology. 

Semi-conduttor materials and components. 

Business and Data Processing Computers 

Business Computers systems and programming 
equipment, development work on Micro-computers 
and development of Micro-processors. 

Opto-efectronics 

Development of telecommunication components as 
optically coupled relays. 

Holography, mainly for use in memory banks. 
Opto-electronics for measuring purposes. 

Integrated Telecommunication Systems 

Based on digital technology as PCM Multiplex and 
PCM Communication equipment. 

Security and Signalling Systems 

Road traffic control, railway automation and 
signalling. Environmental and ecological instru- 
mentation and equipment 

Consumer goods 

Automation Equipment for Industry 

Based in Coulsdon, in Surrey, Iskra limited is the 
British trading subsidiary of the Parent organisa- 
tion. As well as selling a range of Iskra products in 
the United Kingdom, Iskra Limited has an impres- 
sive record of exporting raw materials and other 
goods of British origin to the Parent organisation 
in Europe and other export markets. 

For more information about Iskra and its 
products, contact: Iskra Limited. Redlands , 
Coulsdon, Surrey CR3 2HT. Tel: 01-668 7141. 
Telex: 946 8S0. 


Headquarters: Iskra, Try revalpetfe 3, 61000 Ljubljana, 
Yugoslavia, tel. 061 324 061 

Trading Companies: 

Iskra Elektronlk, GmbH, Fnrtbachstrasse 2b, 7 Stuttgart 1, 
West Germany, tel: 60 30 61, telex: 72 27 00 lsel 

Iskra Eiettronica Italians S.r.e-, Piazza De AngeLi 3, 20 146 
Milano, Italy, tel: 49 80 036, telex: 34 360 Iskrait 

Iskra France, 354, Rue Lecourbe, 75 015 Paris, France, 
tel: 554 04 27, telex: 202 890 f 

Iskra Electronics Inc* 8 Greenfield Road, Syosset, N.T. 
11791, USA, tel: 516 364 2616, telex: 66 352 isfcrany 

Iskra Electronics AG, CH 4500 Solothuru, Am Stalden 11, 
Switzerland, tel: 065 22 SI 22, telex: 34 800 iskra eh 

CEFRA. Export-Import, GmbH, 8 Miinchen 40, lingerer* 
strasse 40, West Germany, lei: 39 20 61, telex: 052 16141 

Representative offices in: Prague, Warsaw, Berlin (GDR), 
Bucharest, Moscow, Cairo,' Teheran, Caracas 

Factories: 

Ferles AG, CH 2542 Pieterlen/Blel, Switzerland, 
tel: 032 87 16 51, telex: 34 524 per Is cb 

Iskra emec, Panamericana norte km 5, Apartado 6241 CCI, 
Quito, Ecoador, tel: 533 380, 533 366, cable: iskracmec 


TRADING WITH YUGOSLAVIA II 


THE EEC 


The talks continue 

YUGOSLAVIA’S CONTINUING lose nitrate. As for textiles, new cast . over West Germany’s $1.0Bbn, while exports were 
political independence and ceilings will be subject to willingness to make concessions worth, only $295m. . 

economic stability is of vital negotiation in some areas, hut by the Press campaign, mounted The latest composite figures 
concern not only for Yugoslavia overall . textile imports will in the wake of Yugoslavia's show that over the first tern 
but also for the balance of power remain subject to the terms of refusal last month to extradite months of this year -Yugoslav 
in Europe, This in a nutshell is the multifibre arrangement four suspected West German exports to- the Community felL 
the basic premise which under- The UK, Italy and other terrorists. There is no evidence by 7JL per cent to SLOBbn, while 
lies the current round of Yugo- countries with surplus refining that this has led to a hardening imports dropped 2 -per cent to 
Slav-EEC negotiations aimed at capacity showed considerable of the West German attitude on $3.06bn. It is against this hack- 
forging a “ sui generis ” agree- reserve over proposals to allow this or other points. . ground of declining volume and 

ment to replace the original access for Yugoslav refined The current round of negotiar risio 2 deficit that the current 
five-year agreement which products which will be available tions for a new EEC agreement negotiations for a new agree- 
expired last August and which m ever increasing quantities as p i ace against fixe back- ment the Community are 

j has been prolonged while nego- several new refinery projects gTOUadof adeclirieilltradewit i 1 taking place, 
tiations last come on stream. *>._ efp a T*kp in trad*» with Yugoslavia, with Its .*um= 

The man leading the Yugoslav- A ceiling of 450,000 tons with comecon.* 0 aligned status and fiose links 

delegation in the orotracted provision for a 5 per cent annual - . •• .... with most developing ajuntrlcs, 

Decollations is Mr Stoian increase is now envisaged. Mean- ** is most unlikely that deariy sees the negotiations as 

Sv a ^ys^Id^acedoniS while tariffs ere to „e gradually ™ ^’ZS^l'SSSSi 

economist who took over the lob dismantled over the five-year completely to balance its xxaae t0 the problems of developing 
framed? jLkS Sid ole the Period a wide range of yith-the EEC countries, nor conntries in general. There has 
« n rm B r wt materials— mercury, ferro-alloys, mdeed does it have to so long cer tamly been no lack of de- 


May 1 wh e n* a^aj or* S n z^^d^tou e I? 0 " alJ0 ^ , 35 P^ ons v of t f Ti f i c ? ntiBU ® claratfois of goodwill from the 
may wnen a major resnuoie oi - to flock to Yugoslav beaches and Community and the original 

pla'S'STfedeST^ AarPAfI resorts or send back their negating mandaiepro- 

p Before If kin- fn the iob of ' savings from jobs within Com- paS ed by the Commission to the 

Andov^was if^pons. .to-EEC WKt 

in ffhanu, tk, farion! Cnuarn. fnr Hainmmh. Kac Licrmaiiy. fleCtSC! that. • A Here IS. . >150 


in charge of the federal Govern- for reciprocity Yugoslavia has 
meat's relations with developing agreed in principle to work 


But one only has to look at general awareness within the 


UJCW s ITIU 1 uciawiui J.U yi yie IU nuin. --v — — — — ~ .. - + . _ • , I 

countries. Yugoslavia itself is a towards die elimination of the extent of the imbalance in Commini lty j 

developing country, but it is barriers and will not introduce Yugoslav trade with the Com- I 

quite dear that Yugoslavia sees new customs duties, quantitative munity as a whole and its in- of 
easier access to Community restrictions or other restrictive dividual members singly to 

markets for its industrial and measures, although this comes understand the determination »“ J a wWuT-JSJ 

agricultural exports plus greater complete with the usual let out with which Yugoslavia is press- 

access to Community capital clauses. ing its daim for greater access C n 0 “^:° trade 

markets and institutions as vital The EEC agricultural lobby to Community- markets and lucreas ng. 

for its future development. is notoriously powerful, and capital. ___ 

The broad outlines of a new Yugoslavia does not look like Italy is the only member of | . 

negotiating mandate have been getting more than marginal the Community which comes , '. »* • 

hammered out between the concessions on this front. It anywhere near balancing • its Yugoslavia’s difficulties' . on 

Commission and the Council of would dearly like, easier access trade with Yugoslavia. western markets, including 

Foreign Ministers. But final for its baby beef in particular. This is partly a question of EFTA where Yugoslavia is also 
agreement could not be reached but the present guaranteed sheer physical proximity. The running a big deficit of over 
on several important points by access of 300,000 tons Is likely most highly industrialised areas S450m, are part of the cause 
November 21, the original dead- to remain, with, small tariff of Yugoslavia, that is to say of Yugoslavia’s increasing 
line for completing the nego- concessions on. wine, horsemeat Slovenia and Croatia, either economic links with Comecon. 
tiating mandate. It is now aud other products. share a common frontier or face But translating general good- 

scheduled to be announced on On the financial question Italian ports on the other side will into concrete concessions. is 
December 19. Yugoslavia is making the most of the Adriatic. Apart from the not proving easy. 

Both sides are agreed that the of its strategic position on the big traffic in timber, of which There is now no chance of a 
new agreement will be framed main rail and road routes to the Italy is very short, and raw new agreement by the end of 
in such a way as to assure Middle East and as the vital link materials there is also a thriv- thic year as originally hoped, 
greater access on similar terms whenever the Community is ing two way trade in industrial and there is the prospect jof 
offered to other Mediterranean enlarged to include Greece and components and machinery. The tough horse-trading on the 

countries under the global Turkey. biggest bone of contention is details. 

Mediterranean approach policy The new five-year agreement access to the huge Italian ~Whatever the outcome of the 

of 1972, but without infringing is expected to have a financial market for imported meat, negotiations and Yugoslavia 

on Yugoslavia's political in- protocol attached which will which was cut off uncere- dearly expects that the new " 
dependence and non-alignment, provide for European Invest- moniously three years ago agreement will be more favour- 

A large proportion of Yugo- ment Bank loans for infra- under pressure from German, abIe than the-ie* 

slav industrial products will in structure projects like the main Dutch and French farmers who organ i sa tion of the foreign trade 
future be granted free entry, trunk motorway. Some 250m wanted to offload their own bas already underlined 

but much hard bargaining still units of account could be made meat surpluses in Italy. companies trading • With 

has to be done over the ceilings available in this way, and an West Germany is far and Yugoslavia must make a greater 

to be placed on the fairly effort will also be made to away Yugoslavia’s largest t0 fafce Yugoslav imports* 

lengthy list of M sensitive ” encourage more investment and source of supply,- reflecting the as ^ abi]ity of Yugoslav corn- 
items. . joint ventures by EEC firms. same sort of co-ordinated paDies t0 un Port ^ now - 

These include fertilisers. Yugoslavia is also seeking export effort', export credits and Iin ^ ed ^ f ore j gn ^(ihan™ 
tyres, travel goods, leather equal treatment far Yugoslav after-sales service which has parn i ngs 0 f company itself 

clothing, footwear, glass furni- emigrant workers, including characterised the West German an( j the balance of paymente of 
ture, steel and copper tubing, equal social security treatment, presence throughout eastern ^ Republic in which it is 
copper and aluminium bars and This would be especially expen- Europe. Over the first eight jj ased 

sheets, generators, wires and si ve for West Germany, where months Yugoslavia imported A DaUhcaii 

cables, trailers, seats and ceilu- most live and work. A pall was West German goods worth /ill UI O fly ilODiraOD 


’ . Financial TSineS ; 


BANKA 

— UDRUZENA BANKA 
Novi Sad — Y 

Vojvodjanska Bapfca—’XJdrmtc P s 
incorporates all (eighteen) Basic BanU in the. 
Autonomous Province of Vojyodina. 

Vojvodjansfc Baiika-HtJd^ttzena Banka.;; 
is authorised to ptjrforni all foreign; banking ’ 
operations- on its hehalf saud'^ account 
of member Basiir Banlcs.,; - : 

Vojvodjanska > 

Is responsible for obligations / ar1siiig,fn)iii ^ 
such operations and all member, BasIc^BarikSj. 
have 'm utual unlimited subsidiary responsibility 
with respect to it ■ 'J ’ 

2100X Novi Sad,;.RO^^B«r ^ 

Bulevar Marsala ^ llta .i^ 

T eiex: 143L29 ahd 14172 TO V05BA ;; . 
Cable: VOiy(»A3SkA 
Telephone Exchaiige: 57-222 ~ 


The •. • ' v - 

METR0P0L 

offers ev^ry jacility in J^elgrdde 
HOTfiiilJGOSEAVIJA ^ ^ - 

Provides sin Imaginative, impressive. Impeccable - *’ 

setting for your next meeting in Belgrade^ We -J- ? 
can accommodate np to 1,800 persons^ - '; t-. ; - 

For your, next business meeting plan tq.-stay/ C' 
In Hotel "Jugoslavija."'- 1 — de luxe, hotel oti the 
river Danube: 600 rooms, fuBy air eonffiutmed:;. ^.. 
Contact us for detailed. ^CONFERENCE 
BROCHURE and price quotation: - ..-y, ^ - 

* HOTEL M JUGOSLAYUA" 

■ * ■ ^ - 
FhoUe; 

: Tc 



■ Neto^Yor 6 
-Tic _ 
'London: Ol 
. Tx 




HOTEL _ 

= Teton II 384 .. J 

HOTEL SLAVUA 


Restaurant 

Reservations:. 


E5 


sneloEko 


.... . u -rijubljana 


COMECON 


A humdrum affair 


THE STAGE w'as set for a 
major and sustained increase in 
Yugoslav trade with the Come- 
con bloc countries back in 1976, 
the starting year both for Yugo- 
slavia’s own five-year indicative 
planning period and those of 
the centrally planned ’econo- 
mies. Under agreements reached 
then, two-way trade with a total 
volume of S29bn was envisaged, 
of which half was to be with 
the Soviet Union alone. 

All the indications are that 
trade will in fact considerably 
exceed this already ambitious 
figure, largely because of the 
difficulties which Yugoslav 
enterprises face in expanding 
their trade with the OECD coun- 
tries, specially the EEC. 

Over the first ten months of 
this year Yugoslav exports to 
Cameron countries rose b.v over 
11 per cent to Sl-9bn while ex- 
ports to the EEC dropped by 7 
per cent Imports from Como- 
con meanwhile rose S per cent 
to $2.44bn. taking the deficit on 
Comecon trading to $550m. 

Co-operation 

A major milestone in in 
creased co-operation and inte- 
gration will be passed in Janu- 
ary when the new Adria pipe- 
line running from the Adriatic 
port of Rijeka with an initial 
capacity of 20m tonnes annually 
of crude will come on stream. 
This is a Yugoslav venture 
partly financed by Hungarian 
and Czech credits. Some 5400m 
has been invested in the project. 

The pipeline is in many ways 
a symbol of the changing 
economic relations in this area. 
The Soviet Union has told its 
Comecon partners that they can 
no longer count on obtaining 
continuously increasing supplies 
of Soviet crude and the Adria 
pipeline will be the main source 
of future Middle East supplies 
for landlocked Hungary and 
Czechoslovakia. 

■ At the same time as Comecon 
countries are diversifying their 
own oil requirements, however, 
the Soviet Union has assured 
Yugoslavia of new supplies of 
gas and oil and has contracted 
to supply annually 3bn cubic 
metres of gas and 3.5m tonnes 
of oil, one third of total 
imports. 


The Soviet Union has also Yugoslavia's overall trade 
been f3 irly apen-h iaded in ex- deficit -the existence of a 
tending credits to Yugoslavia, planned and guaranteed mar- 
particularly to finance mining ket for its products in the 
and raw material development Soviet Union and Comecon 
programmes. Last year it agreed markets generally is economic- 
to raise its original credit offer ally attractive. But Yugoslav 
of $420 m to S750m to cover cost trade and political circles are 
increases in some major projects acutely aware that it as to thfe 
in which it is involved. West rather than Comecon that 

One such project came on it must continue to look both 
stream this autumn in the shape for tlie sort of technology and 
of a major new alumina plant know-how it requires to 
built by the Sarajevo-based modernise and for the mairrten- 
Enereoinvest group at Zvornik amre of its non-aligned status, 
in Bosnia which was largely This incvilaWy introduces a 
Soviet-financed. The money is Mrta i n ambivalence into trade 
to be repaid by shipments of relations ^ ^ Uriion . 

alumina to the Soviet Uzuon. 

It is major projects like these T7— nnti 
which have helped to make the Sl F Ulillcjr 

But Yugoslavia is ulaariy less 

Sneariy a <S ^'SurooL^ mlm 

Slav exports or both goofc und ot c^on 

Z ^ Hungary, and Romania, with 

vhich il shares * common 
.‘gned with Soviet frontier, as well as with Poland, 

They cover a wide :field— Czechoslovakia, the GDR and 

including the construct on of Bulgaria, 
hotels in Moscow for the 1980 Unlike trade with the Soviet 
Olympics and hotel and Union and the GDR, which takes 
restaurant complexes in the place on the well-tried, bi-lateral 
Crimea. But the main Yugoslav clearing system, trade with the 
exports to the Soviet Union are other Comecon countries takes 
ferrous and noD-ferroux metals, place on a hard currency basis 
ships and ship equipment, food with Hungary, as usual, showing 
processing equipment, trans- the greatest flexibility, 
formers, automatic tkephone Hungary and Yugoslavia 
exchanges, machine tools, agreed to regulate their trade 
cables, batteries, chemicals and 011 the basis of convertible 
consumer goods of many kinds, currencies as far back as 1973. 
The Soviet Union on the other 0n January 1 this 5-ear thi& 
hand exports machine . fools, agreement was widened further 
power . station equipment, *° th f r botJ ? Hungarian and 
mining and metallurgiSl equip- 'Iff 

ment, oil and gas and raw “ ! rom f 00ds 

materials fnr Vivn^hv Wunst, . transit and other 

materials for the Yugoslav S0rv j re can now f^y C h 00se 

chemical industry as well as lhe specific convertible currency 

raw material Ul ° Se ^ 011101 * n they want *° be P ai(3 - 
Although Yugoslavia's first Since first introducing such 
nuclear power station at Krsko flexibility in trade payments 
is being built in co-operation Jjy® yy ar p_ ag0 
with America's Westinghouse, J n ?! e ? and ^5^ 
Russia and Yugoslavia also ’ ^ . as ^ ,^ ear ’ , has 

have a long-term agreement a fa d r advantage 

under which Energoinvest of concerned but 'there 3 is 1 
Sarajevo will supply steam counterbalance in the sub- 

Sov ‘ et J i UI< S? r staalial defici t on the services 
power programme. In the long account, reflecting the attrac- 
run the Soviet Union would tion of Yugoslavia as -a tourist 
also like to sell its nuclear mecca for Hungarians. The 
plants to Yugoslavia. Hungarian authorities are now 

Given the siruciural nature of pressing for new forms of 


co-operation with Yugoslav 
enterprises including Yugoslav 
assistance in building badly 
needed hotels and tourist facili- 
ties in Hungary, closer co- 
operation in the machine indus- 
try and industrial co-operation 
in border areas. 

By and large, however. 
Yugoslavia’s trade with 
Comecon is a pretty humdrum 
affair — the exchange of medium 
technology plant and equipment 
for the exploitation of raw 
materials and energy projects 
and general engineering equip- 
ment Both sides tend to com- 
plain of late deliveries, quality 
control problems and excessive 
rigidity. 

The export director of a major 
high-technology export company 
in Slovenia summed it up when 
be said the problem his com- 
pany faced was that the most 
advanced Yugoslav companies 
just could not find enough 
goods to buy back from 
Comecon within the narrow con- 
fines that they were allowed by 
the various industrial 
Ministries. 

A.R. 


. *.j— Home Trade, Production 7 ^ • • 

•• -•> «;. •' ■ - : - •• . ., *' '* • •/. 

Wholesale, retail trade, exp^ ^i'impdrt, 
representation of foreign 
iapmotioh of foreigti trade :tr^osa£tiaQsi 
manufif^iring files and steel, anchocholts 
for constructional engineering.; J 

For further information, please- a&inct heud office: 

- : \ . •/ ■ . .. . Dalmatinova S . . 

'' ;6i000LJUB^AKA 
. - .' YUGOSLAVIA. ' 5 . . . 

' - : -fepott^Director; > r 

■ • - >.• - . . F.O.B. 01-202 : ' ' 

‘ - .. Phane::(061) 31ll55 v- ; 

' j -Telex: 3 1395 yumetaH . ;. 


Advice on Joint Venture 
Opportunities in Yugoslavia j ; 

The International investment Corporation for Yugoslavia 

provides a full package of advisor/ services in. arranging 
and financing joint ventures betweerr international i' /; 
companies and seif-managed Yugoslav enterprises in - 
the burgeoning- Yugoslav market economy.^ ^ IlGY's^ 'T '"-T 
shareholders are constituted by twelve leading: Yugp$!ay, 
banks. The International Finance Corporation <1FC) .-.-'V ^ 
of the' World Bank Group, Washington, and forty; miferf : 
international banks Including three leading British banks; 
The Corporation has offices in principal Yugoslav : 
capitals. Its London Office i^ situated at 14.-16 eockspiJr 
Street, London SW1Y 5BL, Tbl ; 930-7578, . . 

Telex:91 6445 YUGO JOINT LD til. . . , . ; v 

THE^ ^ WTEMWTlOllftt^ v 
INVESTMENT 
C0RMRAI10M FOR - 
YUGOSLAVIA S A^ r 





Yoiir efficient business Jink with 


ToifeZ assets on June 30 ^ 4978 ? : ^ r - 
Dln.17B.498 million (US S 9^58 rajmon7 / 


offices ttougl*^Yug«sS*^ . 

More than 98fl correspmu^riteim^ ^425^ cmmtries and- i.-: - 
1 7 ftBprosent8tive Officer at! om’ the i ■ • / ; • ' 


Cables L-BanteuT^fcjf: 







o 4 


"i 


- -v 
*■ • - • 








.WITH YUGOSLAVIA; m 
: ■ ' ' ; JOINT VENTURES 




New laws on foreign investment 


THE ENVIRONMENT fnjwh ieh all- Improvemenl^-aDJi gnaran- 
. foreign flxias datilwith- Itbeir .fee- that -the. results - specified 
Yugoslav partners has changed under tb& ;agre«uent are 
considerably 'id I»78^ : .New ac h ieved . within, fiio^ planned 
Jegislation- has been - passed time limit 
covering' jomt. : ventures, . No agreement v-will be 
industrial co<jperaS bn, transfer approved ; lor - thei V ' relevant 
of techno l ogy , foreign represeii- Federal Committee, whether on 
tative offices, and the TespotKt- industrial" • - ;co-ope3ratiDn or 
bility of constituent JSepublks transfer, -if it restricts the 
and Provinces for their balance enterprise m applying the 
of payments. " v- ^transferred technology, or in 

Up to now i^^ haa iJeen a. developing !!, or on acquiring 
general ’ feeHng^That most fn-‘ similar technology from: other 
dostrial co-pperation ^and lipes- persons, or. in exporting to 
sing agreements Joint venture countries other tbaav those 
contracts ami the like-have' 1 patf-where the . supplier /hi ms elf 
Yugoslav. firms in a subordinate manufactures - the.\. respective 
role. Because ; r of . market : goods- or. has awarded- -'exclusive 
restrictions ;ihd the supply of manufacturing-rights. ,'A total of 
outdated technology.’; . .ten reasons -3s given. for not 

The new. law on long-termeo- approving an agreement 
operation and tfa.eacquisitioh. of ; : The “Law on investment of 
technology provides for 1 the im- . resources of -foreign persons in 
port -of components, parts and_domestic organisations ,«f asso- 
products on. a long-term mini* ciated labour” covers joint 
mum; five year-basis, . ventures. Its main provisions 

In the case ■■* of technology nre that a Yugoslav firm must, 
transfers the. -.supplier must except when there is a special 
guarantee to transfer complete interest established -by. the 
technology, to place, at the Federal Assexnbly/ inyeSt more 
disposal of the Yugoslav buyer', than th& foreigh. New fields are 


open for foreign investment 
The only exclusions are in- 
surance, trade .and public 
services except scientific 
research. TfemUng investments 
are regulated by another 
fed er al law- .Yugoslavs must be 
a majority on the joint business 
boards' responsible for tbe 
carrying out of agreements, but 
foreign representatives have 
the right to submit proposals 
and opinions ~ to the self- 
management and other organs 
of the enterprise, which are 
under obligation to consider 
them and inform the joint 
business board of their position. 

The foreign investor has the 
right to participate in tbe 
income of the joint venture and 
to get compensation for the use 
of his resources. That right 
expires when the value of 
investment is repaid, or when 
tbe joint venture agreement 
expires. One of the main new 
features is that a joint venture 
agreement cannot be made for 
an indefinite period. 

Since i967, when Yugoslavia 
introduced legislation permit- 


DEVELOPING COUNTRIES 

Closer links sought 

LONG- BEFORE the, oil .crisis ports, while imports a£ t $Lllbn tries often leaves much to be 
Yugoslavia, with its active par- were 13.5 per cent : btf total im- desired. 


ting joint ventures between 
Yugoslav and foreign enter- 
prises, 161 of this kind have 
been signed. The pioneer in 
this respect was Fiat, which in 
1968 formed a joint venture 
with Crvena Zastava, the former 
armaments company, with which 
it had had a technical co-opera- 
tion, licensing and manufactur- 
ing agreement since 1951. 

Last month Fiat chairman, 
Sig. Giovanni Agnelli was 
received by President Tito and 
was awarded one of Yugoslavia's 
highest honours— the Order of 
the Yugoslav Flag on sash. This 
decoration was bestowed not 
only as recognition of the role 
played by Fiat in helping to 
develop the Yugoslav motor 
industry but also to demonstrate 
the importance which Yugo- 
slavia attaches to joint ventures 
and other forms of co-operation. 

In Fiat's case Sig. Agnelli 
signed in Belgrade a new long- 
term agreement under which 
Crvena Zastava will build ver- 
sions of the Fiat 131 Mirafiori 
and 127 model in addition to Its 
current range of Fiat 128s. 132s 
and older 750 models which are 
to be phased out. 

The deal calls for the ex- 
change of cars and components 
worth $1.2bn between 1980 and 
1986. with production at the 
Zastava plant at Kragujevac 
scheduled to rise to 320,000 cars 
and 20,000* light commercial 
vehicles by 1982 compared with 


200,000 cars and 11,000 commer- 
cial vehicles now. 

The Fiat link is by far tbe 
most Important single manu- 
facturing venture, but in value 
terms the most important is the 
$750 m Joint venture in petro- 
chemicals and derivatives 
between Dow Chemical of 
America and INA on the island 
of Krk. 

A total of some Dn 26bn. close 
to $1.5bn, was invested in joint 
ventures up to the end of 1977, 
hut foreign partners clearly 
have been reluctant to invest 
up to the permitted maximum 
of 49 per cent, as the invest- 
ment by foreign partners is 
only a quarter of the totaL 

Interesting 

All but two joint ventures 
have been with companies from 
developed Western countries, 
mostly the U.S., West Germany 
and Italy, and only two with 
companies from Socialist 
countries — East Germany and 
Czechoslovakia. The most 
interesting sectors have been 
metal manufacturing, chemicals 
and raw materials exploitation. 

Several hundred industrial 
and technical co-operation agree- 
ments have also been concluded. 

Under new legislation foreign 
firms and banks can now open 
offices In Yugoslavia. A few 
companies have already done so, 
like the U.S. General Electric, 
and Macy’s which has set up 


a purchasing office. Foreign air 
companies have had their offices 
here for a long time. Among 
banks interested in opening 
offices are the French Socidte 
General and the Italian Banco 
Milano. 

The responsibility of republics 
for maintaining a given balance 
of payments position has led to 
inconvenience for foreign 
businessmen, especially those 
who, on the basis of counter- 
purchases. have to buy 
Yugoslav products. They have 
not only to find what to buy but 
also to try to buy it in the same 
republic where they sold their 
exports. McDonnell Douglas, 
which sold two DC-10 jets worth 
$82m to Yugoslav Airlines 
located in Belgrade, has to buy 
goods worth 50 per cent of that 
in Serbia. Westinghouse which 
is building the first nuclear 
power plant jointly financed by 
the republics of Croatia and 
Slovenia, has to buy in those 
republics. 

Foreign businessmen and 
embassies in Belgrade complain 
bitterly about such practices and 
point out that this harms 
Yugoslav exports fragmenting 
the already small market for 
foreign buyers. They also com- 
plain about the general lack of 
information about Yugoslav 
legislation and regulations. 

Aleksander Lebl 

Belgrade Correspondent 


RIJECKA BANKA 
RIJEKA 


HEAD OFEICE: 
TRG P. TOGLIATTI 3a, 
P.O.B. 300, 51000 RIJEKA 

Phone: 31-211— Telex: 24143, 24334, 24126 
Cable: “ BANKOM RUEKA " 


Branch Offices: Buje, Buzet, Crikvenica, Delnice, 
Krk, Labin, Mali Losinj, Ogulin, Opatija, Otocac, 
Pag, Pazin, Rab, Senj, Vrbovsko. 


All Banking Services 
World-wide network of correspondents 


tlcipation in ..the non-aligned : ports. This in dudes 1 oil of which 
movement,. began Increasing its Yugoslavia imported 4.6in tons 
trade' with tyre - developing' from. Iraq. ■ 500,fi0p ttfns from 
countries. . • Libya and 345,000* taxis from 

The current five year plan; Iran last year. The Soviet Union 
1976/80, aims to raise the pro- supplied the 4J2m tens which 
portion pf trade with the de- made up the total ofiimports 
yeloplng countries to a quarter of 9.65m tons last year/ . 
of the total by the start of the 1 . - One of the main trading prob- 
19S0s. Results so far foil- far lems is that although Yugoslavia 
short of targeL .fcoweverl ’" r - .-'has close' politic^ l&Kf. and-. a 
In the first 10 months of this favourable* overall ijp age in 
year exports _to ihe developing, many developing /roimiries its 
countries totalled 8860m, or 19.9 knowledge of economic and 
per cent ofoverafl Yugoslav ex- market conditions in these epuh- 






PRijMCIPAU^ WORK 
RES^RGH PRbjfCTS r : ; • . ; 

l: • STUp/ES:::/:^ ; /;W .;S : * . ■ ■ •• 

1 ’ PLX^NlN^'^ND^bKIGKl',: ' . 

. toNSULTINfe .. : : / : 

ENdlNEERirffe- ; " ■ v- . ;/ 

coNOTiucnoN./ 1 y ■* 

OPERATjOMV . " & 

ELECTRONIC DATA PROCESSING' 
FOREIGN TRADE * ' - •:* . £ 


About 85 per. cent of ENERGO- 
PROJEKT’s total activities are .. 
carried out abroad. Today, it 
employs over 4000 university ^ ; 
graduates.'tecbftirians and other 
highly skilled staff and a 
nvan-powerotsome 20000 - 
workers of other skills in 
Yugoslavia and abroad. 

ENE RGQPRPJE KT has existed -\ 
and is carrying.out lapiat invest- 
ment and other projects in over 
40 countries in the World. The. 
value of ENERGGPROJEKT^,.; •: | 
present undertakings with 
foreign and Yugoslav employers, t : ■ 
conrractorsind subcontractors, 
is estimated at about US$900 ; ' 
imNion. ENERGOPI«)iE?;T-Ws' 
seven companies infive countries, 
partlcip aces In 12 Joint ventures **’ "• 
in nine ooinitries-jmd has 1 - . * . . 

agencies In IZcounrries. • 

ENERGOP fcOj EKT i sregisie nrd * 
with the United Nations in.Mew'. .. 
Yorkahd'itsagenaeslnRomei 
Geneva ahdyianna.'.JtTsa> .•. •. *, 
co-founder of six Yugoslav banks, 
and actively co-operates with. 15 \ 
of the world's most reputed 1 
banks, and With 40 other foreign 
banks in 37 countries -in Africa, 

Asia. North and South America , . 
and Europe. ’• i ' - 


Eagmeeririf, .Contracting. & .. 

Head'o^ce; Zoleni whac lB- 
BELGRADE f.O. Box 7!2 : 
YUGOSLAVIA- - 

Teh 627 S3Z -- !• Y .. :. 
Tetar: 111B1 YU ENOGO-. 
Teleeramt: -ENGRGO BEOGRAD 


50h« KEY PROJECT 
fTYPES: 

•’ Hydroelectric Power . 
Plants . . - 

• Thermal Power Plants 

• Electronic Networks. 
^Transformer station and ** 

! . ' Switchyards * 

;• 'Agriculture; Reclamation, . 
’• irrigation wid'Drainage 

•. Municipal and Industrial 
Water Supplies and Sewers 

•* Town Planning and 
Architecture 

• Geology and Mining 

•" ; Technological and 
‘ Metatfujjical Ore 
Processing ' 

^ Industrial Plants and 
Projects 

:• iosta Uetion^ 'and Operation 
of Computers and 
.* hsformatipn Systems 



ENGINEERING CONTRACTORS 
FOR ; WBXjOT 

^ :61001 Ljnblifflia. : 

TeTex: 3I376T YU SMELT 

. In Metallni^y, Metal Casting and . Finishing, Power 
Generation, Production of Bnhding Materials, 

- Caieinical lndnstry, Material Ha n d lin g , 
Environmental Protection 

SMELT CARRIES OTJT: 

Consnltihg, : pre-feaiibiliiy .and; feasibility - studies, 


tenders..* and . . technical * .specifications, project 
engineering, selection- of equipment, -construction 
of industrial .plants hn * , ‘ turn-key ” basis, -inspection 
dunng constniction and plait erection,' supervision 
irhrrTng tnaT -ruiv; professional stag; training, import 
and export: s^vices,.as well as complex engineering- 


Consequently, much of such 
trade is still transacted through 
the trading companies and mar- 
kets in London and other entre- 
pots. This is one reason why 
UK and Yugoslav trade figures 
never match, tbe UK figures do 
not take such transactions into 
account 

Yugoslavia has preferential 
trade arrangements with some 
other developing countries 
within GATT, for example, 
tri-partite preferential agree- 
ment with India and Egypt and 
has granted duty free entry for 
some goods from developing 
countries, mainly food and 
spices. . It does not expect 
reciprocity from the least 
developed countries, but hopes 
for a multilateral scheme of 
preferences among the develop- 
ing. countries where it would 
be included. 

Because of .the sharp compe- 
tition on the markets of the 
developing countries, it has 
been difficult for Yugoslavia to 
match the terms “ both indust 
zialised Western and Comecon 
countries can offer especially 
as far as export credits are 
concerned. The Export Credit 
and Insurance Fund has been 
trying to cope with that It 
is expected that the Bank for 
Foreign - Economic Relations 
which will start operating in 
1979'will be in a better position 
to finance exports of Yugoslav 
equipment and ships and to 
finance construction work in the 
developing and other countries. 
•- In; this competitive world 
Yugoslav firms have to behave 
mere or less as all others. But 
they have been often reminded 
by President Tito not to go 
after a quick profit but to 
employ long-term perspective 
find even to sacrifice somethin 
in!prder to secure their position 
In. the developing world. 


Success 


/Some of them have under- 
taken not only to sell in 
developing countries but also to 
/.there for industrial co- 
operation. and joint ventures 
mid- there have already been 
good results. The Slovenian 
;firm Slovenijales has a mixed 
enterprise in Bangui, capital of 
|:tyte Central African Empire, for 
exploitation of forests and wood 
processing. The Belgrade 
Machine and Tractor Industry 
IMT has:* co-operation agree- 
ments with several developing 
countries. Several pharma- 
tentical firms have established 
industrial co-operation agree- 
ments. 

;The Belgrade Agricultural- 
Industrial Combine (PKB) has 
bt&n .developing various forms 
of co-operation in establishing 
farms/ and it provides blue- 
prints^ sends experts, trains 
local staff and helps in 
managing them. 

Yugoslav enterprises can offer 
designs, equipment, skilled man- 
power and experts and now also 
a part of the necessary finance. 
They favour profit and risk 
sharing. Recently, a group of 
representatives of Canadian con- 
sulting firms who toured several 
East European countries in 
search of potential partners 
found Yugoslav firms the only 
ones.inclined to do business on 
.that basis. - 

Special. interest by many 
foreign firms has been sparked 
by- the- quick improvement in 
Yugoslav-Cbinese relations and 
in the prospects of expanding 
trade,* ' industrial . co-operation 
and other forms of economic 
collaboration, between the two 
countries. . Many Western firms 
would like io enlist the support 
of Yugoslav firms in penetrating 
the Chinese market. 

: ' • . Aleksander Lebl 


THE LARGEST YUGOSLAV 
GROUP OF INDUSTRIES 

ACTIVITIES 

Projects and engineering for equipment and plant in the petroleum industry • Production of crude oil 
Chemicals and petrochemicals . • Articles made of plastics • Plastics processing took 
Distribution of petroleum products through our own marketing network 



OWN PROCESSES 

Crude Oil and Natural Exploration 
Development of Oil and Gas Fields 
Production of Crude Oil and Natural Gas 
Crude Oil Distillation 
Vacuum Distillation * 

LPG Fractionation 

Naphtha and Kerosene Fractionation 
Naphthenic Base Lube Oil Production 
Motor Gasoline In-Line Blending 
Lube Oil Blending 
Gas Oil Blending 
Fuel OH Blending 
Furfural Refining 
Mixed Lube Oil De waxing and 
Paraffin Wax de-oHing 
Premium Petroleum Coke Production 
Continuous Asphalt Blowing 
Batch Asphalt Blowing 
Paraffin Wax Production 
Lubricating Grease Production 
Bleaching Earth Production 
Bentonites Production 

“Benurar High Grade Ruminants Feed Production 
Carbon Black Wet Pelletisation 
Urea-Formaldehyde Resins and Foams 
Phenol-Formaldehyde Resins and roanw 
Melamine-Formaldehyde Resins 
Polymerisation of Styrene-Acrylomtiw 
in Suspension 

Self-Extinguishing Expandable Polystvren* 
Expandable Polystyrene Processing 
Thermoplastics Injection Moulding 
Rocomoulding Processing of Thermo-Plasties 
Production and Finishing of Tubular Film Sheers 
of Low Density ' Polyethylene Tube-Film and 
Bags Production 
Waste Water Treatment 
Storage Facilities for LPG 1 and Ammonia 



EXPORTS 

Motor Gasoline. Special Gasoline, 

Motor Oils. Marine Engine Oils. 

Marine Diesel Oils. Fuel Oil. 

Industrial Oils, Special Lubricants, 

Special Gear Oik. Industrial Greases, 

Paraffin, Bitumen. Petroleum Coke. 
Fertilizers: Kan 27% N. Urea 46% N, 

NPK Com pies Fertilizers, Carbanide 
Glues. Benzene. Toluene. Meta-Paraxylene. 
Orthoxylene. Ethyl Benzene. Limes, 
Bentonites. Baryte. Fillers. Bleaching Earths — 
Terrafm. Carbon Black, Okiten, Okirol, 
Phenol. Acetone. C4 Fractions, Alpha-Methyl 
Styrene. Articles made of Plastics. Plastics 
Processing Tools. 


INA INDUSTR1JA NAFTE ZAGREB 
41000 Zagreb, 78 Proleterskih brigada 
Telephone: 516-41 1, 516-466 
Telex: 21-223 YU INARZ 

INA INZENJERING ZAGREB 
41000 Zagreb, 78 Proleterskih brigada 
Telephone: 516-41 1, 516-466 
Telex: 21-223 YU INA 

INA — COMMERCE ZAGREB 
41000 Zagreb, 41 Savska 
Telephone: 518-500, 513-011, 518-922 
Telex: 21-235 YU INACOM 



KRKA 

Pharmaceutical and Chemical Works 


KR KA Novo mesto 


KRKA export to West European and developed overseas 
countries as well as to the COMECON and developing 
countries in Africa, Asia and South America, their: — 

PHAJKMAGEUTICAL SUBSTANCES 

tranquillizers (Diazepam, B.P., U.SJP.; Medazepam); 
antibiotics ( Oxytetracy cline Dihydrate, BP.; Oxytetracycline 
Hydrochloride, B.P., U.S.P.; Tetracycline, U.S.P.; Tetra- 
cycline Hydrochloride, BP., U.S.P.) ; 
semi-synthetic betalactam antibiotics (Ampicillin, Flucioxa- 
dllin. Cephalexin); 


iodinated contrast media (Diatrizoic and Acetrizoic Acid) ; 
others (Centrophenoxin, Clofibrate, BP., U.SP.; Clofibrinic 
Acid, Tetraethyltruramidsulphide, Nicamide, etc.). 

PHARMACEUTICAL SPECIALITIES 
180 products in 350 presentations. 

VETERINARY PRODUCTS ! 

26 products in 57 presentations. 


ADDITIVES TO ANIMAL FEED 

Bacitracin Zinc, Feed Grade; Oxytetracycline, Feed Grade; 
Vitamin Bu, Feed Grade. 

MEDICINAL HERBS 


Since 1975, KRKA has been the holder of the U.S. Food and 
Drug Administration product licence for the antibiotics 
Oxytetracycline Dihydrate, Oxytetracycline Hydrochloride 
and Bacitracin Zinc, Feed Grade. 


KRKA Export-Import 

99 Titova, 61000 Ljubljana 
Telex 31 204 yu krka 



IF YOU ARE SEEKING NEW BUSINESS 
VENTURES COME TO 


>«** - 




■MM |::: 

•■xV :: 


IIWilM 


ii wmMMjg 

••.>;.... SESS! 




PRIIVIRIEDINA 10 AIM IK A ZM5IREB 


S p' R. Yugoslavia and S. R. Croatia have embarked on a new Five 
Year Plan which will bring a sharp upsurge in industrial and 
agricultural production, foreign trade and investments. 


Yugoslavia is an area of major economic importance— a }^8c consumer, 
market based on an estimated growth of the economy in. the years to 
come. . 


Investments in all major fields — from oil and gas exploration and 
production in- petrochemicals and chemicals — from hyaro to nuclear 
power stations — from agriculture, tourism, communications to 
electronics. 


All these provide many business opportunities, from l ° 

- eri*<rperatir/n^ -nr--induslntri -technology and jomt verrtur^. Tradir.g 
with Yugoslavia also provides excellent opportunities for trading with 
third world countries. 


Prlvrednn Banka Zagreb is here to help you. As the leading medium 
and Iona-term credit bank we are the bank oi the major Croatian 
companies and are involved in the largest and ™° r l t t ^ efi |} e l 1 ? | C0 2f ^ 
Consequently, if you wish to do business wiJi Croatia, it wdl b. to 
your advantage to consult us first. We are the best people to tell you 
about business opportunities in the booming Croatian economy. 


FKIVREENA 
(BANKA IP 

ZAGREB ID 

THE BANK THAT KNOWS CROATIA BEST 


Head Office: 41000 Zagreb. Rackoga 6 
Cable: Privredbanka — Telex: YU 21-120 Prilw — Tel: 041/4 10-822 


slavija lloyd 


- Reinsurance Company 


Treaty and Facultative 
Reinsurance 
AU Branches 


Tel.: 513 211 
(I01ines) 


ZAGREB 
POB 948 


Telex: 21210 


TRADING WITH YUGOSLAVIA IV : ; S('5gEi 



PLANNING 





Ordering the 


ALTHOUGH THE Yugoslav shortageof teSwflo^ i 

planning structure is of the devetop, Yugos fn)m technical and marketing relas x 

indicative Wnd and is not weU placed to mm 

accompanied by the rigid direc- inkier world P” 0 ®*. non . names. Tire latest example . Is I 

SSL? s° .sssrtrg ^ is* 

vff ms?- 

** fi e> P1M Slav exports and were worth But development of Yugo- 
in practice. . S1 ehn »^ t vear slavia’s engineering and produp- 

This has important unplica- |L«m last y - . .. • - ~ tkm capacity has been devoted 

Hons for- the pattern of Mining and smelting are both much to imp ort substitution 
Yugoslav foreign trade because heavy energy consumers, how- exTJOrt growth. This is seen 
the sectors and industries ever, and this pl us the major mQgt dearly j n the . motor 
chosen for priority status in .the expansion of the petro-cnemicai ^_ dU3try where Yugoslav* cord- 
plan are precisely those which and oil refining industry has ies ^ technical and 
have the first claim on been a major factor b^undtne Jj agreements with Fiat* 

resources, including foreign race to boost electricity output Renault. Citroen, 

exchange to buy essential from coal, hydro, nuclear and Merced 2 3 enz and Magirus 
imports. oil based power planis. Deutz and Yugoslav roads are 

Thus the decision to concen- fuiI Qf home-assembled cars, 

trate heavily on expanding coal They provide employment and 

production and opening up or J 7 Id. II save f ore ign exchange but costs 
expanding copper, nickel, “ad, Jn part iciilar is now are high in spite of the 

zinc and alumina mines has brand new power relatively low level of Yugoslav 

created a massive demand for dotted ^ ned wages and salaries, 

imports of heavy SL ite a nd brown coal from One of the most aggressive 

excavating equipment Some 60 ugnite ^ ^ exporters is the IMV company 

per cent of requirements m this new - m Slovenia which used to 

field have had to be met from Development of assemble Austin-Morris before 

imports. generating base and grid S^tem t0 R ena ult and which 

Modernisation of maniriac- has been a major factor behind ^ efficient trailer 

turing industry has also led to the rapid expansion of. some of fllvlsJon ouly t0 find that as soon 
large-scale imports of machine Yugoslavia s major electrical started to make inroads in 

tools, but this is a field where engineering firms like Bade markets that tariff barriers 

imports have, served largely to Roncar, Energomvest and er _ put up . 
build up Yugoslavia's own Litostroj", which in turn have „ bowever> thanks to a 

engineering base so that future bu | lt up significant export mar- . . contribution from the ship- 
needs will be limited to the ketS| particularly in the develop- indus try which exports 

import of only the high tech- ing countries. Electrisation has d « 50 m annually, trans- 
nology and special machines. By proceeded alongside higher ■ eqa j P ment is a net foreign 1 
1980 Yugoslavia should be firing standards providing a ^ mTency garner accounting far 
capable of supplying at least 60 stron g domestic base for the ex- cent 0 f exports and S pejf 
per cent of its own machine ^ performance of . some of * f imports . . , 

tools and have considerable Yugos]avia ’ s leading ^ec*™** what ^ causing concern . in. 
export capacity as well. appliance manufacturers tike G t and planning 

A similar effort is taking -tha Gorenje gToup of Veienje. Goto is th e rapid 

-I Ih. Tinn.forrniif; metals .l i .-.AH.™ Tho unninarnr Circles, nowevei. « r“L* 


and f Com S « 

£&:**. tbedecrie. ;-, : . 

Expansion of PgwfmW*-.. . / .. .AJEL, 

fertilisers and fibres shOtiw - , 


A similar effort is taxing -tha Gorenje group of Veienje. ' howevcr is the rapid 
place in the non-ferrous metals nor th of Ljubljana. The company imports and growing 

field where expansion of. mines haJ} branched- out - from its over ^apacity in the re- 

and quarries is being matched or jgj na i household appliance -fv industry where several 
by massive investment in down ^ ^ cover a vast range of .JJ ^ansfon projects are 
stream processing equipment m romplete kitdhens, garden equip- wa7 j n the various 

order to ensure- that Yugoslav ap^ h ome s. republics ■ ' '! 

enterprises extract the i ma^- a ^ ^ year Yugoslavia spent 

mum value out of minerri re ^ over ^ Wegt Ger . over 51bn on ^ import of 

sources. TTtis is sp - man firm Korting, with whom iom tons of oil and the trend 
ase in the duniolwi 1 it had a licensing agreement is still rising. The Government 
Yugoslavia has some of th major exporting com- has just announced a sharp rise 

largest reserve* of bamote m Oflw ^ ^ electronics in the price of petrol and.other 
Europe and jhUe expo^ of P cQmpg ^ have ^ ^ed a oL1 products and a major effort 
alumina to the So t( rapidly expanding domestic is also under way to persuade 
and other marfcets will continue P ^ basis of a ma j or companies and republics to out 

w 1 "S!5«fnnSiK S aluminium research and development pro- back on their over ambitious 
into tJ ?°® f0I JP g . n '^ u . gramme- This is now aUowing plans for new- refineries. . 

2 &^£ 3 $Sb&. 


TEXTILES 


Uphill struggle 


WHILE BROWSING through a 
department store in Alma Ata 
the capital of Soviet 
Khazakstan earlier this year a 
row of suits and overcoats im- 
mediately struck me as being 
of much _ higher quality and 
superior cut to the others. On 
inspection they turned out to be 
ready-made suits- and garments 
from Yugoslavia. 

Last month I went up to 
Varazdin. a beautiful baroque 
town north of Zagreb which was 
once the capital of Croatia, to 
visit the Varteks textile com- 
plex which not only supplies 
suits to the Soviet Union, but 
also sells around J30.00U 
garments annually to the UK 
market worth over $5m. 

Varteks was founded by a 
Czech businessman in 1918, one 
of many such industries which 
sprung up to supply local needs 
in the now fragmented separate 
nations which emerged from the 
dissolution of the Hhpsburg 
Empire. 

By careful attention to 
quality and design and the 
establishment of a marketing 


organisation abroad Varteks, 
which is now an integrated com- 
plex from .woollen yarn to ready 
wear employing 9,300 people, 
has built up an export trade 
worth around 518m annually. 
The UK is the largest single 
market followed by the Soviet 
Union but Varteks also exports 
to the U.S.. Scandinavia. West 
Germany, France and Holland. 


But as a textile company it 
faces an uphill struggle against 
low cost -competitors in Eastern 
Europe and . the Far East and 
above all against the quota and 
other restrictions imposed by 
the ■ EEC and other major 
markets. Under these circum- 
stances it has taken the decision 
to stop further expansion in 
textiles, although it is cur- 
rently building a 15,000-ton 
polyester plant to supply its own 
synthetic fibres, and is diversi- 
fying instead into metals, con- 
struction materials and disc 
brakes, in co-operation with the 
U.S. corporation Bendix and a 
French company. 


Jugoiinija.Part of your export team 


We know we could be, now we have to convince you. 


But the bulk of its business 
remains the 5m sq metres of 
cloth and 1.7m suits it manu- 
factures annually for sale 
through its Yugoslav retaiL 
outlets and those foreign 
markets which presently take 
41 per cent of its ready-made 
production. 

As such it is typical of those 
Yugoslav companies who are 



"You have toe goods and markets, we have toe shipping : 
know-how It's taken a century to become the strong, efficient 
cargo fleet we are today, one of the worlds most experienced, ■ 
m feet Our experience brings the worlds markets, however far 
away dose to you. 

Fast; modem ships equipped with toe latest freight handling - 
equipment make lightworkof the heaviest cargoes. No cargo 
is too small or too large for us to care for. 

Recent reorganisation into three divisions, East Lines, 

West Lines and Tramp Services has given us added efficiency 

Advice and help 'is yours at any time from us or our 400 
agents worldwide.You'11 be told all about our service which 
indudes an unrivalled knowledge of today's export scene. 

The “Marine Marketeers" isatitte we’ve earned -and proved 
-thousands of times. When you're striving for increased 
exports it’s good to knowJugolinija’s part of your team. 

Bsfliir Stances Eatt lines: Lc^Lirt{Cort3)ners1ar3£e and R»flo service, .- 
tiuLfcan Uoe Cnd. of container service). ttdiSe East Urtfc, People* RBPtibBc of 
ChflsUn F» Easts* WkHJmr Itortti EnropeUntNortfa Arana Lne 
fodrfcontainersflrvt^.Cktfoi HotlaiUBt South Anwi(»€ast Coast Una, 
S^Acierlc^ , festC^LmTrampS«nrte«t^ towage We. 


JU60UNKJA 


One of toe worlds most experienced cargoffeets 

RD, Sox 379, 51001 ffrjeta.'fogoslam^ 

Telex: 24218 YUMneJetephorte. 1 33-ffl. 


Ljindona&QtoAn^tt®JS^ Shaping (^Ud. State 


-vtcuaiexfotT 


WE KNOW THAT YOU MAY KNOW 
BUT YOU MAYWANT TO KNOW 
MORE ABOUT 


GE54ER ALEX PORT 


International Trading Co* Yugoslavia: 

— offices in 32 countries 

— ^1. 5 billion annual turnover 

— 2,200 employees (half of them specialists) 

— activities: ajricuhure. Food, textiles, leather, 
timber, wood, chemical, pharmaceutical and oil 
products, building and civil engineering, 
metals and non-ferrous metals, industrial and bther 
equipment, shipbuilding, motor-vehicles, etc. 


GENERALEXPORT 


MODI Belgrade. 

Cjurc Djjkpvica 31, 

?.Q. Box 636. 

Yueoslivia 
Tel: 01 1, 764 622 
Telex': i 1225 YU CjENEX 


B.S.E. — GENEX Co. Ltd, 

and 

Centroproduct Ltd. 


Heddon House. 

M9-i5l Regent Street, 
London W1R 9HP 
Tel: 734 7101 

Telex: 28135 GENEX LON 



G6N6RQLSXP0RT 


AM 



mmm n® 


ZDRUZENl 


® © 


ASSOCIATED BANK-SKOPJE: 


11 OWxnrivri; 7 
P.O. Box 582 
91000 Skopje 
YUGOSLAVIA- - 


Gable: STOPBANKA r - ■ 

Teles:: 51140 and 5147? yu ifc 1 
Telephone: (091); 235-111 j •?. . ^ \-* - 

AC rrVXTD SS: All kinds of bandog services. 


; Su 


BASIC BANKS:. ■ 

Skopje, Berbyo. Bitola^ Vlnica, -Geygetija^ 
Gostivar, Debar, Deleervo, Ka.vadarci, BScevOj 


Kocanf, Kruseyo,' Kuznanovo, Negotmo,' “Ohria,- 
prilepj - Radovis; = Resen, SVeti, - iNPUtafei.; 
Stnuflica, . Struga, Tetovo, Titby : Velel. 

Stip. - ri-. 


REPRESE^ATIVE 0FEICEI^ 
THE COU3VTR Y:';\ ''V^ - ^ 

Belgrade:. • u -.;’ . ; : v .0 


REPRESENTATIVE OFFICES: 

London, FrMldfurt^^ l^evy^oii, Toronto 

and Sydney,,, v* ■ V • ' 1 7 - ' •’ • •- - 


■_ v& V 1 -1 y. i ■ 


,C' . ' 


AGENCIES; . ^ ; 

' Dusseldorf, .Mahchep, MajmSrG 


and Melbourne: 


pinning their hopes on more 
liberalised access to the EEC in 
particular. 

Varteks itself has little cause 
for complaint in the UK where 
it has been established for over 
12 years. But its own sales of 
around 130,000 garments 
annually means that there is 
precious little room for other 
Yugoslav exporters as the total 
UK quota is for 159,000 items 
annually from Yugoslavia. 

Where the quota system 
hurts, according to Varteks, is 
that it is very difficult for firms 
to supply even the limited 
totals allowed under quota 
rules. The EEC sets national 
quotas for member countries. 
But importers in these countries 
then divide this among their 
various suppliers. 

The net result in terms of 
complications and delays is that 
frequently the contracts which 
are finaly agreed to do not add 
up to the totals theoretically 
allowed under the quota 
arrangements which thus effec- 
tively become even tougher 
than first meets the eye. 

This is the kind of complaint 
which is being aired in the cur- 
rent round oE negotiations with 
the EEC during which it is also 
being emphasised that Yugo- 
slavia still imports more tex- 
tiles from the EEC than it 
exports. 

A.R. 


LONDON OFFTC3E:/ 

Stopanska Banka^Skopje - 
Representative Office !; . . 7 ; 

. Kipgsway House, - 2nd; floor 
103 Kingsway 

London WC2B QQX . ; . / 

Telex: 299053 sbank K • 
Telephone: 01-405 6053/4 - . . .. 


ation 




ASYTSTCHRONOUS. ROTATING MACHINES ' 
SYNCHRONOUS ROTATING MACHINES 
DIRBCT-CURREOT ; ROTATOG 
GENERATING ! SETS 
. TRANSFORMERS 

nu(Xear;equipm^ =-.-, ■ 

- WELDING EQUBPMiENT 
LOW VOLTAGE ,SWH!CH3NG DEVICES ; ‘ ! " 
AND ACCESSORIES ; 

HIGH VOLTAGE SVm^tEN.G.DE^CES . . 

; ■ • AND ACCESSORIES ; , - v -- . . 

SWITCHGEAR L ' 

' , ELECTRO^THERMAL HEATING. 
.MARflCE ^UIPMENT 
PROJECTS AND PLANTS; 

ELECTRIC . EQUIPMENT FOR dRUt)j&.^)irr. ; 
AND GAS EXPLOITATION : ! : • ? 

• EQUIPMENT FOR CRANES . ' 

• ELECTRIC -'IRAOripN-;. - " 'V.fr: 

...... INTERNAL TRANSPORTATION ; - ^ 

EQUHTONT : FOR INDUSTRIAL - 
. cobiiNG chambers : 

' COMMER(^. GCfe^ . 

. HOUSEHOLP;,APPIJAI^ES '! 
WATER-SUPPLY,.. :;.v • •• .- 
GRAY AND NON^FEBROUS METAL^CASTS 


raODUCOTQN^QS^-EQ]®^^ --F 

INDUSTRIAL 









ies 


iJTj V * 

^ 'f>- 

~V 

•.... --r - ~t-.‘‘i.-. 


- ' : ^raaiwlal-T&fe :S^d$y Dec«mbsc' ^15 1978 

P"^r:S|l|i- - ■ TRADING WITH YUGOSLAVIA V 


■ THE UK 


lVp^LI Liik& 





Imbalance still causing concern 

” TRADING 'Vyri'H Yogoslaviais East and Wes^tk^.^y other better. President Tito came to because of the Yugoslav prac- for the kind of goods they have tions are biting quite severely, 
in a class of.jte'owv.ariii what- passport.' ?./ London briefly and was the tice of including purchases available. Exports of military equipment 

- everknojvledge'one'iiasatsq^iired TMs is 'important because it guest of the Queen earlier this made on London commodity Yugoslav enterprises, unlike also play a significant role in the 
in dealing with Comecon conn- facilitates-: the /Other main year, while Prince Charles has and ether markets in their their counterparts in the cen- overall UK export picture and 
tries is completely- irrelevant in advantage of trading, with Yugo- Just come back from a tour of trade statistics. But whichever trally planned economies, are there appear to be several pro- 
Yugoslavia, where the -game as. slavia— -Recess tq the-" en^-user. Yugoslavia. Mrs. Thatcher also wa y one calculates the figures responsible for their own mising opportunities in the mili- 
; : different. ■ Although.the treiid in Eastern put in a good word for the Yugo- they show a heavy and seem- foreign trade and many of the tary and civil aviation fie4d. 
rules."- T3us was one'- of t&e Enrope. ‘and parficuiarly Hun- slav system when she visited ingiy permanent Yugoslav major export orientated com- Rolls-Royce Spey engines, for 


bits of: advice that experienced gajy, is towards -greater auto- earlier this year. 


deficit on the trade account. Ponies 


subsidiaries or example, have been chosen to 


exporters to Eastern: Europe npmy for ehtetyriaesto engage In spite of these good in-tezH although this is znitigeted in representative offices in the UK. power a jet fighter that is being 
gave to aspirants a ^recent ^ in foreign . trade, the' overaH tions, however, Anglo-Yugoslav overall balance of payments The Ljubljana-based electronics developed jointly by Romania 

seminar on tradrn g^wrth ^Ea stern pattern stHl doseiy foHows the trade has not shown as much terms by the tourist trade This company Iskra, for example, has and Yugoslavia, and interest has 
Europe organmed ;ty «ie Soviet - model ' of s tate .; trading dynamism as hoped, while no year the number of British a wholly owned UK subsidiary also been expressed in the BA C 



55E-* « ■Eta^S n"55«: w™ 

iH igft W** wwch^^ts his S^"5S^^ e t£^ ° Wr 40 Per Cent ' 

no Visas /Q^ a^ re qj aired. so that. . This is not the. ease; fit Yugo- Reduction 

foreign businessmen are free; to slavia. where the [self-managing ]ower ye ,_ o ver the first 

■Z* " :*** ! !*** *:«“>• mi enterprises mrmwbte for 1# ^ rame t0 But the Yugoslav mtboritio 


■ar the number of British a whoHy owned UK subsidiary also been expressed in the BAC 
wrists in Yugoslavia was up and has buiIt ^ a close connec- Andover and BAC 1-11 as well 

«r 40 per cent. tion with major British groups as the HS 748 for both military 

like Thom and Hoover. The and civil use. 

» * „ major banks are also' repre- Major companies, like ICI. 

LCU UC lIOu sented in London as are the Davy Power Gas, Lucas, and 

shipping lines and general trad- Dunlop have all seized oppor- 
But the Yugoslav authorities * D £ companies like General- tunities created by the rapid 


^K.S KOpit | 




y 


i'f. OFFICE u 


(VE 0FF!C& I 


Yugoslavs likewise are free to their own foreign trade and o.q, aeatnst £i 40 m in the have made quite clear that -the export. Varteks, which is the industrialisation of the past 15 

visit ' the offices and-- plant of make their own' decisions about __ ” ner jnd i a <rt vear whiii* pre-condition for higher two- raa Jor exporter of Yugoslav years, but some of the recent 

foreign parsers or competitors, what to buy “d from whom g Yu-oslaria were way trade is a reduction in the ready made clothing has its own success stories have been more 

Indeed the Yugoslav passport Is As regards UK-Yugoalav trade ."T®™ cL „ trade deficit which on Yugoslav UK subsidiary'. This is part of esoteric. 

in many ways une of the most specifically, the, overAll. political down S* 2 - 3 ® frora Scul^tioS widened over ^e the Miiltihuld group which Boots for cxamD , c have _ n . 

valuable documents of its kind: framework within which this The official UK and Yugoslav ? ' , ht th ^ of tv:, v * represents several Yugoslav tered : * t0 a ioint venture with 

J« gives easier access to both take. Place could hardly be trade fibres never match up .haf YuSv e^^ n™ •“ . r . . Ga?eni° ° te' proTe 7nt 

cover only 14 per cent of their 111 s -£ lte , 0115 actlV!t y- ^°w- rheumatic drugs, while United 
- . . - imports from the UK as against Y “St>slav exports are su 11 Biscuits has discovered that 

:.*i- T'T/^nPT/^VXT 19.6 per cent in the same period v 1 ,nli i l PP0int,n i y 0W Yugoslavs go wild for Jaffa 

C >()NS I K I llliN a year ago. level and Yugoslav exporters are cakes . UB signed a licensing 

I lyv' V A * now being urged to engage in agreement with a Yugoslav com- 

;■ The main problem on the more aggressive market re- pany and now output is being 

' Yugoslav side is that having had search and promotional activity, doubled. A n ricultural techno- 

. . _ r - ;. - •>!•••' -g their agricultural exports On the UK side the comraer- j ogy is another field where UK 

' G nt* AO /~A truncated by Britain’s member- cial section of the British Em- com p a mes are reporting con- 

i 1 iJlAvKSNnN n I J I I l I ? h! P of to* EEC the,r effort 10 bas ® r “ doing what appears to s id e rabie Yugoslav interest. 

; J- V/14^ VI- increase manufactured exports be a thorough job of evaluating Cherry Valley, for example, is 

/ / ‘ ha^e not had the desired effect, export opportunities and British involved in a table duck project 

LAST YEAR the Belgrade-based and the volume of M!W contracts pertise through the develop- This ,s partiybecauseof quotas companies appear to be slowly with Srbijanka which will 
dvil engineering ; company dwindling after theTlnitial post- ment of Yugoslavia’s own econo- on J sen f!l lv ? ,tems like textiles o ertmm g their initial cool- eventually turn out a million 

Energoprojekt pur In an. appit- 1973 splurge of orders: from the mic infrastructure and the tour- ? nd partly because of the seem- 3Qint sutures and annually for home con- 

cation for the Queen’s Award oil-rich countries, Energoprojekt 1st construction boom. ing inability of Yugoslav co-operation agreements which sumption and export, 

for Exports^on.the grounds that claims that the Yugoslav system ad exporters to find a foothold m ensure them a footing even Aw 

Its TTK office had bromdtod the thp A - K * tbe already competitive market when, as now. import restntv AM. 


cation for the Queen’s Award oil-rich countries, 1 Energoprojekt 1st construction boom, 
for Exports.on.'the grounds that claims that the Yugoslav system 

its UK office had! promoted the of ' self-management ‘ and the 1 

export of British equipment to general willingness:- in' link its 
its construction sites around the projects with the -training of 
world. ’ local manpower gives it a com- 

; There was -more than a little petitive edge. ” ^ 

tongue- in r cheek . involved. As well as Energbpwjekt the P 

Energoprojekt' is the most sue-. leading Yugoslav^ .civil con- 
cessfnl of a .small but select sttuction compare, there is the 
group of Yu^osLav. construction . Sarajevcvbased Ehergo-Jnves-t 
companies whidi-'.do around gmip, a major bidder of indus- 
S8O0m ' of business around the trial plant and machinery both 
world and have proved them-' at home .and dbtW& In turn- 
selves ^strong competitors- td over terms . -Einergo invest 
established UK and-other inter- h ACarn p “ a-..biiKon ''doiter com- 
national construction companies. parry .» last y^r when exports 
in many markets. • • accounted fori 30 nifer cent of 

The performance of the Yugo- turnover. ' 

Slav construction, industry ‘ 1 

abroad is -partly linked to ’ •, : ~ \» 

Yugoslavia's portion as a leafleri • ,V-. X 

of the non-aligned - movement . 

The conference centre in Lusaka - ® or :«» past , seven years 
for the 1971 non-aligned con- Energpdnvest has Trad a repre- 
ference and the conference hall sentetive ; ' office - in ...--China. 
built in Libreville. Gabon, ifdr Negotiations are noW i^idter- ( 

the 1978 Conference oT the way for the first major! toon- 
Organisation of. African Unity tracts. 

were, for- example, hotii built by .Having built- pow^r stations, 

Energoprojekt The;cqmpany «.. refineries, cberaical plants, pipe- ^ 

quick toinsist however; thaf in lines, steel arid cement works, 1 °=^/ 

both cases , what clindied the food processing equipment. rail : 1 ✓ 

deal was the promise, of quick way. wagons and .equipment I 

completion .and j v competitive non-ferrous smelters and other — ' 

priMS^-notpnlitical favburitisnu key industrial plant throughout - .v-y yCV 

*- ' r Yugoslavia and ^foreign coun- * - ■ L / 

Irngation >- - trie's it is an obvious, partner " v yS 

® -- for China andiibther developing .. f , 

Over 80 per cent of Eiiereo: countries, r | j 

projekfs annual turnover 'of . Other prqihlnent construction — J * 

$3088400m coiris froia buildings companies;' include Ingra and 

dams, hydro-electric stations, PIM, which specialises in. ports. - — — - ^ y 

irrigation works, pubtic. build- and ports -facilities, Unionengin- fTX 

ings, housing projects and ofbd: .eering'and Jlrigrap. The latter 

infrastructure . .overseas. -,- Jts are building,. inter alia, hotels ^ ’ 

largest contract so far hah been in ffiosfiow and tourist and other " // 

a 8242m turnkey irrigation. pro^^ ^ urfrastructure’ in several Come- f- 

jectin Pmu, but Afrira and the pon countries. They testify to -LJ 

Middle. East .are the main 'the sort of export opportunities “ — 1 — — — — f 

markets. /grasped by those Yugoslav com- 1 

. Wlth ^cou^ietititm^ ^ rintrpening pariies which gained their ex- - — - 


A.R. 


ZAGREB FAIR EVENTS 79 

February 13-16 

ft 2Bth INTERNATIONAL LEATHER. FOOTWEAR AND 
CLOTHING WEEK, 

April 20-27 

ft 27th INTERNATIONAL CONSUMER GOODS FAIR 
ft 19th INTERNATIONAL FOOD INDUSTRY FAIR 
ft 7th INTERNATIONAL TIMBER INDUSTRY FAIR 
ft 6th INTERNATIONAL TEXTILE INDUSTRY FAIR 
ft 7th INTERNATIONAL FAIR OF TRANSPORT. 

COMMUNICATIONS AND MECHANICAL HANDLING 

ft 21st INTERNATIONAL CRAFTS AND SMALL INDUSTRY FAIR 
ft 8th INTERNATIONAL AIRCRAFT AND AIRPORT 
EQUIPMENT EXHIBITION 
ft MODERN PAK — 8th International Packaging Fair 
ft SPORTEX — 7-th International Sports Equipment Fair 
ft JUREMA — 20th Jubilee International Exhibition of Measuring 
and Control Techniques and Automation 
ft AUTOSERVEX — International Commercial Exhibition of 
Vehicle Servicing and Overhauling Equipment 

ft FERIAL — DAYS OF TOURISM: Leisure Trade Show — 
Foodstuffs Show — Hotel and Catering Trade Equipment 
Show — Camping Equipment Show — Interdisc Show — 

Boat 5how 

May 14-20 

i 10th JUBILEE INTERNATIONAL EXHIBITION “MEDICINE 
AND MEDICAL AIDS n and INTERLABOR — 

4th International Laboratory Equipment Fair 

June 1 1-15 

1 INTERKLIMA — 5th international Exhibition of Heating, 
Cooling. Ventilation and Air-Conditioning Equipment 
ft URBANEX — 5th International Public Utility Equipment Fair 
1 INTERPROTEX — International Exhibition of Civil Defence 
Equipment. Apparatus and Means 

September 14-23 

t ZAGREB INTERNATIONAL AUTUMN FAIR 

October 15-20 

} INTERBIRO — Nth International Exhibition of Data 
Processing Systems and Office Equipment 

i EDUCA — 5th International Exhibition oF Teaching Appliances 
and Training Equipment 

Information available from: 

-43?- THE ZAGREB FAIR 

41020 Zagreb, A.B. Kidrica 2, Yugoslavia 

f T/T Telex: 21385 ** zv ** - Tel: 

Sk CCL EXHIBITION AGENCIES 

U Manchester Square, London W1M SAB 
Telex: London 24591 - Tel: 01-486 19S1 


Eastern Europe 
and how to get across 



m 


CENTROPROM 

EXPORT-IMPORT 

Nusiceva 15 
-P.O; Box 454 - 

r 1100ft Beograd 
YUGOSLAVIA 

Telex: 111 B0 YU CNTFRO; 11117 YU CENTP 
Telephones: 343-311 (10 Hues) and 344-361 
Cable Addins: CENTROPROM BEOGRAD 

Engager in the JoUowmg activities: 
—-■Export I.' . •. 

— Import 
— * Re-export 

of . foodstuffs, agricultural products and 
consumer goods ■ 

Foreign trade brokerage 

— Representation of domestic and 
foreign firms and companies 





L_ 

'ijS* 



Business in Eastern Europe can be very rewarding. 
No matter what other people might tell you. But they 
do have a different set of rules which you could 
find very frustrating. But remember, they probably 
find some of our business methods strange, too. 

Its all a matter of understanding. 
And this is where we come in 
You do the deal After all that’s why you are in this 
market Then leave the paper work and the 
financing to us. For example, we have a system 


called non-recourse financing which means you 
can get paid more quickly. And its easier for both 
you and your partners in Eastern Europe. 

Even before you start the deal we can start helping 
you. We’ve had a lot of experience in Eastern 
Europe, so we can help you find out whether you 
really want that deal It will make all the difference 
to-the outcome. 

Come and talk to us. It could be the start of 
something big. 


- : All Forestry Products 

- A Full Range of Wooden Furniture 

- Prefabricated houses and buildings 

- Paper -. 

- Design construction and 

furnishing^ ofbuildings 

SiPAD 

710 00 . SARAJEVO, Marsala .Jlta 15 v Yiigoslavia 

.■O’- v. . vTelex:; 41-140 : yu- sipad and 

\ 1 41-212 -yu sipad 

• Cable: SIPAD- SARAJEVO 

; Telephone: ■ (071)' 33-1SS and 
(071) 35-170' 

. .. x Post Office. Bert; 213 



Girozerrtrale Vienna 

We take you all the way. 

GhuzenlxaleVieima.A-lOUVieniia.Sdiubeatrnig 5,TeL 73 940 

Dealing in Secunfios: Mr. VOMACKATeL 72 94 670, Telex 1-3195 ' Foreign exchange dealers: Mr. RAMBERGER.TfeL 72 94 44L7^fteslr2SIl 
CleanpaymKHs and checks: ifeKONrG.IfeL 72 94 240, Telex 1-3006 Internationa financings: Mr. ANTON, Tel 72 94 750, Telex 7-5445 

f _ ... j . i /'rtfM'T.rttl «Tvo rrdrtA oen’ ■ ivif— Kirvumv nvi rrr> r> * an A (TWlnvl 


L/C, c^nectiops, doa payments; Mr. GOTTLOB, TteL 72 94 250,' 

Tfelex 1-3006 


New Issues Syndication Dep: Mr. NO WAX, TteL 72 94 634, Telex 1-3915 
Nonriecouzse financing; Ml SCHUBERT, TeL 72 94 329, Telex 7-5445 


S.WIF.Tl-Code: GIBAAT WW 




20 






Financial 




LOMBARD 


Crisis cartels 
to the test 


BY COLIN JONES 


AN INTERESTING test of the 
rival claims of industrial and 
competition policy now faces Mr. 
Roy Hatterslev. the Prices Secre- 
tary. The reinforcing steel bars 
trade have devised a “crisis 
cartel " which they want hiiu _ to 
exempt from, the restrictive 
trade practices legislation. 

The case Is an unusual one 
for two reasons. First, the agree- 
ment is a direct follow-up to the 
Davijmon plan for the EEC steel 
industry. Firms processing -bars 
and' coil for use in reinforced 
concrete have to pay fixed EEC 
prices for supplies from British 
Steel and other EEC steel 
makers: but, because their trade 
is not covered by the Treaty of 
Paris (.the ECSC treaty), the 
EEC cannot protect them against 
iow-cost import competition 
from non-EEC ..sources. As a 
result, and because of the con- 
tinuing low level of construction 
activity, sales have dropped pre- 
cipitously. price competition has 
been rife, and most firms have 
been incurring heavy losses. 

The trade have accordingly 
drafted a minimum price and 
market sharing agreement which 
would also bar them from using 
imports from non-EEC (and 
associated) countries and which 
would last as long as the 
Davignon measures. 


changes in the law- (including 
the one already mentioned). 

This' time, because of the 
change in the economic climate; 
the challenge is more serious. 
Post - war UK competition 
policy was laid down at a time 
of optimism and . economic 
growth. Competitive discipline 


seemed the best way to promote 
ilk 


More serious 


The other unusual feature Is 
that they have asked for exemp- 
tion from proceedings under UK 
carte! laws under a provision 
introduced (by a previous 
Labour Government) in 1968 
which has been invoked only 
once before — and for quite dif- 
ferent purposes. This is mainly 
because the terms were thought 
to be so tightly drawn as to pre- 
clude most types of inter-finn 
co-operation. Certainly, no one 
had thought until now that it 
might be used to sanction a 
recession cartel. 

The outcome is being awaited 
with considerable interest, not 
only because it could open up 
a route for other industries in 
difficulty but also because com- 
petition policy is being strongly 


challenged by the advocates of 


the Government’s industrial 
strategy and an inter-depart- 
mental committee is currently 
reviewing the rival arguments. 

A similar challenge was 
mounted in the mid-1960s, 
mainly as a result of the activi- 
ties of such bodies as the IRC, 
N'EDC. and the Prices and 
Incomes Board. Then the only 
lasting effect was two minor 


efficiency, resource allocation, 
and growth. Now, after a 
further decade of UK .manu- 
facturers'- exposure .to inter 
national competition and at a 
time of severe structural unem- 
ployment surplus capacity, and 
a prospect of • a weaker growth 
in demand, the benefits of 
co-operative action ' are in even 
stronger favour. 

What makes the claims of in- 
dustrial policy so insidious is 
that competition policy has never 
sought to promote competition 
for its own sake but only as a way 
of pursuing other objectives— 
whether economic (growth. 
effi ciency) or nan-economic 
(choice. the dispersion of 
economic power, and thus the 
promotion of a free society). 
There are other policy instru- 
ments available and competition 
has always been balanced against 
them. 

What the industrial strategists 
are in effect saying is that the 
existing’ balance is no longer 
appropriate. In particular, the 
gateways preclude many benefi- 
cial kinds of co-operation which 
would promote exports or save 
imports or which would make it 
easier to tackle the problems of 
industries in decline or facing 
a severe recession. Further- 
more. even if the laws were 
amended, taking a case to court 
is too time-consuming, costly, 
and uncertain in outcome. 

The danger in these persuasive 
arguments lies partly in taking 
too short-run a view* of the 
supposed benefits of co-operative 
action while discounting the 
longer-term benefits of competi- 
tive discipline; and partly in 
creating a two-tier system of 
administrative (i.e. ministerial) 
exemption from the jurisdiction 
of the Courts (as in the reinforc- 
ing bars case). 

There is certainly a case tor 
reviewing the restrictive trade 
practices laws in the light of 20 
years of experience. But we 
should be wary of injecting into 
this branch of competition 
policy the unpredictability and 
arbitrariness which arouses so 
much criticism of monopoly and 
mergers policy — 'and which 
largely springs from what could 
be called an excess of 
pragmatism. 


A city still 




PROVIDING YOU do not have 
really bad luck and catch a train 
with a bomb on it, it is still 
possible to take the express 
from Dublin to Belfast and 
imagine you are entering any 
other industrial town in the 
U.K. 

The rickety express which 
makes the 100-mile journey is 
-very like the dusty old train 
which ploughs between Sunder- 
land and Middlesbrough. A 
waiter in an off-white jacket 
comes around with a huge pot 
of tea in one hand a row of 
paper cups crooked in the elbow 
of his other arm. At Belfast 
Central Station, the cafeteria 
and bookshop are adorned with 
Christmas decorations, piped 
carols drown the chatter of the 
crowds. 

The feeling of being in a 
typical product of the 19th 
century industrial revolution is 
still very strong. While Dublin 
remained the capital of an 
agricultural country and 
languished in its Georgian 
splendour. Belfast became the 
centre of what i adust ry there 
was on the island. Shipbuilding 
and textiles flourished. Even 
today Belfast seems dominated 
by the docks and huge cranes 
of the Harlaod and Wolff ship- 
yards. The centre of town has 
more than its share of the 
Victorian gothic buildings, with 
the City Hall, the Linen Hall 


Library and the Post Office. 

But it does not take long for 
anyone to notice that Belfast 
is not at all like any other 
British town. At the station, 
long tables, as in customs 
sheds, bar the entrance. Suit- 
cases are searched and people 
frisked. The main hotel, the 
Europa. has a huge fence around 


dows and doors are usually 
bricked up so that the impres- 
sion is given of their being like 
dead bodies whose eyes have 
■been closed. You can come 
across a complete combination 
of streets which have descended 
into being such a wasteland. The 
empty buildings arc decorated, 
if that is the word, with an orgy 


BY STEWART DALBY 


it topped by barbed wire as if 
it were a prison camp; The only 
■way in is through a small, 
wooden shed where more frisk- 
ing takes place. Around the 
central shopping area are a 
number of huge steel barriers, 
cutting it off like some iron 
corset and where still more 
frisking and bag searches take 
place. 

Heavily-armed soldiers in full 
battle rig patrol the streets. At 
times oE bomb scares the soldiers 
screech around in jeeps and 
form instant road , blocks and 
generally have a veTy dramatic 
wa.v of carrying on. • 

Whole areas of the city, more- 
over. arc subiect to severe 
urban blight. Where Catholics 
have moved out of predomin- 
antly Protestant areas, or vice 
versa, houses have been left 
empty and derelict Their win- 


of graffitti: “Up the Provos; 
Brits Out; UVS Rules. O.K; 
Paisley and God." and so on. 

One of the problems of Belfast 
is that 10 years of war, apart 
from physically smashing the 
place, have meant direct rule 
from Westminster partly 
through the anuy and police: 

The population, which must 
now be at least 500,000, has no 
representative . government 
between the levels of district 
council and of Secretary of 
State. The highest ranking local 
official is the mayor. He is head 
of the district council, one of 
26 throughout the Province. 

A district Council collects the 
refuse, runs the parks and 
abattoirs, and the gas supplies. 
Housing, education, the police, 
prisons are run by the Northern 
Ireland office. There arc those 
like Mr. Airey Neave, for 


example, the Opposition spokes- 
man on Northern Ireland, who 
maintain- that because of thfi' 
legislative pressure at West- 
minster,- Northern Ireland is 
undergoverned at a local level. 

It is difficult to prove or dis- 
prove this but’ some housing, 
statistics tell a fairly damning 
tale. A quarter of the 123,000 
council houses are deemed unfit 
to live in even though most of 
them are occupied. And only 
4,000 public authority houses 
have been built since 1972. * " 

. Another 2,000 are to be built 
at Poleglass. an overspill estate 
near West Belfast There are 
so many demonstrations, by 
Protestants against it and 
Catholics for it, however, that it 
will be another year at least 
before the first 800 are actually- 
built. 

Housing is one problem, un- 
employment is another. 
Although, for the Belfast area as 
a whole, unemployment is put 
at 8.6 per cent against a pro-' 
vince wide figure of 1.5 per 
cent, this masks -sharp varia- 
tions. In some Catholic areas of! 
West Belfast the levels touch' 
30 per cent 

Northern Ireland industries 
are declining ones. The old 
palliative of attracting foreign 
investment is only now begin- 
ning to Work again. For the 
past 10 years few foreign in- 
dustrialists have come and un- 


employment rose. For many in 
'West Belfast, particularly the 
men, life is a question of cot 
lecting social security _ money - 
and spen ding It in the pub. The 
situation is particularly bad fbr 
young school leavers, many , of 
whom have never had any kind 
of ‘work and so become ripe as 
IRA recruits. 

There as, in a general sens?* 
very -little for anyone to do in 
Belfast after about five in- the; 
evening. The city centre just 
dies; ■" There are only three 

chW^ag; others are boarded or 

bricked up. There are three 
theatres but they are not 
always in business. The two 

nuSh hotels, the- Europa and the 
Wellington Park; with . two 
‘exceptions offer the only decent 
meals, in -the city centre. 

• If -the situation in Belfast 
souhds grim it should be said 
-that it is better, than it was. 
"D.imag the worst of 'the 
troubles, the Europa was closed 
;do Wp, the city was like , a rear 
iryfei game of snakes ■ and 
ladders, with road blocks* nd-gp 
'areas and barriers. 

-• Many of Uie barriers have 
come down, pop stars . .and 
actors are more willing visitors; 
‘tbfe" number of troops on. the 
streets has decreased quite sub- 
stantially as the Royal . Ulster 
.-Constabulary has taken over 
.many of the roles of the -army. 





9 


ft 




BELFAST 


This policy, which is known as' 
Ulsterisation, has been going on - 

for (he. past year. ; . v . 1 

The current . ‘^winter often- 
sivc’V by the Provision al-IRA of 
bombings of shops.aacT fac*. 
tones, probably means tbe pro-.v 
gramme, will, not; be. taken - to 
its condflsion of haying troops, 
back fir. their bairqcte in. the . 
forseeable ^future. In the -past 
six : ■ weeks nearly -130 -- bombs ’ 
have been placed throughout ■ 
the Province. At the very, least : 
-this .'means .that . the people -of-; 
Belfast are .in for a miserable 1 
Christinas; j - ' V- - • ( - .;V-| 
Sales in the shops are already - 
down; the manager of one large -: 
store estimates they atfeJonTy^f 
half : last year’s- .The .IRA has . 
made, it dear^there. will oe np-- 
’ Christinas -truce. In ihe, pastil 
it has bombed large ■ depart; 
meiit stores as well ■as I .&op*v.-' 
.One clothes, shop ': (winner’ -saif: 

. that business was. bid. His shop- . 
faces a main road,. “You can : 
See the- reactions, particularly': 
among older people- -They 
driving into town and. Then .they;: 
see an army road ; block; being., 
fonned’ and torn: right around" 
again. The hombs put.'everyone. 
off, naturally." - 


f ^ 

ri . ■ 
■v ! ■■ 


I"' 

"W ■ 




- -4h 


i 




*. j v. ;'T; 


Marcus Lady difficult to beat 


IT IS unusual to find three 
horses trying for repeat suc- 
cesses of a year ago on the same 
afternoon, but that is the - case 
today. 

At Devon and Exeter. Go 
Brookshire will be trying to 
take the Lower Ashton Selling 
Hurdle again and Magic Note 
will be doing likewise in the 
December Hurdle. At Sedge- 


Go Brookshire apd Marcus Lady 
will take a lot of beating. 


good bet to repeat the perform- 
ance in the Sbadforth Chase. 


RACING 


BY DOMINIC WIGAN 


field. Marcus Lady attempts to 
lift the Shadforth Chase for the 
second year running. 

The grey Magic Note, who 
won at 25 — l 12 months ago 
after more than 20 consecutive 
unplaced efforts, hardly looks a 
betting proposition. Not only has 
be risen 13 lb in the weights, 
but he also lacks the benefit of 
a previous outing. However, 
there are strong indications that 


Go Brookshire, the five-year- 
old trained by David Barons, was 
bought in for 500 gns after tak- 
ing last year's “seller" under 
only a pound less than be 
carries today. He has appeared 
twice this season. 

He came a fair eighth of 15 
after running prominently for a 
long way at Stratford towards 
the end of October, then ran a 
more encouraging race at New- 
ton Abbot, finishing second to 
First Express in the Mousehole 
Selling Handicap. . 

I take him to regain winning 
form with a victory over the 
fourth in that race. Le Dauphin, 
with whom he is now virtually 
handicapped to run a dead heat. 

Marcus Lady, the easy winner 
of her race under lOst 2 lh. is an- 
other to have risen by little in 
the handicap and she aaain 
carries bottom weight, this time 
with just 2 lb more. A tough 
mare who won on her seasonal 
debut last season at Hexham, 
Marcus Lady strikes me as a 


The North has few more Im- 
proved two-mllc chasers than 
Blabbermouth and there seems 
little reason why Tony Gillam's 
nine-year-old should not be good 
enough to defy 12st in the 
Brandon Handicap. 

Although not particularly im- 
pressive in his most recent race, 
the Oxtan Chase at Southwell. 
Blabbermouth, ridden, as is 
Marcus Lady, by Riddley Lamb, 
seems tn he the one they will all 
have to beat. 


SEDGEFIELD 
12.45 — Harry's Fizzale 

1.15— Handy cuff 

1 .45 — Blabbermouth* • 
2.t.>— Marcus Lady* 4 * 

2.45 — Golden Omen 

3.15 — Tom Noel 


DEVON AND EXETER 
l.flfl — Mister Know AU 
1.30 — Go Brookshire* 
2J.0 — Young Steve 
3.QO— Hectare 


BUB 


Y Indicates programme in black 
and white 

BBC 1 

12,45 pm News. 1.00 Pebble Mill. 
1.45 Heads and Tails. 3.00 Glas Y 
Dorian. 3.30 The Sky at Night 
3.53 Regional Mens for England 
(except London). 3.55 Play School. 
4J20 Hong Kong Phooey. 4.30 
Jackanory. 4.45 Captain Caveman. 
4.55 Crackerjacfc. 

5.40 News. 

5.55 Nationwide (London and 
South-East). 

8.20 Nationwide. 

7.00 Tom and Jerry. 

7.10 Star Trek. 


8.00 Citizen Smith. 

8-30 The Uver Birds. 

9.00 News. 

9.25 Dick Emery Christmas 

Show. 

10-15 International Show Jump- 
ing. 

11.00 Tonight— In Town. 

1130 Regional News/Wsatber. 
11JJ5 Film: Ask Any Girl, star- 
ring Shirley MacLaine, 

David Niven. 

All Regions as BBCl except at 
the following times: — 

W ales — 1.45-2.00 pm Melin 
Wyot. 5.55-6.20 Wales Today. 7.00 
Heddiw. 7.30 It’s Welsh Rock. 
7.50-8.00 Tom and Jerry. 11.00 
Kane on Friday 1 130 News and 
Weather for Wales. 

Scotland— 5.55-6^0 pm Report- 
ing Scotland. I UK) Spectrum: 
Cantilena. 1130 News and 


F.T. CROSSWORD PUZZLE No. 3,849 



ACROSS 

1 Please have a bet with the old 
lady (7) 

5 Officer it's a complaint t . * 

9 County giving old Bob a cut 
(3) 

10 Publish at present on river 
(4. 5) 

11 Taking note to make old boy 
domestic (9) 

12 Despondency of key weaver 
(5) 

13 Europeans who go and pay 
for themselves <5> 

15 Going lo present editor with- 
out ceremony 19) 

18 Stand for theatre company to 
Teel bitter about (.9) 

19 Party went ahead and distri- 
buted (5) 

21 Made quickly during fell-race 
ascent 13. 21 

23 Gland outside-right laid low 
( 9 ) 

25 Bradman caught (a bloomer) 
in Yorkshire (9> 

26 Returned information useless 
to old African ruler (51 

27 Row on railway set in theatre 
f 7 ) 

28 Tempestuous magician would 
lore to come off and do well 
(7) 

DOWN 

1 Record equity share strife (7) 

2 The two of us will establish 
compact (4, 3-2) 

3 He stares at opening above 
the Queen Elizabeth (5j 

4 Equip master, with part in 
incoherent tale (9) 


a Cast longing eyes at com- 
pany's beastly doctor (5) 

6 Member of Salvation Army on 
holiday beaches? (4, 5l 

7 Pari of body put to right like 
this (5) 

8 Special constable on border 
Edward designed f7) 

14 Cad engraving boot protector 
(4.5) 

16 Like a paratrooper or worn 
out (3. 2. 41 

17 Trade deficit opening in 
Bucks (6. 3) 

18 Part of cburch engineers' 
repeated parties (7) 

20 Theatre - attendant would 
never make a stripper (7) 

22 Nor a member of established 
church for the present (5) 

23 Like China to be crazy (5) 

24 Dance beat with some vigour 
(5) 

SOLUTION TO PUZZLE 
NO. 3.848 


QSaK 

m 

D 

iaa. 

E 

IS 

a 

10 

a 

IQ 

m 0 

a 


m 


a 


E 


B 

QSS5 

13 

B 

100- 

E 

IS 

a 

a 

fiS 

IS 

S Q 

m 


0 B 


m 


s 


0 

C3BSC 



DEB 

n 

m 

m 

3 

n 

IE 

g a 

m 


e n 


Ti 




m 

a m 

n 

Ef:;.0 

0 

a 

a 

S 

3 

3 

ts a 

a 




m 


3 


0 

QQQD 

IK) 

ra 

B; : -e 

a 

;s 

3 

H 

Q 


SB 

m 


S H 



3 


0 

39GS 

m. 

a 

S 

nas 


Hi 

H 

H; 

0 

3 

m a 


sa 0 


m 


n 


5 


in; 

3 

00 

0 

a: 

g 

ai 

a 

0 

m m 

a 


g 


m 


3 


0 

00EI0 

131 

3 

EB 

a 

31 

2! 

SI 

a 

Vk 


Weather for Scotland. 

Northern Ireland— 3.52-3.55 pm 
Northern Ireland News. 5-55-&20 
Scen'e Around Six. lt.00 John 
Betjemin's Dublin. 11 JO News 
and Weather for Northern Ireland. 

England— 5.55-620 pm Look East 
(Norwich); Look North (Leeds, 
Manchester, Newcastle); Midlands 
Today (Birmingham); Points West 
(Bristol): South Today (Southamp- 
ton): Spotlight South-West (Ply- 
mouth). 11.00-11 JO East (Nor- 
wich! Variations; Midlands (Bir- 
mingham) Tom's Towns: North 
(Leeds) The Unreal World of 
Patrick Woodroffe: North-East 
(Newcastle) Friday North: North- 
West (Manchester) Home Ground: 
South (Southampton) In The Tomb 
of Tutankhamen; South-West 
(Plymouth) Peninsula: West (Bris- 
tol) The Persephone Myth. 

BBC 2 

11.00 am Play School. . 

525 pm News Headlines. 

tS.40 Laurel and Hardy. 

6.00 The Voyage of Charles 
Dar-vin. 

7.00 Cricket: Second Test high- 
lights. 

7.30 News. 

7.35 Delia Smith's Cookery 
Course. 

8.00 Cctm trv Game. 

82P West min. ‘Her. 

9.00 Butterflies. 

9.03 Pennies From Heaven. 

70.50 News. 

11.05 Pennies From Heaven (last 
pari). 


LONDON 


9.30 am A Big Countrv. 9.55 
Salt and Pepner. 11.33 Survival. 
12.00 A Handful o( Sons*. 12.10 
pm Rainbow. J2.30 Three Liltle 
Words. 1.00 News, plus FT Index. 
120 Thames New-.. 1.50 Farm- 
house KVrhen. 2.00 Monev-Go- 
Rr.und. 225 Friday Matinee: 
Gineer in the Morning. 4.15 The 
Doom bo It Chase. - 4.45 Magpie. 
5J 5 Thames Sport. 

5.45 News. 

6.00 Thames ai 0 

KJJO Emmerdnle Farm. 

7.00 The Muppet Show. 

7 JO Survival 

8.00 General Hospital. ' 

9.00 Vegas. 

10.00 New s. 

1050 Pobce 3 

18.40 Soap. 

11.10 The London Programme — 
The role of bousing as so- - 
ciabons. 

12.10 am George Hamilton IV. 

12.40 Close — A painting by Monet 
with music- by Debussy. 


All IBA Regions a* London 
except at the following times: - 

ANGLIA 

9.30 am Ukaliq 9.S5 Portrait or ■ 
Village. 10.20 Just Friends. 11.16 
Counterpoint. 11.40 Oscar. 11.55 The 
Sweet Sugar Doughnut. 1.25 pm 
Anglia News. 2.2S Film Matinee: " A 
Dream p! Christmas. " 5.15 The 

Pracuce. 6. CO About Anglia 7 30 
Father Dear Father 10.30 Probe 11.00 
Film. ■* Twinky.” starring Charles Bron. 
son and Susan Goorge. 12.46 am 
Christians In Action 

ATV 

10.05 am Survival. 10.30 Dylan 
Thomas. .11.10 Younq Ramsay. 
150 pm ATV Newsdesfc 2 25 Matinee: 
" The Double Man." 5.15 Happy Days. 

6.00 ATV Today. 7.30 Doctor on the 
Go. 10.30 Soap. 11-00 Mary Hartman. 
Mary Hartman 11.30 The Creature 
Feature: Ssasnake 

BORDER 

9.30 am The Undorsea Adventures ol 
Captain Nemo. 9.35 The Lost Islands. 

10.00 Poured ol a Village. 1055 Jusr 
Friends 11.15 Counterpoint. 11.40 
Oscat. 11.55 The Sweet Sugar Dough- 
nut. 11.20 pm Border News. 2-25 
Matinee. "Trapped Benearii th« Sea” 
5.15 The Gar nock Wav. 6.C0 Loofc- 
around Friday. 6.30 Tlnnqummyjig. 

7.30 Father Dear Farhei 10.30 Winter- 
sport 11.00 McCloud. 12.40 ant 
Border News. 

CHANNEL 

1.18 pm Channel Lunchtime News. 

1.30 First Act 2.25 The Friday Metii’ec. 
Downhill Racer.” 5.15 Emmerdata 

Form. 6.00 Report. 6.35 Woabinda. 

7.30 Berme. 10.28 Channel News. 
10.32 Tha Late Movie " D'ltty " .12.15 
am News and Weather in French. 

GRAMPIAN 

92S am First Thiny 9.30 Canada 
at War 10.00 Portrait c*f a 'Village. 
10.20 Just Fnends 11.15 Counterpoint. 

11.40 Oscar. 11.55 The Sweet. Sugar 
Douohnut. 1.20 pni Grampian .News, 
12.26 Matinee. ” Bachelor nl Hearts." 
5.15 Emmerdale Farm 6.00 Grampian 
Today. 6-30 The Mi.inoer Show - 7 00 
Welcome to the Ceilidh. 10 J£J' 1*4 
Entertainers: Lindislarne. 11.00 Film: 
” Twins ol Evil.” 12 35 am Reflections. 

12.40 Grampian Headlines. 

GRANA DA 


9.30 am Sesame Street. 10J5 Tho 
Amazing Chan. 10.50 The Nature ol 
Things. 11-17 Cartoon 11.25 Cooper- 
board. 11.45 Song Bnt>> 170 pm 
Thm Is Your Right 1 30 The Amajing 
World ol KresKin 2.25 Matir.ee: ".The 
Iron Maiden ” 4.10 Carioon 5.15 

This ■& Your Riqhi 6.00 Granada 
Reports. 5-30 Krc* OH 7 JO Ofr. No 
It's Selwyn Froo {jilt 10.30 Report-. 

Extra. 11.00 Film. “ Sweet Smell of 
Success." - 

HTV 

9.30 im Les Bicycleiics de Bslsize. 
9.55 Portrait of a Village. 10.20 -Hist 
Friends. 11.15 Conntoipomt. 11.40 
Oscar 11.55 The Swoot Sugar Dbugh- 
nut. 1.20 pm Report West Hearflrnei. 
1.25 Report Wilit Headlines 2.00 
Women Only. 2. 25 Msiinee. ” A Dream 
for Christmas. ' 5.15 LavemS and 

Slnrloy. 6.00 Report West. 6.16 Report 
Wales. 7.30 Oh No It's Selwyn 


Froggitt. 10.35 Report Extra, tll-06 
The Friday Film: " Thunder an the 
Hill." 

MTV Cymrti/Walee — As HTV General 
Service except: 1.20-1.25 Penewdau 
Newyddion Y Pydd. 4-154.45 Plent Y 
Bvd. a.OO-6.15 Y Dvdd. 10.36 Folk on 
the Avon 11.05 Its All Right It You 
Lite Sheep 11.35 Outsiders. 

HTV West— As HTV General Service 
except: 1.20-1.30 Report West Head- 
lines. 6.1S-6.30 Report West 

SCOTTISH 

9.30 am Fnends o( Man. 9-55 Portrait 
o( a Village. 10.20 Jus*. Friends. 11.15 
Counterpoint 11.40 Dscer. 11.55 The 
Sweet Sugar Douqhnut. 1.30 pm 
Housepari)'. 2-25 Matinee: '* Bachelor 
o( Heans. ' 5.15 Mr and Mrs. 6.00 

Scotland Today. 10.30 Waya and 
Means. 11.00 Late Call. 11.05 
Appointment With Fear. 

SOUTHERN 

930 am Adventures in Rainbow 
Country. 9.55 Portrait of a Village. 
10.20 Just Fnends. 11.15 Counterpoint. 
11.40 Oscar. 11.55 The Swoet Sugar 
Doughnut. 1.20 pm Southern News. 
2.00 V/omen Only 2.2S Matinee: ” A 
Dream lor Christmas." 5.15 Laveme 
and Shirley " Sieppm* Out.” 6.00 
Dov By Day/Sceno South East.. 6.30 
Out r.1 Town 7.30 Mind Your Lan- 
guage. 10.30 Weekend. 10-35 The 
Southerners 11.05 Southom News 
Emm. 11.15 Soap. 11.45 The Late. 
Lute Show. " Cul-do-sac ” 1.25 em 

Weather Forecast followed by Late Cell. 

TYNE TEES 

9.25 am The Good Word 9.55 
Portrait ol a Village. 10 20 Just 
Friends. 11.15 Counterpoint. 71.40 
Oscar 11.55 The Sweet Sugar Dough 
nut 1.20 pm North East Nows. 2.2S 
Matinee ” Mi. Perrin and Mr Trail." 
4.10 Caitoon. 5.15 Mr and Mrs. 5.00 
Northern Life. 6.25 Sportsume. 10-30 
Film: ” The Day of the Trilfids." 
12.15 am Epilogue. 

ULSTER 

9 55 am Portrait of a Vidage. 10 JO 
Just Fr>cnds. 11.15 Counterpoint. 
11.30 Oscar. 11.55 Tho Sweet Sugar 
Doughnut. 1.20 pm Lunchtime. 1.30 
George Hamilton IV 22S Matinee: 
" The BcrOanun end tho Geisha. - ' 4.13 
Ulster Nows. 5.15 Mr. and Mra. 6.00 
Rodoiis. 6.25 Sportscast 10.30 Film: 
'■ Our Town.'" 12.05 am Bedtime. 

WESTWARD 


9.35 am Today Mexico. Tomorrow the 
V/urld 10.00 Portrait ol a Village 
10.2S Just Friends 11.15 Counterpoint. 
11.40 Oscar. 11.55 The Sweet Sugar 
Doughnut. 12.27 pm Gus Hanoybun's 
Birthdays 1 JO Westward News. 1.30 
First Act 235 Matinee: " Downhill 
Racer " 5.15 Emmerdnle Farm. 6.00 

Westward Oinry. fi.35 Time Out. 7 JO 
Benue. 10 2S Westward Newt 10.30 
Film. DuKy." 12.15 am Faith For 
Life. 

YORKSHIRE 

9.30 am The Wild. Wild World of 
Animals. 10.00 Ticetop Tates 10.15 
Tarran 11.10 Winners and Losera 
11.35 Tell Me Whv 1.20 pm Calendai 
News. 2.Z5 Mjtinec: ‘ The Barberton 
and tho Geisha" 5,15 Sem- 6.00 
Calendar 6JSS Calendar Sport. 10 30 
The Men v Wives ol Patrick. 11.00 
Film: *" Slay Ride" 


1 66G Radio New Wavelengths 

BBC Radis Laedamr . 
1438kHz. 286m ft HLfytiF 

j 1055k Hz/3SSn> 

T 1215k Hi /247 m 


■ 108HtH*/27Sm 

W ft 90rt3ovhf atereo 

Capital Radio: 

1545kHz, IMm & W^rW 

n W3kHz/433m 
‘ TO5kH*.'5Mm 

A 200k H» /1500m 
“ ft92-8S*M 

Loud an Eroadcastiegi 

G Brtlvhf cterce 


115UHz. 23lm & TTJvhf 


RADIO 1 

{$) Stereophonic broadcast 
t Medium Wave 

5.00 am As Radio 2. 7.00 Dave Lee 
Travis. 9.00 Simon Bales. 11.31 Paul 
Burnett includmq 12.30 pm Nawsbeat. 
2X0 Tony Blackburn. 4.31 Kid Jensen. 

6.00 Roundtable. 7.30-10.00 As Radio 2. 

10.00 The Friday Rock Show |S). 
12.00-2.00 am As Radio 2- 


Desk. 11.05 Brian M*tthevv intro- 
duces Round Midnight, including 12 00 
News. Z.OO am News Summary. 


RADIO 3 


RADIO 2 

5.00 am News. 5.03 David Allan ( S). 
7.32 Terry Wogsn (5). 10.03 Jimmy 

Young (S) including 10 JO Cricket: 
Second Tern 12.15 pm Waggoners’ 
Walk. 12X0 Hairy Rowell'a Open 
House (S) including 1.45 Sports Desk. 
2 SO Dav'd HamlJron (5). 4 JO Waa- 

q oners' Walk 4 AS Spons Desk, a.50 
John Dunn (S). 6.45 Spons Desk. 

'.02 Jim Macleod and his Band (S). 
J.02 Frank Chacksfield fS). 8-45 
Friday Night Is Music Night (5). 9X6 
Snorts Desk. 10.02 Support Your Local 
10.30 Lot's Go Latin. 11.02 Sports 


i5.35-10.Q5 am Criclct. Secur'd 7est 
Australia v England: commentary. 6.55 
Weather. 7.00 News 7.05 Ovflrtuio 
(S): 8.00 News. 8.05 Warning Con- 

cert (S). 9.00 News. 9.06 This Ww^'s 
Composer: Sibelius (S). 10.05 Holiday 

Special (S) Fanfoia 10.25 BBC 
Northern Ireland Otchutr* (St: 
Schubert. Arnold. Josephs. 11.10 


Julian Bream and John WifffstflS |||- 


11.25 Young Artists Recital 
12.16 pm Midday Concert (S): Bert’ or, 
Wallingford. Hatris. 1.00 NewB- 
Playbill (S). 1.20 Midday Concert (S): 
Beethoven. 2.05 Renaissance: Godow- 
skv'a Trnnscnouone ol RamS'i (SL 
2.55 BBC Concert Orchestra in Ponuual 
(S)! Britten. Berkeley. Rnwsthorne, 
Elgar 4.05 Yaunq Composers 78 
4.50 Schubert's Mass Jn A Fht is* 
6.30 News. 6-35 At Home. 730 Music 


Irom Pebble Milt (S): Budi. Bartok. 
Beethoven 8.20 Raising the Siege. 
8.40 Music from Pebble Mill (S): Schu- 
mann. 9.25 Italia Prue 78 ($). 10.15 
Copland Conducts Copland j$). 10.55 
Music Now. 11.40-11 .SS Tonight's 
Schubert Sonps, including jl.as NcWg. 

RADIO 4 

6.00 am News Bneling 6.10 Farm- 
ing Today. 6 25 Shipping Forecast 
6 JO Tod-iy. Magazine, including 8 45 
Piaycr lor the D.ry: 7 00 and 8.C0 
Today's New.-.; 7 30 and 6.30 Nows 
Headlines. 7 45 thought lor the Day. 
8.35 YosimiLiv in Parliament 9.00 

News. 9.05 Suker's Dozen (S). 10.00 
Nows. 10.05 From Gur Own Corrcs- 
pondonl. 10.30 Daily Snrvice. 10.45 
Morning Sto»- 11 00 Down Your Way. 
11.00 Annum, comonls 11. OS Listen 

With Monet. 12.00 News. .12.02 pm 
You and Yours. 12.27 My Wordl (S). 
12.55 Weather. 1.00 T|, e World At Ono: 
News. 1.40 Tho Archers. 1.S5 Ship- 
pmg Fnrocast. 2.00 News. 2.02 

Woman's Hour 3.00 News. 3.06 

Aliornoon Theatre. 4.00 Nnws. 4.0S 
Examining tho Boards. 4.35 Stnry 
Trmu 5.00 PM 6.00 Nawa. 6.50 
Gb.ng Places. 7.00 News. 7.P5 The 
Archers. 7.20 Pick of the Week (St 
o iO Profile. 8.30 Any Questions? 9 
Loner From America. 0.30 Kslafrfo- 
scritm 9.59 Weiiher 10.00 The World 
Tonight 10.30 Weak Ending (St. 10.56 
i?"’’! 1 ' 1100 A 8ook Bedtimp. 
11.16 The Financial World Tonight. 11.30 
Tn?a^ m Parfiamant H.4S Just Bnfora 
Mi'TitiuM 12.00 Nows. 12.15-12.23 am 
S..*pti.ng Forecast. 


15 



•Li- 


CC. These theatres accept certain creuii 
cards by telephone or at the Box OAce. 


OPERA & BALLET 


COLISEUM. Credit cants 01-340 5268.: 

Reservations OT-836 3161i 
ENGLISH NATIONAL- OPERA - 
Winners 1978 SWET award Outstanding, 
Achievement tn Opera' • 
Tonight and Toes next 7.00 Oer Rosen- 
kavatler.- Tomor and Thur next 7.00 
Jonathan Milter’s prod The Marriage 
of Figaro 'Tmmensaty successful and 
enjoyable" Gdn. Wed next 7.00 The 
Thieving Magotc >hnal Peril "Every 
scene grips the attention" -Tms. io« 
hcLcony seats avail for all peris from 
IQ. 00 on day ol bert. 


COVENT CARDEN. ■ CC. 240 1066. 

tCardenebaroe Credtr Cards B36 : 6903.) 

THE ROYAL OPERA 
T’nt and Mon 7.00 Dia Pladennaitt 
thurs 7.30 Un balls In masebers. 

< Sard inert! replaces WlxHIl 

THE ROYAL BALLET . . • 

571 7.00 and Wed 7.30 The Sleeping 
Beauty Tucs 7.30 Las $vlPhiods. Birthday 
oneripg. Jasa Calendar. 65 Arrow scats 
avail tar all ports from to am on day 
of port 

CHILDREN’S OPERA AT . THE 
JEANNETTA COCHRANE THEATRE 
THE TWO FI DOLE RS Dec. 27-Jan. 6. 
Tkts £150 from R.O.H- ~ T 

SADLER'S WELLS THEATRE. FKJMbery 
A>e. EC1. 837 t672. Last 2 oerijs 
LONDON CONTEMPORARY DANCE.' 
Tonight and Tomorrow 7.30: Dreams with 


Silences. Then. You Can Q*Hv Slno. Rrs. 
Mdh next to Feb 24 D'OYLY CARTE Jb 
GILBERT AND SULLIVAN. 


THEATRES . t 

A DELPHI THEATRE. CC- 01-E36 7614. 

Evenings at 7JD. ■ } 

Mats. Thursday 3.00. Saturday 4.0t>.- 
Extra Mat. Wefl. Oec. 27 at 3.00. 

An ErtchantinB^NeW Musical 

• ••HERE IS A*H)SpY , ^VHLY SHOW,?: 
The Times. 

" BO (/HO TO KUS FOR «V€*/' 

sunny^ivnefSl. and 

SPECTACULAR-’ 

Dalit TBlegrsoh. 

Ci edit Card bookings 01-836 76(1. 


theatres 


.HER, MAJESTY ’5. CC. 01-930 8606, 

•'?** “* 5 -°°- 
BARMITZVAH BOY 


»^thto stunning production anlqueW 
: Joyible.*' F. Times. ” The funniest Mushyil 
. ■-•-- around, bar none. S. Mffror. . 


LYRIC THEATRE. ,£C. 01-437 3888.: 

EVx. 5 00. Thurs. 3.00. Sat. -5210. -8.30. 

v. JOAN FRANK 

.. -PLOWRIGHT PINLAY 

7 ‘ FIUIMENA . 

■V * ' " by EOugrdC Oe FIUppo 

.-Dlrireted tn FRANCO ZTEFHWLLI - ■ 
-L-Societv of West End Theatre Awards. 

■ r^ACTRESS OF THE YEAR. 

COMEDY OF THE YEAR.- 
“TbTAa. ZSIUMPH." iv News. - “AN 
■EVENT TO i REASURE,'' D. Mir. “ MAY 


'l^ mL^THE LYRjC FOR A HUNDRED 


EARS." Sunday Times. 


MAY FAIR. 493 2031. (Green Pic. Tuber 
■ Fftjm Dec. 18 Olv. 10JW. 2.00 and 4.00. 
.- ^BOOTY'S CHRISTMAS SHOW ' 


MAY FAIR. 493 2031. (Greett.Pk. Tube.) 
J.ETS. 8.00. Sal. S.30. 8-30. -Wad. Mat. XO. 
ttrUm Dec. 18. Frl.. Sat. 6.15. 8AM 
■WELSH NATIONAL THEATRE CO. Ht- 
.-•i : MMnrD 1.1 ■ i ir wnnn 1 




UNDER MILK WOOD 
_ TtwHnas’s comic, ntasterplocti. 
Udren £1 -SO any snt With adult? 


NATIONAL THEATRE.- 928'. 22SZ. 
OUVicr /open stage): Ton't-aed Tomer 
“30 STRIFE by Galswartby. _ 

, LYTTELTON (proscenium ,«tase): Ton*fr 


Ml IC4.IMI8 lyivMArniuin [N«uir/. iimr 

.7.45 Tumor 3 and 7.45 BETRAYAL new 
play by Pinter. * • • .- 

.. COtteslo E ismall auditorium!: Ton't 
'fUd Tornor 8 HAS WASHfMSTON LEGS? 
new enmedv by Chartes Wood, 

Many excelloijt cheap seats all 3 theatres 
idav ol perf. . Car nark. Restaurant- 928 
‘2033. Credit card bookings 928 3032. 


VIC . . 9267616. 

v • PROSPECT AT THE OLD VIC •'* " 
' “ — ■- — — t.Zti 


"Last 2 - oerls. Today. .7.30. Sat. t-Sa 
gMaraarat Courtenay,. AMbony Qusyle In 

comeshr. jetpi Jarnis Aobfer. 

f ' »3hi neth 


Matthew 


ine*s. 


Marttn. 'On-istabher 


ALBERY. 836 3878. CC. Birds. 836 1071-3 
From 0.30 am ._ Party rate Mon. Tu.es, 
Thur. and Sat 


. Wed. aim Fn. 7.4S om 

4,30 and 0 . 00 , 

A THOUSAND TIMES WELCOME IS 
LIONEL BART’S „ 

” MIRACULOUS MUSICAL.” Fin. Times. 
OLIVER 

with ROY HUDO 
GILLIAN BURNS. MARGAiRET BURTON 
Extra Christmas Mau. Dec. 22. 27, 23. 
29. Jap. 2. 3. 4. 9 at 4.36. 


ALDWYCK. 836 6404. I Mo. 836 5332. 
ROYAL SHAKESPEARE COMPANY In 
repertoire. Tonight to Dec. 20. 7.30. 
Bed. price prrttews Net* Production 
Bronson Hnwjrd'x SARATOGA. HSC 
also at THE WAREHOUSE ttee under 


ALMOST FREE THEATRE- 9-19 Rupert 
Street. Loudon. W.l. Tol. 01-485 6224. 
MY CUP RANNETH OVER bv Robert 
Patrick rKennedv's Children i. directed by 
Anthonv Matthcson With Gloria GUlord 
and Erica Stevens. Until December 16. 
Mon.-5at. at 1.15 p.m. 


AMBASSADORS. CC. 01-836 1171. 
Evs. 8.06. Tue< 2.4S. Snt. 5210. 8.00 
JAMES BOLAM 

” A superb p-Ylormanre. • F.T. 
GERALD FLOOD 
In a NEW THRILLER 
WHO KILLED 
AGATHA CHRISTIE . . . 


APOLLO. CC 01-437 2663. E«- 8.00 
Mats. Thirty. 3.00 Sat S.00 it* 8 00. 
PAUL DANEMAN. LANA MORRIS 
DENNIS RAM5DEN 
CARMEL Mr?HARRY 
SHUT TOUR EYCS AND 
THINK OF EMGLAND 
’■ 2nd WICKEDLY FUNNY YEAR. Very 
very funny. B rent entertainment." NeW. 


ARTS THEATRE. 01-836 2132. 

TOM STOPPARC'5 
DIRTY LINEN 

*• Hitirhius . . . see II" Sunday Times. 
Monday to Thursday 8.30. Friday and 
Saturdays 7.00 and 9.15. 


A7TORIA THEATRE CC. Charing Cross 
Reid. 734 4291-439 8031. Mon. -Thurs. 
8.00 pni. Fri. and SaL 6.00 and 8.4S. 
ELVIS 


BEST MUSICAL OF THE YEAR 

ST4 


EVENING STANDARD AWARD 
_ SECOND GREAT YEAR 
Grtguo bookings. 01-437 3656. 


CAMBRIDGE. CC. 01-836 60S6. 
Preview! Evgs. S.OO. Mats Thurs.. Sat 
3 00. Opens T U »».. D-t 19 at 7.00. 
TROUBADOUR 
A new musical starrlna 
KIM BRADEN JOHN WATTS 
credit caros welcome 


COLLEGIATE. 01-836 6056. 

Internet Mna I stars In great family show. 
THE MAGIC CIRCLE SHOW 
Jan. 1-6. 3.00 and 7.30. Book Now. 


COMEDY. CC. 01-030 2S7R. 

Evs. 8 00. Thur. 3.00 and 8.00. Sat. 
5.1 S and 8 30. 

The D-Inrt-rhle BRITT EKLAND 
JULIAN HOLLOWAY 
In a sinl'rip r -w comedy 
MATE.' 


CRITERION. 930 3?1S. Cretflf Card bkgs. 
836 1071. Ev* 8 Fr|. 4 SV. 5.45 * 
8.30. Oec. 26 4.45 A 8 . ” TWE MOST 
. HILARIOUS PLAY FOR YEARS/' F.T. 
gloo joo 
By Mir had MasHngx 

•• Comic delirium ai st-ove atte- ifnVc 
Of ehutrpa demolishes Br-r**h MhclaMom 
BLISSFULLY FUNNY.- Times, 


DRU1Y LANE. CC. n'-"S6 Pin". Mm. 
to Sat. 8.00. Mats Wed. and Sat. 3.00. 
A CHORUS LINE 

- A rare, devastating, iovrux. sslo-n'.hing 
stunner.” 5 . Times. 3rd GREAT YEAR. 


OIK’N'W. RT& 3243. Mon. to Thun. 
Evenings 8.00 Frl.. Sat. 6 IS and 9.00. 

OH 1 CALCUTTA! 

, „ 9‘h Senstrtional Year. 

" The nudltv ts stum Inn." Dally Mall 


DUKE OF YORK'S. CC. 01-836 5122. 
Ev» 8 pm, Fri. and Sat. S-3d a"d 6,30. 

TOM FELICITY 

COURTENEY KENDAL 

CLOUDS • 

" IS BLISS/' Observer. 
"MICHAEL FAAYN’S FUNNIEST PLAY.” 
Daily Telegraph. 


FORTUNE. 836 2238. E*s. 8.00. Thurs. 
3.00- Sat. 5.00 A B.OC. Dec. 26 4, 27 
5.00 ft 8.00. 

Muriel Pavlow aiMISS MARPLE 

MUPOCR AT TH8 VICARAGE 

FOURTH GREAT YEAR 


5ARRICK. CC. Q1 -836 4601 . Ern. 8.00 
UAaroi. Wed. '3.00. S«. 5 JO and 8.30. 
DENIS QUILLET In HkA LEVIN’S 

' New Thriller 

math trap 

THREE CHEERS FO» TWO HOURS OT 
MARVELLOUS ENTERTAINMENT.” V 
TN. "VERY INGENIOUS. VERY FUNNY. 
V|RV EXCITING, '■ Fin. Times. 


CLOSE THEATRE. CC. Sf-437 1592. 
E»9S 8 15. Wed. 3.00. Sn. *00 . 8.40. 
PAUL EDDINGTON. JULIA McKENZIE 
BENIAMIN WKlTROW 
ALAN AYCKBOURN’S New Comedy 
. . TEN TIMES TABLE . 

* This mult bo the haeplest lauqhter. 
maker In London," D. TP|. ■’ An irre^ht- 
tblv movable evening." Sunday TlntM. 


GREENWICH THEATRE. 01-858 7755. 
Evs- 8.00. Mats. Sals. 2.30 SET HOW 
THEY RUN. A farce by Philip King. 


" An evening ol unadulterated laughter.' 
__ -- - "IPS. Ton! Arthur 


FT. EXTRA FOR Kf _ . 

(Playawayi. Geoffrey HayW 'Geoff, ol 
RNnbowi in CHRISTMAS PLAYTIME. 
DM. 23- Jan. 6. £15 and 4.30. Saturdays 

11.00 and 2.15.. 


HAYMARKer. 


01-930 9832: 


Evn- 8 00. WriJ 2 30. Sat. 4.30 and 8.00. 


FEN ELOPE KEITH 
NIGEL CHARLES 

H AWT HORNE . KAT7 

ANGHARAQ 'REES 
and IAN OGILVY In 
THE MILLIONAIRESS . 


KING’S ROAD THEATRE. 0T-3S2 74W. 
From Dee. 16. Dally 10-30. 2-30 ft 4J>0. 
THE ROCKY HORROR SHOW 

DONT DREAM IT. SEE IT... 


woodertuf ^wfor^anee. 


Carol. Grilles. 

, Trevor 

He TnnnloK 
seen." •• The 
<n i » . • 


Last .5 


Mr a Mates top. r have 
Guardian. .-**r. Qu •Tie’s 

. -Thp Times. 
. Dec. T9. 20. 5?. 

..iSfsvar’ . ... 

' Nobody with ear rasoeet for ttw ttwatr* 
would want to misa Mr. Quayle’s Laar. 
Financial- Times. 


OLD VICi CC. 01-928-7616. Rack apalnJ 
for a. Medal .Christmas season. . \ 
□ecember ia-Jahuary 13 MATS; ONLY. 
Oly. at -2.00. Extra- perts. Oac. 29. 20 
and Jan. 12 at 10.30 am. Also Dec. 


28. 89. 3G And Jan . 5.00. 


THE GINGER BREAD . 

” A triumph.. .. worth . travel 1 1 np miles, 
to sec." BBC Rjtdlo. - 


. 38T 89BP. 

'ABLE' WEDDING;- , 
Tu«t-- Suns, at IL . 


Brecht’s 

.Evening* 


PALACE. . CC 01-437 

Mon.-Tfiurv. 8. Frl.: ft. Sat. 6 OO.Ar 8.40. 


JESUS CHRIST SUPERSTAR 
bv Tim Rice. 


and Andrew . Uevd-webbar. 


PALLADIUM. . _ CC.- . 01-437 7373. 
Opeitfna Dec 20 lor a veason 
.DANNY CA RUE. 
a* “ Merry * winpw Twankev In 
, ALADDIN 

ALFRED MARKS H A*ftF» T AR 
Dlhrs WATLING. Rian- MARSHALL 
and WAYNE S».ESP 
PreNews-December 19 at 7.30 . 


PICCADILLY. From 8.30 un. 4 x 7 4506. 
Credit cs-d Wen*. tW 1071. - 

Mon.-Frl. item. Sat. STS and '8.19. 

. A-NIGHT WITH 
DAME EDNA - 
and a handful of cobtseri 
Starring' the In.M— -l—W- nopular 
RAROY huimwries 
BOOK NOW. 12-WEE'” SEASON 


PICCADILLY, 437 BS03. 836 3962. 

Credit enrd bookings 838 1071. 


Rlchar^^Mh*rti 


ID OF TOAD HALL 

Christmas matinee. Dec. i«. jan. 13. 


01-437 6877. 
~ t. 3.00. 


PRINCE EDWARD. CC 
Evening* a.tnr.- Mrtx. Tharv. Sat, 

CYITA 

by Tim Rke and Andrew I loyd- Webber. 
Directed by Harold Prince. 


PRINCE OF WALES. 01-930 8681^ Credit 

card hookings 93A qs4S Mon. to Thurs 
8.00. Frl. and Sat. B OO and -&4S; 
ALAN AYCKBOURN'S xme-h-hlt comedy 
BEDROOM FARCE 

” If von de. not tepeb, m» me" D Exp. 
A' NWOiUI Theetre production. 


QUEEN’S. Cr»drt rai-s. 01-77* 

Evo«. 8.00:. Wed. 3 00. Sat. 5 00. 8.30. 
REORGC CH**S1 B i*. »"T O^TRir* 

RICH4RU vFRNr^F. i*MW v'tuERS- 
. rat »won of mar'FA 
” DAtryim ’■ 8. s*d ■■ most «r«Nic. 
ALLY SPECTe»”*'i AP <Hr>W HU TOWN ” 
Punch. •■’THEATRE AT ITS MOST 
MAGICAL. Times Lit. Sup. 


PHOENIX' THFATR*. CC. OI-8W 27R4. 
Evgs. * 00.'-W**». ’t.oo, «at. 1 nn *8.30 
DIANA ®»«G 'OHU THAW 
, WICHT A NO DAY 
A N— Way hy TOM r-mne ARD 
Directed hy PETER WOOD 


RAYMOND RFYOFWAR. CC. II.’V .1i»x 

At 7.00. o.O^ 11 . »*n o.m. Ondh .Stnr. 
»AU» BaYMONO v-Y-Y- 

thE. ■vytiyal o' wmc* 

fnflv al-rinndirinned 




RoyaL COURT.i 

EveolWW ,Me». *n • 

■ WH«PLT.HAIP.W'IL1E 
by Alya Brown. 

"Funny . - . bm . a Ho protoarpdly 

distprbJno/’ 0>il* TNepraph," • 


CC. 


D- mas rtw*a. 


royalty: 

Mnedav-Tliwnd** im-nY ■ OO Friday 
530 w 


mlwtq*F. ppriyvN *i"v« 

Biw» Musical of 1977 " . 

Book br ’.Tift : -tar "*■’ rntinr fatedy. 
. E asy parWbg. • 

SAVOY THFATRE. 

Credit r»-*. 


' Q1.P7R- 6688. 

nx-v’4. 4772. 

TOM CONTI 
. _ ACTOR OF THE YEAR 

Wr— T”d t*»w ATivpda in 

■LAY Off THE Y«*v 

yy**OFP un;ii ft anyway* - - 

by Brian Ctark. " A momvntonx -play.. T 
urge ywn >0 1 It" Gdn. E-eWto A fw»._ 

Mats. Wed. Si DO. 541*. M5 and 845. 


jmtT'SWIHT. ■ CC. ■ axts 8S9G-T. 
83R 4»R|. -n—* D— 2D nn>>| l«|» ys. 
JANE ASHF " n» C-c PATRICK In .. 

. PETEK PAM 

nan* 2 and «.4S. PtHm SS. r*. X'3..fy. 
Proucrd or tar* gn Oee. 20. 21,. 22 . 

. Jan. fi. .9. 10. IT. 12. 


Strand.- ot-"? R 2<sso. E’—nin'w R.oo. 

WFHFP.BrrrmH . 

■ fn^nwx suigext 1 aunM 
OVER .4.000 PERFORMANCES 


T^^ATRES 




WAREHOUSE. Dowriar Th 
Garden. -. *Ok OflRe 636 


• laimen,-. v« vdu vjw w™, 1 —w, __ , 

Shahaapedre Co. Ton't. Sat. 8 00. T Jiw. - . . f 
7 . do premier prop.- Howard Bewri/ ..; r 


.'THE .’HANG- OF-TNR GAOL. JAda. bjtgg. 


Aldwytft. . /Now bocadng / for.' 
. CHRISTMAS SHOW. 


'-li* 


... & -TOMBI- ■ 


, £2.50 tb^SS-OO. 

- FOURTH GhEAT VEAR--’ ... 
Qirhtma* Show WIZARD Of ttHIv T " 

2 JS p.m,". Sat 11 a.m.. and .4.13- pin.'. . 


WHITEHALL-. 


01-930 77 BS 


Mon.-Fri'/^.lA- .Pm 
■ ■ Sar. itjso am -and- 2.15 pm ■ 

wizard opo*",:: 

Seat* X3 .(z-.Ci.v- , 

I pi Tomb!’ 1 continues at . 819 mwiwM . _ ‘ j 

SCENE 4 (Waroo^^-r. . laHc. 'Sq/ 439; - ! . V 

if?-- 


WINDMILL THEATRE." CC.' B1-437. 

Twit*. NiBhOhr-8.00. and 10.00^, . 

. Suo: 6,00 anrf (LOO. -..'77 
PAUL RAYMOND presents .. . 

THE. EROTIC EXPER^WCE OF. THE' S. 
- • -1 ■ - MODERN ERA ■: . 

" Takes to uilprecedaMad Ifmli* whaT te 
irarmtslMa op ^JBSXdt.^ ^ 


7HIRD' 


WYNDHAM’S. From 15.30 4.m. B36 3028 




:'2£. 1 445.B.UO, 

• ' ENORMOUSLY RJCH - 
-. VERY TUNNY.'' EVDOfttg News. - 

.. . °nce a catholic - *.■ : 
i Sure- Ere- comadv. on «mt - and Teltaieq" 
D. TeL •* MA'^ES YOU SHAKE Wl 
- LAUGHTER."- Gdnr ' 


)ITH 


WEMBLEY ARENA. r. Open* Dec. 21. 
-iiw inp ' 

atSklwS M 

30 8pd subueiMlK Sats. 2.00. 6.00/8.00 

IHDsb-ie. sss-, 

THEATRE" 


'834 


00 


WESTMINSIER. 

Oallwr- 2 JQ And 8.00. 

Dk., 21 to Jan. 5 Wt L .wn 

-JOSEPH ANO THE 

. TECHNICOLOR DRCAMCOAT* . 

8Y Tim*. Rice- am| Andrew Lloyd Webbey, 
• Tkiret*: .£2, 'E3.' . £*. : - 
- .*■■ Boole NOW. UmtTFO RUN. . 


jSSi&qi-i 

rue AMAZING 


fe Ry 


■Y OUNG ./WC 928 2063. .-.Last JFerte or 
ACTION MAN trijogr- Sh*kesueare , » 
.RICHARD HI Ttm't.-T.M Tolnor. 11 affi 
HAMLET Tomor 3-5 IL THE TEMPEST 
Tomor 9rBO. Fro m Wep 7 4S.P8.7 Woodt' . 
adaptation of CANTERBURY -TALES*; 


CINEMAS 


1 

tr TA1J3^; 

hn fllfl W £1 ‘ 


1 ft-' 9. .Shaftesbury^ Ave. '6'36^86l.. 


Sep- sertAiAfl «efl . 

1 1 SUPERMAN <AJ. Wk. and Sun.-UJO. 
SJM.^ 6,10. Late sbm* tonight Min Sat 

a: DEATH ON. -THE NILE tAl Wfc. and 
Sun. 2X»,\ &O0.-.6.OQ.-- ' 


■ r - . . 




CAMDEN PLAZA loop. CMldea. Tovfb • 
Tube). 485 2443. - THfi "BOS DYLAN . 
FILM. RENALDO AMD -CLARA . LAA), . 


with Bob Dylan 

Sterto. 

15th WEEK. 


• JOflQ 

track flrrte. 'Pro®. 2.» asa 7.SQ dairy. 


.Trt. ■ 


CLASSIC 1, 2 r 3» 4. Oxford StTMt -Jopp. 


Tottenham Court R8. | TupM).,636 -0»10. : 




'U and A Progs. Children haiAorice" 

Is ■ Richard AdariVT WATERS HIP DOWN 
fUt Now wtth.stereoiHMinie strand, ptobu. 
T-< 5- '4.00 6.15. 8J5. "Iftte *W 

tKlAS CHAINSAW MASSACRE (X-GLO 
11 om: • 

2z PIRANHA (X). 2.10. 5,40.-. 9.VT. - • 

'*h.. 1J0. 733, ,'Mt "sJ>«r, " 


•1 •- 

I..7. 


PIRANHA (X) 11. lUD. 


3i Genevieve BuloldL- Michael Dppplas; 

O, 'Prtov.' '1.05= L2S, 


COMA tAA’.. 

R.IO.-i.ntc shoft lO.pff p^n. 


ScfiU/- 


*T HITLER. A CAREER from. 1.4s;.. ' , 


4.4S. 7.4S. Late 


L4S' PJ»- . 


CURZON-.ClHTOn Street. W.l. 099 3737. 

YOU LAUGHEI2 AT- HI5 AFFAlRri 
. _ NOW LAUGH at hers , ; . ; 


^TheSd 


. - H‘ AT. HL __ .... 

. PARDON MON AJTAta TOO (AAl . 


■ English X'lb-tltles.) Mffl il.ZM. fHt 
Sun.), 44)s, 8 . 20 . 8Aa- un-r-oar*.. 


■Late night Ujow FrL .bnd SatT 1-T.45- pm J 


2-JO- 5.3ft. -8.30. .Lat*. show ■ Frb. . *; • • 
SM., doors own 11.18- P.m.- pros.:, at 
1f.<8.-o.nt. All s eats bfcb ln. , , • 

oojor*. Lekext^r Sonare. 611TJ-- 


fORCK JO. F=0M NAVA RONE f A1. Xtp. ■ 

. door* opoo — 


Proas. Dtvi 

Let*. - 

11.1S. e.m 


. _. 1-30. 

Lntu.^shew sri- and Sat. doors open 


4.30, 7 AS:. 


MWff, ■ MarWe Arch. v* J, tT3S: 2pri t-2j 


FORCE, 10 FROM NAVA ROHE .(«£. Sen. 
P9*. Dly.. doors open- 1 . 30 . 4.30. .7JU. - 
Late show FH. and SaL doors open 
11.15 -p.m; ... ... 


PP*NCT CHARLES. Loft So. ; *37 8181 . 

WalWten • Borovrtgrk’i -THE-- BEAST 
VLOiiOon X).. Sea. ptrf*..«1jr." fine. .Sod.). 
3.10, 5.8*. 'S45. taco snow FrT. ■ sod 
Sat T1.lT. • Seats -bkWe..'-LK’d- Bar. 



8CEME * IW ardOur Se.T. -.Lefc; So. 429 . 

«jn riJpERMAN tA/.' Prtw. 2 : 40 . 
5-28. 6.10: Lfe. shqw Fr(i And Gat 10.55 


studio; 1, 2. and 4. oxford Circus- *37 


x- jtu .ctavbuegp. -.AUn Balm. IK PauI ' 

Shorn Si* 

■JOoT-La 


- i* . 


Shonr Sat- 10.60. ' \ 

|»th« OrrisHe^s DEATH aw THE 
:A) Sen. ' ports.' Dly. 2.p0. 5.00, 

UtadtroSiL tijia. Seats bttiic. 

*t WPCTMAN f A). Sep. Pert*. Dly. 
?-»■ 3;ts.j.i5. Uta .» Sow -Sat, it. is. 


Seats bkfai*; 


EXHIBITIONS 


LONDON COIN FAIR. Saturday. l«H 
Oerjrabm-. Cumtmrteod - HoteL Marble 
Arch, London .Yr.i;..' io a.m, . to S bju. 
SO inter natmtian Deale rs: AdirHsalpit 
2S*. Fpooe 01-^722,5774. 



ART GALLERIES 


d^HCW GALLtt Y. *3._OW Band" " Sr.. 
Motk-Fri. 9^0-5250. Thors. 


Until 22 0*e. 
until 7 oo. 


AJftHHWj-CALtnRY. 
W.l.; -. • 01-629 - 11176. 


*3. .Ob' .Bend 

AGONARD 


FRI 


Sfc. 


ST. 


..... CC F3fi t*M. E-T4. 8.00 

Mat. ^«* * Hf.27 S. 8 

' AGATHa CHflKTIE, 

T«f MOM*TTRft* 

WORLD’S •^HGjv^r.PVER RUN - 
27th YEAR 


TALK OF-HWYOWk. CC 01-734 SlWI 
fllr xpiMR nal. -.From ",rx» . DliHim. 
Dandrft. ■ "n fiidcd ^EVUE 
.-■ EMJU DAZ2LE 
at 11 FRANKIE /VAUGHAN .-/ 


VAWDEVFUA." CC. ' 01-816 9988. 

e«. Bjoojwrd. nr. s/to. ttoer , 

FATRICR-T^R'and^ AtteotatloB of 




«*np»WOOO TREE : r , r 
" A POWT »«*l ' ro*roah*nri -ynmnn." D T»f 
** NOT TiNCE-taw.n .04 re HAS A -ORCL 
DUCTFON BRIMMED WITH GO MUCH 
GAIETY, aw '’•vjv vrw~n> een-. 
Time*. DaiJGHTFln.L v RICH AND 
" ' — MG" d. Mtr ' • " PUDI 


RtWAPOlHG '’ D. Mir - - PURE 

DELIGHT" The_ People. _ ” Affactipone 
■ and tUrnif' Odn.- 


YICTORIA-FALACT CC. £3 -626 ^ 4736-6/ 
(51-83* 131 ». 

■ HEILA - 


•ASM. HIT JdLTfiiriL 8 -a.- 


SMASH HIT-MISICAL r-O.. Man.’ - 


■ ?B^' NGS *SZ Ortpndo Furto*** Uatil 
‘ P-^O-S-SO. .Thurs. 


BHWfFE t MUY. 10. Cork *Sti W 1. 

— Qrw Ptcn.ro*. 
NORMAN. ADAMS’ -ro. Fw5»«r-Pia}j»1». 


APPEALS 


. SOCIETY FOB THE ASSISTANCE ' 
■-t""- - OF: LADIES IN ■ 

Y S HfiOUGED CIRCUMSTANCES " ' 
lyonaied (ate ■ . \ 
l. . '■ : 3flo Snmwoad. 

[:. H8*; MAtestr.Utf QMORV 'J 


Pktese H aa ££*li rt5t Thaitt^s 9Bpr;. 

Miec nr attii am'vt vnm -wr 

suable -to obtain fzm Itofftibet 

tturcfr. % Bft aKial h wfc.tte .aW? 

to ttepBt. y>wwt u» ronrionod 
WK ? a ag gR EtoiB ar touarire . 

IKK -Pet UAL 

«Wte of . jnaMx.mirtUjr :Reenr«V.. 

- Please ;riictni& .uejitMr to: . 

Uba^er-; Kattetv ^raD. 

5 ' 













21 



. , - : 0^emkfcr- : 15: -1978 

-•' i ■ ■ ■■ ' i i ' a - . f . ; ii ; i irv . rin . irr i i i T i fV i . mir-ir ■ i , r . r .i - •• ■ 




THE ARTS 





Cinema 


I Superman to the manner born 


by NIGEL ANDREWS 


Superman MJ«- • Warntx West launch him off -to the- direction of his Earthly foster-parents with nothing bener than another Showmanship. Thw gravity- 
Ead. . of .Earth. ... : tOienn Ford and Phyllis of those louche and. nutty Master defying stunts that the pub- 

is it a bird? Is dt a plane? Cqe for another- Parade of Thaxier), the film enters Criminals whose like used in licity men have been whetting 
Or Is it a iziulU-millibn-doUar Visual Wonders,' as.- tire babv "Metropolis’' (that is. New adorn the Batman series on TV. our curiosity about Tor so long 
while ^elephant? .Superman, roars through Space York! and inaugurates Super- This one goes by the name of are as good as we were 

Superman has reached:' our like '.s' rocket-propelled version man's career as a crime-fighter. Lex Luthor and is plaved. with promised. Superman flies 
screens at last,'' after what ■SQefias of 200 Vs Star-Child- . Meanwhile, and his parallel sojourn at the a large variety of wigs and a through the air with grace and 
like a: .millennium of advance back ron ’JSrypton,. the .lupnet ex- Daily Planet newspaper as *■ mild- limited variety of comic without a trace oF wires. And 
publicity.-' The first reaction to pJedes^qd. the screen is a brief, mannered reporter" Clark KenL grimaces, by Gene Hackman. he even takes Lois Lane (Margot 

” *’ on one littie 

in one of the 
interludes in 



Like the rest of the cast. Miss 


itself her os 9 the vast' Panavision: iQ more . senses than one. humour and spectacle flourish in causing an earthquake big 

screen with - -the ', nervous Thohgh . the film is still Inter- fits and starts. hut Reeve through- enough to topple the West Coast ... whn w a .. . 

ahandon of a film -Which knows .mi ttentiy. bracing and.JSpectacu- out is the comic-strip Superman into the sea (San Francisco and a - nce llnc *2 

that it mSrrecoS> a fortune at larTh Mis a -lower'. plateau or sprung to life. ,lnd the comic- Los Angeles with it) and create hu ?i * d U t ® • ’ T a ° d 

tKebox-affiee simply to stay air inspiration, . and .Jhe epic strip Clark KenL His Introductory a new coastline which will be his ***” when P / v Jr 
the right side .of solvency. - elements, start to fight a running scenes of bespectacled flummery for the owning and exploiting. er i!«if r ,i 5 ame .J? 

ft'ris a- movie almost -'literaiiy battle withthat eamply:itostalgic in the newspaper office, with a The film's last hour or so 
split- -down' the Centre between flippancy that spluttered through, diffident stammer and an Eric turns, as a result, into a virtual Sla « r s ainht ^ 1 nf “ 

the --banal ?nd thSling: and fliatty scuttled. Sing Kong. Morecainbe-like habit of adjust- reprise . of Enrt/ujuafee. with * 1 te i p n ped Straisht oul 3 com,c * 

-between a play-eafe kowtowing to After a brief chapter chronicling ing his glasses, arc a miniature panic stations all alone the Cali- BTjrip - 

the- modern vogue for. camped- Superman's. boyhood- on the farm tour de force. And when the black foroian coast and the Pelion-oo- Like the rest or the cast, that 

up popular art. of yesteryear fc/. is - except tor Marlon Brando,! 

King Kong ) and a breathtaking . v'? *■ ■ 

ifiniil.'hciuiipa Ati nnpninp titln \’ j ■' - 


Piccadilly 


A Night with Dame Edna 


by B. A. YOUNG 


Dame Edna, as Is right for any 
well-known music-hall turn 
doesn't appear until after the 
interval. Before the break, we 
are given a talk by the 
Australian Cultural Attach*. Les 
Patterson, or Sir Les as he is 
now. In his shiny dinner- 
jacket and protruding teeth, be 
tells us as much as he deems 
proper about Australian culture 
—nothing, that is — before giving 
place to the General Secretary' 
of an Australian union whose 
acronym 1 cannot write here. 
Lance Boyle, on a well-funded 
official visit to Hong Kong spends 
some time on the telephone 
ensuring that his visit will be 
well spent, then In his turn re- 
tires in favour of Sandy Stone, 
the perennial invalid, who now 
haunts his wife's bedroom from 
the afterworld. 

Any one of these three acts 
would almost have sufficed an 


visual bravura. Am opening title 
dedicates the film to "the late- 'UV.v 

Geoffrey '/ U ns worth, who was - fc, vv- * Jg * .. • ' 



s -■<: 


It. 


? r 


i-' 






cinema fograpfier'Tih Superman 
and brought to“it his -special flair 
for blending panoramic vistas, 
with minutely accurate special 
effects ‘ work. fUnswortb also 
photographed 2001 ') Superman 
looks superb.. As a spectacle. it 
is one the bpldesr gauntlets 
throvm-:down to the;nhaHeiigd of 
television in this' decade: a. 
decade that has seen a return to 
the 1950s < policy of blockbusting 
showmanship as a means -to lute 
the erring filmgoerrback to the 

box office- /old ••• 

The opening 20-niinute : pro- 
logue. is -a little..- gem of 
designer’s-folly Science Fiction; 

Director Richard Dbnner ■ and 
designer John - Barry {who won 
an Oscar for Star ,'Wurs ) have 
had. a creative, brainstorm ‘in- 
this vignette oi life .oh Supeiv . 
man's mother-planet^ Krypton. 

In a vast ihtergalartic tavern, 
black-robed .Marion .. Brando 
passes judgment on three rebel- . 
tious Kryptonites ■ who stand- 
huddled together in a circle - of . 
light, penned in by what -seems - 
to be large whirling : hoola- ' 
hoops. A scene or two later; just 
before this -condemned trio of . 
baddies .wreak vengeance on - 
Krypton- by blowing it tb pieces. 

Brando . slips ' .into... something. . 
more comfortable 'but, no . le^s 
eye-catching —-a phosphorescent:- . 
white jumprsuit with the fami- 
liar " S " monogram •— to stalk 
through his gigantic ice>palace; 
debating with; spouse Susannah 
York what to .do with their new- 
horn child. as- doom -approaches. 

The child is none other than- , . 
Superman-io-be*. and what they/ .'•/ 1 • 
deride 4o do' is put him . a 
large cr adle-cum^sputnik - and- 





be-elsewhere. Perversely, though. 
Brando's charisma and authority 
shine through even his own 
attempts to suffocate them, and 
fie emerges willy-nilly as the 
most magnet it- presence In the 
film. 

The Superman brochure handed 
out at the Press Show has a, sting 
in its tail. " Next year Superman 
II " it announces — a promise or 
a threat? Congenial though 
.Superman J is. I doubt that the 
same mixture will be welcome 
with filmgoers a second time: and 
if the current rage for the ersatz 
heroes of vomit- s' rips and B- 
movies is lu continue (Flash 
Gordon is due in 1979 j. same iers 
tricksy, less facetious approach 
must be found or we will all die 
from a surfeit of conspiratorial 
cultural condescension. 

At the Press Show, a huge 
laugh greeted Superman's 
deciaration-of-faith as it purred 
off Christopher Reeve's lips ; 
“I’m here to fight for truth and 
justice and the American way.*' 
Heaven forbid that one should 
greet a line like that with a 
wholly straight face. But to 
catapult yesterday's beliefs and 
orthodoxies into the air like clay 
pigeons for sophisticated modern 
fil ingoers io shoot down seems 
an exercise in elaborate futility. 
The current, strenuously frivo- 
lous eraze for comic-book heroes 
of the, past hides. T suspect, an 
actual need for heroes of today* 
suit is jettisoned for the crime- Ossa embellishment of an about- a need that audiences camouflage 
crusader's cape and tunir (and to-burst Hoover Dam. With with flippancy or relieve by the 


who reportedly wanted tb play I 0 ld-time music-hall comic (music- 
Superman s father as a green I hail nostalgiacs dD not generally 
suitcase, or railing that as a admit how little material their 
oagel. railing both, he has heroes needed for a lifetime's 
opted for the next most eccen- f amel . Sandy bores me rather, 
trie course and played him «* s ] but Lance and Les never do. I 
FI etcher ^ f.hristian of the , suppose Sandy's function is to 
"Bounty : complete with British j s how that even Australians have 
accent, far-off aristocratic look a sentimental side, but even if 
and a general air of wishing-to-i this is true it is something I 



« . . ..." , ■( Li uoauri o vape anu iui&il \auu i»uu«ci i^dlll. vvjui vnxii ui^pauv.t til irurvc uy lliu 

-TjrO A AyToTroi*- A nrorrl ,he hair carelesaly ruffled into a Superman on hand, one is never safety-valve of laughter. An age 

JNCVV. Cl rlSVaUl kisscurl), his debonair, throw- really alarmed by the danger, that needs heroes is in a bad 

j,., -.. . ’ .i away heroism is Superman to the nor by the standard shots of wav. and an age that fecis but 

Th* tirival " Sopietv 'of’ Apte* SacifltV's'nmsic scholS'shins have maDner born. crumbling buildings and fissur- won't acknowledge that need is 

S2,^&S!Siri? 0 j;r MS - But what is he given to exer- ing roads. The film would have in an even worse way 


iq7o been- "exriiKivelv udor further ■■ w°at is he given to exer- mg roaus. me nira wouia nave m an even worse way. 

fUrtter rise that heroism upon? A brief, beea better choosing cither to SupCrnmn h just Dne link _ 

““v* liiviuuc a . ,v ' jj . montage-style flurrv of Super- stay firmly earth'bound with j nn ni'Ani aftr-ar-tivu a 

RSA-Robert Mayer AwanL Ytirtl^r^ deti^ • can be man f eaLs early on-rescuing Superman crime^fightiirg amid c hate lhat hM ^eeo ^rge^ 

This - has Been 1 instituted- lo obtained from -the Secreta^. j^ is Lane {rom a PraS bi n g heli- real city streets, or io have sent throughout this decade The a«e 

^our-SirRobert Mayer’s per- ^^4 aSr copter - “ idin S an ^eTopiane in b'm off into the outer galaxies Df p 0 p Culture is an' age that 

sonai contribution towards ^en- Adarp 5lreet,itonaon WL—n mfd-«ir distress — whets the appe- to do battle with those Krypton- glorifies disposability, and the 
eouraging. young... British ‘ ; . .r . tite for a crowning challenge, destroying villains about whom cult of “ Camp " is a subtle way 

musicians. Using its: own.; funds . »v T ^ r ' But a crowning challenge of we hear so bothersomely Utile of turning away from moral and 

the Society ..will . sponsor !the.- INaXlOnai UailCry adequate dimensions has eluded after the first 30 minutes. emotional engagement. Super- 

RBA : R'oSert M«yer Award ^ w'hich The Adoration of the Golden ,* he' .ingenuity of the film's But one shouldn't criticise a man deserves to be enjoyed on 

will be ; -of comparable vaJue ; to. Cal/. Iff Nicolas Poussin, which writers. The combined talents film for what it isn't rather than its own gaudy, funny confident, 

the othfer principal awards. It is .was maliciously damaged by a of Leslie Newman. David New- for what it is. What Superman razzle-dazzle level: but the bright 

different. tb the. others in that it visitor to the National Gallery on man. Robert Benton and Mario is is a mixed-up but often lively wallpaper hides some lengtheo- 

_ ..vt - » — .j — • '" *V-has becn restored by the {Godfather) Puzo can come up addition to the Cinema of ing rracks in the plaster. 


have no wish to know about. 1 
am more interested in the 
rougher side of the 
antipodean character that the 
others demonstrate. 

After the interval we are 
entertained for the rest of the 
evening by Dame Edna Everage. 
Audiences will he surprised to 
see Dame Edna bounding on in 
squash-playing kit, with a dark 
Afro wig and a practical, un- 
adorned pair of spectacles. After 
volleying a couple or balls into 
the circle (the mantelpiece, as 
she calls iL she settles down to 
selecting victims from the bouse 


Purcell Room 


Barry Humphries as Dame Edna 


and telling -them and us about 
the horrors of her family lire. 

All these characters arp, of 
course, played by Barry Hum- 
phries. There is little point in 
retailing just what he leaks to 
us about the Clapham home of 
bis daughter-in-law Joyleen (or 
is it bis daughter?) As always, 
it is based on close, critical 
observation of current life, it is 
very funny indeed and often in 
superbly bad taste. But il was 
evident Wednesday that it didn't 
matter much what Dame Edna 
said as long as she said some- 


thing. and in an atmosphere like 
that it ts hard to be hypercriti- 
cal. 

To conclude. Dame Edna does 
a quick change of clothes and 
returns in her more familiar, 
more feminine guise to hurl 
armloads of gladioli at us and 
conduct us in an absurd anthem. 
You either like Barry Humphries 
or you don'L I am happy to for- 
give him what seem to me his 
iapscs as long as he continues 
in bis best moments to be so 
uproariously, and su individually 
comic. 


Rainier at 75 by MAX LOPPERT 


will • Se' offered specifically for April 3; 

.further, jrtudy »t a recognised- chief /restorer. Arthur Lucas, and 
centre /of. -music tuition: m The wilLgo back on display in Room 
United Kingdom. Itr the. past the 52 oC-tite National Gallery' 


Priaulx Rainier, one of this 
country's most individual and 
valuable composers, celebrated 
her 75th birthday last February- 
Seventy-five is a nicely substan- 
tial number— excuse enough, one 
w'ould have thought, for a period 
of celebration and re-examination 
(several big orchestral scores, 
such as Aequora lunae sad the 
wind - and - percussion p i e e e 
Ploirmel. wait for the regular 
performance they deserve but so 
far have failed to gain). To the 
— alas! all too predictable — 
shame oF the London concert 
scene, and with the exception of 
the Violin ' Concerto given at 
this year’s Proms, the birthday 
has gone almost entirely un- 
celebrated. 

Once again, fortunately, the 
Park Lane Group has come to 
the rescue of musical honour. 
Wednesday night's PLG recital 
by the London Oboe Trio and its 
various guests was a notable and 
wholly enjoyable tribute in con- 
cert form. The three Ranier 
works chosen — Quanta (1962) for 
oboe and string trio, the String 
Trio (1967). the song setting Bee 
Oracles (1970) Tor tenor (Philip 
Langndge) and five instru- 
ments — were interspersed with 
Mozart (a violin-viola duo and 


the Oboe Quartet). There could 
not, of course, be included any 
gesture of recognition of the 
composer's remarkable ingenuity 
and visionary imagination as an 
orchestrator and manipulator of 
large forces. But as a display 
of mature small pieces cut, like 
sharp-outlined and rigorously 
crafted wood statues, by a master 
miniaturist, it was a satisfying 
and significant occasion. 

All three pieces, though they 
differ in sonority, atmosphere, 
and impact, share the Rainier 
hallmark of leaping, snapping, 
impulsively energetic small cells 
of musical matter, acerbic in 
their chordal harmony, quick to 
break off into silence. The lines 
of discourse they shape may be 
discontinuous. unconventional 
in development; but the sense 
of all three pieces is of a self- 
igniting vitality, an ''organic*' 
quality that puts one in mind of 
another individualist among com- 
posers, Janficek. The style does 
not preclude lyricism: in the 
final pages of the String Trio, for 
instances, the interaction be- 
tween the three instruments 


comes to suggest a good deal 
more of lyrical utterance than 
the length of the phrases ought 
Io warrant 

A related facet of Rainer's art 
to which the concert paid atten- 
tion is i he subtlety and minute 
sensitivity of her writing for solo 
voice. Bee Oracle v. a setting of 
a Silweli poem, is beautifully 
described by its composer as "a 
kind of honeycomb in sound." 
The vocal line, with its repetitive 
gestures and also iLs long- 
spanning shape, forms a vnnd 
and dynamic contrast io the fast- 
moving minutiae of the instru- 
mental figuration The effeci is 
radiant, stirring, wholly natural, 
yet wholly unexpected — a minor 
masterpiece, surely. Like all the 

f iieces on the bill, u was per- 
nrmed with a combination of 
reticence and enthusiasm that 
was entirely appropriate both to 
Rainier and to Mozart But with 
so fine a tenor as Mr. Langridge 
on hand, and with a programme 
some way under two hours in 
length, could we not have had 
the beautiful Ct/cle for Declama- 
tion for solo high voice as well? 


Whitehall Theatre 



^-you lia-ye. faSed to find a truly* 
.reliable -wine 'by the time you are- 
v; v-r 35ypu have ■wasted 
- half a-lif etirne ” 

PtoPAilUARCHE 

RED AI^WHlTRVIN DE TABLE 
For once, - don't worry about the wine. 


The Wizard 
of Oz 

by WILLIAM PACKER 


Ron Knee's staging nf The 
’.Wizard of Or is rerlainly a 
cheerful enough affair, for the 
small company runs Lbrougb the 
.familiar story, and the even inore_ 
.familiar songs, with a commend- 
able and most engaging verve. 




If ypu haye urgent business in New 
Yorjc’gf Los Angeles, Skytrain is tine 
perfect waytoget there quickly. 

You sftpiy buy a ticket and hop on 
the plane the same day, with no advance 
booking or hanging about. 

And you travel in a comfortable 
wide-body DQ1 0 jet, with excellent: 
meals; drinks, in-flight entertainment 
and duty-free goods'to buy if you want 
' Best pf all, the most convenient way 
to the Stales is also the cheapest. 

in business, time is money, and on 
Skytrain you save both. 

For up to the.hour information on 
seals the day you want to fly, ring 
01-828 7766. 

For further infbnrtalion on Skytrain 
scheduled service to -New York ring' 01- 
828 8191, for Los Angeles 01-8284300. 


AM M6BENQM SCOTVICE 


Nevy^ric^- Los Angeles £84 

LAKER AIRWAYS - GATWICK AIRPORT- SURREY 


But it must be said that it is 
cheap tou. T.he sots — even 
aMnwiog for the shaktness and 
corner-cutting traditional in a 
Christmas entertainment and all 
pan of the fun — are to say the 
least rudimentary. Some of the 
drop-cloths not painted at all. 
And the costumes, though bright, 
colourful and adequate for their 
purpose, are not exactly lavish, 
with only the principals dressed 
at all ambitiously. There is little 
in the way of spectacle there- 
fore. the flashes and bangs 
necessary to any setf-respecting 
pantomime by no means over- 
convincing. The actors work 
very hard, and do very well, to 
achieve- their effects. 

The Principals do very well 
indeed, most notably Jane Briers, 
whose splendidly spiteful Wicked 
Witch of the North entranced 
the younger members of the 
audience, and .convulsed the 
rest, conspicuously the entire 
orchestra. She is wbat a witch 
should be, with her green face, 
fish-hook nose and tall black hat 
And' she is admirably supported 
by Richard Ashley’s boastful, 
cowardly Lion, and by the. Tin- 
man and the Scarecrow, played 
with great comic dignity by 
Nicholas Tudor and George 
Alexander. Yvonne Edgell as our 
all-American heroine bounces 
through it all with considerable 
aplomb. 

It makes for a most curious 
pantomime, since the story is 
close' to the tradition, with its 
account of (he triumph of inno- 
cence over evil, trials faced, dif- 



Yvonne Edgell and George Alexander 


Acuities overcome and a long 
journey successfully accom- 
plished. But there is, awkwardly, 
no principal. hoy, no princess, no 
Widow Twankey. It remains 
alien, and needs refinement And 
for tbe cast to emphasise the dif- 
ference with >a gently self- 
mocking Cod American delivery, 
though frequently very amusing 
— especially so with the Muncb- 


kins' bizarre and solemn ex- 
ebanges — is not quite enough. 

The opportunities lost to bring 
it all into tbe gratrd'traditihlT’of 
pantomime stick in the mind, the 
general lack of melodramatic 
flair, the dreadful abruptness of 
the Witch’s final exit, and the 
cursory, almost rude finale. The 
younger your children are the 
more they are likely to enjoy it. 


‘Mama Chicago’ jazz cabaret 

Mike Westbrook’s jazz cabaret be augmented by a week of Westbrook. 

Mama Chicago has been on a IS- lunchtime screenings of Music in Mama Chicago was first pre- 
date tour of England which will Progress. Charles Mapleston’s sen ted in July this year at the 
culminate in four performances film about the work of West Open Space in London and from 
at tbe Scala cinema, Tottenham brook and his group. The film there went to the Edinburgh 
Street. W.l, every night until runs from December II to 16 at FestivaL It has now been seen in 
December 17 starting at 9 the Scala- , France. Italy. Sweden and Hoi- 

pm. With music by Westbrook In addition, an bour-iong land, and plans are already con- 
tbe show has lyrics bv. Adrian Radio 3 studio session will be firmed for tours of England, 
Mitchell. Mike Kustow and Kate broadcast on December 18. The Scotland, France. Holland. Wesl 
We.Mlbrook. programme, Jasz in Britain, will Germany, Sweden, Denmark. 

The Scale performances will, he exclusively devoted to Mike Finland, -Israel and the U.S. 


.• ''l-VV.Vi A-' 3J £ . ,V.JK i>- '■ — ■ 



Gas is a very safe fuel-at least as safe as any 
othen It has to be, because it is the most popular 
source of beat in British homes. In fact, over 
14 million homes use gas. But, like any fuel, 
it must be treated with respect. So, if you smell 
gas, please follow these simple safety rules. 

• Don't smoke or use naked flames. 

• Don't operate electrical switches- on or off. 

• Do open doors and windows/ to get rid of 
the gas. 

• Check to see if gas has been left on unlit, or 
if a pilot light lias gone out. 

• If not, turn off the whole supplyat the 
meter if you can. Then ring us. 

Above all, if you smell gas-at home, at work 
or in die street-ring Gas Service. The number is 
in the telephone directory under"Gas" and 
we're on call 24 hours a day. Be specially alert 
when returning to premises wliich have been, 
left unoccupied for several days. 

For further advice on gas safety, pick up 
a-copy of ourbooklet'TIelp yourself to 
gas safety" at your local gas showroom. 



Help yourself to Gas Safety 


/ - 









22 


FINANCIALTIMES 

BRACKEN BOUSE, CANNON STREET, LONDON ECff «T 
T riegr mic Plaantim®, London PS4. Telex: 886341/2, 88389? 
Telephone: 01Z4S 8000 

Friday December 15 197S 

Now back to 


Financial \Times 






BY JAMES BUXTON, in Abu Dhabi 








SANCTIONS are dead: long live 
the real sanctions. The defeat 
of what remained of the 
Government's incomes policy in 
the House of Commons brings 
to an end a completely unreal 
phase in the continuing battle 
to reduce inflation. A so-called 
voluntary incomes policy which 
is supported by no-one except 
Minsters and a minority of 
union leaders is a fiction; and a 
minority Government trying to 
behave like a strong one com- 
pounds that fiction. The battle 
against inflation is not a battle 
of wills: it is a battle to per- 
suade people to understand 
reality and their own interests. 
That battle can now be 
resumed. 

Persuasion 

A weak government — even a 
government which can survive 
only because the potential 
nppusitiun is divided — is not 
necessarily the worst equipped 
fur yuch a job of persuasion. 
When King Canute was credited 
with supernatural powers by his 
courtiers, he willingly got his 
feet wet tn prove them wrong. 
The message which Ministers 
need tii preach is in a way 
similar. 

A democratic Government 
cannot control the bargains 
st nick by free individuals for 
more than a short period of 
emergency; but what it can do 
is to ensure that those bargains 
have their natural consequence. 
This means basically no more 
than refusing (o buy time to 
accommodate folly. The Govern- 
ment has an ami-inflation 
policy. 2 nd Ii works. A strong 
exchange rate, achieved ih rough 
control nf the growth of credit, 
has already reduced inflation 
well below expectations, and 
helped to improve living 
standards. But this policy has 
consequences which the Govern- 
ment is powerless to prevent. 

The main consequence was 
nno which ihe Chancellor stated 
elonuentiv not many weeks ago 
in his Mansion House speech, 
and which has just been under- 
lined by the Bank of England. 
It is simply that where the ex- 
ternal value of money is so far 
os possible fixed, excessive wage 
claims can make companies un- 
competitive. If average wage 
settlements can be held to 
single figures, growth can con- 
tinue. If some of the recent 
bargains, inspired to some ex- 
tent by the desire of the mili- 
tants to •* smash ** the Govern- 
ment’s policy, become the norm, 
then growth will slow or stop 
and jobs will be lost. That is 
a tragedy which the Govern- 
ment can point out. but it 
cannot prevent it. It is the 
necessary consequence of an 

anti-inflationary policy. 

The sanction of foreign 
competition and restricted 
credit does not, however, bear 


on the whole economy, but only 
on those engaged in the com- 
petitive market for goods and 
services. Firm monetary con- 
trol is a necessary but not a 
sufficient policy^ 

Private sector monopolies, in 
an open European economy, are 
fortunately rare, but powers to 
control them and their pricing 
policies, or, where it is technic- 
ally possible, to break them up, 
may need to be strengthened. 
The bargaining strength of trade 
unions which have their fingers 
in some sense on the jugular 
veins of their employers or of 
the whole economy present a 
mure difficult problem, and not 
only in Great Britain, but it 
should not be exaggerated. 

For the most part this poten- 
tial power is not abused, and 
extortionate tactics here or 
there should not be used as an 
excuse to attack the trade union 
movement as a whole, and so 
risk real guerrilla warfare What 
may be required is simply to 
rgsist such claims, and risk dis- 
ruptive stoppages which will 
mobilise public opinion against 
the trouble-making minority. In 
an economy where wage be- 
haviour in general is broadly 
rational, extortion is easy to 
identify. 

It is in bargaining with the 
public sector that the Govern- 
ment has left itself most 
uncomfortably exposed. An 
attempt to soldier on with five 
per cent regardless of what 
happens elsewhere in the 
economy may look like strength,' 
but would simplv be obstinacy. 
If injustice, and later disruptive 
adjustments are to be avoided, 
public sector pay must bear 
some relation to what is 
happening to the private sector.; 
though certainly not in the form 
of rieid indexation, which 
would ignore the fact that some | 
private workers mav be pricing 
themselves out of jobs. 

Porhans the best approach to i 
a colution would be to seek tn 
delav tho«e settlement* which 
occur fairly earlv in the i**vj 
round bv means of interim 
settlements. so that final 
bareain could be struck after: 
a discussion of relativities, and 
with better knowledge M the 
growth of revenues available to I 
pav the bill. 

Meanwhile, however, the 
urgent tssk remains of reinfnre-j 
ing the dawning sense of reatitv 1 
now to h<* seen in pav negotia- 
tions. That may mean rein- 
forcing existing anti-inflationarv 
policies, notably by steps which 
would reduce the public sector 
borrowing requirement, and so 
ease the financial mneeie which 
is already threatening private 
sector growth. Such an approach, 
rather than a last-ditch defence 
of a fiction, would be worthy of 
a Government committed to a 
dcath-or-glory fight to check 
inflation. 


T he meeting of the 13 
OPEC countries which 
begin-, here tomorrow 
virtually certain to order the 
first general increase in the 
price of crude oil for two years. 
It will have been made possible 
by the tightening of the oil 
market in recent months, 
accentuated by the oil industry 
strikes in Iran, but the size of 
the increase seems likely to be 
tempered as a result of the 
special circumstances in which 
members of the cartel find 
themselves. 

Abu Dhabi in the United Arab 
Emirates is an appropriate place 
for this meeting, which comes 
five years after the 1973/74 
watershed when OPEC 
decisively took contrnl of oil 
pricing and raised the price 
fourfold. The economies both 
of the OPEC states and of the 
big industrial consumers were 
transformed. But a surge of 
imports and imported and 
locally generated inflation 
caused OPEC states with a high 
population, like Iran. Nigeria 
and Algeria, to slip a'uite 
quickly into deficit on their 
balance of payments and 
become net borrowers. 

But what is surprising is that 
states like Aim Dhabi, with a 
very small indigenous popula- 
tion and. it was thought, a low 
Ability to absorb income, are 
finding that their expenditure 
i«? coming close to their revenue. 
With an anticipated income of 
more than S5bn this year Abu 
Dhabi may only narrowly cover 
its planned expenditure which 
anart from spending in the 
era ire itself last year Included 
about $lbn in overseas aid and 
nearly $i,5hn for the budset 
of the UAE, of which Ahu 
Dhabi’s ruler. Sheikh Zaid. is 
president Its accumulated 
reserves, estimated at .about 
86bn. are now growing much 
les* quickly. 

■ Saudi Arabia which this year 
budgeted for a deficit has been 
feeling cash flow problems this 
; year because of lower than anti- 
cipated oil income in the middle 
of the year and has made some 
relatively small drawing on its 
accumulated reserves, roughly 
estimated at about S70bn. 

The Bank of International 
[Settlements has estimated that 
[the OPEC states gross reserves 
declined by $5.2bn in the first 
half of this year while during 
the second quarter of this year 
they reduced their deposits with 
the international banking sys- 
tem for the first time since the 
1973 oil crisis. 

For these states which 
theoretically can absorb less of 
their oil incomes, . with their 
limited economic prospects for 
tile day w hen the oil runs out, 
the rate at which they are con- 
suming income is worrying. 
This is especially so given the 
drop in the value of the dollar 
which, it has been estimated, 
took 17 per cent off the real 
value of OPEC's earnings since 


Production 


the January,. 1977, price rise, ■■ — * 

which eroded the real value of __ mllms barrels Ptniwr 
their accumulated financial 35| " 

assets which, it is generally be- 
lieved, are 80 per cent denomin- 

ated in dollars. 30 ™ - 

Hence the laments of OPEC. HB H 

The UAE’s Oil Minister Dr. PH Bfl 

Mana Saeed al Oteiba. spoke MB B j Kg 

rather vaguely this week of 25 “ Bfl HB HH ~ 

OPEC coul ties’ lasing between |B KpH 

37 ai-d 53 per cent of their pur- HM HR 

chasing power as a result of 20- BH MB Hi 

inflation and the decline of the mm BB ■ 

dollar since January. 1977. Like H gjjfla HH 

some other oil ministers, how- MB BH HB 

ever he stressed that OPEC 15~^B Bfl j^H ' 

would not be seeliiy: full com- ^ aami 

pensation for this loss. “This fl P IS IS 

would be a catastrophe, we 10— W • n W 

would destroy the world Pi»ftllf|ptinn 

economy." he said. rfSttUCWIfl 

In public the OPEC countries _BH*I IS IS -j|||g|_ 

direct the responsibility for the 5 - HB jgBH ^B 
change In their fortunes on the BD ■ Bj BM m 

industrial countries and put |B jB BB 

this forward as a justification qLj — BH — 
for price increases. In practice ;1976 1577 1578 

they know to their perplexity ^ 
that this in itself does not make 
an increase possible — which is 
galling for an organisation 

whose aim is to maintain where a degree of consensus 

revenue values.* . was reached. Sheikh Yam&ni. 

the Saudi Oil Minister, secured 

A * jp a measure of acceptance for his 

UGSrPC Of view that the current oil glut 

would disappear with increased 

consensus economic growth in the early 

1980s. He proposed that there 
Since the OPEC meeting jn should be gradual increases up 
Dnlia, Qatar, in December 1976, - 0 ^at time in order to prepare 
when the cartel imposed a 10 consumers for it and encourage 
per cent price inerea*.* (only conservation and development 
Jive per cent of which was alternative energy sources, 
imoleraented for the first six , „ t . , . _ 

ntnntbs bv Saudi Arabia and tlie . , In f«t llmlt.linn of fc* 


W7D 71 


-72 *73 74 15 


A degree of 
consensus 


imuiciueuicu mr uie him si* T . , — 

months bv Saudi Arabia and the , }" »“"«* " r 

UAEl OPEC has had tn face *? ke of 3tate s 
fhe fact that with a relative restrictions ™ the lilt ng 
sttrnlus of oil on the marvel " f . Saud ' Arabia s attractive 
there has been nn pnaHhlUtv “^t crude to a ratio of M 35 
nr a substantial orice increase, to the less sought-after heavier 
Demand in the induslpal vanebea-have had some effect 

countries has been relatively ™ > he oil market in the past 
stagnant and new capacity has i™ months. This has coincided 
been coming onstream in ihe —lth an increase in demand. 
North Sea and Alaska. The This is partly due to the 

only way to make a substantial building up of stocks by the oil 
increase in prices stick would companies, which anyway tends 
have been for its individual to occur in advance of OPEC’s 
member countries to agree to December pricing meetings but 
programme their production to which has been especially strong 
match supnlv to demand. Saudi this year because of the substan- 
Arahia. which as otodueer of tial running down of stocks by 
a quarter of OPEC'S output is the oil companies since late 
the key producer of the cartel, 1977: and partly because of -the 
has always heen totally opposed higher winter demand for fuel 
tn this. While some attempt and high demand for gasoline 
was made to coordinate produc- in the U.S. during the summer 
tion in the wake of the Geneva and autumn, 
meeting last June. OPEC has on top of this has come the 
neither the collective will nor crisis in Iran where since late 
the organisation to apportion October strikes by workers in 
oroduction in the traditional the oilfields have reduced oil 
manner of a cartel Most states production to as little as 20 per 
do however have production cent of output which in the first 
limits below their theoretical nine months of this year was 
capacity set for reasons of averaging about 5.6m barrels 
conservation but this does not per day. Some -states, notably 
amount to programming. Kuwait, have been reluctant to 

Resentment at the decisive make up the shortfall in OPEC's 
effectiveness of the moderates oil output but Saudi Arabia has 
— Saudi Arabia and Iran — at let its production rise in keeping 
the Caracas OPEC meeting last with a seasonal pattern of winter 
December when members failed from about 8.3in h/d in Sep- 
to agree on a price rise resulted tember to well over 10m b/d, 
in an informal meeting in Taif. not far short of what is con- 
Saudi Arabia, in May this year sidered its sustainable maximum. 


• • • -• , ' 711 / of isolation aftd f : 

usswauwa ‘ ‘ •' ifpdsdfote;; jo assume the iesdfeiv 

14 • “ - . “ ' . - . • ship 6F1 the’ J Aratf Vrorld in the 

' wake of Ihe Camp David^agfee- 

CTOIUlKOM OX ' i tV . niebt and the. negotiations bo- - 

_ A !1 'DvaSnAe v ==*— — - tween Egypt. 'and. Israel which \ 

kA UlI rrivvw seem likely to take Egjqit; out of 

K flfaqi ON ACTUAL BEVtHOE PER i — ■ ~ — the Arab arena. ^ The Baghdad. . 

BARREL OF MUBMH'UGlfT I “ 'Arab summit in November, 

10- j r ■ . • -where. Iraq waa notaote-for;its.' r 

. ' . --firm, but ..■by no 'means taditpii 

“tt. ^ 7 ! ^7: ' rolls, is? "seen as part ' of : 

' ' ■ , • •; - •••••'•■ ...process qrfi.it implies : a. de^e 

° . ■ -7 , - - on the part of Iraq to plky. a 

' I i-~ ^ ; positive .Toie^-a role'.stuitmed^ljy • 

Saudi. ^Arabta. It xmtf can 

e _ • -L ^-i— 1 . ' kSKrt' lts mflurtice"’ ^t>.OPE(: 

° j better ' by “presefiti^f.: a pbt^y . 

. — r-re- r that the mote, mt^rate j^tes 

can, Easily -follow ^reSier 

^ - — — — - -r^-r r* — r playing the ejrt±emIst^'V:;;h- - 

. r . - if Iraq's stand:; beon 

I 7TT . tempered .-by a . degrees -of ' 

I . '• : - moderation. the : twm Remaining .. . 

2 - 7 traditionar hawks of^the ilD^O- . . 

’ ; - ' : V isation, * Algeria . -and ^ Libya, ' 

“r : .wddld ' appear V 

n I - I - > J— -! — ^ — .rV.lv- - r? isolated than- before Iiv wahtija* . - 

u W7D 71 '72 73 7* 75 : '75 ’ 77 - . , 7® . . .v major increases.- ^ rAmotig.Vthe . 

- - ' ■ ■ - ■ '■ " 1 1 * * : — prodiicers, Kuwait : apd . 

' - . ; Vemsiiela. are ,in/.iavpi^:^ .a 

- . . : -- moderate increase as.-j^ineatis 

of around 11m. The 2m b/d. demand winch would be self «f coinpeii^tin^ 'gr ^ie?&ll^of 
excess supply in the market had' defeating. It does not want: to yie d oil mv- _-Tr«M U?*- - ef 
been taken up by early depress the dollar la which it is ing 'uie OOUai'. Pric e, of on.tQy a . 
November and the result was & . estimated some 80 per cent of 5 aa f® t 

dramatic tightening of the spot, its financial assets abroad are P ec “J ve * y . reacted, by - 
market for crude oil with Some held. .Nor in view of its Arab^ aunng^be am , ^^ i -“ t rt' . 
of the lighter crudes up by as dependence oh the U.S. : ih the: ^ohsfieretinn by^an..QBEt^com-.- 
much as SI per barrel — a rise, military and development fields mitide. and dqes= OD£. 
of 8 per cent over the official -’can. it afford seriously, to ,° e astarter althiappm^-^:.- . •' 
OPEC marker price of $12.70 antagonise Washington. But it • . But whilo^ ^ tt' remaina. uiicl^ar 
per barrel for Arabian light . Has no wish to spiit 'the cartel what increase Will beadbirted at 
Mr. Izzeddin Mabrouk, Libya's as it did at Doha nor to be seen 4he OPEC -meeting.- xt-'is alio - 
Secretary for Petroleum, hai ; as the sole standard- bearer. 6 f-oin«rtaih’hoW.k.wllhbe phased. r . .. 
stated here that OPEC should the West in what in essentially .Sheikh xFa l iii^,^; J .^ijeyed jto 
take advantage of the Iranian a Third World organisation. have suggeMed at Taif- fia lSay . - 
situation to force through a sub- The UAE has indicated i that it’the^ {dbaL/ or^ ^"smail^ ^ ^artevly ' • 
stanfial price increase to ; corn- will go along with the Saudi increases and . -this idea; has 
pensate for the financial lossds 'position. - • gained acceptance frmrr'Kuwftit- 

suffered by the dollar’s decline All the signs .are that .Iran and Venezuela. ■ If is consistent 
and inflation. But it SMs^. wtil take a low profile at the. vritRV;..tb'e^ : idea’::of- -gradual.' 
likely that OPEC states will take ^conference. The loss of Iranian increases. to" prepare^e world 
the view that while striked in- oil production and the .effect of for the etiCrgy' shortages , pre- 
Iran may continue and recur , wage increase has enormously dieted fSr the. future though . 
until the political crisis' is increased Iran's ; heed-, ■ for the idea that^tbcre will bea con- ’••• 
solved, this is essentially a tern- revenue but the regime Of .the slstent stortkgesbfofl inthe" 
porary phenomenon and what- Shah perceives rte future > as 1980s te not, uhaminously b,eld ; 
ever opponents of the Shah may heavily dependent op the con- m tiie oil world) u ' ...... 

say, no Iranian Government -is tinued support -of the western , Quarterly.-... increases coiild 
going to forego revenue for iJaje- countries and it has no wish -tp'„also cHShian:.the: damagetto the 
sake of religious principle: hr antagonise Saudi Arabia. Saudi world economy and .even - out . 
xenophobia especially as the Arabia and • Iran'.- In jrtwnnal the; peaks- ,\and. : -.. troughs-' of 
country now needs revenue times together produce nearly demand that’: result -from the 
worse tha ever. ' 'hil^ OPEC's total output.... ; .ipresent/ .; witii - heavy 

It remains to be seen whether * . . ‘atbcktiig :> v J anticipating price i 

this view will in fact prevail . • Pneifiva -• < "followed by demand 

when the Ministers start their -= * UaillYC siaickeniiig: ;. That : causes diffi- 

meeting at the Hilton Hotel in . -* ... •':? . eultyip midring the. MW r prices 

Abu Dhabi tomorrow morning. ; T01C ' - :‘stick after "aff iucrease. :.Yet it .... 

But from pre-conference state- ■ . : T __ - is not -dear whetber Saudi - 

ments and indications, there “J? 8 ABibia would want to have its 
does seem to be a relatively f 38 be^ luming tiiatit js much^ -'hands 'tied : invadvabce. for tha 
strong alignment that does not less tnebned. j'pan. m previous year ' tor a -: set of' regular 
favour more than a fairly small a increases,; . K - a" formula" for 

increase. Sheikh Yamani has lar Se' “crease tn replace: L t?; 1 95t. regidar. ihcreasek were to be set • 
said he would like to keep purchasing P°wer» . “ l ^-. ,°“ .(say .^12. per. cent over a year 
prices frozen but that Saudi' Mr - at intervals) the 

Arabia might not be able to ^ arim, .has _ said that Jraq will y^tial increase' (of 3 per cent). . . 
withstand pressure from its not seek full com^n^tion and would be unaficeptably low for ' 
partners. Privately Saudi a - j ali»ost every member of; tie 

Arabia has hinted that it would ® PEC .™ ted ’ he'-said cartel' in present eimmistahces. •• •:■ 
be prepared to accept a small yesteW that a ^token in- *yhis _ may make it more likely 
increase but considers 10 per crease of 5-10 per cent ^rpuld /t j^ at will be an increase 

cent too much. be unacceptable. - . 1 , of -perhaps 10 ; perl cent/set frdnt • 

Saudi Arabia's view is that a Some- people see this as part JanUary l/ with the -poSiSibility 
large increase would damage of Iraq's dflvcto rejoin themain-of a furtheriiicrease fromflpjy- 
the world economy and depress stream- of.. Arab politics after. I;not:to be: Ignored. ; . y .. • 


Party warfare MEN AND MATTERS 

ira X>Qric Pulling Minis 

HI JL di 153 into the side 


REVERBERATIONS of last 
spring's general elections are 
continuing to rumble through 
French politics. Since the 
decisive defeat of the Union of 
the Left in a fairly straightfor- 
ward Right-Left contest, the 
tun main groupings have broken 
down more clearly into four — 
Gaullist. Gisturdian. Socialist 
and Communist. The rift be- 
Iwee/j Socialist and Com- 
mumsls. an important factor 
mi their failure at the polls, 
has been reflected on ihe 
right by increasing tension be- 
tween Giscarctians and Gaullists 
inside the governing majority. 
At Die same time, the emergence 
nf the Giscardians as a major 
political farce has. If anything, 
only been confirmed by infight- 
ing in the other three parties, 
all of which were it different 
ways losers in the elections. 

Personality 

Both Socialists and Com- 
munists are deeply divided, not 
only over tactics but also over 
fundamental issues of policy. 
Now. widening divisions among 
the Gaullists are also coming 
out min the open. This week. 
M. Alexandre Sanguine tti, one 
nf the oldest Gaullist “ barons.” 
scorned in ho endeavouring tn 
bring mailers tn a head by 
delivering a searing attack on 
M. Jacques Chirac, the Party 
leader, M. Sanguinetti's criti- 
cisms appeared tn be directed 
as much against M. Chirac's 
personality as his policies. 
Given M. Chirac's well-known 
abrasiveness, that is perhaps not 
surprising. But M. Sanguinetti's 
announcement that he was with- 
drawing his support from M. 
Chirac is symptomatic of a more 
deeply seated malaise 

One reason for this is almost 
rrrk'iuly unease at the possible 
f i'll sequences of the Gaullist- 
Ounmunist Parliamentary 


alliance which has recently 
defeated President Giscard 
d’Estaing on European issues. 
M. Chirac and M. Georges 
Marctiais, the Communist 
leader, have recently been 
making uncharacteristically 
polite remarks about each 
other. But M. Chirac acknow- 
ledges the basic contradictions 
that would be involved in any- 
more permanent rapproche- 
ment. He supported the Com- 
munists, he repeared this week, 
if they were taking up the 
cudgels for national indepen- 
dence. But he found their 
Marxist dogma “ absurd ” and 
he was horrified by their doc- 
trine of a collectivist society. 

The ad hoc Gaulltst-Com- 
-munist alliance has created' 
serious difficulties for President 
Giscard d’Estaing. Following 
Parliamentary defeats on financ- \ 
ing for European elections andj 
the EEC budget, he has been 
forced to recognise that he hasi 
a much less free hand than lie | 
would like to conduct the pro- 
European policies he favours. 

In the longer term, however, 
closer contacts between Gaul- 
lists and ComrauniMs might be 
v/el corned by President Giscard 

iVEstaing if they led to the fun- 
damental political realignment 
of which he has long dreamed. 
The widely accepted interpreta- 
tion of the Giscardian grand de- 
sign is that it involves a centre- 
left coalition including the 
Socialists, with the Gaullists 
and Communists excluded. But 
it is not as simple as that 
Working together, the Gaullists 
and Communists would provide 
a formidable opposition. The 
Socialists would probably need 
a change of leadership before 
participating. With three of the 
four main parties in confusion, 
and the next Presidential elec- 
tions not due until 1981. it may 
be some time before a clearer 
picture emerges. 


Pulling Minis 
into the side 

It has been a hard road for the 
1978 Mini. Three months ago 
BL, British Leyland as was. was 
telling me that it would be diffi- 
cult to make a general recall of 
Minis built since October. 1977. 
"when it had not been defined 
which items should he changed.” 

The problem then was that u 
number of Minis' brakes were 
pulling tn one side as a result 
of what one British police force 
called “sporadic faults.” 

On Wednesday night BL 
finally announced that it was to 
recall the 200,001 7 Mints ftuiif 
since October, 1977, for their 
brake -master cylinders to be 
checked. But yesterday I was 
told that problems in the 
cylinders have nothing to do 
with the difficulties which 
caused three local police forces 
to complain and the Greater 
Manchester force to withdraw 
103 Minis. 

The occasional weakness in 
cylinders had been detected by 
BL’s suppliers, Automotive Pro- 
ducts. It could in a few cases 
cause brakes slowly to fade, not 
to pull in the way which BL has 
long accepted is at times 
occurring. 

What are BL doing about this 
second problem? “ Guidance to 
the dealer network through 
bulletins and visits where 
; necessary” is ihe answer. There 
is no one particular cause, BL 
insists, and it points to the way 
that since October 1 this year 
it has introduced an engineering 
change in its dual-lined braking 
system. Bur it then adds M This 
change is not directly relevant 
to whatever braking problems 
have been thrown up but is a 
result or continuous engineering 
development* 

If that problem has proved 
difficult tn tackle, so has the 
question of how tn announce 
the recall for the chocking nf 
brake cylinders. Wien T spoke 
on Tuesday about ihe possibility 


f£5Sis£l 


‘No Christmas cards for this 
lot. Miss Smith ” - 


of a recall the next day I was 
told that there were no plans 
for such an announcement At 
the time that was true, but late 
on Wednesday evening those 
favouring early disclosure of 
the cylinder problems .eventu- 
ally won the day. 

Since the publu* row over 
BL's handling »f its problems 
with the Allegro, an increasing 
number nf ihe company’s execu- 
tives has been arguing that the 
only way nf ensuring tije lung- 
term credibility of tile company 
is to take such problems on the 
chin. “ Safety must come before 
any other considerations,” BL 
said in its announcement on 
Wednesday night. 

In the to-and-froing on when 
to make the announcement on 
the cylinder, BL found itself 
wrestling with the . argument 
that only after ir had a guaran- 
teed supply of fresh parts 
should it do anything. AJso 
considered was whether an 
announcement might ur»t 
dampen some Mini owners’ 
Christmas cheer. 

Bui the view prevailed that 
that Iasi point v.-a* less of a rt.-fc 


than allowing owners to career on the city pavements 
off on their holidays unaware The German Press confidently 
of a problem which could have predicts that converts will 
been costly to them but will number six million by 
now be costly to BL, though Christmas, and is already des- 
far less so than silence. cribing the activity as "a prob- 

lem . . . almost a religion.” 

■ ■ — Among its other attractions, 

/*** running also appeals to the out- 

Viaus Clause patient mentality. 

In ii? seasonal fit uf Nordic ^ colleague in Bonn who 
humour, the Swedish National attended a rerent Joggmg Sym- 
Slandards Commission is once P 0S1 . u,n C really) tells me the 
again Jetting down Jls bureau- a^hencc seemed to relish the 
cratic hair. Last year it Gleeful warnings by dis- 
annuunced specifications for tl "5 UL ' ihed , P™fessors nodding 
home-made ginger biscuits. “" P T , , n "> W , ', u ! d /"> 

This rear the subject is Father “ Z ^ 

rimcintat out consulting a doctor. As with 

,. ‘ , , . , most good things, jogging has 

Hr. Claus is required to something for everyone. 

stand i.7m (without boots on); 

weigh 80 kg: measure 50 vms l_ 

front lip of nose -to tip cf beard; Qr*r«oorlin« 4 ( m< . 

and be able to hold at arm’s ^PtcaUlIlg alfflS 

length a 30-kg sack of presents. Waiters have, at last something 
These standards apparently approaching a patron saint . On 
apply to Fru Clans too, since the Isle of Man, where they 
the committee accepts the idea have long done things differ- 
nf Mother Christmases, saying entiy — Her Majesty, for 
they can distribute heavy loads instance, is not the Lady of Man 
of parcels given **'the various hut the Lord of Mann — I, hear 
forms of lifting equipment now the bishop has chosen this 
available.” moment to espouse the cause of 

■ One London store dismissed th ^JJ ,orking t bystander, 
such ideas with a lofty: “ We - This , . w ** k s . s, ^ fan 8 °f ti»e 

«•? “ ssaaffa 

aMMssfSSsSS 

SSSSaptf** 


®i“ s rf h SMnddfdwtme tip- In a move which will 
rooted— for Christmas trees. dnubt „| ease waiters evely . 

where, he proposes legislation 

. _ . requiring service charges to be 

Jogs for the boys spread among those who 

actually do the serving. 

Jogging mania is bad enough 

here and in the U.S., where there _ , M __ 

has been a steady sale of joggers’ SflOP early TOf 79 
coffee-table books. But, still on 

a xenophobic note, our brothers Cwd in a Camberwell shop 
in West Germany are even less w, 'ndow: “Fnr sale, complete 
inclined to do Hungs by halves, Father Christmas outfit,. inclnd- 
Winter walkers, assailed by the in R heard and sack. Available 
panting of the langlouf enthu&i- Esrember 26.” 

J,sts - nre a ^o having to run the fthonwinv 

gauntlet uf tile keep-fit fanatics %Jof£ a Vfi'i 




■■■ , ..f 


• : 1 f.^i |f'^| f 














j'vr;.;. 





conWolvo’s Norwegian 


Zo 



BY WILLIAM DULLFORCE, Nordic Correspondent, in Stockholm 


NORWAY’S PURCHASE or 40 
per cent xj£ .-.yohrof is a bold' 
action by" both partners, a re- 
markable package, which poses 
several complicated questions. 
Can Volvo live up, to the role 
with which the contract invests 
it? Can Sweden's and Scandi- 
navia's biggest industrial enter- 
prise' survive . , as ”• a/- : privately 
owned concern,; or is the' agree- 
ment with Norway the first step' 
towards public control ? . - 

•. The signing of the cOntract iXL 
Oslo ■ last, week was -more than 
a straightforward business deil: 
It was stagedSS.an-acirOf major 
industrial and' poEftieal: signifi- 
cance for - ‘the’- r two- : countries. 
Two ■ Prime- gUinipiers " parti el: 
patedand’Sigiiedarcindustrial 
co-operatipn agreement on 
which "the- Yqjvof -deal had 'been 
made conditional.'- It involves 
long-term Norwegian, ell de- 
liveries to ' Sweden-and Swedish 
timber for Norwegian pulp and 
paper mills, ' 

The - agreement' was prompted 
by the seaxch,for a 1 hew source 
of capital, by Mr. .Pehr Gyllen- 
hammar, r 'Volvo's -. managing 
director. The. final package Is so 
complicated that it posies a real 
problem' of judgment, for Volvo 
shareholders ;whp will have to. 
vote on it on January 30. It also 
raises some doubts whether the 
varying; objectives of the 1 parties 
to ihe. ambitious deal; can all be 
satisfied!'-: 

The most easily satisfied will 
be the Swedish . Government 
which — if the shareholders ahd 
the Norwegian . Parliament 
approve the agreements— ■> stands 
to get a secure supply of pti and 
some assurance tbit employment - 
will be -'maintained in Its car 
industry; , In return 4t has to 
offer some .tax: dispensations and 
amendments. , 

- For J&t. GyUenhammar. the 
Norwegian . connection means 
primarily. SKr 750m .-.(about 
£87m) in new share capital and 


SKr 200m in ^compensation" 

for the re-organisatiOU; . Of his 
, company . Into. a, Tjtaiatiunal con- 
cern. It. will- fipande.'the long- 
term product development Which 
Volvo needs, in order to remain 
competitive in ttfe'-internatlonal 
automobile market hc helieves. 

The deal is something of a 
coup for Volvo’s persuasive. 
Harvard - educated .1'.. managing 
director, a qulck cwpeback after 
the failure of last yeirVattempt 

to’ merge with SaabScama, the 
other car and triick^-maker in 
SwedehoBdt he has hadtp pay a 
price. Volvo is committed to a 
five-year 1 industrial pJap/in Nor- 
way and to the creation qf 3,000 
to 5,000 new jobs there/* 

; 3he Norwegian Prime: -Min- 
ister, Mr. Odvar Nordltchas dif- 
ferent emphases. This 'Is not 
primarily a deal abbULcsrs. he 
says bluntly,’ but. ah'^iSTecment 

on industrial and energy, policies 
irt'The broadest sense.' Volvo is 
to provide the- technical and 
management : expertise: which 
Norwegian industry.! needs to 
develop' - and win • " foreign 
markets. 


Big project 


The agreement ,ts the first 
major . outcome ' oL "the Nor- 
wegian Labour Partes; policy to 
buy Industrial development 
with North Sea olL- The party 
traditionally thinks lik.lenns of 
big projects, a tradition which 
has centred on hydro-elect ric 
power, aluminium;- #ee1 and 
shipbuilding and has-been pro- 
moted by a ligbOyTlatft group 
of Labour Party members. 

Some, of them arejtww at the 
head of Kongs&ergV Vaapcns- 
fabrlkk and Raitfosfr.&miminis- 
jonsfabrikker, the ytfuminium 
components producers* iwho are 
likely to be among .Volvo's main 
Norwegian partners." ■ One of 
them is Mr. Jens. .Christian 


Raugc, former cabinet minister 
and Norway’s chief negotiator 
in the Volvo deal. Has the 
group chosen the right foreign 
partner?. 

Their expectations are 
summed up by Mr Nordli : 
“ Volvo is a company with a 
very strong leadership and with 
a strong organisation for financ- 
ing, product development, and 
marketing. It is difficult to see 
that Volvo is not at least as 
strobg as any other Scandina- 
vian industrial enterprise to 
face the challenge of finding 
new forms of production, lo 
exploit new markets, when the 
old ones disappear. 1 should not 
be surprised if Volvo's produc- 
tion towards the end of the cen- 
tury consisted of a smaller 
share of cars but a substanti- 
ally larger proportion of other, 
new products." 

That is a flattering assessment 
and puts the onus squarely on 
the Volvo management, whose 
most immediate problem tu 
make its cars profitable. Cars 
account for just over half of the 
group's turnover, whivli v.ill 
approach SKr I9hn this .war 
The Volvo management propoM-s 
over the next roupie oF decades 
at least to produce in three of 
the world's highest-cost countries 
— Sweden, the Netherlands, and 
Norway — ears, most of which 
will have to be sold on foreign 
markets in the teeth of com- 
petition from manufacturers 
with greater financial muscle, 
who build cars in far bigger 
volume. 

The burden of most or the 
financial analyses of Volvo since 
the Norwegian deal was mooted, 
has been doubt about the com- 
pany’s ability to generate enougn 
prufit to develop the new cars 
needed to meet this competition. 
Vofvu is a sound company and 
has now received the investment 
capital it needs, Mr. Gyllenham- 


mar retorts, but the theuie run- 
ning through the prospectus 
issued to shareholders in con- 
nection with the Norwegian deal 
is the need to raise Volvo's 
profitability. Shareholders are 
not promised immediate divi- 
dend increases. The message is 
that they must take a long-term 
view. 

Last year Volvo made 
226,000 car.s, sold 241.00(1 by 
running down the slock of 
unsold cars, and made a lu.-s on 
the operation. This year sales 
are up. cars are said in he hack 
in profit, and the management 
is aiming at producing 300.000 
next year.- That compares with 
a . total capacity nf around 
370.000. The improvement of 
rales this year has been 
assisted by the devaluation of 
the krona and has come entirely 
in export markets, where Volvo 
has been able in keep its prices 
down. The Norwegian financial 
analysts' association in its 
recent report doubted whether 
Volvo could maintain this 
progress. 

Its Dutch car operation has 
become a severe handicap. 
Volvo in 1973 bought 33 per 
rent of Daf. iftc Dutch car 
maker, and raised its stake to 
75 per cent in 1975. But after 
ihe premature and unsuccessful 
launching nf the medium-sized 
343 model had to dispose of 30 
per cent to the Dutch state in 
return for financial support. 
Volvo Car BV. the Dutch 
company, had made losses nf 
nve«- SKr 60Dm bv the end nf 
1977. 

Output is up thus year, but is 
still well short of the 100.000 at 
which the management expects 
to break even. A further loss of 
around SKr 200m is expected. 
It will be covered by the Dutch 
state subsidy. The Norwegian 
agreement prospectus forecasts 
that Volvo Car Bv will turn in 
roughly the saute result next 


year before taking into account 
the state support, of which only 
some SKr 40m will remain to 
cover the 1979 loss. 

The Dutch venture, which 
entailed a move down market 
and an attempt to broaden the 
range uttered by Volvo dealers, 
has yet to prove itself. The 
Swedish 240 and 260 models 
have recovered ground this year 
and have brought the whole car 
operation back into profit. The 
prospectus sees good chances of 
further volume increases in 
spite of the sharpening compe- 
tition In that IS per cent 
segment of the European car 
market into which the larger 
Volvos fit 

Mr. GyUenhammar has said 
that Volvo already- has the 
capital it needs lo finance re- 
placements for buth the 240/ 
260 and 343 models. The 
Norwegian investment is tu go 
towards developing, in collabor- 
ation with Norwegian manufac- 
turers of aluminium, plastics 
and other light fibres and ao 
entirely new car. The capital 
needed to produce a replace- 
ment for the 240/260 models 
has been variously estimated at 
between SKr J.obn and SKr 
2.5bn. 

The • prospectus frankly 
acknowledges Volvo's need to 
raise earnings on its cars, in 
order to generate investment 
capital. The renewal of the 
truck range over the past five 
years has left the company in a 
strong position at the heavy 
end of the market. The agree- 
ment with Freightiincr signed 
this year opens the U.S. market 
to its medium range vehicles. 
To maintain the high profit 
return on it.s trucks. Volvo will 
have to keep up a high invest- 
ment level n n ihat side. 

The reinforcement of the 
company's capital base through 
the Norwegian deal will enable 
it to maintain a higher invest- 


ment level through the 19S0s, 
Mr. GyUenhammar claims. Com- 
paring Volvo with its closest 
competitors, ihe Norwegian 
financial analysis found that 
even with a 5U per cent 
Improvement over its 1977 earn- 
ings, the Swedish company 
wnuid still have had a- return 
on equity of only 6 9 per cent, 
compared with 11 per cent for 
Volkswagen, 15 per cent for 
Peugeut-Gilroen, 16 per cent for 
BMW and 18 per cent for 
Daimler-Benz. In other key 
financial indicators — equity 
ratio, current, ratio, interest 
coverage and capital turnover — 
Volvo was outpaced by its rivals, 
the analysts found. 

The SKr 950m from Norway 
must also be seen in relation 
tn Volvo's commitments under 
that deal. It has undertaken tu 
create between 3,000 and 5.000 
new jobs in Norway over the 
next five years. The five-year 
industrial plan written intu the 
agreement is estimated to 
require product development 
spending of SKr 430m tu 
SKr 605m. The cost of re-organi- 
sation, including the transfer 
of the Volvo Penta diesel engine 
operation ro Norway, have been 
put at between SKr 300in and 
SKr 500m, of which up to half 
can be deducted from the 
product development invest- 
ments. The five-year commit- 
ment nevertheless works out at 
between SKr 580m and 
SKr 855m. 

Strengthening the capital hasp 
also has dividend implications 
which are spelt out in the pros- 
pectus. The new joint operating 
company will have io pay a divi- 
dend n / between SKr 70m and 
SKr 80m to the Norwegian hold- 
ing company to enable the latter 
In cover its shareholders* divi- 
dends and loan interest and 
achieve some measure of con- 


solidation. The Swedish holding 
company would on s comparable 
basis receive between - SKr 
112.5m and SKr 120m next year. 
Volvo Is thus committed to 
generating dividends of up to 
SKr 200m fmm next year cum- 
pared with the SKr 106m paid 
last year. SKr 7ni of it came 
from the aero-engino operation, 
which is excluded from the joint 
company. In other words the 
dividend payment has tu be al- 
most doubled. 

Volvo Petroleum, the new sub- 
sidiary which will belong wholly 
tn the Swedish holding company, 
is to get interests in sume of the 
more promihing Norwegian 
North Sea blocks due for al lu- 
es tion early next year. Chances 
of striking oil ur gas are put at 
evens on the best of them, but 
fur the next six to eight years 
Volvo Petroleum is expected to 
have a negative cash flow. Yet 
the introduction tu oil prospect- 
ing and offshore activities must 
he counted as a positive part of 
thp Norway deal for Volvo. 

The company has a good 
technical record, despite dis-' 
appointments with ihe 343 
model. The Dutch car now 
seems to have had its initial 
faults corrected. The truck 
operation has been an outstand- 
ing success. What remains in 
doubt is Volvo's financial 
strength and its management 
ability, for the new commit- 
ments will above all make 
demands on management. 

The management's recent 
record is rather varied. In 
addition to the Dutch venture, 
which has so far been only a 
drain on caoital. there was the 
attempt to diversify into leisure 
products, which entailed smaller 
losses and from which Volvo is 
now withdrawing. On the nega- 
tive side. too. there is the 
building of an assembly plant 


in Virginia, now operating as 
an import reception centre. 

In the management's favour 
there is the vigour ivlih which 
the truck operation has been 
developed and promoted, the 
fact that VnJvu has come 
through the recession intact in 
spite of its reliance on export 
markets, and the profit recovery 
recorded this year, li must not 
be forgotten though, that the 
1978 performance would not 
look so good without the sub- 
sidy trorn the Dutch state. 

Staying power 

Mr. GyUenhammar sees the 
Norwegian deal as a switch 
from defence to attack. The 
capital injection will improve 
the company's staving power in 
the dog fight on the car market, 
while ihe new car development 
project in Norway (under the 
leadership of a Dutchman) will 
keep Volvo in the technological 
vanguard. 

Others regard the Norway 
deal as an ingenious move by a 
powerful managing director to 
ensure his company's survival 
by involving further slate in- 
terests at the same time as his 
own control is strengthened — 
one could add at the expense of 
the influence of ihe existing 
shareholders. The shareholders’ 
l cacti on. as reflected in the fall 
in i he Vohu price un the Stock- 
holm bourse after the signing 
of the agreement, has been less 
Ihun enthusiastic, but so much 
is involved fro ill a Swedish 
national point nf view that it 
is scarcely conceivable that a 
majority will be found lo vote 
it down. 


Politics Tocluji trill nppenr 
I u morrow 


- Letters to the Editor 


Fingers in the 
pensions pie 

From Mr:.P r -"'Peon l ..'MP'.\- 


r P rn 7.-7° , J Raymond Nottage.' '-.V :v 

Sir, - 1 .-think -Lex. is a Tt'pfarm Cluh • 
unfair when he accuses pension pywi n/i a n cwr •' 
funds of having . their head .In ™ Maik SWI *■£;. . 
the sand (Dec. U). These giants, * « , ..frjjr. 

far from being asleep. are very NlIDSlQlCS Oft 
conscious of their strength and ■ 
responsibility..’ It is. no exag- 
geration to say: that a- great 
debate is - now .going on' about 


have a membership status? And to any restrictive clause against who have contributed to such a corned, and put United Kingdom 

■ if. they do, how mu.ch of the letting by a mortgagor and 1 scheme, employer and employees legislation in this area ahead of 

. 'information to which -the associa- suspect the national picture is alike, will meanwhile have en- that in many oiher countries. 

tion believes they are entitled noy substantially 'different. joyed relief from tax on their I have since been consulted by 

. .do they, actually reciira? 


That penal body of legislation, contributions, and the income a large number of companies 
the Rent (and rclatoa) Acts and capital gains from the invest- about the possibility of intro- 
whicb permits, indeed inspires, meats will also have been so during such schemes, and it has 
ihe exploitation of the private relieved. On the assets bein’ dis- becomq apparent that there arc 
landlord, may ineoiJtrnvertibJy. tributed, however, the Inland two conditions laid down in the 
be ideiitified as the cause of the Revenue may be unable as the Act that are a strong deterrent 

latter phenomenon and is. I law stands to charge the bene- to many companies. The first 

„ would suggest, a no less impor- ficiaries to tax. as it would have relates to the lock-in period of 

KAitoinir ’■ ‘ilvV tant cause of .under-occupation been able to do had the assets five years before shares can be 

' IluUMIlt than that to which you refer, been applied in the payment of sold. If employees leave the 

_ •_ • • v, x, tL. *.■ *<%.,•;. The suppression nf thp results or pensions from the scheme. Para- company for any reason other 

the * obligation-, ■ qf •■■■. pennon jensen. . review of the Rent Acts graph 9 of Schedule 3 to the than. . injury or disability, 

trustees to.their members and , E “ ltoual because.; one assumes, it wouid Finance Act, 1971 gives the redundancy, normal retirement, 

to tiie national interest . * 5E.lL jkJ5!Ll 0 J£ 253SU ? ™*.be politic to release the find- Inland Revenue power to charge or death, any shares already 
Much, progress -hay been . p«s ni inouang ma exciiuumg tne }ngs or l0 S u Sges t sensible modi- tax on an unauthorised payment allocated to them must be held 

made .in recent years in iffiprov-. ^q uantified subsidy mftraLted fictions, leaves little doubt in only to Ihe extent that an by the trustees of the scheme 

fng the . practical arrangements .1“ mLnd ^ notfaln S will be employee himself is the recipient for the remainder nf the five 

regarding information to. mem- £fS?J* d w h i2. d0De t0 improve the present of the payment. years. As many such ex- 

bers, greater- involvement by iae ' 1 ^ IJ 5?L» w .i c - unsatisfactory application of In order to reduce ihe risk of employees, who will for the most 

- ''T** 1 ' 1 *'* a « mi bousing stock or hous- loss of revenue in these circura- part be voluntary leavers, may 

stances, the Inland Revenue has not keep in touch with the com- 
resorted tn the device nf renuir- pany after they leave, this could 
ina the appointment nf at least lead to companies eventually 
one person as trustee wliose having on their share registers a 


ZfrEr^TZSS^, -H28V wtel 0 wtSd b s n ui 9 est ettoer^ur housin' 

R^Jensei? 168 ' 

with .Lex, however,-. that not. Bit .i l i| S uie!i r»n with reasonable Vi 5, l ■ „ . ... 

rtapondelto „*f at ”SS lILl It Stoifcope Gcnte®, M. 

modern requirements regarding f4b - unrealistically : 

KMK ™ Distribution of 

your columnvand in the House . housln g assiftance as having ‘.^v . _ . 

of Common^ tiiat .the Govern- .^couraged^ under occupation, a'. - mg 3.SSGVS 
ment should anyife tiie - Occu- comment wjth which I would not 

pational Pensions Board to draw disagree hut which only partially From Mr. K. Burton ^ _ U „ 1V UIls lHt . WI 

w, a -. gphW ? tedg n Mteltal jVISH«r,.» A simple in his nam6 shoula iameiiMiy 


actions it thinks it can influence large number of unlraceable 
because, as a consultant in the small shareholders. An araend- 
pensions field, the person con- n ient lo the Finance Act to pro- 
cemed needs to maintain good vide that when an employee 
wnrkiop relationships with the leaves the company other than 
Inland Revenue. in the prescribe^] circumstances. 

Surely this is The wrong way to nny remaining locked -in shares 


be 


scheme^ ^ despite a quite adequate utM> 8) raises an issue of public liren o p r^ o be old but the proceeds 

onjy .be run wen. They must be bousing stock, a great number Of interest regarding the practice of |SiHe 3 could be® introduced liable to full Sv YE deduction 

^ »» S - « to make LA remove this obstacle. ’ 


retirement in 3 *' ,nance 01,1 so 33 10 ™ aK e wouia remove uus oostacie. The 
reurcuiuai q^,. potential recipients besides effect would be that in general 


KiW«rt^t? r ?« 10 th2?2S ^ SIM T B<it0qilitei ^? e i?? Ja T e S b TS fitB Tr, S .S.H h3 Rp'van„p riohMv employees Chargeable to tax in employees leaving involuntarily 

own locality I Inland. Revenue is rightly the c i rcun] stances envisaged. If would benefit 


from tax relief (as 




tttv ■ l am^ : Jineitg:- ■maT inri a r '--tv j. : , . , r COuld collaborate On tliese lines 

in snv-^ Ey -' t ' l)ljId make .a vital contri- ,i 

^eVpiTrfe^drt ■ to vo £ ^Td be VeasinaW^^ 1 ! 017 t0 lhe , Improvement of Where the 
ixtepim ^ WaelK Jf-fl,'regulai::|!!t ,J e which we all wish 

i mone y § oes 

muShlH lot- a - 1 !?- examine closely the working - 


-■ ’■ - SS?i!^Tp!Us«. 0 S« r SbS 

^ag^^jtostitutional inv^tors ’ SiSS S ™ 

Mr. d. Clement ' ■ - continued pressure will, n most acc0 rdance with the rules of the S* &!Se« 1 ha much 

^-Whenl was chairnmn or *en« 2 te the action re- 5cherae . Not only would this be i after the iStial 

the iivesSnt committee of the VSaaxi}tai\ for effective manage- lhe natura i way to deal with the SJk in period of flve yeare Se 
Thfcji^mnfnt ggional Coal Board's pension of a company it is usually issuc: rt would also avoid the C P B Sd be trasferred i“S 

fo «quna.re**OMhle I a : great deal of necesary to have a sound In i and Revenue making itseir the 5 K handl of the “SSloyees 

™ .time considering- how. as sub-- *«owledgej and experience of he instrument for the development !},p mse 1 ves This could be done 

stantial. •berSSctol in nearly : mbtaxuot the mdustr>’io which 0 f a body of "professional" S SI -hares were f?eed from ?U 

<^n(*^y^. .fhenfcelvfe frep auihe major. British companies lf operates and therefore the trustees with interests of their Jlviiabilitv time rather 

the n^n^ Jnterest .. and. rtiU we^hou^exerdse our respond: _PWate engaged in that company own to prosecute and protect. San after It wiuld 

involve only a marginal loss of 
revenue to the Exchequer, but it 
would make the scheme much 
more attractive to the companies 
thal have to administer it and 
to the employees who arc its 
beneficiaries. 

It is to be hoped that the 
Government will propose these 
amendments in the 1979 
nance Act. 

Wallace Bell. 

__ __ Bucfcinphflin Gale, SWI- 

br ssm&» ..a 

and disdosare can ^be a; powerful „mn»nv ; s nerform^ ® oard s when they need or want to. Wlth- 

weanrih -for ---Denaion' funds- nli>- with, a company 5 part 'audit was accorded the right of ..., -that vuarantpf* of iiauiditv r, , » _ , „ 

ie bud WSS ance.-was for rep resentati ves^ of -direct access to the committee ?ew woJld^e^lUnfi to iov^t aL Fr 2 m j h^ « Sc ^ 
outt. .a ^oienu^ g stabstaJltiil prop{ ,rtioo of the and reported lo the audit com- 2, w would De W1,un * 10 ,Dvest at Sir.— 1 do not k 

-shareholders of the like mand. 5 b*-mittee his findings on all aspects 



The vanishing 
half bottle 


know whether 

„ . . . . it is the case with the rest of 

seek a met ting with the chairman.: nfthe, Board’s ‘activities. He was nv^harebuvei^dVmand 21 but y0 “ r J ead *!!i 1 , an] fi f d j ns 
and other directors of the com- .accompanied - by the Board s SmaSSl * ^hemsriw^’ it* is L l t0 , b ? 10 a 

rfisstJ-Sft'isfiS .“"ra? SXftt.t , SSSLS did Z sriiSaysff* ef »5E£X£ 


t 

i 


potiticai threat. 

Paul Bean. ' . 

House of Commons, SWI. 

Infoimative 

account ^ . . .Smite?bfS^ntltion?a5 '^(ffrTand tii^r ftaff ' thvi ?ou!d°Vasilf h^e^rerided^ore much io \ 0 ^_ pers “ n ', a " d 

Fnjrm Mr, R. ftottxtQe . . to" agree' -to a further meeting in. :Qthotn»ri s » have occurred and UJ . fl nai ? Pro^ 1 ^®? “•ore two people, especially ladies, like 

Sir,— Mr. Ken' Smith.: chairman ^^onthk JrbS tfaey could^ ^ th/ oawSitv to funds to companies had this been t0 sb F arc a half bottle, 

of the National Association - of taken or which °SeaSvSeL of des,red fas ,l seems t0 faave been 

Pension Funds, says- fDec. ,13) ^ey. proposed take to improve: management 
that his. association encourages the situation.. If hmwver at the One nf the responsibilities of 


reas'o.ns for, concern. The steps jjSrjate occasions. This gave the to rals , more mo nev on me .. h . . 

wc iad fa mina. wdre.that member, a deeper ^"keL C. ,5"h ™ noZSS the, are hard to *et. 


A whole bottle is rather too 


...... If there are carafe wines, the 

-bv. w tradition .seems to be that they 

That the Stock Exchange can must be plonk. One well known 



of pension fundi whb .1ia.ve- a fessional advlce should be sought it -would be of particular advan- n., r hnra 'Hodees 
direct interest -in them - if that had not- been _done and tage.- in the case of the pj at o ga Rounii 
The beneficiaries, of a pennon ask for a further meeting within «ntionah'sed industries if their ’ 

- -■ : " * — -*- v - If at 


industry, however. 

"lodges. 

Boundary Hoad. NWS. 


fund are easily identifiable, but a .period .of 3-4 months. — -- ..auaii .. committees were -*-* i ■ 

■who. In ibe. aeSoriationV reckon-, that further, meeting no authorised to approve the levels rfOllt Sfiarillff 

Ing are the membtrs of ^-fund-— hadbeep :made then .extreme, of • remuneration of Board mem- ® 

apart from ;the proapectjye beno^.action would clearly be jusuneo. irers and senior officials so as to 
•ficiaries If Stey happen; to. coOtri- That a staged approach of this 'remove this difficult matter from 
bute to *Jt? Is the employer, Vtho mature is desirable stems from, the . political . scene. The audit From the Director, 
usually bears most of the .cdet'jny belief that (i) rarely indeed, committee should also be Industrial Participation 
of the fund, a . member'?. - ' would : 'inatifuilons. have ' thd ‘accorded the. right to report to. Association 

. If; so. does If follow- that the knowledge of experience of Jhe :the Minister in the Board's Sir.—The 1978 Finance .... present there 

company. :sharehpl.dar -llh the particular company and industry-, annual report on the other mat- provided tax relief for approved ?* ^Tvery nice Red Bm-«undv 
private, sector 'and; the ordinary &cient to Indicate to the direct lets wlthm their pumew. proflt-ahanng schemes with ** * ome _ ^ e «ea isur e unu>. 
cjtizeB as .prdprietijr; of. the^ ^ local. tors^the steps .iHiriffisa 1 ? to 1m*. Clement, . the bonus aiven in , ordinary A. H. bcott. 

• authorities-:, \-and- ‘ n gtlob ajjscd' . prove-; 4thcir perionnaiice. and - 19., The Highway, 
industries -r«n . the; : pubtic sector, (H) cbhsiructiye criticism aiid;, Sutton, Surrey. 


Act 


five) and offers 'them by the 
botUe or in carafe- He has a 
nice tiamay de 1‘Ardeche and, 
in the past, has had Sancerre, 
Cdteau Champenois and many 
others. Naturally, he charges 
accordingly, but at least this 

gets over the problem of the 
vanishing half bottle and I 
personally would like the idea to 
spread. 

Half bottles are available on 


shares of the employing com- 102, Beeches Road. 
pany. This was greatly wel- C hetmsjord, Essex. 


GENERAL 

Times Newspapers management 
and unions resume talks. 

Half-day token stoppage by 
Boilermakers' .Amalgamation 
members in shipbuilding indus- 
tries against EEC plan for the 
industry. 

Public hearings begin on con- 
stitution for proposed New York 
insurance exchange. 

OFFICIAL STATISTICS 
Retail prices index for Novem- 
ber. Cyclical indicators for the 
UK economy. 

PARLIAMENTARY BUSTNESS 
House of Commons: Short de- 
bates on various topics before 


Today’s Events 

m* 

House adjourns for Christmas 
recess. 

COMPANY RESULTS 
Final dividends: Carr's Milling 
Industries. Arthur Guinness Son 
end Company. Hardy and 
Hansons. Hunslet Holdings. 
United Scientific Hold in as. In- 
terim dividends: Eeil and Smie. 
Caffyns. Greene King and Sons. 
Initial Services. Kenned v Smalc. 
Norcros. Normand Electrical 
Holdings, interim figures: British 
Benzol Carbonising. Polly Peck 
Holdings. Regnllan Properties. 

COMPANY MEETINGS 

Anglo-Argentine Tramways. 3 


St. Bride Slreet, EC. 12.30. «J. II. 
Bearer. 2 Midland Eridge Road, 
Bath 12. Common Brothers. Barn- 
borough House. Market St reel, 
Newcastle upon Tyne. 10. Elec- 
tronic Machine. Winchester 
House. 100 Old Bread Street. EC, 
12. Hay and Roberlson. St. 
Margaret’s Works. Dunfermline, 
FiTe. 2.30. .1. Hepworth, Queens 
Hotel, Leeds. 11.13. Lovfcnd In- 
vestments. 11 Austin Friars. EC. 
2.30. C. H. Pearce. Parkland?, 
Stake Oi fiord. Bristol, 12.30. 
Tplbt-.v, Charing Cross Hotel. 
Strand, \VC, 12. \V. Ribbons, 
Elizabeth Suite. Barrington 
House. Gresham Street. EC, 12. 
Wolscle.v Hushes. Vines Lane, 
Droitvieh. Wares.. !2 .:j0. 





WHERE IN THE WORLD 
WILL YOU FIND 
STANDARD CHARTERED? 


Our branch in Antwcip, nt 1 24 Jt.tlieloi, is ,tn csvcriti.il member of our 
European network. 

Italiclci has direct access to any one ot «uir 1 500 1 i roup branches and offices 
in 60 countries across the w odd, and this special sen ice facility saws time and 
money for your business. 

Ring Keith Skinner today on 0J -(03 7500 to hear how itaJiclei c.m help 
vourtransacrions inro and our of Belgium. 


Standard Chartered A 

Bank Limited 

helps you throughout the world 



'MeadOificr.IOCIcmcriU L.w.lunUan I.C4N 7AB 


.Y-£Cl : DltlllvU 








24 


Financial Times - Fitulay 


" - ft! . . 

: :^ . *: ' : ■; .-•- C -Jcl • t jSP 


Companies and Markets 


UK COMPANY NEWS 






Distillers ahead £11. 4m 
to £88m halfway 


• RESULTING MAINLY from 
higher selling marsins on in- 
creased .sales to overseas markets, 
other than the U.S.. pre-tax 
profits of Distillers Company rose 
£11. 4m to £S8m for Ihe half year 
to September !i0, 1378, on turn- 
over of £444 4m against HOH.Sni. 
Profits for the whole *»f the pre- 
vious year were a record IltiOm. 

The directors state that the 
short Tall in shipments to the U.S. 
in the first six months has now 
been recovered 3nd provided 
there is no serious disruption _ of 
activities, by indu.striai action 
either in the group's own plants 
or in sen’ ice industries, they 
expect a moderate increase in the 


halfway 

HIGHLIGHTS 


Bass revives 
in second half 


ICL profits climb 
24% to top £37m 








Dividend table 
is on Page 25 


ICL has shown a 20 per cent sain 
in both sales and profits and since 
prices v.ere barely changed this 
represents a sizeable volume gain 
and the current year has started 
(,n a similar note. UCL has 

increased its first half profits by 15 
per ecu i but it has lost market 
share in many national markets in 
particular the UK whjch was badly 
affected by the decision to with- 
draw •’.lobnnie Walker.” Boas 
Cftarriuglnn has recovered well in 
the second halt with profits 17 per 
cent higher after a rise of only 3 
per cent in the first six months: 
Le:; also e:.plains the reasoning 
behind the wide difference 
between the Wcrddbave bid price 


for English Property and the asset 
level which last shown at flip. 
Associated Engineering is- right in 
the middle range, of its profits 
estimate made at the lime of the 
Fluidrive acquisition but it looks 
as if volume has been static. Red- 
man Hecnan has had to, make 
further provisions on the contract- 
ing side but overall the picture 
looks brighter this year. Ferranti 
is another company whose results 
are a little disappointing and there 
is little prospect of any improve- 
ment in the second half. In con- 
trast Vaux has turned in some 
splendid figures and volume 
appears to be about 10 per cent 
higher. 


AFTER the slight rise from 
£35.5m to £36.9 m at midway, a 
strong revival by Bass Charringtou 
In the second six months has 
pushed pre-tax profits from 
190.4m to £105.5m in the year 
ended September 30, 1978. 

Earnings per share are shown 
at 2S.4p against 22.4p, an increase 
of 26.8 per cent. The final dividend 
is 4.3p making a total of B.lp com- 
pared with 4.812506 previously. 

The trading balance of fltfi.Sm 
f£90.7m) is after depreciation oE 
£25 Jim (£20 Jim hire of plant and 
machinery, 16 . 2 m (£3.5m1 and a 
£9.5m (£3.6m) surplus on disposal 
of property and investments. 

Funds employed at September 30 
amounted to £702£im aeainst 
£fi5B.8m. Net liquid funds in- 
creased £3 .4m during the year. 

■ Year 


On prospects they say that the 
second half has started well and 
they hope that the improvement 
will continue. 

The net interim dividend per 
25p share is stepped up from 
0.99p to J.1055p. Last year’s total 
payment was 3.6” p from profits 
of £2. 04m. 


26 % rise 
for Fuller 
Smith 


FOR THE year ended September. 
30. 1978, turnover of ICL. at, 
£509.4m was 22 per cent higher - 
than the previous year and 'profiler 
before tax grew by nearly 24 .per 
cent to £37.5m. 

.And given competitive levels . of 
inflation, reasonable stability V(. 
sterling and continued improved, 
ment in Industrial relations, the. 
directors expect another year .in 
1978-79 of continued growth in. 
turnover and profit. 


suits he says CTOWth was very 
lareeW real as the unpact of infla- 
tion on ICL's product line is very 
-uttie. • • 


year YeirV 
1977-78 1976-77 


Earnings per. share this year 
re shown at 79.42p against fii 34p 


1377-78 1976 ‘-77 


group's results Tor the year as a 
whole. 

Scotch whisky export price in- 
creases. announced earlier this 
week, are likely to have a bene- 
ficial bui not a major effect on 
profits prior to March 31. they say. 

Halt y*<« 


Turnover 444.4 4003 

Depreciation 4 2 4 6 

Exchange debit 0 2 0.2 

Trading prolil 33 8 77.3 

invest, income 15 13 

Exchange credit 0.5 0.7 

Associates 3.0 2.J 

Profits belora tax BJS.o 76.6 

Ta> • 20 0 23 2 

Net profit 58.0 Tj 4 

Minorities 0 1 0.1 

Extraordinary debilt ... 2.8 _ — 

Attributable 55.1 53 2 

• II lull (/revision made lor 
dcleriad to ■ . cl.ai'je would have been 
£45. 4m (E40.2ml. t Expenditure and 
commitments lelatmo to settlement of 
thalidomide claim £4 4m less El 6m 
Ut 

The directors explain lh3t the 
impact of annual price increases 
effective early in the calendar 
year is relatively greater in the 
first half of the ensuing financial 
year than in the second, because 
Ihe sell ins margins tend to be 
eroded by Increases In the cost 
n f sales as the year progresses. 


First hair earnings are shown 
at l.‘>.94p against 14.66p per 30p 
share and the interim dividend is 
raised in 3p i2.ti!l5pi net — last 
year's final payment was 4.5642p. 

The directors say that as was 
to be expected, shipments or 
Scotch whisky to the U.S. were 
considerably below the high 
figures recorded in tile compar- 
able period last year ahead of the 
dock strike in that country, but 
the shortfall was largely offset by 
increases lo other markets. 

Exports of the company's 
brands of gin achieved a reason- 
able increase. 

in the UK sales of both Scotch 
whisky and gin showed a marked 
improvement on the low levels 
experienced in the first six 
months of last year. 

See Lex 


Carroll 
second half 
recovery 




Cm 

Sales 

1.01A.4 

904.5 

Trarfina balance 

11 SS 

99 7 

Borrowing costs ... .. 

11.3 

9.3 

E a mi nos bafora tax 

105.5 

90.4 

tUK tax 

35 3 

27 1 

Otretseas tax 

0.3 

05 

Net earnings 

799 

638 

Minorities 

0 R 

0.2 

Preference dividends 

03 

0.3 

RflrnMiqs lor Ordinary 

7?n 

62.2 

Dividends 

Ifi 9 

13 4 

Retained 

62 1 

48 9 


ARTHUR LEE 


Following a fait from £1.03m to 
£0.67 m at halfway. Arthur Lee and 
Sons finished the year to Sep i em- 
ber 30. 1H7S with pre-tax profits 
dawn from £2.SGm to £ 1.89m. In 
yesterday's report it was incor- 
rectly implied that the group 
made a loss in the lir&l six 
months. 


A SECOND half recovery at P. J. 
Carroll and Co., the Irish cigarette 
and tobacco manufacturer, left 
taxable profits unchanged at 
£4.Sra for the year to September 
30. 1978. At half-time profits were 
behind at £l,8m (£2. 55m). 

Following the change to end 
product tax on January 1. sales 
for the year, at X99m against 
£SS.3m. have been restated exclud- 
ing duly drawback of £3.86ni on 
tobacco exports in the first 
quarter of the year, and £20.35m 
for the 1976/77 year. 

The dividend payout is lifted to 
7.09i}3;i (6.0'J135p1 net with a final 
of- 4 9485p. 

On a CCA basis, pre-tax profit is 
given as £3.9Hm iSS.lMmi after 
depreciation II 18.000 <£42.4.000). 
cost of sales adjustment fJ.Ofim 
I ft .97m) and ihe gearing factor 
£365.000 trrso.nnoi. Famines are 
shown as lU.iip <6.7ji) per share. 


* AdiuMBcf. f Including dn Ifrred tax 
EO. 3m (£0.3m credit 1. 


A 26 PER CENT Increaseln pre- 
tax profits — up from £587,981 to 
I74LS90 — was announced by 
Fuller, Smith and Turner, brewer 
and wine and spirit merchant in 
the six months to September 29, 
3978. Mr. Lewis Turner, chairman, 
points out that in the 1977 half 
year the com/iany was .seriously 
affected by a five-week overtime 
ban. 

Sales for the period were up 
19 per cent from £7.22m to 
£8.6 lm. 


are shown at 79.42p against UMp 
and the final dividend is 5.43 125p 
making a total of 829125p-against: 
7.425 p previously. ■ '■ . 

Mr. T. Hudson, the chair man ,, 
says ICL plans to grow internally.*: 
at the sort of rates It was pub- ; 
fishing for last year. ■ 

He stresses the group is T\of 
planning .to diversify. "We intend' 
to remain in the commercial data. 
processing business. I think w*V 
would be wrong to diversify into, 
other sorts of business. We have; 
ample opportunity for growth.”’ -V 
Commenting on the year's, rev. 


.Turnover 

.Trading profit ..■*••■■ 

Net. interest 

Profit before tax 

Ittcstion; 

./-UK ia* 

■ -Overseas la* 

'Itfet profit 

Minorities 

Attributable 

■ Dividends ■■*.*■■ 

Retained 


503 4 .418.7 
.49.4 • 37,0 


. Order* tahen wW-Wk-fe'.- 
one-third ha on the pirewoua year: 
Order targets were-,sui»aat?aUy 
exceeded in value, terms for: most , 
products, attd- about flag the new 
orders urine from . the \j3K .-and 
half 'from ..overseas. - \ : . 

The factories exceeded flttus 
targets and a'chievadz recacQ^^m-; 
pot for the ygac ' J- - 


:> 


-if 




- r The trading profit has been 
Arrived at after including share, 
of- profits from U JC leasing com- 
jjanfes received by way- of divi- 
dends £4.9m MSArf): associated 
profits £ 0 . 6 m l£ 0 . 2 m); and after 
charging: depreciation, on renter 
equipment £ 22 . lm (£ 18 . 6 m); and 
.on other fixed assets £9.6m l£8m). 

; There is also provision for rev 
Valuation of data processing 
equipment on repurchase from 
leasing companies, £4-6xn (£6.5tn>. 


Net worldwide cash.- ba lam^ ^ot.. 
£23Jni at : September 30 ..were 
more • ' than double. - ’tne.--...jWfiJ 
reached a yearearHer. However 
cash reql^ements.:,: flucturie^ 
appreciably during the. .year' ana- 
led to a. substantial: increasa.® 
in terest (ffiarges: '. :’d . '• ! . 

Capital . expenditure 
roSra». - reflecting . ; planned; / pro; , 
gramme for growth. '■ 1 i-. . 

.Investment -programme, -aim 
included commitment, -to construe- 1 
tion of two large factory unlts-.ih / 
Manchester. Biit.OWtL financiilg of 
rental : . equipment; fell v ■_<. 
target -for. the year and itl&haped 
to make up-for the shortfad is 
1979, the directwa r say;- : - 

' . . See'Lex v“’; ■ 


’ -f -- : 




Ferranti 17% first 


See Lex 


UGI makes 


strong 

headway 


FOR THE six months to October 
1. 1978, United Gas Industrie*, re- 
ports an increase in pre-tax profits 
from 10.77m to 11.01m. 

The directors point out that the 
“considerable improvement" was 
achieved on only a 7 pee cent 
rise in turnover. They exptain 
that this is because last year's 
sales included those of the Ger- 
man subsidiary which was sold at 
the beginning of tbe current year. 


The company has embarked on 
the second stage .of the re- 
development of the Griffin 
Brewery at Chiswick, aimed at 
increasing brewing capacity by 
50 per cent. 

The consequent disruption, plus 
the fact that production is 3t 
full stretch mean that it is unlikely 
the same rate of increase in 
profits will be maintained for the 
full year, says Majoj Turner. 

The interim dividend is raised 
from l.Sp net ?D 1.75p and the 
directors intend 'to declare a 
further interim dividend in 
April and a final in August, 1979. 
Slated earnings per £1 share are 
18 . 16 p, against 12 . 82 p. 

Taxation takes £386,000 
(£306.000), minorities £2.557 mil ) 
and preference dividends £8,400 
(same), leaving £344,933, against 
£273.581. 


WITH turnover ahead 232 per 
cent. Ferranti, electrical and etee- 



cent. Ferranti, electrical and' elec- 
tronic engineer, reports a 17.1 per- 
cent increase in pre-tax profits 
from £2.75m to £3 .22m. for th'e sir' 
months to September 30. 197SL, ' 

On prospects tbe directors, say 
that the second half has historic- 
ally provided considerably more 
than half the group’s profit , for; 
the full year. However, profit 
wilt continue to be affected hy_ 
lower margins in Canada and, to. 
some extent, by rising interest' 
charges and significantly higher 
wage and salary costs . arising 
from recent Fair Wages awards. 

They add that the group has 
healthy order books in most of 
tbe major product areas except 
transformers and it is therefore 
expected that turnover for the 
full year will subsiantially exceed 
that achieved last year, ' when' 
sales totalled £L56.SGm and 'profits 
£9.12m. 

First-half earnings per -’50p 
share are slated 3 t 13.S5p f-10-64oi 
and the company is entering rtfie 
interim dividend list with a.jiay- 
ment of 1.917p net, costing 
£409.00(1. As stated at the time 
of the Slock Exchange introduc- 


tion,. the directors intend -to 
recommend a total . S.75p’. forrthe. 
full year. Last year’s single pay- 
merit was equivalent- to' * 
The directors report : that- tte 
first half trading, experience* -in 
the UK has been satisfactory. 
Although Ferranti ..Engineering 
has continued to suffer from a 
/tow level of activity in the trans- 
former business, tbe -.level : of 
orders for van ■ -carriers- • 'is 
-encouraging and this wQI improve 
-^profitability in the second -half 
off the year. Overseas, .' difficult 
trading conditions are Being: ex - 
perienred in Canada but in the 
TJ.S., Interdesign, the California n- 
, based subsidiary which manufac- 
tures integrated circuits, has 
made, a good contribution 1 , to 
profits. ■■ •• .-' =•' • 

Ferranti Measurements, the 
joint venture with Siemens, was 
established in November. 1978. to 
•take over the assets 'of the jieter 
Department .. .V! 1 


company’s f rretiiffc v irttfr'-' fmdi 
excited optimism. With tfel ittdL 
■ cation t hit- second hair ^groyrpr Js 
unlikely to . . outstrip: -that, of the 
first stx.ihgnais- sonfe :g£ t&lK mure 
hopeful -.forecasts will Ti’efldSo ife 


- ~,y 


scaled down.. The: shared '■®iicb'" . 
have -been . ^corikistertt] y. ^yOlatneU 
fell 3Qp' to 353p'7'yisterdi^-. and 1- 
profits for the year. couW"; wir 
turn out at. around £J0.5m .'.£6 
£llnt. -The trading, pa .. 
while; appears to’ be litile tfiiarigtd 
with..' Scottish Group , and. -GdPK 
puter: :S» terns stfll lifadlngi^rttw 
way.' 1 AftrrTasf yearV'^SfeBent-. 
results from Canada . 1 tfce^'m&rket '; 
for-- transformers has- yfetdinfl' - 


more ,d.Hticult but ,Xtart^.u^ prb 6 - 
lems. fn North. Americana ve ; J n 6 ^' 


'• comment 


Ferranti’s first, result*: since _ . . ...... 

19.009. As stated at the time .September's listing may well dxs- however. is.only SA, and rumours '• 

the Stock Exchange iniroduc- appoint those who greeted., the of a rights issue fiendjst' }>i /; J'~ ■ 

ECI backing for Hawkins & Tipsdn t 

THOUGH PROFITS in the year price: a l-for -8 rights issue" -to in tlabaity WiU . continue fDr 'the . * 

led August 31, 1978. from, holders registered January .12 at -foreseeable /.'future. ' ;' : 

wkins and Tipson fell, by R0p per share, raising ■£520,763 ' -1 ■■'>'■ T;*-.' ■ 

4.000 to £1.101.000. Ihe directors gross; the issue. to ECI of 867,837 ; PnynAff ' 

I justified in paying the maart- new shares at 67p bringing in : DdlllCll ' ' -7 


been -sorted. -out. '..Cbattf'-lh(f|i' 
are.-some . . excellerit V. tonjt-V tetth - 
growth' -a rea* ; in . the-' 
notably Ferantr’s defenCe^ferag, 
electronic components 'anef.'gemT- 
cohductorsl 4 ' The s hares,' -neyer- 
theJdss; are'on a fully taxed RroS- -; 
peetjire - p./ii .ot-ibver*. \ 

admittedly drop* W 7 J- ttWttg :-a : 
line- through 4he i first hatf;-' ta* ■: 
charge.-. The '-'-'prospertrv.e' yield. 




We look ahead to continued growth 


Statement by the Chairman, Sir Gerald Thorley, T.D., F.R.I.C.S.Jor the year ended 30th September, 1978 


A much improved profit ha*, been 
achieved both ac the pre-tax level and in 
earnings available for distribution. This 
improvement has been aided by a 
reduction in the laxuuim charge lrom 


54 ",, 10 42 *.‘i through tbe uiilKatiun of 
Jozies made overseas in previous years. fZrncc 
The effect of the^e prior years’ l^sts V ru5>! > xs ‘ cv 1 
should reduee the taxation charge lor Revenue bl 
several years to came. The comparative 
figures lor 1977 include the result > of Taxation 
our Canadian subsidiary which was sold 
in that year. Due to the deductions for EamintfS 3l 
minority in tc res is and property depre- orriimrv cV 
ciaiion charges from tlie Canadian in- UiUiLULty ij. 
come, only a tow proportion of pre-tax 
income from that subsidiary was avail- 
able to the ordinary shareholder!;. In p amin cs • 
1977 this amounted to £ 1 . 080 , 000 . No & 

meaningful comparison c an the refore be EanUtlSS PC 
made with the results of lasr year except ® " 

in the camings available to ordinary I NETDIV3 
shareholders, which have inercaiedfrom 

£ 2 , 236,000 ru 4 ' 5 ,b 49 , 00 o. ■mm 

A dividend to shareholders at mid-term was restored 
in 197 B, with the payment on 4 July of i.jp nec per share, 
which together with the related tax credit was equit-alcnt to 
a gross dividend of per share. A final dividend of 

2 . 32 S 5 P per share 1 . equivalent to 3-4754P pec share gross') is 
recommended for payment on 25 January 1979 , to share- 
holders on the reyi.ter at tlie close ot business on 2 S 
December 197 S. Total dividends lor the year are 3 .S 2 S 5 P 
per share net >.1077 X-7P per shire.* equivalent to 5 . 7142 P 
per share gross 11*777 2 . 57 SP per share}. This represents the 
maximum dividend dismbuiton permitted and it will 
absorb ^ 4 , 104.000 of the profit available. Vour Hoard would, 
have wished to make a larger distribution, which was 
justified by the results, but are unable to do so under the 
Statutory Dividend <. '.oniruls. Companies with a consistent 
profit record have been permitted under the Controls to 
increase their dividends by limited amounts over the la sc 
few years. MEFC unfortunately was obliged to reduce its 
dividend payments during the recession and following 
recovery i.*, not permitted to revert to a level of dividend in 
excess of a di-.:ribution achieved in t\vo previous years. Vi e 
have made unsucecisful representation to the Treasury 
over this restriction. 

UNITED KINGDOM 
Investment Portfolio 

The importance of the investment portfolio is 
■underlined by die fact tlwr it comprises 76 ;'^ by value of rho 
income producing properties of the Group. It has been oup 
priority in the last year to let accommodation newly-* 
developed but vacant and in this wo have met with some 
success, reducing the value of Lhc current voids to less than 
3 Vo of gross rectal income. 

Considerable « uece-^s was achieved in the Midlands, 
where there lias been a large over-supply of office* and. 
where we still have most of uur voids. 

Sales completed during rhe year law totalled 
£12.6 million ar a net surplus of i'i .6 mill ion over book 
value. Some of these were initiated in the year ended 30 
September JO 77 , when it was important to generate cash buc 
latterly rhe sales have been dictated .solely by the principles 
of good estate management. The proceeds are being used to 
improve our investments, sometimes by acquiring the free- 
hold where we have only a leasehold interest, and sometimes 
by refurbishment where existing leases expire and tenants 
vacate. . _ , , 

.Races on empty properties, m most areas at the level 
or loo’-'i, of the general rate, though in some areas at lower 
levels, continue 10 impose :i burden on property investment. 


| SUMMARY OF GROUP REVENUE (in £ooo’s) 

* 


1978 

1977 

Gross Revenue 

49,2zfi 

61,330 

Revenue before taxation .. .. . .. 

10,276 

S,97- 

Taxation 

4,326 

4 M 7 

Earnings attributable to 
ordinary shareholders 

5&9 

2,236 

Earnings per share 

5-3P .. 

z.ip 

Earnings per share (fully diluted) .. 

4-7P 

— 

NET DIVIDEND per share .. 

3.8285P 

1.7P 


Capital commitments total £ 48.1 
million, of which £ 25.5 million relates 
to the Guildford and Oxford Street 
development* which arc mainly covered 
by medium term bank facilities extend- 
ing into the mid 1980 s. Commitments 
for capital expenditure over the next 
two years for which no specific finance 
has been arranged will be accommo- 
dated within our present facilities. The 
Balance bhcct shows cash and short 
term deposit* of £ 24.5 million, of which 
£b.tj million is in ste r li n g. 


ALTHOUGH PROFITS in the year 
landed August 31, 1978. from. 
Hawkins and Tipson fell, by 
£124.noo to £1.101.000. ihe directors 
Fee! justified in paying the maxi- 
mum permitted dividend. Thero- 
Tore, a final of 3.458p lifts the 
total from 3.993p to 4.45Sp netu 

The expect the company' to re- 
sume ils growth in thn current 
year, and tn assist this they have 
entered into arrangements to in- 
ject some II .95 m into the 
company. 


The final part is the general improvement to several other 
smaller properties on the site on which good progress is 
being made. 

- Last year I reported that during 1978 wc intended to 
Start development of our sites, West One in Oxford Strccc, 
London, and The Triary Centre at Guildford. Both schemes 
are now under way. The Vt'csc One development, which is 
above and adjoining the new Bond Street Station, will 
provide 45,400 square feet of shopping space and 41,000 
square leer of offices. The Friary Centre, Guildford, will 
comprise 150,000 square feet of shopping space with 22,000 
square feet of offices. Our prc-lening targets have been mcc 
at both developments. 

Vi'e arc retaining the full interest in these two import- 
ant developments instead of securing, at the outset, long- 
term. funding with the consequent surrender of profit 
potential. We have therefore arranged medium-term bank 
finance totalling £22 million covering the bulk of the 
construction contracts, while the remaining costs arc being 
mcc from the general funds of the Company. 

OVERSEAS 

Australia 

The Exchange Centre development, comprising 


415 , 000 - square feet of high quality office space is virtually 
comnlcie. The Sydney Stuck Exchange will occupy 80,000 


complcie. The Sydney Stock Exchange will occupy 804 x 0 
square feet on the lower floors and will open for trading on. 
15 January 2 979 . Negotiation* are in hand with a number of 
prospective tenants lor the unlca ,cd space for which there is 
good demand. Wc are building two small indu-.trial develop- 
ments in suburban Sydney and wc have a planning consent 
lor a shopping centre at Chatswood, North Sydney on, 
which we hope 10 commence construction in 1979 . 


United States 

The purchase of the Boulevard Mall Shopping 
Center, Las Vegas, in equal partnership with a British fund, 
was completed in April. The Center, with 905,000 square 
feer of fully let retailing space, is managed, by ALEPC 
American Properties Inc. 

In Hawaii, we have sold all of the 66 7 apartments ia 
the Discovery Bay Development. Tor the time being wc are 
retaining the shopping dement. 

At oor successful Parkdale office complex m 
Minneapolis, construction of the final pha* e consisting of a. 
further 200,000 square feet of offices began in November, 
two earlier phases uf the development having been built and. 
substantially let during last year. Finance for this 5i3 
million final phase has been obtained mainly by long term 


I believe the charge is unfair ir. that the services provided by _ mortgage with ihe balance coming from, the cash resources 
local authorities toe vacant properties are much less than for ol’ the Group. 


occupied .accommodation and where the demand for 
accommodation is weak, the remedy is outside the control. 


of the property owner. . ... , 

Although Rating Authorities have been urged by the 
Government to adopt a sympathetic. and lenient view in 
charging rules on empty properties, it is our experience that 
this guidance has not been followed by the majority of 
authorities. 


Development Properties 

Our major development in Buckingham Palace Road, 
S.W.T comprises four separate parts, the main one being 
Bcigravc House, a new office block of 167,000 square feet 
pre-let to BP Chemicals Limited which was handed over ia 
December 1978 . We arc also currying out a major refurbLsh- 
znenc of 37.000 square feet of offices in Cliantrey House, 


EEC. 

The Euiohatre, our Frankfurt office development is 
row 70 % Ictandwcarc hopeful that further lettings will be 
achieved shortly. The office tow er of the .Manhattan. Center- 
in Brussels, comprising 375,000 square feer has been ex- 
tremely slow in letting and little progress was made daring 
the year. 

FINANCE ^ . 

The proceeds of the sale of our Canadian subsidiary 
which amounted to £27 million have been used partly in the 
repayment of overseas debts and portly held for further 
investment overseas. 


VALUATION 

The valuation of investment 
properties has been the responsibility of 
2.ID the Deputy Managing Director, Air. 

Alaxueil Creasey, I-'RICS, who has 
— *• personally reviewed the valuation of 

each property. In accordance with our 
1 . 7 P 1 policy the developments completed 

during the year have been independently 
valued by Knigbt Frank & Rurley and ' 
Jones Lang Woctton whose valuation has been adopted by 
the directors and incorporated into the Balance Sheets. The 
result is a surplus over net book value ol £ 35 , 034,000 of 
xvhkli £ 2 , 478,000 is attributable to minority interests in I 
subsidiaries. 

Last year wc reported that wc had reviewed the 
■uncompleted developments and sites by -reference to their 
value at complcrion and had made provisions totalling 
£ 38.25 million in respect of certain of them. The reduction 
of f' 3.5 million to £ 34*75 million, made in the current year I 
relates 10 use of the provision in respect of properties 
transferred from the development portfolio during the year 
and a loss on the sale of a '.its. Whilst wc arc confident that 
there has been an uplift in their value *.incc last year, it is our 
intention that this general provision against developments 
will stand in lhc Balance Sheet until the current pro- 
gramme i s nearer to comp lexica . 

As I Tcporred to you in my last Statement, we will be 
carrying out a valuation of oiu investment portfolio every 
year. 

I should like to take tin's opportunity of adding our 
voice to the views al ready expressed by the British Property 
Federation and some fellow property companies over the 
proposals for the provision of depreciation on freehold 
properties. Vc believe that an annual revaluation is helpful 
to the reflection in the Balance Sheet of a true and fair view 
of the financial position of the Group; the provision of 
depreciation in the Revenue Account involves such a 
number of subjective assumptions that no useful purpose is 
served. 

MANAGEMENT AND STAFF - 

The improved result* this year owe much to the 
efforts of our staff. I have previously expressed my confi- 
dence in their skill and enthusiasm and this confidence has 
been, fully justified. I should like to express my warm 
appreciation and thanks zo all of than. 

DIRECTORATE 

I am glad we have been able to strengthen the Board 
from within the Company by the appointmenr of Mr. Roger 
Squire and Mr. James Tucfccy on I October. Both have held 
senior managemen t appointments in MFPC far several years. 

DIRECTORS’ FEES 

Under the Articles of Association Directors’ fees are 
payable at the rate of £ 2*000 per annum with an additional 
JL ‘500 for the Chairman and £250 for Deputy Chairmen. 
This level of remuneration was fixed m 1971 and is now in. 
the opinion of the Board inadequate and it is inflexible. A 
Resolution to amend the Articles will be proposed ar the 
annual general meeting to provide that full-time executive 

directors shall not be entitled 10 fees buc non-executive 
directors shall be paid such fees as may be determined by 
the Board provided that the aggregate amount of nil the fees 
paid doc-; not exceed £ 40*000 per annum. Whilst ad horcncc 
to the guidelines of the Government**; pay policy may 
restrict any increase of fees in the immediate future, the new 
Article will give the Board a measure of flexibility which it 
doc;; not htrve.at present to fix the fees of individual non- 
executive directors, whether present or future Members of 
the Board, by reference to the services they each render to 
the Company rather then by an automatic payment of a sum 
fixed under the Articles. 

THE FUTURE 

The results of rftc last financial year reflect the benefit 


Equity Capital for Industry has 
asreed. subject to shareholders' 
ennrent, to underwrite a rights 
.is**-ue. to subscribe tor shares for 
cash, and to provide an unsecured 
convertible loan. This will enable 
the company to reduce bank bor- 
rowings. venerate internal growth 
and 10 make further purchases 
.suitable for the expansion ot 
activities. 

The company i s still dependent 
on the shipping industry for the 
»aln of large ropes, but has moved 
steadily into the leisure industry. 
Prospects in the la let r remain 
good but activities have not been 
helped by the last two summers, 
bstanlial non-recurring expenses 
This >ear also saw the la\t of 
the substantial non-rccurring 
expenses incurred in relocating 
and reorganising the businesses 
acquired over the Iasi three years. 

The financing package will cam- 


price: a l-for -8 rights issue- -to 
holders registered -January .12 at 
6Dp per share, raising- £530,763 
gross; the issue.. to ECI of .867,937 
new shares at B7p bringing in 
£58 1.5 VS — this ; subscription •. .Will 
represent JO per cent off the: 
enlarged capital 'as increased by: 
«ha- 'richts issue; and. the- provi- 
by ’ECI of an- 2850.0tr ftiw. .-.c 

The- roan will run for E> -years 
and bear ; interest of ?. per cent 
above' the 'six -month London inter- 
bank rate. will be convertible 
into ordinary shares during 1980 
to 1989 at -rates varying on 4he- 
year of conversion- If the; full 
loan was . converted . at. the. :.mibt- 
mum rate Jheii the resultant new 
ordinary shares, would represent 
11.3 per cent Off the enlarged 
capital whereas if\ the maximum 
rate wai- applied the correspond- 
ing figure would be Ifta per c^nt 

Full details will be setit out. in 
early January. 

In the 1977-78 year, sales rose 
from Z17.B5m to n9,V8mi After 
tax of ilOO.OOO f £132.0001 -the Pet 
profit, came riut at 11 .WU 000 
(£1,093,000). of which Lhe dividend 
absorbs £310,000 (£277.000). Earn- 
ings are, shown at 14.42p (15.74p) l 
per share. ’ : . ■ ■ ■'' ' 7 

No 'provision is made for U.K; 
tax deferred by allowances for; 
plant and machinery, or for in-' 
creases in stock and work where 
it is considered' that, tbe reduction 


■' Christie ■ 0 
iitssfife. frozen - • ' ' 


: The akseia; of a .'small fringe 
bank, Barnett .Cbrfstfe fiaye .been 
froseri pending a ftrft winding up 


.hearing oaH«f for by the^TJepart- 
merit OF- Trade.'."' • . VV . : 

Earlier 0u's-.w<?e* the DoT. pete 
■troned the Hlgh Gourffto wind tip 


-the company, under '' Section - .33 _ ' 

.of thef Compamea.Aci -1967, and ' •■ ■ 

Secthm. 16 of -the Depositors Acf. 

The Jl^artmeiU Clatoed TJiat ij ' ~~ 
was -^'espedient '- 1 4fi. v&e- ptibHe - . 

Interest ifiat the company b 6 ... ' 

wouiitf up .^ y . 

The Court -appointed the Official 
Receiver as_ a, .pro visional 4iquida- . ‘ 

for pendinfr i .full- winding, .up- 
petition the datel^jf wfneh-has hoi - _ L 
yet been-set. '; ' * MIT 

Barnett. 'Christie" is ■•bankers to- • -.Mil" 
Oceana HoWihg... the . Jinip^liir? . 
and property, dealing company 
formeriy catled. Bacnetf. Chnstlft *=-=.^-1 a T ' 

Securities.; -The Chairman 1 -ol ‘ 

Oceana, : ft) . which' .-Advance. : >* 

Laundries has a '1(T per cent 'stake, : 1 
is Mr. F. If. Christie, vwlib also •-■- — 

'imiitly' controls ;the troubled bank •! ““ 

with Mf.'F. JU Barnett’ 1 V: • 


sitit? 



Television, Film Prodnction., Theatres, Music 
Ptiblishing, Tapra, Kecor* Propettf, ; 

Chairman and ChieJ Executive iOSUrailCe, AHSgfnne and Mgrf Mnn in ng : - 


Interim Statement 


Unaudited results For the first 

T97« 

1977 

' '■ ••4 ;'.v 

26 weeks of tbe current financial . First 26 weeks 

.■ ^Eiist'lftweeks- 

7’PutfYear: 

year are: — ' 

to 24.9.7$ 

/ to 25.9,77 

} : ioj2$3.l9 


row ‘ 

£*000 --;- 

- roou.' 

Turnover 

56.170 . 

- . 43,102 4 - 


Profit before taxation ' 

6,109 

r -. 5,013 - 

13,700 

Taxation * 

3jX77 : 

- : - :2,607.; ' 

■..-- ! : : 5 i 375*? 

Profit after taxation ■ 

24*32 T 

V. .2,406 

7,925!^ 

Minority interests 

.':"is 

' 39; 


Extraordinary item 

;' . ~L. . . 

,- . ■ _ _ . 


Attributable to members of the ' 


- ’ . *. 


Holding company . 

2,917 '■ 

2,367 

.^deajU 

Amount absorbed by dividends., ' v 

1,621 

•• T>449 . ^ 

vi";.: ; '3;454v 

Amount of dividend pcr‘‘A” Stock Unit 

31 P , 

2.772p; 

. / 6,606p 

(gross equivalent) " 

4.63p , ■ 

. 4.2p>' : 


Earnings per “A*’ Stock Unit 


■'■*.:■■ i ■j'.t';,..- 

■ 1 -. • . -V -iJ. 

(after taxation) 

’ 5i8p . 




At a Board Meeting of Associated 
Communications Corporation Limked held 
today, 1 4th December I97S, the Directors 
declared an interim dividend for the year 
ending 31st March 1979 of 3.1 p per unit to 
holders of the “A” Ordinary' Sf ocir which, 
with theimputed-tax credit, amounts to4.63p. 
per unit, compared with 4.2p in 1977L ’ 


The profitfc«fore,fexatipa^f £&, J09;0p0 ; 
for thehalf.year,agaiii 5 t'£S^)J 3 ;OOQM^ 77 , 
includes 7 months* traffitg re ari ts.. firoffiithe 
Group'y ■ U^. telc^^ni^dist^d^pfij 

sidiary, 1TC jEnteriai^eoi^c^^ is^ 


The loan capital of the Group has bcea reduced . _ The results of rite last financial year reflect the benefit 

daring the year from £316 million to £294 million, which of increased income from rental reversion';, a reduction in 


rest^if the Gtaup^kshonltF nrif fe asstim fid 

that the .rate.oC increase 


construction of 96 hi;h quality Hats at 55 tbur>- Street ot 
■which wu-thitds have been sold prior tu completion and the 
j pTnainin g’ one-third will be offered lor sale caxly in 1979- 


now represents approximately 55 ';;, of bscd assets at their 
Balance Sheer values. We can look for further improvement 
in the borrowing ratio over the next year or two when we 
anticipate that most of the 5 % unsecured loan stock will be 
converted into ordinary s h ares . 


vacant premises and development of previously unproduc- 
tive Mtou 1 believe the quality of our investments, the 
potential in our development programme and lhe proles- ■ 
sional 1 kill of the management team, enable us lo look ahead 1 
10 continued growth in profits. 


Copies of tlieiyjSAimalRcponemdAccotiias'trnideavttilabldfrmDcccmBcr 20ih.7fyoit tzrndddkctcrccehca 

copy, please wriu la ihe Company Secretary, METC Limited, Brook House, iijFarkLanc, London Wix 4*11. 


Dividend warrants will be payable oh 
21sl March 1979 and transfers lodged with the 
Company’s Registrars, Xldnwort Benso a ■ 
' Limited, Tl?c Lawn, Specn, . Ncwbiiry, 
Berkshire, before 3 p.m. on 13lh February 
1979 will rank for dividend. v . 


tained in the Mddhtfhtif-ycar; 


- Following -- «n;:^e:«j^orrfQa^;R^fe 

Issue^in-' 

earnings ^A*VStock Tffiit;'lS.:3v'Sg^as' 

a J. :4L.f * ' - ■ l " . i<§. . '.J' ' . 





cc«np.2a-atwjth;5.6fi 


V 'eft-: 








25 







uk company news 


% 




Redman Substantial growth for 

r. lleenan 

: | second half MEPC-paying 3.83p 

■>V : yi~ . tN THE year jfl^sdvfeplemlier partly held 'for further Invest* folio comprises 76 per cent by 

<’ •.•■R , “ > * . l - 7 30, 1978, MEPC Ms : i6tn*n sub- ment overseas. value of the Income producing 

■. *■ SLACK .trading 'ebadmons ■« Die xtaotial growth >«to- ; all fronts. The group’s loan capital has properties of the group. 

: : „ 'Jf start, or tha. >oar c Kt ^Redcaan Earninjrs available for tie ordl- been reduced during the year Annual meeting. The Dorches- 

. -‘-.i Keen an Intertatiioiijti were more nary have more . than .■doubled from 1316m to 12 94m. which now ter, W January l, 24 at noon 

••=• '" : .4 than offset by. am upturn. Of busl-: from XSEJMmfo £SJ5m.. giving 5.3p, represents some 55 per cent of The tax charge on profits has 

res*- as the year progressed. TWth against 2.1 p, per Sharp, or this fixed assets at their book values, been reduced from 54 per cent to 

-;T' acjiyrty gathering momentum in year 4.7p fuHy.dUutea-y The divi- Sir Gerald looks for further 42 per cent through the utilisa- 

. ;Vt the secoud balf an interior decline dend Is being rajsed lrom l.7p to improvement in the borrowing tion or losses incurred overseas in 

• ' * ,■ was reversed . to leave pre-tax' 3.8285p net, with a Buhl of/jL22S5p. ratio over the next year or two previous years, and the effect of 

- profits ahead frQm .jG2.33ni to- At the year-end . net assets per when at is anticipated that most these should keep down the 

£2Jnm , for the year to .Sept- share had advanced from lS2p to of the 5 percent unsecured loan charge for several years to come 

. ember 30, 1378-' * ‘ TllSp. w f rom 36»P ta’193p fully stock will be converted into The comparative figures for 1077 

- ‘ When ' reportin g ■ jfci JBret- Aalf dHutefc r A revaiuation -of -invest- ordinary shares. The balance included the results of the 
i •' profit fall from JELOTbf- to $QUha *wnt properties, has ^thrown up a sheet shows cash and short term Canadian subsidiary which w as 
the directors- said -'that "they ex- surplus of £S5m, of. wirfch-£2.48m deposits of £24. 5m. of which sold in that year. 

• pected fidl year ffgunss .-te show attributable to -minorities. £8.6m is in sterling. _ _ 

an improvement, on /thfc previous!;. .Sir Gerald. Tborley,. chairman, 1 rooo 8 ^rooo ® Comment 

^ ?? months. And gug n ow say aays the results teflccTttte benefit cwmihib 44,i48 55.386 The directors’ valuation pushes 

that the outcome •off- -the .current, of- increased income from- rental ouiar inconw *6,078 5,9*4 mepc'k fullv diluted net .in 

year shoahT igifiT rtotr-d Menii ^veriions, a reduction to. vacant pop. °«Boi« 0 «. etc. 18.440 24.^ t TlB3p ^r shie and m^ th^ 

advance- od : ihe . results- dow premises and the development of 2*.t£ 33.733 i® £ r . and moans that 




iVilkinson Mate! 

interim Statement 

Half Year ended 30th September 1978 
2^ Profit before tax up 28% 

Earnings per share (fully diluted) increase 10.7% 
jfr True Temper meets expectations 


alf 


% r 


IS & I 


Bariii-ii 

Hirwic 

.i'V-v I’ 


iated 

ticaiio® 

ration 


od ; lhe ,renflts : -dow Premises thcdrtjtomeat of Ttu loan capital now re presen is 55 per' 

**■?« mViinr mUriau un productive srtes. An d Eaminu* bafora tax ... 10.276 8.972 cent of fixed assets at balance 

Tax for the year under review he believes- that the quality of the Taxation 4.326 4.847 sheel values. The cearinsr ratio 

. Increased .ttsulting;ta . lower stated i-porttoho and Uua group’s other Minority zo 638 . iiL--i v to fail fTTrthnr r„r 

earnings of: 14p“<l«Up> per lOp sSS^enaffi Mm- fidttk ahead ™*™"« dlvMcnU . 68 68 uSHto'in Z 

iwS, rSinc' th? 1 Daymen? *° c ?? iil,ue & growth jn proBts. AttrfbSSbto ’onfirary S.648 2JJ36 ahy further big property sales to 

talSS^r > year-, dMMnmm tig AS? iK, 

WIS? $£,rt,“£!iS available SSK^TS’. £=?“.* *558 Sr “°” Z, tam “£jk 

TumoMr , 34270 31.110 profit. Sir Gerald says the directors *■«•«* m»erve» 204.066 187.586 likely to be converted into equity 

Trading pro!** 2£8S 2.845 ; w isj. tfl w-.,- jjgjrf more, but * Inieieat and other outgoings, in the next year or two. 

tZcomDanv w^ ohS^ToreduS 1 °^ iu , , , On the revenue account. MEPC 

Plum bafora tax ^ . .. Z»2 2.532 xne company was oousto loreoucc The provision against uncom- hDDP« rhat lad voar’a £2’m -sin 

Pmth Vi»r* W.*:-.:?:*:- Zl“ iJS ***** developments and sites by fr0 ra reversions will at ieasT be 

Extraordinary credits V *32 ^ of nav- refer t nce *? U, 5 ,r vjll i aUo " at matched in future years, and the 

Annbureble. •. -• Z186 2,384 ajww^ to revert tPa. Pfj^ completion has been reduced by outlook for some of its problem 

Prefimu.M rtivirfands xi. 32 memm excess of thatflismbmed n - m t While the direc- devSopmcotx is appa?ent5 

• Debit*. 11 • • SSdTin tww this , been 80 u P Uft w their value since :s per cent at !51p and would 

In annonneinff the. results, the * ,Te ** n 'T . - 1 last year, they Intend that this have been about half a point 

directors state ‘that £Lltn of •iaew ^ w ™ ' '• . general provision against develop- higher if MEPC had been per 

Investment was thadO' during the The. chairman says the proceeds mems will stand in the balance mined to pay the extra ip or so 

year and a further sum oi £SZT,00D of the Canadian sale amounted to sheet unto the current pro- that would have been forthcoming 

was committed ' for .gomptetibn £2 7m and have been used '.partly gramme is nearer to completion, in the absence of dividend 

early in the -ngur year. This prt^ in repaying overseas debts and In the UK the investment port controls, 
gramme principally Involved, the - 

installation 0 F. a number of ■ ■ ^ _ - 

Marley goes ahead to £18.6m 

canaaty .also tbekjriace 

The year end order book of the AFTER A strong second half The final dividend of 1. 78098 p a factor which Marley has 
jygjgS, as a BHayley, the building tThde pro- net (1.49043p) raises the total to capitalised on by opening new 
spmajised, topneer. Blood some ducts group, iifted pre-tax nrofils 2.780U8p per 25p share against shops and depots. Overseas, 
30 per cent higher at over tzam. ^ fiSJfim to IlS.fi2nj . in the 2.49043p. Stated earnings per Canada and South Africa maln- 
■ . year to October 31, 1978;'on sales share are up from 12p to I2.7p. tained their positions but their 

t commenl ahead from. £218.67m y The 6] per cent debenture stock contributions were lower on con- 

Redman - Beenan'a results were 1fl n*m 7 19 77-79 outstanding on January 31 version because of unfavourable 

perhaps a little disappointing but Sn ,„ ti»hk 7 will be paid on that day at par currency movements. Elsewhere, 

the company;- has had. .to cope uk " " I ' 133. 638 with accrued interest. the plastic extrusion business 


Marley goes ahead to £18.6m 


Group Results - unaudited 

Turnover 
Operating Profit 
interest 

Profit Before Tax 

Taxation 

United Kingdom 
Overseas 

Profit After Tax 
Minority Interests 

Attributable to 
Shareholders 

(before Extraordinary Items) 

Earnings Per Share 
Basic 

Fully Diluted 


1978 

£’000 

132,153 

11,756 

2,490 

9,266 

mTcT 

3,408 

4,818 

4,448 

742 


3,706 

12.85p 

11.93p 


1977 

£’000 

93,673 

8,994 

1,771 

7,223 

1,076" 

2,631 

3,707 

3,516 

859 


2,657 

11.73p 

10.78p 


Full Year 
1977/78 
£’000 
192,310 

17,587 

3,283 

14,304 

£856* 

4,763 

7,619 

6,685 

1,507 


5,178 

22.85p 

21.06p 


with further losses and. provisions, Ovwsee* 

believed lo -be.; at least X20O.OOO, Trading profit 

from the contracting companies. " 1Wre ? c , payable . .. , . : 


8s|i29 f one-sixth' of profits) has been 

1 7.90B • comment hit by severe competition 

AfZ m,wpv'i fipct nf although tiie market for plastic 

_466 Marley s first-half profits rise of flnAP AflV p r i„r, c 


This was due to* continumg ^^’ t oifi t COmpanle ’ 'tS 1S^ tost ove? a tenth hL r “bera sheeting and floor coverings is 

difficulties ' in the ; ci>xnpIetion ^13 " a!5 foUowSi bv a second 1 halfMumD^f Mid t0 be ‘nJP rovin ^ Meanwhile, 

of contracts which -should be Srofit afrar ra* ....... 13A90 12.727 S“ toi?”!Jhat Parley sees the D1Y business as 

laregly sorted ' out in . tfae.MinoritiM. - „686 » biggest growth area over the 


laregly sorted .out m the W.norlt.w - *£££* J r? t h " ' its biggest growth area over the 

current year. .Another amall. ^g b e wy :v 3 -|SS .’HJ! 2to* m vnSme'wer the °vear next f * w ye*™ “<* there arc 

loss is likely, however, from oSq 11L eSrtt plans to bring on stream 120.000 

thlijfde and Hgehtw Bnvlrotnnien. "*tuK tin’ 'Htuoi* ^'by.a^qg.atoc? Shu™ j?ance made ? dramftic «* of additional selling space 
tal Systems wUl subsefiUBDtiy he- appraefation relief end Jiy ;ElArn ,or Seove n£ 1 0 iraDroving next ?ear - 0vera11 - Prospects 
come a less important part of tiie *•*»»»; <rf capital aiitNwm»« oyer recovery, warns _ to iropro ng j k t f avour j,ble given no 

CTcWffi SC & p - tr-j' 


Dividend 

The Directors have declared an interim dividend of 4.22297p per share for the year to 31st March, 1979, 
which, together with the imputed tax credit, is equivalent to 6.30294p - an increase of 10% as compared 
with the previous year. This dividend will be paid on 2nd April, 1979 to shareholders on the register at 
15th February, 1979, and will absorb £1,207,000 (1978 - £847,000). 

Wilkinson Match is an international company manufacturing and 
marketing Consumer Products and Safety and Protection 

equipment. 

Registered office: 13 Stanhope Gate, Park Lane, London W1Y 5LB 


SSr‘. d 5!2a i JSf t trSSS helped by tbe'big increase'! nDTY 73p. are on a p/e of 5.6 while 

tW^ *8 ainst 8 previous £8^nv-_ : ' : activity and house renovations— the yield is 5E per cent. 


£ one weH.- The biggest company .... • ' 

i Fronde Engfneering -arid de- V n ^ r,. : :' 1 1 IP • 1 

■ StenhQuse second-nali pick-up i invest in so,oqo better tomorrows: 

have been better- than expected .'j v'?: 

and overall group .orders- were .30 AFTER BEING down front JE4-35m amount .of £3 52m (£2J7m) is finance diarges -541,000 

K r cent 1 aheatf at tb&'year'^nd. to £4.C2m at midw^r, Stehjiouse retained. ( L>4 6.000) and the losses on cis- 
lis bodes well for. the current Holdings improved pre-tqk profits Stcnhouse’s . unexciting results— continued actiivties. and was sub- 
period and further improvement front -£to.02m to £Z0^m in-'the profits up S per cent for the full ject to a tax charge of 123,000 

should rCsult from the elimination year ended September 30, lflffS. year— are more or less what the against £270,000. 

nf previous losses. Moreover, lhe . ^ vsn' sh»«. nr * market was expecting. Insurance There was an extraordinary 
dividend is covered seven- times __ d broking activities were perhaps a credit of £32.000 for the period 

and gearing; is^ ^now virtually nil. little disappointing because of a (£28.000 debit) and minorities 

At 57p the shares are on -p/e softer market in Australia, took I17JJ00 (nil). The 

of just under -f<jur and the iust- agamst,-iJl5p P Canada and the US. during the attributable profit came out at 

oric yield is 5A. per cent . . . .- ’“i^ Lnwnpp brok^g rommis- follrth quarter, but this was off- £37.000 (£222,000). 

— — i ’ ■ ■ ; —--in insurance oroKmg. commis- k_ Vhnoni. i* a «imh«p and ch»t 


oric yield is 5A per cent 


Jhrt U f^ C L^ned?amoiintS*to by better-than-expected indus- Phoenix is a timber and sheet 
Sg|“ d fSra ^whfle t™ 1 Profit- Here, the company materials importer, merchant and 

f22rtn fl r - ?SSi«rwS?*BlS 1 is. doing better on the DIY side processor. 


Do TOO iwad corrwrt Intortiation on 
Uutad Compmtastadwfinfl Brtww* 
Short*, p^wwi fc 5 {toys at* con of. 
.MfyfaSO? 

’ - YaDnMda '■ 


Forioofa lnfonoub*vwtw‘Slr«>' on vaur 
yfehluprt ■Wrapdiru:'* 

ECX Ora>rt| {OKi. W 'it llnmi 
27 Wta May; Salty. Oxford. 


■; L .; ‘ To tbeholdeisf^ 
r-Term Credit Bank of 


i, Ltd. 


J^egotiabk Roating Rate US Dollar. Certificates of 
'Deixisit — MaturttyBate 15- December 1980 


Phoenix 
Timber in 


fa accordance veiihjfie prososjons of tbe.Certibcates 
of jMplotit'nbtioff' ^is herwy-pvun thatik» the secona 
• sue month interest period from <15 December 1978 
■ to 15 June^i979flie Certificates will carry ah - 
. Interesr Rateti 12% (twelve per cent} per annum. 

^Keferenoe Agent 
* ° The Chase Manhattan Bank; N.A., 

: London ' > . 


FOOD PRICE MOVEMENTS 


12,61/12.74 12^1/12.74 12.81/12.74 
7730/81.11 76.90/81 J1 W.14 
8038/83.72 80^0/83.49 80.98/83.72 


. . - .December 14 = Week ago 

-• •••• .• ' 

.^Snish- A.1. per too ...... 1*140 : 1.7*0 . 

British A.1, per ton_.. — .v 1,110 . 1,110 

Irish SpedaLper ton .. v .. 1,110 . WJ0 

' Ulster A.i: : per tont-.-- lAti) . .' LHP 

■ BUTTER 1 " •' '“■■■ • ~ 

NZ per2Q kg 1231/12.74 1231/12.74 

English ‘per ewtt 7T90/81.11 76.1)0/81 J.1 

Danish 'salted -per cwtf .i., 8038/83.72 8030/83.4S 

CHEESE? :. " 

NZ per tonne- .... 1^25 1325 

English Cheddar trade per 
, tonne' .... v .~ — -■ 
EGGS* - ■ ' 

Size 2 ..... . 430/440 420/440 

: December 14 - Week ago 
P . P 

BEEF s ' .- 

Scottish killed sides ex- •• • . 

Eire forequarters 34.D/37.0 36.0/38.0 

LAMB . 

. En glish - — 1.^ '48.0/52.0 . 50.0/540 

NZ PIi/PMs ......... — . -t •— T 

FORK (ail weights) ..—.^. 85.0/46,0 .350/46.0 ; 

POULTRY-— Broiler chickens 35.0/38.0 3S.0/SS.0 

•London Egg Exchange price per 120 eggs: 
i Unavailable. ' f Fat delivery December' 16-23. 


.ssssspsgaBjessa :s? »*s. svs. Haslemere 

S eat S per 35) wv although long term this may not 

44% UD 

&“ d PP0 « jras . 

f nSSSfiSn Grossart-were At 102p ^ w on a p/e of TTIIO W2.V 

^T^atSPks.lSm f£5.07m) and ^ 11UU VT 

there are also exiraordinary ? 0 4 r the^Inwance ANOTHER record year Is fore- 

debits of. £233,000 (£444,000). An cast by Mr. F. E. Cleary, chalr- 

— * j broking sector. ^ q{ E5tat es which 

1 ^ . -- at the halfway stace to Sept- 

: T¥l_ _ _ ember 30 1978 lifted pre-tax 

icddersof - l^ilflfaillY profits 44 per cent from £1. 27m to 

.S- VILLA. £1.82m on net rental revenue 

it Bank of Tapan, Ltd. • np« ■* • ahead from £405m to £4.45m. 

axox*. w , •./.:■ imhpr 111 Last year the group turned in 

lie nf - ''JL. aJLUKJ VJL JLU record pre-tax profits of £L83ro 

yS DoUar GotilitatK ot , . , on net rental revenue of £8.36m. 

atC 15 - December 19o0 . . For the fuU year to March 1079 

” — ! “ ! ."'IJil/lxl Mr> Clearly anticipates the 

' -RT • revenue exceeding £9m. 

ru ,« ^ nc nf Vh- rWtjfimtw ' INCUIDEiG losses of £149,000 on He adds that if high interest 

' dfsconthmed businesses, pre-tax rates continue the. interest charge 
y- vgn^tmt lor the sa^a profit of Phoenix Timber came will go up in the second half and 

from >15 December lx7o out .at £4^00 for the half year to pre-tax profits will be lower than 

ifi^ates will carry, ah .'- '■ September 'SO, 1978 against at mldwarv. An interest charge of 

iveoer coaioer anmun. £520,090 last time. Sales were up £2.63ra (£2.52m) was made in the 

. from £l7J2m to £18 52m. first half. 

- directors say that better Nevertheless with the 44 per 

M Agent • ' sales' and profits from the main cent profit rise at the halfway 

attaa Bank, N-A., importing divisions have produced *Tsgp the company anticipates pre 

Iflon" ; V- substantial improvement tn tax profit* for the whole year win 

. -« •' results from the second half loss be considerably above the 1978 

• of. £409.000 in the 1977/78 year, figures. 

SS — fa which profits slumped from Mr. C3eary adds that the trading 

' jrx^wTmn SZJISm to £111,000. profit for the second half will 

lWfnV 'MMIliNTS • Progress has been made m exceed the £480.000 (£360.000) 
•LT*'-* ▼ J_/1 ;TAXjX n implementing, the company’s made in the first half, reflecting 

diversification policy and the the sale of the commny'g onlv 
0berl4 > Week ago Month ago -directors anticipate some further overseas property, a development 
£ * . hhprovement in overall results in Munich, since September 1978 

■ ’for the fsrfl year. There will also be a substantial 

W : ’ <I ^ e tlirectors have decided to credit to extraordinary item*- 

10 -,. 1,110 1410 Tuaintain toe interim dividend representing a recovery of past 

In - ' I’lln ‘ !,,n payment at 2p net per 25p share provisions relating to the Munich 

lu. . 'Ml® pending - consideration of the property. 

.year’s results — last year’s final' Development outgoings at mid; 
61/12.74 12.61/12.74 12.61/12.74 was 229759p. way were down from £275,000 to 

30/81.11 76.60/81 J1 79.14 - Earnings per share are shown £S0.0O0. 

98/33.72 8060/83.49 80.98/83.72 as OJp at the interim stage com- The interim dividend is raised 

.pared- with. 8.6p, last time. from lp net to l.lp per lOp share. 

»5 - TV25 3200 Pretax figure was struck after Last year’s final was 22p. 


50.000 .people in the United Kingdom suffer from progressively 
paralysing MULTIPLE SCLEROSIS — the cause and cure of 
which are still unknown— HELP US BRING THEM RELIEF 
AND HOPE. 

We need your donation to enable us to continue our work 
for toe CARE and WELFARE OF MULTIPLE SCLEROSIS 
sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL 
RESEARCH. 

Please help— Send a donation today to: 1 
Room F -L 

i The Multiple Sclerosis Society of G-B. and NX 

I *4 Tachbrook Street, 
luTosBCro London SW1 1SJ - 


LOCAL AUTHORITY BONDS 

Every Saturday the Financial Times publishes a 
table giving details of Local Authority Bonds on 
offer to the public. 

For advertising details please ring 
Stephen Cooper 
01-248 8000 Extn. 7008 


Mitchell Cotts GroupLimited 

1977/78 RESULTS 


HIGHLIGHTS 

Increased Australian and United Kingdom profits 

Reduced percentage from South Africa 

Net profit attributable to shareholders 25% higher 


Month ago 


_ 1*345 


2.80/3.10 
330/3.70 
Month ago 
P 


‘ -540/58.5 
35.0/386 
- / 

50.0/54.0 

*■ 37.0/46-0 
35.0/38.0 
f Delivered. 


1978 

Profit before Interest and Taxation £1 3,229,000 

Profit before Taxation £1 0,236,000 

Net Profit attributable to Shareholders £3,628,000 


1977 

£15,366,000 

£11,669,000 

£2,911,000 


GUM! iNVESflliDENTS USDTE3) . 

1 Royal Exchange Are., London EC3V 3LU. TeL; 01-283 ll(H. 
■' Iadei Gtrid&as at November 30, 1978 - 

. CUve Fixed Interest Capital 329 j67 

‘ Clive Fixed Interest Income 11425 



l”r f-na f-TfTTy^i 


imss 


DIVIDENDS ANNOUNCED 

i-: . Date Cnrre- Total Total 

Current of spending for last 

-^V payment payment drv. year year 

antcheff Somers 2nd int 0.15 Jan. 30 L57 1.75 L57 

Redman Heenan 3.02 — 1 2.03 1.82 

Haslemere int. LI Feb. 8 3 — 3.3 

Slenhoose 2.7 Apr. 12 2.4 4.52 4.05 

Hawkins &Ttpson 3.46 . — 2.99 .448 3.99 

Bass Cbarringtofl ..... 46 - — 321 6.1 4.84 

TCL 5.48 Feb. 13 4.B3 S 59 7.43 

Ajsocfaled Rag 362 Feb. 19 3.42 5J24 4.69 

Wilkinson Match int 422 Apr. 6 3.78 — 10 

FcnmnL Jnt L92 F^j. 9 — S 221 

DfstSleis int. 3 Feb. 23 2.7 — 766 

Marley 1.78 Mar. S 1.49 2.78 2.49 

Bi-aham MXOar inL 0.6 . Feb. 16 0.55* — ■' 147* 

MEPC-. - • 2^3 Jan. 25 1.7 3.S3 1.7 

P. J. Carroll 495 Feb. .14 427 7.1 6.06 

GreehaH Whitley 159 Feb. 17 L41 2.93 2.62 

CreenaQ Whitley “A” ... 0.32 Feb. 17 OJ28 0.59 0.52 

Dora . tot 1.79 Feb. 9 1.61 — 4.64 

Nottingham Brtek 8.05 Feb. 2S 7.7 12.9 11.6 

Bnrca Dean 2.48 Feb. 20 2.22 415 3.72 

UGI tot. 1.11 . Jan. 18 0.99 — 3.67 

Phoealx * Itoibet int. 2 Feb. 9 2 — 4.3 

Crystalate - 0.74 — 0.66 0.74 0R6 

JB. Effiott tot 1 Feb. 12 0.B5 — . 2.15 

&WWood: tot IS? Feb. 15 1.51 — 4.29 

VToddrow , Wyatt tot. 1 nil — 0.1 

i^vidends- Aowh 'pence per share net except where otherwise Stated. 
-'.-‘•Equivalent after allowing for scrip issue. fOn capital 
tocreasctf by rights and/or acquisition issues, t For 17 months. 

JtorecafiL S To reduce- disparity. .... 


Analysis of Profits 


By Activity 
Engineering 

Freight, Transport, Storage 
Commodity Trading 
Vehicle Distribution 
Agriculture 


By Territory 
United Kingdom 
Southern Africa 
East and Central Africa 


21 16 
45 68 

19 20 


Europe, Americas, Australasia 1 5 


100 100 


Pr Mitchell Cotts Group Limited, 

I JyLUJ Cotts House, Camomile Street, London EC3A 7B J. 
Telephone : 01 -283 1234 

for a. copy of the annual report and accounts please contact the Secretary 




26 


f Gompaflies Markets-— 


UK COMPANY NEWS 


■Financial Times Friday Efcww!*, 30 3V‘i . 1 


Acquisition lifts Wilkinson 
to £9.27m at midway 


Yaux advances 
31% to £7.5m 


to over 


BOOSTED BY a first time contri- 
bution from True Temper Cor- 
poration. taxable profits nf 
Wilkinson Match were up by 
over £2m from 17 22m to SSi27m 
for .Uie. half year ended Septem- 
ber 30. 1078, Turnover rose from 
SK/.hTm to £I32.£in. 

The directors state that the 
activities of -the sroup are now 
favourahly influenced by seasonal 
factors in the second half of the 
year, and that accordingly they 

look forward to it with confi- 
dence. Pre-tax prolits for the 
whole of the 1976/77 year ; were a 
record £14.3m. 


board meetings 


True Temper, the U.S. garden 
tools and hardware manufacturer, 
was acquired from Allegheny 
Ludlum Industries in April; 
Alleghoy has a 44.43 per cent 
stake in Wilkinson. 

Basic first half ea miners are 
shown as 12.S3p tii.TSpi per £1 
share and 11.!KJr> (10.78pi fully 
diluted. The interim dividend pay- 
ment i> increased from 3.7S177p 
to -tSf2!i7p net — last year's final 
was 0.2 lSi'Jp. 


The tallowing companies have noti- 
fied dates ol Board meetings io the 
Slock Exchange. Such mcatinas are 
usually held for -the purpose of con- 
sidering dividends. Official indications 
.tie not available as to whether divi- 
dends are miorims or finals, and thn 
suh-di visions shown below are based 
mainly on Iasi year's timetable. 

TODAY 

Interims: — Bell and Sima. Caftyns. 
Gresham Investment Trust. Greene 
King. Initial Services, Investment Co.. 
Kennedy Smote, London and Liverpool 
Trust. Noreros. Normand Electrical, 
Sutcl'ffe Spuakman. 

Finals: — Carr's Millinq, First Union 
General Investment Trust, Arthur 
Guinness. Hardys and Hanaons, 
Kunslet {Holdings). United Scientific. 
FUTURE DATES 

Interims:— 

County and Dist. Properties ... Dec. 19 

Diamond Stylus Dec. 19 

Edbro : Dec. 20 

Mont (A) Dae. IB 

Paterson fit) Dec. 21 

Symonds Engineering Jan. 11 

Finals:-— 

BOC International Dec. 20 

PleaSurama Jan. 11 

Porva.r Dec. 19 

Relmnt Motor Dec. 28 

Sotheoy ParVe Bernat Dec tff 

Vectis Siona Dec. 28 


Dec. 20 
Jan. 11 
Dec. 19 
Dec. 28 
Dec Iff 
Dec. 28 




1373 

1977 

■ . 


COOT 

1000 


Tufnrivar 

Consume! produrfs — 

132.153 

93.673 


MatChBV Imhluro ... 

38 701 

35 685 

C'- 

Personal prods. 

2t.55fl 

22.680 


Hardware, h jewaics 

41.1 ift 

3.605 


Wrilino insmimenrs 

6.336 

-7.392 


Saleiv. prol$C.lion . .. 

1J 5S5 

12.387 

f 

Packaging 

ID "Eft 

10.200 


Oilier 

988 

1.124 


Operating profits 
Consumer orcducis— 

11.756 

8.994 

r- 

Uairhei. lighters 

6.&13 

4.901 


Persorjl prods loss 

565 

11.111 


Hardware, h sewares 

2.919 

148 


Writinq mst. loss . . 

312 

108 


Safety protection ... . 

1 988 

2.019 

1 

Paolraqinij 

311 

807 

l 

Orher .... 

112 

116 


Inteiasr ' 

2.490 

1.771 

i 

Profit before tax 

9.265 

7.223 


UK Ut 

1.410 

1.076 


Oversens lit .. 

3.4i>8 

2 631 


Net profit 

4.443 

J.516 


Minority interest ... 

742 

853 


AUribuiablo 

3.706 

2.B57 


down — it looks as though there 
has been very little growth in 
Wilkinson Match overall in the 
first half. The matches and 
lighters side continues to generate 
cash Jn a very satisfactory way. 
but the confirmation of losses in 
the personal products division 
(razor blades and sunglasses) Is 
depressing, particularly as the 
company is not expecting any real 
recovery in razor blade margins 
for a couple of years yet The 
safety and protection division has 
done well to match the high profit 
level of the previous year, and 
should be getting a boost from 
the acquisition — in partnership 
with Allegheny L udlum — of the 
California firm HTL, but the 
Scripto business, now being re- 
organised, still looks very sad. 
Throwing in the imponderable of 
how True Temper will perform if 
U.S. consumer spending fails, the 
total picture is peculiarly mixed. 
Wilkinson hints at a better second 
half, as True Temper is thought 
likely to increase the group's 
slight second-half profit bias, but 
the main attraction nf the shares 
at 183p is the 9.2 per cent yield. 


' t Profit. 

The directors *iate that 'the in- 
clusion nf the results nf True 
emper has produced a substantial 
increase in the turnover and 
profits in -the ha rdware-and house-. 
wares sector. Garden tools iiuhe 


UK and North Amehica are hav- 
ing a good year. 

The contribution to profits 
from matches has increased signi- 
ficantly. due mainly ro improved 
productivity, particularly over- 
seas. 

.As evpecter. personal products 
had another difficult half year with 
margins under severe pressure, 
due to increased competitive 
activity in shaing and inrest- 
mentsin new product areas. This 
category will continue under 
pressure for the immediate 
future, they add. 

The directors continue in feel 
confident that the safety and pro- 
tection division will make an 
increasingly- important contribu- 
tion to the group. 


Mitchell 
Somers 
down so far 


comment 


Stripping out True Temper — 
as. a rough, estimate, because the 
company does not give a break- 


PRE-TAX profits or .Hitched 
Somers, engineer and forge- 
master. fell from £1.26m to 
£923.000 for the half-year to Sep- 
tember 30, 1978. on turnover of 
112.15m against £9. 67m. For the 
previous year the company 
achieved record profits of £2.73m. 

The dividend total is increased 
from a single payment, last time, 
of i.fiTp to 1.75p with a second 
interim of 0.15p net per 3 Op share. 

After tax of £480.000 (£655.000) 
net profit was £445.000 (£605,000) 
of which dividends will absorb 
£273,000 (£247,000). 


AFTER A rise from £1.86m to 
£2.39m at 24 weeks, taxable sur- 
plus of Vaux Breweries expanded 
31 per cent to £7.52m for the 
year to September 30, 1978, com- 
pared with an annualised £o.74m, 
in the previous 17 months period, 
profits totalled £S.24ro, 

Excluding a £396,000 allowance 
to be paid to the trustees of the 
group's employee share scheme 
and the introduction of a depre- 
ciation charge for industrial 
buildings, the increase was 39 per 
cent. 

Turnover increased from an 

annualised £6 7.75m to £76, 9 5m 
and Mr. Paul Nicholson, the chair- 
man, says the group's beer sales 
in England rose 10 per cent and 
better sales were maintained 
through a summer of poor 
weather. Its English and Scottish 
pubs did better, but beer sales in 
Scotland were a little disappoint- 
ing. 

The group’s Belgian brewery, 
after a poor first half, traded 
better in recent months anil the 
group increased sales of its strong 
ale to France and started to 
export to Germany. 

The decision to expand the 
croup's hotel company proving 
sound, Mr. Nicholson states. 
During the year, an extra 414 
rooms were built or acquired by 
.Swallow Hotels and with total 
Euests up 19 per cent, a 73 per 
cent profits increase was- achieved. 

Wine sales were up 20 per cent 
and Spirits by 9 per cent, partly 
from Swaihvw Hotels and the 
group's Blayney off-licence chain, 
and also from more aggressive 
marketing through the free trade 
and pubs. 

Stated earnings advanced Irom 
122p to 19.4p per 25p- share and 
a final dividend of 3.54p makes 
a total net payment oE 5.025p 
f 5.68225 p f or 17 months) — an 
effective annualised increase of 
23 per cent, and covered 3.6 times. 

Tax of £2. 07m (£2.2 5m ) has 
been -much reduced folio wine the 
adoption of the latest accounting 
standard and by the hich levels 
of capital expenditure the group 
has made and are planning. 

The chairman says that a year 


asro, the group foresaw spending 
some £43m over the nest five 
years, but this has now been 
revised to some £53m'_ 


Investment 


During the year the group com- 
pleted major improvements to 25 
pubs; acquired a new. depot in 
Glasgow; completed its new lager- 
ing plant in Sunderland; and 
finalised a major extension, of 
120 bedrooms at the Royal Scot, 
Edinburgh. . 

The group also bought two 
hotels, the King's Head, Darling- 
ton, and the Fixe Bridges, Gates- 
head, both of which traded ahead 
of target 


comment 


The labour troubles which hit 
Scottish and Newcastle a year ago 
have proved good news for Vaux. 
The company was able to pick up 
market share in the free trade 
and overall beer volume is up 
some 10 per cent against a 2 per 
cent increase in production for 
the industry as a whole- The prob- 
lem for Vaux now is to hold on 
to its increased market share. In 
Scotland, where the brewery only 
has about 3 or 4 per cent of the 
market it has already lost tile 
ground captured from S and N 
hut in the North East where Vaux 
claims to have 14 per cent of the 
market, it has held its increased 
market Vaux had a price rise 
last February — lp on a pint in 
England and 2p in Scotland — but 
it claims that prices are stilt 
below S and N. The brewers will 
probably go for another price rise 
in the new year but if Vaus can 
hold its competitive position there 
is little reason to suppose it wilt 
lose ground. So the outlook for 
the brewing side appears bright 
and the hotel operation is coming 
good with occupancy levels up by 
13 per cent to 70 per cent. The 
group’s hefty capital expenditure 
programme — £33 m over the next 
five years — has given rise to 
speculation of a rights issue, but 
on trading grounds the shares 
look reasonable value a* profits 
this year might rise to £9m. At 
132p the. shares yield 5.8 per cent 
and tbe p/e is 6.6. 


INCREASED TURNOVER of ... Investment , ui . automated . and Rfi .g/SSm 

£i30.63m against £l07m and pre-- machinery and tooh^K^eontot^ t c.. P 

tax profits ahead 13.4 per cent to . ing steadily in order to ensure loss on we aorare^t a 

£1 i.54m arc reported by G re cm all,. that the group is well apupped KS^bss OMTo T71S OWL 

SaT* — septe “^ 

The directors consider the' tracing activity is ■ progressing dger- • £• 

result very satisfactory and ray.ifffcTactorUy, he adds. 

current trade remains at an From, stated earnings of . 41SStp Mt Wat. a-Mtu oi zsTdp., 
encouraging level. ■ -'.CitSp) per 10p share^ the imecun. ~ '.-y-:' 

One quarter's trading of James dividend is lifted from l^osisep. ■ ■ .>-;V 

5hipstone and Sons, acquired to r.792452p net— tbe cbatrrotti; ■ jr*\. A . TT. ’• 

during the year, has been .‘ lua- waived 90.9 per cent of his »"■ 1 

included In the 1977-78 results, -entitlement in respect of jLWm . V-"- 4 -*-*- *; ''v'/. 

Earnings per ordinary share are shares, amounting .to 45S.25&. . •>. - 

shown at 16.87p (lSJtlp) and 337p (£74A66). Last year’s final pay- - -A. ^ /^ITI •. 

against 324p per “A’* ordinary. ®eht- was 3.038C®fip. 

The final dividend Is L5072p talned earnings- for the period. - ' 

making a total of 2.92&Lp com*'; emerged ahead from £157,964 to. ' . i we^i 4f 'I'm fV I t- — ' ?/—. '. ' 
pared with 2.6222p previously.-:? J2tS^29, after tax of £268,648 .-. -. \ | | g | yf f i * s--. •. \ 

The final on the "A" shares is "(£202:286) and dividends, .£514178 . . •- 

0.3195p making 05856p (0.5244p). (£45,921). At the annual meeting of "Cope. 


* 

;.t 

a 

§ * : ■>7 

^ & r 




liAisees 

£5.25miii 
first half 


-*3 


■■ 1 


Turnover 

Trading profit 

Repairs to properties 

Depreciation 

Interest payable 
Investment income .. 

Profit before Tax 

Ta* 

, N*t profit 

Prof, dividend 

Ordinary dividend 


52 vrits. S3 wku,- 
-1977-78 tS7B-77 
E000 .£000- 

130.634 107.008- 
18.777 16.881 


11 AW 10.181 

2,835 2.327. 


Dom up 
32% in 
first half 


). I-MSOSII 'At the annual meeting of 'Cope.-,. 

/ Albnan Irtternational, the jpackag- 

77 Jl ‘ Ihg^ . ■eiigtndfering?->''£»iu6n i ;-aad 

00-. TAArtVt -JeKure- group, Mr. li. 1 : • 

fill rpf) I f PlrlTI cbainnah, stated fliat profit "before 
\l . X^U-1- ^ ^ the half; of CbBrcur- .• 

ao'r”- • -> rent year should-' be. more Qian. 40 

28 : Q#fl7QTir*£*Sk - per cent- higher than die <iijxnipar- 

g.'-- ilU v CUAV^V»ky. . ; - - a bi e period for the previous year, - 
„ ; A 4 - I -at around £5-25m. ; . =. 

5 4- I fllTI - V -While every division tiad. -per- L ; 

— ^ T-1U A • vF UI - formed better to date tfiah'ih the. _ 

HIGHER nudway^X^ ; 

- profits of JE0.^n that profitR in . the. secintf half • 


AT 


i 


t - 1 >;r - 

• A ^ 


. : plus from £1 -1 m to a rword.£L63n£^ 


on turnover tip:-'. 


JfAtVO III . . / , : d TreS m Sa y thd imprt , v V prqdubt' deve/opmbuc. plent/aod ; 

firef half' -SlS 

tirst nail ,, r ^ssssa-.a-iSsSBS 

A 31.(6 per cent advance m P™.- Scress ^ in P manSement control major ■ realtgnmenl- debt . 

tax profits from £406.17T to su Sj®^ s be^r than a main- portfolio; convex ting- ; : ^icfrt-term 
^ re ^ed by of present . conditions :ia ti«bt intOv.-iKdium*... amt*. longer^ 

Holdings, the fixing produqlx*, t i» rv»Ait market they expect con- term loanfi- . '“ -.v" 'V- '■ 

group, for the half year endeti-sSif! L_ ri . nr0 i*T e ss - • . - • -Mr Maiwon also announced. an - 

Sepetinber 30, 1978. For the 1977.78 profits from domestic offer to jhafibase^Mmia ^lda^s ; 
prev'ous full year, a record. ap Siances and kitchen equipment of up- . to . £.1,060 of its^ut&ecwed 
£1.02m surplus was achieved. -V- f rorn £1.12m to £1,77 m od- loah Bto(*. 19p.-9j0 at4E85-por £160 ^ 

Half-yearly turnover rose 21.79 sales of £24.7 m (£21.43ra)r but the nonphal value. ■ . - 

per cent to £5. 78m, which after- contribution from general •. Wie.purpose o/itbe -offer was Ur 
allowing for increased pritesi'.ei^lneering and sub-contract woric givg . small BtockhpW ere, an - oMior-'. 
reflects real growth in sales was halved at £Q.18m (£03 6m) on tunity to -dispose .of- their holdings 
volume. Mr. D. 0. McIntyre, the: £S.lm (£2.S9m) turnover. • on favourable ■•tenhs^anj* a!^o“tp -- 

ch airman, points cut " i After tax -of £S58,000 (£447,000) redHce-semcing- costs." : .i.-V - 


investment: jJiwgraninie 1 ^ "nflijiew 






:W s; *‘ ' 

a st. 


- >1 

; .-P Fr. 

v- 




Company 

t2) 


Shares or Stock 
(3) 


Date of 
Valuation 
(4) 


Annual 

Dividend 

(5> 



Investment 
Currency 
Premium 
(see note 3 1 
13) 



Company 

( 2 ) 


[VALUATION MONTHLY 


Alliance Trust 

Anglo American Securities Corp. ... 

British Investment Trust 

Capital and National Trust 

Claverhonse Investment Trust 

Crossfriars Trust 

Dundee & London Investment Trust 

Edinburgh Investment Trust 

First Scottish American Trust 

Grange Trust 

Great Northern Investment Trust ... 

Guardian Investment Trust 

Hume Holdings Ltd 

Investors Capital Trust 

Jardine Japan Investment Trust 

London & Holyrood Trust 

London & Montrose Investment TkL 

London & Provincial Trust 

Mercantile Investment Trust 

Do. Do : 

North Atlantic Securities Corp. 

Northern American Trust 

Save & Prosper Linked Invest Tst. 

Scottish Investment Trust 

Scottish Northern Investment Trust 

Scottish United Investors ...: 

Second Alliance Trust 

Shires Investment Co : 

Sterling Trust 

Technology Investment Trust 

United British Securities 

United States and General — 

United States Debenture Corp 

Do. Do 

Baillle Gifford & Co. 

.Scottish Mortgage & Trust 

Monks Investment Trust 

Winlerbottom Trust 

Baring Bros. & Co. Ltd. 

Outwich Investment Trust 

Tribune Investment Trust 

City Financial Administration Ltd. 

■‘Investing in Success" Equities... 
East of Scotland Invest. Managers 

Aberdeen Trust 

Edinburgh Fund Managers Ltd- 

American Trust 

Crescent Japan Investment Trust. 

General Scottish Trust 

Do. Do 

• Wemyss Investment Co 

Elcctra Group Services 

Electra Investment Trust 

Globe Investment Trust 

Do. Do 

Do. Do.- 

Temple Ear Investment Trust 

Do. Do 

F & C Group 

Alliance Investment Co. 

Cardinal Investment Tru5t 

Do. Do 

F 1- C Eurotrust 

Foreign & Colonial Invest. TsL ... 

General Investors & Trustees 

■lames Finlay Inv. Management Ltd. 

Provincial Cities Trust 

Gartmore Investment Ltd. 

Altifund Ltd 

Do. Do 

Angio-Scotli5h Investment TsL ... 

English & Scottish Investors 

Group Investors 

London & Gartmore Invest. TsL ... 
London & Lennox JnvesL TSt. ...... 

London & Lomond Invest. Trust 

London & Strathclyde Trust 

Me Id rum Investment Trust 

Gartmore Investment (Scotland) Ltd. 

Scottish National Trust 

Glasgow Stockholders Trust 

John Govett & Co. Ltd. 

Border &■ Southern Stckhldrs. TsL 

Debenture Corporation 

Genera) Stockholders Invest Trust 

Govett European Trust 

Lake View Investment Trust- 

Do. Do 

Stockholders Investment Trust ... 
G. T. Management Ltd. 

Berry Trust 

Do. Do 

G.T. Japan Investment Trust 

Do. Do 

Northern Securities Trust 

Hambros Group 

Bishopsgate Trust 

City of Oxford investment Trust ... 
Hambros Investment Trust 

Rosedimond Investment Trust 

Henderson Administration (Conld.) 

Witart investment 

Electric & General Investment ... 


Ordinary 25p 
Ordinary 25p 
Ordinary 25 p 
Ord. & * B * Or d. 2 3p 
Ordinary 50p 
Ordinary 25 p 
Ordinary 23p 
It DeTerred 
Ordinary 25p 
Ord. Stock 23p 
Ordinary 25p 
Ordinary 25p 
*A' & ‘B' Ord. 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 23p 
Ordinary 25p 
Ordinary 25 p 
Ordinary 25p 
Conv. Debs. 1$83 
Ordinary 23j»‘ 
Ordinary 25p 
Capital Shares 
Ord. Stock 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 
Ordinary 50p 
Ordinary 25p 
Ordinary 2op 
Ordinary 25p 
Ordinary 25p 
Ord. Stock 2 op 
Conv. Loan 1993 


30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 
30/11/78 
30/11/78 
30/11.78 
30/11/78 
30/11/78 
30/11/78 
30' 11/ 78 
30/11/78 
30/11/78 
30/11/78 
30/21/78 
30/11/78 
30/11-78 
30/11/78 
30/11/78 
30/11/78 
30/11/78 
30/11/78 
30/11/78 
30/11/78 
30/11/78 


Pence 

7.1 

3.0 
4.S5 

m 4.f} 

3.8 
3.7 
2.6 
6.75 
2.85 

2.1 

3.87 

2.9 

*6.875 

f 

0.S5 

3.6 

5.9 
3.4 
125 

£4.50 
1 7 


except where 

383.4 

129.4 
. »U 

. in.8 

109.5 

113.4 
8S.0 

281.4 

122.8 

304.5 

136.6 

109.4 
*93.1 

t 

202.8 

157.1 

257.5 
148.9 
*!S5.0 
£83.70 

321.3 

131.4 

165.0 
V2D2 

133.3 

95.6 

241.0 

155.4 

230.5 

340.6 

168.6 
250.3 

115.2 
£126.70 


£ stated (see 

291.0 

136.3 

194.5 

174.5 

109.5 

113.4 
89.6 . 

296.7 
1245 

108.9 

139.3 

114.1 
*96.6 

f 

202.8 

160.9 
261.8 

153.5 

59.3 
£S920 

124.6 

134.7 
165.0 

733.3 

141.6 
OSS 

249.5 

133.4 

237.4 

141.9 

169.9 

237.2 

119.6 
£131.60 


Ordinary 25p 
Ordinary 25p 
Ordinary 25p 


30/11 -TS 
30/11/73 
30/11/75 


Ordinary 25p 

Ordinary 25p 


1-12-7S 
24/11. 7S 


Ordinary 2op 
Ord. Stock 25p 


14/11/78 » 


30 11/78 


Ord. & ' B ' Ord. 25p 
Ordinary 50p 
Ordinary 2ap 
Conv. Loan 1995/2000 
Ordinary £1 


JO.- II. TS 
30 -T I' 78 
30/11-78 

30/11/75 

30/11/78 


57.2 
241.3 
1 12.5 
£142.90 
365.1 


5!l 4 
241.3 
114.9 
£143.90 
363.1 



Henderson Admin. Ltd. (contdL) ... • -,. 1 

Greenfriar Investment Ordinary 25p 

Lowland Investment Ordinary 2Sp • 

English National Investment Pref. Ord- 25p vr ' 

Do. Do Def. Ord. 25p -£ . 

Philip Hill (Management) Ltd. 

City & International Trust -... Ordinary 25p - 

General & Commercial InvesL Tst Ordinary 23p 1 
General Consolidated Invest. TsL Ordinary 25p 

Philip Hill Investment Trust Ordinary 25p 

Moorgate Investment Co. Ordinary 23p 

Nineteen Twenty-Eight Invest. Tst. Ordinary 25p 
Industrial & Commercial Fin. Corp. 

London Atlantic Ordinary 25p 

North British Canadian Ordinary 2Sp 

Ivory & Sime Limited 

Atlantic Assets Trust Ordinary 23p 

British Assets Trust Ordinary 25p 

Edinburgh American Assets Trust Ordinary 25p 

V'iking Resources Trust Ordinary 23p 

Keyser Ullmann Ltd. 

Throgmorton Secured Growth TsL II Cap. Loan Stock 

Throgmorton Trust Ordinary 25p 

Klein wort Benson Ltd. 

British American & General TsL Ordinary 25p 

Brunner Investment Trust Ordinary 23p 

Charter Trust & Agency Ordinary 25p 

English & New York Trust Ordinary 23 p 

Family Investment Trust Ordinary 25p 

Jos Holdings Ordinary 25p 

London Prudential Investment TsL Ordinary 25p 

Merchants Trust Ordinary 23p 

Lazard Bros. & Co. Ltd. 

Raeburn Investment Trust Ordinary 25p 

Romney Trust Ordinary 23p 

Martin Currie & Co. C-A. 

Canadian & Foreign InvesL Trust Ordinary 23p 

St. Andrew Trust Ordinary 25p 

Scottish Eastern Investment Trust Ordinary 25 n 
Scottish Ontario InvesDnont Co. ... Ordinary 25p 

Securities Trust of Scotland Ordinary 25p 

Murray Johnstone Ltd. 

Caledonian Trust Ord. &‘B’Orfl 

Clydesdale Investment Trust Ord! & ‘ B ' Ord" ^5 d 

Glcndevnn Investment Trust Ord. & ' B ' Ord 270 

(ilcnmurray Investment Trust ... Ord. 4 ‘ B ' Ord" 25p 

Scottish Western Investment Ord. & ' B ' Ord’ 25p 

Second Great Nnrthem Invest. TsL Ord. & ' B' Ord’ 25 p 
S chroder Wagg Group 


Sfl.il/7S 

30/11/78 

3W/I1/78 

30/11/78 


.30/11/78 ; I 


30/11 /TS 
30/11/78 


30/11/78 

•80/11/78 

30,11/78 

30/11/78 


30/II/TS 

30/11/78-' 


30/11/78 

30/I1/7S 

30/11/78 

30/11/78 


30/JI/78 

30/11/73 


30/11/78 

30/31/78 

30/11/78 

30/H/7S 

30/11/78 

30/11/78 

30/11/78 

30/11/78 



30/11/78 

30/11/78 


30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 



30/11/78 

30/11/78 

30/11/78 

3D/11/78 

30/11/78 

30/11/78 


Ordinary 25p 
Ordinary 25 p 
Conv. Loan 1987.' 91 
Conv. Loan 1985/90 
Ordinary 25p 
Conv. Loan 19S7.'*91 


30/11 ■79 
30/11/78 
30,11/ TS 
30/11/78 
30/ 11. '78 
30/11/78 


143.1 

134.3 

£134.10 

£177.50 

£10520 


143.1 

154.6 
£134-30 
£177.70 

124.6 
£107.20 



Ashdown Investment Trust Ordinary 23p 

... I 1 0 ' I ^ Conv. Loan 1988/93 

Australian i International Trust ... drdinarv 50n 
Broadstone Investment Trust ..:... Ordinary 20p 


Continental & Industrial Trust ”!. Ord hi a ry ^ p 888/33 

Tr.'in«:-Oepani«* TVn«r _.t ; .. _ n-!. 


Trans-Oceanic Trust Ordinary 2ap 

Wn p- . , Do - Conv. Loan 1988/93 

West pool Investment Trust Ordinary 23p 

O- Do Conv. Loan 1989/94 

Stewart Fund Managers Ltd. 


31/10/78 

31/10/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 


£132.00- 


Ordinary 25p 
Deferred 2op 
Conv. Loan 1985/ 97 
Ordinary 25p 
Ordinary 25 p 
Ordinary 25p 


30*11/78 
30 'll '78 
30 '11 '78 
30/11/78 
au/ii'TS 
30/11/73 


1432 

133.6 

£124.40 

67.5 

2222 

1445 


147.7 

159.1 

£12680 

67.5 

23l.n 

149.5 


Ordinary 25p 


30/U-7S 


Income 50p 
Capita] 5 Op 
Ordinary 25p 
Ord. &- • B ' Ord. 25p 
Ordinary 25p 


Ordinary 50 p 
Ord. & ■ B ' Ord. £5p 


Ord. & ' B ' O 
Ordinary 25p 
Ordinary 25p 
Ordinary 25p 


31/10/78 

30/11/78 

30/11/78. 

30/11/78 

30/ 11/78 

30*11/78 

30,11,78 

30/11/78 

30'11/TS 

30/11/78 


S.3 

0.415 

*2.43 

1.9 

St.O 

•ocl.667 



Ordinary Zap 
Ordinary Zap 


30'11/TS 

30/11/78 


Ordinaiy lOp 
Ordinary Zap 
Ordinary 12>p 
Ordinary 2ap 
Ordinary 25p 

Conv. Loan 1973/98 

Ordinary 25p 


30/ 11/78 
30' 11/78 
30/11/78 
30/11/78 
30/11/78 

30/11,78 

30/II/TS 


81.6 

87.fi 

149.3 

84.4 

127.0 

£169.30 

131.6 


S3-L 

89.3 
163.2 

54.4 

101.1 

£274.80 
136 6 


Ordinary 25p 
Conv. Loan 1993 
Ordinary 23p 
Conv. Loan 19S7 
Ordinary 25p 


30/11/78 
30/ 11/78 
30/11/78 
30/I1/TR 
SO/ 11/78 


1.0625 
£4.25 
2 0 
£8^0 
3.45 


90.7 

£131.70 

21S2 

£13520 

165.S 


907 

£131.70 

3-216.3 

£134.10 

171.6 


Ordinary S5p 
Ordinary 25 p 
Ordinary 2 5p 
Cap. Shares 25p 


30/11/78 

30/11/7S 

-50/11/78 

30/U/7S 


Ord. & ‘ B 1 Ord, 23p 
Ordinary S5p 


30/11/78 
30/11/ TS 


T124.4 
104B ! 


•Applies to «>nlinar« ".V‘ npdinary nnly. 5 Include* special dtrldemL nrAdJoatnl (or scrip (S5W«. crAiUasrwl tar rtffnts fasac. T Company wtfl amumocf year -end or 
lntcrrai results shorilV. xSee nme 'hi holm*. * Not directly ann parable vitii prevkms published flsure. S Dependent no "B 1 * Shaw converEions. J Change in Iba 
prior charges ante me previous ppblishcd usure- 

Wate:— . 

(a) Cots. 1. 6, 7 O uned Invisunents arn valued at mid-ntarket prices: u nq uote d at dimeters’ valuation: both Include MO wr «"*• any bwratnwm currency premium 

an or taking Inn account the Premium on any surplus or on any shortfall of foreign currency usscte against fOrtfoo currency team. 

(b) Cob. 1, fc 7 AH revenue accoont Worn arc excluded. • 

(cj Celt. L 6, 7 Nn account has been takan of any liability la respect of taxable gains which jnlflln arise on future disposal of Inves ime m . _ „ 

tit) cels. 5-M Amounts are per sbarc/srock amt or per EUO Convwtibla Loan Stock. Column 5 precisely stated! columns M to nearea ene-tcatn w a ptwv 
per share and 10n per CUO CoaverUhle Leon Stock. 


lei Cel. S 
(f) Cols. 0-7 

(0) CoL 8 
(It) Coif. thB 


Scottish American Investment Co. Ordinarv S0n 
.Scottish European Investment Co. Ordinary 25n 
Touche Remnant & Cn. 

Atlas Electric & General Trust ... Ordinary 25p 

Inretiment Ordinary 25? 

'dar Investment Trust Ordinary 25p 

Ctiy of London Brevicry Deferred 25p 

continental Union Trust Ordinary 25p 

LL.R.P. Investment Trust Ordinary 25p 

Industrial & General Trusr Ordinary 25p 

International Investment Trust ... Ordinary 25p 

Sphere Investment Trust Ordinary 23p 

Trustees Corporatfon Ordinary 35p 

Williams and Glyn's Bank Ltd. ^ P 

SubwoU European Investment .TsL Ordinary lOp 

Atlanta Baltimore & Chicago Ordinary lOp 

nest coast * Texas Regional Ordinary JOp 

VALUATION THREE-MONTHLY 

Safeguard Industrial Divestments Ordinary 25» 

City Financial Administration Ltd. ■ 9 

Acorn Securities ordinarv In 

GeneraJ Funds Investment Trust ... oJdirSfyiwt? lp 

Drayton Montagu Portfoiin'MnKmiit! C8 ” t Ordinary lOp 

Drayton Premier Investment Ordinary 25p 

Do n" Conv. Loan 1993 

Dr n a r n , ££gjg! nU " 

Tin' n«' conv. Loan 1093 

Do! Do! ;;""! ;A’.Conr. Loan 1994 

Dr gJ ton Commerciar^vost Co.'.;.' I9M 

English & international Trust Ordinaty^Sp 886 

Cojnnial S^riUes W&SJ™ 

British Industries & Gen. Inv . Tst. Deferred 25p , 

r. - P 0, Conv. Loan 1994 

Drayton Far Eastern Trust Ordinary 25p 

Cify & Foreign Investment Co. ... Ordinary 25p 
Montagu Boston Investment Trust Ordinary 10p 
East or Scotland Investment Mngrs. 

Dominion & General Trust Ordinary 23n . - 

Pfentland Investment Trust ......... Ordinary 25p 


30/U/7S 

30/11/78 


30/11/78 

30/13/78 

30/11/78 

30/11/78 

30/11/78 

30/11/78 

30/31/78. 

30/11/78 

30/11/78 

30/11/78 

30/11/78 


■30A1/7S 

30/11/78 

30/11/78 


.30/0/78 


2S/1I/7S- 

27/10/78 

27/10/78 


30/11/78 

30/11/78 

30/11/78 

SC/11/78 

30/11/78. 
30/11/78 
,30/31/78 
30/11/78 
30/11/78 
30/11/78: 
30/13/78 
30/11 /TS 
30/11/78 
30/11/78 
-30/11/78 ' 
29/11/78 • 
29/11/78 


30/11/78 

30/n/7S 


(«) Cols- M 



divide nd h Utc last declared anrtaat dteWmtf or flrm forecast, emludtefl luipwattim crediL latanvt M te-vrexud xrra* te-teoQi&tUL ■ 

Prior chars ri: hre dee mod to Induda prefamn Jhare -cjtrftal. - - -::,rr - i I. '■ -r .*•••',: .Zi~7 

Tbe^amoum per jharcrsiotk unit represented. by ZOO par amt- of ibu'^ tarestmoht "cwrewy pfUtem jupUad- 

Convertible leou/prerenmce stacks are treatdd lu my uditeb prudnees tba 4e w* J ‘ dj.ut Mr stare; . CawvwIMe atoda jt- 

the rate for ten next tamereiw dale, nr where a Assure b marked " x'/ «*' Prior cta raaft ^warraBts ag t u bsolp U uw I tahter are^beetetf 

A free booklet “Investing in Investiaent Trust Coni^itd&sr is The/AtS^datiiic 

Trust Companies, Park House (6th Floor), Fiuibthctr Greai. t^osdofi' ;£C3af: 7 J|J 


















£ Cal 

: £5*? 

fi r ^l 

Sst hf.k 


Olympic Damhopefuls 


EMI medicai 
losses mount 


BY jcpiNinH MABCTON. MHWie EDITOR . ; VI; f 

EXCITING " developments ^ oir the . learn, Esso,TMob0. Shell Broken, 
mining front for South Australia mu ftroprte^r^and Utah- 
are believed mv huildingr AJrady the poBtteal pressure is 
up in Uw.'Opftiidri of .out man in MWIng; up 
Pert* Bi* 

the discovery havesigtied ""a ' ?wft«niore,jSoatb Ausir a ]j a 
“ confiderrtiaity agyBeihent *V .aw desperateSy nee^s. new .develop- 
breaching olwMctf carries a gfay ?nwrts in order to^mamtain econb- 
flgure fine, ft-is beBeved that- the m« momentum. , So.rt seems that 
data. documents tdtnnately went Obmpk Dam wifi come to epito- 
to sis oil companies and two min- mise the, ultimata ^government 
ing companies: Amoco, Atlantic dilemma: ideology -Tveraus jobs. 
Richfield (Arco), British Petrol This is recognised -ft?:' the Liberal 


Party senator Mr. Don Jessop, who 
Ibis week called upon the South 
Australia Labor premier, Mr. Don 
Duns tan, to open up the Olympic 
Dam “ bonanza." 

He commented that the poten- 
tially huge mining operation could 
support a population of between 
SO, 000 and 50,000 people which 
would go a tone way towards 
curing the stale's employment 
problems 

Meanwhile, several months' 
negotiations with the bidders for 
Olympic Dam wiH probably taka 
place before any. decision is made 
by Western Mining. The project. 
It is thought, could develop into 
Australia's biggest mine and 
require ' a capital investment of 
over A$Ihn (£577mJ. 


ATY ahead 22% to £6m so far 


PRE-TAX profits of Associated 
Comm onicatioDS . -': Corporation, 
which , takes in ATV . Network, 
went ahead by nearly. 22 per cent 
from £5. 01m to £fi.llm in the 26 
weeks to September 24, 1878 on 
turnover up from £43.1m to 
£56.17m.. But. the directors say it 
should, not be assumed the rate 
of. first-half . profits increase will 
be maintained in the second half. 

The figures Include seven 
mohtbsL trading results from the. 
group’s' U.S. television distribu- 
tion subsidiary.' ' TTC Entertain- 
ment, which is bringing its year 
end jhto line with that of the rest 
of the group.- 

For'the- whole of last' year the 
group turned in pre-tax profits of 
£13-7m. 

The interim dividend Is &lp net, 
against 2.77p; The stated earnings 


are i58p (5.66p) aft** the one-for- 
four rights issue in -November 
1977. Foe the wbote. of last year 
the company p"ald-6,606p. 

26 weeks 

, .• i- ! - 1878 1377 

' £000 COOQ 

Turnover ; 56,170 43.102 

Profl r before -tax . . '6.1® S.D13 

Tax 3.177 2.6G7 

Profit after tax .......... .3.S?? 2-«B 

Minorities s w -.&. s '§ 

■Atuibutable ..... 2,|J7 ?- 3li7 

Dividend* 1.621 1.449 

• comment.. 

Half-time figures from ACC look 
reasonable, but .the 1 outlook for 
the second half Is far from excit- 
ing. Interim profits 'are up by 
22 per cent' but 1 . thb comparable 
period was held jback by the pro- 
duction costs . of ■ " Jesus of 


Nazareth ” and film profits were 
down In that six months. This 
time television profits should have 
pushed ahead and film profits 
were probably also higher. How- 
ever, the second half will be 
dented by the costs of new ven- 
tures in particular, the company 
points out, is the tie-up with EMI 
to market films in North America. 
The records and tapes side, which 
was running below budget in the 
first half, has picked up thanks 
to the injection of new manage- 
ment but overall full year profits 
are unlikely to be much above 
£15m pre-tax — indicating little 
growth in the closing six months. 
At llSp the prospective fully 
taxed p/e is 8.3 and the yield Is 
9} per cent — a return which 
should underpin the price. 


St. Piran up £0#m midterm 


Saint Tiran might have done 
betetr to spend- more time' on its 
Press' relations, ■ ’ said Mr. Bob 
Shaw, chairman of the controver- 
sial mining 1 * * * * * and . construction 
group yesterday. 

Announcing interim profits of 
£L9m (£1.3m), Mr. Shaw said that 
Press interest in Saint Piran had 
increased, since it bought 3L stake 
in A Monk and Co. 

“Unfortunately, the Monk direc- 
tors felt vulnerable and their only 
defence was ta use the media.- 
Since then- Saint Piran has been 
news and nne or two publicity- 
seeking - ' . individuals - • have 
attempted to climb on our. band- 
: wagon,” he ffiildr 

The hoard decided to ignore the 
“ speculative ornaments ” which 
were circulating and to “ get on 
with their job "of continuing to 
make increasing profits for; their 
shareholders.*' . 

But in retrospect Mr. Shaw said 
that the 'company- might' have 
done better to spend more time 
on press relations. Henceforward 
Mr. Douglas Allen, a recently 
appointed director, will be re-, 
sponsible for this. 

The change of policy co-lncides 
with a chance of chairman. Mr. 
Shaw win be stepping down to 
become a non-executive director 
and Mr. Henry Hodding- will 
become chairman, Mr. Shaw sold 
he. was . not resident in the UK 
and a chairman had to be con- 
tinuously available..,. 

The resignation : of Mr. Shaw 
from the. chair satisfies only a 
small part: of the . demands made * 


N-A.V. at 30.7 T-7B 
J22A9 (DF1*4737} • 
VIKING RESOURCES 
INTERNATIONAL 
N.V. 


INFO Pktraba,' Hvldring * Phrm MLV. 
Hweogrsdtt 214, Amsterdam 1 


i recently by dissatisfied share- 
f holders. The -directors are still 
t refusing ■ to recruit any well 

■ known City flgures-to the Board, 
i Mr. Allen said 7 yesterday that 

such a move, would be “mere 

■ window dresaihg.T..: 

Mr. Allen ‘wUl’fJp giving I he 
Board advice oir. takeovers. His 
1 background as ; a . management 
consultant is Jn : this area. The 
group is to pursuer* policy of 
’ acquisitions- in- .muling. house- 
building and ‘aflled. industries. 

' On' turnover of ':f9.9iH (£7-2m), 

' Saint Piran made;tradfng profits 
of JEl.Bm (£1.3m) in the six- 
months to September 30. 1978. 
Associate company'-'" profits of 
£270.000 (£2,000) .'and tax or 

£735.000 (£675.000), -left an after 
tax profit nf £140? 

Extraordinary ‘ Iptcfits of 
£685,000 arose from '-profits after 
cpitai gains tax ohudisposal of 
listed . investments- ^less i-n- 
realised exchange losses on a loan 
to. an .associated company. ' 

Earnings per 'share have risen 
.to 7,57p (5.llp), an, Increase of 
48 per cent Net tangible assets 
have grown to 103p per share. 

Tto tin price was erratic during 
the si* months under review, says 
the Board, but lts-irecent firmness 
is encouraging, production of tin 
metal shows a' satisfactory in- 
crease over the same period last 
year. j? ' . 

AMAU STORES 
CHANGES NAME 

At ; -fhe AGM of Amalgamated 
Storfii, shareholders passed a spe- 
cial resolution to change the name 


of the company to Amalgamated 
Estates Limited. - 

The Board believes ibat this 
changeof name will more fully 
reflect the company's principal 
activities of properly investment 
and property dealing- 

S. W. Wood 
in profit 
at six months 

A turnround from a £204,000 
deficit to a pre-tax profit of 
£154,060 is reported by S. W. Wood , 
Group for the six months to Sep- j 
tember 30, 1978, on reduced sales | 
of £8. 7m against £S.S7m. 

Mr. A. N. Bolsom. the chairman, 
says the improvement is being 
maintained in the first two months 
of the second half, particularly 
in the light of an increase in 
export volume. 

"For the previous full year, a 
£69.000 pre-tax deficit was 
incurred. 

Da st year's half-year result was 
struck after exceptional losses of 
£242,000. After lax of £80.000 (nil) 
stated earnings. per 20p share were 
1.3p (3jp loss). 

The net -interim dividend is 
raised from i.5075p to 1.8p to 
reduce disparity and the chairman 
says an increased total payment 
can only be considered in the 
light of fun year figures — for 
1977-78. payments totalled 4Jt933p. 

Mr. S. w. Wood and Mr. E. U. 
Falco, both directors, have waived 
their entitlement to the Interim 
payment In respect of their per- 
sonal holdings totalling 3.45m 
shares — after these waivers, the 
dividend absorbs £42.569. 


SIR JOHN READ, chairman of 
EMI — the entertainments, catering 
and electronics group — warned 
shareholders at the annual general 
meeting yesterday that significant 
losses are continuing to hit 
the croup's medical electronics 
business. 

The group's shares leU 7p to 
141 p. 

It is EMTs medical electronics 
business which produces the revo- 
lutionary body and brain scanners. 
A year ago Sir John bad said 
that the order intake was then 
insufficient to enable the group 
to earn satisfactory profits, bear- 
ing in mind EMI's substantial 
investment jn the market. 

Yesterday he said -his wanring 
had been totally justified. He 
explained that the problems in 
the medical electronics business 
was being tackled in two ways — 
through cutbacks in overheads 
and establishment costs “as far 
as is practicable," and through 
the launch of a new range of 
CT scanners. 

The first production unit, he 
said, of one of the UK models 
from this wide range had been 
delivered to Germany, and pro- 
duction units of the faster-scan 
models of the new range are 
planned for shipment from ihe 
group's U.S. medical base in 
Chicago in the early summer of 
1979. 

' But. he added, “the medical 
electronics business will continue 
to trade at a significant loss this 
current financial year." In the 
last financial year medical elec- 
tronics showed losses of £13.2m. 

“The mode] changes to which 
T have referred involve run-outs 
of old models and introductions nf 
new models, both of which are 
costly, combined with heavy 
research and development of the 
order of £8m. An acceptable level 
of shipments wili not be possible 
until the financial year 1970/80,” 
said Sir John. 

He explained that the group's 
music business, which represents 
half of EMI's sales, is under 
intense pressure nn margins 
around the world. Bur the VS. 
music company. Capitol, had 
made “an excellent start to the 
year." 

The group’s other activities are 
said to be performing well. 
“ Thames Television shows very 


satisfactory results, and the elec- 
tronics interest:,, outside medical, 
continue tu progress," said 
Sir John. 


A STRIKE in the last m**nib of 
the ■ half-year in September 30, 
J973 resulted in pre-tax profits cf 
Brabant Millar Group plunging 
from £5I0.99!i to £213.842 in the 
period. Turnover was alsi down, 
from £4.51m to £4.32m. The 
directors also warn that pre-tax 
profils for the whole year trill be 
significantly lower. 

The strike was settled in Ociober 
but the Board says political 
problems in the Middle East are 
frustrating actual end pro&pectne 
contracts there. Elsewhere in the 
Middle Easi demand remains, brisk, 
but competition j.« greatly in- 
creased. especially from countries 
such us Unrcti. Japan ami India 
where production costs are much 
lower. 

The directors add that this is 
being miniated by v.irac- improve-} 
meet in UK demand, hut it i? 
uncertain how io,iu this will 
continue. 

Turnover for the full financial 
year is thus likely to show sun* 
reduction in real terms and pre- 
tax profit will probably be 
significantly lower than in the 
previous year when the group 
turned in £l.09m before tar. 

There may well be consid^rabh.- 
recovery next year and vigorous 
action is being taken to achieve 
this, adds the Board. 

On this basis .ihc interim divi- 
dend is lifted to rj.fip net. ugaimt 
an equivalent 0.543p. The rot?! 
paid last year was an equivalent 
1.466p. 

Far the half-year under review 
no tax has been provided 
(£87,206) because on the current 
view it will be payable having 
regard to slock relief and capital 
allowances. I 



• ’■* -g-v.- 


Pre-tax profit increased by 
44% to £1.820.000 

Net rental income, after 
development outgoings, increased 
by £595.000 to £4.370.000 

All interest charged against 
current revenue 

Interim dividend increased from 
I.Opto 1. Ip per share 


4 Carlos Place London, W1Y 5AE 
01-6291105 


NatCom Banking set for 
further development 


F.W. 


(Manufacturers of "Thorlux” 

Quality Lighting Equipment) 

another: 

; SUCCESSFUL 
' ‘. YEAR 

The following are extracts 
from the circulated statement of 
the Chairman; -Sir. K Cj Brang- 
win: . .1 

Once again ; we have had a 
successful" year " and have 
1 achieved results in : :excess of my 
expectations when I reported last 
year. Oar sajes increased '29% 
to £3,929,416 (£3,047,882) and our 
profits 3S% to . £876453 
(£487,992)/ - -Due to the com- 
pletion of certain exceptional 
contracts the. increase -in -.our 
sales overseas eased, but a‘ figure 
of £912,043 is. nevertheless, an 
excellent performance. 

The present year, although it] 
has started well, appeata to be 
more competitive in both home 
and export fields. The Middle 
Bast is at present undergoing a 
period of consolidation, however 
the long term prospects .appear 
to be good. Generally our order 
book remains strong with many 
lines . selling . beyond present- 
capacity - and in order - to 7 meet 
this specific' demand . w$ . are 
having to change the emphasis in 
our manufacturing. - " 

I am confident that our' steady 

growth, although at a 'slower 
rate, will be xnamtaiiiet} and. we 

are continuing to be more 

efficient .in our existing manufac- 

turing areas through the intro- 

duction of. better, machinery, and 
more sophisticated .tooling .for 

our products! .■••••. 


SUMMING UP 'the prospects for 
the National and Commercial 
Banking Group, Sir Michael 
Young-Herries, chairman, says it 
is set on a course of.^continulng 
development in the UK and over- 
seas. , J" 

At home, it remains annost 
certain that despite economic 
problems, the demand for wld^r. 
and better banking services will 
increase. And he Is confident that 
the group Is well placed to pro-. 
vide these . services competitively, 
and to play an expanding role m 
a growing domestic market, v.-. 

Abroad, in the past year ; the 
group has made small but useful 
advances in actively developing 
Its presence. ’ V 

At September 30, 1978, group 
assets -totalled £4.44hn t against 

£3.R8bn a year earlier, uqmd 

assets stood at £lbn (£S^-9T») 
and advances at £2.S9bn 
(£2.4Gbn). Deposits and current 
accounts were £3.78bn (£329bn). 

Business associated with North 
Sea. oil exploration and .'pro- 
duction . continues to for m^ g- - 
significant part . of activity.-: -But 
competition, in Scotland ■ Is 
intense, with the number’.- -of 
financial institutions, including' 
building societies, still increasing 
and competing aggressively . for ■ 
deposit and loan business. 

As reported on December -1, 


profit' before tax for the year 
.ended September 30. 1978. was 
£67.4m, compared with £64. lm. 
Adjusting to the interim recom- 
fendation on inflation accounting 
made by the Accounting Stan- 
dards Committee, the profit comes 
down to £47 Jm (£35 .8m). The divi- 
dend is 2.94p (2.6329p) neti 
Meeting, Edinburgh, January 11 
- at noon. 

• comment 

National and Commercial Bank- 
ing Group notes that the demand 
for advances has become much 
stronger in recent months, and a 
greater proportion of credit lines 
Is being taken up. This has made 
the banking “corset" more of a 
nuisance, but like the other dear- 
: ing banks the group has managed 
to avoid serious difficulties so far. 
At least the restrictions on 
growth mean that the balance 
sheet ratios ought to stabilise 
his year after the sharp drop in 
■the free capital ratio from 5.3 to 
4.3 per cent last year. For 1978-79 
Williams and Glyn’s looks a little 
better placed than the Royal Bank 
gfren that Scottish conditions are 
currently very competitive. 
Overall, he group should receive 
some help from higher interest 
rates - 



INTERIM REPORT AT 30th SEPTEMBER 1978 (unaudited) 
HaHyesir Half year Full year 
;• ended ended ended 

.303.78 30.977 3IJ7B 

Turnover' . ..£ih-. " £m. £m. 


Before Taxation 

214 

STl 

1.091 

After Taxation 

214; 

424 

905 

Dividend per 


“ 


lOp share 

Oj«P 

-0545p 

M5p 


PROSPECTS: Decline In turnover -and profits- was due 
to strike action. The full -year'*, prospects, are being 
prejudiced by some Middle East political problems 2nd 
fierce low-priced foreign ‘competition. Despite some 
improvement in the UK, profit will: probably be signifi- 
cantly lower, but longer term - prospects more favourable. 



J 


OyO' 


BANKERS 

A great tradition of personal service 

Coutts Sl.Com 440 Strand, London. WC2R 0QS. 
Telephone: 01-3796262. . 







VAUX BREWERIES 


“Pre tax profits ahead by 31% ” 

reports Paul Nicholson , the Chairman, in his statement 
on the year to 30 September , 1978 


The group has had a good year and the directors are recommending an increase 
in dividend of 23%. This is covered 3.6 times after a tax charge which has been 
much reduced following the adoption of the latest accounting standard and by 
the high levels of capital expenditure we have made and are planning. 


We increased our beer sales in England by 10% and maintained better sales 
through a summer of poor weather. Our pubs in both England and Scotland did 
better but beer sales in Scotland were a little disappointing. -Our Belgian 
brewery after a poor first half, has traded better in recent months and we 
increased sales of our Strong Ale to France and started to export to Germany. 


Our decision to expand our hotel company is proving sound. During the year an 
extra 414 rooms were either built or acquired by Swallow Hotels and with total 
numbers of guests up 19% we achieved a 73% increase in trading profits. 


Our sales of wine were up by 20% and spirits up by 9%, partly from Swallow 
hotels and our Blayney off-licence chain, but also from more aggressive 
marketing through the free trade and pubs. 

During the year we completed major improvements to 25 pubs; we acquired a 
new depot in Glasgow; we completed our new lagering plant in Sunderland; 
we finished a major extension of 120 bedrooms at The Royal Scot in Edinburgh; 
we bought two hotels, The King's Head at Darlington and The Five Bndges 
at Gateshead, both of which have traded ahead of target; developments at our 
St. Leonards Brewery in Scotland have, however, been retarded by planning 
delays. 

Since our year-end we have acquired Darley's of Thorne, a highly regarded 
small brewery with 60 pubs trading in East Yorkshire —an area likely to grow in 
importance. 


Last year 1 announced that we foresaw spending some £45 million over the next 
Five years. This figure now looks more like £55 million. The immediate future is 
as usual full of uncertainty with artificial constraints on prices, wages and 
dividends. The prosperity of our customers is the key to our future, and we, 
in turn, believe in providing value for money. Whilst we believe in expanding 
where it is sensible to do so, we aim to remain an independent regional 
company and foresee an exciting future. 


Comparative Figures 


T urn over 

Profit before Tax 

Available for ordinary shareholders 


Capital employed 


Year to 
30 Apr 75 
£000 

Year to 
30 Apr 76 
£000 

Year to 
1 Oct 77 
£000 

44,450 • 

56,550 

67,750 

3,893 

4,423 

5,738 

2,601 

3,173 

3,600 

38,925 

42,128 

46,684 


Year to 
I Sept 78 
£000 


76,950 

7,523 

5,744 


51,586 


The Annual General Meeting will be held in Sunderland on 26 January 1979. Copies of the Report and 
Accounts are avaiiable from the Secretary, Vaux Breweries Limited, The Brewery, Sunderland SRI SAN 




§ 

ft 


■Mmi 






SillSl 





--•> * ?3ry t *r. :*r.-- * " 

■ ■VM-'-viShk.*.. • • -#vi 

1.-T- ■ K'f.L* -a- •- - — , 

5 IKS'- - ■ k .. 


Financial Times 

UK COMPAQ 


NEWS ANALYSIS— WERELDHAVE/EPC 


Background to Di 
mystery bidder 


BY JOHN BRENNAN, PROPERTY CORRESPONDENT * 

MR. W. M. VAN DDK, chief dam Stock Exchange since 1946. : 

executive of N. V. Beleggiogs- the early 1960s when the Dutch £4Q.4m cash bid 
maatschappij Wereldhave. told the early 1960’s when the Dutch take on EjJCs £lS0m of non-, 
me recently that he would give commercial property market be- tiiiVs concent of the' 

up the property business once.it gan to parallel the period of active vtlrio that. 


ceased to be fun. His surprise development seen" at the same ““ J* BnSusiamn'for 

£40.4m cash offer for English time in the British market. wiriE 





■ v' 




casn oner ior bubuh tune m xne tintisn marsex. “ «™Arrini mwoertv and Werehl- - ■ .. .. .. 

Property Corporation yesterday After a decade of development, such tt»at‘ ; John N Fergnsoxv chairman of, Asso rted . Engineeni^, 

should keep him happily occupied Wereldhave gradually changed P >vfT^i^nbscriptions ' ■ ' >hvJhi ^hearinf ior a inedxnms*eed diesel engsufr*. 

for some months if it fai/s. and into a nronrrw investment eroun. Oiere will be ample subsmptwns Wlt h a maw imarj^.xor a.mtauu^ 


;,T : "j 


for some months,* it fails, and into a property investment group, ; .seca with a ms am »****& 6X&C£:~ 

some years if it succeeds. and in lfife it was formallT con- : atthe Alperton factory of 

vpp chsrahnM,,. u-hn have vertPii intn nn investment com- ini tially in Holland, t rnmnstiv This, suite of machines, representing. . 


EPC shareholders, who have verted into an investment com- iz Se^ U S d hi 0 b^ r baA® Compaq. This, suite 

j>eriod.,’jfevestniei^^f : 


take no action for the moment^ lion from Dutch tax. paying no YJ e rShTSn 
have good reason to be interested corporation tax as long as invest- “f ^ fo _ of s 

in Mr. Van Dijfc He emerged as ment .profits are all distributed 7 pe?5i£ */• 

the mystery bidder in this as dividends. To retain an active intoEPC hTwonld - < ' J 




the mystery bidder in this as dividends. To retain an active StoEPC £ e W- .. — , gm rf* 

summer's on-off takeover talks property management and de- *** **** suflcient finance j A TOllC 

that helped EPCs shares to a yelopmeot arm the group eatab- be aWetoraiM sunken • 

year's “high” of 51p on market lisbed a 100 per cent owned sub- to untangle me weD m cros^ ..x 1 w 

speculation. And he continued in siaiary, Interred Holdings NV. '' . •* 

more limited and eouallv secretive As We re Id have’s equity Is difficult to ^UUKmppem^taa . • 1 . • il 


to 


more limited and equally secretive As we re id haves equity is ------ 

bid talks for EPC^i overseas issued in the form of bearer enough jo^emjEPCs aam-tdml . 


Old taiKS ior lirus overseas — r i wwemm drain. -m 

properties until early November shares, no exact record «s \ept of a yrartwenue j 

when a curt, one line telex from its mam holders. But it « known ne oeuesas rnai u . j 

EPc"s direc^re Ml'S the chicS that Robeco. the giant Dutch in- which, with_ 27^pei -cent ^of WC. ... • . 


;fcan 


ofan agrtSili^ 1 ^ tH vestment group, is the largest is its main institutional prop) bad AS- -FORESHADOWED at the in- AE was sog gestmg gaa. 

of an agreed bid. single shareholder, with around 16 wished to cany out the drastic JSge. pre-tax profits of would" show a satsfactoiy ina^se 

But what exactly is this shadowy egn , aI)d tbat ^ Doctors' action he feels is necessaiy to cut Associated Engineering for the on last year’s 32.5m. Looking 

Dutch property group that can Pension Fund bolds another 10 the losses, it would have done so ____ seotember 30, 1978 feB back it is now apparent* ftat 

blithely launch a bid for the per cent. Dutch institutions of one long ago. And the 37 p bid price i__ fn 5m to £29.4zn: a -drop of yohmie has. .been stat#6~ .aft best 

countrys second largest property form or 8O0 tber are understood does, he ,beUeves. »ve a faur “ t on a turnover in- In the past ^year. However; the;.; 

group? to account for around 60 per estimate of EPC s worth when an of ^ per C ent sales mix has been changing. . 

Wereldhave is now the largest cent of the shares. . the gearing risks. At halfway, when the profit ^e- Uxere has be«i a decfine pn tfce 'j 

independent international real It is this Dutch insUtubonai commitments and nmnu^ rCTepne ^ w £ie^m to £15m, UK tractor side awd.a Contmfaing 

estate Investment group in Hoi- backing that gives Wereldhave. losses are set agauut xs araetjL directors said that the full decline in the woifeT market for 
land. It was formed in 1P30. and with gross assets of 1170m and It is very douooiu u or _ year » s outcome woidd be between mariM asnponeBts, " But. antes 

has been quoted on the Amsler- shareholders* equity of £73m the Eagle Star wffi share ms views. and fSOm, after charging been offset by improved 

£L2m of redundancy and eraJy demand in the turbine compo--' 

, -_i— . -■ v g-*. retirement costs. • - nmits division -and more-, srfes - of 

IjT||C I B A I W "Yearly earnings are shown at replacement components. ImhiS- 

DlL/iJ dllvl ;; 15.7 p 119.4P) and the dividend trial disputes are said to have 

^ __ total is raised from -L69p to 5^4p J2an, -while • closure cqsts 

" - — — — — v«th a final payment of 3£2p net knocked off another JH$m. .How*. 

Duriog the year the company on a Hyde bass “real” .... 

_ _ _ _ ***** . -m w , w /acquired control of Tempered proffts have ^>r^y declined by 5p$r . 

Comfort bids for Citv Hotels &“ d rsxttjsftssst- 

V>lf llU l71 1/ UAWiJ JL Vr R t-VliJ liabilities of both cotnpamro have the cmrent year bas started 

. been included in the consolidated gfovriy/ bat" AE could' end hpy. 

Comfort Hotels International, is payable on completion and the tralta, the UK and Europe. Wuw sheet ^ P***** Pro&ts around £35m. 

until recently better known as balance within seven days of de- During the year. ^ n7p prospective yield a . 

Adda International, has launched termination of net assets. expanded its facilities lor the BVtm UE&2m\ banx overam^ ^ over 2 p® <;ent.; . . 


Comfort bids for City Hotels 


until recently better known as balance within seven a ays 
Adda International, has launched termination of net assets, 
a £5.7m b'd for City Hotels Group. 

The bid is assured of success as _ r * 

directors and shareholders of City V QITftW IHlSh6S 
Hotels already have agreed to 
accept Comfort’s offer in respect i _ j 
of their holdings which amount SlllCflCl WllU 
to 51.45 per cent. 

Yesterday morning shares in SIPfllll^itlOTlS 
City bad been suspended at 126p dUJUUlUUUy 


manufacture of polypropylene of' £ 34.5m (£i &lm l- ■ net , -- - / ;• /v 

filament yarns for floor covering current assets, exciuStog^ _baak . . ; - ^ svsi Vjrit' ; - : -- 

ami nther turrnnves. .'.-overdrafts, of £112.6m (£S6m)... .. 'JVi*L.I lITl .: , .. •. ,i 

*ThJr taSSSSrt follows -the .The profit and loss ac«wnt to- .... ^ 

announcement of BTR’s acquisi- - 

at Notts, 

pany. • - . 

The Group- has also recently External sales 


' Wrs & 


1977-78 137B-77. 


Brick 




n* PROFITS BEFORE tar. o#:NotSng- 


: Minority profits 

Prof, dtvs 


its himi Brick rose from- g09JZ87f. to ; : jr 
I8:a a recoid’£635,349 in theryear ended 
.?:! September SO, ; I978. from ; peak- t/ 
^3 turnover of £3 Jffin: compared .with -- 
• o.5 .£I'.76m previoffily...*..^ . - ' 

13-4- First-half profits : had risen 


Ci^ba^Ken^Sd^aTl^ aCqUISltlOOS P The Group- has also recend, Extwn.1 a.,es [ UrfcK-V 9^.^: " 

SSung ^ l The .Although still waiUng for Its acquired a 100 per cent tohj^-.-g^np P>o^ . ^ : 

suspension price valued the group compensation from the Govern- before tax .2914 32 S HROJTTS BEFORE tar.of^o^ug- 

on the stock market at £3. 8m. me nt following the nationalis- Queensland distributor of leisure . t»x -.i« . 14.5 kam Brick rose from £509^7^ to 

Comfort’s offer, a mixture of Com- ation of its ship-building business, products. ' Ret profit • ■ 45^2 _ - 18.0-; a record ^35^49 in' th eryear ended 

fort’s shares and cash, pets a Yarrow and Company is wasting . *"»•** : ; : [^gr September M "fttgj” peak 

value qn each City share of I90p. no time in pushing ahead with pfinfCrOTT n CAir ''owidends’ •" 5.0" -.*!3 turnover of f3Jffin aimparea. , wnii 

Ternis of the offer are 17 ordi- acquisitions. Jw' 1 ' v •- Extraordinary liamat ' 2.5 o.5: £1.76m previDKly. , . j ; •-= 

nary shares in Comfort plus 300p Yesterday the company TO HILL SAMUEL • : fleuined ■ 12fl : 'IM* FlttMtalf profits - had rtera 

in cash for every four ordinary announced, that it has spent Terms have been agreed for the- 995B70 to £2oL 742 __and the 

shares In City Hotels. £ 1.85m in buying an engineering ^ by N. M. Rothschild . and.- rS! & : ■- a ^^'■■ , ^. :to 'J ! ^S2S^i;^' 

The boards of Comfort and subsidiary of Moore Business Sobs of Its 50 per cent interest ^in "SsB*ed from deferred taxation satisfactory increase in^rofits- for- 

City Hotels said yesterday that Forms. Rothschild and Lowndes Manage- Account In respect of provisions . for theyear. ■- ■/. - _ ; .*■ 

the hotel businesses of the two The subsidiary. Control ment to the Hill Samuel Group; 1973 end 1974 stock relief They ixrw.report That both pro- 

companies are complementary Systems, designs and makes a On completion, which will be on dnctioU andsales were maintained 

“since their hotels are in the wide range of ticket issuing and Januray 15, 1979 the company wiIl.^ n ti0 B n pp, “ 0 d ui ^ 0 ^ r, ^ ,n ^ /?ery^ satisf ac ory- Tyds 

same price category and are cash handbag equipment- In be an wholly owend subsidiary ofr Fjuidrrvs anto the Group baai» 0 f throiighout the ymm- _and -.tiiere 

mainly located in the same area 1977 it made profits of £356,000 Hill Samuel. -='■ accounting and Pie balance of £2^m continues to be a good_ demand for 

of central London.” and in the six months to June Rothschild and Lowndes Man-- ho* 'been credited aa . an .extra--, the group’s products. ^ '-'-r. " 

Both groups stressed that as a £274.000. Net nssers for last year ggement is the management c not 
result or the merger, which will are said to be £1.9. m after taking pany of the New Court Exempt m 3 m V ; .63Bp agjdnst - ■ a« ; gp. • A s 

produce a hotel group With a com- into account full liability for an rust. This is an exempt equity ‘ ■ indicated^ ettBpr, - ^- ^trectors - 

bined annual turnover of over unfunded pension scheme. fund providing equity Investment • CO Ml men L . . haim reviewed. the. rat!o.-otmteratt % 

113m, there will be both market- Yarrow intends to inject a for- f or pension . funds and charities. Associated Engineering has had to final dividends— foilowu^: the 
ing and general operating benefits, ther £l.lm into Control m order j te present value is about £6m tittle troubfe meeting the . feme-, interim - dividend . of 45®P me 

In its last balance sheet for the to cover pension liabilities and to and it is invested mostly In UK cast made at Iberteie of the hoard Is how recommending a 

year ending December 31 1977 repay loans to Moore. .... equities. On completion of the Fhiidrive acqrtnation in July Hiat ffnffi of ;8.0475p mala^ a maa- 

City Hotels showed net assets of Late last month Yarrow alluded sale its name will be changed to profits would -be between £28 ol mum permitted 12B975R against 

S6p per share. .Pre-tax profits to purchase when it said that sill Samuel General Exempt and £30rtr. But hatk in January llS5p . . ’ 

were £1.07m on turnover of it was negotiating for an un- Trust and will be managed by - ' -•-■■■ . . ; ■ > 

£5.18m. * quoted engineering company for Hill Samuel Trust Managers. - -• -- ' •. . 

City Hotels, known for its chain around £2.75m. Yesterday it said N. M. Rothschild Asset Manage- / '' "/ \ ' 

of Dayville ice cream parlours. 11131 the Purchase funds have ment wffi continue to provide in- ’ 

sought a stockmarket quotation ™ me out of funds accumulated vestment services to medium and — : — ■ ^ ' — • ■ " 

only eighteen months ago. before the shsipbuilding takeover, smaller-sized pension funds and I ' 

In its last financial vear for Yarrow’s own profits for the chanties through the New Court B. I M. If -I . -M B B JWP'B % B B " 

the ye2 eSg^mbe^l l97/ year to June dropped bum £L9m range of exempt funds covering ft/M l W . 

Comfort Hotels reported pre-tax *° despite a £1.3m increase equities properties and gilts. Its . — ' V : ' 

profits of 1996,000 on turnover of ^ »*« t0 £6 - 7m - ^ !ent ?-^ t T, are ¥ ■■ m ' ” r ■« ’ ;i .«r.’ ’’ ' 

£7m. New Court Exempt Trust wiU be i . . • 

Comfort chnn?pri iL«s name from « rt Trrr/»nAt^ move another equity fund. I - ■■■V’* vflOCU Lill IIUVCI 


IS 

. « - .--i 


m u 


n int 


£7m. 

Comfort changed its name from 
Adda International last month. 


APPROACH TO 
LEISURE CARAVAN 

Leisure Caravan Parks has 
received an approach from a 


VVfflTECROFT- " ~ 

RANDALLS tpqt'O 

The White croft offers for 

Randalls Group are unconditional. Tesco Stores (Holdings) has 
Acceptances have been received in now completed the acqulidtion of 
respect of 91.6 per cent of the ^ 51 per cent stake in 3 Gnys. 1 


Increased turnover 


respect of 91.6 per cent of the 
ordinary and 99.21 per cent of the 


publicly-quoted leisure group. An prer °!^ nc t'u„ T K e 1 „°?f x Li 1 i re ^‘ n 


announcement is expected midday 
today. The group’s shares were 

suspended on the stockmarket at n TD cvp*l\inQ surance oroiung interests. its 

112.p. which values the group at H ,7? insurance broking subsidiary Bain 

IN AUSTRALIA Dawes is buying Wood and Steven, 

BTR Australia, a wholly owned the Birmingham-based insurance 
».r A vr n ern-rr subsidiary of BTR has now brokers, for less than 25 per cent 

IV E, A IN & oAUl 1 acquired 52 per cent of the capital of the net asset value of the Inch- 

SUSPENDED of Kencord Holdings of Mel- cape Group. 

Shares of Kean and Scott, the bourne. Australia. nTJA _ r 

furniture retailer and manu- Kencord's sales to the year fN(J rKUBh 

facturer with an interest in short ending 30 June. 1978, amounted The Secretary of State for 

term finance, were suspended to A$16.05m (£93 m) with pre-tax Prices and Consumer Protection 
yesterday at 25p, “pending an profits of A$1.44m (£831.000). The has decided not to refer the pro- 
announcement.” company’s main interests are in posed merger between Scovift 

The shares have climbed a long the manufacture of moulded auto- Manufacturing Co. and the YaJe 
way from the level of a month motive carpets and other com- Lock and Hardware division of 
a^o when it was first announced ponents indu stria ally contiguous Eaton to the Monopolies COmmis- 
that an individual was going to to other BTR interests in Aus- sion. 
bid for the company. At that 


open. The balance will be 
acquired compulsorily. 


INCHCAPE i 

Inch cape, the UK-based trading j 
conglomerate, is extending Its In- 
surance broking interests. Its 
insurance broking subsidiary Bain 
Dawes is buying Wood and Steven, 


: better maigins 

C .1 

Summary of Results (£000) ' 

1978 1977 . 

. Turnover 

• 27,800 . 24,372 

■ Profftbefore taxation 

.1.827 ■- 1J02 

. Profit after taxation 

789 . . V€5 5 

Earnings per share . • 

12.06p .. 1 0J28p: 

• Dividend per share . 

4.1 5p . 3-72p - 


• • 1 - - 


Points from the Chairman's: ft ev/ew: .. 

Dividend, the maximum pennitted,coyttfecl ZB times. 


Hisgood to be able to report increased turnover with ' - - 

somewhat better profit margins for 1 977/78 compared with 
the previa us year. .... i = . 


time the shares stood ai 12p 
while the value of the intended 
bid Mas even lower, at lOp per 
share. 


WG1 ACQUIRES 
CAWTHRAW 

WGI. the Wiimslow-bnsed engin- 
eering and construction group, 
has acquired the capital of 


Heywood 
Williams 
sees £lm 


As at balance date assets per 
share are shown as 15Sp compared 
with 127p as at April 30, 1978. Mr. 
Oliphant says the group's policy of 
reduction in UK borrowings has 
continued but increased trading 
has meant additional utilisation 
of bank facilities. 

The American assets acquired in 
June have been included, and with 


These result from increased maricatshare.particntarfy In l ’ 
kitchen furniture, an improved range of piipducts/and .- 
continuing success in management control. 

Given no better than a maintenance of present conditions iri - ’ 
the retail market, we expect continued progress to bib. " j 
achieved.' ' ' ' 2.J: ■ m ' : ' ~ • 

LordHewfetbCfiafr/narti^ 


they can trust 


How can a label help you choose a good wine? It can tell 
you the type of wine, but not whether it is from the right 
source. The Appellation and the Vintage, but not the care 
taken in its fermentation and its maturation. The producer, 
but not how it is blended and bottled. 

The shipper's name alone is your guarantee. Bouchard 
Alne assure you of a high standard. Our name has maintained 
its reputation because we expertly select and carefully ship 
only the finest wines. 

Wien you see Bouchard Aine on the label, you know you 
are getting a very good wine from a shipper you can trust. 

Bouchard Aine 

85 Eburv Street, London SWl.Tel: 01-235 3661. 


Cawthraw and Co. for a cash RECORD PRE-TAX profits of £lm retained profits have provided the 
consideration, dependent upon the for Heywood Williams Groap, are for the increase in assets- 

net assets of Cawthraw at Sep- forecast by Mr. Douglas Olrphant. fixed assets were £3.78m (£2.39m at 
t ember 30 and anticipated to be the chairman, for the full 1978-79 ^ pr Q 30), and total assets £B^8m 
around £680.000— of this £600,000 year. - . (£5.1m). Shareholders interest 

F °r the six months to October ame t0 £4.750, (£3 .36m). 

■ ' — 20. 1978, taxable profits more than tu \ 

doubled from £181,000 to £372,000 
niw DT7 -TT ttj ivT on turnover of 110.63m against 
dAiNK. KJtLlUKlN £S.G6m previously. For the whole 

Wednesday — incTi^Tor of u . ,h « 1977 ^ y f a £j£f nn S, ’ OU * > 

- . Dec. is Dec. <— 1 achieved profits of £562,000. 

.. - 197 A :. forw ^H Trading in the UK was much WT H^ rffYi 

BANKING DEPARTMENT improved with contributions from WlL ti y. Wt 1 1 8 11 

all sections. Aluminium ex- 

liabilities : £ ; £ irusion. patent glazing and glass •«-« rdll 

Capital.. — me rch anting remain the group's Wll 1 UcCUlIlC 


The Annual General Meeting yrifl be held at 
12 noon on the 20th February Ot the Sreat Eastern Hotel, 

■ Liverpool Street, LondorrECZ,' 

BurcoDean Limited, Accrington Road. Burnley, Lancs.BB115pS. 

.fcsthom; festhom fiurco* Eosthom TUoxoI 


Wednesday ineTi+i or 
— Dec. 13 Dec. I— l 

i 1978 ' for week 

' BANKiNG~DEPARTM£NT 


UABIUTIES 
Capital 




strongest dements and the 

Bankers ■ + to, 079,816 Vkindow frfant in Chester is now 

Reserve* & ; | _ trading profitably. 

Other A/cs ■■■ 1 30.2^- -r 19.3S,m jfr. Oliphant says the profits 

■■» w ^ 77,TMU6a from the restaurants in the U.S. 
. 1 — j- — — - were up to expectations for the 

Auats first live months trading, and with 

Govt Securities Uff.Ml.oea + 73,910.000 several expansion possibilities be- 
Adv. A other : ! ing investigated, he says he is 

nfl 6 *! r — 2u5.67O.7C0 — 8^55.326 certain that the U.S. will be a 

TiS&sS-i lee&SHXV- <^63 sood »wtb«TO for the future 

Notes ' 2i.51-7.blii 6^9,072 As foreshadowed in his annual 

Coin 213^w - e.]62 staiement the chairman says that 

— — - South Africa continues to he a 

"■“49.222.u33 + 77.771,038 disappointment and contributed a 

loss of £30,000 10 results. “I do 

ISSUE department P ot . ex Pect raucfa better than a 

i “| D abilitjes £' ' break-even position for the yeai 

, as a whole.” 

Notes iscu«f. ... 9. -rZ25.OD.ore The interim dividend is 2 01o 

In Circulations, lii-.MZ. 190;+ 218 JOGl^S nct per 50n share- last war’s 

I n Bank'g Dept CT.tK.eio + 6^9.078 "otal was *Sp " ’ 1 

assets I P r °PO!«ii Is a sub-division 

Govt. Debts ll.oi: .lco — of the ordinary shares into 25p 

OtherGovt.8ecs6.0i^,62i..Ki!j j- 174^27^18 shares; an EG If has been con- 
OtherSec ritles l Jto.299.iM: + 60.77i.Rl lenerl for January 4 to which 

a,150.Gv.\w 4225.000JJW * iJI bc put ^ necessary resolu- 


willbecome 


, Ai: 


Um&cd 


m. 


128 - 129 Cheapside 

LondobEC 2 V®T 

Telephone 01-6006621 
Telex 885997 


‘ ‘ -3 v i; :'V 


■ 1 - r •• ■ '••••■ -- - 1"- - <-Jr4 - ’ 

txtibe Oao^aiiyaienQwc; - >■ 

VhidCT^^Ciairraa^ v ’ I- - - ' 




Ai» 


pauxU^n^J^rB^r;'/ z&y . " • • "!'! • ... 



















Record 
a * Notts, 
Brick 



«ul Lt^ iv* 


larsffis 


. ■ t 


.Ol^° n ' I 

...,o i 


- :15 ; j$78 . 


• r 't-/;- : >j 

“ ■*? V ' ■“. ■» ‘ t-y < 

i *- -V 41 *■*? v b < 

9 40 ' ^ ' 

^ 0 to 
l *,*»4 


'JKS ■ Markets 


INTERNATIONAL COMPANIES and FINANCE 




NORTHAMEmCASWEWS 


6-^L^a 


ASBESTOS CORPORATION TAKEOVER 




sales 


MATCEIC-Ihe; j£a]or '• 


MATTEL.- jthe/jnajor toy 
group, ti^ddiv ea$fcr- this year 
planned- A -strong 'entry, into the 
UK market tor : skateboards has 
annopccaff^a stwrp setback la 
third“guartfir traffic*. ,;: 

Bid; it /iorsCTste xeconi sales 
and- pre-tar income - for the . full 
year, although it varus that set 
income may be down because of 
estimated higher effective- tax 
rates and loft eg , extrao r d i nar y 
income tax credits.. -'.*• * 

Results far, the thirtf quarter, 
show a drop of- 9.5 per cent to 
SI 6.1m in hetjprofits "of from 92 
cents to 81 cento -ajihare. Bales 
edged - forward by IB per cent to: 




$17<L2m,'. i .'• 

For- the nine momffto date, 
■ net -earnings ape 1 ,3.4 , per cent 
down at $23.7m 0?-4lJL7: against 
SL2S. But sales, at SSSB-'Wn, have 
gained 3.9. per Cfflt.:,.;.: y 
: 'A-major pcstfoa- •aL.t&e ; com- 
pany's electronic.. -games - and 
Battleship Gslactia ■products are 
sold, .dating the final .quarter, 
says Mattel*- . • 4 -. '. 

? .I*sr June, Mattel, retained to 
;tius '-dividend lists far. .too first 
'tune slpce December, 2972, with 
a quarterly payment o£7£ cents 
a~ share. -ri:. 

M attel delayed its entry into 
the UK market for skateboards 


for several years and finally 
came in at the expensive end in 
1977 with a $1X5 model aimed at 
the more sophisticated skate- 
boarder. 

Earlier this year, the group 
made a strong push into the UK 
market, with its U.S. model sel- 
ling at £68, a high price by 
British Standards. At that time, 
the XJJv. market was estimated 
at .£100m annually. But. the 
market now appears to 'have 
collapsed and other world 
markets are also looking 
distinctly . unhappy. The all- 
important U.S. market, however, 
remains relatively strong. 


Penn Central makes its return 


BY DAVID UagSUES - 

NEW YORK -i- A " fatoiliar, 
though somewhat battered,. name 
reappeared in the ' New York 
Stock Exchange’s ticker.tape yes- 
terday after an absence of eight 
and a-half years— -Penn Central, 
But the 2&2m shares' which 
became available for regular 
trading this morning belonged 
to a vastly different company 
from that which made business 
history with- its bankruptcy- in 
June, 1970.- 

Far a start. Its name is no 
longer the -Penn Central Trans- 
portation Company, but Penn 
Central Corporation,. : a com- 
pletely restructured organisation 
put together out of the shambles, 
and now free , of all- claims 
against it It is .also a- fraction 
of its former sire $lbn against 
_$7bhV, is ' potentially profitable, 
and definitely not. hi the railroad 
business. ' •“ •' 

As part of the complex eight- 
year restructuring* the bankrupt 


RESULTS IN BRIEF 


railways assets. were conveyed, in 
April 1976, to Consolidated Rail 
(Gonrail). the ; Government- 
sponsored railroad, formed 
specifically to keep the trains 
running. Today, Penn Central 
has two major business activities. 
.. ^Continuing operations " run 
by its Pennsylvania Company 
subsidiary (PENCO) ' - include 
energy services (Edgington Oil), 
Buckeye Pipeline ^ Property 
development (Arviaa Carp.) and 
amusement parks (Great -South- 
west Corp.). These 'few viable 
remains of the old railroad are 
all said to be operating profit- 
ably. Penn Central Is also selling 
off odd assets like real estate — 
incl riding some plum' central 
Manhattan • acres — coal . proper- 
ties. some remaining rail assets, 
and the stock of certain sub- 
sidiaries. 

The’ new company -also enjoys 
a . huge SL5bn tax loss carry 
forward which should help it 


back onto the road to profit- 
ability. 

Peon Central’s other field of 
business is the somewhat bizarre 
one of litigation, namely the 
“vigorous prosecution” of its 
valuation dispute with the 
Government designed to recover 
compensation far the rail assets 
conveyed to Conrail. Settlement 
of this case could take up to ten 
years, observers believe. 

Although Penn Central’s securi- 
ties, which include bonds and 
preferred stock, were formally 
launched yesterday, they had in 
fact been trading on a “when 
issued ” basis for some weeks. 

Shareholders in the old com- 
pany received one new Pen n 
share for 25 old ones. During 
informal trading, they were 
quoted at around $25 each, but 
as the reorganisation became 
clearer they slipped down to the 
low of $20. Yesterday they were 
quoted at $17|. 


Slowdown in growth at Eltra 


NEW . YORK-^Net .. annual 
earnings of -Eltra - Corporation . 
the diversified industrial holding 
group, advanced from or 

$3.75 a share te 847.9m or. $4-20 
a share , on sales up from SB22in 
to $L02bu. . 

Fourth quarter results show a 
slowdown in growth,: however*, 
net earnings of- $12JJm dr STL33 
a share comparing with $11.2m 
or 99 cents a share on sales of 


$266 .8m against $236 .8m pre- 
viously. - . .. ... 

Beech Aircraft had- a good 
year, boosting earnings from 
$2.32 to .$3.14' a Share. - First 
quarter profits-ot Masonite, the 
hardboard- gn)op' inctaasetf from 
57 cents to .SB. cents aZihare 

Copagra* the flour products 
company currently- -fighting 
Cargill, the grain company for 
MPRXL Corporation, -^ef. pro- 


cessors, lifted half-year earnings 
from 57.1 m or $1.74 a share to 
$10-45in or $2.56 a sbare. 

Hotels group Hyatt Corpora- 
tion had a strong third quarter 
with net earnings up from $4.6m 
or. 57 cents a sbare (o S6.9m equal 
to S6 cents a sbare. This boosted 
nine-month profits to $22.44m or 
S2.S3 a share compared with 
$13.54m or $1.68 a share for the 
same period lari year. Agencies 


FT INTERNATIONAL BOND SERVICE 

• "m — oV~.' ‘.J < { j/' . '' ~ 

The list' shows- the SOTJatetf international bond issued for which an adequate secondary market 
exists. For further details of these or other bonds see tb£ 'complete list of Eurobond prices published 
on the second Monday of each month. Closing prices on December 14 


US. DOLLAR 
STRAIGHTS ... 

Asa Akt Bi ® 

Australia s.tf S3 

Australia 'fll 93 

- Beatrice Foods 71 8J . 

CSCA 8| *7 

CECA 

CECA SI SB 

CNT 8 S3 
Canada S S3 

Canada S"fl 85 ....... 

Canada BI 98 

Canada 9 83 L. 

Canada 91 88 
Canadalr Si « _ 
Dominion Bridge Co. 9 1 

BIB 91 »S 

Zkspontnsns 9 SB 

FJoUnd Si 83 

Finland 9 E8 ... 

Bospiral O/S 9 83 

: ltd Finance 91 88- 4. 

lie! Finance 9* 99 

J. C. Penney Si S3 
Mac Bloedel 91 
NE Dev. Fla. «■ S3 
HZ Dcr. Fin. S« 83 

Wat wear. 9 sc 

NewrotradUnd 91 9B ... ... 

Nord Jnv. Bit 81 88 
NCrces Knmm. 91.88 .... 

Norway ri 83 

Norway SI a — 

Ocddenial 8f SS- — 
Ont Hydro 8] 83 — . 

Quebec Hydro .91 93 

Sweden 91 98 .1. 

OK 81 85 

UK St 93 


DEUTSCHE MARX 
STRAIGHTS' ' . ' Iwocd 

Arsentina « 88 ...,^.....1:.. -39 
Asian Develop. Bk. 5} 88 108 

Amtrada C 88 .i.J. 2S0. 

Awtria 51 90 050 

Bankamerlca S3 SO 19- 

Bqse; Ext. AJaerte 71 8S_. 180 

CECA 8 88 159. 

Canada 4ft S3 . — .. MB 

Cbase Sfanhaltan O/S 6 93.. 199 
Cnnmy-rzb a nt Tat WW H 180 
Comm errf>an}j Its. XW 3i 180 - 

Copenbagcn City 0 90 7S 

Canncfl of Europe 81 — UQ 

CotmcD of Europe flt 39 

EIB 6 90 318 

EU Aquitaine a 98 — 2„- 180 

Finland * 83 150 

Hitachi Ship. M S3 : 9 

IBJ 5 M :.L ; 300 

Indonesia 7 S4 : ' IBB 

Kobe. City of U 86 .... — 309 
UEht Serrtcofi do Slot.-..'. 19 

Mexico « 85 289 

Mbanblstd Putra. 51 89 

Nippon Sled 91 85 

Norses Konnn. fi 90 ".a..L.. 

Norway fi| 83 29 

Norwegian Ind.Bfc.fi »... 125 
Petrolea BraxU 7 SB 38ft- 

PK Banken 5ft 83 — . UB 
Quebec. Rnvtnoe of fi 39 ‘250 . 

RamanrafcM Oy SI 88 . 50 . 

Ricoh 54 83 3ft 

Spain fl 88 : 299 

Staiofi 8 88 19 

Trondheim, city of 51 — 35 ' 

UD& Group Si S3 05 

Venezuela fit 90 - 159 

WMW BanS fit 68 — L » 





Change m 

•••• "- 

Unto 

BN.' 

Offer 

day 

week 

YleH 


■Wft 

95* 

-a 

-Bi. 

Jin 

-MS. 

966 

974 

-0i 

-84 

934 

75. 

984 

994 

T-0| 

-0! 

9.46 

US 


«5 

-04 

-u 

9J7 . 

50 



+01 

+08 

930 . 

» 

97 

97J 


—2 

9JK> 

' 1 25 

985 

998 

.- 0 

r« 

car 

„■ V 

B* 

<96* 


r-M 


JJD 

85- • 




*58 

290 

9«4 

9« 

-81 

—05. 

-932 

-250 

W 

BS 

-OS 

-1 . 

936 

418 

988 

985* 

-04 

-84 

937 

-a» 

W; 

9*i: 

-M 

-?4i 

938. 

. 78 

•954 

964 

— #4 : 


931 

25 

94 

9*1. 

+0i 

-0E 

soar 

125 

97 - 

971 

-m 

-Bi 

935 


.9ft -« 

97i: ~0i —01 
•»S -Bi -M 
Wl '. ft- -OS 
96* -Oi -01 
9« .-01 -Ik 
97 -04 -11 

on +*i +1 
w -8* -ns 
-901 — •! -H. 
MS -04 -M 
Mi ft -OS 

9Si -«i -oa 
915 “01 —04 
W -Bi -1 

971 -04 —04 
333--W — M 
954 -04 -14 
99 -9j -U 

.984 -M -83 
9ift —OJ — K 1 
974 -H .-01 


Offer day 

953 +8i 
924 -ot 
. 3014 ft- 

: 943 -tn 
90 I 
974 

. 974 0 

M|. D 
303J -t-O 

■ IflSt —84 

83J +9* 
9M +Bi 
991 -li 
VH -1-34 
974 >. 

90S' -0| 

■ 99 +91 

:3M4 +01 

993 +04 
971 0 

Mi -91 
9Tf 0 
• 9H . 0 
IBM 0 .. 
1904 +M 
98 +91- 

974 -04 
.901 0 

99i -M 
94| — M 
96 • ft 
** 0 
ioai. -M 
-«I +M 

.99 +01 

- 954 +04 
98 -Ml 

- 95 . +-0J 

Ml' -* 


week Yield 

-04 703 
—11 6.59 
+01 509 

-04 M2 
• 0 K82 

r • 0 1X7 

-M 638 
-04 509 
+04' 5.76 
“II UB 
“94 539 

-« 431 
+fle 609 
+34 632 

-*4 437 
+01 638 

+84 bJ7 
+11 532 

0 501 

-« 737 

-W 5.74 

■ 73 

+oe 6 jh 

-01 5.77 

-01 5.77 

-0* 607 

-01 507 

-OT 605 
— M 702 
+0* 6.64 

+04 6-54 

+84 . 6J5 
-04 5.24 

-Oi 633 
+84 607 
+0} 6.42 

+04 *31 

+« 707 

69 


SWISS FRANC 
STRAIGHTS 


Accsa H 88 : — 

American Exp. Int. 34 
Aribern Tunnel 483 — - 

Anna « 93 

Austria 34 83 

Brazil 44 

Chase Manhattan. 4 93 

CVRD 41 98 

Council of Europe 44 .. 
.Bankamerlca 31 S3 . — 

BNDE S 88 - — . 

Denmark: 41 SO 

Denmark-Martsase BS. 

KTB 41 93 

Bumtom 44 93 

F. L. Smiath 41 ft ...... 

Finland 44 93 

First Chicago 31 S3 

GZB 4fi 83 

Bilti-Llectefzsteln 44. .« 
ICT Ffn. NY 44-93 --.. 

Malaysia 44 90 — 

Manlfnha 4 83 ", 

Newag 4 83 

. Norses Komm. 44 98 ... 

OKB 4 93 

OT Nokia 5 90 - - 

Safe 41.03 

SahdvUc. 4 90 
Seas 41 SS 
Vocst-AloinB 41.93 
Voralhcrs Kraft 4 93 ... 
vietmt + 93 

World, jfemit 44 93 


Issued Sid 
..... 48. 1034 

S3 48 994 

40 994 

±--a> m 

108 964. 

7D 1021 

a hi 

w 65 UU- 
88 . IBM 
75 UM 
ISO U3£ 
... 80 ZB24 
— uo; -UM 

80 MS 
25 1B3{ 

00 

annum 

.... IBS 182 

35 UN 

... .100 2fl» 

.... m m 

- -10XS- 

... TO 99 

189 inz 

S 99I 

» 20U 
® 38U 
-_T5 1034 

100 zou 

i-- 3ft 1B1J 
UO 1001 

.»■ nu: 


■ Change uo 
Offer day. we ek Yield 
MSI -BS +K 43ft 
99| . 0 +01 IB 

993 :+91 +1S UJ7 

9S +M +« 434 

••951. +8* +M X» 
.97 +01 +14 AOS 

U22 0 +Bi 3.1S 

951 +81 +1 539 

-3811+81 +« 438 

1003... V +8|- 3*9 
30K ft +M 4.93 
U3i -Ok -HU 41Z 
3821 0 +0J 4J3 

MU - —91 ,+Qft. A2L 
1004 +M +M 424 
UIU 0-0 4-3 

103 +95 +11 423 

MU -0 . - 0 326 

3824 -01 +14 430 

3033 . +01 — BI. 3.92 
IDS -M -M 3.91 
98Z +04 +M AM 
MM -81 ^07 

994 ft ,+14 4 M 

MU +01 -+0i «3 

1004 0 +81 UO 

MU -Oi 0 . 421 
mi +05 +41 423 
1815 ~St +U 323 
VBk —01 +U 4.06 
UM 0 +U 437 
MU .ft ,+li '325 
-1803 -B» ■ 3.9« 
MU 6 +M All 


•./ Change on 

YEN STRAIGHTS Issued Bid Offer do Waefc Yield 

-+»lafl Dev. Bk. S 51 - 15 964 97 -fli 0 622 

+BFCE 6-4 90 30 954 95J D O 729 

Eta-ohms 63 80 - 1ft 964 971 ft +W 6.T7 

Norway S.7 S3 25 loo# Mil • +04 521 

SNCF 0.« M 2ft 9ft 971 0 -04 729 

Sweden fl.2 $0 — 40 951 951 0 0 6.99 

Cbangeen 

, OTHER STRAIGHTS tamed Bid Offer day week Yield 
Rank <VS Hold. U* A» ... 32 Ml 961 +B| +W 1221 

Auto Cote Basq. 7 83 EUA 16 931 961 -04 - 0J 7.C 

Copenhagen 7 03 EUA 30 964 974 ■ -01 737 

Finland Tod- Bk- 7 B3 EDA 15 95* 96| -04 — #4 7 M 

Knmm. Mat. 74 93 EUA... 15 904 994 -04 -04 725 

Panama 84 93 EDA 20 952 96| -04 -U L7B 

SDR France 7 93 EUA ... 22 97 971 -6J -01 729 

Algemene Bk. 04 S3 FI 75 9QJ 91J -Oi 0 B.7A 

Brasil 74 83 FI 75 93d 941 -0* +84 9111 

CFE Mexico 71 S3 PI 75 963 971 — M — 05 8301 

EIB 7* S3 FI 75 934 931 -HU +1 834 

Ncder. Mlddenb. « S3 FJ 75 922 931 -« 0 836 

New Zealand 62 84 FI 75 9U 914 -U -94 8.73 

Norway fir S3 El 189 911 9» -04 +03 8.72 

OKB 61 83 FI L 75 8K 904 - 02 '-Oi 835 

EIB St 88 FFr ; 289 Ml 985 +04‘ 0 9.96 

UnJlevcr 10 8S m 180 1801 1D0J +04 +fll 929 

BAT 8 88 LoxFT 2S0 95fi 961 0 +04 820 

Bayer Lux. 8 86 LutFr _ 258 951 96j 0 +04 8.75 

EIB 7J 8S LuxFr ; 250 9S1 961 +04 +01 122 

Finland T. Fd. 8ffl LhxFt 29. 9S 961 0 -04 8 22 

Nonray 7* » LttXFr 250 961 97J 0 +01 8-49 

Renault 71 SS LnxFr 5M 97 98 0 +04 822 

Solvay Fin. S 8S.XuxFr ... SA w in 0 +04 7.98 

Swedish L Bk. S® LnxFr . 509 99 100 0 -01 827 

Gestemer Hid. BV Jl.ffl 5 10 871 881 0 -Oi 1330 

Wtuibread lOi 90 £ 15 8S4 851 -04 -1 12.99 

.FLOATING RATE i 

NOTES Spread Bid Offer Cdate Co» CyU 

- American Express !: 04 99 994 20/9 IBS 10.71 

Arab mtl. Bank MSA 83... IE 951 964 31/1 91 9.77 

Banco El Salvador MS. 83 14 8*1 971 12/8 1131 ILK 

Banco Nac. Argent MS-83 04 9K 97| 2UI <H 936 

Bank Handlowy M8 88 — 14 974 971 2S/U 12.99 1329 

Bank or Tokyo M54 S3 ._ 81 9SI 97| 18/4 MJ 1824 

Bauqoe Worms Ms» 63 .... 84 984 99 15/12 9 932 

' Bq. Ext. d'AhL M837S 84 04 96! 974 9/2 93 9.92 

Bque. Ext. d'dlfi. M73 fS BS 9S2 963 2/5 221 1326 

Bone, lndo et Suez MS|._ U 974 9B| 25/1 93 935 

.Bq. HR. Aft. Dec: 1U2 88 U W FI 12/3 93 925 

CCCE US.45 98 61 964 974 3/2 929 927 

CCF 3J5i SS i.-. 04 994 994 3/S 224 1231 

Chase Man. OO lBi ll... 94 974 971 27/3 931 936 

Credit National Ms* 88 ... M 97! 934 21/3 9-tt 938 

Gotabanken Mfi. 0* 971 971 15/5 3231 1231 

lad- Bank Japan M3* 85... 64 Ml 994 1/6 3235 1237 

lEhikawajtma M5J 85 04 971 984 27/4 lli 3139 

UubUan^k M7.73 65 ; 3 . 96 964 19/3 184 2824 

LTCB Japan «5J 85 84 98i 99 9/S 1ZS6 1232 

Midland IntL _MSJ 93 0* 9i* ‘981 20/1 934 9.64 

Nat. West. MS* gft 04 971 991 21/12 931 939 

OKB MSI a ■— 84 991 100 IB/4 1036 1039 

Offshore MJCtog SS 04 984 982 19/3 934 938 

SFTE MS 83 93 9>| 9BC S/4 1039 1035 

Standard Chart. ,M5:B SO— 01 961 97 18/2 8.94 934 

Sued evaJleb antes Ufi 83. .. 04 961 974 4/4 1036 1037 

Out Overseas Bit US BS U Ml 99 4/5 1231 1237 

COHVERTIBLEh ; . Cnv. Cnv. do. 

BONDS . - data price BM Offer day Prem 

Aslcs 51 9/78 628 1024 1034 -H 1238 

Baker Hit. Fin. 5* W 1/79 34 EE4 1M4 -M 1038 

Bools 61 2/19 236 9U 92J +04 -X35 

Coca-Cola Bottlln* « 4/79 9 901 911 0 1934 

Ifp-Yokado 5} 85 ft/7 V 2439 . 1384 +SI 138 

' Novo lndnstd 7 SS 4/79 3S9 9U 93 +02 836 

Texas tot- Aft. n 83 __ q/iv ns MJ- 923 -li 1032 

Thorn IM- Ffcu 7 88 11/78 337 3091 UOJ -fli -239 

Tyco Ut. Fin. 8* 8S 9/78 ZL 100 1BZ| -04 1436 

Tyco toL Fin. 5 84 — 5/78 6L5 73 74* -14 XB37 

Asahi Optical 3*- DM-,- 12/78 588 931 9C{ +34 -0.93 

Casio Comp. 3*^ DM . .31/78 Ml 104 105 +01 449 

Iznmiya 3* ffi BU ........30/7* 989 98 99 -04 134 

Juno 34 ®. 1/7+ 2ZTO 954 9M. +94 1038 

KonUhirokn 84 .85- DM _. 1/79 612 964 974 +01 430 

Narudai Food l « ML — 2/79 1033 - 99J 1004 +04 10.93 

Mura la Man. S* gfi DM ...11/78 854 «92| 931 -03 -131 

Nippon Air. 3 j 88 DU ..32/78 50S «U 924 -01 203 

Nippon S human 54 DM _ 8/78 738 116 1174 +04 A90 

Nippon Vnsen» 8ft DM._ 2/79 ' 251 964 97* 0 -634 

Nissan Diesel 3ft 86 DM 2/79 477 95j 96J +04 736 

• Olympas Optical Zi 85 DM 2/79 70S- 994 1304 +0| UN 

Ricoh Sit SS Dl* — 10/79 ■ 617 3SS6 1044 -04 7JE9 

Sanfcra Ete^ric 3i dm 8HB 869 1134 1M4 -Oi 836 

Sanyo Electric »DM — 31/78 295 914 92£ -01 5A7 

Seiyu- Stores 31 86 DU -. 9/78 2275 1U US 0 -334 

Stanley Eletftic 8ft- T»5 -31/78 623 , 95 96 +« 8.91 

Trlo-Kenwood 3i 8fi ULJ1/R 7H 901 Otf +04 932 

■ Ho inTamatlDO available— previous Oar's pries, 
t Oidy one market maker supplied a price. 

Straight . Bonds: The yiela I5 the yield to redemption of the’ 
mid-price; the - amount issued is in millions of currency 
units except for Yen. bonds where It is In hnn*™ fiinwg* 
on week— Change over price a weefc earlier. 

Floating Rata RMass : Denominated in dollars unless other- 
wise in d ica t e d . M=Mlnimum coupon. C.daie-Daie next 
coupon becomes effective. Spread =Marsis above slx-moalb 
offered rati tor D£. dollars. Cxpo^Thc mr r ent coupon. 
C.yia=The cmjent yield. ■ • 

Convertible hoods: Denominated in . dollars unless otherwise 
Indicate d. Cog , days Chxzmqn' (tor. Cnv. daie= First date 
for converAm tan shares. -Cnv. price ^Nominal snumm of 
bond per sharp expressed In cnrre&cy of share at conver- 
ston ratfi fixEd at Issne. Prem=PerceWBge ptrmlnm of the 
cutteuI effective, pries of actmirins stares via the bond 
over the men recent price of the shares. 

Q The Financial Times Ltd, 1978. R epr od ucti on tn whole 
or in part In any funn not permitted without written consent. 
Data su pplt ed by..lMrr-Boad Caracas. 


Cto- 

liy Prem 
-04 1238 
-0* 1038 
+04 —135 
0 1934 

+01 UB 

+02 036 

—14 1832 
-OI -239 
-84 1436 
-14 14537 
+33 -0.93 
+M 439 
-04 Z34 

+01 1830 
+04 430 

+04 10.93 
—03 -131 
-04 233 

+04 0.M 
0 -034 
+04 736 
+0f 024 

— 94 739 

-01 836 

-04 537 

0 —334 
+05 8.91 

+04 932 


BM Offer 
282ft im| 
2024 1044 
Mi 93 
901 914 

1384 3321 
911 93 

9IT 92S 
1801 toll 


991 1004 
*92f 93i 

9U 924 
116 1174 

964 97* 
958 96{ 

994 ISO* 
1094 1044 

1131 uat 
9U 92* 
XU US 
95 96 

901 931 


Counterbid 
for Credit 
Foncier 

By Robert Gibbens 

MONTREAL — A counter-bid 
7 has been made for the Moo- 
1 ireal-based mortgage and flnan- 
t cial credit company. Credit 
- Foncier Fran co-Can adien. U 
comes from Montreal City and 
} District Savings Bank, a major 
: Quebec savings and mortgage 
. company which operates under 
r a special federal law. 

City and District offers 
[ C$140 cash for each Credit 
s Foneier sbare, compared with 
the $138 offered by Central and 
[ Eastern Trust Company, based 
; in Halifax, Nova Scotia, last 

■ Week. 

, City and District says Its 
offer Is conditional on 51 per 
cent acceptance and under leg- 
islation Introduced into the 
National Assembly it cqq ac- 
quire these shares. 

About 60 per cent of Credit 
Foncieris shares are be Id by 
French and Belgian investors, 
mainly through the French 
investment bank Paribas and 
also Credit Lyonnais. 

, Central and Eastern had pre- 
; viously claimed that stock held 
; by Paribas, had been promis- 

■ ed under its bid. The Quebec 
‘ Government then moved leg- 
1 islation to block that bid. 

The Credit Foncier Board 
; was meeting to consider the 

■ new bid by City and District. 

. Heinz pays more 

1 JL J. Heinz is to increase the 
quarterly dividend from 45 
cents to 50 cents a sbare. pay- 
able January 10 to share- 
holders on record on Decern- 

■ ber 26. Reuter reports from 
Pittsburgh. This is the third 
time in the past 12 months 
that the dividend has been i 
raised. 

International Harvester : 

International Harvester has I 
acquired a 35 per cent stock I 
interest in lodustria rfe 
Maquinas Agricolas Ideal SA 
Santa Rosa, Brazil, a maker of 
small and medium-sized self- 
propelled combines AP-BJ 
reports from Chicago. 

Stem, Laner to close 

Stern Lauer. an old-line bond 
and stock brokerage house, 
has become the first victim of 
lean times on Wall Street. 
The firm, which traces its 
origins to 1898, is to stop 
operations next Thursday, 
AP-DJ reports from New York. 
Bear Sterns is to take on some 
of its key operations and about 
one-third of its 130 employees 
1 and partners. 

MEDIUM-TERHI 

CREDITS 

Colombia 
to raise 
$6Q0m loan 

By John Evans 

CHEMICAL BANK International 
Group has won the mandate tn 
arrange a S600m Euromarket 
loan for Colombia, marking one 
of the country’s biggest overseas 
financing operations to date. 

The credit will be used for 
development purposes, as well as 
to refinance on more favourable 
terms some of Colombia’s out- 
standing Euromarket debt. 

The loan maturity is 10 years, 
and the borrower will pay split 
rates of g and g per cent over 
interbank Eurodollar rates. 

Chemical Bank, which fought 
off competition from a number of 
other banks also bidding for the 
loan mandate, will now form a 
banking management group.. 

In other loan developments, 
Indonesia is increasing the size 
of its current syndicated bor- 
rovvign to 9350m from $300m. 
afte roversubscription, according 
to hankers. 

The 10-year loan, on the most 
favourable terms Indonesia has 
yet received on a Eurodollar 
credit, was managed by Manu- 
facturers Hanover and Toronto 
Dominion Bank. ■ 

EUROBONDS 

Carter bonds 
oversubscribed 

By Francis Ghilds 

THE FIRST TRANCHE of the 
so-called Carter bonds, the first 
ever Deutsche-Mark denominated 
U.S. Treasury bonds, was nearly 
three times oversubscribed, 
according to West German com- 
mercial bankers. 

Subscriptions were reported to 
have amounted to DM S.8bn and 
allocate DM Z.77bn to the shorter 
allocate DM 1.77bn to hte shorter 
three year tranche and DM l.26bn 
to the longer tranche of four 
years minus one day. 

The greater success of the 
shorter tranche was predictable: 
the yield of 5.95 per cent is at 
the top end of yields offered on 
domestic German bonds of com- 
parable maturity, while the yield 
of 6.20 per cent on the longer 
tranche is in the middle of 
yields offered on German domes- 
tic bonds of similar maturity. 

In the foreign Deutsche-Mark 
sector, prices moved up and then 
down again to end the day at 
the same -level at which they had 
opened in what dealers described 
as more active trading conditions 
than hitherto this week. The 
Issues for the Republic of Brazil 
and New Zealand were priced at 
par with indicated conditions 
otherwise unchanged. The Brazi- 
lian issue was quoted in early 
trading at a discount of one- 
eighth to three-eights of a point, 
while the New Zealand offering 
was trading at . minus three- 
quarters to one percentage point 
The dollar sector of the market 
was down by an- average of one- 
quarter of a point in what dealers 
described as very quite trading. 


Politicians taking a hand 


BY ROBERT GIBBENS IN MONTREAL 


TALKS BETWEEN representa- 
tives of the Quebec Government 
and of General Dynamics of the 
U.S. on Quebec’s proposed take- 
over the company’s asbestos 
carp, subsidiary appear to have 
reached stalemate. 

Asbestos Corp.. the second 
largest asbestos fibre producer 
in Quebec and Canada after 
Johns-Manwlle. is owned as to 
54.6 per cent by General Dyna- 
mics. GD took the (interest about 
a decade ago. The Parti Que- 
becois, in its pre-1976 election 
campaign, committed itself to 
take “control” of the asbestos 
industry on the grounds that it 
was being inadequately managed, 
and that not enough attention 
was being paid to health risks 
in mining and milling fibre. 

It also complained that only 
3 per cent of Quebec’s fibre out- 
put was being processed into 
manufactured products in the 
province, at a cost of many 
thousands of jobs. 

When the Parti Quebecois 
government of Rene Levesque 
was formed after the November 
1976 election, one of its first 
acts was to propose taking over 
control of Asbestos Corp. from 
General Dynamics, partly 
because the company ships most 
of its output to more than 60 
countries. Other producers ship 
fibre mainly to captive manu- 
facturing operations in North 
America and Europe. 

At ihe time, the market value 
of Asbestos Corp. stock was 


around CS24. The province 
appointed Kidder Peabody, the 
New York investment bankers, 
as its representative to evaluate 
the 'Asbestos Corp. shares, and 
General Dynamics appointed 
hazard Fre res to do a valuation 
from its side. During last sum- 

In St Louis today General 
Dynamics Corporation replied 
sharply to the Quebec Govern- 
ment’s nationalisation threat. 
Mr. Gny Fiske, executive vice 
president, said the threat “can 
only be considered as an effort 
to apply unfair pressure on 
Asbestos Corporation . share- 
holders to sell their stock, 
unless the Government has 
already decided to expropriate 
this valuable property in a 

mer talks began between these 
intermediaries. 

By then the stock had reached 
over C$40 in the market partly 
on the publicity the takeover pro- 
posal generated in Canada and 
in the U.S. Also. Kidder Peabody 
had leaked a tentative valuation 
of Asbestos Corporation stock at 
around C$65-6S a share* 

A week ago. Quebec Finance 
Minister. Jaeqnes Parizeau, con- 
firmed unofficial reports that 
there was a wide gap between 
what General Dynamics was ask- 
ing and what the province was 
willing to pay. and he bad 
“personally intervened” in the 
talks. He called them “negotia- 


tions”— a term General Dyna- 
mics has refused to use. 

Immediately, the stock Tose to 
almost C$53. and Mr. Parizeau 
let it be known that he was pre- 
paring a report to the Cabinet 
He hinted that if a price could 
not be agreed upon between the 

completely arbitrary and high- 
handed manner without 
making any effort to negotiate 
responsibility.” He added that 
the government has not made 
an offer formally or inform- 
ally, and General Dynamics 
has not proposed a price. 
General Dynamics considered 
that the Kidder Peabody evalu- 
ation of Asbestos stock was 
“substantially lower” than 
that of Lazard Freres 

two parties, the Government 
would have to think in terms of 
nationalisation. 

On Tuesday Premier Levesque 
was questioned in Quebec City 
on the subject and declared that 
if agreement cannot be reached, 
the province, “will have to ho 
ahead and expropriate.” He 
agreed that talks appeared to be 
stalemated and differences 
between both sides “ are almost 
irreconcilable." He said “ we are 
coming to the crunch.? 

The statement knocked the 
share price of Asbestos Corpora- 
tion down to about C$49. Premier 
Levesque referred to an “ arti- 
ficial increase” in the value of 


Asbestos Corporation stock, pre- 
sumably referring to the more- 
than doubling in price since the 
government announced its take- 
over policy. 

Mr. Levesque referred to 
“ negotiations ” — but later 
General Dynamics put out a 
statement from its SL Louis 
headquarters, saying that there 
have not been any official nego- 
tiations and that the province 
has not made a< a firm offer." 

Industry observers believe 
General Dynamics’ tactics would 
normally be to spin out negotia- 
tions as long as possible, 
because it has said repeatedly it 
does not want to sell its bolding 
in Asbestos Corp. Unofficial 
reports have indicated that tbe 
asking price is well over C$100 
per share, which would put a 
value of over C$150m on tbe 
General Dynamics’ holding. 

A price like this is not justi- 
fied by Tecent profits. In the 
first nine months of this year. 
Asbestos Corp. earned C$9.6m 
or C$3.39 a share on sales of 
CSlOlm against C$15.1 m or 
C$5.32 on sales of CS109m a year 
earlier. The market was soft is 
the summer, but has recovered 
recently. 

However, price increases have 
been announced for early 1979. 
The bulk of tbe company's pro- 
duction is in Asbestos-cement 
grades, and the company has 
forecast *’ a shortage situation 
developing by mid-1979." 


Optimism at CPC International | o r ^ e r s e “ 


ENGLEWOOD CLIFFS — Now 
Bolstered by strong volume gains 
in its consumer food products 
and the beginning of a recovery 
in the U.S. corn wet milling 
industry. CPC International 
expects an earnings gain of about 
10 per cent this year, according 
to Mr. James W. McKee. Jr, the 
group’s president The diversified 
food processor expects similar 
Improvement in 1979, Mr. McKee 
told Dow Jones. 


CPC earned $I32.9m or $5.60 a 
share on sales of $2.S7bn in 1977. 
A 10 per cent earnings gain this 
year would bring its per-share net 
to $6.16, a figure generally in line 
with analysts’ forecasts. Mr. 
McKee declined specific comment 
on 1979 profits which analysts 
now estimate will reach between 
$6.60 and $7.05 a share. 

The CPC executive predicted a 
197S sales advance of 12 per cent 
to 14 per cent. 

The food concern started the 
year slowly, posting a modest 1.6 


per cent year-to-year earnings 
advance in the first half. In the 
third quarter CPC profits were 16 
per cent ahead of the figure for 
the corresponding period of 1977. 

CPC’s Best Foods U.S. con- 
sumer products subsidiary has 
recorded volume increases of be- 
tween 3.5 per cent and 4 per cent 
this year, giving the company 
unit growth better than the in- 
dustry average. In Europe, unit 
gains were between 4 per cent, 
and 5 per cent. 

AP-DJ 


Utility's earnings on rebound 


NEW YORK — Southern Cali- 
fornia Edison’s fourth-quarter 
results are showing an improve- 
ment over the third quarter be- 
cause of a recent rate increase 
and higher kWh consumption, 
H. Fred Christie, the senior vice- 
president. told analysts. 

Southern California Edison 
earned. £1 a sbare in the third 


quarter, compared with $1.03 
earned in 1977. 

Mr. Christie said the recent 
results are “ indicative of a bot- 
toming-out of the declining trend 
in earnings." 

The company received a S102m 
partial rate increase which is 
being reflected in tbe fourth 

-quarter. For the 12-izronth -period 


ended September 30, the utility’s 
earnings were $3JS a share, 
down from $3.89 earned in the 
prior comparable period. 

Mr. Christie said Southern 
California Edison has received 
approval from the California 
Public Utilities Commission to 
increase base rates by $124m in- 
cluding the S102m partial 

-au C T C CtOc. — — ; 


CHICAGO — Borg-Warner, 
which is currently planning a 
merger with Firestone Tire and 
Rubber Corporation, state that 
its 1978 earnings will be affected * 
by recent strikes involving about 
3.500 workers at three units. . 

Last October the company pre- 
dicted 1978 earnings would be at 
least $6 a share against $4.93 
last year. 

“While these strikes have in- 
creased tbe difficulty of topping 
our forecast by the comfortable 
margin we had earlier expected, 
we continue to be optimistic that 
earnings for tbe year will reach 
or slightly exceed the $6 level;" 

It said the York division's 
machinery plant at York, 
Pennsylvania, the Baldwin- 
Washington plant at Baldwin, 
Missouri, which makes auto 
aftermarket products, and the 
Byron Jackson pump plant near 
Los Angeles were on strike for 
much of November. 

An agreement covering S00 
workers at Byron Jackson was 
signed December 4. 

JR on tor ... 



For record purposes only 



SINGAPORE 

AIRLINES 


U.S. $100,000,000 

Medium-term loan 


Arranged and provided by 


National Westminster 


DECEMBER 1978 


30 


THSAWlQUM^BOT/tf’P&AHSASAMAnBiOFFEamaNLY 


QATAR PETROCHEMICAL COMPANY 

SiA.Qb 


U.S. $1 75,000,000 

Term Credit Facility 


GUARANTEE By 


THE STATE OF QATAR 


MANAGED BY 


Chase Merchant 1 

Banking Group 

AB-Uhaf Group 


Lloyds Bank International 
Limited 


inal DG BANK Deutsche 

Genossenschaftsbank 

Qatar National Bank S.A.Q. 


Amsterdam-Rotterdam Bank 
N.V. 

Bank of Montreal 
Kuwait Foreign Trading 
Contracting S Investment 
Co. (S.A.K.) 

Societe G£rs6rale 


Arab Petroleum Investments 
Corporation 
The Bank of Nova Scotia 
The Mitsui Bank 
Limited , 

National Westminster 
BankGroup . 


CO-MANAGED BY 


Bank Bumiputra Malaysia 
Berhad 

Midland Bank Limited 
The Royal Bank of Canada 


Barclays Bank International Limited 
Canadian Imperial Bank of Commerce 
The Nippon Credit Bank, Ltd 
Toronto Dominion Bank 


FUNDS PR0WDED BY 


The Chase Manhattan Bank, N.A. 

DG BANK International 
Sodet6 Ananyme 

Amsterdam-Rotterdam Bank N.V. 

Bank Bumiputra Malaysia Berhad 

The Bank trf Nova Scotia 

Canadian Imperial Bank of Commerce 

Midland Bank Limited 

The Mitsui Bank Limited 

The Nippon Credit Bank. Ltd 

Soctete G6n6rale 

The Bank of Yokohama Limited 

The Gulf Bank K.S.C. , [Kuwait] 


Lloyds Bank International Limited 
Union de Banques Arabes et Francaises - 
U.B.A.F. 

Arab Petroleum Investments Corporation 
Bank of Montreal Group 
Barclays Bank Internationa] Limited 
Kuweit Foreign T rading Contracting 
& Investment Co. [S.A.K.] 

National Westminster Bank Limited 
RoycanFinanzAG 
Toronto Dominion Bank 
Citibank N.A. 

Qatar National Bank S.A.Q. 


AGENT BANK 


The Chase Manhattan Bank. N.A. 


11 *DECEMBER 197 B 


The Taiyo Kobe Bank (Luxembourg) S.A. is open for business 

as of December 15, 1978 

at Central Parc, 33, Boulevard du Prince Henri, 
Luxembourg, Grand-Duche de Luxembourg 

Tel: 25455 Teles 2466 TMKQBLU Cable: TAIKOBANK LUXEMBOURG 


The Taiyo Kobe Bank (Luxembourg) SA 
j has been established in Luxembourg as an 
important link of its international network offering 
financing sen/ices to the international business 
community. 


Chairman: Eiichi Nakamoto (Managing Director of the TKB) 
Managing Director: Yoshio Nakanishi 


Activities: 

Medium- and tong-term Euro-financing. 

Import and export financing. International syndicated loans. 
Eurobond and new issue syndications (including managing and 
underwriting international issues and private placements). 

Any other international banking business. 


A name you can bank on. 


TAIYO KOBE BANK 

Huad Office: Kobe. Jotwn Headquarters: T-i.-.-o, Kobe. Japan 


Al » 









Coapanies 
and Harfats 


INTL. COMPANIES 



recovery from several ye ... 
under-used - capacity * and 
squeezed margins that have 
afflicted most of the West 
German engineering sector. In 
fact, the deputy chairman of 
MAN. Herr Gerd Wollburg, 
points to several factors that 
weigh heavily on the company's 
expectations for the current year 
and make the management 
doubtful that next year's profits 
will match last year's DM 87m. 

New orders in the first four 
mouths up to October 31 were 
down from DM 1.6bn to 
DM Ubn. while total orders io 
hand dropped from the un- 
usually high level of DM 6.1bn 


especially difficult fpr&.«rmiq»iflur -nwaww;. ..--‘V ':-vr 

{represented in so many different:': Past expenencehas taught 
branches of a com$Jes industry: 7M.A.N. the necessity of America. 
At the centre of MAN'S present involvement before any . sub- 
plans are* of course, its strength- stantial expansion of ua; sales 
erring of ftnks with other nwtar ; r caB be expected. It bas oeen 
manufacturers. 'Tine range of victim of what Herr Moll cai» 
tonne trucks being built fin cpn-^a "tacit “ buy American •” policy 
junction with Volkswagen Walt' an the heavy turbine sectorj.-anu 
be pr ew*^*** autumn, -w hp teThough it considers . that U.S. 

MAN is also extremely wage costs have only become 
optimistic, about its nevAy-cm -’ attractive relatively recently, it; 
eluded cooperation with: White clearly has further plans in inmd 
Motors of the TJ.&, in whseh it’ for assembly of heavy machine?, 
holds a 12.5 -per ceot stake. ■ in the US. and Canadaas well' 
Yet vehicles, whale ithe most ..as Brazil. L* . 

prominent -area of the MAi^ -For some products, such -as- 
group's recent expansion, are diesel engines, MAN. believer 
not atone. The company hay ajso that manufacture in West Ger- 


_ to 
Ger- 
r4ent 

o£*toe ^.'M^Jt' gnmpS^idfes In’ 
this area are dependent bn the 
energy 4s£3nstrie5, ; 'totdvtod con.- , 
tinning’' freeze in. .batif ctrirven- - 


. Plant :'£0r; a fodastiy- 

also ' remains to JLow. -demand, 
with hop e stfll . mainly .plnaed 
to - exports. : UHS^SterKTadg i*>a 
major contractor ■ “v'f oc. 4 --. the : 

Nigerian 'warri coin pfex,krf 'which . 
Herr Moll would say- only that. 
- it-isr«p-aecBe^4haA4he- Chanc- 
ing of this project remains some-' 
thing of a problem.”^ 


Creditor aid Foreign stakes iii Van Doome 

for Reksten BY CHARLES BATCHB-OR', - " //Vi; . . . ^’jV; 


until 1981 


By Fay Gjester 


AMSTERDAM — Fiat 'and by the Dutch state. The family Banatea. managing director of 
Borg-Warner Corporation Will will slightly increase. jts 'Sp^ VahtiimcrDe said. - . 

in v,n- cjai stake although in percentage--. Tie- - c mew partners . . intend 
take a substantial stake SSi^fiirtl^.to. develop, produce and 

Doornes Transmissie. Wtucft Thi> clsttWKniHfnii wilt marteM- thp- Thrniij*- 


per cent. The stated holding, will 


OSLO— Creditors of the crisis- ^ developed a revolutionary be halved to 12* per cent. 


the Trananatic 


world:' through 


througb- 
Rh -Van 


hit Reksten tanker group, among automatic transmission system. In line with the Bptcfc govern- Dqorue, -which Will retain eXclu- 
them Hambros Bank and the — the u transmatic." The two ment's ‘‘ spearhead ^- '- 'ipoHcyi- sire.T^^ tQ .tlin know-how and. 

Norwegian Aker shipbuilding companies believe that the which aims to ; pafents-LOver'die next years 

concern have put the seal on 9 Dutch company's continuods^t development ef neW andtotonis- toe- company, expects its work- 
months of negotiations designed variable transmission system & ing economic s^vitlesfc-.TitlrWiU f or<^ ^t^-xomainj-around_at 150 
to keep the company afloat until the most advanced of its^ kind provide a subordinated Tqah' of iii. Perm it could. 

eod-1981 at least to the world and that it could "Fk 25m and : a- ^development expand 506/ ;Grven the high 

Under a deal between Reksten, become toe next generation of- credit of Fi 10.4nv .3Doorae 

the Norwegian Guarantee Insti- automatic transmissions. Van. promised suppoA . under ‘ its doe^ in# profits 

tute for Shipping (GI) and Rek- Doome said today. • •- regional developmeni- sdaeme: . for 'sererOl ^Mhstra 

sten’s creditors, the 61 will con- The Italian car group and The agreem^t is' of - ftmda-Asaiir ^ .;; >**; r * , - ’ ; ' . 

tinue to meet Beksten’s liquidity Borg-Warner, which already mentaT importance; ^ to iutiirer' rVsii ^BoniTie^ireceDQyyfon^t a 
requirements torough 1979. manufactures automatic trans-\groyth of Vah. Doam e, thfl re m-' ctHuy ^.Swedish 

Durin® 1980 and 1981 all the missions, will each pot up r pany said: TheO Trftnsaiafltf caf ^toa^ef ,.V^ftyo } ''wtu : Ch' sought 
creditors will share the burden Fl.14.4m (87m) to acquire a 24 system can ^be used In ra^ cbB^pTeferential^ YightSrte^jd Trans- 
The arrangement assumes that P er cefl t stake each in the sbarerinercial vehicles and for' indag-, uifltig syastan. ~V<d<w^gtimed it 


t 

■ t-Y i 


tel 


by 19S2 the Reksten tankers will capital of Van Doome which: -trial . purposes.- had^ acqtun 

be earning enough to cover ^ be doubled to FI 60m. ^^wtoesofead acceptanc^1n-iiffl^^ua^lwti>?' 
their operating expenses and Company is at present 75 - per trial applications, to^the-past^twb-^t 4 .^itt^ 
interest payments on outstanding ce ®t owned by the Van Doome years and has been ^old in most in ==‘Van , vD 
debt, as well as being able to family with the remainder owned parts of toe world,; Mr. S. appeal. .- •> 
be trio renavlne caDital. The 1J - £ - , : : j •- .' j ~' ■ : - . • - ■ 


saCfjWwhen ' 'It 
pf*Bfwon too- 


l’s-' favour 


: decided r 



BY WILLIAM DULLFORCE 


fell •*■■■ • Mr ^ * •‘■w , V . ■* ' 

.X ,*• - =«.' y v . ■ 


begin repaying capital. The : ^ r - ; ;; ‘ , 1; ' . 

•*£ saspzz rerstorp sees . iurtner gains: 

week, relates to the 12 tankers ■ • 

owned by toe Reksten ctunpanies BY WILLIAM DULLFORCE '■ - ‘ •• ■ r.-.V? 1 ' 

Trajan and Hadrian. An LNG • - 

tanker. the Lucian, is excluded STOCKHOLM — Perstorp, the tog for last year's bonus -issue, new faotoiy .in .rBrariL which 
from the agreement, which has Swedish chemicals concern, It also recommends a one-fOr- already contributes 4B per cent-' 
taken mne snontos to negotiate, anticipates a further advance in five. rights issue! at SKr l30 com- to group chsts anffprdats. New 
Last March, toe GI invoked its earnings in .the current year fol- pared with the. present: stoek-lamiuatex -are being developed 
right to renegotiate its existing lowing a 43 per cent gain in market place of SKr 220 a share. and^the -Company is looking at 
guarantee commitments on a 1977-78. This would raise toe share capitaL alterhatives ;to melisuiol and 

loan of some £70m to Reksten. Where uncertainty lies, it is to SKr95m. -^ tiierinoKpIastits- as raw Tiiaterials. 

after a steep fall in tanker in the future performance of the Perstorp had a return on total In Peimovo,- the -grongXresearch 
values bad substantially reduced dollar on the exchange markets, capital employed of l4-‘per -cent and^ r develapineat j -BUbsidiary, 
the value of the Reksten ships as it is stated in the shareholders’ in 1977-78 and a return on. equity several -new pro duels -are -ripe 
security for toe loan. report for 1977-78. But Perstorp of 16 per cent, both within tiie fur introduction Jo jthe market 

A Press release by the GI said is traditionally cautious in its Target brackets set by managing amE- will cafll -for -substantial:, 
the new agreement involved no forecasting and expectations are director. Karl-Erik ; Sahib erg. investments. 
additional risk to the Institute, optimistic. Profit generation was the highest Mr., SaMberg aiso pointed to 

provided that the value of the The 1977-78 report switches this decade and sufficed to coyer the -. need- fit. maintain': a .high 
Reksten ships and their earning from -cost-calculated to planned all investments and expansion .to equityratib.if Perstorp- istobe ■ 
ability did not change. On the depreciation. After adjusting the working capital. .... .> - able toiiorrow' abnwS to flnknce 

contrary, it represented an results of earlier years, pre-tax The hew share issue Is seen as its expaoshm^ most of which will 
improvement of the GI situation, earnings show a SKr 28m growth preparing- for the strong espan- take place .outside. Sweden. J He 
in the event of deFault on the t0 63m ($21m) in the year sion exacted to the next few.' mentioned .the, middle. -And. Far' 
debt ending August-. 31. Sales were years. “We like lo go to the East as areas, . 'mVWhlch. the 

up . by 24 per cent to SKr l.lfibn market in advance , n Mr. Saizl- group could be seeking -expan- - 

, . (S260m). berg ^aid-yesterday. . “We have sUm. Perstorp' Glrc3dy a 

W SinnP.PnillpnP The board proposes to pay a several projects ready for de- sales office in Singapore and is 
iXUUUv A UlUCUL dividend of SKr 4^5 a share, an velopment” • particularly- interested in toe 

cLroomlinnc increase of SKr 0.92 after adjust- A site iias been boug&t.f&ra ASEAN jnafkeL.r . .. . ; 


‘U 


Jjif 


J - m. ,. m 




1 ■ - 






Rhone-Poulenc 

streamlines 


By Terry Dodsworth 

PARIS — The ambitious job- 
creation plans of Rhone-Poulenc, 
the French chemicals group 
which is in the process of re- 
organising its troubled textile 
interests, have taken a' further 
step forward in a co-operatioD 
agreem%nt with Informatek, a 
small medical diagnosis com- 
pany. 

The two groups are combining I 
to create a manufacturing con- 
cern, Informatek Industries, 
which will he based at the 
Rhone-PouJenc textile factory at 
Besancon. This is one of the 
factories which is being con- 
verted under toe group's plans 
to streamline its textile activi- 
ties. 

Although employment in the 
new plant will start with about 
60 people, against the 1.850 wor- 
kers oow engaged at Besancon, 
both partners are hopeftii of a 
rapid expansion. 

Informatek designs a range of 
sophisticated, computerised 
medical diagnostic machines 


AEG-Telefunken sees loss 


ISIRE! 

AH 


BY OUR OWN CORRESPONDENT 


BONN — AEG-Telefunken, the 
West German' electrical and 
electronics - group, expects to 
show a loss for 1978 of between 
DM 300m and DM 400m ($1.55 to 
S2.1m) the chairman. Herr 
Walter Cipa, skid in Berlin this 
week. 

Herr Cipa insisted, however, 
that despite these losses, and a 
probable fall in both orders and 
sales in 1978, the company had 
come “ a whole lot further " in 
its efforts to . regain financial 
health after the very severe diffi- 
culties of the early 1970’s. 

The chairman announced that 
AEG-Telefunken has now set 
itself the goal of resuming divi- 
dend payments in 1980— a com- 
mitment be was' unwilling to 
make when the; 1977 final results 
were published last May. No 


dividend has been paid to the 
estimated 280,000 shareholders 
since 1973. - ' 

Herr . Cipa declined " to give 
any information about '• the 
abrupt departure of an AEG- 
Telefunken main board director 
and two otoer senior executives,, 
all of whom are leaving the com-' 
pany at the end of this month: 
Herr Alexander Lautenbacb. has 
been; main board director .’■-in 
charge of planning. and organise.-^ 
tionaj: control, a central post' to- 
the light . of . Herr Cipa’s "five- 
year— plan . to .tarn AEG-T*ler’ 
funked round "and to transform 
its structure. 

Herr Helmut Garbers : has 
been chairman of the energy 'and 
industrial ' plant construction 
division— an area in .which Herr 
Cipa said . AEG-Telefahken’s 


■ sales were down 17 per cent this 
year- as toe result of stiH defi- 
cient investment intentions -on 
toe part of industry:- -'•-/■ .... 

. Baron Jodchim voru’ de . lOsten- 
Sacken has ', been- production 
director of AEG-Teief unJcea ’s 
. consumer goods di vision. JNo new 
details. of this area -of to# com- 
pany's activities were provided 
by Herr Cipa, . but the group’s 
interim, report to: August stated 
that espaefty-user^kas run- 
intoglow.-As He^CIpa- repeated 
■pus objectives 

; to , reshaping 3s to • 

reduce the relative importance of 
consumer goods arid to build up 
industrial eqaijanenit to about 
half of group ^turnover 

At the; satoe time a new dlvt 
rion for “ leisure electronics" Is 
being-set. up; , V V-' . . - ; ; 


> -'I 


Swiss capital 
market plans 




By Our Financial Staff 


ZU RIC H-— Some SwFr 1.35bn, 
or $790m, of net new funds will 
be raised on the Swiss capital 
market during the opening 
quarter of next year. The Swiss 
new issue authorities have 
approved all 63 new bond issues. 

Overall funds being raised 
amount to SwFr 3.45bn which 
roughly a quarter more than that 
raised during the opening three 
months of 1978. But tho’ amount 
of so-called conversion bonds has 
moved up sharply by SwFr 750m 
to SwFr 2,lbn leaving toe net 
figure broadly unchanged. 

Conversion bonds involve the 
maturity or premature redemp- 
tion of securities for the same 
borrower. The trend to con-, 
version loans has been heavily 
fuelled this year by the decline 
«n interest rates' in Switzerland. 
Over the past 12 months average 
bond yields have shrunk from 
422 per cent to 3S1 per cent 
according to calculations by the 
Swiss Bank Corporation. 


Caisse Nattonzde de Credit. Agrictde: j r 
U.S. $50 millibn ^ i \ ^ 

Floating Rate Notes due i?84 : , . a 

In accordance with condition the tfbtes, ' ' 

notice is hereby given that for the six months period ; . 
15th December 1978 to 15th it Jun.e .1979 Notes. € V 
will cany an interest-rat© of. 


Ia dii 



Relevant interest payments will be as follows-- • • ; - 
. Notes of U.S.$100a=- US.$f5O^7. - v 


THB3 FIRST NAOTON^ OF CTOC^BO' 1 


Agent Banfe '*•" '?'r 




ste f - 

■0^ k;--- 


• . •• *• . ■-^'7' '' 1-: 








s ‘2&: t 


' UfcjU 

J. v W.V« • 

sis 


®*ij 


•^ - jtJeteartJer 1 1& 1978 


'o-* 


••i.--.-. v-,t- .-.V V: '.VV.7'--;V- rr .* - 




>- 7 -' l.-Ae? 

■, ;<% 

. • i - .. 


A; 




an Don 


; 

" 3 

./ '£ 


r gains 


\ •• TOE CHICAGO- Board : : cf «m tie -bratigfitr; ; .tq Aoodpn. It 
-- ; .> Trade’s r^wey.intorSet^fe.^a: 'is' ^leinjg jMdeCpy.^Mn John 
lam rta/tKe^reftlme^'yi^torl Banting. -wr^nff^K-'ijieinft'er of 
. ''• - -leaders : clustered \taKpiti -yeti .-'ConOCommbdity'' T‘ -Services in 
and gesti„cuiate> at; earf?_‘o ther, <3ii ca go. wbp.- fe expected to 
: messengers? race^round 4lutcfci- put forward a .strongly- positive 
ling jRsfhti£ of. paper. Above ■ it recommend* dob? - 
‘all. ~ giant electronic boards. Financial', it^Jhterest rate. 

- flidfer the latest prices for futures tfere-fleyisedjra a means 
' - everything - from frozen broilers -for banksO ^institutions anti 

v to', plywood. "In ' a. smaller ad- businesses -Jto/’ protect them- 
. joining .Togni.'thei ^same .noise selves agaipst" -ebang es i n 

' taud. ' • confusion ' prevails:.' Bat." i nterest rates: "it ' aV'tim e when 
what Is lraried7here is uot quite they fluctuate ..’-much more 
as earthy as .soya beans or grain; --sbaTply • .than Jin." the past. It 
7 - it Is" interest rates:;/. - A •-•■: :.*is no- accideiTrrthat they are 
■ According to the UBOIV in- traded in - coxnippdSly markets 
terest mes futures axe the fast; 7*tce "they - axe >6ased on pre- 
estr growing market In’- the U;S4 cisirfy the same . -hedging con- 
ami ' that small. - ‘tisdiAg? Voom-cepts r that' 1 underlie f u tu res 
will soon 'De' , roo; smaIL: ^oh?e trading ., in 7 ttadmonal com- 
traders sa^'ytvHhe greatest modities^ such as,Csay. maize. 
thing since~;bufTereti popcorn. In this market money Is treated 
py.y . . like a commodjty,'-.and the 

- T.r*riiffYn ‘ interest on it isitsprice. 

" u «HV«. :v . i The broad Idea -Is that an 

Hyperbole aside," the idea of organisation which expects to 

dealing in interest rates" futures be buying, or selling "interest- 
appears _th be overcoming the bearing Instruments such as 
suspicion that greeted its ap- bonds some time.ih the future 
pearance -three years ago, and should he able, to protect itself 
several proposals are afoot to against any unfavourable shift 
trade them more- widely, both in interest rates that occurs in 
in the U.S. and. abroad- . the meantime. . • 

The - - London international A future borrower wanting 
- Clearing House, a UDT sub- protection against rising interest 
sldiaxy which/ provides clearing rates, buys bis futures today 
facilities. 7 for - the " futures and thus locks frimS elf to the 
markets in London, has com- going rate. If interest rates then 
missioned . n report to . see. go up, he sells profit and 
whether this sort of trading appDes the process to reducing 


: a growm; 


9 a 


By DAVID LASCEU-ES in New York 


the cost of his borrowing. A 
future investor wanting to take 
advantage of high present-day 
interest rates, sells his futures. 
If interest rates then go down, 
he buys them back at a lower 
price, making a net profit which 
he applies to enhance the sum 
he is investing. In both cases, 
of course, the borrower and 
investor stand tu lose money 
if interest rates go the other 
way. 


Mortgage 


At the Chicago Board of 
Trade, the largest of the existing 
financial futures markets, inter- 
est rates futures trading is based 
on three basic units: long term 
treasury bonds, 90-day com- 
mercial paper issued by prime 
U.S. companies, and General 
National Mortgage Association 
Cert 5 ficates (known as GNMAs 
or Ginnie Maes). Ginnie Maes 
are the busiest market These 
certificates have no paral'c! 
abroad. They represent refinanc- 
ing by the banks of their mort- 
gage lending to home owners 
and are guaranteed by the 
GNMA, which means they have 
“ the full faith and credit of 
the U.S." behind them. As a 
rule, banks lump their refinanc- 
ing together Into tradable 
amounts, say $100,000 worth, 
and then issue them as cer- 
tificates on the secondary mar- 


HOW INTEREST FUTURES WORK 

A “ PERFECT ” LONG HEDGE 
A DEALER holds $10m worth of 180-day paper on February 15 
which he intends to sell on May 16 as 90-day paper. The 
prevailing rate on 90-day paper on February 15 is 5.4 per cent, 
and June commercial paper futures are trading at 5.G per cent 
To hedge against adverse interest rates movements, the dealer 
bays $10ra of Jane futures. By May 16. rates have risen as 
the dealer expected. To selt the paper in the cash market he 
must discount it to the prevailing rate of G per cent. But 
assuming that the June futures have followed suit he can 
sell 510m worth at 6.2 per ceut'for a profit that offsets his 
losses on the cash market. 

A - PERFECT ” SHORT HEDGE 
ON MARCH 1, a bond dealer with an inventory or $lm of U.S. 
Treasury Bonds with an 8 per cent coupon and 2»-ycar maturity, 
sees their current value at 99-8/32 to yield 8.07 per cent. He 
must bold on to them, but fears that interest rates will rise 
and their value decline. So he sells bond futures contracts 
equivalent to 81m at lbc prevailing rate of 98-16/32 (yield 
8.15 per cent). As he expected, the bonds' value dees drop by 
five points. He sells his bonds at a $50,000 loss, but the valne 
of the futures be sold has since dropped to 93-16/32 (yield 
8.G9 per cent) so he bays them back at a profit, offsetting his 
loss from the bond sale. 

CAUTION 

THESE examples are supplied by the Chicago Board of Trade 
with the warning that the dealers conld equally well have made 
losses if interest rales had Got moved as they expected. 


ket These certificates form the Jusl as grains come in lots if 
basis of the futures contracts. 5 000 bushels of a given quality, 
Financial futures are traded all U.S. Treasury bonds, for 
like regular commodity futures, instance, are traded in units of 


S 100,000 face value, not matur- 
ing or callable for at least 15. 
years. Very few of the trades 
actual ly result in deliveries: 
over 98 pct cent are cancelled 
through reverse deals. But the 
possibility of delivery, however 
remote, keeps the market in 
order. 

Like the regular markets, 
financial futures markets are 
made by both dealers and 
speculators. Although the latter 
come and go as they please, 
they play an essential role in 
keeping the market liquid. 

Financial futures had a 
sticky start, with potential 
clients plov/ to make use of 
them because of ignorance and 
mistrust. When the first Ginnie 
Maes were traded in October 
1975, the financial community 
“could not decide whether we 
were a gambling saloon or a 
load of corn dealers with funny 
ideas — but either way they did 
not like us,” one dealer recalls. 
The federal monetary and bank- 
ing authorities viewed the 
novelty with a distinct lack of 
enthusiasm, which lingers on. 
Banks must get permission ;o 
trade in financial futures, and 
there are restrictions on what 
they may do. 

But by dint of energetic 
marketing, business was gradu- 
ally built up. This year the 
number of contracts in Ginnie 


Maes climbed lo .irmind six 
figures a immlh on the CBOT. 
more than doubling last, year's 
volume. In October, there were 
about lll.OOlt trades, compared 
with 252.000 in wheat, the com- 
modity that came closest. 

According to Mr. James Mar- 
zano. a dealer with Sioilcr and 
Co, the most active participants 
are small and medium sized 
banks, tliuunli big banks have 
also shown interest. 

Among the very big hanks 
already using the market. 
Citibank, the largest in New 
York, is prominent, though 
there was initial resistance 
partly because of financial 
futures’ gambling image, partly 
because they were viewed as 
competition. 

Opportunities 

Although most people come 
to the market tn hedge, this is 
far from the only attraciion. 
There are possibilities for 
arbitrage as spreads open up 
between fairs on the fulurc-s 
and underlying markets. 
Citibank lias programmed a 
computer to spot such oppor- 
tunities match them against 
the bank’s portfolio, and make 
a buy or sell recommendation. 

The Chicago Tioard of Tradv 
and other r, ::cHa:-ises which 

trade in financial futures 
(mainly Chicago’s Mercantile 


Exchange), have plans for new 
contracts based on different 
instruments. like four-year 
Treasury notes. 30-day com- 
mercial paper, and even three- 
month Eurodollar certificates of 
deposit. The- latter, which 
would be in basic units of 
$100,000. arc specifically de- 
signed to attract foreign 
interest. 

Put the authorities* lingering 
doubt about these market casts 
something of a shadow over 
their fuiure. Mr. Michael 
P-Iumentlial. Secretary of the 
Treasury, earlier this autumn 
called for a fuller examination 
of their imnaut before more 
contracts were approved. 

The authorities arc concerned 
about the possible effects of 
financial futures dealing in 
federal securities on the 
Treasury's ability lo manage the 
public debt. 1VI11 it have to 
tailor issues nf notes and bonds 
to suit the future markets? 
What if it wanted to withdraw* 
certain rerun tier, from the mar- 
ket’s Would that bring about 
i he cj!!ao-c of rhe futures mar- 
kets based un them ? 

Non? «;f these questions have, 
as ycr. been anr.verod. The ex- 
changes then selves have ponh- 
pcohed th-Tc fear*, mainly on 
the ground-, that the markets 
would iy any changes in 

treasury financing habits. 


■ ■ ,-j -j.\ ■ 


; ff . 

; :■ > 1. : • 


rc-.- 


■Mi 





; " 


Possibility 
proof 


Columbus 


; . 7 ' - For many clderly ftcople, going into a^Horne” 
seems likctbeendccTthe world. ' ,v 

... Nevertheless, our headline is a typical quotation 
&oin one of our residents’ letters. .4 

; The Distressed' Gentlefolk’s Aid .Association runs 
a particular type qf Home for a pafticuJai type of person. 
Not just what is implied fay, the ‘Gent&Eblk* in our title 
but anyone, man or woman, who \tciU ‘iit-in’ with our 
other residents. ^ 

Wehave 13 Homes in.a1J.5ome Residential, some 
full Nursing" Homes; Anyone who needs a Home but who 
lacks the necessary financial resources can apply to the 
DG AA for help* 7 

Places arc short; because money is short. Your 
donation is urgently required. And please, do remember 
the DGAA when making out your Will. 


Many clever people in 1492 
entertained the possibility that 
the world might be round. But 
Columbus took the first 
important steps to prove it. 

And on October 10th, 1977, 
NEC provided dramatic proof 
before engineers, scientists and 
communication specialists from over 80 nations of what they all knew 
was possible. At INTELCOM 77 :j; in Atlanta, U.S. A., NEC was the first 
to actually send color TV images, voice, data and facsimiles across the 
ocean via a single phone cable and INTELSAT's Pacific Ocean Satellite. 
The experts were impressed that NEC activated its Tokyo computer 

from Atlanta, had Atlanta inputs 
processed in Tokyo with the results 
printed out in Atlanta. And NEC made 
all its own hardware — computers, 
phone switching systems, facsimiles, 
and Telephone Video Systems. 

There's more. 


AID ASSOCIATION 

VICARAG^G ATE HOOSE. VICARAGE GATE, 

- - KENSINGTON LONDON WJ4AQ 

“Help £heria grow old with dignity 








The Financial Times 


“..continuing development in the U.K. and overseas 




Sir Michael Merries I ! .'D Chairman 




The Annual General Meeting of the Shareholders of 
National and Commercial Banking Group Limited will be 
held in the North British HoteL, Edinburgh, on Thursday, 
11th January 1979, at 12 noon. The following is from the 
statement by Sir Michael Henries, OBE, MC, LLD, 
Chairman of the Board. 


vital to reduce taxation, strengthen the often tenuous -link 
between effort and reward andsecure a wider recognitzon of the 
necessity for greater profitability^ :■ ‘ - v - - ' y,'' 


TOE YEAR’S OPERATIONS 

The 5 per cent, increase in pre-tax profit for the year to 30th 
September 1978 has been achieved against a background of lower 
average interest rates coupled with a somewhat greater demand 
for advances. Average base rate for the year was 7.87 per cent, 
compared with 10.71 per cent, in the previous year, whilst the 
average margin between base rate and retail deposit rate narrowed 
to 3.23 per cent, from 3.81 per cent. Our sterling deposits 
increased on average by 16 per cent, compared with the previous 
twelve months, whilst our average sterling advances rose by 
II per cent. The sterling equivalents of average foreign currency- 
deposits and advances showed increases of 9 per cent, and 5 per 
cent, respectively. These increases were somewhat smaller than 
the actual increases in terms of foreign currency as a result of 
changes in average exchange rates, in particular the strengthening 
of sterling against the US dollar. 

Royal Bank of Scotland Group: The operating profit, exclud- 
ing the share of profits of associated companies, was £28,204,000, 
17 per cent, below last year, which reflects the lower average 
interest rates mentioned above and significantly higher costs of 
operation. The Royal Bank’s share of profits of associated 
companies, including Lloyds and Scottish, was 41 per cent, 
higher at £9,398,000. Considerable emphasis has been placed on 
the consolidation and expansion of international operations, 
particularly in North America and the Far East. At home, 
business associated with North Sea oil exploration and production, 
continues to form a significant part of the bank’s activity. 

Williams & Glyn’s Bank Group: The operating profir, 
excluding the share of associated companies 1 profits, was an 
encouraging 4 per cent, higher at £22,815,000 and with a release 
of £5 ,000, 000 from the provision against advances the increase 
was 27 per cent. International business increased in volume. The 
domestic branch network has been further consolidated and 
improved, and new Car Loan and Home Improvement Loan 
schemes have recently been launched. 


recovery in consumer and investment demand. But domestic 
industrial output was slow to respond, imports of manufactured 
goods rose rapidly and the balance of payments weakened after 
the second half of 1977, despite the increasing contribution of 
North Sea oil. In the short term there are two notes of caution 
worth sounding: demand for finance by industry and commerce 
may at some stage bring the banks uncomfortably close to the 
limits prescribed by the recently reactivated supplementary 
special deposit scheme; and current and prosp«sive wage 
demands could well threaten our hard-won reduction in inflation. 
In the longer term, economic recover}’ must depend on a marked 
improvement in our productivity. To stand a chance of success it 


THE SCOTTISH ECONOMY : - : . V 

Movements in the Scottish economy have broadly paralleled ; 
those in the UK as a whole, and there must likewise be doubts • 
about the durability of the 1978 recovery. The direct benefits of 
North Sea oil for Scotland are probably at or past their peak, and 
it is now more important than ever that the indirect benefits to the 
balance of payments and to Government finance are used 
judiciously. - *] ' 


Salient Figures 

Group profit: 
before taxation 

1978 1977 

£67,385,000 £64,095,000 

Profit attributable to 
ordinary shareholders 

£32,645,000 £27,329,000 

Earnings per 25p ordinary share 14.2p 1 3.4p 

Dividend per 25p 
ordinary share 

Z94p 2.6329p 

Deposits and customers’ 
current accounts (including 
notes in circulation) 

£3,975,965,000 £3,455,933,000 

Total assets 

£4,439,045,000 £3,882^71,000 


BANKING DEVELOPMENTS / x ^ 

The banking industry is now more subject ^to Government ' ; 
intervention thauever before. In the field of monetary control' the 
supplementary special deposit scheme is inhibiting 
among banks and encouraging the use of less efficient channels ; f ; . 

for finance outside the banking system. We hope thatthisr device ;-; VyV.-. : 
will prove to be no more than a temporary expedient. The Price -; . 
Commission’s recent Report on bank charges confirmed that ; 
these are not excessive , and that in most respects our mbney 
transmission services compare favourably with, those, abroad// 

The Clearing Banks are currently considering, the Commission’s ;■ V f ’ ■ 
suggestion that we should disclose our general provisions against . 

bad and doubtful debts. The Banking Bill foreshadows . major " 
changes in the supervision, of all deposit-taking institutions; We * . ~ 

welcome the role that the Bank of England is to play, but feel that , 
it is inappropriate for theGfearers to subscxibe to tEe prqposed - ^ •• 

Deposit Protection Fund, as our depositors are not at risk under . 
present arrangements. - 

A prodigious amount pf tune. and effort has teen- -devoted- to '. - 
producing the evidence and. information yreqinred;; of ‘ ii4, 1 ." r - 
including detailed submissions to . the Wilson ^ Comhuttee by 
the London and Scottish Qearers. I look forward to the time; ; .V ■■ - 

when our hard-working staff can settle .down'again 7 ^ . 

their undivided attention to our customers. ' ~ 


Highlight I 


Ltrjs- * 

^ /■ .. * 


THE ECONOMY . 

The record of the UK economy was mixed in our latest financial 
year, but on balance there was a welcome improvement, most 
conspicuously in the rate of inflation. There was also a marked 


Copies of the Directors 9 Report and. Accounts containing the 
Chairman's full statement may be obtained from The Secretary, 
National arid Commercial Banking Group Limited , 36 St. Andrew 
Square, Edinburgh EH2 2 YB, 


THE FUTURE . V ^ ; '• ■' \ . : y */< y . * ■ ^ 

Despite the problems faced by the UK /economy, it remains 
almost certain that the demand for wider and ; better banking 
services will increase. Our Group is well placed to.prdvide these 
services competitively and to playan exp andmg rifle in a growing 
domestic market. Abroad/in the past year we have ; niade smaU 
but useful advances in actively developing biir'presence.Tn short 
the Group is set on a course of continuing development in ;ther 
UK and overseas. ’• - ... •.> 


■ t r... "-‘L. 


15th November 1978. . 


"4 tsr£:; ; .- > 


National and Co 


The Royal Bank of WILLIAMS & GLYN’S 

Scotland Limited BANK LIMI1HI 


y-y . .-yi, 

■ - vy ? . v : y'- -yip.. .yMirji] 


t 





I?. • :•• ’> -/•• \rr. *,XA<.-*\Z$ i-. - - 5V= - : •:• 7 , . , . 

^/^iv rr;- Y-V : '•, •._•;;•"■•• •: 

I : - i " 'Friday " December 15 1978 


J^-il 




1 /Friday ; December 15 1978 S^Hsas^Sj 

ialSSBiiittBK^nONAL COMPANIES and FINANCE 


o-*L^a- 





Ws 




[■rt. H 

FT * ) 


**:li - 


n t 1 ^4 -4 ^ Lrff f -1 *1 


IS 






-•. • -BY1H..F. USE ^ 

SINGAPOKEr^-Slngapore Air? pore Interbank .Offered Rate, at 
lines is -negotiating with several the option of the airHhe. 
banks -for a farther U.S.$S00m Mr. HoWen would not. how- 
worth of loans to finance the ever, reveal <b« aetnal rate 
expansion of iw fleht, following charged . •; • • '• • 
the signing today: (Ifcursday) of The loan Is NatWest s largest 
a SI 00m loan- agreement with the ever direct loan to a single cus- 
: National Westminster Bank. . , tom er, and is fbr the purchase 

r, rha hemitiatlons 'are expected of Boeing 747- aircraft. 

to-be completed by the middle of . TI Je loa ? 2?V«Snte”nI n !a£m 
next year, and. the funds, are in in four lnstdm^nte frf . $25m. 
, addition to loans which SIA beginning at the end _of this year 
-expects to receive, from the .US, ^d^nd ing m Axuji&lS79. 
iQrnrtrfTmhnn Bank. SIA has earlier committed 

nfiereA itself to purchase ZS- aircraft - 

cr^^o?^ n J.^ a ^» t n ,Vs* 7 ? seven DC-lOs, l3 : Boeing 747s. 
SXA a $91mten-year loan_at 8 ,375 ^ 7276 . 1 ^. at a total 

per cent interest. EowevevSJA cost s of ar0U nd USSUAo. 

vraa o rvi' S -f The NatWest loan fs'the third 

SSSV diwnJ«iS^ ently loan to be concluded by SIA 
.holdiBg. former discussions. 0 v 6r ^ past njont^for its fleet 

. SIA’s massive financing require-, modernisation .and. facilities de- 
ments have t attracted consider- velopment programme, and the 
' able. fhterMt.Tunong- banks. The flyjt specifically- for the purchase 
aniline, considered a prime name of Boeing 747 : aircraft 
-by bankers, Is currently being * * 

wooed - by several banka. But SENGAPORE-^-Mbtro Holdings 
hanking'; circles saul that the departmental stores pre-tax 
- terms indicated by SIA appear to profit for six 'months ending 
.be quite stiff. . ... . - September 1B7S rose to 3.1m 


Pakistan 
m$ 100 m 
deal with 
Saudis 

By Chris Sherwell 

ISLAMABAD — The govern- 
ments- of Pakistan and Saudi 
Arabia have agreed to estab- 
lish a joint stock company 
with a share capital of SI 00 m 
whieta will Invest in agricul- 
tural and industrial projects 
In Pakistan. The agreement 
comes only two months after 
Pakistan and Libya, agreed to 
form a joint holding company 
for similar purposes. A third 
agreement with Kuwait is 
expected soon. 

The agreements, which are 
regarded here as a sign of the 
close ties between Pakistan and 
other Muslim countries, pro- 
vide Pakistan with a useful 
source of foreign exchange. As 
with the Libyan agreement, 
the 50-50 arrangement with 
Sandl Arabia envisages the 
Saudis providing $50m-worth 
of convertible foreign ex- 
change. Pakistan will furnish 
the equivalent in rupees. 

Officials say the new joint 
development company will pre- 
fer private sector to public 
sector projects, a sign of the 
military government's disposi- 
tion in favour of private enter- 
prise in Pakistan. The 
company will also be allowed 
to raise additional capital 
Infernally or abroad. 

Details of development pro- 
jects whleb are under con- 
sideration are not yet known. 
A government spokesman said 
the company wouM be pre- 
pared to involve Itself in “any 
viable project." He added that 
any announcement of company 
officials would have to await 
ratification of the agreement. 

A representative or the 
Kuwait Government is ex- 
pected here next week to com- 
plete details of the $25m joint 
company to he established 
between Pakistan and Kuwait. 

Haw Par Group 
names banker 


State takeover planned for 
UAE banks’ property loans 


LONDON SHOP 
PROPERTY 
TRUST LIMITED 

Sir.Cyri! Black reports on the 
year §nded 30th April 1 978 


BY OUR OWN CORRESPONDENT 


the fc^itywas- unsecured and General Ceramics Berhad pro- 
available for seven years with a- poses a bonus issue of one-for- 
•-- two-year grace-period and at fine one shares, of. 1 .ringgit each by 
; rates.-;' \ .. • the'' capitalisation : Of 2.1m 

The ratewLU be pegged against ringgits;- (UvS^990i783) from 
D . > :^eithef r ,L?BOR- or -SQBOR, Slhga- reserves. yV^--- 


:t >:? eittie^;,LgBOR- or SQSOR, Slhga- resern 

• ••• '- v ' ; 


V- rrVvr?^.' 




Saint JPiian Limited 

" r f 

Group growth repeats / 
pattern of previous years 


Summaiy of Interim Results 



Turnover. 
Pre-tax profit 


6iiiointlt$ 
fo 20/9/78 

9,884,000 

3*90-^000 


6’months 
jio 30/9/77 
£ 

7.159.000 

1.297.000 


12 months 
lo 31/3/78 
£ 

15,392,000 

3,029,000 


SINGAPORE — Haw Par 
Brothers International has 
appointed Singapore banker 
and magnate. Mr. Wee Cbo 
Yaw, as Chairman of the 
group. 

The Board also confirmed the 
appointment of Mr. Stacey 
Ellis as group managing direc- 
tor. 

Haw Par has been without a 
Chairman since March 1977 
when the last incumbent, Mr. 
Michael Fam, left the group. 

Mr; Fam, together with Mr. 
Wee and other bankers were 
brought in to help nurse Haw 
Par back to health in 1975 after 
its well known debacle under 
the hands of former Slater 
Walker executives. 

Mr. Wee is Chairman of the 
United Oi'erseas Bank (UOB) 
group and is on the board of 
several 'major' companies in- 
cluding Store Darby. 

His appointment as Chairman 
of Haw Par, however, had been 
anticipated- for quite some 
time, in June this year the 
UOB group -announced that It 
has acquired eight million 
-shares to Haw Par. represent- 
ing 7.5 per cept of Haw Par’s 
tesuetf capital 

.. Mr. Stacey Ellis joined Haw 
Par- in 1977 from Della Metals 
of .Great Britain, where he was 
the financial controller.. 


ABU DHABI — United Arab the move Is to promote more whose long-term profitability Is 
Emirates President Sheikh liquidity in the UAE market and In doubt, will be taken over. As 
Zaved declared vester-fiaw to tackle the growing disaster yet there is no indication about 

of the UAE property market. In the Government's thinking, 
(Thursday) the Governments Dhabi alone, some 25,000 though one local citizen sug- 
in tendon of taking over all real flats are vacant, and UAB gesfed the new banks may be 
estate and industrial loans from investors have, found that the selective about those loans they 
the commercial banks in the end result of their involvement take over, 
country. The two sectors absorb j n the property market, means Although with few exceptions 
more than 40 per cent nf the they will never own their build- the bankers have welcomed the 
banks portfolios. ings. All rents are received by opportunity to onload the 

The move by tbe President is the banks and current receipts H duff ” loans to the government, 
a preliminary step to tbe estab- from the buildings, some of there is concern about the role 
lishment of two new national which are only 30 per cent of tbe industrial bank, 
banking institutions, one a real occupied even in the capital. In the larger centres of Abu 
estate bank with a capital of barely cover the interest pay- Dhabi and Dubai, the banks will 
9250m, the other an indusrial meats. be able to concentrate on finance 

bank with a capital of 5130m. Tbe property market has of trading, but in tbe less active 
According to reports from the proved an onerous burden for Emirates soch as Fujeirah and 
Government news agency, the some of the country's 53 banks. Ral al Khaim ah, questions will 
bank will take over all loans Many feel their property holdings inevitably arise about what the 
given to local citizens. All can be written off as bad debts, banks will actually do there, 
construction and industrial and welcome tbe establishment Another banker raised doubts 
projects currently being financed of a national real estate bank. that the real estate bank, with its 
by tbe commercial banks are to As one banker put it. “ Now we capital Df S250m could handle 
be transferred to the new state can politely refuse local citizens the existing construction port- 
banks. A special committee has and pass them on to their own folio of $L7bn without further 
been formed of prominent UAE national bank.' 1 Another admitted injections of cash from the 
government officials and local that his profits might fall a bit government He commented that 
merchants to oversee the banks’ “but it was in the interest of “the mover has been ill thought 
establishment the agency the UAE economy.” out conceived in less than a 

reported. There were complaints, how- week. 

The philosophy of the UAE ever, about the manner in which Another felt it highly un- 
citizens who have promoted the the move by the Government was likely that the government 
idea is that they are paying too announced. “ would allow all the rubbish to 

high rates of interest to the com- Two questions arise about how be thrown its way. 
mercial banks, and the president the new banks wilt be used. One u Something has to be done 
wished to create an institution is wether local citizens will be about tbe real estate market, it is 
whereby interest, strictly for- forced to go to the state banks true, but if tbe government takes 
bidden by the Koran, is not pay- for loans, and the other is over tbe industrial projects too. 
able by local citizens. whether all existing loans to wbat will the 53 banks in the 

The commercial logic behind these sectors, including those UAE do ? ” 

Bonuskor is back in profit 

BY JIM JONES 

JOHANNESBURG— Bo nuskor’s Bonuskor has been re-organised interest in pharmaceutical manu- 

new management bas lost little and its loss-making subsidiaries facturer SA druggists, 
time in turning the troubled sold, but the management’s prime Even so, at June 30. Bonuskor 
South African investment coni- objective is debt reduction. With was still saddled with R.4S.4m 
pany back to profitability. Volkskas’s implicit backing and of long- and short-term debt and 

In March this year Bonuskor probable holding of a large. part paid interest of R6.4m in year, 
became a 51.3 per cent-owned of the debt, it is most unlikely 

subsidiary of the hanking group that other lenders will pull out . ■ 

Volkskas and the banking group's *be P* U S- I t, = 

interim report for tbe six months No further stock write-offs 
ended September 30 shows that should he necessary, but debt- 

Bonuskor contributed a profit of reduction in the remaining 

R253.000 ($294,186) during that trading subsidiaries is -needed if November 1978 This on 

period. they are to participate in any 

This in no way implies that the economic recover)’, 
minorities who stayed with the Growing first-half losses in 
company after the change in con- Bonuskor's construction equip- 
trol are likely to sec any dlvi- ment and timber and forestry 
deads on their investment for subsidiaries and the now-liqui- 

the next few years. dated property subsidiary meant Kl IWM 

Bonuskor was formerly con- that, despite new management, 
trolled jointly by Volkskas and the company recorded a R4.8m 
Sanlam. the big insurance group, ($5.6m) trading 'loss dii its finan- 
and the bank bought SanJam’s cial year to June 30. 1978. But 
26.5 per cent stake. This followed by the financial year end, much 
six months of unfruitful dis- of the dead wood had been cut 
cussic?-* between the two con- out of th? company and liquidity 
(rollers on how to turn their improved by a R7.9m i$9.2m) 


-Results for the year 
1978 
£ 


Profit before tax ■ 
Cost of Dividends 
Shareholders' Funds 


652,834 

383,767 


1977 

£ 

538,079 

378,395 


14,940,269 10,741,757 


Property reven ue up from £1 ,26m to £1 .43m. 

Property and investment trading increased to 
£41 2,000 from £342,000. 

Group property valuation as at 30th April 1 978 
amounts totjust over £26.6m. 

Shareholders funds increased from £1 0.7m to 
£14.9m. 

Current gross rent roll approximately £2.4m p.a. 

Increase of about £200,000 in rents receivable 
anticipated for current year. 

Earnings per share risen from 1 .3p to 3.5p. 


mm 


DGB4NK 

DG Bank Finance Company B.V* 
U.S. $50,000,000 Floating Rate 
Note issue due 1 982 

For the six months 

1 5th December, 1 978 to 1 5th June, 1 979 
the Notes will carry an 
Interest rate of 1 2% per annum. 

By: Morgan Guaranty Trust Company of New York, London 
Agent Bank 


This announcement appears as a matter of record only 


KANSAS CITY 

POWER & LIGHT COMPANY 

U.S. $50,000,000 


investment around. 


sale of a strategic 2S per cent 


Hig hlights of Interim Results . 

Dividend - -f.5p per- share interim dividend payable 

on 1 Sthjaouary, 1 979. ' - • - 

Trading - 47% increase 1.n pre-tax profit over the 
corresponding period last year. ■ 

, -Assets'— !Net tangible assets Increased to £1.03 per 

share* . ' . . 

Copies of the, Interim Report and HosuJis can be obtained from 
tba Secretary, SaintPiran Limited, 13 Hill Street; Berkel ey Square, . 

' London WU6DS. ' ' 






SP Fiji sale 

JARDINE 'MATHESON / has 
sold Its 42 per cent interest in 
the rSlinson Pearce Group in • 

Fiji lo Somerset Holding* a - A CIO r»j 
company formed to Fiji by Mr. 

Peter Stinson, chief executive TOKYO 

** U,e -- S £- Gro 1 p tg^SS- Exchange -is 
..Company, This makes the SP investigation 
Grou P uo w wholly-own ed by monopolistic 
local Fiji shareholders. of a^ b 

Jardtoes will retain its Juzenkai g™ 
association with the SP Group Kvodo 'we<n 
through the Fiji Insurance exchange spok 
Company to which both ^ exchan 

Jard fries - and the SP Group ine 

are shareholders, and through 
international Insurance Hold* 
logs in New Zealand to which 

-Mr. Stinson represents 
Jardines as chairman. . 


Zim Israel Shipping sells 
assets to aid profitability 

BY L DANIEL 

HAIFA— Zim Israel Shipping non-Israeli ports, 
company has bad to sell some Tbe company now operates a 
of its assets this year to counter fleet of over 2.25m dwt, with the 
the declining profitability caused fastest business growth recorded 
by the sluggish world shipping in containers. The line now 
market, the . Israeli seamen's carries 50,000 containers. 20.000 
strike earlier this year, a fire - in of thenreompany-owned and the 
one of its container ships, and remainder leased. Zim has begun 
tbe U.S. longshoremen's strike. to have its own containers made 
The company has sold nine of so as to double its slock and 
its older ships and hopes to be reduce leasing costs, 
able to finish the year in -balance. Zim intends to exploit the cur- 
largely due to the building-up of rent decline in shipbuilding arti- 
new freight business in Asia and vity by ordering more modern 
Africa, said Mr. Yehuda ft o fern, vessels, both here and abroad, 
a director. -.Three-fifths of Zim's provided the prices of Israeli 
expected gross income of S500m Shipyards Ltd. are competitive, 
this year reflects trade between JUV. Rotem added. 


Asahi deals inquiry by Tokyo SE 

TOKYO — The Tokyo Stock „ „ .. _ .. . 

Exchange -is — conducting - an-?^ ,,ni v?y n i,-' t < J l o5« 
investigation into alleged bought about 20 per cent of the 

monopolistic buying of shares st , 0cks 1131118 about 

of Asahi Breweries by the (SSIniJ. 


Juzenkai group of -hospitals, in 
Kyodo, western -Japan, an 
exchange spokesman said. 


in The exchange said it could do 
an nothing about large purchases of 
a company's stocks, unless there 


Turnover . 
Pre-tax profit 


6 months 
lo 30/9/78 
; £ ; 

4.557.000 

1.002.000 


6 months 
to 30/9/77 
£ . 

4.125.000 

1.139.000 


12 months 
to 31/3/78 

. - £ ■/,. 

8,659,000. 

2,182,000 


Highlights of Interim Report 
ie Dividend ^-1 .675p per share interim dividend payable 
on 19th January, 197.9. . - - . 

Outlook.-' Higher tin price since August should be 
reflected intheresultsfortheyear. .. 

Acquisition - Tehidy Minerals Limited purchased fcy 
means of a share issue. 

. Copiesrttfrc Interim Report and Restdts maybe obtain^fnnn- -■ 

theSacretary, South Crpfty, Limited, Pool, Rednith, Cornwall TR IS SOIL 


Hong Leong bid 

SINGAPORE The stock 
.exchange* of Singapore said 
trading in shares of Hong 
• Leong Finance and Singapore 
Finance, suspended on Becem- 
*ber 12, 'will resume today 
(Friday). Hong Leong an- 
nounced, on Wednesday that It 
will make . a new takeover 
-Offer for Singapore Finance 
after the registrar of com- 
panies -advised It to withdraw 
. .a; November 29 document and 
issue a new one. 

Renter • 


The exchange has so far not is evidence of price rigging or 
ascertained the extent of the insider trading, 
group’s purchases of the com- The price of Asahi Breweries 
pany*a stocks, but -it has found fell bv Y29 to close at Y2S8 on 
no abnormal rise to tbe price of the Tokyo Exchange yesterday 
thp stock, he said. after the newsnaper report. 

« A sP°K«man for Asahi 

in the .national daily Yomkun Breweries siid that the enm pany 
_ _ had been keeping a close watch 

Profits Op at CjrakKl nn the situation. 

TOKYO — Nippon Gakki, the Reuter 

major Japanese musical instru- 
meat maker, raised net profits 
to Y3.rb<n fawn Y2J25bn .... 

In the half year to October 31. m( 

Sales totalled Y1378bn against I . 

Y138.6ba the year before. ■' 

For the current fiscal year I 
ending next April 30, the com- I 

pany is' forecasting net profits of I 

YfiAbn against Y4.6bn. Sales I 

gbtnzUl rise to Y270bn- -from I 

Y271.3&IL 1 

tAPiDJ 1 


Term Loan 

Managed by 

Merrill Lynch International Bank Limited 

• Provided by 

The Bank of Tokyo Trust Company 
Dai-Iciu Kangyo Bank Nederland NV 
Merrill Lynch International Bank Limited 
Midland Bank Limited 
Union Bank of Switzerland 
Allied Irish Investment Bank Limited 
Bank of British Colombia 

The Bank of Nova Scotia International (Carabao) NV 
Credit Commercial de France New York Branch 
The Fuji Bank and Trust Company Grand Cayman Branch 
Gerwssenschaftliche Zentralbank AG, Vienna 

Girozentrale mid Bank der osterreichischen 
Sparkassen AkdengeseDschaft 

International Energy Bank Limited 
Norddentsehe Landeshank International S.A. 
Privatbanken International (Denmark) S^A. 

The Riggs National Bank of Washington, D.C. 
Societe Generale (France) Bank limited 



This announcement appears as a matter of record only 


CREDITANSTALT - BANKVEREIN 

U.S.$40, 000,000 floating Rate Notes, 1981 . 

Notice is given pursuant to condition 3 .(fi) of the terms and . 
conditions of the above-mentioned Notes that the Rate of 
Interest (as therein defined) Tor the Interest Period (as therein 
defined) from 18th- December, 1878, to 18th June. 1979, is at 
the. annual rate of .12$ per cent. The. U^. Dollar -amount to. 
which the holders of Coupon No. $ will "be entitled on duly 
presenting the same for payment will be UE. Dollars 61.2986 
subject tD such amendments thereto (or. appropriate alternative, 
arrangements by way of- adjustment) which we may maKe, 

' without further notice, - in the event of on extension ^or 
shortening of the aboveanenttoned interest Period. 

, European Banking Company Limited. 

•„ acting on behalf of . 

EUftOPEAPf-AMERIGAN BANK & TRUST COJff ANY" 
I5th December, -1978 (Principai Paying Agent).. 


Growth indicators in Japan 

- TOKYO— 1 Combined sales of 32 of three meat processors to Japan, 
Japanese companies which ended reported that its profits to the 
their fiscal year at the end of July fiscal year totalled about 
July, totalled Y547.fibn, up 75 per Y20bn, the largest among the 32 
cent from the year before, the companies, due to recent 
National Tax Administration improved domestic sales of 
Agency said. higher-priced foodstuffs. 

Profits of the 32 companies Decete Limited, a sportswear 

as; %% — « 

agency said; Y5bn m profits. 

Nippon Meat Packers Inc- one AP-DJ 


CHRISTMAS SALES — $ — THE DOLLAR SLASHED 
Compare These Rates 



- -for earn S, (used on *c»»I-r«ES aa at December 12ft, 1976 at local OrjndHB. 

■ Barer* aemlltra OoHar m/But SitouU contact, «* .no*>, DeHwJes and passport 
marking can be. arranged In roar ofhtx o* Jioma vtrtaally any time of day. 

Ail cnrrcmaet booBbt and seid uublect » exdmnee controls^. 

Before baying or selling any currendea cbedc wftti tbe wedalhrts: 

Contact: HHchard Lincoln 
01-BB4 6554 

47 Old Brampton Road, S.W.7 
CHEQUEPMHT— tbe AHarnaU w open oo to 24 haul*. 


_=H 

ra 

The Hongkong Land Company Limited 

H K$ 600,867, 180 

8% Unsecured Loan Stock 1S84/93 
with Warrants to acquire shares of the Company 

Jardine Fleming & Company Limited Wardley Limited 


Hong Kong 


November 1978 





























APPOINTMENTS 


COMPANY NOTICES J"**, 


.•/ •; ... - V ■ .. FinanciW- 

CURRENCIES, MONEY a 



sdesapproacliing^lOOm-Thebusinessfonnspaitofaleaclmg 
jnulti-na cional group especially -well known throughout 
South East Asia. 

• leading a highly competent executive team, the role is to 
achieve optimum utilisation of resources and to direct the 
further profitable development of franchise operations. 


trading operations in capital equipment. 

• £45,000 will he the minimum salary in discussing terms. , 

Fringe benefits arc very attractive. 

• THOSE to whom this appointment would be of interest are 
invited to write in complete confidence to KiLC. Slater as 
adviser to the group.' 

TYZACK & PARTNERS LTD fi 

MAMAOEMENT CONSULTANTS 

IO HAXLAM STREET ■* , LONDON WIN <>DJ 

12 CHARLOTTE SQUARE EDINBURGH EH 2 4 DN 1 


INVESTMENT VALUER 

We are looking for an ambitious person 
in ihid/late twenties to join our expanding 
Investment Department. 

The successful candidate will have a profes- 
sional qualification and/or a degree and have 
had experience of Investment or Valuation 
work. 

Salary commensurate with ability and 
experience. Staff pension fund, opportunity 
to join the profit-sharing scheme. 

Applications marked ‘Private and confiden- 
tial ’ should be sent to the appointments 
partner. 

Knight Frank & Rutley 

20 Hanover Square London W1R OAH 
Telephone 01-629 8171 Telex 265384 


A large Stock Exchange Finn is ler .mg loi a 

YOUNG DEALER 

with at least thtee year* e«penente In Foreign Exchange Dealing and 
with a knowledge of Foreign Exchange Settlement procedure The right 
person will be able to fit into and help expand a thriving fnternalinnaf 
Department. Good salary, bonus potential and promotion prospects 
offered to the right candidate. 

Please wine Box A 6575. Financial Times. 10. Cannon Street. EC4P 4BY. 


DEPARTMENT OF TRANSPORT 
SEVERN BRIDGE TOLLS ACT 1365 
PROPOSED REVISION OF TOLLS ORDER 

1. NOTICE IS HEREBY GIVEN that the 
Secretary ol Slate tor Transpon has decided 
«o hold a puWic local inquiry ln» his 
proposal] to increase the ion charges which 
m*Y be levied at the Severn Bridge, Eo 
Introduce dlBerent tolls tor itinerant 
classes of vehicles and to extend to two- 
wheeled motor -evdes the discount lor 
books of frftv tickets jnd into the obiec- 
nons to these proposals. 

Z The said inouiry win be held bv Mr 
T. G, Holden. Solicitor an Inspector 
appointed by the Secretary oi stale lor 
Transport on the nomination of the Lord 
Chancellor at Cossham Hall. Thornoury 
Bristol, tomn.enong at 10.30 a.m. on 
Tuesday. 9 January 1979. 

3. A copy of the proposed Order, tire 
Smcmeni of Reasons lor prooosirig the 
Order and various supporting documents 
may be inspected, free ot charge, at all 
reasonable limes Irgm 14 December. 1978 
to B January. 1 979 ai the Department 
ot Transport. Room P3JD61. 2 Marsnam 
Street. London 5W1: at the Welsh oifice. 
Room 814. Government Buiidirgs. 7 y Glas 
Hoad. Llanlshen. CardiB at the otoccs ol 
Avon Countv Ceuncil- 6th Floor. Avan 
House. The Havmarket. Bristol. Gwent 
County Council. County Half. Cwmbran 
Gwent: Forest at Dean District Council 
(Admin, and Legal Department, Bull Vue 
Road. Cinderlord. Glos: Northavon District 
Council. Thcvnbury. Bristol and Mon- 
mouth District Council. Mamhilad. Pontv- 
poot. Gwent. 

a. Any Person wishing to make repre- 
sentations with regard io these proposals 
should attend or be represented at tne 
toeuirv. 

1. TASS. 

An Assistant Secretary in the 
Denartmem ol Transport. 
27Th November. 1978 


DEPARTMENT OF TRANSPORT 
TOWN AND COUNTRY PLANNING 

ACT 1971 I 

I 

The Secretary ol State for Transport ; 
hereby gives nonce that he proposes to , 
make an Order under S 209 of the above I 
Acr to authorise the stopping up of . 
lengths Ol Wailina Court ECC. io enable 
comprehensive redevelopment to be carried 
oat In accordance with planning permission I 
granted to Messrs Filar or Robinson and 1 
Partners. ■ 

The proposed Order will rcaulre the ) 
Provision ol a new lootpath maintainable . 
at the public expense, far which the nigh- I 
way authority is to be the common council ! 
of the City ot London. , 

During ZB days Irom the IS December I 
197B cobles ot the draft order and rale- 1 
rant plan may be Inspected at alt reason- ! 
able hour) at the Guildhall London. EC2. 
and may be obtained tree ot charge from 
the Secretary of State iguoting GLRT 
3Bi5002'7f01G at the address stated below. 

Within the above-mentioned period at 
2a din. any person may bv notice to I 
tne Secretary of State iRcl: GLRT H5002.' I 
7)0161. Department of Transport. St I 
Christopher House, Southwark Street. Lon- j 
don SE1 OTE. object to the making ol . 
the Order. 

J. S. BROWN 
Chief Administration Officer 
Greater London Roads & Traffic Division I 
Department of Transport i 

OXFORDSHIRE COUNTY COUNCIL 
£6 million Bills, issued 13th Decem- 
ber, 1978. due 14th March. 1979, E3m 
ar 11 £ 2 m at ll‘i|»“o. Elm at 
n 45-M%. Applka lions totalled £435m. 
Gills outstanding £Gm. 


iOUNCIL BILLS 
March. 1979. 
97B. Avenge 
applications. 


RESIDENTIAL 
PROPERTY 

PHILLIMORE COURT 

KENSINGTON HIGH ST. W8 

OFFERS ARE INVITED 

For the purchase of the lone- 1 rase hold 
residential interne ot Phillimore 
Court, with the benefit of B tenanted 
fiats holding over, and a proposal for 
the addition ol 3 penthouses. AppR- 
eina must be prepared to complete 
by 12 noon 2lie December 1978. 
Time of the essence. Apply: Whitmill 
Prescott, 01.247 7354. 34 Elder 
Street, London El. 


LEGAL NOTICES 


THE COMPANIES ACTS 1948 to 1976 
G.T. CARS INORWICHI LIMITED 
NOTICE IS HEREBY GIVEN, pursuant to 
section 293 ol the Companies Act 1948. 
that a Meeting ol the Creditors ol the 
above-named Company will be held at 
the obicBi ol Leonard Curtis * Co.. Situated 
at 3-4 Ben I luck Sired! London WtA 3 BA. 
bn Thursday the 28iti day ot December 
1978 at 12 o'clock midday. <or the 
purposes mentioned In sections 294 and 

299 ol the said Act. 

Dated this 6(fr uay of December T97B. 

Bv order ol the Board 

_J. F EVANS. Director. 

1T1E COMPANIES ACTS" 1S48~ lo^l 976" 
HURDLE CHOICE LIMITED 
NOTICE (5 HEREBY GIVEN, pursuant to 
section 292 ol the Companies Act 194B. 
that a Meeting ol the Creditors of the 
above-named company w,it be held at 
the o frees ol Leonard Curtis 8 Co . situated 
at 3,4 Btntlnck SlreeL London WfA 3BA. 
On Friday, the 5th aav ol January 
1979. at 12 o'clock midday, for the 
purposes mentioned in sections 294 and 
29S ol the said Act. 

Dated this 6th dav of December 1978. 

fly order of the Board- 
R. RONDEL. Director. 
THE COMPANIES ACTS 1948 TO‘i 97G' 
GEORGE HYAMS LIMITED 
NOTICE IS HEREBY GIVEN. Pursuant 
to section 293 ol the companies Act 
194B. that a Meeting gf the Creditors Ot 
the aoovc-named Company will he held at 
the offices of Leonard Curtis 3 Co. 

Situated at 3|4 Beniinck Street. London 
WVA 2BA on Friday, the 22na day ot 
December 1978 at 12 o’clock midday, for 
the purposes mentioned m sections 294 
and 295 of the said An. 

Dated this at* day of December. 1978. 

By Order ol the Board, 

S. COHEN. Director. 


RESEARCH AND DEVELOPMENT INVES- 
TIGATOR lor non in Freeport. Bahama 
Islands. Must have background in 
electro-chemistry and electrical engin- 
eering and be capable of conducting 
research in present stato-pl-the-art and 
laboratory experiments on turneries, fuel 
ceils. DC motors, controllers, chargers 
and other Items ot electrical propulsion 
systems. ' Multiple research projects will 
be handled simultaneously with progress 
reports produced on a continuous basis. 
Send complete resume to Box A. 6573. 
Financial Times. 10. Cannon Street. 
EC4P 4(|Y. . 


LEGAL NOTICES 


No. 110 or 1978 

Jn ihe CROYDON COUNTY COURT. In 
Bankruptcy. Re: ROSEMARIE RLACHNin 
i Widow i. Ex Pane: C. E. COATES AND 
COMPANY LIMITED <a Creditor i. In 
the Matter of a BANKRUPTCY PETITION 
filed the 27ih rtny of October 107*. TO 
ROSEMARIE BLACHN’fO i Widow i lately 
of 10 V_. u -ouver Road. Forest It III. 
London S.E.2S. 

TAKE NOTICE that a Bankruptcy 
Pflinou has been presented »jra<t»i you 
in Hits Court by C. E. Coates * Company 
Limned whose registered office is ai 
U.C.M. House. Swallow Place. Princes 
Street, London Wt.\ IBB Bankers and the 
Court has ordered that ihe publication of 
ihis Notice ante in a national daily ne«s- 
paper and once m the London Cazi.'iie 
shall be deemed to be service of ihe 
Petition upon you and further take 
notice that the said Petition will be 
heard at this Court mi the 16’Ji day ot 
January. 1 BTB a; 7.00 pm on which day 
you are r-outred to appear, and If you 
do not appear the Couri may make a 
Fteceinne .Order asainst you In your 
absence. 

The Petition ran he Inspected by yon 
on application at this Conn. 

Dated this 29th day of November. 1978. 

J. D. K. JACKSON. 

I Regirrar. 


No. 003910 of 197* 

In the HIGH COURT OF JUSTICE 
Chancery Division r.omp.inin Court. In 
lb* Mari-w of COTERAHT LIMITED and 
in the M*iwr of THE COMPANIES ACT 
194*. 

NOTICE IS HEBERY GIVEN ihat a 
Pennon for the wind me up of the abovr- 
named Company by ihe Hieh Court of 
Justice w'as on the 3ih day of Deecmbcr 
1975 presented to ihe said Couri hr 
NORMAN SMORGH.V * SONS 
i ENGLAND i LIMITED of West Layton 
Rottsi:. 48 30 Si. John S:rcrt. London. 
E C.t. and iha: the «aid Pelitioti is 
directed to he heart before tbe Cnort 
sitting ai the Royal Courts of Juslire 
Strand. London WC2A 2LI. on (hr 22nd 
day of January 1979. and any creditor 
nr contrtboiory of the said Company 
desirous m support nr opnose the mafclnc 
of an Order on ihe said P-nnan may 
appear ai the time of bfanns in person 
Or Us his Counsel for that purpose: and 
a I’any of i/ic Perfrinn tnfJ h*: furnished 
by the underslsnc-d to any creditor or 
munbutory of rite said Company requir- 
uut such copy on payment ol the regulated 
ehante for the same. 

TUCKER TURNER It CD.. 

5 Stone Bnlldinas. Lincolns ion, 
London. W.C.2. 

SoJict'ora for ihe Petitioner. 

NDTE— Any person who Intends to 
appear on the beanne or the said Peiulon 
must serve on or send by post to the 
above-named, noilee in writinB of his 
intention ye in do Tbe no tire nius. - slate 
ihe name and address of itw person, or. 
J a firm, the name and address of the 
firm and must Ik- simed by she person 
or firm or his or their solicitor iif anr>. 
and muw be served or. it p-isieit. mu« 
be sent by post in sufficient tint.' to rrarh 
the above-name-t not laser than fnur 
o dock In the abemoon ot ibv 19th day 
of January 1 979. 


COMMONWEALTH OF THE BAHAMAS 
IN THE SUPREME COURT 
tawny Sid« 

IN THE MATTER OF 
MERCANTILE BANK AND TRUST 
COMPANY LIMITED 
riN Liquidation i 
AND IN THE MATTER OF 
TM£ COMPANIES ACT ’CHAPTER 134} 
NOTICE 

Creditors ol me aMuc-namcd Com. 
panr arc rcouired on or before March i-S. 
1979 lor the Purpose ot proving tnerr 
1 debts or claims and ot establishing such 
I title rf any as they may have to priority 
under Section 159 of The Com sanies Act 
'Chapter JS4i :o deliver or send through 
tne past their names and addresses and 
the particulars ot their debts or claims (in 
appropriate lorm. comes of which lorro 
j may be obtained iretn the Official Liquida 
1 ton ol the said Company i to the official 
LiquMatOrv ol the said company at Ihe 
I offices or Peat. Marwitk. Mitchell A Co.. 
Kipling .Build mg. P.O. Box F-25. Frccpprt, 
Grand Bahama, Bahamas. 

Failure oi any creditor to send or ' 
deliver such Particulars bv wav ol proof 
lit Hie aporopriaje lorm to the Official : 
Lmuidatqrs on or before March IS. 1979 
wlH result in such c. -editor being excluded 
Irom any dst-lbutiOfl made belpre such 
debt is proved or. as tbe case mar be. 
Irom objecting to such distribution. 

D. CROSS. D. T> HAMILTON. 

Official Liquidators. 

THE COMPANIES ACTS 1946 to 1976 
G. D. FLUX A SON 
lEAST ANGUAI LIMITED 
NOTICE IS HEREBY GIVEN, pursuant to 
lection 295 of tne Companies Act 194S. 

I that a Meeting ot the Creditors ot the 
* above-named Company will be held at 
[ the offices of Leonard cun* a Co . situated 
, at 3 4 Benllnck Street. Lonoan W1 A JBA. 

■ on Tbundar. the 2 1st day s* December 
i 1978. at 12 octo£k mnway. for the 
Duroovs men! rafted in sections 294 and 
I 295 of Uie said Act. 

Dated U 10 5th day of December 1378. 

By order of the Board 

J GEOFFREY DENIS FLUX. Director. 


AFRICAN AND EUROPEAN INVESTMENT 
COMPANY LIMITED .. _ 

(Incorporated in the Republic of South 
Air, tel 

NOTICE TO HOLDERS OF PREFERENCE 
STOCK WARRANTS TO BEARER 
PAYMENT OF COUPON NO. 64, 
With reference to the notice pfrieclara. 
tion of dividend advertised in the Press 
on 8th December 1978. the lollowing 
formation IS published for the guidance 91 
holders ol stock warrants w Dearer. 

Tbe dividend ot 3 com per u" 1 * 01 
stock was declared In Sooth Alrleen cur. 
rencY- South African non-resident share- 
holders' ta* at 0.4$ cents per ** n *T 
stock H'b . be deducted from the dividend 
payable in respect ot ell slack « l 7 ar, i 
coupons leaving a net dividend ol *.-55 
cents per unit ol stock. 

The dividend on bearer stock wl V_K 
pud on or after Ttth February 1 979 
against surrender of coupon No. ba 
detached from the ctack. warrants 10 
bearer #s under:— 

tai At the oifice of the lwiowing ^on- 
t mental paying agent Credit du Norn. 
6-B Boulevard Haussnuum, Paris 9e. I" 
respect of coopom ktdgad at the otnee 
of the continental paying agent the divi- 
dend payment will be -made in Soinn 
African currency to an authorised dealer 
in exchange in the Republic at Soutri 
Africa nominated by the continental 
paying agent.- Instructions regaling 
disposal ol the proceeds of the pay- 
ment sa made most be given to su«n 
author lied dealer by the continental 
oaytng agent concerned. 
ibl At the London Bearer Resection OH KB 
ot Charter Consolidated LUntted. au 
Hoiborn Viadwt, London EC IP 1AJ- 
Unless parsons depositing coupons ai 
such odlco neauest ■ payment to rand 
an addtess In the Remibix o' 

Attica, payment will be made m 
United HCngdom. currency either: 

UJ in respect of coupons lodged prim 
to 2nd Febroary 1S79 at tne 
United Kingdom currency a?' 11 **; 
lent ol the rand currency *»■“* 
tneir dividend on 6th Februanf 
1979 or: 

on In respect or coupons 'odoed dur- 
ing chc period 2nd February 19 7. 
to 7th Febcuanr 1879 both days 
Inclusive at the United Kingdom 
currency eourvatent ot the rana 
currency value ol their dividend 
on 12th February 1979 or: 
dill In rosoect ot coupons lodued j" 
or after Bth Febrnarv 1979 at the 
prcva'Hno rale of exchange on we 
day the proceeds are remitted. 

through an authorised dealer in 
exchange in. Johannesburg to the 
London Bearer Receor.on Qfnee- 
Coupons must be le*t tor at least 
tour clear days lor examination and may 
be presented any weekday rSaturdiv er- 
rttotedi between the hours of to a.m. and 

United Kingdom Income Lw will be 
dedurted Irom coupons paid in Unl.ed 
Kingdom currency at the London Bearer 
Reception OHica. unless such coupons are 
accompanied by Inland Revenue declara- 
tions- Where such a eduction u made, tne 
net amount of the dividend wilt be the 
United Kingdom currency eauvalent of *.D1 
cents per unit ol stock In terms ot sub- 
paragraph fb> above arrived at as under: 

South Airican 
Currency 
Cents per 

unit 

ot Stack 

Amount of dividend declared 3.00 
Less. South African Non- 
Resident Shareholders' tea 

at 1S # u ° 

2 55 

Lias: UK Income sax at 
18*11 of the gross amount 
ol the dividend ol 3 cents 0 54 


For and on behalf of 

ANGLO AMERICAN CORPORATION OF 
SOUTH AFRICA LIMITED 
London Secretaries 
j. C. Greciumitn 

London Office: 

40. Hoiborn Viaduct. 

ECIP 1 AJ. 

idlh December. 1978. 

NOTE: 

The company has been rcoucs'.ed bv 
the Commissioners of Inland Revenue to 
state: 

Under the double tax agreement between 
the United Kingdom and the Republic ol 
South Africa, the South African non- 
resident shareholders' tax an oil cable to 
the dividend Is allowable as a credit 
against the United Kingdom tax payable In 
resoect of the dividend. Hie deduction ol 
lax at the reduced rate of T8°o instead 
ol at the basic rate of 33% represents 
an allowance ol credit at the rate ot 15*. 


Dollar falls in 
quiet trading 


THE POUND SPOT ( FdFflff APD; AGAi^T % 


‘Dfc. 14 (rate 


£*. ttavV ^ - Clow . ^OftemotUti j'^pAspiirtt 

f ; Spread ' f-_ ' - i - 

awi L88W-t.a7Wn.flZSH.f7ro 8M2fl.52cpml s.» ifc 


the lowest level of the day against closed at $1,9760-A.97ro. on- ^ediahri- sw) ' tTO-8J4i { 

the D-mark at DM 1.3957*. com- changed on the day. Sterling’s Yed ; , , 5[* .1 BBjo: 

pared with DM iMO prevjwisJy, trade-weighred mtss, « >ej- ? s \ 

and after touching a best level culated by the Bank, of E^and, . ... . _ i .. ■ ■[ .- f • - •- 

ot DM l^OSO in the morning- fell to G8.1 from 63.2, after stand,- -r-= — ; ■ - ~ 

Movements gainst the Swi£ ing at 83 2 at noon and 631 in the • 

franc were similar, with the morning; Financia l trenc 60 . 20 ^ 0 ^. -• 

dollar finishing at the day’s, low NEW YORK— The -dollar host • ' -.pifcrvT : - 

Of SwFr 1.6895, compared with ground in early trading, and JHE DOLLAR SrUl 
SuFr 1.7D45 on Wednesday, and probably received support from • ■■ .- 

a high point of SwFr 1.7070. the Federal Reserve. Fears of ^ 4 ' - 

Th„ rtoHar fiiH to a low of M P rjce n» this weekend PwawHwi rl* WMil' Qbi * - 
Y195.35 against the Japanese yen, depressed the^.S. ■crurreacy. 'H^e Cbiwd'n s* ■' "SjSKjbk' 

and closed at Y195.65, compared ^ decision of Itetr to iota tbe cmwer .SKS^' 

with Y10O20 previously. . The lira £^J»3u2?K: S2. 


enpai 5-56 * • . :J7, 

t rift. 


•aid 3£g^£6 E toid. * 

jos t-oo? - -irjfOP pjRMjcq. t»yf>u*-£$r 


THE DOLLAR SPOT ' FORWARD A0WNST 

i — 1 1 Vr * ~ : «4 -- . \ s ?- 


% - - = •••’• :: • V: ; 

One roan tfa • w.a. .Tbneo woudtA W ./y 1_~* jT , 

B.07-8l05c pm M* • fUJMUJc pw* . fl«54 ' 

JL3MM2JZ5GPR1, 

IJS-l-TSoreiHs. -3-5- ^ 

1.12-l-WpF plll' S.7S *5t&dBgFpiti; . -; , 

bjSc dii - J2M . 40-&S0C tff*. . “dfiS vr,7 • 

-Sm -lm . use Ms • :;-^.ZZ - 


■uutS .- ■ DJO-fl-KcjHtt : 0J» 

2jSSs^6S fU&Mcpm 

38.8446 A Wt« • ' • ■ • 

5.2779-5^795 1 JS-l.TSoixdlS : - 


38-58C dls*- ' . ' ' '-"7.80- ISWBSc dw' 1 : .--9.Zt ; ' ; 

I 2.90-3 A8tirctH» .-4 M 4OT j A 


SWISS 

FRANC 


L- • z ^D du 0 fy^e^cigr e gS 53SK5SS r : i 

may be followed by a revaJuatioa 5S^ r r iStSS ISSIjsts H* gJL. i ■“ 

of the D-mark. SStSr ****** ISgtST. 

FRANKFURT — The dollar was T*2L 3< -. h i3jis43.9fi5 Q i^^jb ■' <.TS- 3j5gro ora. iussaJ&z pm . .-^Les • . , ' " 
fixed at DM 1.9030 against the s£2 Jf?* isKIS wSiSSzs , 

D-mark, compared with DM 1.8006 » u.S. cents vet Canadian 8.. ■ • ' • v Z 


FRAiNKFURT— The dollar was - 
fixed at DM 1.9050 against the sZEsFr 

I- 1 ..JU. nif . MM _ 


Austria Sch 13JB-13-9gro 
Swiss Fr 1.MQM-702S 


V U\ i Tradc-vnghtadavnag* 

r , ^L/~clwi5*iaSi«yB.*»Wi 

SnaihsaMan emtrai ratas 
ooainsl lSBlIwrcnrnHKns 

I 11 I 1 I 'I 1-1 l-l 

FMAMJJ. ASONO 

1978 


Special -EaropeM 

Qi-awfas- Vnttof ' 

i Rteto JCNHt 
0.647W 0.669426 

' L27632 1J1E27 


* JVi D-mark, compared with DM 1,8006 - U.S. cents per Canadian t- \ 

J 1\ previously. • 

_ m 1 _ ZURICH — Intervention by the • • . 7 

— I I Swiss National Bank was required meeurv 

f 1 as the doHar came under renewed .CURnENy * . .nR* ta 

A y* early pressure. UDcertamty about ' ■ ■' ■ — — 

802 -A Jn the outcome of the forthcoming ' . . _Spgq^ -Eurcpc= 

*A / OPEC meeting contributed tD the , S3^ jS5m 

1 1^ §J\ 1 general nervous, but slow trading. — ' - ■ - ■ - ,. ttz 

»l.j Tr*ta-v»*ght«d4t«asF By mid-momins the US. currency ”-v.t .53S5 1 . 

» g« ys. fmn j,ad declined to SwFr 1.7005 caaa^a^doilM'* xsbzk-. • U5817. 

against ihe Swiss franc, compared Austrian mMHbk Ohjj 

rr'frrrr ^ ** eariy rat ® ° f swFr 17053 ess 

6 J .1 I 1 J .1 1—1—1 — 1 A major Swiss commercial bank ziSm 

f F M A M J J. A s 0 If 0 suggested yesterday that, the U.S. cuddw^' aAcun.:- 2.729*4 

I 978 Federal Reserve may have spent French franc f.IPS 

up to one-third of the SSDbn the u™ - — 

but had a generai'ly softer irend U.S. had ava/fable io defend tine ' Stw 

rottoving the decision to join the dollar at the beginning of ... 9L2» 9 *o««7 

European Monetary System. It November. Swedish krona - -fl- tgrog 

finished at L 648 . 10 . compared with AMSTERADM — The doUar Swiss rranc :... zxrna ..2MB 

LS48.85 on Wednesday. improved to FI 2 .0670 in the after- ' ' ■ ' i ; : 

On Morgan Guaranty figures, noon, from a fixing level" of ; f. - ... -T .’ 1 1. : -l; 

the dollar’s trade-weighted depre- FI 2.0855. compared with FI 2.0695 OTHER MARKETS" 


-147^L57irpin . 436 43B 4 grwW Kg>"; ■" 

4.1S-3J5!irt>»m. X94. 448-43H pnl -11-BS- 

UWL53cp«n- ULEI' lSJ0-U-2Sa™pm 'A., 

... - . 

CURRENCY .MCWOIIENTS 

— ' " i : • ' — : , 1 

' • • oniit of -4AftM . ? ' 

DccambcrM • l ; Ewgiautf ■ 'r 1 

imtex. ctot»9 g*% .• 

StcrlCns: - 

U.S. dollar. -....L—:- 


imteK.'dwpg*^ y '.Ai 
• 65JT -• ' ■-*».' - : C-2\'?. 

swt -«6 . • 


.. u.S. dollar. t — ,>1 • 

Catiadtan 1 doBax . — ~ ,T9-S9-.- 

Aostmn -scbUlms. -}■ ‘tj?? : "" i' • '■ ". 

" Bela an franc: J- 11 S4 T. - • +TW: 

Deutsche . Mart •. .....r *• .. y„\- r -\ .. 3 

Stffcts franc-. — V +T&X7 

Guilder - SMI? ■ 


V Federal Reserve may nave spent French franc 5JWS6 s/nuw "" ' ^ v v -* > 

but bad a generally softer irend u.S. had available io defend i*»- T! ts» '/Sntf ' ' •»»•, vijjV} ; 
To Uo wing the decision to join the dollar at the beginning of .... 9 L 2 S 6 - 9 *om 7 - Baard nn iradr wfJsMgfl chaweg-trota . jr.rr^ 

European Monetary System. It November. Swwiishkrooa . 7/ 

finished at L648.10. compared with AMSTERADM — The doUar Swiss franc 2 J 77 « . 22015 iBank, of JMc*. . . 

LS48.85 on Wednesday. improved to FI 2.0670 in the after- • • ~ - • -- 

On Morgan Guaranty figures, noon, from a fixing level" of ... •• ' " ‘ - • 

the dollar’s trade-weighted dep re- FI 2.0655. compared with FI 2.0695 a-tucd MARkETfi"' •’ - - <2/- » • 

ciation tvidened to S .6 per cent on Wednesday. In iate trading Ulfltri IWMnivu. p _ .j ... ;V- 4 

from 8.5 per cent. it fell to FI 2.0555 however. : -■ ■" ‘ 


Fears that the Organisation of PARIS— The dollar lost ground 1 • . - -AA; ' 

Petroleum Esporting Countries in late trading, following remarks oec 14 * . \ - " 1. 1 . 4 Sot^Batoa’: ... tj: 

will nush up the price of oiJ at by Mr. iVD'chael Blumenthai. -the — ; ■— ■" - -t ■ -. ■■■ L ; • ■ ». . ■ ■■ V.' 1 . 

their meeting this weekend U-S. Treasury Secretary, and the Argentina Venn.:... — 1 

continued to be a major factor suggestion of a major Swiss bank J'SKtsSo GoStfSSSSSST'.T;* ^ "3.- 'SoSS^SSa*' . 

behind the dollar’s weakness that support Tor the dollar by the . - 2 $SioM , " -KBoaw :;%* -rj 

although the market us expected Federal Reserve since eariy ciSk Drachma.. .. 71.676-73^362 MUMf- G«wBW-.«;iif -v?. 

g-gy * 1 ^ quiet un,,, SSSSSn-Tli JX 5 J 2 S& SffJSS.^S£SSSS 

noint of the day at S1.9b0O-1.96iO. rtr 4 -ssuj^ preyiouRiy. 1 r u,, _ e 1 4 3 inn- 4 .SMn- 2 .iQsn- 2 .ifl«aForbuml... : -rsa-Qa. . -‘ 



appointment at the UK trade on Wednesday. 


Kate sivefl for ArBentioa Is free rsto- 




EXCHANGE CROSS RATES • • • •• - '• 

JWi>f wwiHMt 1 -a. itoteir j Itoutefbenadtj Jq^btoe Yen] Jrgnati Pmncj awe fW j Umcfa GuUacij. lUw 




Pun iu t SterlWit - 
L : .S. Dollar 


UeiitaL-lic tn*r|> 
Jni«neso Yen l.Otd 


Kreuch Fran-- to 

!>« U» KlXlll' 


UuIl-Ii Uhl Him 
Italian Mm 1.000 


1.41 na 1 1 inn Unllar 
Ucdfitan Frani- 1(U" 


6 

1.977 

i. 

3.750 

1.897 

387.5 

195 8 ' 

.V 8.810 3.a4Q 

" 4.356 ' 1.690 

• AJ06S - ■ 

.1 • 8.055 

1675-..-. - 
847 8 /. . 

2 555 
L181- 



EURO-CURRENCY INTEREST RATES 


OMRON TATEISI ELECTRONICS CO. 


Advi<« has been rctcivcd from Tt^rvo 
mat payment ot a Cash dividend ot "jn 
3.0a per share has been made tor the 
St< Months period ended 30th SeBtcmber. 
1378. 

The dividend will be navablr In United 
Stales Dollars (except to residents ol the 
United Kingdom I and unit amount to 
SO. 0760 per Depositary share before deduc- 
tion of any Japanese Withholding Tax. 

RESIDENTS OF THE UNITED KING- 
DOM will rcceUe payment m sterling 
convened at the rale o' e. change ruling 
on ihe nay ol presentation of the cotiPtnu. 

RESIDENTS OF THE FOLLOWING 
COUNTRIES who are subject to deduction 
of Japanese Withholding Tax at the 
reduced rate Ot fifteen per cent, will 
receive a net dividend of 30.0646 oer 
Depositary share alter deduction of With- 
holding Tax amounting to *0.0114. 

Australia. Belgium. Canada. Denmark. 
Finland. France. The Federal Republic 
of Germany. It alt. Mafarsia. The 1 
Netherlands. New Zealand. Norwav. 
Slngaoorc. Sweden. Switzerland. The , 
United States of America. , 

RESIDENTS OF ALL OTHER COUN- 
TRIES 1 EXCLUDING THE REPUBLIC OF 
KOREAi who are suhlcct to deduction of 
Japanese Withholding Ta« at the full rate 
uf twenty per cent will receive a net 
dividend ol 50.060B per Depositary Share 
liter deduction of Withholding Tax 
amounting to SO. 0152 

RESIDENTS OF THE REPUBLIC* OF 
KOREA who are subieci :e deduction of 
Japanese Withholding Ta» at tne reduced 
rate ot iwelvr per cent will recrlte a 
nef dividend of so 0669 per Depositary 
Share alter deduction ot Withholding Tax 
amounting to SO. 0091. 

TO OBTAIN RAIMENT UNDER 
DEDUCTION OF JAPANESE WITH- 
HOLDING TAX AT A REOUCED HATE. 
THE COUPONS MUST BE ACCOM- 
PANIED BY AN AFFIDAVIT OF RESI- 
DENCE APPROVED BY THE JAPANESE 
MINISTRY OF FINANCE. FORM5 OF 
AFFIDAVIT ARE AVAILABLE AT ANY 
OF THE OFFICES LISTED BELOW IN 
JSF-.-A?5 EN . C ^. OF SUCM AFFIDAVIT. 
COUPONS , WILL BE PAID UNDER 
DEDUCTION OF WITHHOLDING TAX 
AT THE FULL RATE OF TWENTY PER 

CtIVT. ( 

‘1 tfriwn 10 . me fact that the 
aiarcmcntionrd concessions relating to 
Japanese Withholding Ta, apply only 10 
coupons presented lor garment within hve 
p ort"* of the rerer d date i.e.. 30 ih 
September. 1978. Thereafter, lax will be 
deducted at the lull r»; c 0 f twenty prr 
rent and It will he the responsibility or 
tne owner to claim irgm the Japanese 
lVen{IHed 0r,l,CS *"* r ' ,und ro Yfhleh ne 

BI??| L p«"?«n. BEAPEO DEPOSITARY 
RECEIPTS ,B D-R si Mtshmq to claim this 
dividend should present r ou „on No .25 at 
e H .‘J 1 : ,c Ei *1 “J. «k e f iv low 1 ng — 

SAMUEL * CO LTD . 45. flneeh 
ECiP M-X f where 
■oogensent lo»ms ar r j.allabi^J. 

V74 L |a| A, H l iS L * C0 - OHG. PP5tfach 

im ’a 3 4ln N '^;? aU G ^„ e r 000 
r?5R# T M M S s-A Luxembour- 

43- Bouteraro Royale. Luxem- 
bourg 

P* TOKYO LIMITED. 4-B. Rue 
Salnte-A npe. Par:s 1. Franre. 

?A. <K c TatVO LlMITE D. Duvjl- 
M L, ^ rhat,D *'7 , J« 12 . Fedrral Repub- 
lic of Gefynaay. 

BANK OF TOKYO LIMITED. Avenue 
gJl... Arw 4 7 49. 1040 Brussels. 

Bclqium. 

ul N .* LIMITED. Sutherland 

rlOuK*. 3- Cllilfr KQad. Hom *Cnnn 
BANK OF TOKYO TRUST CO.. 1O0. 
Broadway, New York, u S.A. 
•rliwjnSni^L" COUPONS PRE. 
?yfJfXD FDR PAYMENT IN LONDON. 

J clBad0 '*‘ TaK »<■> be deducted 
irom the proceeds u-ile-s accompanied 
bv an Inland Revenue Ariujjait of Non. 
Residence Couoens must be presented hv 
»" Authorised Depositary and must be 

left tan r Clear aav s for exam, nation. 


t.S. Dollar 


ISliurt term ! 

1 nutti-0 

Mnnih I 

riirne m»nibe...| 

Six ,Di nili6. .. . ; 
One yrar ! 


11S8-1H8 

lZlf-Lflij 
12T4-13L, 
13>i-15T R 
137a 1 A 1 * 
13 Sa 14 



*7«-4- '‘f mi o 


14J*-f5Jg 


T&-1 I - 4^-4fk .1 M0JB-l0?g..l . 1&T.17 .-) 1 


The loHowing nemmaf rates were quoted lot London dollar certificates of deposit ode month 1D.50-l0.fi0 par cant: three mumrt*,tt. 06-11. IS per cane 
six months »1 50-11 60 par cent: one year 11-30-11.40 per cent. . .. 7^'.-^ 

Lcnq-tcrm Eurodollar deposits: Two /oars lOVtO’a per cent: three years lOS-lQii, per cent: four years. 104. -<10 u b par Gent five yehrs ilOhs.rlCHa . per 
cent, nominal closing rates Short-term rates are call for sterling. U.S. dollars end.-Csn^dien dollars! two-day eafl Inr guiklard- ana Swill. ffMCF. Asian 
rates me closing rates in Singapore. " .- ‘ . • • " _ 


INTERNATIONAL MONEY MARKET 


German liquidity moves 


The Bundesbank yesterday cut 
credit Institutes' rediscount con- 
tingent by DM 5bn to DJI 22b n, 
a move which was generally un- 
expected by the market. The re- 
duction in the amount of funds 
available La banks came as sofic- 
tliing of a surprise, and is 
intended to counter the increase 
in (iqifidity caijscd by Ihe 
Bundesbank's recent intervention 
in the foreign exchange market. 
At the same time the Bundesbank 
announced a money nupply 
growth target for 1979 or be- 
tween fi per cent and 9 per cent, 
the first time Chat an exact figure 
has not been specified. 

Interbank money rales were 
easier where changed. Cali- money 
remained at 3.45-3.3 per cent 
while nne-month money slipped 
to 4.15-4.25 per coni from 42- 
4,3 per cent previously. Both the 
three and six-month rales fell 
io 41-4.2 per cent against 4.15- 
425 n^r cent and 12-month money 
was unchanged al 4.2-4.3 per cent. 
NEW YORK— Federal funds 


were trading at 9|;-9K per cent 
with activity at a rather low level. 
Treasury bills rates were also 
static and I3-woek bills were 
quoted unchanged at 8.S9 per 
cent from late Wednesday. 26- 
week bills were slightly up at 
9.29 per cent from 9.19 per cent 
while one year bills stood at 
9 24 per cent after 9J5 per cent 
BRUSSELS— Deposit rates fan 
the Belgian franc fcommercial) 
showed very little movement 
yesterday, and the one and three- 
month rates were unchanged at 
91-91 per cent and 9 Mi per cent 
respectively. Both six and 12- 
monUi deposits were quoted at 
RJ-Sf per cent compared with 
s;-8i per cent previously. 

PARIS — French money market 
rates were little changed from 
Tuesday, with call money at BJ 
per cent, one-month money at 
ti.VGii per cent and three-month 
funds at 63-61 per cent. The sis- 
month rate was quoted at 6i-7 per 
cent while the one-year rate stood 
at 7J-7J per cent. 


AMSTERDAM — Interbank 
money rates, were generally 
steady with caff money a£ .Sj-9j 
per cent from 7?-S4 per cent and 
one-month money unchanged- at 
10J-18I percent The three-month 
rate eased slightly to JQj-lOjl per 
cent from 101:101 per cent while 
12 -mohth remained at 91-9* per 
cent.- 

MILAN— Money rates -were .un- 
changed "throughout from iOJ-tOJ 
per cent for call' money "to llj- 
11 } per-cent for three-month. 

TEL AVIV— The cost of over- 
drafts and commercial loans is' to 
be increased by ti per cent . to 
37J pet- cent as one" oT the moves 
intended . to tighten bank credit 
arrangements. This , follows' - a 
decision by the Bank of Tsrael to 
increase substantially the fines- citi- 
banks operating credit agreements 
beyond the litni C laid down." 

HONG KONG— Conditions In the 
money' market were, .generally 
easy, with rail money a 1.7} per 
cent 1 and .overnight business, dealt 
at 7 per cent 


Gold rose SI to 3ZD3}-2Q4}. ? It 
opened at -and 'was 

fixed at S 202 S 0 in "the moraisg 
and 3204.00 in the. afternoon.- 1 

In Paris "the 12J kilo" gold: "bar 
was. fixed at. FFr. 28,800 per-tdlo 
(8204.77 per. ounce) in. Lhe .ifter- 
OCOJV and at.FFr 28$3Q ; (J2C5 


UK MONEY MARKET 


$30&Z1T3 '3308^.210 J 


Moderate assistance 


CLUBS 


EYE. 159. Rwcn: Street. 734 9SS2. A la 
9t All-in Menu Three Spectacular 
Floo- Stow 1045. 12.45 and 1.45 ana 
muMC pi johnny Hjwk«wortti K. Frlrntfs. 


Bank or Bnglaiid Minimum 
Lending Rale 12} per cent 
(blnee November 9, 1976) 
Conditions in yesterday's money 
market were not quite as straight 
forward as had been originally- 
anticipated. and the authorities 
reacted lo the rather patchy 
supply of credit by buying a 
moderate amount of Treasury 
bills, all direct from the discount 

LONDON MONEY RATES 


houses. This should leave bank 
balances well over for today and 
while houses were paying lij-ll} 
per cent for secured call loans 
at tbe start, rates fell away at the 
close to around 8 per cent- and 

as low as 7$ per cent in places. 

The market was faced with a 
small net take up of Treasury 
biffs and a small increase in the 
note circulation. 


In the interbank market,’ over" 
night money opened at lif -12 per 
cent and eased to lij-lH "pet 
cent, a level which saw. a fair 
amount of:' business. Rates then 
tended to -fall away through 10 j, 
Wi per ' cent; in eariy afternoon 
to close around 7-7 1 pee cent. 

Rates itt -the table below -are- 
nominal in some eases." 


m tbe= mojaih&- compared : hath-. 
FFr" 26,850 , GStitXXfJ Wbdnebday 
alter noon.-.: - r ' ’■ 

-/:2s>A]nftiSvt kilo 'bar. 

was . .fixed- ar ’l^ i2,«S5 -per .kHo , : 
($203:06. per-- ouiireT compared ’ 

[Witbi- v-DM •. 12^ - '■ 

intvftK^iy. .- if: 


StPrllnw T/iCxl 

jtA‘. 14 : i'pmrivine Iniertouit ! AmLiirrty 

IM78 <m r|l-|l.n]i | ilupNlfll 


THE U.S. DOLLAR 

Conti's analysis of the short and medium term prospects is now available. 

For your free copy o/ this report, ring or write to : — 

CONTICOMMODITY SERVICES LIMITED, 

. WORLD TRADE CENTRE, LONDON El 9AA. 

Telephone: 0148S 3232 




iiH'iKilfM .. . 

2 flays tu Kiev..; 

7 tie yn i*r 

7 itey» ihHkv..' 


One montn ....! lZ,?,.12 r V 

Tan uumriis 

Tlim: iflunlL"., 12,'.; 18, „ 

bix roi.dtii- .. • 

■' IBL- itintiUlk.., 1 1 Ig-ll -.'J 
i-'iiHjwr ... . ; 215 4 -2 15 k 
T- ran ytern. ; — 


- 117B-I2I* 

Il7g-I2 I 12-12 >6 
laiB-lZIai 12,11-1811 
12,0-12,1;: — 
1814-12%. 1 17 a -12lfl 

lau-ism id, -U)b 

lira-12 | 

J1.-B-I2 UViDa 

- i 12-1214 


Tmeory i -Tteak. 

ttill.4L I .-n.il- , 




18-1BJ* 
1 8-13*6 
Il7g.l336 
1134-22 
Ui«-12' f 
HAfl-izrg 


1 Ha-12 ■ y- -I-. - - •' 

12 lWUb 12*. . I2i j 

12 - 116b. 




12 jj - I-Dlscoinit'.. kite 

12i; jataenbritf- 


~ . j 11:4-11 wf ie? 4 - ‘ TOre. nroattM . 

— .. f ' V -i---' ’ ffiswOBt Rile.'. ' 


Local auihoriiy and finance houses ewen days* notice, others seven d#y^ freed. *' Long -term Itrrel ' eirthriritif 
S , Bank' , b,u r ‘rere= ni In‘ l J a hi y ^, r0B ll yMre P*. r cenl = ,0Uf ^ ,,r * HWR.w cent; five yMrs.^ZV^ VBfetJ*. 'wiiiii&it: 

lour-raooih trade bni 3 r^ ra,Ba iar onma D>BBr * *°r iaUr-mofith. tanR Mb t1"»woo«itT "W^/GWatt ... 

ac "" , ‘l ra, « "for ono-month TreasuiY bills ti^UV per Cent; end two-ttiotuh Ur». per t*nr r - thrwi &£aJa£a%?: 
roontiM ii per cent. Apgroaintatd soiling rots for one-frtpnrfr bapk. bill* Jt^» par cent; iwo-monifi 11^-12 "' - " '-‘i 

Slwa ^»?»milith h TO' ,T Sr h «Jni""" ,,a Ml on# ‘ Maft,h WoiJb b,Us ia > •* IBP « n « two-month 12% paT cect. 

r,„r'" an S" L Ho Ji M 6“tes fpubliahod by the Flnnncn House* AsswationJ HV per' cent from Occmbairr-L lentil ''a&Kz 

Dspw,t fl ; ,ns r ™ *«WM S«""S at seven day*' (toPcn 10 pr cW Ml MirKiM fl 
Icnd-nq i 2 i, por m Traaeuty Sitls; Average tender retex'of du count. IT .per cemT^ - - ~ - — -mpirTOtrtuffiru.. 












































P^mter 15.197S 



35 


WeStLB Euro-Deutschmarkbond Quotations and Yields 


Advertisement 




- 

L- • 

an 

rlopj/mi' nl 


hSMlB 

Comm 

Jifo"*.. 


D - rrundiTorv drawing 

i: ~r'~ v;? 

Ptw».. 

Vapid 


br to! o: par 

S — - inking lund 



SK.'ADEtf :76m 

7i% AOELA. 77/82^ . 

-.7?a AOELA 77/82P ...... ...... 

6%, AK MMJ -v— > 

~ ' Airport Paris- 69J UP (<#) 

9 k ak£o'7S/«sp — 

- 7H4 AKZO 76/83 P - — ■ ■■ ■ v- , 

AXZO 70/84P. 

WJ4 Alueuiose lot’l 7JJ/B3- 

47 1i AMEX. l«T-!;77/84P. ^...7...... 

■ m?5; A.P.E.U. 74/ar <gv. 

- 7-: ?4 A ABED FmjmM7»6/83P 

6 1 7^ - ARBEO . Finance 77V67-. 

81% AnbliStiOndaL ZS/AIP 

6j% ArdaUSttnhdaJ V7j99P.---..~ — , 

7Z Argwwsn* <7/79 

(% ArpiKine W/W-.i...:..- 

■ Sgfirv'. 7iA Argentine 77/M- — ...................... 

$***/ 8- "4 ArjEtnittw. 78/85 A/.:..:.-. 

- “-, XjLAa&n D«* k -BK^*»/8* 

■j , T . S^S' Asian "Da*. Bk. 7S/60P ...: 

8% Aston Ocv. Bk. 76/82 

7~" Asian On. Bk. ->76/838 ....... 

7% Asian'. Dev. Bk. 77/85. - 

Dovj Bk. :78/M 


.106-00. 

101 XO 
. . 100.50 
.106.00 
10040 
106.00 


7.S5 - ; i A^O . 

7.1» 3*1 

E.S7 2M 
5-.GG iJSZ. 
asaS 3.i6 
849 - 5 .1* 


- .4 


Y3jc«V- s**i. Awn Devj.BI 
. ASKO -75/808 

,- *». cWirf 7? *r~ Awnsr 73/88 

~t ■. >fc£A lA: * Asaman 


. .J • 75TAmmr 73/ftR CO 
i . 9% Aumor 76/64 ( G ~ ........... 

■ -li-:- *• 74 .'. Aumor 73/88 {G>-.:..... — ,-—-.-^ — 

Awir*r« 67/tt 

• - 61 „ Australia 68/63 

bitS Aossrskr *4/ 

?ir .v— 

7% Amcrolt* ‘ 72/87- —•••••— — •»— 

10% AnartraHo-. 74/00. 

97 AsanHi '■ 75/Sk 

SI'i /untrila 75/62 39 

*}« - — - Km iis 


. J** 

^ * S** iT 5 *^ • •• 










-r ic; BSTi nop. or 
8}~ Hep. of 
• 7iS R*P. «f 

. • ijw o .. ■ 


109.00 

108.00 


106.00 

107.50 

106X5 


5?:- 


tr 






:>;■ 


*♦'< Amor. W. Dr*. Co/p. 72/07 

8% Austr. Skip. Com. 76/639 (G) 

7% Rep. of 'Austria 6B/B2 

»f Austria 69/B3 , — 

ot.Aostrio.i74/79P ;... 

Anscria 74/SfOP .1 

Austria 74/6.tP 108.00 

„ jlep^of A«tri» 7S/aOP *. 1B3.7S 

BiS. Rep. of Austria. 75/8 IP .'. 

81 Vi Rep. of - Austria 75/82P - 

9r' Rep. of Austria 75/83. 

B‘% Rep. of Austria 75/83 P 
of Austria 75/87 

of Austria 76/86 

65% Rep.- of- Austria 77/85 

7‘A .Rep. .of Austria 77/87P 

6^% Rep. -of Austria 77/87P ..r....- 

6% Rep. of Austria 77/B7P : 

5i 'V Rep. of -Aostria 7B/60P -- ... 

SiS,. Rep- of- Austria . 78/90 

7% Auto pi* os Cicalim 78/85P . 

7i 7. A uro pistil Espah. 69/84 (G1 . 

8^ AntDpistOi Espan. 71/86 (G) 

63% Autspbtn Bpur, 72/87 .fG) 

8% Banco N. Obras 71/86 (G) . 

-9% Banco If. Obras. 76/BI f£* .. 

71 ‘A Banco N. Obras 77/82P (G) . 

7% Banco N. Obras 77/B2P CG> 

7% Banco N. Obras 77/84 (G) . 

-71^ .Banque Ext. Algeria 77/33 

7\% Banque Nat.' Afcerie ‘ 78/B3 .. 

8-'. Barte/r Rand lm>. 78/82IP fG} 

•6-S BASF 65/80 ; 

71% SEC Finance 76/83P — — 

BSi Beecbain FJir. 76/83 

K)^ Bergen 74/79 

Bergen 75/85 

Bergen 77/89 

Si% BFCE 75/83 (G1 

81% BFCE 76/84 /G> ^ 

. -17£. BFCE 77i97. <G) — 

5i% BFCE 7«/Bft (G/ 

Z’% BNOB 77/87 ; 

tiX BNDE 78/86 

9°£ .Borregaard 75/B1P 

66% -Borivgasnf 77/84P r.. 

it- Braecan lot’l 73/88 .... 

61% Brazil 72/87 i; 

8J% Brazil 76/36 ..... — 

7‘% -Braril 77/84 

6JfS Brazil 78/65 

frf%- Breoner - 68/93 fGJ.'....;..;r..V. 

51.i Bridjh Petrol 65/80 

5i% BruxeUes-Eambert 77/84P 

_ 8f %^8urmah . OJl _70iBS - ....... ^,i 

4J % Canada -7B/83P 

6% Carls berg-Tuborg 77/B7P 

81^; C.C.CE. 75/BS (G) -.,. 

81%-CCCE. 76/86 (G) 

. 7% C.CC.fi. 77/89 (G) ... ... — 

SI.*; Ci-CA 64/79 L-. ....... 

- C EC A 65/B3 

7('.; C€CA 71/86 ; ... 

61% CECA 72/87 

h CECA 72/88 ...-. 

61% C E C AT3/BB ^.....—....^..1..: 

71^ CECA 73/88 ; 

io;, -cjca 74/79 ip 

10% etc A 74/79 IIP 


ioa_7S : 

; 59.50- 

109.75 752 »-3-G2 " 

fiS? -^-30 
9.17,.' 1.« 
732 4.39 

878 8.47 . 

B33 2^ 

B.73. ® 

’2-S 

7X6‘. a|7 
- 739 -5.30 

8.72- - 6.72- 
£_B2 .. 7-SZ 
6.78- -3-14- 
8.W" ■ 

7.6a..,:3fcS 

.IIS ||- 

i s~a.- 

- 7.39 - JkSO " 

8:55' ;i08 
-7.51 ^ 555 
6.57- 2:» 
6.35. . ’ 2-6S 
6.19 » 3i»i- 
. 6^4 331-: 

6 78 •4.67F ■ 

9.15 '. ISO 
8.04 , 3-14 . 

7.62 ‘ 330- 
7.67 3‘39- 

•6.70 ,4:22‘ - 

5:17 - ." SjBO 
584 • 1029 
.5.91 'v -9,73 
6.03 r *«.«8 
7.62 -*.73 • 

6.-71 1.78 . 

2JI4‘ 


101 .25 

103.00 

10100 

39.60 

106.00 
ICO. 25 - 
102.00 

. 102 00 
. 102.85- 
36.75 
95.37 
163.95 

105.00. 

. 10430 

IfB.OO 

102.65 

. 90.50 

103.75. 

101.50- 

105.28 

103.25 
J03.75- 

106.36.. 
1D5J30 
108X0 ' 
103.25 

-109.23 

112.00- 

10303 

107^50 

1fS25 

101.50 

96.50 

101.45 

101.75 
105. CD 
104^5 

100.75 


Ch45 


102^0 . ,957.- 


8.34 

9.03 

9.16.. 

7.78 

8.54 

-8.47 


X3 

2.97 

247 

1.76 

£14. 


7 r5 


103.00 

8X0 . 

2:23 

106.00 

8.02, 

-4.36 

107.60 

7X0 

5 85 

" 102.75 

C.51 

5A2 

102.50 

. 6.76 - 

-5 .99 

- . 102.33' . 

632- 

’ 6.08 

39.00' 

6.06 

7 18 

\ 96 7S 

5.34 

-7.G3 

.. S4.75 

• 6 07- 

11X9 

99.50. 

7.04 

5.09 

102.00 

7.11 

2.96 

104.50. 

-•7,66 

•. ’ Ad3. 

99.3 

6.80 

. 4.58 

104 J5 

7.67 

4.21 

107.00 

8.41 

.2.72 

100.70 

7.3) 

' 3.5B 

100.27 

6 97 

3.84 

100.75 

6 95 

J 6X0 

100 80 

' 7.«W 

-4X4 

.98.50 

7.38 

■ 1:422 

99.7S 

8D2 " 

167’ 

103.00 

5X3 

' 1.30 

102.03 

7.35 

*89 ■ 

106.2S 

7.53 

-:4X9 

104.00 

9.02 

0.97 

-. 107.83 

8 11 . 

, 4.32 

102.75 

6.99 

'1*93 

TD6.00 

7.7B 

3X3 

107.50 

7.67 

4.53 . 

103 00 

6.00 

• 6.07 

96.00 

5.99 - 

9.09 

. 105.00 

8: 10 . 

. 530. 

97.00 

6.36 

7 7.22 

105.00 

857 

2X9 

1C0.50-' ■ 

6:47 

• BXD 

104.75 . 

8.11 

9X7 

99.50 , 

6.78 

£80 

106.00 

8.25 . 

-.4X3 , 

. .? -102.00 

7.60 

'5^6 

-99.50 

6.78 

' 8.14. 

.'- 102.00 

• 6.62 

' 2:58 

101.35 ■■ 

5X3 

0.96 

99.50 

• 5J78 

-6.01 

.105.75. 

8.04 ; 

3.75 

38J5 

4X3 -: 

4X4 

100.00 

6.00 ^ 

8.97 

107.2& 

7,93 , 

4X4 

’ 108.75 

7.82 

5.01 

• 102.95 

5X0 J---0.47 

’ 100.00 

5*0 

-047 

- • 100.15 

5.49- 

525. 

• 104X5 

7.i y- 

i 3.73 


.101.75 

1D2.7S 

101.00 

113.75 

104.00 

104.00 


.10% CECA 74/BTP — m a no 1 TO 00 

■*]£ CE CA 74/01 ••Sa>..S<l »«Mi| .. .«lV. .o * I .. ' ;• H2.I0 


8< CECA 7S/H0R 104 50 

81% C-ECA 7S/82P .. at J05.00 

81% CECA 75/85 ", 104.50 

-7?:i C E C A. 76/82 ,^ 00 

105150 

91.15 
87.37 
39.75 
102.50 

68/83 ..-.rr;;.;.;r::;':;-™^ 

6* Chew Manhattan Ov, 78/93 .101.87 

7% Chrysler - .100.25 


71 %. C E C A 76/86 -s 

51% CECA 78/90 : «... 

fi?» CECA 78/90 P 

Zi? SS^i^.^2h±- 
- « | 


6.39 ■- -4.36’ 

-6.B1 . -*.85' 

6 44 ■ 5n6 
653 5.23 

9.62 05* 

9.U2' : 0.71 

8.09 
8:70 
7.66= 

8.10 

-7.42 £01 T5.73 " 


6.35 
690 
6 82 
2-71 
6 49 

- b SO 
6 JR 
6.10 

5 21 

6 45 

.5-04 

7 00 
6B2 

6 53 

b f9 

4.83 
. 5 S3 

C 83 

7 16 
7 29 
5.93 
E.Gi 
6.2*3 
6 37 

6 .17 
6.44 

- 6 36 
.7.20 

7.02 

7 01 
4.77 

4 «e 

4 79 
• 5.12 

6.17 
4X2 
*1.73 
6 44 

5 73 
5 02 

4 2U 

5 :u 
6.30 
630 
6.72 
4.92 

6 23 
4.71 
4.64 
6.63 
5.96 

5.56 

7 15 
7.13 
7 22 
6 6) 
6.15 

5 91 
6.28 

6 04 
6.32 
6.30 

6.29 

7.10 
6.60 

6.84 

6.3 J 
6.23 

6.11 

7.01 
6 82 
6.B3 

7.29 
7.67 
8.05 

- 358 
-7.00 
P.46 

5 64 

6.57 

6.46 

6 23 
628 

6.38 
634 

7.38 

7.29 
6.63 

6.29 
7. .10 
6.R2 
7.22 

7.27 

6.85 • 

5.39 
4.P2 

5.85 
6.S5 
5.19 
6.00 

6.47 
6 67 
6-12 
5 57 
5.41 
6.17 
C 02 
6.32 
6.26 

•3 74 

3.47 

4.1 B 


2 72, 5 89 

2.37-' 5.34 : 
1.97 - ‘5&- 
3-22 6.7 f 


8.13' 
7. 68 
7.24- ' 
7.35 
5 73 
6.16 
7.77 . 
6.34 


3.i7 
2.01 - 
4.80/ 

a 

3b 


6.B5 

- 6:21 

6.02 

6.5B 

656 

642 

7X1 

5.50 


I. 4.83 

i6. *.n 
8.82 

1. 2.71— SID 
1. 3.75 — B4D 
1. 2.82 
1. 4.83 
I. 4.84 
1. S.BI — 83D 
1. 4.84 JL 

1.12.77— SID 
1.11.83 

1. 6.83 — 87S 
. I. 7.81 

I. 7X3 — 890 

1.12.70— 795 

1.12.72— 795 

1.10. K4 
1. 3.05 

1.11.84— BSD - 
1 . 9.75—845 

16.11.90 
1. 3.82 
l. 4.83 
1. 4.85 
1. S.BB 

1.4.00 

I. 2.79~=3BD 
15. 8.77— 04S - ' 
T. 7.04 

1.11.73 — 82S 
1. 8.74 — B3S 
1. 2.75— 84S 
1.11.75—845 
1 . 2.78 — 87S 

1.10.00 
v .1. 2.02 

1. 4.82 
1 . 5.82 
1. 3.83 
1. 10.02 

1.11. B5 — 89S 
1. 9.88 

I. II. 70— 870 - 

1. 9.83 v 

I. 4.73—825 
1. 4.75— 63 S 
1. 7.79 
1.11.80 
1.12.81 
I. .2.90 
1. 6.91 
1. 4.79— 82D 
1. 2.83 
1. 4.79—830 
1. 5.78 — 87S 
7.. 5.83— 365 
I. 4.83— C55 
1. 1.83— 87D 
1. 2.83 — 670 
1 . 9.84— B7D 

15. 7.84—080 

1.11.85— 90S 
16.1.85 

1. 7.73— 84S 

1.10.77— 860 

1.10.78 670 

1.11.77— 865 
I. 9.81 

16. 8 82 
16.10.82 

1.I0.B4 

15.10.81— 83D 
I. 3.83 
15. 8.82 

1.10.71 — 80D 
1.11.33 
1.11.03 

1.12.79 

1. 5.81—850 

1. 2.81 390 

1. 7.81 — B3S 
1. 7.82—845 
1. 2.83 — 875 
15. 1.86—805 
I. 4.83 (82—87) 
I. 3.86 
1. 5.81 
1.10.84 

1.10.79— 885 

1.10.76— 87S 
1.10.82 (80—86) 
T. 5.84 

1. 1.B5 
I. 8.74—835 
1. 6.71— BOD 
I5.I2.G4 

1.1.1.76— BSD 
20. 5.83 

1 .72.85 — 87D 
1. 4.61— 850 
1. 7.33—860 
I. 4.81— 89D 

• I. 6.68 79D 

1. 4.71— 83D 
1. 5.77—860 

1. 7.78— 670 

2. 1.79— B8D- 
1. 4.79__8BD 

1.11.79— 880 
1. 8.79 

1. 9 79 
1.-9.B1 
- 1.12.91 

MS ‘ 

15.12.32- 
I. 4.78— 850 . 
15,12.81 
i;io.«3 •••• 

1.10.82— 860 
■ 1. 4.85— 90D 
1. 8 63— 90D 
20- 7.82 
1 - 4.81 



6.33 • 
5.89 
6.9B 
6.25 
6.38 
B.B4 
6.® 


103.00. ' 6.31 


7.00 . 3X5 ... 7.»: Ml- *3 ( 82—87) 




[reni 


Bi% CN. TeToco«.-'75/n (6) 

91% CM.- Teleconf. 75/83 P (G) 

4% C.N. Telewoi. 75/83P (G) 

7J5, CJN. TW«eom:-76/B3 (G) .104.00 

Coraafco 71/86 V ^ 07.00 

91% Comako 75/82P. J.i. 

7Z -Cam. Fed. Eiectr. 77/82F 

8% Com. Fed. Eiectr. 77/8* 

71% Com. fid. Eiectr. 77/85 

6i% Com. Fed. Eiectr. 78/88 

4{ % Comp. F.; Deuache Bk. 78/83 P 

5% Comp. F.-. Deutsche- Bk.- 78/B4P 

Bit; Comp. -Front. Petr. 7S/85 ....... J. 

% Ctwip. Franc. ?etr. ,77/84: 

BJ% C6nidrzio_70/91 (G) !7.... i ........ 

5: % Copenhagen 64/84 *.„... — 

Copenhagen 60/83. 

6j Copenhagen: - 69/84 —..-— 

. 9J% Copenhagen Z5/8SP' — _I 

71"; Copenhagen’ -71/86- '...L...... 

7i‘i Copenhagen 76/86 ....— 

6tr. Council of Europe 73/81P 

' 7% .Council, of 'Europe 73/88 

9-rC Council of Europe 75/82P 

of_Eiuof>B_76/83- 


102X5 
- 99.50 
104 40 
• 100.50 
.97.00 
98X5 
100.00 
104.65 
103.35 
\ 104.60 
99.30 
.'104.25 • 

103.50 

104.00 
104X5 

. 105.25 

101.50 
-- 101.50 

106.00 
104.65 


8.06 

856 

9.00 
8.80 
6.97 
7X4 
9.05 
7.04 
7.66 
7.21 
6.96 
4.45 

5.00 
8.12 
6.23 

8.13 
5.79 
6.71- 
6 52 
8.89 
7.43 

7.13 
6.C0 
6.20 
B.83 
8.12 


2.75 5.48 1.10.72—835 

9.99 5.7* . 1. 9.84— 93S 

2.35 7.02 V .1. 7.75 — B4S 

C.B0 5 31 1.10.65 

3. 1C 5X3 1. 3.75— 84D 

309 7.17 16.1.82 

3.08 6.85 ... I.. 2.75— S4D 

2.83 5.33 . 1.11-74—835 

3. £7 6.89 r ' 1.10.7e — 8SS 

0.S3 5.3B' ' cRd.p- 1. 3.79(101.5) 

0 78 5.79 ' ■ 16.2.83 

0.78 7.32 •. • J 6.2.83 

4 34 6.16 «lld.p. 16. 2.79(102) 

4:02 5X5 . ‘ "cHdip. 16. 2.79(102) 

3 47 8.44 ’ 1. 6.82 

5.72 7.14.- . I. 9.82 

5 47 6.99- .1.6.84 

534 7.13 1. 11.32— 85D 

7.23 7.29 1. 4.B4 — 88D 

4. ;-9 4.82 . *. 1. S.C3 

5 05 -5.00'. .*• 1. 1.84 

4.01 -7.11 - , 1. 5.80—855 

0.55 X.77 -- 1 - 7 -*4 

6.11 7 69 • -I. 1.77—910 

6.07 5 89 i. 15.12.70—840 

2.48 1 5:24 •' v. 2.- 5.72— 83S 

2.89 ' 5X0 , . .'J. 6.7S^_S4S 

0 25 4.77 ; dW-P- I. 3.79(103) 

3.83 6.58 . \ 1. 4.77— S6S 

5.50 6.39 . 1.12.81 — 865 

2.39 5.79 ' . I.' 5X1 

4 79 6.61 ’ 1. 7.74— 8BD 

3.14 6.58 . 1. 2.82 

2 GO 6.48 . . 1. 2.79— 83 D 


:6 


WestLB Euro-OeutschmarkbojidYieJcI lndex ; 

December ll, 1978:6.28^ (November 30, 1978: 6,1 2£>) 


fi, , -7 1 " Council of Europe 76/83 
. 7% Council of. 'Europe '76/83. 

fcl- - 6I'.7 - CooncH' of Europe 77/87 


■ X. 


m 


6j.fi CowkH of . Europe . 78/B6P ■ 

»il" Council of Europe 78/88' : 

Hr CouraoMs Int'l. 72/87 

7it CourtoeWt ■Inc'l. J3/88P 

6^5 Cradrt National 77/87 (G) ...... 

SVi Credit Naaonil 7B/83P (G) 

4'! .CVRD 76/84 — — 

Bi'i-CVRD’ 76/B6 . 

8% Daimler-Benz '.70/85- 

5*"-, Daishowa Paper 78/83P 

' 6°^' Danish Export 77/82P ..... 

I!". Danfeh Export 78/B3P ...2 1... 

8i c : Deo Ddnske Bk. 76/86 - 

Oetumric 68780P - 

. 7" Denmark 69/84 

6» T /f Dc^imark 72/87 

94V Denmark 74/89 

Denmark 76/82 - 

; Denmark 76/82.— 

Denmark 77/83 : 

•‘Deamorfc 77/87 ..^^:.......:...— ....... ' 

54 t: Denmerk 78/84 ...—a, 

6/ Dnvpatk 78/88 

61’i. Den.Nwske Ind.' 77/89 (G| .....V. 

6ff Deo ’Norske Ind. 78/96 (G) 

■ 61« District .Paris 69/B4 

75.; EEC 76/83- 

7: “ Elect Council 71/86 (G) 

7% Elearobras. 77/87 (Gi 

6}” Eletrobras 78/86 (G). 

5) ^ Eff Aqwcaim 78/B8 a. 

5*:, Hf Norge 77/80P 

5ff'. a Item 78/88P — 

6% ENEL 65/80 (G) : 

64%' Ericsson 72/87.: — 

8!”-ESAB 76/BIP. ........... 

85 % ESCOM 70/85 (G> — 

Bi: ESCOM 71/86 (G) — * 

65‘* ESCOM 72/87 (G) -1 li w— — 

7‘C. ESCOM 73/88 (G) 

9i'; ESCOM 75/80 (G) ^ — 

8% ESCOM 7B/BI U* (G) 

B% ESCOM 78/81 IIP (G) — 

84% ESCOM 78/81 P (G) — 

ESTEL 73/88 1-...........-- 

84*C ESTEL 75/85 ...: 

8^-*; ESTEL 76/83P .i.-...- .... 

6*% ESTEL . 77/84P- ; 

«** ESTEL 77/84P ;... 

6i fc ESTEL 78 /BSP : — : ... 

54.'.. Earatum 77/8P ............ 

5LJ5T Eurofima 64/79 — 

i” EuroBma 65/80 

&■% Eurofinra 67/83 ... 

7]m Eurofima 71/86 — ' ' 

6i% Eur&flmi .72/87 

6J ?,:..£ur>finia 73/M 

8* El»«fiu» 73/89 ■ 

10% Eurofiina -74/79P 

'9™ EbroCwa 75/65 — .'.-J:....'..'....'.. ' 

' 76/33 


kil. 


6i'-i EuroJim*- 77/B7P — i 

51.- Eurefipu 78/88 

,6\£ Europ,. . Imr. Bank 69/B4'*...'....— *'*■■•■* 

- 8% 'Europ. Id*. Bank ?0f80 “ 

7|S Europ.; In*. Bank. 71/86 . 106-25 


.105.75 
.106 50 
100.50 

98.60 
- 99X5 

100.50 
.101X5 

99:90 

100X0 

107.7B. 

105.50 
.106.50 

9BX0 

03.7S 

99.50 

.308:46 

101.00 

102.25 

100.50 
108.55 
107X5 

106.50 

102.50 
'104.45 

98X0 

.93.35 

102.50 

98.00 

101.75 

106.75 
104 00' 
100.00 

37.87 

94.37. 

- 101.00 

97.00 
-102.00 
102.00 

105.00 
99.05 
93.10 

. 102JS: 

102.50 . 

02.60 
95.70 

103.50 

99.50 
99X0 

100.00 
1.03.56 
107.20 

105.75 

39.50 

99.50 

100.25 
95X5 

100.00 - 

103.50 

103.75 

101.50 
104.00 
100.70 

104.25 
104JO 

108.50 

110.75 
:101.75 

'97.00 

1D0 . 75 ' 

104.75 


7.33 
,6.57 
6.22 
6X5 
6.14 
B.47 
■ 7.16 
6 . 01 . 

• 6X5 
8:35 
8.06 
7X1 

. 5.56 
6 02 
5.7B 
7.61 
6.*M 
6 .as 
6.72 
8X2 
7.69 
7.51 
6.59 

6.94 
6.31 
6.10 
6.59 
6:12 
6.39 

»'■ 

7.00 
6.90- 

5.56 

' s .m- 

XX3 
SX8 
6,B2 
- 8.33 
.6.57 
6.63 

• 8X1 

7.80 
. 6.75 
-7X1 

8.94 
8.04 
804 

.8X5 - 
7.48 ' 
7X3 
8.04 

6.63 
6 28 
6.23 
€04 
5.50 

5.80 
BX7 

7.64 

6.01 
6.45 

7.67 

9.57 . 
S,J3 
7.22 

-'6.63- 

5.67 
5.96 

6.68 

7.65 
7.06 


2.85 

4 97 
-6.63 

7.52 

737 

4.89 
4.36 
8.60 

4.72 
4.11 

. 5 43 
377 
4.64 
2.35 

2.41 
5.82 
1.30 
305 
4.95 

5.43 

3 14 

3.72 

4.43 
8 43 

5.14 

9.14 

5 72 

7.73 
2.97 

4 30 

3.55 

8.72 
. 7.30 

8.41 
.1.34 

7.41 
1.05 
4.22 

2.14 
1 .29 

2.73 
2.16 
4.08 
4 46 

4.56 
VGA 
1.58 
1.63 
2.14- 
5.32 
4.81 
4.22 
B.B9 
4.95 
6.80 

8.89 
064 
1.47 
267 
4.00 
4X5 

.5.02 
5.03 
0.97 
4 07 

4.14 
8 07 
6X9 

3 >6 

3X1 

1.39 

4.11 


- 5.50 . ■ 

5.47 - : 

6.15 .. •; 

6.50 . 

6.16 ' 
6.37*-: 
690 
6 . 01 / 
6.74 
6.77; 
648 
6.13 *, 

5.87 '. 
6 .11,.. 
S.96-: - 
e.4fiV f 
5.78.-:. 

8.27 . 
6.63.-.- 

728 '• 
5.65.--. 
5X8 ' ’ 
6.08 -' ' 
6.54'.": 
5.02 ' 
6.34 
6X1 : 

6.33 -. 
5.83 
5.44 
6.97 . 
6.99 
7.12 
6.J2-' 
4.94 
6.23 
4.07 
0 IX 
6 16. 
7.3T 

7.28 

7.65 
7.41 
8X9 

8.15 
687 . 

8.33 
S' 32 
8.23- 
6X2 
668 

6.87 
6.60 
6.37 
6.20 

6.47 ' 
5.44 

2.51 
4% 

729 
5 23 

6.32 
6.86 
.5 12.. 
6.69 
5.05 
"6.39 
6.^6 
5.82- 

5.48-. 

4 57 

5.65 


1. 5.80— 83D 
1.12.83 
4.11.83 — 87D 
•1. 7X6 
16. S.8-4— 88D 
I. 7.80— S7S 
1. 2.79— BBS 
.1.10.03— 87S 
1. 9.93 

1.2.81 (82—84) 

> . 1.12.82 1 83—86) 

. . 1.11.76— 85D 

- 1. 8.83 
.1.11,78— 82D 

.- 1. 6.79—83D 

•l.n.82 — 86$ 

. 1.10.72— BOD 
, 1. 8.75—845 

• . 1.12.78— 87S 

' 1. 3.80— 89S 

1. 2.82 
. 1. 9.62 
. .. 16. 5.83 
.. 16. 5X7 
1. 2.84 
I. 2.88 ■' 

. 1. 6.80— 89 D 

' V. 5X3—90D 
‘I. 4.75— 84D 

- ■ 1. 4.83 

did J. I. 3.79(103.5) 

•i f- ■J-S|C83-«7) 

• • 1 - 4-. 86 

• .15.-5.86 — BSD 

- . 16. 4.80- 

T I. 6X4— 8BD 
.1. 7.69 — BOD 
1"3.78— 87S 
: 2.81 
; 1.10.71—800 
.1.10.74— 83D 
' . 1. 4.76 — B5D 
.- 1. 3.77— 86D 

- 1. 9.78— 07D 

" . • I. 5.79— 8BD ■< 

'. 1. 8.80 
15. 1.80— 8ID 
--*:-2XD — BIO 
1.-181- 

- .''t. '8.79— BBS • 

1.6X1— 855 
"..1.-3.83 
' 4.11X4 
1.12x2—840 
1.IO.B5 

- 1. 11.87 

1. 8.67— 790 

- 1.12.68— SOD 

, - 1. 9.74— 83D - 
dld.p. 1. 2.79( I0I.S) 
.1. 9.76— 87D 
.-' 1.3.77— 8BD 
LID. 77 — BBO 

■•MM*-'- ■ 

L 2X1—850 
. ’ ,T. 2183 
~ r. 2X3 — 87 D 
:15. 2.84—880 ‘ • 

. L 3.75— B4D 
•-LH.75— £40 
“ ,;;2. 5X0 : - 

. 1. 3X7—860 



mm 

. - • 



PeOffi-swnr 

fasra 


CUTTPm 

m 

Yield lo 

D-rr.!>iidiWrY drawing 

m 

Vield 

J.loluniy" 

bvIf-T atr-'-r 

5 — .'.‘ill refund 


7 ! Europ. In*. Bank 71/86 ......... 

61'; Luicp. .In*. Bank 72/87 

6', europ. Inv. Bank 72/87 

6 ‘ furep. In*. Bank 73/88 

7 . turop. ' In*. Bank 73/86 

10 Europe In*. Bank 74/8 IP 

B"' t Europ, In*, Bank 75/80 

9i , Europ. In*. Bank 75/83 

5.. Europ. In*. Bank 76/83 

7{ V Europ. In*. Bank 76/83P 

6 ! ", Europ. In*. Bank 76/84 

6 .* Europ. In*. Bank 77/89 

6 Europ. inv. Bank 78/8BP 

5: *. Europ. Inv. Bank 78/90 

6. ‘. Europ. Inv. Bank 78/90 

8'. . Europittas 71/86 (Gi 

6' 1 Europljos 72/87 (GI 

7: Fin. Inst f. Don. Ind. 76/BIP 

fcl - . Finland 64/79 

6-' Finland *4/80 

7': Finland 6B/83 

61 -. Finland 68/83 

7 •; Finland 69/84 

71 ; Finland 69/84 

7, Finland 72/87 

87 Finland 76/84 


if*- 

7- L 
8'.J 

8> i 

5!‘; 

6!^: 
7 1 

St- 

6'A 
9‘ - . 
9 v 

7-; 
71 
S'. A 
Si ■ 
6*. 
9 i - . 

t: 

7'. 

e : 

6i ; 


Ji -* 


8 

8 

71 , 
71 , 
6r.. 
8* , 
7i . 
6; 
B-. 

a.: 

8'-. 

7'. 

7! . 
8. - '. 
61 .; 
6 1 ". 

57 

7! 

7 

7J - : 
$!■: 
6*7 
8-. 
7 
9 
Si 
6 J ' 
7' 
84 . 

6i~- 
6( -. 
8'. 
84 - . 

7': 
61* 
6-i ‘4 
ei'. 

K' 

71, 


Finland 7S/83P 

Finland 7g/86 

Finn. Kommunai 69/81 (G) 

Finn. Kommunat 71/83 (G) 

Forsmarlct 75/83 (G) 

Forsmarks 78/90 (G) 

Francctcl 76/83 fG> 

Fracetel 77/84P (G) 

Fuji Heavy 76/81 P 

Geo. Zbk. Vienna 75/B2P 

Gen. Zbk. Vienna 76/B3P 

Gen. Zbk. Vienna 77/07 

Girsz. Vienna 74/78P 

Giro*. Vienna 74/0OP 

Giro*. Vienna 76/8? 

Giro*. Vienna 76/83 '. 

Giro*. Vienna 77/B2 

Giroz. Vienna 78/86P 

G. I. S. 78/83 P 

Goeroborg 75/85P 

Grand Metrop. Fin. 77/84 

Guardian In*. 73/83P 

Gueu-Keen.Nett]. 76/83 

Hamerslcy Iron 72/87 

Hozamadiumi 76/8 IP 

Helsinki 68/83 

Hitachi Cable 77/B2P 

Hitachi ShipbMg. 76/81 

Hoogovcns 70/85 

IAXW. Vienna 75/85 (G) 

Iceland 69/84 

Iceland 77/87 

1 C 1 Int i. 72/92 

I C J IniT. 75/82 

I C I Int i. 76/86 C 

I C I Iih'I. 77/87 

ICIPU 71/91 (G) 

knatran Voima 71/86 |G) 

Imatran Voima 72/87 (G) 

Indonesia 78/84 

hid. De*. C South-Afr. 78/82P fG> 
Ind. De*. C. South-Afr. 7B/S3P (G) 

Indust*. Bk. Japan 73/80P 

Indiattr. Bk. Japan 73/01 P 

Indutcr. Bk. Japan 78/84 

Ind. Min. Dev. Iran 73/85 

In. Min. Dev. Iran 77/87 

Ind. Min. Dev. (ran 78/84 

lod. Mtgebk. Finl. 64/79 (G) 

Ind. Mtgcbk. Finl. 68/80 (G) 

Ind. Mtgebk. Finl. 71/86 IG) 

ind. Mtgcbk. Finl. 72/87 (G) 

Ind. Mtgefak. Finl. 75/84 (G) 

lot. Am. De*. Bank 64/79 

Int. Am. Dev. Bank 69/83 - 

Int. Am. Dew. Bank 69/84 

Int. Am. Dev. Bank 70/85 

int. Am. De*. Bank 72/87 I 

Int. Am. Do*. Bank 72/87 11 

Int. Am. Dev. Bank 76/83P 

Int. Am. De*. Bank 76/83P 

Int. Am. De*. Bank 77/87 

Inc Am. Dev. Bank 78/88 

loc i. Gom'l. Bank 73/83 

Ireland 76/81 

I R I ex. warr. 64/79 (G) 

IS COR 71/86 (Gi 

ISCOR 72/B7 (G) 


105 00 

7.3S 

4.14 

6.33 

103.00 

6 31 

4.57 

5.73 

99.75 

6.02 

5.07 

8.05 

101 40 

6.66 

5.13 

G 4) 

102 25 

6.85 

5.25 

6 J7 

109.75 

9.11 

2 72 

5 99 

106.45 

’ 7.52 

1 97 

4.50 

110.25 

8.62 

203 

5 72 

107.75 

7.42 

3.02 

5 15 

106.50 

7.28 

4 CO 

6 14 

104.00 

649 

4 43 

5 70 

93.90 

6.07 

6 98 

6 13 

93.50 

609 

9 64 

6 21 

91 10 

576 

8,63 

b G3 

97.00 

6.19 

11 8D 

6 ^7 

103.90 

7.94 

4 CO 

7:3 

103.40 

7 74 

4 37 

7 21 

102.00 

7X5 

2 09 

6 44 

101.00 

619 

072 

4 8S 

101.25 

5.93 

1 l* 

4 83 

101.75 

688 

2X1 

6 30 

100.80 

670 

2.91 

6 5S 

101.00 

693 

2 79 

0 71 

102.80 

7.30 

3 21 

662 

100.80 

6.94 

4.03 

6.86 

1C0.50 

773 

3X3 

6.93 

96.50 

5 70 

4.14 

6 49 

96.00 

5.99 

7 14 

G.40 

102.00 

7.35 

1 95 

0.49 

102.75 

7.79 

2.32 

6.80 

106.50 

7.75 

3.02 

582 

94.25 

e.10 

7.42 

6 75 

105.10 

7 14 

4.84 

6 24 

103 00 

6.55 

6.30 

606 

101.00 

0X3 

2.97 

6 S2 

110 00 

8.41 

3.22 

5 74 

106.00 

8.02 

3 63 

653 

99.00 

6.08 

6.91 

6.1S 

104.50 

9.33 

0.97 

4 83 

107 00 

9.11 

1 97 

5.83 

103.75 

8.75 

2 80 

5 55 

106 00 

6.84 

4X9 

530 

101 .75 

5.41 

3 80 

4.9S 

99.00 

5.81 

780 

5 91 

98.25 

611 

4.22 

6 48 

107.50 

0.07 

4.06 

7.53 

101.75 

6.88 

4 10 

6 49 

101.00 

7.18 

2.07 

5.70 

107.00 

7.48 

4 39 

6.12 

102.10 

6.61 

4.35 

6 17 

104.50 

786 

2 47 

596 

102.10 

6.86 

2.49 

6 17 

101.00 

693 

3.05 

6.62 

101.75 

8.11 

022 

0 25 

107.00 

7.94 

3 35 

625 

106.25 

8.24 

3.79 

6 80 

102.50 

7.07 

2 ?0 

6.36 

104.50 

7.42 

5 07 

666 

99.90 

6 51 

13.22 

6.51 

106.50 

798 

3 64 

6 42 

106.00 

708 

6.95 

6 40 

104.00 

6.49 

685 

6 01 

104.25 

7 67 

6 14 

7.25 

104.00 

7.69 

3 32 

690 

103.25 

7.75 

4 37 

7.25 

97.75 

7.16 

5.80 

748 

99.00 

7 83 

3 39 

8 07 

100.00 

8.00 

4.55 

7.93 

101X0 

6.40 

1 47 

5.38 

101.50 

640 

2.39 

5.79 

99 75 

5.01 

5.05 

5.06 

97.10 

7.72 

6.39 

80S 

94.25 

8.22 

6 55 

8.72 

90.50 

8.01 

5 75 

9.45 

100.00 

6.25 

0 29 

6.32 

101.75 

6.63 

1.33 

5.48 

103.75 

7 71 

4 29 

7 09 

100.75 

695 

4.23 

6 91 

102.50 

8.78 

2.69 

7 90 

100.00 

5.50 

n 55 

543 

102.75 

657 

2.7) 

5.63 

102.25 

6. as 

3.05 

6.27 

108.85 

7.81 

2.61 

533 

100.50 

6.72 

*45 

• 6.60 

101.00 

6.68 

4X7 

6.50 

105.00 

7 02 

4.13 

6.58 

106.00 

7.78 

4.r5 

6.66 

102.50 

6.83 

5.29 

6.4S 

98.50 

6.35 

9 05 

6.47 

101 50 ' 

6.65 

241 

6.04 

104.75 

7.B8 

2 05 

5.73 

98.80 

582 

0 55 

8.17 

100.30 

773 

3.77 

780 

86.75 

7.24 

4.04 

8.11 


1.10.77— 86D 
1. 3.78— 87D 
1. 9.80— 87D 
1. 2.79 — 80S 
1. 7.79 — 885 
I. 9.81 

LI 2.80 
I. I XI— 83D 
I. 7 85— 83D 

1.10.83 
1.12.01 — 84 D 
I. 8X2— 89D 
I. 8.38 

I. 3X5 — 40D 
1.10.90 
1. 2 77— B6D 
1. 1.78 — B7D 

1.12.78— 8IS 

1. 9.70— 79D 

2. 1.71— BOD 

1. 6.72 — B3D 

1.12.72— 83D 

2. S.73 — 840 

1.10.73— 84D 
1. 4.78 — 87S 
1. 6.81 — 845 

I. 2.83 

1. 2X6 
1.12X2 — BID 

2. 5.76 — B3D 
1. 7.80 — 83D 

16. 1.83— 90D 
16.10X3 
I. 4X4 
1.12X1 
1. 3.82 
I. 2X2— 83D 
1.12X3 — 87D 
due 1.12.73 
1.12X0 
1.6 1.81 

1.11.83 
1.10X2 
1.10.86 

1. 3.B2— 83D 

I. 2.81 — 85D 
1. 8X1— 845 

1. 2.79— 83D 

2. 5X3 

1. 7.78— 87S 
1. 6X1 
1. 7.72— 83S 
I. 1.82 

clid.p. I. 3.79(101) 

1. 6.76— 85D 
I. 5.80 — BSD 
I. 5.73— 84S 
1. 4.80— 87S 
1. 3.78— 92S 
I. 8.02 
1.12X4— 86D 
L 5.84— B7D 
1. 1.77— 9ID 
1. 4.77— 86S 
1. 1.78—875 
1.10X4 
1. 5X2 
1. 7X3 
I. 6.80 
1. 5.81 
1. 1.84 
1. 5.77—855 

1. 7.83—875 
16. 9.84 

2. 5.70—79D 

1.1 1.73— 80D 

1.12.77— 86D 
I. 7.78— 87D 

clid.p. 1. 4.79(102,5) 
1. 7.70—790 
1. 7.72— 83S 
I. 8.75— 84S 
1. 9.76— 85S 
I. 6.78— 87S 

1.11.78— 875 
16. 2.83 

1. 7.83 
1. 1.83— 87S 
1. 1X8 
I. 6.79— 83D 
due 1.12.78 
1. 1.81 

30. 6.75— 79D 
1. 6.77—860 
L 4.78— 27D 



WestLB 


For current prices and further information cal! 

International Bond 
Trading Dept 



Dusseldorf 
Westdeutsche Landesbank 
Giiozentrale 
P.O.Box 1128 
4000 Dusseldorf 1/FRG 
London 

Westdeutsche Landesbank 

Girozentrale 

London Branch • 

21. Austin Friars 
London EC2N 2HB/UK. 

Luxembourg 
WPMlS International S.A. 

47. Boulevard Royal 
Luxembourg 


Telephone 8263122 
Telex 8581882 


Telephone 8263741 
Telex 8581882 

Telephone 6386141 
Telex 887984 


Institutional Investors Dept 


Telpohone 

Twlo* 


454 93 

2831 


Hang Kong 
WcslLB Asia Limited 
1301 Hutchison House 
Hong Long 


Telephone 25 92 OS 
Telex 75142 


Westdeutsche Landesbank Girozentrale 
.Leading Marketmakers in Eurobonds 


JR 

3; , 

sr- 

71 A 
8' 
6*. 
7% 
7'-. . 
B j 
8-: 

61 
7-1'; 
7- . 
6 ' 

7' , 

9“'. 
6--; 
7\ . 
81. > 
b. , 
6.-, 
7i\ 
7 •% 
7'., 

4; > 
5:, 
7” 

6L. 
7i : 
6J .. 
Si'- 

85 

sr„ 

74', 
8;. 
7'.“ 
51V 
5}“. 
S> ••• 

6l\ 
10/ 
81V 
7“. 
6 ' 
9t*. 
8i -- 
6- : 
6?" 
61'- 

7' 

7 r ; 

7\". 

p ' 

S’ 

‘ 6*' 
7‘ J 
S^': 

7 1 ,v 

O' - 

7/ 
6., 
61 4 

r: 

I ., 
6-:., 
7i . 
8'-. 

7- . 

a;i, 
s- , 
8{ .. 
6 !'c 
6. . 
8“, 
61 -v 

7 : v. 
0'4 

6! > 

6y « 
6.-.: 
7C-: 
7'.; 
9i 7 
9L- 
85 ^ 
»lv. 

b-:: 
s:-u 
ft 
Si'. 
a.r* 
Bi'" 
7v: 
5 ('• 

8 

8- t 

B\ 

» 4. 

7% 

62 

6~, 


ISCOR 73/88 (G) 

ISCOR 73/88 (GI 

ISCOR 77/BO IP (G) 

ISCOR 77/80 IIP (G) - 

ISCOR 78/62P (Gl 

ISCOR 78/84P (G) 

Japan 64/79 

Japan 68/03 

Japan D*v. Bonk 76/83 (G) 

japan Synth. Rub. 76/81 P 

Johannesburg 71/86 (G) 

Johannesburg 72/87 (G) - 

johannfriburg 7B/82P (G) I 

Jydik Telefon 69/84 

Jyifck Trlwfon 72/87 

Jydsk Telefon 73/88 

Jydik Tclefon 75/02P 

Kartsai Electric 69/84 

fwMi Electric 71/86 

kieiuki Stool 75/82 

KELAG 73/88 

KHD Finance 72/87 

Kjobenhavm H. Bank 76/B3P 

Kiohcnlutfni Tel. 72/B7 

Kjobenhavns Tel. 72/87 

Kjobenhavn* Tel. 73/BB 

KLM Royal Dutch Airl. 78/8SP 

Kobe 61/83 (G> 

Kobe 69/84 (G) 

Kobe 71/06 (G) 

Kobe 72/87 (.G) 

Kobo 75/BOP JG> 

Kobe 76/83 (G) 

Kobo .77/87 (G) 

Kobe 70/86 (G) 

Kommunl. Imt. 76/83 

Kotnmunl. Int*. 76/84 

Korea Dew. Bank 77/94 (G) 

Kubou Int i. 77/82 (G) 

Kwaomrf Ind. 7B/BBP 

Light-Servicaa 77/82 (G) 

Light-Serwicw 78/86 (G) 

Lonsi lnt‘1. 74/79P 

Lonza Int'J. 75/80P - 

Mihysu 72/84 

Malaysia 77/85 

Moltnoe 7S/B4 . — 

Malmoe 76/83 

Manitoba 77/84 

Han’t. Hydro El. 71/87 

Mcpal Fin. Comp. 78/90 

M E P C 73/88 - 

Mexico 68/80 - 

Mexico 68/84 

Mexico 73/BB 

Mexico 75/82 

Mexico 76/83 

Mexico 77/84 : 

Mexico 78/85 

Mitsubishi Gas 76/BIP 

Mitsubishi Petro 78/83 

Mitsui Toatn 76/SIP 

MODO 75/83 : 

Montreal 69/89 

Montreal 72/92 - - 

Montreal 73/93 

Montreal 76/86 * 

Montreal 77/87 i 

Marts. Denmark 69/84 (ti) 

Mortj. Denmark 71/86 (G) 

Mnrts. Denmark 73/EB (G) 

Mortg. Bk. Finl. 69/34 (G) 

Nifi. Mexico 69/79 (G) 

Hafi. Mexico 76/83P (G) 

Njfi. Mexico 77/B2P (G) 

Nafi. Mexico 77/84 (G) 

Nafi. Mexico 77/84P (G) 

Not. Bk- Hiingary 75/81 

Nat. Bk. Hungary 77/85 

National Lead 67/79 

NatT. Wcmoi. Bk. 73/BB 

New Brunswick 72/87 

Newfoundland 69/84 

Newfoundland 71/86 


Newfound fond 72/87 

Newfoundland 73/88 

New Zealand 69/84 

New Zealand 71/86 

New Zealand 72/87 

New Zealand 75/80P 

New. Zealand 75/BOP 

New Zealand 75/80P 

New Zealand 75/82 

New Zealand 76/83 

New Zealand 76/86 

New Zealand 77/84 

New Zealand 78/86 — 

Nippon Kokan 75/02 - 

Nippon 5l«l 78/85 

Nippon T -T- T 75/82 tG) 

Nippon T + T 75782 (G) 

Nippon T + T 76/83 (G) - 

Nonce 7BJ8S .............. 

Nor res Komm. Bank 70/85 (G) 

Norgcs Komm. Bank 75/80 (G) ......... 

Norge* Komm. Bank 75/BOP (G) 

Norge? Komm. Bank 76/81 (G) 

No'gf* Komm. .Bank 77/89 fG) 

No'rr* Komm. Bank 77/89.1 (&) ..... 
Noiges Komm. Bank 77/89 tl (G) 


95.95 
101.90 
101.00 
101 00 
100.00 

100.50 

100.00 

103.50 

104.35 
106.00 
101.00 
92.100 

99.00 

101.35 
100.20 
103.00 

107.50 

103.00 

104.75 

105.00 

102.50 

101.25 

102.50 
103 25 

102.00 
99.30 

98.25 

104.00 
103.(0 

105.75 

102.25 

102.00 

104.75 

104.65 

100.70 
104.00 

104.00 
99.50 

100 00 

97.75 

106.00 

97.20 

104.00 
103 00 

100.00 

99.20 
106.00 
105 00 
104.10 
103 85 

98 60 

99 25 

101. 50 
101 75 

103.00 

106.50 
107.50' 

105.25 
96 75 

102.50 
100-00 

102.00 
104X0 

101.65 

97.25 

100.00 

105.25 

101.00 

102.50 

102.25 

101.70 
100.20 

100.00 

105.50 
99 50 

105 SO 

105.50 

105.00 
S7 25 

100.00 

104.25 

102.50 

104.25 

103.25 
103 55 

99.50 

102.40 

103.50 

103.00 

104.50 

104.25 

105.00 

106.50 

106.75 
106.50 
1G3.3S 

96.75 
102.60 

100.00 

104.25 

103.25 
106.00 

38.25 

104.25 

104.75 
104.00 

103.65 

102.75 

97.75 
97.75 


7.30 

8.24 

8.17 

3.17 

7.75 
8.21 
6.M) 

6.76 
6.95 

7.73 
7.92 
6.79 

7.83 

7.15 
6 74 
7.04 
837 

6.55 
7.40 
833 

6.59 
6 67 
720 
7.26 

6 55 
6.55 
3.09 

6.73 
6.55 
7.33 
6 60 

5 09 

7.16 
6.21 
5.71 
7.45 
7.69 

7 29 

5.25 
5.38 
8.fi2 

6.94 
9.62 
SOI 

7 CO 

6 55 
E 73 
7.86 
6 24 
6 50 
63* 
705 
0.90 

6 £3 
704 

8 29 

7 J* 
7.36 
6.20 
754 

5.75 

7.60 

5 61 
6.89 

6.17 

6.75 

8 08 
693 
7.32 

7 58 
6.88 

6 74 

7.25 

5 29 
704 

8 29 
8 29 

7 86 

6 68 
6.50 
7 67 
6 59 

6.95 

7.75 

6 52 
6.53 
6.59 

7 25 
680 
9.09 
8.87 

7.56 

9.15 
7.03 
7.28 
£05 
5.*3 
8.77 
575 

8.39 

7.99 

7-31 

5.85 

8.15 
7.6* 
7.69 

6.75 

6.83 

6.14 

5 .14 


4.96 

5.07 
1.76 
1.50 
2.79 
5.B4 
0.47 

2.1.7 
4.30 

2.55 
4.03 

4.45 
338 
3.16 
420 
5.12 

3.55 

3.18 
3.73 

2.45 
4.64 

4.18 

4.97 
4.58 
4 13 
9 JO 
3.28 
2.42 
2.81 
4.21 

4.19 

1.47 

4.47 

8.47 

7.55 
3.28 
3.94 

5.97 

3.07 
7.18 
3 22 
7.39 
089 


8. PI 
8.02 

7.59 
7.52 

7.72 

8.13 
6 03 
532 
6.06 
5.64 
7.68 
B.44 

8.07 
6.88 
6 68 
6.54 
6.54 
5.78 
6.26 
6.45 
6.10 
6.36 

6.76 

6.77 
6.42 
6 60 
5 59 
5.28 
566 
6.15 
6.11 

6.73 

6.23 
5 76 
5 63 
6.34 

6.60 
735 

5.07 

6.14 
6.36 

7.24 
523 


J6.12.79— BOD 
I. 3.79— SBD 
1.11.79— 89D 
16. 9.79— BOO 
1. 4X1—82D 
16.10X4 
I. 6.70— 79D 
I. 3.71— 835 
1. 4.83 
I. 7.81 
I. 9.77— 860 
1. 9.78— 87D 
30. 4X2 
15. 9.7S— 84S 
I. 3.78—875 
I. 2.79— 8BS 
1. 7X2 
1. 3.75— 04S 
1. 5.77— B6S 
1. 6X0—820 

1. 5.79— 8SS 

2. 5.78— 87S 

1.12.83 

2. 1.78—87 S 
I. 5.78 — 875 
1. 4.79— 88S 
I. 5.79— 85D 
1. 6.72— 83S 
1. 5.73—845 
1. 2.77— 865 
1. 5.78— 87S 
I. 6.80 
1. 6.83 
I. 6.87 
1. 7.86 
I. 4.81 — 830 
15.10.77—840 

1.12.84 
1.12X1 — 82D 
1. 3.84— 88D 
1. 3.82 

1. 5.66 
1.1 1.79 
15. 5X0 


2 87 

6.98 

1. 6.75—840 

6.72 

664 

1. 9.85 

3.59 

7. 28 

1. 2.81 — 84D 

2.68 

6.15 

1. 3.80 — 830 

5 55 

5.61 

1. 7.84 

4.48 

5.74 

1. 6.78— B7S 

11.00 

6.43 

2. 1.85— 90S 

4.67 

7,18 

1. 5.79—890 

0 96 

5.45 

1. 6.71— SOS 

2.99 

6X4 

2. 1.73— 84S 

4.30 

6.43 

1. 1.79—885 

3.55 

6.24 

1. 7.82 

4.47 

6.02 

1. 6.83 

5.47 - 

6.56 

1. 6.84 

6.30 

6.64 

1. 4.05 

2.47 

6X9 

1. 6.81 

4.72 

5.74 

1. 9.83 

2.76 

6.91 

15. 9.81 

2X3 

7.21 

1. 6.80—83D 

4.98 

6.59 

1. 4.70— 89D 


6.71 

14.47 
388 

4.38 
3-28 
3.64 

4.79 

2.71 
0.47 
4.97 

3.72 
522 

5.22 
2.56 
689 
047 
5.03 
4.69 
3.D5 
396 
470 
9.30 
3.08 
372 
4.48 
1.74 
1.14 
1.55 ‘ 
3.05 

4.22 
582 

5.39 
722 
2.28 

6.72 
332 

3.47 

4.80 

6.22 

3.66 

l 47 
1.55 
239 
G.00 
10.04 
10.97 


6.51 

6 74 
6.89 
6.71 

. 8.75 
7.14 
■ 6.56 
6.77 

7.37 

7.39 
7114 

7 43 
7143 
6.05 
7.01 

6.39 

6.56 
a is 
5 79 
7.01 
5.86 

6.57 
6.97 
6X3 
6.21 

5.29 
527 
480 

7.29 

5 65 

6.37 

5.51 
5.81 
768 
5.74 

7.21 • 
7.14' 
6.26 
6.09 

7.28 

4.55 

5.22 

5.31 

6 42 

6.29 
6.29 


1. 9.73— 92D 
1. 6.74—93 5 
|. 7.77— 86S 
16. 7.78 — 87S 

1.11.75— 84S 
I. 3.77— 86D 
I. 7.79 — 885 
I, 4.73— 04S 
1. 6.72— 79S 
I.I2X3 

1. 9X2 
I. 3.84 
1. 3X4 
1. 7X1 
1.11 B5 
1. 6.72— 79S 
1.10.79— BBS 
1.11. 78 — 87S 
1. 8.75— 84S 
1. 8.77 — 865 
1.11 .70— 07S 
1. 4X1—885 
1. 2J5— B4D 
I. 5.77— 86D 
1. 2.78— 87D 
I. 2X0 
1. 2X0 
1. 7.80 
I. 1.82 
1. 3X3 
1.11X2— 86D 
1. 5.84 
I. 3.86 
1. 4X0— 02D 
1. 9. 85 
•I. 3.82 
1. 6.82 
LI 0.83 
1. 3.85 

1.10.76— 855 
I. 6. B0 

1. 7.80 ' 

1. 5.81 

L4.8D— 895 
16.10.80— 89S 
1.12X0—895 




■ 


■ 

Rar-a-.ITiPr!' 

Issua 

Middle 

Price 

WJjiI || 

lilo* 

■ 

0 - mandatory drawing 

hy 1*1 jt oar 
r. - -inVin-3 lund 


01”, 
8'“ 
6 . 

71 . 

7 

9-. 

S 4 
6t " 

84 S 

a;-, 

7i 

7'-, 

li: 
6* 
S' r . 
4!': 
4i-; 
7! . 
6", 
71*: 
7“ 
61'. 
6‘; 
«i 4 ; 
81 *: 
7*; 
7“ 
Slff 
I OIL 
pi*; 
94%' 
7‘. 
6l'< 
64% 
64 T 
6% 
5*-% 
54 i : 

S Jj 

7% 

» 

6{% 

6r; 
5j ■; 
7 ; 
7-:; 
7i', 
6!'. 

9% 
6i ; 
6:‘« 
8*7. 
7\ 

7- . 
7.-; 
7% 

71': 

»;*; 

91% 
7i *s: 
611 
61 '< 
71 V 
7'-‘. 
6% 
61 
7!'-’ 

8- ; 
«:% 
6!\ 
6i'; 
6 V; 
8i\ 
5T% 

7Tr 

8i»: 

t" 

51% 

74% 

101 % 

74% 

?! 
64 M 
6?% 


Norge* Kneun.>-&aak 78/90 (G) 

Norpipe 76/84 

Nerpipe 7«/88 

Norpipe 77/89 

Nenn Gas 76/88 

Noiui Gas 77/89 

Norik Hydro 75/87 

Norsk Hydro 76/88 


84"% 

7!i 

7% 

-IjS 

r 

6 


•ti 

74 % 
7% 

P 

7 
9 
9 

8 

7^ 

li 

7% 

7i\ 

61 X 
6:: 

7* 

tor 

i 

9-; 

6r: 

7'; 

B1J-, 

6U 

»4,i 

io< 

91™ 

9;» 

’ 9".* 
Si v 
7.: 
**■> 

i 

84*; 

81^. 

6iv 

7i >. 
9i°; 

5jri 
64 
6 % 

61:, 

IR 

Er; 

54'. 

91% 

s:': 

Six 
6< w . 
7~ 
6-, 
6 l *C 
7 £ : 
8> V 

S-f; 
8!". 
81 * 
6 ’ ' 
61 


Norsk Hydro 77/89 

Norway 75/80 

Norway 75/flOP 

Norway 75/80 

Norway 76/81 

Norway 76/81 

Norway 77/82 

Norway 77/82 

Norway 77/82 

Norway 78/83 

Norway 78/83 1 

Nsrw. Mortgage 77/07 - 

Nocw. Mortgage 77/89 

Nova Scotia 71/86 ...A 

Nova Scoc Power 72/87 - 

Occident. Oven. 68/83 

O ester. Donaukr. 59/84 <G) 

O ester. Donaukr. 73/88 (G) 

Oust. Draukr. 75/85 (G) 

Ouse. El. Wlrmch. 67/87 (G) 

Oect. B. -WHnch. 76/B3P (G) 

Oest. Ind. Verwal tune 78/85P (G) 

I Oest. In*. Kredit 74/79P 

Oast. Kontrallbink 74/79 IP (G) 

Oest. Koncnollbank 74/79 IIP (G) 

Oest. Kon troll bonk 76/B3P (G) 

Out. Konaollbank 77/84P ( G ) ......... 

Oest. Konaollbonk 77/84P (G) 

Out. KonwoMonk 77/B4P (G) 

Oest. Kontrollbank 77/85P (G) 

Oest Kontrollbank 7B/84P (G) 

Oest Landerbank 77/82 ...r. 

O K O 64/79 (G) 

Ontario 69/84 

Ontario 72/87 

Ontario Hydro 69/84 

Ontario Hydro 71/86 

Ontario Hydra 72/87 

Ontario Hydro 73/88 - 

Osaka 64/79 (G) 

Osaka 65/80 (G) 

Oslo 64/79 

Oslo 65/00 

Oslo 67/79 

Oslo 69/84 

Oslo 71/87 

Oslo 73/90 

Oslo 75/87 

Papua 73/88 

Parker- Hannifin 77/B7P 

Fern ex 76/83 

Pamex 77/84 

Peraex 78/86 

Petro brat 77/84 

Prtrobrxs 78/88 

Philippine 77/84 

Philippine 78/85 

Philip* 7S/8IP 

Philip* 75/81 P 

Philips 75/82 

PK- Ban ken 78/88 

Platm. Malmoe 75/80P 

Privatbk. Copenb. 77/83P 

Pyhrn Autobahn 77/B9 (G) 

Quebec 72/87 

Quebec 77/87 

Quebec 77/87 

Quebec 71/90 

Quebec Hydra El. 69/84 

Quebec Hydro El. 69/84 

Quebec Hydro El. 71/86 

Quebec Hydro El. 72/87 

Ouebe: Hydro El. 73/B8 

Quebec Hydro EL. 77/87 

Quebec Hydro El. 77/87 

Queensland Alu. 70/85 

Rautarurukki 78/88 (G) 

Reed Paper 73/88 

Renfe 76/82 fG) 

Rente 77/84 (G) 

Ricoh Comp. 78/83P 

SAAB 71/B6 

; SAFE 74/79P 

Saga Petrokjenii 77/87P 

Sandvlk 72/87 

Sandvik 75/83 

Santa Steamship 77/84 

S.AJ.L. 75/BOP (G) 

Shell -Int i. 72/87 

Shell lnc*|. 77/89 

Ship. Co. New Zeal. 75/80P (G) 

Ship. Co. New Zeal. 75/82 IP iG) ... 
Ship. Co. New Zeal. 75/02 IIP (G) ... 

Siemens Europe 66/81 

Singapore 72/82 

Singapore 77/83 

Singapore Airi. 76/83 (G) 

Sira. Kvvna 70/8S 

S.N.C.F. 68/83 (G) 

Soc. Dev. Reg. 76/86 (G) 

So= De*. Reg. 77/«P (G) 

South -Africa 69/84 

Soudt-Africa 70/85 

SoochAfricu 71/86 

South-Afric* 72/87 * 

South-Afr. Broadc. 78/81 P (G) ......... 

South-Afr. Oil Fund 7B/82P (Gl 

South-Afr. OH Fund 78/82P (G) 

Souch-AFr. Railway 73/08 (G) 

South -Afr. Railway 75/80P ^G) 


% South-Afr. Railway 7S/80 (G) 
Z SoirehAfr. RaMway 77/80P (G) 
South-Afr. Railway 78/11 P (G) 
South-Afr. Railway 78/82P (G) 
South-Afr. Railway 78/S3P }g> 
South-Afr. RaHway 78/B3P (G) 

c® 0 * 7 VM (G) ..... 

Spam 77/84 

Spain 78/88 


Sparbank Oslo 78/90P 

Standard Imp. A Exp. 78/B1P 

Stand. Chart. Bank 78/88 

Statoil 78/88 fG) 

Stottf oeretag 77/85 

Ste term ark 74/80P 

Stockholm Qty 75/83 

Stockholm County 75/87 

Snideb. Worth. 69/79 

Sumitomo Metal 75/82 

Sun Oil Int. Fin. 73/88 

Sveroka Cell 73/88 

Svcnska Tarndst. 75/85 !. 

Sverige* In*. Bk. 72/87 1 

Sverige* In*. Bk. 73/88 

Sverige, In*. Bk. 75/83 

Sweden 77/84 

Sweden 77/89 

Taiaei Corp. 75/80P ... 

Tauenuutobxfan 74/79P 
1/81 


TauematKObahn 74/ 


(G) 

(G) 


Tauemautobabn 75/82P |G) 


Tauernautobahn 7S/B3P 

Tauernautobahn 78/93 (G) 

Tauernkraftwerke 68/83 (G) 

Tauernkraftwerko 68/83 (G) 

Tenpfinco 73/93 

Tenphnco 75/82P 

Thailand 78/83P 

Thytten Cor. Fin. 75/82P 

Thyuen Car. Fin. 7S/B2P 

Thyuen Inv. 66/61 

Tokyo El. Power 69/84 

Toray Ind. 75/80P 

Toyo Rubber 78/83P 

Tral. House Fin. 72/87 

Trinidad A Tobago 78/83 

Trondheim 68/83 - — .... 

Trondheim 78/88 

T R W hit. Fin. 69/84 — 

TVO Power 78/88 (G) 

UDS Group 78/83 - 

Unilever 74/B1P 

Unilever 75/87 

Uniroyal 78/84P - 

Unit. Arab. Emirat* 77/82P 

Venezuela 68/63 

Venezuela 78/88 

Venezuela 78/90 

Vienna 68/83 

Vienna 75/B4 

Vienna 77/B4P 

Voeit-Alpine 7?/88 

Voe*t-Alpine 75(85 

V-ett-Alpine 77/69 

Wr I It- Forgo ex w. 73/88 


97.75 

; 8.14. 

11. 64 

6.27 

106X0 

8.02 

'.SB 

6 51 

106.50 

7.51 

6.87 

677 

99.75 

6 02 

10 89 

5.03 

103.60 

7.00 

7.38 

6.62 

102.00 

6.B6 

8.66 

6 63 

108.25 

8X1 

4.55 

6.82 

107 00 

7.4S 

6.71 

-• 6.66 

102.50 

6.59 

7 25 

6.20 

104 75 

7.S8 

1.39 

4 60 

104.00 

7.93 

1.47 

5 31 

104.75 

7.40 

1.97 

5.15 

104.25 

6.71 

2 39 

5 05 

106.25 

706 

2 55 

4 rc 

103.75 

6.27 

3.05 

5 14 

103.25 

6.0S 

330 

5.14 

102X5 

5.62 

3.64 

5.05 

98.75 

4.81 

4 05 

5.10 

97.10 

4.51 

4.30 

5.14 

105.50 

6.87 

6 37 

6.17 

98.25 

6.11 

7.27 

B.31 

104.25 

7.43 

4.30 

6.71 

102.50 

683 

4.96 

& 39 

102.50 

634 

2.75 

5.58 

102.50 

5.85 

3.09 

5.18 

101X5 

6.67 

4.92 

644 

106.75 

8.05 

4 16 

6 28 

105.76 

6.62 

4.49 

5 61 

104.00 

6.73 

5.01 

6.05 

38.00 

5.67 

6 58 

587 

104.50 

9.81 

0.84 

4 &5 

103.00 

9X2 

0.47 

2.90 

103.00 

9.22 

0.55 

3.83 

103.00 

6.80 

4.97 

6X8 

102.00 

6.62 

5.14 

6 28 

100.75 

6.45 

5 55 

632 

100.00 

6.25 

5.64 

6.24 

100.00 

6.00 

6.89 

6.CO 

99.50 

5.78 

5.64 

505 

100.75 

5.46 

3.97 

5.2S 

ioo.oo 

6.25 

0.89 

634 

102X5 

6X6 

3.08 

5.77 

101.60 

5.91 

5.08 

5 62 

102.50 

6.83 

3 05 

B 18 

103.00 

7.28 

4 30 

667 

102.25 

6.36 

4.82 

5.94 

102.00 

6.37 

5.57 

6.06 

100.25 

6.48 

0.06 

1 96 

100.25 

6.23 

1.14 

6.10 

100.00 

6.00 

0.30 

605 

100.00 

5.75 

1.22 

5 82 

100.25 

6.98 

0.22 

5.67 

104.75 

7.16 

3.30 

5 98 

102X5 

7X3 

4.57 

7.03 

100.75 

6.70 

5.87 

6.58 

106.50 

8.45 

4 18 

7.13 

102.20 

6.60 

5.26 

6.24 

100.00 

6.75 

6.40 

6.74 

109.80 

7.97 

4.97 

6.38 

101.50 

6.90 

5.72 

6 67 

101.65 

689 

7 05 

6.70 

100.40 

6.97 

5.60 

6.91 

99.40 

7.04 

7.73 

7.10 

99.75 

7.27 

5 69 

7 30 

96.37 

7.00 

6.30 

7.48 

105.00 

8.33 

2.30 

6.32 

104.50 

8.13 

2.34 

6.34 

105.60 

8.29 

3.26 

6.76 

94.00 

6.12 

7.32 

6 81 

104.60 

B.85 

1.39 

5.73 

102.50 

7.07 

4.30 

6.55 

99.00 

6.31 

8.13 

6.41 

100.35 

6.48 

435 

6 39 

103.35 

7X6 

8.14 

6.94 

102X5 

7.09 

B.47 

6.88 

96.00 

6.25 

8.79 

6.61 

103.00 

6.55 

3.08 

5.75 

103.50 

7.00 

3.13 

6.09 

106.00 

7.55 

4.06 

640 

100.50 

6.47 

4.10 

6.35 

100.60 

6.46 

4.47 

6.33 

100.50 

6.47 

8.68 

6 42 

99.75 

6X7 

8.97 

629 

105.25 

8.08 

3.75 

7.00 

94.25 

6.10 

7.24 

6.77 

102.50 

7.07 

4.84 

6.63 

106.10 

8.01 

3.55 

6.50 

108.00 

7.55 

5.30 

661 

100.10 

524 

4.64 

5.22 

104.00 

7.45 

3.99 

6.70 

105.00 

9.76 

0.69 

4.35 

102.50 

7.32 

6.49 

7.00 

102.75 

7X0 

4.46 

6.76 

111.25 

8.31 

4.14 

6.08 

103.25 

6.78 

5.14 

6.24 

106.50 

8.53 

1.22 

4.25 

104.00 

6X5 

4.13 

5.38 

104.75 

6.44 

8.08 

5.93 

104.00 

7X3 

1.47 

5.32 

103.00 

8.25 

3.44 

7.45 

103.00 

8.25 

3.46 

7.46 

102-50 

6X3 

1 87 

5.54 

102.75 

6.81 

2.02 

5.62 

100.25 

6.48 

4.39 

642 

103.00 

8.50 

2.07 

7.12 

104.50 

8.13 

3.33 

7.08 

103.00 

6.31 

2.75 

5.29 

103.65 

7.24 

4.54 

653 

97.00 

6.44 

9.24 

6.70 

104.50 

8.61 

2X7 

7.00 

100.00 

6.75 

5.30 

6.86 

104.25 

8.15 

3.75 

7.31 

100.35 

7.72 

4.38 

7.80 

98.25 

7.12 

8.89 

7.27 

100.50 

7.96 

2.22 

7.72 

99.50 

7.79 

3.64 

7.89 

99.50 

7.79 

3.76 

7.89 

97.50 

7.69 

9.47 

7.87 

102.00 

9.07 

0.96 

6.94 

104.25 

8.87 

1.55 

6.25 

100.50 

8.21 

1.64 

7.86 

100.50 

7.96 

2.0a 

7.72 

99.50 

7.79 

3.39 

7.90 

100.50 

7.96 

4.55 

7.85 

100.50 

7.96 

4.72 

7.85 

102.10 

6.86 

4.93 

6.48 

101.00 

6.68 

5.64 

6.52 

95.35 

6.29 

9.39 

6.68 

96.00 

6.25 

6.66 

6.76 

99.50 

7.79 

3.64 

7.69 

99.37 

6.54 

9.06 

6.59 

96.62 

6. OB 

9.72 

6.19 

103.75 

6.75 

4.68 

6.05 

106.00 

9X6 

1.B0 

5.21 

103.25 

8.47 

3.15 

7.53 

107.05 

8.17 

4.08 

6.72 

100.50 

7X1 

0.64 

6.52 

102.75 

8.27 

3.55 

7.56 

102.50 

7.32 

4.86 

686 

101.25 

7.16 

5.11 

*94 

104.85 

8.58 

3.62 

740 

101.00 

6.68 

4.01 

6.45 

102.35 

6.84 

4.47 

6.37 

103.50 

8.21 

2.93 

7.11 

103.10 

6.30 

5.39 

5.80 

98.75 

6.08 

10 97 

6.16 

104.50 

9.09 

1.26 

5.66 

104.50 

9.S7 

0.80 

4.14 

108.75 

8.74 

2.55 

5 69 

109.00 

8.28 

3.22 

584 

109.00 

8X6 

4.22 

6 48 

95.62 

5.75 

14.30 

5 96 

102.75 

6.81 

2.60 

5.93 

102.00 

6.37 

2.56 

5 76 

108.00 

7.41 

9.00 

6.78 

106.00 

8.96 

3.22 

7.32 

97X5 

6.43 

■4.30 

7.00 

109.00 

7.80 

330 

5.43 

108.00 

7.64 

3.55 

5.68 

102.10 

6.37 

1.71 

5.17 

103.95 

6.97 

3.38 

6.03 

103.75 

9 16 

1.16 

6.03 

100X5 

5.49 

4.80 

5.43 

99.60 

6.53 

8.80 

6.56 

95.15 

631 

4.30 

734 

100.50 

6.72 

5.00 

6 74 

95.15 

6.04 

8.28 

6.52 

103.00 

7.28 

3.21 

6.55 

96.00 

6.25 

9.14 

659 

97.80 

5.88 

4.72 

629 

109.00 

8.94 

2.97 

633 

109.50 

7.76 

5.74 

6.45 

100.00 

5.75 

5.64 

5.74 

100.25 

6.73 

3.3B 

665 

100.50 

6.97 

2.74 

6.91 

94.12 

6.37 

9.22 

6 88 

94.90 

6.85 

11 B9 

7 15 

103.75 

6.75 

2.42 

5 40 

104.70 

7.88 

3.04 

6 48 

99 50 

5.78 

6.01 

5 85 

106.50 

7 98 

5.48 

7.02 

106.76 

7.96 

4.40 

666 

101 40 

6.66 

7.88 

6.51 

100.00 

6.50 

9.89 

6.50 


. 1.,8-Bl— 905 
1. 2.80—845 
I. 6.8 J— B8S 
1.11.84 — 89D 

1. 12.83 — 885 
1. 7.84 — B9S 
1. 3.80—070 
I. 4.83— BBS 
1. 6 82 — 895 
1. 5X0 

1. 6.80 
1.12.80 
I. 5.81 
I. 7.81 
1. 1 82 
1. 4.81 
1. 8.82 
1. 1X3 
1. 4.83 

16. 5X3 — 87 D 
16.M .82 — B9D 

1.12.77 — B6D 
I.I2.7B— 87S 

1.10.72 — B3S 
1. 2.65 — B4D 
1. 3.7a — BBS 
1. 3X1 — BSD 
1. 2.71— B7D 

16.12.83 
1. 7.85 

16.10.79 
1. 6.79 
1. 7.79 
1.12X1 
1. 2.84 
1. 7.84 
I. 8X4 
1.II.B5 
I. 8X4 

16 12. SB 
1.12.82 
1.11.70— 79D 
l. 2.75 — 84D 
1. 9X0 — B7D 
1. 8.75— 84D 

1.12.77— 86D 
1. 6X0— B7D 
1. 3.81— SBD 

due 2. 1.79 

1. 2.71— 80D 
due L 4.79 

1. 3.71— BOD 
due L 3.79 

1.11.75— 840 

2. 1.78— 875 
I. 7.76 — 90S 
1. 3.78 — 875 
1. 7.79— 88S 
I. 6.83— 87D 

1.12.83 
I. 9.84 
). 1.8b 

1.10.84 

1.10.84— BSD 

1.11.84 
1. 4X5 
1. 4X1 

15. 4X1 

15. 3.82 

I 5.84— BSD 
1. 5X0 
I. 4X3 
1. 9X4 — 89 D 
1. 7.78— 87D 
I. 2X7 
I. 6.87 
1. 5X5— 90D 
I. 2.75 — 845 . 
I. 9.75— 84D 
1. 9.77— 86D 
1. 4.7B — 870 . 
1: 3.79— BSD 

16. 8X7 
1. 12.87 
I.U.76 — 85S 
1. 4.84—380 
1. 1.79— B8S 
1. 7.62 

L 4.84 
?. 8.83 
1. 6.77— 86S 

1.11.79 

1. 7X3— 87S 
1. 2.78 — 87D 
1. 2X3 
1. 2X4 
1. 3X0 
1. 4.78 — 875 
1. 2X5 — B9D 

3. 6X0 
22. SX2 
27. 5X2 

1.11 .70 — 01S 
1. 7.73 — 825 
1. 5.83 

dld.p. I. 2.79(102) 
1. 6.76— B5D 
1.1 0.72. BJS 
I. 4.00— 86D 
16.12X3— 92D 
1. 5.79— 83D 
1. 4.73— 84S 
LII.76— B5S 

1.11.77— 86S 

1.11.78— S7S 
- 1. 3.8 i 

1. 8.82 
16. 9X2 
I. 6.79— B8S 
I. 6.78— 80D 
1. 7X0 

1. 8.79— 80D 

2. 1X1 
1. 5X2 
I. 7.83 

1. 9.83 
1. 2.79— 885 
1. 8.84 
1. 5X8 

16. 5X1— 90D 
I. 8X2 
L 1X8 
1. 9.04— rflBS 
1. 3X2— 650 
1.10X0 

15. 4.79 
15. 4.79 

I. 4.79— 87 D 
1. 8.79 
1. 7X2- 
1. 8.79— 885 
I. 2.79—885 
1. 3X0— 85S 
I. 3.78—875 
I. 3.79— 8BS 
I. 6X0— 83S 
I. 5.84 
1.12X3 — 895 

16. 3.30 

1.10.79 
I. 7X1 
1. 3.82 
1. 3X3 

1. 4X4— 915 
1. 2.74— 83D 
1. 9.74— 83S 
1.11.82—935 
1. 3X2 
1. 4.83 
I. 4.82 
1. 7X2 
1. 3.72— BID 

1.12.75 — 84D 
10. 2X0 

1.10X3 
1 . 10.7V — 875 
1. 4X3 

1.12.72— 03S 
I. 4X6—880 
1.10.7 5— 843 . 
1. 2X4— 885 

1. 9X3 
1-12.81 
I. 5.81—875 
I. 8.84 
30. 4X2 
1.10.74— S?S 
1. 3X4—885 
1.11 85 — 905 
1. 6.74—8 35 
I. B.79— B4D 

1 5. 1 2.84 
(.10.79— 

1. 6X< — 85D 
1 . 6 84— r!9D 
l.|1.79— 8BS 


WestLB SD Certificates (Schuldschein-lndex) 

4 years maturity : 6.15#> 5 years maturit 

5 ; Worldbank 65/15 

6 IS Worldbank 68/00 

6f% World bonk 68/B4P 

6»‘, Worldbank 69/84 

61% Worldbank 69/84P 

6% Worldbank 69/84P 

8:-; Worldbank 70/80 - 

8% Worldbank 70/86 

7»;J Worldbank 71/06 I 

7iS Worldbank 71/86 II 

6r; Worldbank 72/82 

6*', Worldbank 72/B7 

6j- .: Worldbank 73/83 

6f\ Worldbank 73/88 

Si:; Wor|dbank 75/82P 

8-^ Worldbank 75/82 : 

B] . Worldbank 75/83 

B\ Worldbank 76/82P 

7i « Worldbank 76/82P 

71;. Worldbank 76/83 

7f:J Worldbank 76/83 

6i“J Worldbank 76/83 P 

8'4 Worldbank 76/84 

5; , Worldbank 77/82P 

7'; Worldbank 77/0SP 

6*' Worldbank 77/8SP 

6% Worldbank 77/B5 

7', Woridbank 77/87 

6L< Worldbank 77/87 

5!^ Worldbank 70/84 

6‘; Woridbank 78/B8 

54 Woridbank 78/90 

6ir; Yokohama 6B/.83 (G) 

Yokohama 69/B4 (G) 

B*C Yokohama 71/86 (Gl 

B 1 ' Yoihida Kegyo 7S/80P 

Ytigotf. Inv. Bank 77/84P 


99.95 

5.50 

6.30 

5.58 

103.40 

6X9 

1.64 

4.28 

101.00 

6.44 

3.00 

6 12 

102.00 

6.37 

2.89 

5.82 

101.00 

6.44 

3.00 

6.12 

100.00 

6.00 

2.72 

5.98 

105.50 

8.06 

1.64 

5.01 

105.50 

7.58 

3 93 

6.37 

103.75 

7.23 

3.81 

6.34 

104.15 

7 20 

4.31 

6 37 

103.65 

627 

3.55 

5.33 

101.00 

668 

4.01 

6.45 

104 00 

6 49 

4.14 

5 63 

100.40 

6.35 

4.64 

6X5 

107.75 

7.66 

3 47 

5 71 

108X0 

741 

3 97 

5 69 

108.00 

7.64 

455 

6 17 

106.37 

7.52 

3.64 

5.98 

105.75 

7.33 

3.80 

6.00 

107.00 

7.01 

439 

5 64 

107.00 

7.24 

4 80 

602 

103.50 

652 

4.97 

5.92 

107.60 

7.43 

5.14 

6.22 

100.12 

5.49 

3.76 

5.45 

103.50 

6.76 

6.22 

630 

100.75 

6.45 

6.39 

6.34 

100.90 

5 96 

6 76 

5 83 

105.90 

6.61 

8.05 

6.05 

101.25 

6.42 

8.39 

630 

100.00 

5.75 

S.64 

5 74 

97.50 

6.15 

9.64 

6.35 

93.10 

6.18 

960 

8.75 

10Q.50 

6.52 

267 

5.39 

104.00 

6.73 

3.22 

5.70 

106.00 

7.SS 

4.17 

6 30 

105.00 

8.33 

1.55 

5 27 

101.00 

7.92 

3.40 

7.66 


1.1283 
1. 2.84 
15. 9.82 
I. 3X5 
1. 5.85 
IS. 9X5 
I. 1.87 
I. 5.87 
I. 8X4 
1. 8.88 
1.12.88 
I. 2X7 — 9<)D 
L 9.72—035 
30. 9.73 — 845 
1. 8.77— 865 
I. 7X0 
15.12.79— 04S 


- Life ” and “ Maturity 11 appear in yean and decimal* of years and are— in this context— calculated as 
follows: 

— co final maturity n :aie -if -. lump -sum repayment 

—to final maturity In cose of a sinking fund inue, whenever the quoted price is below 1Q0 

—40 average life in cose of a sinking fund issue, whenever the quoted price u above 100 

— to avenge life in case the bond issue provides for ma^nary drawing by lot at par only 

P Private Placement (the smallest denominacon may br larger than tha usual DM 1,000 of public issue) 
G Government Guarantee 1 



■ i>7 


■z* 

& 

• **» 

d 

I 


£ 


V. 

& 


£ 


fi 


I 


4$ 

^'5 


A 


* 

• 

% 

’.•■a 

I 

J? 




: 6.40‘x 

M 

■ .j 

1. 4.71 — BSD 

■!r 

■ .3 

1. 8.80 


2. 1.77— 84D 

1. 6.75 — 8<D ’ 

2. 1.77— 84 D 

•€ 

1. 4.77 — B4D 


1 . B.80 

* -s 

s* 

1. 1./, — BSD 

1. 6.77— 86D . 


1.12.77 — 860 

■V'l 

1. 7.B2 


1. 3.7b— S7D 


1. 2.B3 


1. 5.7^—880" 

.3 

1. 6.82 ' . 

1. 12.82 


1. 7.83 


1. B 82 


L 10.82 

:•?? 

1 . 5 83 


1 10. B3 

«?f*s 

-u. 

























35 


Companies and Markets 


WORLD STOCK MARKETS 



Early continuation of easier Wall St. 



fj£W YORK^^ 


INVESTMENT dollar 
PREMIUM 

$2.60 to £1 761% ( 811 °b) 

Effective S1.9765 54% (37J%) 
CONTINUING TO reflect concern 
nbnut an expected OPEC oil price 
increase and unrest in Iran, Wall 
Street remained in easier lTmod 
yesterday morning in further filow 
trading. 


\y. 


1? 


? 

?> 

V 

f.; ■ 
I-’ 


Mimori a downward ten* SIAN ordiQary 

• nfanmoo fnllmvn r 


tions concerning a proposed joint heated, 
venture 
Grow 

Sfli! on declaring a five per cent *phe Nikkei-Dow Jones Average 


. , n . cn otroen. Beghln, Dumez, Podain, Industrials and.. Financials- were. 


S35*r-r sy3” « SSS^K? rjafcHgtf* 


B'pjftB'mte*! 86.57; 8e.«l$M*i 


stock dividend. receded 13.32 from Wednesday's “ L * V n ™T 

Among the actives. Standard Oil dosing high to finish at **yJ*/R 9^*55% 

of Indiana rose i to *34 1, and g 083.94, while the Tokyo SE index couped DM laO and t 


In Motors. BMW rallied DM 3.30i 
Horten re- 
Karsladt rose 


Australia 


*601, but 


Boeing gained \ to 
Texaco lost £ to $24. 

PRICES WERE also lower-inclined 
in slack early trading on the 


shed 0.38 to 432.02. Volume 410m 
shares (430m). 

Marat a rose Y41 to Y90Q 00 
that the company may 
issue a foreign currency- 


dm a. 

sc haft moved 


After early firmness, stocks 


Eiawhere, M*“gf22i turned- back to finish on a rather 
ved ahead DM 4.S0 ana - . . with later sentiment 


Hong Kong 

Market managed a modest im-' 
provement in further thm 


Dresdner Bank advanced DM 6. 


111 Mdcn catij uauiue u, ‘ \ m niniOUTS 

Although the Dow Jones Indus- American SE, the Market Value issue a 

trial Average was only O.SS lower registering a fresh decline j flrtflm i na . ei i bond in the near 

at $08.98 at 1 pm. after recording 0 p gjg a t 14958 at 1 pm. Volume future 
fresh loss of 3.38 at the_ 1050 i^qj shares (153m). 


a 

am 


calculation, the NYSE All 


Closing prices and market 
reports were not available 
for this edition. 


Canada 


future. 

Foods, 

Heavy 


Pharmaceuticals and 
Electricals were broadly 


is s B» r«*a s ASSESS 

9SS!S£SSS j»as®t«5 

statement, subsequently gwire p acl fi C put on 10 cents 


XMi50rt--l-212.85.21Ans|2l554.2W-«| ?1 ^ 

i. v ■ i . m ,4 b Jjgt W iojlrai lOLH Wl.ra 410-88 : 

uiht)w — | iwj* a... : - jj-.v-.l ptii ;j :: 


Trading vwl.J 
000’et 


to DM 300m may be recorded. 
Public Authority Bonds were 


well 


retreated to AS8.84 for a loss of _ iecP + 0 1037.90, HKSU.flO and 

i.t thn doir MnWArPf * fa7L..l*nb 


«iri "while Communication issues r . uu “ ,; 'hU? 14 cents on the day. However, otst’bO respectively. Wbeelock 

Shares partial], recovered from aUo closed lower, but — one of BHP’s Do_„Ea .parmers. 5 ccnts at HKKS5 end 


Common Index 
to S33.55 
reeded gains 


receded 


fninS easiness to 'make a mixed «* dGT-lSiS S^ilMSrSB a nominal 
showing at mid-session. chased near lj» doe. • along with l7m of papefi rompar ed with 

The Toronto Composite Index *° m * mdcl,e * c,ass Blue chips „ sales of DM 05m the previous day 
17 cents j j a t ijjgg.i a t mid- Export-ori stated vehicles^Blec- Mark Foreign Loans were mixed. 


at 1 pm. Declines ex- 158 to tricals and Cameras were mostly 

0 -ins in the ratio of two- Jjfjg JJJ£ pJjJeJ, U6 to 155.74. lower on foreign exchange market 
to-one. while volume amounted . g OIltraS t, Golds, at 15W.0. and uncertainties ahead of this week 
to 14.4Sm shares, against la.Olm J j | e gji s and Minerals, *t 1,078.0, end’s OPEC meeting and a!so on 


on'»f™»r^' Wo Bpmi. onc U1 orir = - Donga - — — aaoea a cents ai «™ 

J®ES?SS!; PS1SSS1 ofl * dosed s cents firmer. Hutcbjson Whampoa 25 cefits at 

Another feature yesterday was HKW.1A5. - > ^ i 

sales of 'DM 05m the previous day. the relisting of Poseidon, the Hong Kook Mepbone tom 

fallen Windarra nickel wonder, as cents to 


HS28.70, Hong 


70 
Kong 


is 


at 1 pm on Wednesday. 

Marathon Manuracloring topped 
the actives list and shed SL 10 
KOI, following W'ednesday's S41 
advance. The company has 
reccivrd but rejected an offer for 
ils shares at S34 each. The poten- 
tial buyer was not named but. 
separately Marcmont said it has 
expressed an interest rn Mara- 
thnn. Mareinnnt lost J to S10. 


it used to be called, which 
now engaged in gold mining. 

The . company went into 
. . receivership in October, 1976. but 

fii v™ , visw Depressed by the continuing waa fina]ly abJe ro discharge the 

nomtar Electronics lost Y20 to y,s«u, trou j,\ es m Tran, the prospect of rece [ vep ue ek after an insur- 


Wharf 50 cents to HKS2850 and 


Paris 


Cheung 

HKS8.55. 


Kong 5 cents to 


the political unrest in Iran. TDK 


Johannesburg 

Golds were quietly easier 



Ind. dtv. yield %. ■ 

.Dec. 6 

‘ ; Xg 

r.09: {u .Xiv,22-- ,Yeazig®fapprerti3 

3.05/-. 

. : *,23'.^ ys;i8 V 

lad. PiE Kano 

; .8:73 7.; •' 

-8:73 -. --f'"- a.SO a-r-1 v • 

iimmtfSEEMM 

-ft'74= ■' 

'■ 8.75- ; -8J6T. r 


announced a dividend increase. 


Tokyo 


Remarks by ’Bank of 


employers and workers, share brokers opened biding for I'osel- . . rith 

prices save further ground over a don at 65 cents and the shares u E ■. J r>oq 7*5 

Mark „ ,bow rf snn je f ~ ssasrr assn.- a 

Japan yesterday on a revivai of bu>mg Amone noUbly ' , ower issues fair in Sydney bur only light on 


Germany 


Scatrain Lines were 
al SS. 


unchanged eo,eroor Teu^iro HorioaW that Inlerwl. with ,he Commeob.^ 


Vt"h^ "termrnaled neeotia- the slock market is now over- indw rcaaioing U to W. 


NEW YORK 

; P'-c. 

Mii-lt I 13 


AtiNm U,h» | 

AtMiW'-arBr'f' 
Attm Lite Jfc Ca-| 

Airprixliirl- I 

AU^inAInmini’inij 

AIcm I 

Allrc. LihI 1 hih....| 
Ali-ulmr I'l'noii 
All ic-vl Chemical..) 

Allied fbture* ; 

AlU'i'lm'mcr*. ..• 

A MAX 

Am«nuln Hw....! 
Am«r. \icline'.. 
Amer. BrtiH-. .. 
Anier. HrniliuM J 
Amer. Can... 

Amer. Cvnuamnt 1 
Amer. Dht. t*i.. 
Amer. Hl«t. Pi-*' 
AiiK-r. Hsyi*!" .. 

A mer.Ri 'Qie Pn.^1 
Amer. ... 

Amer. JliUnn 

Amer. .Nat. tins. 
Amer. £iniv1iinl. 

Amer. $ti>m 

Amer. Tel. A Tel. 

Aineick 

A.MP 

AMP 

Ampex 

Anrhnr H-x-kin^ 
Aniienser BiikJi 


A. S.A..: 

Asamem Oil 

A^ini- 

. Abhtaml Oil 

All. Rlchliekl 

Anti’ Dal« i'n ' 

A VC 

Aron 

Avon I'rprlin 
B%ll. <*Hi Riecl-.; 
MKDKCir Punla.... • 
Bank Amone*.. . 
Bunker* Tr. X.Y.i 

Barter OH 

BarierTrareniil..! 

Bentnc* F<*«l , 

Beecrin Dlrklnvui’ 
Bell X Howell. ....1 

Bewlix.. j 

Bcociiet i.*>n» "M ' 
Bethlehem Mteel.l 
Bwek A Decker..; 

Boeinjr — j 

Boise Canca^e 

Bw\icn ! 

Vvni TVuruer ; 

BmniFf ln« 1 

Hniwun ‘V 

Bnsiiil XI yer» i 

B. Pel A Unt K..., 
Rrerk*nv Cola** 

Bnilisniek j 

Bncvnn Kne I 

BmImvh Wjii. Ii. .,; 

BuHinsti'D Xthti.' 

Biirroiish I 

(^inipMell Jji’iip.. 
Canadian Pm-iliCi 
Canal it»n«iolph..| 

t aniatu-n i 

Carrier A lieneralj 
t *rt*r Hawlev... 
l.alerpi I la r tract* | 

CBS I 

Celanese Iwiji ..| 
Centra' A S.1V,...| 

Uertaimee-I j 

Ce-ena Airemlt...l 
L li*ni['l'.'ii inter... 
lliiie Manbatiani 
Climnlcal Bk.XX.I 
L lienHjqL'h Pnmt..! 
i.'Imjh 1 rfvateni..| 
ClHe*8 ,> Bmtse.... 

t. lirv»ler j 

Cine. Xllacron....] 

t.iiH-orp 

l ine-. Sen ti-r 

Cilv Investing....: 
Cleveland ctifl.. 

t maiC-’la 

C->lsale Prln«. ... 
Coillna Aihman—i 

Colnnihm liif I 

C-lllluMit Pl't.... 1 
C'lin.ln-Co-i’iAm 


D«*. 

12 


34i* 

53 
39 <b 

35 
33H 
47 i a 
15 
16U 

29 
331? 

31 
471* 
37"e 
13ie I 
5 1 >3 ' 

36 U I 
3S1 2 i 
26 

23r a ! 
2Ua t 

31 ; 

2712 ' 

25 1« : 

SI* I 
42 
43'a 
321; j 
611* 

30 • 
16*2 f 
33 -b 
151? I 

26b* ' 

25* ! 

19 1* : 

22 is ! 
15*4 1 
14 l 
50 ij 

54 3 b 

31 

B>i _ 

23 U 

&2'i ! 
2b | 
205* 
25 ia 
341* ; 
27 - b 
41S 4 
2312 ! 
33-'i I 
15)a ! 
371* ; 
3 la ! 
20 

17t* I 

6BS* j 

27>« 

263* 

2B-* 

141* 

14 

33)4 I 


343, 
23'* 
401* 
24b* 
34 
48 '4 
t5Jn 
16>2 
293* 
23 U 
3U» 
46.1* 
283* 
133* 
513* 
361* 
35ij 
261* 
23i* 
211* 

31 
27T a 

253* 

5 
42 
43U 
323* 
6H* 
303* 
163* 
33 is 
15S* 
27U 
253* 
203* 
23 Is 
15?* 
133* 
51 
543* 

32 
81] 

233* 

521* 

251* 

201= 

251* 

341* 

29 

42* 

233f| 

333* 
1B1« 
37 >* 
33* 
SOI* 
17 
71 
27 
265* 
29U 
141* 
141* 
3312 


ritkn-t 


life. 

13 


Dec. 

13 


CorUIIIK '• lawM- 

CPC lnl’ni'lin'i 

Crane I 

Ctrekei Aati l 

Cmrrn Zel lerterh 
Cuminln-i Kiizine! 
Cnrltu 


56 1 3 
495* 
241* 
24 i 9 

JOT* 

327* 

133* 


57 

503* 

24 

25 
31 
33U 
131* 


Dana - I 

Dan Indm-fnee. .J 

Deere ! 

Del Monte 

Delt'ina 

Uentsply Inc.... 
Dctruit Ertl-en .. 
Dlvnnorl srhamrk 

DicMpt>.me I 

Digital Rqmp I 

Disney I'VsIti . — j 
Dover Oirp'n .... I 
Dow Chemical ...J 

Dntvn ; 

Dresner j 

Dupnnt. i 

bogle Pitcher. — i 

Iksit Airlines I 

bast man K.vtat.J 
baton ! 


28 

40 

as 

401 b 

93* 

15! 3 

141 r 

213* 

lBTg 

50 
a9<« 
441* 
25 r* 
3338 
367 a 
124 U 
201* 
91* 
60ia 
351* 


275*. 

40k 

246* 

4H* 

93* 

161* 

151* 

21H 

173* 

503* 

39i* 

431* 

26 

303 b 

361* 

125 

20k 

93* 

607g 

351* 


Johns Alannlle...; 
Johnson Johnson 
Johnfon Control-: 
JoyMamiilacturV' 

K.MarCorp. | 

KaiserAlum ini'mj 
Kaiser Indneiriesi 

Kaiser Sited 1 

Kay | 

Kennemtt — — I 

Karr JJrOee. i 

Kidd* Waller.....' 
Klmlicrty Clark.. 

Knji*w 

Krill 

Kroger Co. ; 

Leamray Trans...' 

Leri sitraua- , 

tabby Ok. Font.., 


K. O. t « I 

El Pa«i Nat. G»s| 


birrs ; 

Emerw’u Elednq 
KnierrAirFrtgbt! 
Cm ban i 

K..M.I : 

bngelham I 

K-marfe ! 

Ethyl j 

besun 

Kanuhibl LameraJ 
Pei). Dept, bin real 
firestone Tire.... 1 
Fil. Am. Boston.; 

riintaote I 

Plnntla Pnaer... 



285 b 
16k 
28 
36 
19k 
351* 
27* 
281* 
24 s* 
21k 
49S* 
29>* 
32 
129* 
39 
153* 
281* 

31 

32 


291*. 

16k 

28k 

363* 

195* 

35i 2 

27* 

281* 

241* 

215* 

49k 

311* 

32k 

12k 

281* 

16k 

291* 

31k 

Jit* 


F.M.C ! 

Fo'4 Mmoi 

Puremok MeK.... 

hosls’i'i. ; 

Franklin Mint 
FreepiBi Minera.' 

Frauhanf • 

Fuqua 


23k 
411* 
19 k 
325g 
55* 
297a 
*71 * 

91s 


231* 
42 
19 ?* 
32k 
55* 
301* 
271* 
9k 


Sti>.4i 


Dev. 

U 


231* 

7338 

241* 

291* 

231* 

183* 

2 

18k 

12k 

22 

465* 

30 

42 k 

19k 

46 

355* 

335* 

34k 

24k 


Dee. 

12 


23k 

74k 

243* 

291* 

227* 

181* 

V 

185* 

la 

325* 

46 k 

295* 

43 

19k 

457* 

35i* 

343* 

343* 

24 


Liggett Group..... 
UllytE'u 1 


553* 

443* 


I 

Litton Industries! 197* 
Lock heel AirerTij 20k 
Lone Star Imtustj 
Csmii island Ltd. | 
Lomstana Land.,.. 

Lunrisoi 

Lncky Stores 

Lykea Corpa j 

Macltilbin ■ 

Mne.y K. H 

Mtu. Uimm'er....' 

Mapeii — 

ManohunOiL 1 

Marine Midland.. 
Uarabnli Field...., 


221 * 
171* 
21 
44t* 
14 7 B 
83* 
95* 
353* 
33k 
28k 
53 k i 
15k 
16k ; 


36U 

441* 

20 U 
211 * 
22 k 
175* 
20 is 
445 b 
14 k 
63* 
9k 
355* 
33k 
29 
54!* 
16k 
16k 


18U | 

18 

24l a 

25 

133R 

131* 

iei h ! 

161* 

6 '» 

fc.tn 

37 m 

58* 

70 ij 

72-'* 

32S. 

55 

an* ' 

211* 

10 i 

10 

26i« 

06 

me : 

111* 

15on 

15»* 

56 ia 1 

56la 

52 >* 

52-8 

41*8 1 

417* 

157* . 

16 

171* I 

17 J* 

\ 

20'b 

20 ij , 

20U 

30 

29 -) 

367g - 

37 

23'» ; 

; 23 )r 

1 261* | 

2648 

50 1 

1 50 

: 9 

| 9'ft 

[ an* , 

32 t a 

24 1 3 

1 04i a 

. 64 

: 551* 

; 131* 

J 13 >* 

267* 

27 1* 

, 45 It 

45 S) 

16 k 

! I6I1 

1 8;* 

1 9 ■« 

1 25 >» 

25T 8 

: 22'b 

32U 

1 16;« 

16 m 

! 34.** 

34ifl 

10U 

10=8 

! 27 

267 b 


G.A.F I 

Ganuett 

(•en.Anwr.inv. 

G.A.T.X. i 

Geo. Cable 

Geu. Dynamics.. 

Gen. ElecUKb.— 

Gen. Foods 

lienoral 11 ills 

General Motor*.. 

Gen. Pub. Util... 
lien. Mgnnl — — 

Men. Tei. Elect.. 

(ten. Tire. I 

fipnetro ( 

(jpirgta Pacific... 

fiwwMiiec. I 28 

Getty Oil I 35k 


113* 
42s* 
10 k- 
34k 
15k 
767* 
47U 
32S* 
293* 
595* 
18 
261* 
283* 
2« k 
37* 
35 k 


11 ** 

4276 

10k 

25 

16 

77k 

48k 

■32S* 

295* 

56k 

161* 

263* 

283* 

247* 

4 

25l = 

29'* 

36k 


(.illetle : 

Gmrinrh B. F.... 

■ car Tire.... 

ijdllrt | 

Gmcv W.K 

LirtwAl isn Pades 
(in. \orth Iron.. 

Greyhoniiii 

(tint A Western.. 

(j||l( IJU 

Hsl'ihurtoo 

Uauun .Mmiiu!.. 
Hs mi mHh feger— . 

Hem. l.Viryn 

Hem/ H. J- 

Heut’lem -i 


25 3* 
167* 
15-8 
28k 
27 
Gb* 
23 
Uk 
137, 
25 k 
82 
30k 
174* 
32k 
40 
29k 


253. 

16 k 
15v* 
273* 
273* 

6k 

2Jia 

1H= 

141* 

251* 

63a* 

al 

17 k 
324a 
40 
29 k 


May Dept. Store*; 

MCA.... ! 

McJDeniiutt.. ; 

McDonnell Douc| 

Mcftrair Hill 

ilemorei ; 

Merck , 

Merrill Lynch... 
.Mesa Petroleum • 

MOM ! 

Minn Mum AMiRi 

Motiii Curp. ! 

Montanio : 

Morsan 4. P. 

'Motorola I 

MarpliT UH 

.Nabisco » 

NnleoCbeintnit i 
Xationai C«n..—i 


233* 
42 k 
213* 
323, 

24k 
2876 
63k 
16k i 
303, 
371* 
611* 
693, 
493* 
465* 
40k 
45k 
24 k 
264* 
171* 


235* 

423* 

215a 

32k 

241* 

29 

65k 

17 

31k 

375* 

61 

69k 

BOta 

465* 

40 

45k 

245j 

27 

n 


P-*. 


Stock 


15 


Her Ion 

Reynolds Meini* 
lieynolria K. J... 
Rich’*vn Merreil 
Koelrwel I Inter... 

Kotim 3c Haas ! 

ii'nvx. LtuU-h 

KTL3 

Ki*u Tops...... | 

liviter by* tern.... 
Safeway Store- .. 
St. Ji*>'Mlnerai- 
st. Megi- Ikper .. 
iam* Fe ln*t< .. 

mi* tnve-i 

4a sim Ind 1 - 

S^nitr Browing J 

^clinimlieriier 

sCM ' 

5WU lk,ier 

wml Mnr. ~ 
Scuddor lhui.Cs, 


523* 
34 
69 k 
25 k 

34 ’a 

323* 

684* 

11 

10 

247* 

40k 

223* 

20k 

30 k 
6k 
6 

10 

88k 

18k 

14k 

18 

7k 


Dre. 

12 


54 
341* 
59 k 
233* 
35 
32k 
68 s* 
10k 

Xu 
25 k 
40 k 
22k 

29 k 

30 
63, 
5i* 

10 k 
89 
1833 
144 b 
18k 
73* 


FlnetrteL Prtcel. Peugeot 
- ■■ 1 


Dre-. 

n+c. 

Slock 

13 

12 





41’ 

4 ia 


524* 

535s 


11 

107* 

denltb Uodlo. 

15 

13 

U.d.Tmc ,i%l3H0 

194 ,■* 

t94ls 

UsTrwC+tfOfat 

F78Sa 

t78»a 

Ujs. iXMar t>iih>.| 8-87.^ 

ae43 


sea Container ....' 


Heagrani 


MoarieiU.D.i. — 
sears ltietAivli....; 

dELicu 1 

alien uii 

ahel i I raas port . 

signal 

aigncsle con> ... 
almplieitv Phi... 

-Singer 

amith inter. j 

smith Kline....... 

Svllliun 1 

>juiudunn I 

Sjutbern CaJ.Hl 

-Sourliern An. 

tslbu. N*U Kes ...1 
armthem P«eiiR.'., 

S ail beru Hal vtvnv ; 


.Nat. Di-HHet*....; 
ha*. Service lnd^ 


18k 
14 k 
29 
413* 
607* 
221 * 
22k 
34k 


National (Swei...., 

NCR. 

Keptuue i nt 1 

New England K.J 
New Kritfiand ’tel! an>2 
.Niagara Mohawk 143* 
Niagara. Share.... I 10 
N. L. iDriuMneB.'; 20k 
N on I'lkA Western: 

North Aat. (is.-... 

Nthn. owtea Pwr 
NllinentAiriiaei 
Mb west Bancorp 
Norton Simuo ....: 
Ucndental Petrui| 
Ugtiv> Mntbci...' 

Ohio KIimti 

Olio 


22k I 
33k ' 
244* ' 
283* 
25 

16 k • 
15k 
2(1 
16 

18 ! 


19 
14S* 
293* 
42k 
61k 
22k 
223* 
34 k 
14k 
10k 
20k 
23 
34 
2*k 
283* 
241: 
167* 
15k 
2U 
16 
18 


Stall hoin>< ' 

S'w't ttao-lnuo- .| 

Sperry H'ltvli I 

stwrry I3um— 

Squilib- 

M -unlaid Urn nil.. | 
ant-DilCjuiiiirnia, 
tiUl. Oil lu'iuuta.i 
SM. UII Oliio. ..; 
St an IT Chemiuu. I 
Su-niiu: Drue ... | 

■btU'leoaWer. , 

Sun C 


214* 
263* 
13 
21k 
287* 
334* 
45 
19 1* 
Oil* 
9 k 
133, 

45k 

905* 

3 

303* 

25 7* 

14l B 

SB 

267, 

451* 

265* 

251* 

153* 

453* 

28 k 

'544* 

48 

64 

59 k 

39 

1S7, 

59 k 

413* 


undstnnal i 215* 


Syntax 

teciiuk.-t""r i 

tetctniuis 1 

leieuvne. i 

TeM* I 

Tenew | 


35k 
10‘* 
46k 
93 k 


305* 


22 
27!* 
12k 
21k 
293* 
341* 
45 
193* 
Alt* 
fk 
134* 
45k 
913* 
5 k 
31k 

2&i* 

iai* 

323* 

267* 

46k 
£65* 
25a* 
155 b 
45 k 
28k 
24i* 
477* 
63k 
395* 
39 
7 3k 
593* 
411* 
217* 
36 k 
10Si 
47 S, 
96t* 
al, 

305* 


CANADA 


V.'ittm Paper..... I 

.Virtue Eaine I 

%Ic*n A-iiminl'm 

\igmna Stw 1 

As best or 

Llnnk of Montreal] 
Hank NosnScntia] 
Basie Kevnirc 


Bed Tetephone^.] 

• .1.4 


How Vaiier iml. 


18-k i 
51* I 
597* 
k5>* 1 
513* j 
25k l 
95 k : 
3.95 i 
637* I 
217* ! 


183* 
57* 
397* 
264* 
52 
25S, 
23 k 
3.90 
t4l* 
2 1 


BP Canada.. 

dra^ata 
Urineo 


Comm. Snterlitt-; 
LV»iipiiierSeierK-.i 

C-nin Lite la- 1 

Ccnra-- 

L'-in.KdiMin NY.. 

DWH'I Food- '• 

Con—l Nat •>*- ..' 
Li-u-iiiiier LNiwer; 
Cmittneatat Hrp.; 
t oiii menial OH..; 
C-iutinema' Tele 

l -nr n>l I tala 

liMpcr ln«1ub 


38 k 
Ilk 
35k 

14 L 
23k 
2 IT, 
37 ig 
221m 
271* 
27t 3 

15 . 
357* 
4ok 


59 
Ilk 
35 k 
141* 

24 
22 
37 k 
227* 
271* 
28 
15k 
347, 
49 bn 


Hewlm Packard. 1 

Hull-la* Inn* 

Home-rake j 

Hiaievuell 

UlVVM | 

Homi-Ci-i p- Amer 
U1H<<<I141 Nat. liar 
Hunt 1 Pb. AlChm, 

Hution iK.l.f ( 

I A. iniiiiblnea ..., 
INI : 

Ingeranl Hau-I...' 

Inland ?l«l 

inriKK. 


867* 

19 
301* 
661* 
Ilk 
303* 
23>* 
12 k 
16k 
2<U, ' 
391* 
44k 1 
355* ] 
12 


87 k 
193* 
31t* 
673* 
Ilk 
50k 
ns,* 

127, 

163* 

35 

39 (* 

45*, 

36k 

12k 


U»er-e«T ■'hip ...: 
U«eiL Comuig...] 
Uwen, Illinois.... 

PHcifie Us 

Pacific Ugtnmg.. 
Pan Pwr.Ji Ug... 
Pail A in Worl-I Atr 
Parker Uaunllib-I 
Peaiixty Inti.... 
Petrn Pw 3t L.— 
IVnnov J. C ..... 

Pennxuti. 

Peoples Drug 

Peoples liar ...._. 
PepsiCo- 


IBM ' 

lun. Puivour--...] 
IntL Hnrve*ter...' 
Inti. Mtu irCbemi 
lull Mu it itond»... I 

I nco I 

lulL Paper 1 

Inti. Keetilier 

lull. lei. X Tc...; 

ii.via iwr 

Il> IntenmLIonai- 
| Jun W»ner 


274.13 275.87 
235a i 23J* 
345* 


357 L 

183* 

151* 

383* 

10k 

27 k 
49k 
10 k 

28 k 


34*g 

353* 

18 ig 

153* 

385, 

105* 

271* 

50 

10 

287a 


237, ' 
277* 
19k . 
22k . 
21k 
203 b l 

6. a 1 

25 

22 

197, 

30 k 

293* 

Ilk 

34k 

25k 


Z2k 
28k 
lWim 
223a 
21k 
203* 
7 
25 
217* 
20 
al 
29 k 
Ilk 
05k 
2b 


l esorn Petroleum; 

lexaco ; 

lesatguii...... — 

lew Knsiern — 

l'exor InsCm 

lexasthl 3. Gar.' 
Jeaas Utilities ...! 

1'iniea Ina 1 

('lines Mirror J 

1'inikeii , 

Trane 

rrau-inenoi 



Inn Dniuti ' 

tmn-*av Ini in. ; 
Iran W„riit Air.., 


I'm veer. 

In-Coni menin' 


77* 
24 1 

19k ; 
36k 
80 1* 

317 g I 
195 , i 
41m 
30 k 
493, • 
373* 

15k : 
19k , 
29 k | 

217J 

19 

a47, ; 
183, 1 


24* 

193* 

•■63* 

80k 

a2 

193* 

43 

k9tl 

50 

37k 

157* 
20 
297, 
all* 
19 k 
35k 
18 


Calgary Power .J 
Camlin Mines — 
Canada Cement.. 
Canada 2(W Imn. 
Can. Imp Uk Com| 

•Janada Indust 

Can. Pneihu^..... 
(Jin. Paeifle Inv.j 
Can. SU(Cr (Hi.. 
CarilnoCKeete.. 
Co-plnr Ari*'!n 


Cbiettain ;| 

Com i doo ; 

Cuur. Bat burst... . 
CuiiMjmer Ga-... J 
Co^efca Keruurter; 



LMon Utrei— — . 
Dcni-aiu Mine-...' 

Ui -me Mine- { 

Dome Peuoienmi 
Dumiiikui Bri'igy; 

Dun liar. -J 

ltU|*HII 


21 1 

16k 
6.25 1 
40 k 
13'* 
1*3* | 
10k 

297* 
tails ! 
247* | 
243* 
71k ! 

4 45 1 
■9k. : 
263, I 
3ISg i 
14k 
18 U 

5 25 
til I 

14 1 
75 l 
86k - 
84 

29k , 
a3 

15 


Fawoii'g* Nickel.] 31': 
Font Mutui C*ii~; 681* 


207* 
[65* 
;6.au 
40 k 
lak 
12k 
10 
30k 
t22 
7.6k 
243* 
71k 
4.45 
91* 

265, 

3l! t 

14 

18k 

5.62 

11 

14 
73 

85 k 

86 
IJ9 
2i 

15 
31k 
68k 


lien- tar 34-S 

Uwm Nei-w aniiv, /10k 
Liu-i Ui- Cshk-Ih.- 
Hawker sid.C-ili- 

Hoiltnger — 

Home Oi-’A*.-...; 
Hudstu bay 11 dc 
duusun Bay...-..' 

Hud- 1 >□ Uii A Da 1 

« KX, 

Imamxv 

7ni(<enaJ mi 

lihn'A' 


35is 

8k 

40k 

45k 

20k 

21 

5lk 

175, 

38k 

23k 

177* 


347 b 

lOSa 

45k 

81* 

40 

46k 

201 * 

21 

52k 

175* 

task 

235* 

iai* 


Perkin Elmer ‘ 

purer — - 

Phelps LKidge..... 
Philadelphia k-'e. 

PbilipMiirrl* 

Phillips PMro'iu.: 

Pillaiwry 5 

Pilne., Buses ■ 

Pntsiiin 

Plct-sey tad ADKj 


27k ; 
33k ; 
223*.! 
16k I 


70 k 
50k 
371, 
25», 
17k 
213* 


2758 
33:* 
22 3* 
16 1 * 
71-', 
act, 
37 k 
25 Jr. 
17* 
213, 


Polaroid ..C. ..J 

Putuniec blw — 1 
PPG lndu-ine»..| 
Pnader UmnMe..] 
Puh. ^er. Elect. ..] 

Pullman | 

Pure* 1 

(Juakcr Oat - I 

Rapid American. . 
UBVibetion I 

id a 

Keoutmi: Mw... j 
CesnrLs I nil 1 


505* 

14 

245* , 
877, . 
215* - 
363a 1 
155a i 
243* I 

i5i s ; 
464* ' 
26 
24l r 
253a I 


51k 

13k 

24 m 
873, 
21 3, 
36 13 
15k 

245* 

157, 

467* 

267-’ 

2430 

24k 


lrit'itl O" A l -as.! 

XKW ; 

Atilt- entiiry boa, 

U.A.L. 1 

LARCH 

LG I 

Liu 1 level i 

Uniievcr >V 

L nnHi bHno’rp ■ — 

L'iiimi Can-wie 

Lnmn C-ommenw, 
Union Oil Cnlii...' 
Luion lVini:... -i 


5k : 

se'i 1 
33 k 1 
30k ! 
49>« : 
173* : 

40 ; 

b8 k 
283, 
351.-, ] 
Hit I 
55 k 
S3 1* 


5'* 
36k 
33 i a 

32 
50k 
17k 
40k 
5Bk 
28 k 

33 k 
8k 

643, 

55 


Linifiyni 

1,-Diieil hrandx ...' 
Ls- Bsnuori 

CKijInim 

i.s snw. 

Li> MW • 

Li-l lev-nil- -gle- 
et liidu-tne*....- 
» Ugmw Kl(d ... 



Wallace- Murray .' 

11 nrliL-rl-i.'iiMiiM 

Waruer-t^ 11 
Waste- Man' meal 

IV'rlli-ki-.'O ; 

We- leru ttancuri! 
Wcnmi N.Amer- 
iVivicni Ummi... 
We-lingir-e b'U' 

We\-prtiacii*er. ...] 

W|,tr-t*ju. 

Wbiiy.i-u In-1. • 

Wl.lISlR V" 

Wiss-ll-JU Blwl 1 


53.. 
b'.c 
Z7i, 
26 k 
213, 
22 k 
38 

19 
14k 

26 7S 

20 
49k 
24tj 
26k 
26* 
24k 
22 k 
15 
17k 
25:-* 
197g 

in* 

15 

263, 


5k 
8k 
H‘i k 

26«i 

22k 
22 k 
■SB* 
19k 

14 

*'57* 

20 

50 

243* 

27k 

267, 

24-jg 

227* 

15k 

17k 

25S* 

2uk 

174* 

15 U 
27k 


I rota 

imatsi Nat. Ua J 
int’ivv.Pipc Un, | 
Kai-er M*<niree- : 
Uun Fin. Carp.. 
L-xilaw Com. <B 1 
Menu i n Bnied.. ( 
M«-e> tei“i,-«'n 

Mclnlvre 

M,wrc Lorpn.... 
Vlniiiilain Mali 1 h' 
Nuraii-ia Mine... 
Auruen Fuel «.» .. 
M”. fs-ecuni.... 

N 1 1 ruac Utl A 'if . 
i.'Ui'W Peln- 11 
Pai-Uk- L-nit*f J' : 
P«.'ilicl'eim>euiii' 
Him .Can . Petroim, 

Pstinu ; 

PMi[*es Hepi. ' 

Pla e Crn. 4 L»| .] 
Pl4WilA*vei"|imii 
j Po»erCuns ,n, t" D j 
I I’nce i 

! 4iietsr'Muvge<iD.: 

Hanger Mil 1 

I>p*rl5tenhi'ii-e...] 

[ liin AigmD i 

1 linyal Bk.>-> 1 11. 

I HulBillibl''4‘‘...i 


juept rehV eim-es. 

,-iosgrain I 

lie>- lAIViiM... . 

! shernli G.Miuer 
I O.li 


! :iiti|>iin 

! sl-.-ei 01 LstuuM...! 


■{• Hie- In >11 
I i-tHcn L jiimla ...' 
li-mllLu llnin.bli. , | 
lransC«*iPi|ieLu. 
trails Mnnut i.ipij 
I mi 1 j 

L imm Us. • 

i lUdsmia-Miaev! 
Waihei H11-1111 .... 
Weal 1 ''Xi -.1 'I mn-; 
VVc&lu-i (its 


13 I 

11 i 

163* 1 
163* ! 
97* ! 
4.20 1 
22k ! 
101* : 
24 I 
333* I 
3.25 ; 

367* " 

1778 
36-3, • 
28 k . 
4.20 ■ 
1.85 j 
6t k | 
37. ■* I 
Rill* I 
6!* 
2.00 
265, 
231* 

;<J3 

1.33 

163, 

Ilf!* 

33k 

38k 

253g 

7k 

32 

16k 

8 

38k 
t/3* 
1.71- 
3 63 
50k 
22!a 
18k 
85* 
15k 
l • 

10 

a93n 

11*3 


13 k 
11 
lb k 
15?i 
87* 
4 20 
22 k 
103* 
24 
j3k 
3 20 
37 
177* 
367,- 

287* 

4.25 

1-85 


Copper slocks sot away to a 
good start after MIAT announced 
it had lifted its local copper price 
to a 19-month peak, but they too 
weakened with the rest of the 
market in late dealings. HIM 
finished 3 cents off at AS2.45. 

Coal irtockR scored gains, with 
Oakbridge 3 cents harder at 


Pla tin urns had Implats 10 c* nts 
down at R3.90. hut Copper share 
Messina put on 2 cents to BJ .25 


Switzerland 

Prices were narrowly mixed in 
continued quiet trading. 


following the assessment of 


lower. 

Banks 


were higher. with 


UJ VjI CU>L M ------- 

easier tendenry of the dollar. 


xVNZ 5 cents firmer at .-\$4.0O. 


Milan 

Bourse prices further weakened 


Belated response to its favourable 
earnings report, published last 
week-end. 


in increased activity, influenced 
by Selling at. the end of the 
monthly Account. 


Brussels 


Stocks closed on a mixed itote 
after another quiet trading 


Operators were cautious ahead session. ... 

of possible economic measures Among Steels. Co^cnll gained 

in**coniKM*ti on° V with ie Ua]y s ^entry ferrous Metals VleiUe Monuqme 

Eur ° peM 

Montedison rose 353 to L160 Unerg np 20 at BFrL 61a^but 
and Olivetti Privileged added 44 at elsewhere, i-ofina declined. S5. to 
LI ,169, but most other leading BFr 3580. • • 


... f Francs- 

dividends n Cross div, h Assumed 

scrip and 'or rights issue k After local 
,axp*. m r« Us fie*, u Francs: ladinUug 
iiniiar div d Nam. Q Share split. S DJY. 

^ STUi TSi.s'SKi^.iS w i^jusswjsRUSS 


eacilide 3 premium. Belgian 
are alter wKhhaldlng tax. 

4 DM 30 denom. unless otherwise slated. 
yields based on net dividends plus 


* dwm. unlPR* otiierwtte staled. M ^ « ""jS^VjSSS&r 


■K SwFr 300 denotn. and Bearer shares holders onb. 
tmlevs oiherwlse staled. r Y30 dennm. t Bid. I Traded, 
unless otherwise stated. S Pncc a( rime 
of suspension, n Florins, h Schillings. 
c Cents, d Dividend after pending rights 


t Seiler. -• Assumed 
xrEs rights. xdZx dividend., xcEx 
scrip Issue, xa Ex all. * tntermr. Mdce 
increased. 





l Pee- 
IS 


Dec. 

12 


it sal 


jteri..[ D«v' 

U.'j 8 - 

2 )k. 

• .7- 

"bed.' 



1 L .•.-.. 


Sigh-: 


ISM 85-43 ■ Wif. 

-> -t41> ; 


JCi 




J (2E/2) Tfll/lflS/ 1 1 

(13 ) B»Tj ' ■ .»• - J- . - 5. - 

.-lsait-t273A8. 

- ww&lfto' w ..... 


- Buds of Index dwuged 


IriH- div. yield % 


'''j Dec's *’ UK-, r. !• irot.K . 

• y . - "-p --■---■■ • • i 's — • r* ■■ . : ? m..- j. 


6^7 


' :-5j97. - '• ■ SJ3 A{ ' -yy-' 5 iG&rV: - 


.1-.' 

u -rtf'- 
■j..*'; ‘ 


ft TATt DAJtD ABFD POORS 


Dec.’. 

IS 


Drit. 

TZ-. 


“St - 


‘Dee.. Bee. j -Dee. 1 


18TB, -' -® ibce.Ctniipl latV 


j - 

L 


i- 2.1 DC U 


k IndusLrtalej lK.BSj TOr.sj -107J7I W^l. 10U< 

I • i U . — -.n.^ leesa' 


37.11' 88-1 


35^2 

my 

36:90 


r'Triir: ?•■",-» . ! 


kkmb S:: '.%■ 


g.Y.Sjj. AI T 


1278 


Pec, Dr**. Dre. 
IS l 12 t II 


[Ore. 
1 8 


Htqb /'law 




BK73, 64.09 54.81. «* ®U*. 


48.57 
<5/31 - 


ta»‘*w» Traded z..J- IMS 

: FaU* ...i, .! 3,002 

Ui*cbahge<f ... — : 448 ; 
Not JT<h irt -.. 7 
.■ft'W 47 - 


-1,910 

<500 

962 

A4& 

k -• i 




MONTREAL - . 


-bei; 

brer. 




-;U 

11 



ImliuUiaL 

Uomhtued 


2IW«t *t7. 
\-zaj2Si 224. 


- ! - IB7R 


: 700 . 21 


-i Cftt- 


3 re.i — r.-'. 

■ 8 : .>v Vi Hfrfe -^-i -v - ■ •: •* - * 


; x&4r,9iij6* na^Mii/isrii . • - -!>•*. . 

- - ti&ioi-.-j ;ii9»u99n)L 



14 •. viiiuvr "Taw.-- 


* jjre-.i-,ff». ,, wnt^W..v v u..;; 
j- 14 -...^- _ IdnO- . 7 




ABStraliai'l «2.oi Jsjate 'yW 

1 * ; p.w r* 


Belgium (|» 


97.71 J 97.70 1DT.W 
Denmark!** m^eMJUaj SS 

' . j (14/D) 

■France itti 7 s - 4 . 77.0' 


GetmanyUD KS.1 
Wnlland (fti 


S26J9 


Li 


83.0 




Al£ 

(3rta 




4O8M0 


'(Mq-JOA 

fyjjf ltim . \T! 

bank : Dec: i>53..' S5 4ihttfnluh;DriK|bial : . ? ^HIlJ • 1 


1072;: a.Trtoo .: j-w . - 

alW-'-Tanfe' ltt*. . *" " 


. ii ■■ ■ ■ 

. - ■ 1 ■ - 


, 758.4- . K Hing'Sene Badt 

I |lfl/10) *\LTrt» Commerdalc' llaliana 

7B.4 r 7Kfi -.r :A5.L •; . 76.0. -Sfetr SE JUV&. 68lridW‘- 

! - .-*t»(9> k--£AK : -e-Closrit-tl Madrid K&.ZtnSrtT. 4 Sindh- 

Vans, Vmfr Kl7.6a 603.1 l'i 7000 : -383.4 holm Industrial VVK.,. I S*to; Eanfc . , 

1 - . . r-l4/B): ( <T5/*i "•'Conwradufl. - . tr Unavattable. 1 r-'jr yj^~ ~- 

■ Italv „i, — ‘ ^ - - 

Singapo«Kri 3W.15 348JBJ; ' ’ 


wi^CTAiriAGlTY&srbcfo 

. _^a.Sf • >:^;iv=(iSSttU; '*j^r i.--# * ; • ■ 

■: ■- ■ -.StOBJrs Closing. -ou-.'.- ’-i !•.•■' — ' 

. : .•■••• -V. -.traded' pHraK-'.^aj* - - 


, - Indices and base dates, full 
IDO' -except NYSE Aft - 
Standards and Poora-^IP 



GERMANY ♦ 


Dei*. 1* 


Price 
Dm . 


■ + or 1 Dl, ,|Y'il. 

- i * I * 


A EG 

Alhr.net* Verawh. 

BMW 

BASF 

Ba.ver ; 



Havi*r.\‘rr«jiu«hli. 

nimlnl.NoLwn*. 

Utiuime.’InDk ; 

Citui (miiii mi.. .. 

Daimler- iU'or. < 

DtgTISMI ' 

Deiliaa I 

DeiitM'he'Haiiti.— 1 

Ihvwtui'r Biuit 

D>rkerii'*ff/aenit.). 
I., nLulion inin^ .. ..1 

Hn|«K 1.1'i.vd i 

Hai-pvnor • 

Rl-ivlhl 

Hrawcl ! 

B'lrturt 

Kali nnn Ml/ 

Kii'-ijiiir j 

Kamli' -I 

K'lih-kner DM 100.., 

KHD 1 

ni|'|. 1>M 100 . .. 
Lni'lr 


77.5-1. - - 

504 -31.213.1 

826 >3.5 28. IS' 6.2 

135 '-tO.3llB.rtl 7.0 
140.2 +0.3 18, ft: 6.7 

316 !*»■»! 4.4 

326.1 -rl.ll28.l2i 4.3 
160 

228.0—0.2 i26A5| 
66.6 ♦ 0.1 — , 

326 -1 '28.1*1 


TOKYO H 


Pre. 14 


5.8 


4.5 


253.5 +3.5 126.56! 


5.2 


9.7 

4.5 

6.5 


fyiwirnl'rau'D.MIUU 1,560 +5 


601* 
ad 
20 k 
6$s 
1.91 
i6J, 
231a 
Ida 
1.15 
151* 
ID 4 * 
dak 

c8k 

24k 

75* 

32k 

lbk 

a 

3 BJa 

tfl* 

fc-'Sfl 

o.65 
50 
*29* 
16 
Sir 
151* 
luk 
io 
39 k 
115* 
23 k 


LmihauMi 

M.A.N 

Mtsune^nianu 

MvrailircD 

Muu-Hn-iiei Itia-fc. 

Nv-ki'mianii 

Presiiva" l»ni. 1C0| 
UlieiiiW 1,-s.t.Klifel. 
Si-licrilig 

Mi'UlW' 

Ml- 1 Zll'irl ■ - 

T |j\ 'JUI A.lr j 

*l(* 

V HR V ... . I 

Yrtelnsl Hr* Jik{ 
Yolk^raueii I 


? Bid. ? W'-a. 5 Traded: 
-Men- slock. 


EUROPEAN OPTIONS EXCHANGE 


Snries 


Jan. 

Vol. Last 


Apr. 

Vol. 1 Last 


July | 

Vol. : Laat l Stock 


ABN 

AKZ 

AKZ 

AKZ 

AKZ 

ARB 

CSF 

GM 

GOB 

GOB 

GOB 

HO 

HO 

HO 

HO 


F.390- 

F.35, 

F.30; 

F.32.50 

F.35; 

F.75 

F.440 1 

S60 

F1.40 

F.150. 

F.160, 

F.32.50; 

F.55 

F-37.50 

f. 40: 


50 

2 

6 


- I 14 


S 

0.50 

0.30 


26 

5 


8.50 


2.20 

1.20 


- : - JF.571 

— F.38 


2 1 
1 


_ I _ I 

- 1 - | 

1 ; i.bo - 


9 

i *A 

9 13.20 

5 8.50 

0 . 4.50 
3 j 3.80 


3.30 


1.40 I 
4,70 [F.75 
16 F.S85 
— F657, 

18.20 F. 149. 10 


3 

5 i 11 


IBM 

IBM 

IBM 

KLM 

KLM 

KLM 

KLM 

KLM 

KLM 

NN 

NN 

Mn 

NN 


PHI 
PHI 
PHI 
PHI 
PSA 
PSA 
PSA 
RD 
RD 
RD 
\ UNI 


S260- 
SBBO 
?300 
F.120: 
F.130' 
F.135.5Q: 
F.140 
Ft 50, 
F.160 
F- 108.90 
F.llO' 
F.100.90- 

f.iso; 

F.Z2.50 

F.25- 

F.27.50. 

F-30 

F480 

F-SZO" 

F.5601 

F.120. 

.F.130! 

F.140I 

F.llOi 

F.120, 


20 

• 0.50 ' 5 


; - 1 & 

7 

■ — | 1 

95*. 1 

24 

1*: 0 

10 

5 - 5 

7 

; s 1 11 


_ - F.33 

S 4.20 

i - i :: 


87k 

16k> 

6T*( 

’S 1 


_ . - |SZ73k 

B I 21 
1 I Ilk! .. 


8 0.50 


I 3.50 
• 2.10 


7.50 


2.40 1 
0.30 : 


2 I 6.30 


20 ! 3.30 
- 1 - iF.108.10 

1 7.50 ; .. 


30 

2 


1.80 ! 
0.40 ( 


1 | 2.50 | 

__ f 


134 > 1.60 I 

in A fin * 


1 j 3.50 : 

3 j 3.50 T.24.10 


1 — 1 


12 3.50 I - 


2.90 


UNI 

F.130. 

— ' 

- 1 

XRX 

S50 

■- i 

— ! 

XRX 

sea; 

- Feb. 

BA 

560' 

2 1 

111*1 

BA 

£80 

2 . 

2 '*■ 

SLB 

3100. 

4 ! 

to- 


10 

2 

6 

3 

3 


0.60 

0.40 

42 


10JB0 


20 i Si 

31 ' 1 | .. 

19 0.7Q 1 .. 

•- - F686.50 

2 l 34 | „ 


0.80 
13 I 
0 
1.50 
61* 
2 1 


22 ' 


- IF. 120.60 


3.40 J .. 
- j F.120 


May 


- | - 18321a 

August 

- 1 — I SWk 


- ; seek 


TOTAL VOLUME IN CONTRACTS 


661 


BASE LENDING RATES 


A.B.K. Bank 121% 

Allied Irish Banks Ltd. 1-!-% 
American Express Bk. 12! 


Amro Bank 

A P Bank Ltd 

Hear}' Ansbacher 

Associates Cap. Corp.... 
Banco de Bilbao 


12!% 
121 ■ °h 

12 JS 
124 "» 
12?% 


Bank cif Credit & Cmce. 12!% 


12 Vi, 
121% 
121 % 


U % 
12!% 
13!% 


Bank of Cyprus 

Bank of .\.S.W 

Banque Belsc Ltd. .. 

Baoque du Rhone et d 

la Tainise S.A 

Barclays Bank 

Barnett Christie Ltd.. . 

■ B remar Holdings Ltd. 131% 
Brit. Batik of Mid. East 12} % 

I Brown Shipley 12!% 

Canada Perm** Trust... 12!% 

Caj-zer Ltd 12}% 

Cedar Holdings 32i% 

I Charterhouse Japbel... 12} % 

Choularions 12i% 

C. E. Coates 12}% 

Consolidated Credits... 12}% 
Cfwjpcrative Bank . ... , i2l% 
Corinthian Securities 12}% 

Credit Lyonnais 12!% 

Duncan Lawrie 

The Cyprus Popular Bk. 32!% 


IHamhros Bank 124% 

I Hill Samuel 9131 % 

C. Hoare & Co fl24% 

Julian S. Hodge lo4% 

Hongkong & Shanghai 12} % 
Industrial Bk. of Scot 124% 

Keyscr Ullmann 12}% 

Knowsley & Co. Ltd.... 144% 

Lloyds Bank 121% 

London Mertranlile ■-- 12* % 
Edward Munson <!c Co. 134% 

Midland Bank 12i% 

I Samuel Montagu 12}% 

IMurcan Grenfell 12*% 

National Westminsier 125% 
Norwich General Trust 12}% 

P. S. Refson & Cn 12* % 

Rnssminsier 12-5% 

Royal Bk. Canada Trust 12}% 
Schlesinger Limited 12? % 

E. S. Schwab 13*% 

Security Trust Co. Ltd, 134% 

Shcniey Trust 

Slandarri Chartered ... 

Trade Dev. Bank 

Trustee Savings Bank 124% 
Twentieth Century Bk. 331% 
United Bank of Kuwait 12}% 
Whiteaway La id law ... 33 % 


14 % 
121 % 
12}% 


Williams & Clyn's ... 12“ 
Bank 124% 


Yorkshire 


Eagil Trust 
English Transcont, ... 
First N'at. Fin. Corp. ... 
First Nat. Secs. Ltd. ... 

■ Antony Gihhg 

Greyhound Guaranty... 
Grindlays Bank 

■ Guinness Mahon 


12}% 
12}% 
14 % 
14 % 
12}% 
12*% 
12}% 
12}% 


■ M'.-mhr-r; of tlw Accepting Houses 
Commiiire 

“ 7.itav dt-posits 10 l-moDlh dcposlLi 

w\ L 

t J-day ilcpiHlM en Bums * r 
and undfr in-,, up in SS5.000 10,. • 
and over no. don to;- 
* CjIJ deposits, nvr n.809 10%. 

\ Demand diposnc m ! .. 



177 !+l :17.16 
310-3 +0.5 '98.18 
253 +6 idtt.l2i 

177.0 9.3^ 2.6 

240.5 — 1.0 ]18 Jtb: 3.3 

ioo : ;i4.ot|7.o 

160J5,-r 1.4 ! 15.6* i 4.9 
136 • J-0.5 !lo.7t 6.9 
49.5' + 0.9 ' — 

157.5 +2.5i9.3e. 3.0 

143.0 14.0*; 4.0 

329 + 3 <d3.44i 3.6 

248 '—2 |18.I'- 5.8 

90.5. + 0.4. - • 

199 — 0.5;18./t' 4.7 

ioo;.. ... - I 

Z93.h— 0.6 ' 25 , 4.2 


■ViUbi til**- : 

l»n'»n ' 



Chinnn 


370 
472 
919 
377 

Utl Ni|>i<-in Pnnt; . 592 

Fuji I’hnt'.i 64 i 

Hitaulu 263 

Huii'ia Motors • 492 

H.jn-e F*ji*1 .1.030 

C. Il'.di - ’ 237 

Ito 1.780 

■W ' 759 

4.A.L...- 2.860 

Kan Bin KlevL. P«'. 1.210 
Kaomwi • 395 


‘Pru.+> ■ + '+ I D'f.j'ru. 

\ - j | 


AUSTRALIA ' ■ .. 


bre.14 

,, J+ -m. 

Aihu- 8 

' - - -fer/ 


^4.1 JL» 
In -M 

2d -L4 
, 80 [.*.7 
.5 .18 !.A 5 
t la i 1.2 

:. 10 2.3 

| + l 18- 1 i 8 
+ 20 i 35 ! 1.7 

• . 12 I 2.5 

;+30 | 30 


:+s 

—5 
• +19 
.-3 
+ 5 
| + 6 


•i 13 


+ 10 - - 


huieilK 297 

Ikyof-lonumc ... 3,540 


729 

282 

127 

436 

290 

395 


20 ! B.0 
■0.O&. 4.9 


96 

233 +0.8 1 14. Zb- 4.3 
179 +1 llf.lb- 4 8 
255 +4.8 ilb.64 1 3.1 

655*1+5 108.111 2.1 

139.5-0.5 | - , ■ 
180.9 +0.1 I 25 ; 6.9 

259.5 + 0.4 |Z8.12; 5.4 

290.5 — O.E ! 30 I 4.3 

248 l/.ab 3.6 

116.7-0.3 17-lb; 7.4 
18 1 —2 lib. lt[ 4.8 

133.2 +0.2 9.6b 3.5 
297 28.12! 4.8 

242.5 25 3.2 


AMSTERDAM 


Pre. 14 


PrtM | + or]Div". 
F'i I - I i 


Ai+ilil in. 2T" .... 

A l./. "FI. 20. . i 
\l"omUnl.iVl.h>Jll 
\ U BV (Fl.iOi . 
AiunJmik iFI.SGi; 

l<lj'. , DM>n 

BmLi, W-+i m <F0J|. 

Ilnlinii' TeM^nelc: 

Kheiii-r iFI.20l . 1 
Km 1 in N.t -Uuilvr- 
Kiirl.'.'mTKlI Fl.h'lj 
U i-lalllnin'le-f FI, 
Hvinrkcn tFlJhi-' 
Hi'V'iws iKI.3lti 
Hnut-rll. iKl.WOi* 
K. t-ll.iFI.il*'. | 
lnt. \liitl>r iKlJD'i 
Nai..\*dlu«lFl.l4i' 
Not', rcl Uhi 
.Nr. I MIH UkiFl.Tuil 

ii-tiFI.-Vi 

DO K*1 

Yen iininivn'n. 
PeklmCil iKI.COl 
Plaklip- 1FI.IO1. j 
Bjilt'riiVpn FI. IPO. 
It.-tw.- iFl.bU'.. 
H-ilmtii 1 FlJtfli. 
K.irrail.' I Fl.f'ii. . 1 
K",alDiltcliiFIJ^' 

Ma+LMil'iirg I 

T',k>" lbr,l(lii*.$! 
I'nilruT | FI. 20,.. | 
VikiiiK Hih. . . 

Went. Hr. Hjp4 


Yl.l. 

k 


MotHHiUiia lu>t 
UiinibiBJii Haifk.! 
MltBiitxsbi Hb» V 

MllMllnahl I'Up.. 

Uiu-ui & Co. 

MilB'ikd-lil 

X.ppuu Ucil*ii — . 1.590 
Nippon sli 1111*11 . 825 

NI<"9 i,iiUi>Imi+ 665 

Funiew 1.610 

Niaj-nlildiN- ....' 262 
>«k"tui Pi 958 

Miitriila 1.160 

Som 1,510 

T*n.|jii Mimic... . 248 
TftlnU Ulienuenl .' 535 
I'DK 1.880 


;+e 

+3 
1—20 


10 

18 


0.4 

2.3 


i— 5 
•+2 


1-4 


15 1 2.5 
65 | 0.5 
20 1.4 
Id t.8 
12 4.7 

16 : 1.5 

_ , 14 I 2.4 

20 i 1.7 

+ 10 I 15 1 0.5 

12 ' U.< 

16 I 1.2 

48 ! 1.5 

10 I 2.3 

5U | 1 6 

00 . 0-9 


; + 4 

-■3 


11,03: K..— 
12JI..+ -..+L. 
tl-36 ...febfcni 


*r+ H\pioraiviD...»+.;+. .- -T7?. 

IV'ndemru,*. J- - <0-74 

-r.TuH.TV()or Sr^_-h ; U.75 r..wy. 


ACJitr. (S'-w 

Aituw Au-rralU 

A M ATI fa SI 

■Aiq|M K\pliM»H»iD.....~ r; 
iVwpot “ 

Xw; - — 

Art-rr.fHOj.i^lwrSr. . 

A woe. Con. lndiutriM — v _1 J-8S ^jr5-0J . 
.UK, JfmiudAiiflG 

Aust. mi A G** 1 £?8*S^S 

Haaibiw Hiwk'QoLL, +' j 70-15 . [-tO.BS 

Blue^tetal IntL.:.- J0-®J 

BwgatavUte Copper . v ,;t *-54 -fl.M 

Broken HiU Pwi.rletsrv -1 t8'84 :4M 

BH South tl.40 

Uaritoo t wUed Bra+f Ay ...l • }LS«. (-9JTT 

can isn....... *... --•} ^ I r: 

CivklmtttCkthicnt -V. 'b?* 



- - ~ ’“MODIT 

mei u s 

Aeoto.-..: 7 . ^ ,0.81 1i0^ cu|M8| '7 • . S-o 


Jonnnriti B rail— h- i.78 ^+-fiUlC'Alcj8.‘98 ., .-. ■ ' • 

Balrco-trattPy.^ 1,52 >0,«W/^U4 •' 

O.P4 . 3.00 -f. as- ..... 


. Pmmbnw 1.91 }+0 jC J 44'6.a0 

IfWWP+T!*; ;!,*0 : • ; i ' ... 

Sj^inl'nii-IIP. 2,08 t+0 tll|O.tfi.W.57 . - > . ' 

CniuPK. - 8.6Q K.V-i-' j.ab-A. 4& - - 



-10 
i+10 
!+ 1 


40 
11 
13 

,-20 i 60 

—3 
+ 1 


1.3 
0.2 

1.4 
U.B 


1 Bijio 145 

infcvu Mamie ' 517 

loi/jnhwi I'oH-'r 1,090. !— 20 
ixkvu siinvv .. ..< 334 ;+! 

Inrav . • 180 — 3 

ii+,liitoi i.«ir|>.. .! 155 -• 1 
l.iv-itn Mirtni.. .. 900 —3 


10 1 3.4 

11 1.1 


U 

10 

10 

1J 

00 


3.7 

1.8 
2.8 
3.2 
1.1 


Source Mkko Stcunili's, Tokyo 


BRUSSELS/LUXEMBOURG 


llee. H 


Pi i"fc 
hr . 


Div. | 

Fr-. iY iil_ 

I % 


5.2 


6.4 


108.3 +0.2 >>18 
28.0-0.1 - 
371 +1 ! A24*. 

90.0- 0.1 1 SO I 5.6 

7a 1 \24i! 6.3 

89.8 —0.2 I 00 I 5.8 

117.0 - 0.6 I >80 | 6.8 

72.2 +0.5 I 0b 7.3 

276.5 4 0.5107.6 2.0 
159.8-0.3 ;MZy " ' 

70.4 * 0.4 |B4.it| 

33.2 1 00 

93.6 + 1.6 1 14 

33.0 + 0.3 
21.9—0.3 . 

123 5- -1.5- 
42.3: lO 5; 

108. 1- 0.6 ' 

56.8- -0.41 

204.2 -1.8* 
167.8,-0.2 I 
36.7-0.4 | 

139.0 +0.8 I 

4 1.5 -0.5 I 
24.2al . . ..! 

52.0- -2.5 j - 1 

164 • 2b.li 7.8 

l£6.5xd ; ■ I _ 

101.0-0 3 19^ 3.9 

121.5 +0.2 Irt.fbi 8.9 
239.0+0.21 0U : 8.5 

129.2 - 0.8 'mLM, 0.5 
1.0.4 + 0.2 . 40.1 1 7.1 

39 ’.Sil./l- 1.2 

412.0 -0.5 ' 63 J 3.9 


1.0 1 
*3 ! 
ltf I 


5.4 

2.4 
9.0 

48 : 4.4 
01 | 7 4 
00 I 5.4 
6b 1 4.3 
03 : 8.6 


17 i 7.0 


COPENHAGEN * 


Ap+M ' 2.115 

Hen>et -H” 2.510 

U.ii.lLLetiieni....: 990 

450 

KBK> '3.365 

K.e. mu-el '7.180 

Fhuthjum N'+i.._.. S.U40 
I4.H. luui'bni .. .. 2.495 

L-evni.il ..‘1,300 

'mLdJriiX Li 1-635 

K'+nkeii ,2.450 

Inlrnnir l.bSS 

Kr»iieU*ujk 6.850 

Id l(<>\niL' Ueicc-.t6.010 


0.740 

3.200 

3.030 


Pau HuBiina- 

I’einiline 

.NC.ln.il. iMlniur 
tik-.Gcii. Boise ...|2.016 

bah nit. ‘3.280 

y I'** .- 2.550 

I rad inn K-el ....|3,720 

fit B '1,204 

I tilliu. '1 l»j».. .. 710 

k'icji ic li> iirtau nc- .! 1,685 


-15 : - 

Ho 

-22. 1UO 
'+ 15 j - 
;+ 16 177 
+30 46U 
: — 5 '170 

v— 20 lltirtj 
I- 60 I 83 
1 + 15 ■ 9U 
!+ 30 :i70 

I '140 

1 + 50 i09 J ■ 4.2 

I *605 6.4 

j J 0.^6 2.8 

1+ 15 <18+ 5.6 

!+10 (0 j 4 : 6.3 
j- -20 Il4^ ', 6.9 
1— 85 '015 6.6 

. . I..I11J 8.3 
+ 35 17o i 6.3 


1'iinlopilabfier ifiOeetil) 

KSUOK.... .. .-V- 

Kldcr-Siii iLh 

KieleotuiirTfreiioroex. 

E.Z. Industrie* 

Gen. l*»i*rfyTni«r 

Homeraley— +L 

Hooker. — - 

id .viismlk*. 

I uter ' Copper,: 

JeaulBgr-liiduairlti. 

June* l'Da«T»3j+ 

Lenuoid Oil— .• - , 

Metals Kxplorariun 1 

Ueumra'r Mirren**-- -■ 

Mill Holding*— 

M\m Bmpoctiiiii ’ 

New* — •-.... • 1 

Nicholas lolerw* local. ...j 
N orth Broken H’lUngMSft'b 

1 takliridaFv'— 

• Ml Search .... ...1 

litter Bapkonlton ‘ 

Plmieee Loocwte..... i 

llcckttt A Odtiwa- ... •< 

: H. C: dlelgbr 

SoutUlaral rJOnlOK ) 

biqil«ra»w". “ •• - r 

1..41. IS) - - - ; 

WalloMw 

Wwtem'^Unioc renUi^ 
Wrol^mttti— +■..... + 


+CL88 ‘+9.91 
to. 94 ;+0.fl2 

t2.40-:;--,. .+ 
rOJSi 4 .... .. 
t3.o \ — 
tl.61 i+tfJH 

111 (SHfSiS 

SOSdv. : ...r+ 

to.9Q 

t'l.J8 Ml .K 
f+8.91 
i-'MS 


tO. 27 
«).35 
■10.16 
t2-46 
1 1.66 
12.40 
10,95 
11.30 


I -0.05 

f .*• 


-0.05 


11.85 •■.'•*0.03 

to. 10 1-0.01 

♦A33 I 

; 1.34 si 
-J2.7& [+O.OS 


- 2 ■ bo 7.0 
,+ B5 1 - | - 


SWITZERLAND « 


nre-. 14 


ITir» 

If. 


4. nr'i'Dir -Yl t. 


lire. 1* 


•Vilrtcl«lwti|.eii.. . > 
Dmi-U" Haul. .... 
Km .Vtcwiic • .• : 
FlirenttaMVeii.. . 
B r .'KK* r,, T- •• • 

Far I'apir 

H8n>l*M<8iiL 

G.NTIinH.,KV.«i 

Nurd kill- 1 

N,im [-►liulri U. 

niiinl'ri't 1 

I'riiatlMnl, 

Fn.tiu-.lat uk-.. 
Siii'li. Be ren'+u.—j 
5ii|«rro% I 


'ht ; 4* if ‘ DirT 

Y7i. 

n, in'i . — 1 £ 

% 

140 ' 11 

7.9 

1251; ' 10 

9.6 

148 +>: 10 

8.2 

1301* +1* IS 

IQ.C 

343J’ .. . 10 

J.b 

803,-1 . - 


1261* . ..! 10 

j S-7 

286 —1 1 Id 

3.E 

iea>* + u i w 

6.7 


218‘s ->3 
119 +1 
130'* +1* : 

lo6'i 

369 ' 

IWi, +1*1 


10 I 9.2 

11 ' 8.1 


1U 

12 


3.2 

7.4 


VIENNA 


Dm-. 1* 


Pn.t: . -J-iii : Ul» [1 ■ 


Orvil tin mis Jl... . 

Fi r lri'f»,-r 

•■ji'knii 

“■■in|«-iil 

prrtr naimlcr ... 
Vril Ma^nvli.... 


342 

270 1 

67641 

78 -2 

zoo ; 

Z43 . - 1 


XU 2.9 
U» ! 5.3 
60 1 8.3 


8- i 4.0 
1U ! 4.1 


Aiuiuinmni 1 075 

MHU ' A ' 1.665 

U'leGeiio Fr.MUl.0BB 
I Vi. IVirl lwt...l 870 

D>i. lies ' 647 

Urcdtl .'uiw»e._... 2.155 

HiKlr"i*U 1.1.815 

‘Fib lire lUcntsi*!. 545 
Hull man P* Cert. 55.750. 

D". mnmn 6,575 

InlettrM' U ...3,760 

■Ip . hum iFr.llAii . .1.393 
Nc-lii iFr.lOUi.... 3,080 
Dn. Kch............ 2.245 

■ Hh-iiMhi uiF^Ul 2.610 

Pirci ii.nl* iF.100)' 274 
wmlnr ir.ja'i .... 3.830 
Ik*. Pair 460 

snbin iierLKFluOi 267 
suw Cl 1 Fr. IOCn: 311 
rtimir Ibr^SAJlJ 794 
■>« is* ItnkllT.IUI'l 336 
?wi+ ilfcKrT.-w)) 4.675 

1, iiii'ii 1 tank 2.970 

Annch in- 11.150 


,-10 
+ 5 
+ 8 


+ 2 

'-5 


L-10 


3.7 

3.0 

2.0 

2.5 

3.5 

3.7 

2.7 
'-4,5 


-75O,UO0i 1.6 


- 75 
i- 26 

i + 10 

—25 

1 — 5 ■ 


2 

i + 30 
'+1 
— 1 
:-i 


1- -1 
1-5 
10 


liu 

41 

01 

ttta.e 

iBb.? 

lb 

la 

ut> 

00 

12 

14 

10 

1U 

40 

UU 

44 


1.6 

2.8 

1.5 

2.B 

3.8 

1.4 

5.4 
1.7 

2.9 

4.3 

4.5 

4.4 

3.0 
2.2 

3.4 

2.0 


TO. 65 

ta09_ 

10.28 

11.81 

10.70 

11.70 
11.53 


+0.01: 


Uft.01 

t-a.oi 


PARIS 


I>M.l* 


Prnrc 1 + or 
Fr-. J — 


Keute I 706.8 — 1.0 
Afrupte Dvfcl'tV 390 ,-9 ■ 
Air Lniukte — 384 . — 2.S 
\qmiataei-v.. : r '5M 

8ouvtfue* — — — 885 ! 

1 554 1—10 


Dtv. [1‘Nl: 
Fr*. % 


4 1** 0.6 
24.75 6J1 
toil -4.3 
08.2&( 643 
1SA> 2.6 
42 6.0 

WAW 
7a 3 4 
31.ai BO 
70 JU 7.1 

• 1*» I 2.6 
7.51 1.6 
10- 1 9.5 

14.1-10.1 

I 8.2fif d.2 

ioj 


JOHANNESBURG ’ / * . /T ^ . • 

; . ' MINES : .5 sCtI'S. < 

•*o American Cpft.;. 647.*tL -HOiOO • fj • ' 


Dec. 

Anglo . . 

Charter Consolidated.:. f4100' 

73, 70 ^ "^0.05 •. ^ 

» „ , 1.6B.V.-1 - 

Horaony. _6 .«>; -■ ^0(6 / . 

KinroAS +»-' - •• — Ljn i 7i^ •£■ •* 

Kloof . v_ .-1030-. flte b 7,'. , s 

RostanbcHS Platinum . 3.00 • 0.05' • . » t_ r -41 *- lytJ'r 

^. Holorra- 1 14.80. .--0.20 

Souchvjoi . r...-..; 9.00 

Gold F'fflde.’ SA ;25.50 . - ^ 

Union Corpowton.',.. 5.53-+r’4!0.03 

De Boers Oelerred -.8.00 . ->• t +0.10 
SlyvooruiUJchC 6 JB ’ *t 0.t3. * 

East Rend Pul-...-.,.? 16.66 ’'/-Q.OS 
Free State Gednld ...,128.00.- 
Ptesidonr 8«+nd 78.50- 


‘ r *«a Tdd.:*' 


Preerdcnt ; Sleyn' T3J25 

Sfilfontem BAJ 

Wol kom % . ..r.V. I • 6,70 ‘ 

Wear Dnefontem 0- 

Western Holdiogs 132.00 
Western Deep, ..Xi.Z, *15.50 


:^3o 


®*PANY 


-030 
■',+ 002 . 


-?LSL 
— 0.5D; 
-090 


^»AL 


$ 


ikrrcfmir +.2i240 —30 

394-9 -1.1 

c.t.f. A»le._...! 993 . . — 2 
Ciia 8ei»jre++..J -473.5 +0.7 
Uiun'lleditcr..— 1 511 : — 4 

Credit CWfiJrt-'cv; 187 — 1 - 

Ltwflt Umv . — a 59. 1 —0.9 

Lhime«......-+~.. ....{, -667 -'—17. 

Fr. Peumfi+i. — j . 139.1—1.9 
Ken. Od+deuta'cJ 258.5 +-0JS 

traetst+I+ - 52 —3 a 7 

Jo.|ueaUora> tl2JS— T-3‘ — „ 

uieiai—i. J. 254 —1 flB./ff 6,6 

LXIreul. 765 —6 iUwO ~ ’ 

Lejnsmi'— ;'1,960 ^88 '36.^ 

Muieud* Pbeoe 501. —2 ,^3*-3 
lli -be' m "o'— aJUlM —15 17 J» 
Mp(iHniB+w)+ 662 —4 'its 
Minimies. 136.1+-0 2.. 4 

PariW-: j ! 209 — 1 ,'».9& 

iVb>ocy 1- 7:L2 1.7 1- r.» 

reran lhaM....i 309 .—5 ' 7.5 
Ptucesi/rtinM.. 4065 — 5.6 U.iftt 35 
l*rajwU — 210 -7 - 

KeiUu £eohmi|iw., 431 .'—4 ’. 27 
Ke<i<iine..i++ +.....• 661 '—12 1 3 j 
I thnw HnUrenr.-.' 119 -2 9 

bt. Qolaju': . 149. 1 —0.4 1*3. 

s*'» Rmreao».^... , T.9O0 - su 

Suea............. — 298 -2 .• 0tsSi 8 j 6 

Le^nmurudnc...;, 808 tB ; 06Ar 3.2 
TTioiu'nw Uts’ont 244 ' -Uoilti 6;2 

U*imv.+.+ - •• 13.8— 0 ^'— I — 


. INDUSTRIALS • ri 

AEci . 3 .*> 

Angto-Amw. Indusifiel' 11.90 -• 

Currie* Finance 0.96 

De Beers Industria* ..." 13^0 
Edgars Consd. Inv. . <3^0 

Edgars Stores 136.-00 

fiver Ready SA T WW"- r—diOa 
Fed. Volksbeleggings .1^0. - *—0.02 
Greatarmans Stores. •. 2J90 , -. 

Hulens • "... 2 32- ■- 

LTA ZMO- /.',v .. 

McCarthy Rod way. Q.87_. " .’..J , 

Ned Bank . .. .•• . 2 98 --•"'•4-0.03 ’ 

OK' Bazaars" 7.60 +0.06 

Prarmer MFMlOff. 3.70 '+.O.® 

Protons CeTnanr ^4.;, •. 360 -+0.15 ■: ; 

Protee Holdings' . . ..... • .1.53. .+-0.02. 

Ram* Mines Prope rues _-*1.75 - 

Rembrandt Group . .3.73-. +—.0.C5 , ■ - 

■Hetce- -L.V+J.." ■' 0 . 3 * ’’ " ' 






•'V*aoi --fry '' '• 

*** r. H '■ £ 


■r : 

Tr* !•- 


-s 


2.1 

1.9 

8.0 

3.2 
.2.3 

2.2 
4.8 
10.6 
•2.4 


6.3 

•0.4 

.7.5 

B.8 

ra.o 


STOCKHOLM 


MILAN 


Dec. H 


ANIL. 

Rr+tiff 


Pirelli Spa. 

ini* VlmMu.-. 


Price 

+ 01 

Dv.- 

1 i. 

Lin* 


I'+n-l 

■f 

50 

— 1.60 

) 





■ 


2,734 

-61 

loo 

3.5 

2.100 

-40 

IbOl 

7.1 

. 130.75 

-e.ss 

— 1 


22 . 00 C 

-tin 

bVLl 

2.7 

319 

r-o.n 



36.960 

—260 

LSWIi 

3.5 

tea 

+ 5.21 

- t 


1.169 

+ 44 



1.800 . 

— 1 

idbi 

7.2 

. 871 

--SM 

80 ; 

9.2 

859 

-is- 

rj 

— 

1 





Prce l > or 'Div. <Y i. 


. Dor. l< ' j Kh+ p + : - . I tir/l fc 


ju-W'mJ • SOI 1 I . 6l 2+5 1 ft . . 

lira WvsHhr.Uoi. 150. -1 j. tfl-AA .. 

,\ »>AiKrJ*«. r *..' 79. 5 ; ;5 -V 


Atm» fSH®KK«ZTj 110 V 2 1 ‘ 8 ^ 0.3 
ttn*eru't'+.‘.~..^— 42 — 2 . , — i — " 

U 2 


Ucutge* iftTCLi'.i • 4ftfi 
bmiilieHvflt'Cit.-' 
dinrbi.+itt 
UfiUeh UroiMfi*. 

9 attdvi« ‘K"' Ki>. 
vKJ'. Kra__ 

Sk+nd Sn-AU 4 ii.. 
lnibtetlL? 8 *iKrri 
l : >idriMitn+— +•• 
V<Mvo!tvr.#W- 


nexsq u.3l . •. .1 •» 

Sage Holdings ‘ • ?+» , 

sum- •. ..x. : *. '2.47 '. ' -V • ;•'. • 

C. -G. Smith Sugar . 5.65 . "+O.OS ■_ .•.*,■+ 

SA. Breweries '... :l 1^7; . ' .. iv . ' ‘f. 


Tlgsr Oats,’ Hart. Mlg. - 1.1 •gfr. 

(Jmasc ./•. n 13 ‘+O.01 


■7 


Securities. Band U.SJ0-65J 
' f (Discount 0^42^8%} 



SPAIN *; 

Dacembar 14- . 

Aaloed — TfiV5V-7 i 

Baoco .ailbso -.is X.* 4 


• -•••War cent - . 


-■5^88 


' : 'k 




B.-Atfendco- (1.000) V 

Banco Central • 301 . * : . .*>.•' ,v‘ * • ‘.r 

Banco .Entviar .‘^56- ,-+-2 - ‘ * ' *%* 

•Banco Generar . 7.. '-Z37 >' ++ ..•*■ •-.• — 

B. Granada (t.OOO>'„V 'l48 r -i'-, ' 

Banco Hbpiano. " — ' 

B. fitd. Car- fl.i . . 

B. • tnd. Modiwrtaneo 
Banco Madrid 
BamaroMier 

£T Sanfaodftr 'ft50Ji r. * MS - ' : : ' 

Aanco'Uramw il.OOOj ,: ‘288 ' r . V 

a*neo Vucaya Z./r-~asa&.-‘M ' 

Banco. 2cragozana • r>. : •'AT7 - -A'- 

Beqlunioe j«f vTo-^- 


(T. 0 »r+.V 148 : C ’r 4 A . ii , 

•no. 23^.:;. .’' •-> ' -•"• —v -t > - . 

. rvaoo) ;:• w.'-.v— . - ■ •*-v : 

iditerrsneo -168'/- — s'-‘- ‘ 'r--". *•» i 

rid • ^15 ••—••" **’ •' , . 


B an Qi; And Hi at iff ,'z.: -V tn'.' - .. A 

ac. •+=.-. ;c- -. v 



1414 «4 j 3.6 

r— •; 175 I-— 3. - j jjffij S3 

~»J 239 *;+l f 1014.2 

d'*ri’ 4 l*’lrihro^ • 105 5 6 . 5 »‘ 5 d> 

tne-^Brid' *xX*. ‘-124 -L-.J ; ..3T&.0 
•*«*'+.— ri 280 t+A * * 

94 . -1 L 4 < 4 iF 
« + 33j 

.380 , 4 u „ 

-.32A :+ ...- • 
k 64 . 5 -.. 

•26 r- — -5.7c} 9.1 

37 , 5 + 1.0 
: 162 ;-i t 
64 5 

- y- 

74 i-a.5j - 



i-Papftims»-Reui»«*sFnw-. . ... . 

PtyaKbat: "-r+=- 

5»rwte«sr ._.k 7, •• ' ‘ 

Saruo-Tdoptertr* + • • 

Bnlses *. 

SocreAoe* 

Terms 
Ttiben 










' : £v : p- ■ : y_ yc~? '■ '■■V’-^yw— •" '■"’. . * 

*iK®S^to*tSsaaeSsies!J£^fii 

COMMODITIES, RAW MATERIALS and AGRICULTURE 


s. December 15 1978 

*r ■„-. .. -; :'2;.: _'\ . ' :> :. *• ' , . • .•;: .: - ' - >' 





.. .-..V-I. 37 # 


Relieve for 
‘natural 5 


BRITISH DAIRY-, farmers’. /fight 
against a proposed ban on* the 
sale of untreated, -farm-bottled 
milk, . ft as won ‘a'^tbree-year 
- 'reprieve- for . the : : 4,00fr - dairy 
farmers producing .-and retailing 
it. The ban will now come into 
force or August V 1983. 

During the three years pro- 
ducers will be eligible -to draw 
on about £Im of grants- -towards 
the cost of Installing pasteuriser 
tion •: eqaipment • . and - v dew 
buildings- - T- 

Farmers, fought against the 
ban largely 'on . the :grotmd5. of 
“freedom ;of :c£^cef-.£wr- tbe^ 
consumer. The JCLafetry of 'Agri- 
culture -backed ' a. - stay. -of : execu- 
tion, hoWevpr. in the light of the 
danger to :-^tbe livelihood ;of the 
farmers invoiced. • • -'. 

. A»7»H?"p | '"g fee moves in the 
Commons yesterday, Hr. Hotra 
Sflkin. .Minister of Agriculture, 
also said feat the price -of.' the. 
untreated milk— sold In a green- 
topped bottle— would -soon be 
reduced by lp to 13}p; fee same 
as pasteurised . milk. . 

Some 96 per 'cent of all . milk 
sold in Britain >is :-now beat 
trtated tfl kin bacteria. The 
main threat to hea&h in untreated 
milk is salutbnellav most common 
cause- of “food poisoning.” - 

Although infections are 
difficult to monitor it is .known 
feat between 1973 and 2977 there 
were 640 cases of. food poisoning 
in England Wales which could 
be traced back to untreated milk 
and 1,239 in' Scotland. .- . 

Farmers are already giving up 
production -and sale of this type 
of inilk at the rate of 500 a year, 
and it is hoped fee -offer, of grants 
of up to 30 per cent of the cost 
of new equipment, will 
accelerate this trend. ' 



sugar 
stocks may hit 
new record 


8Y OUR COMMODITIES STAFF 


i - 


Winegarten 
quits NFU 

By Our. Commodities Staff -. 

MR. ROY WATSON - , "joint deputy 
director-general- of -fee National 
Farmers' Union ; vHH become 
directo>r-get»eral on January 1. 

He replaces Professor Asher 
Winegarten who has resigned for 
health reasons. 

Professor Winegarten had a 
stroke In May. He has since 
recovered and will continue to 
act as. an economic aid policy 
adviser to fee union. 

Mr . "Watson's' career in' the 
NFU has been largely involved 
in employment^ and Parlia- 
mentary affairs. : • ‘ 

Sir Henry Plumb, NFU presi- 
dent, said: “I. think everyone 
in the union, members and. staff, 
alike, are sad that Asher has 
been' forced . to. _ give, up. - He 
has served IMS union weH for I al 
30 years.” -- . •. ’.V . ftp. 


WORLD SUGAR 'stocks are 
Ukely : .to- rise. * again f ■' in the 
coming season despite - a prob- 
able fall in : production, accord- 
ing - . >to sugar statistician F. G. 
Licht: - . . 

. In his first estimate of the 
1S7B-79 sugar -balance published 
yesterday Ucht puts : the world 
crop at 91.9m tonnesr^-S per 
cent beioW the -1977-78' record of 
— and coiisiiidpfem at 
nearly 90m tonnes — 3.83 per cent 
up. on 1977-78. This would take 
total stocks to 32.021m : tonnes, 
the highest ever level; by the eod 
of the season in August 1979. 

“But it is an encouraging 
sign,” the Licht report - says, 
feat the. increasing rate of 
stock accwnnfstioo of the past 
tew years will be brought to a 
halt" • . " 

The estimate. which Licht 
described as ”a | first crude 

approximation.? ". puts... Western 
European production at 16.712m 
tonnes. 144.000 tonnes higher 
than in 1977-78- But this is ex- 
pected to be more - than, compen- 
sated by a 335,000 tonnes drop 
in East European outpulto 13.6m 
tonnes. 7,. ■ 

The biggest production in- 
crease Is predicted fa North and 
Central America where fee crop 
total is ' expected': to. reach 
19937m .tonne compared with 
19.334m last season; South 
American output 1$ forecast to 
fail 792,000 tonnes 'Jo 12.481m 
tonnes. Asian output 'is also ex- 
pected to be lower; at 19fi22m 
tonnes against - - l£648m - last 
season. 

Modest consumntKm-increases 
are forecast in all continents. 


French white sugar production 
is expected to reach 3.7m tonnes 
at fee end of the current pro- 
cessing campaign on January 15 
compared with 3.92m tonnes last 
season, the French Sugar Manu- 
facturers' Association said 
yesterday. 

Beet processing factories pro- 
duced 3m tonnes of sugar 
between the end of September 
and December 10, the Associa- 
tion said. 

In Washington meanwhile, the 
U.S. Agriculture Department 
said sugar cane rust, a fungus 
disease, has been found in 
Puerto Rico.. The fungus turned 
up first in crops at experimental 
stations but was later found in 
commercial fields. 

Infected fields have been 
sprayed and infected plants 
pulled and destroyed In efforts 
to control the disease, 

0 The International Sugar 
Council has again extended the 
period of suspension for the con- 
tribution of fees to Its stock 
financing fund. 

Tbe previous suspension, to 
January 1, has been extended 
for three months, or if neces- 
sary, six months to June 30. The 
period for ratification of the 1977 
International Sugar Agreement 
has also been extended till June 
30. 

The Dominican Republic has 
accepted an increase of 55,000 
tonnes in its 1979 sugar export 
quota. The Republic's quota was 
originally set at 935,000 tonnes. 
The Sugar Council will consider 
a further increase at a later 
stage. 


Rally in 

coffee 

market 


India #boost rice sales 

NEW DELHI — India. "plans to nesia and 24,000 tonnes to 
enter fee commercial iice export Mauritius in Government trans- 
market by expqrtLnft 500.0n0 actions. 

tonnes of medium quality rice in Tbe sources also said the 

1979. a Commerce'! Ministry Government had cleared a pro- 
source said yesterday:;. posal to export 50,000 tonnes of 

About 200,000 tonnes may be wheat produced in the coratner- 
sold by next March.- the end of cial market on an experimental 
the current financial year. basis. 

’ The ministry said '.fee rice Thn Government does not 
would be IR-8 qualify which sells to be able to compete 

locally for about Rs 2,500, or effectively with the large grain 
8310. a tonne. Marketefeeiiw ex- trading concerns, but hopes to 
plored included TnAey. Syria utilise its freight advantages for 
and fee Persian GuM. - -':' shipments to Africa and the 

So* far India has pepmtfed fee Persian Gulf, 
export of long-grained ‘Basmati 9 Vietnam has lost more than 
rice; which may feta) • 60,000 3m tonnes of rice through the 
tonnes this fiscal year, and heavy floods which swept the ; 
allowed fee export: of? 50,000 country in October, the East 
5nn.es of ordinary rice to-lndo- German news agency ADN said. I 


By Richard Mooney 
A SUDDEN burst of buying In 
late trading yesterday wiped 
out most of the losses sustained 
la the London coffee futures 
market on Wednesday. 

Wednesday’s decline, whicb 
trimmed £89 off the March 
position, was triggered by sell- 
ing: in New York and liindon 
which was believed to be on 
behalf* of Lalln American 
producers. And yesterday's 
recovery was prom pied hv buy- 
ing by the same trade houses. 

The upsurge started In New 
York, where values closed 
limit down on Wednesday, and 
a permissible limit rise was 
quickly established. The 
London market responded 
equally quick! v and within 
minutes nearby quotations 
were £80 higher. 

At the close March delivery 
roffee on the London market 
was quoted at £1,262.5 a tonne 
up £55 on the day. 

London traders earlier esti- 
mated that Wednesday's sell- 
off could have cost the Latin 
American producers up to 
S30m. The coffee is believed to 
have been purchased originally 
under a price support strategy 
backed by a 5140m producer 
fund. 

Recent signs of disharmony 
between the eight producers 
Involved in the support scheme 
culminated on Wednesday in 
an accusation by Guatemala 
that several other 'member* or 
fee so-called “Bogota Group," 
including Colombia. had 
violated an unwritten agree- 
ment not to sell new crop 
coffee before January. 


EEC FARM POLICY SEMINAR 


Gallic gloom and disenchantment 


BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


Tin prices 
down again 

By Our Commodities Staff 
TIN PRICES took another drop 
on the London Metal Exchange 
yesterday in fee wake of a sharp 
fall in Penang overnight. The 
threat from Bolivian mine 
workers of an indefinite strike 
helped support prices early in 
the day, but the decline 
accelerated in the absence of 
physical demand. 

Three months standard grade 
metal lost £107.5 a tonne, closing 
at £6.877.50. 

Cash tin lost £97.50, ending at 
£6.962.50 a tonne. 

The Bolivian Miners' Union 
Federation was reported to have 
said its 55.000 members would 
begin an indefinite strike today 
if private mine management did 
not agree to pay a 35 per cent 
pay rise. 

About 40.000 of the union's 
members employed by the state- 
owned sector of the mining busi- 
ness won a 35 per cent award in j 
October • 


I USED to believe that 
conference-going was a particu- 
larly British vice, an occupation 
for . bored farmers without 
enough to do. 

.Don’t you believe it. 1 have 
just participated m a seminar in 
Paris where u couple of dozen 
French farmers were studying 
the Coramuc Market, the French 
j farming scene and fee world 
economy in general. 

| My. brief was to expound a 
j British view, a per Ann a 1 one I 
insisted, of the EEC uod all its 
works. I told of the disillusion 
felt by many .farmers here in ibe 
! working of the Common Agricul- 
tural Policy, a disillusion re- 
flected by many of the partici- 
naots. L also out forward fee 
view that the British generally 
wore profoundly sceptical of fee 
Community and the CAP. 

It was all good heavy stuff. 
Made even heavier by the fact 
feat sessions lasted from 9 am 
to 1 pm aud 2pm to 5 pm with a 
self-service lunch and none of 
the breaks fur coffee or tea 
which effects vel;. relieve the bore- 
dom of the i y pica! British occa- 
sion. It was a l.-o occasionally 
tedious because Frenchmen tend 
to orate when putting the 
simplest point. 

However, although the pro- 
ceedings were occasionally turgid 
fee content was most interesting 
and reflected in many ways the 
anxieties arui disenchantment of 


French farmers with tbe way in 
whicb fee CAP has worked ouL 

Basically they believe France 
has fared badly. Grain growing 
is all right, but in livestock they 
have been out-manoeuvred by 
the much smarter Dutch and. 
Danes. 

Several were pig keepers from 
Britanny, and they suffered from 
MCA-assisted imports much as do 
the British. And, adding insult 
tu injury, the Dutch used manioc 
and other cereal substitutes In 
preference . to French grain 
which was going into interven- 
tion or subsidised exports at 
lower prices.- 

Again. because of fee “ green 
franc." their milk prices, at 
about a franc a litre, were not 
much belter tban fee British and 
varied regionally. Far from the 
bonanza that the CAP was 
expected to bring to French 
farming, things m some sectors 
were far more difficult than they 
should be. 

This bitterness has caused 
some outbreaks of violence 
against imports of pigs, with 
lorries being burnt. I was told 
these were likely to recur in the 
New Year. 

The farmers' pessimism could 
hardly have been relished by fee 
Cuiumh-sion representative who 
spoke about tbe possible break- 
up of fee CAP wife the deepest 
gloom I have yet heard. 

The CAP must be kept going, 


he said, as the ooe basis of 
European unity. The Commis- 
sion was doing Its best to do 
this. But things were much 
against it. Overproduction in 
several sectors was getting com- 
pletely nut of hand, particularlv 
milk and sugar. 

Yet. he' complained, govern- 
ments would do nothlng'to help 
butter consumption by taxing 
margarine or other fats. Part of 
tbe extra milk came from 
imports of manioc or soya and 
other feeds which came in duty- 
free. Tbe system of export resti- 
tutions was antagonising third 
countries, and exports were more 
likely to be reduced than 
increased. . 

The trouble was feat member- 
governments did not take bar- 
omnis&tion seriously. The Com- 
mission regulations to this effect 
were only imperfectly followed 
by members, and in particular 
competition between members 
was effectively neutralised either 
by national measures or by the 
instability of currencies. 

Until certain governments 
realised that they were in u Com- 
mon Market, (here would be no 
European Community. 

His audience took it calmly. 
They had, wife French, realism, 
accepted that perfection in 
human affairs — especially if 
they concerned foreigners — was 
bound to be difficult to attain. 
They believed that it was best 


to make do wife things as they 
were. 

Being mostly cereal growers, 
they were not very pleased, with 
a Dutchman's view that manioc 
was being imported not because 
il was cheap but because grain 
was too dear. 

As a representative of a pro- 
cessing firm, he expounded the 
view that France had taken ton 
late to the virtues of a contract 
farming for vegetables and meat. 
He said farmers mu«t realise 
that the modern wurid of con- 
venience foods had not yet 
penetrated to French housewives 
dedicated to good home cooking. 

Contracts on British and Dutch 
models would come eventually, 
but would entail market disci- 
pline — something his firm had 
had difficulty in finding in fee 
French siiuatiun. 

This admonitory theme con- 
tinued for much of the time, and 
it is not confined to France. 
Some Oxford conferences are 
replete with it. However, there 
was a ray of hope. In a two-hour 
lecture on demography by a 
speaker from the UN. we were 
told that the West was bound 
to give way to the houndless 
energy of Asia where most of 
tbe population was less than 15. 

But he added that in fee Euro- 
pean context France would 
become economically stronger 
than Germany because her popu- 
lation was younger. 


EEC enlargement to provide 
profitable new beef markets 


BY OUR COMMODITIES STAFF 

THE ACCESSION of Greece. 
Spain and Portugal to member- 
ship of the European Com- 
munity will provide beef 
exporters in the existing member 
countries wife profitable new 
markets. 

Their joining will also raise 
the EEC’s level of self-sufficiency 
in mutton and lamb while giving 
Britain and Ireland a chance to 
export more in Greece, the Meat 
and Livestock Commission says in 
its latest review of international 
meat markets. 

Pork, and bacon supply and 
demand are more or less in 
balance now' and Ibis would not 
be appreciably changed by the 
enlargement of the Common 
Market. 

Tbe newcomers would increase 
the Community’s population by 
53m to 310m. At present the three 
import more than 150.000 tonnes 
of beef .a year and this demand 
is expected to remain at more 
than 100.000 tonnes a year 
through the mid-1980s. 

By the. nature of the Common 


Agricultural Policy there would 
probably be heavier imports from 
current members to fill this 
demand and 3 cut in supplies 
coming from non-EEC countries. 

For the British market the 
Commission forecasts an overall 
increase in meat supplies. Beef 
and veal production plus imports 
may fall to around 1977 levels 
and supplies of mutton and lamb 
may also be lower than this - year. 
But shortages in fee red meats 
sector are expected to be offset by 
increased output and imports of 
poultrymeat and plgmeat. 

Home production of pork and 
bacon is rising and imports will 
also increase because of greater 
output in Denmark and Holland. 

While reduced supplies of beef 
and lamb might under normal 
circumstances signal substantial 
price increases it is posable that 
the poultry and pug industries — 
whose output is Ukely to boost 
total meat supplies to their 
highest level since 1972— could 
help to mitigate the worst effects. 

According to the Commission, 


next spring farmers will be earn- 
ing about 77p ro S0p a kilo live- 
weight for their beef animals — 
about lOp more than in the same 
pan of 1978. 

During 1979 the MLC expects 
UK beef and veaf exports to fail 
4,000 tonnes short of this year, 
reaching only 90,000 tonnes. 

Home production of beef 
should be only 986.000 tonnes 
compared with 1,031 last year, 
and imports may be 2,000 tonnes 
less at 305,000. 

In the European Community 
slaughterings of beef cattle are 
expected to climb marginally in 
1979 while calf killings will drop 
almost 4 per cent. 

The Commission detects a small 
increase In EEC beef consump- 
tion over the past year, in the 
U.K. and Italy rises of 1 per 
cent and 2 per cent axe expected 
with small increases in West Ger- 
many and France. 

A further increase in total 
Community intake is expected 
in 1979, particuiarly in France 
and Italy. - • 


a 

dying breed 
says ILO 

GENEVA — The farm popula- 
tions of the industrialised West 
aod Communist Eastern Europe, 
already ageing and dwindling 
since 1950. will almost disappear 
by the end of the century, the 
International Labour Organisa- 
tion predicted yesterday. 

ll said the two regions’ com- 
bined agricultural labour force 
shrank from 146m in 1950 to 
S7m in 1970. and if recent trends 
were 10 continue would be down 
to 28.5m in the year 2000. 

Tt means that on average 
almost 1.5m people disappeared 
from the farms of the two areas 
every year between 1950 and 
1970. and the shrinkage was 
likely to continue at an 
increased pace of almost 2m 
annually to the turn of fee 
century. 

Alsu, wife more and more 
young people leaving farms, the 
agricultural population will age 
even more, they predicted in a 
report entitled “The case of the 
disappearing farmer." 


COMMODITY MARKET REPORTS AND PRICES 

BASE METALS • 


COPPER— tort further ground on 
Th* London Mats I Exchange, reflecting 
tbe quietneec -of physical' .markets. 
Forward metal optfnad around £788 end ; 
r edged up' to £391 on Tire adrty pra- 
merkat before fading back to £787 
owing to tack. _of To How- throb flit. 
-Thereafter the price - drifted in quiet 
tradi ng to close oh : the- lota -kerb 
£786 J, after touching a low of r7S4. 
Turnover;. 20,350. ionnas.-- 
Amalgamstod Metal Trading^ reported, 
that in the morning - caeh wi rebars 
traded at £771.5. TL three months £787., 
87.5. 88. 87.5. 87. 86.5, 87. Cathodes, 
cash £755 .5, -three, months £774, 73L6. 
Kerb: Wi rebars, - three month a £785.5. 
Afternoon: W) rebare, cash- £770. 60.5, 
69, three - months - £78 6, 86^5. B6. ' 
Cathodes, three -months £773.5:- Kerb: . 


Wire bars, three months £7BS&. 86, B5.5, 
85.' 84.5. 84. 83, 86. .? 

' ' .'“i" era. '■+ ori‘-7"ji7m7 h4-”ar 

COPPHE'' Official i — tfnvraiial I ~ 


weaken to £5.880 pnor to closing on 
the lata kerb at £6.890. Turnover: 
2,090 tonnes. 


.A | A; | £ 

Wirebars • i ' 

Caab....i .. 770-X -5.76 769 .5 
3 months.- 786.5-7 /-9 • 7B5-.5 
riedl'nuit. 771 r - '.— 9.6 - 

Catfiodif.-i • -. . 

Ua*b; .1 755*5 -10.7 754.55.5 

3 months.] 773.54 -9.76 773.5-4 
765.6 — IT — 

T7Jr.Smh7.y- * *72 


£ 


LbTtb' 


U-0.5 

1 — 6 • 


TI M T hrower again, mainly reflecting 
She sharp tall in the Penang market. 
The possibility of e strike by Bolivian 
mineworkArs enabled forward metal to - 
open around £8.950, but thereafter hick; 
of -physical demand sew the price. 


" ■ 

x.m. 

(+ nr 

p.m. 

4- or 

"TIN 

Official 

r- 

Unofficial 

- 

Hurt Grade £ 

£ 

£ 

£ 

Cash..- — 

6050-5 

~2« 

6060-5 

-87.6 

2 month t. 

SBSO-5 

— 2W 6875-80 

-107 

Setttern't. 

6955 

-240, 

— 


Standard 

Cavil 

6950-5 

L-24A 

6960-5 

-37.5 

3 months 

6880-5 

-m 6875-80 

-107 

-SMtlamV 

6955 

-MO 

— 


Straits. K. 

*51785 

-44 

— 


Mew York- 






closing on a steady note to gain £15 
on the day. reports Gill end Duffus. 
— " y eKl(M1 |,.’ 8 . j. ur .TBnnlnw* - 
COCOA ! L'hee I — 1 - Hone 


Dre. 1985.570.B -8.5 7970.0-1988 

Marah 202S.53B.D i + B.5 HMO.D-2MO 

-May 21)70.0-7 1.0 . + 16.0 2072.U-205 1 

Julv .....2075.0-76.0 \ + Ifl.O 1076.0-20ia 

wspt 2068.0-68.0 1 + 20.0 2070.0 203/ 

Dee 2030.0-65.0 j + 5.5 5050.0-2000 

March 2010.0-30.0 : + 7.5 2DWMM997 


RUBBER 


EASIER opening on the London 
physical market Lurie interest 
throughout the day. dosing quiet. 
Lewis and Peat reported the Malaysian 
godown price was 333 (253M cents a 


X... 1 -Venentay'J Fiwinus 

Bu-iru-w 

U.S>. ) Clece l.Tirie 

. Untie 


LG.. Index Limited 01-351 3466. .'3 month Aluminium 620.5-626.5 
tt Lamont Road, London SW10 OHS. 

,L . Tax-free . trading on commodity futures. 

Z. The commodity futures market for the smaller investor. 


COMPANY NOTICES 


GENERAL ITOtlORS CORPORATION 

- Further to Thtr DlYIDEND DECLARATION of 21st November., • 
197B,“ NOTICE i* now given that the following distribution wilf. 

- become.' payable." tb AUTHORISED 0£P0SfTARf£S on and after 
fee ISfe December, 1973;.. against, presenatlpn to the Deposiury 
(as. below) of. Claim .Forms listing. Bearer Depositary Receipts. 

GROSS DISTRIBUTION PER UNIT ... 
LESS 15% US. WITHHOLDING TAX 

1230 CENTS 

I375 - CENTS 

. . •• .• • 

10.625 CENTS PER UNIT 

CONVERTED at 51.969.' = 

5.3% PENCE PER UNIT , 

Barclays Bank b'mrted. 

Securities Services Departynent. . 

54 Lombard Street, EC3P 3 AH. 

' 

15fe December, 197B. 


SOtiDETJS EUROPEENNE POUR LE FINANCEMENT ’ 
DE 

1976/1983 $US 3d, 000,000 

Notice is hereby given to. Bondholders of fee above loan that'. - 
the amount redeemable on February 15^ 1079, l.e. 5US 1,000,000; - 
was bought hi the jnarket ^ V.;.; . l . 

. Amount outstanding: $US- 27 .000,000 

Luxembourg, December 15, 1978. 

• : .1 . . THE FISCAL AGENT . 

• 1" KREDIETBANK 

S-A. Luxembourgeoise : 


THt BIRMINGHAM MINT LTD. 


NOTICE 15. HEREBY .QiyEN that f or 
th® year onded JIM . March 1979 -*o 
interim . dividend et tof* an- each 
Ordinary Share will ter paid on Monday, 
22nd -January. - 1970 to all holders 
. o I Ordinary Mares restsared Jn - ttre 
book* of me company at the dose 
of hwlnofl 
1978. 


ob Friday. 22nd December 


By Order cL the Board. 
A- SINGER. . 
.. .Secretary.' 


COl D SILVER 
PLATMIIM 

Biiyw.fVaBs^ 

Basic Metd Co Ltd . - 
Vineyard Walk, Uodom^CI. 
01-278- 6311 .Telex: 371 59 


. MEXICO 
(United Mexican Sate?) 


- U.S.S50. 000.000 Bt.*M BONOS 199T 
NOTICE IS HEREBY. GIVEN that Bondi 

for « total- or U .5^1.250,000 nominal, 
capital ware -purchased during the year 
muted 14th Decern her. 1978. and cap. 
celled pursuant to Condition 4 gf toe 
Terms and Conditions of the Bonds. - 

N. M. rothkhTu^mins limited- 
New Court, - , 

- 5L Swftiilnl Lane. - - 

London EC4P 4DU. ■ 

- 15th December. 1978; 


THE CHILIAN NORTHERN RAILWAY 

COMPANY LIMITED 


5% Fiwhr MORTGAGE 'DEBENTURE^ 
Rovar - Eycitanoe Assurance. Trustees 
for the above Debentures. annouBt* Sort 
£2.635 ties* -income Tax et Mp In Hje 
£) -per *100. _ oebeworw v; ll > SS-P*'® 

WHliams A GJyn's Bank Lim ited, auoan 
Department, Si 10. Greet Tower Street. 
London EC5R SDH. Coupon fte. 151 
afiould * he defffftMl wlttv WHIwffiS at 

tSIyo's -Rank ' Limited, bvo deer days prior; 
to date_or MVmcnt. 
sttt December. 1978. 


. Morning: Standard, cash £5,940. 60, 
50. three months £6.890. 85. 80. B5. 
Kerb: Standard, three months £6.890. 
Afternoon: Standard, cash £6.955, 60, 
throe months £6,890. 85, BO. 75. 

-Ksrbr Standard, throe months £6,890, 
85, 80. 85. 90. 

LEAD — Barely changed on balance. 
Forward motel opened at £399 and tell 
•way to £395 following influential 
soiling. However the price recovered 
In die morning rings with forward 
meal touching £397.5 on rhe kerb. In 
the afternoon trade support took the 
price up to £400 at one point p rior to 
e . clone on the late kerb of £397.5. 
Turnover: 13.200 tonnes. 


Seles: 4.511 {3.241} lots of 10 

tonnes. 

InumetionDl Cocoa Organisation 
(U.S. cents per pound) i Daily price for 
Dec. 12: 178.11 (178.99}. Indicator 
price: Dec. 14: 15-day average 1B3.70 
(184.15); 22-day average 184.15 
(184.24). 


COFFEE 


Jen 67 JO-67.75 

Feb .. ... 58.56-6655 
Jaii-Mar, 58.45-5850 
A |.r- J ne> 60.86-60.86 
Ik-l-lte- E6 .30-65.55 
Jan-Hur 87. 67-67.70 
Apr- Jm? 69.3O-7O.D0 
Jy-Tseia.. 72.M-72.55 
• 1 


87.60-57.75 57.65-57.80 

58.40- 58.50 

58.40- 55.50' 58, 

60.55- 60. EO 6f. 
B4.85-64.S0: f* 
67.10-67.15 67. 

69.40- 69.45' 69, 
71.66-71.7o 72, 


1.86-58.41) 
.15.60.70 
1.55-65.15 
.65-67.45 
1.90- 89. 70 
.60-72.10 


T.Wan 


Q»jh ( 

3 months J 
defer 'mem 
tULdpoM 


- a.m. 
Official 


|+ c<1 pan. (+ 01 
j — Crwffldtl [ — 


Despite expectations Robuetas 
aoened quietly steady thia morning 
snd in an absence of any heavy sell- 
ing rallied strongly this afternoon. 
Drexcl Burnham Lambert reported. 
Dealers said the rally was in tune 
with an improving New York C con- 
tract and was in adjustment ro the 
oversold conditions o( the market. 
Final values were E50-F70 higher on 
balance after an active day. 


£ £ £ I 

41S-.5 -6.5 420.5-2.5' + 1.5 
396.5-7 -5 399-400,-1.75 

,ie - hii I ::::: 


-"Morning: Cash £415. three months 
E395, 94, 93.5. 94, 95, 96. 95.5, 98, 96.5, 
Kerb: .Cash £410, three months £397, 


98. 97. 97.5. 
UNC— Slightly 


COFFEE 

l'eatmlaj'a 

Clrae 

+ nr | Busman 
— j Done 

£ per tonuel 

January 

lUitta 

1 

1402-1405 +725 1420- 1S00 
1260-1265! +56.0 1273-1 IBS 
1206-J20S! +56J 1215-J3M 
1168-11731+37.5 1190-1115 
1144-1149; + 38 & 1148-1098 
1138-1138. +44.5 1139-1080 
1115-1180! +55.0 1065 

July 1 

SepcemteT- 
NuTeraber... 
January 


■lor in fairly Seles: 0.377 (1,683) Iota ol 5 tonnes, 

fter opening at ICO Indicator prices lor Dec. 13 

ell back to F35B (U.S. cents per pound): Colombian 
Mild Arabicas 172.00 (seme); un- 


Sales: 11 (nil) lots ol 5 tonnes, 413 
(114) tots ol 15 tonnes. 

Physical closing prices (buyers! 
were: Scot 57.25 p (same): Jan. 5£.25p 
(58.0); Feb. 53 d (same). 

SUGAR 

LONDON DAILY PRICE I raw sugar) 
£102.00 (same) a tonne Cil lor Nov. -Dec. 
shipment. White, sugar daily price 
was fixed ar. El 02.00 (£101 COj. 

Puces were little changed in 
generally dull trading conditions, 
reported C. Czarnikow. 

sugar i 

PrcT. Vcuenfiy'r prenmu ! Bnonetm 
Comm. I tl'Bf I thm- I 1 ><ub 

tlm. I | " 

£ per tomre 

Starub .. 1D9. 10-03 JO 109.76-09.65 09.80-06.00 
Hay.. .. T12.55-12.4fl 112.98-12.95 15.00-12.10 
Auc... . 1 16.E5-16.su 1 18.60- 1B.7uJ0.00- 15.80 

U.-i 116.30- 19.40 119.60-19 9 j. 19.75- 16.26 

liet-. 122.00-22.SS 122.2 >-22.50 22. 25-23. DO 

u H n-li ..126.50-26.7S 12fi.75-27.OOi26JO-26.25 
Slav 1 1 LN .0040.25. 1 29. 76 - SO .501 - 


in lead. Thereafter the price 
rallied following renewed trade eup- 


washed Arabicas 143.00 (same): other 
Mild Arabicas 131-83 (127.87): 

Robustas ICA 1976 134.00 Isame); 
Robuates ICA 1968 135.00 (same). 
Daily average 127.42 (130.84). 




sjn. |+nrl p.m. |T+or 


OHUrie.l j — | T : nti|fteial| — GRAINS 


S ! £ J a £ 

547.5-8 1—8 849.6-9 -.86 

5S7.B-8 — 1J 868-9 f^- 26 

■ 548 j-2 - | ...... 

- _ 1 1 “68.6-4.5 i 

Morning: Cash £3*7, 47.5. 48. three 
month!# £366. 4 86-5, 57, 58. Afternoon: 
Three months £368 -5, 59. 58.5. Kerb: 
.Three months £357.5. 

ALUMINIUM— 1 Easier in quiet trading 
idv forward material reacting from 
QB-Jn die morning to ■ dose on thB 
lets kerb of around CB23.5. Turnover: 
.650 tonnes. 


LONDON FUTURES (GAFTA)— Grains 
opened Zip lower on old wheeL 2S-20p 
lower on old crop bartey. In good 
volume values eaaed in the morning 
session on commercial selling to trade 
3Sp lower on wheat and 40p lower 
on barley. Good buying interest was 
seen at these levels end the market 
rallied in the afternoon. The mein 
Interest being in the spot, to close 
5-20p lower on wheat and 16-20p 
lower on barley. New crops, remained 
steady end closed 15p higher on wheat 
and 10-20p higher, on barley, Acli 
reported. 


AJuroin'm 


6pofc_-_„_ 

j * 




f+or. 1 p-m. (++« 
— 'UoofDcutl , — 


£ t 

6a5JJ-8i-l 


£ 

684-5 


1-2.75 


. Morning; Three months £626. After- 
noon:. -Three months £626. 25. 


WHEAT 


BARLEY 


rSertenlay’Ki + ur 

Teate»day , a l + or 

U’nEh 

dure 

! — 

dnw 

1 

Jau .. 

91.35 

f — 0.06 

83.20 

i—0.20 

51ar... 

93.60 

Uojii 

85.70 

; — 0.15 

May.. 

96.10 

I — 0.25 

88.10 

+ 0.20 


89.25 

1 + 0.15 

83.40 

+ 0.10 

Nov... 

92.05 

1 + 0.16 

86.30 

1+0.20 


Geo is per pound. tSM per 
f ■ ■Oe. previous an official dose. 


SILVER 

fertver was fixed OJp an ounce higher 
Tor spot, delivery in the London bullion 
market yesterday, at 297.8p. U.S. cent 
equivalents . ol the lining levels were: 
Spot' S86.Sc. up 1J5c; three-month 
tfle, up 1.2c; six-month 611.4c, up 
JiOe; and 12-man ih 637.2c. up 1.3c. 
The-, metal opened at 297.3-298 Jp 
5V-S88tic) ■ end closed et 297.3- 
-3p [587-5BB4C). 


. Business done— Wheat Jen. 91 .35- 

plcnl. gi.Q5 r March 93.65-93.45. May 96.20- 
96.00. Sept. 89.20-89 JO. Nov. ml. Soles: 
243. Barley: Jan. 83.35-83.05. Merch 
85.50-85.50. May 88.25-88 00. Sept. 
83.30-83.30. Nov. 83.30-86.30. Sales: 
222 . 


Sales: 1.123 (2.3B3) lots o! 50 tonnes. 
Tiite and Lyle sh-relinery price (or 
granulated basis white sugar was 
£284.85 (same) a tonne fer home trade 
and £173.00 (same) lor export 

International Sugar Agreement (U.S. 
cents per pound) lob and slowed 
Caribbean port. Prices lor Dec. 13: 
Daily S.l 6 (8.23): 15-day average 7.88 
(7.85) . 

WHITE SUGAfL — Close (in order 
buyer, sailor, business, sales i Feb. 
103.90. 104.10. 104.25. 97: April 108.00. 

108.50. 106.50, 108.15. 230: July 113.25. 
114 00. 113 50. 10: Sept. 118.50. 119.55. 

119.50. 9; Nov 124.50. 125.50. nil, ml: 
Feb. 129 50. 129.55. 129.50. 21; Apr.f 

131.50. 134.00. nil. nil. Sales 367. 

WOOL FUTURES 

LONDON — The- market was dull end 
Icaturclcss, reported Beche. 

SYDNEY GREASY — Close (in order 
buyer, seller, business, sales). Micron 
contrad: Dec. 344.5, 344 8 346.5 -344.6. 
33: Mar. 352.0. 35Z5. 3530-352 5. 4: 
May 359 5. 380.5. 360.0-359.5. 21: July 
361.5. 362.5. 382.0-361.5. 9. Ocl 363 5. 
365.0. 364.0-363.5, 6; Dec. 367.0. 36B.5. 
3 67. 5- 367. 5. IB; Mar. 369 O. 371 0. 
369.0-369 0. 7: May 370.2. 372.0, ml. 
n«l. Sales: SB. 

iP-nce per kllut 

An-rntlnui i V‘»renr> , *;*f." nr. JkMnrM 
Ci raw i - UNwe ■ — , li.int: 


HGCA— Location ex-farm spot prices. 
Other Milling Wheat: N. Lincoln 60.50. 
Hants, and W. Sussex 90.00. Feed 
Barley: N. Lincoln 80.10. Hants and 
W. Sussex 80.00. 

The UK monetary coefficient for the 
week beginning December 18. will re- 
main unchanged. 


:SILYEK 

♦J** 

tray oz. 


"Bn I Hon Lf- i 

) — 

IrtHee 


L.U.E. 

cine 


SOYABEAN MEAL 


Spntu .■iarj.ty ■+0.5 296.1p '-1.55 

5 moBtheJ 305B5p -tfl.flS 504 J3p .—*-25 
S.motithe.'iS 18:06 n +flL05 — • —— 

i2 monttn[ 8fiB J!Op — 0. IS, — I 


COCOA 

, Cocoa prices some (25 during a 
qilfat morning asssron before renewed 
buying interest caused futures to rally. 



Yeaterds} ; + or 
Clow 1 — 

Butlueaa 

Ifoite 


fipertonne! 


December 

Pebruarj - 

April - 

June. 

120.00-24.5—1.5 
lifl 30-kB.O— 0.7 
T2E.80-1B.9:— 0.7 
12S 60-84 4 -0.5 
12I.BJ-E4 3 -O.Tn 

98B0-S.M 

za.N-aju> 

October....... 

December .... 

Sal«»: - 51 

1S4.50J6.fl 1 — 0,6 
122.0fl.2fiJ) — 1.0 
(28). 




, - I 1 

Umnilcr .. '217.0-26.0' ..... 1 — 

llarvu 31B.D-2S £\ : - 

Ibiv B24.O-SB.0- ! — 

Julv. ...... .. £31.U-*0.0 .....,< — 

iH-lrtier .. ..'1434.0.40.0! — 

Ue.-.-mlwr .. 235.fl-*S.0i — 

Msn-b s36JM4.0 : ; — 

Bier Ij3fl.fl.66Bi ' _ _ 

Sales Nil (some). 

NEW ZEALAND CROSSBREDS— Close 
(»n order buyer, ealler). Dec. 184.0, 
188.0, March 183.0, 186.0, May 185.0. 
I86 0; July 107.0. 150.0: Oct 190.0. 
183.0; Dec 192 0. 136.0: March 193.0. 
19B.O: May 193 0, 198.0. Sales ID. 

BRADFORD— The. market wee steady 
with demand for woof sufficient lo 
absorb everything offered. 

MEAT/VEGETABLES 

SMI THFIELD— Pence • . per pound. 
Beef: Scottish killed Sides 55 0 to 59 0; 
Eire hindouarrers -88.0 to 68.0, lore- 
ouarters 34.0 to 37.0. 

’ Veal: English fats 68.0 to 90 0: Dutch 
hinds and ends 98 0 io 103.0 
Lamb: English small 48.0 lo 59.0. 


medium 48.0 to 52.0. heavy 48.0 to 
50.0: Scoiush medium 48.0 to 52.0. 
heavy 41 0 to 50.0. Imported frozen: 
NZ YLs 47 O to 48.0. 

Pork: English, under 100 Ibe 36.0 to 

46.0. 100-120 lbs 36.0 to 45.0, 120-160 
ibs 35 D to 42.0. 

Partidges: Young (each) 200.0 to 

240.0. 

Pheasants: Best (per brace) 300.0 to 

320.0. 

MEAT COMMISSION— Average fat- 
stock prices at representative markets 
on December 14. GB cattle 71.56p per 
kg. l.w. ( + 1.291; UK sheep 132.2p per 
kg. est.d.c.w. (+0.6); GB pigs 66. 6p 
per Vg. l.w (no change). England and 
Wales: Carrie numbers up 54.5 per cem. 
average price 71.17p ( + 1.19): Sheep 
numbers down 11.7 per cent, average 
price 132 Ip l +0 3); Pig numbere up 
40.7 per cent, average price &5.6p (no 
change). Scotland: Cattle numbere up 
13.1 per cent, average price 72.82p 
(+1.84): Sheep numbers down 38.1 
per cent, average price IIB.Bp (+2.0). 

COVENT GARDEN— Prices in sterling 
per package except where otherwiae 
slated. Imported Produce: Lemons — 
Italian- 131s new crop 4.80-5.50; Greek: 

4. 80- 5.50: Cyprus: Treys 4.80-S.20: 

Boxes 80/1 60s 4.00-6.25: Turkish: 10 
kilos 2.40-260: Spanish: Trays 2.00- 
2.20. Oranges — Spanish: Navel/ 

Kavelinas 3.80-4.70; S. African: Valen- 
cia Late 1.50-2 00; Greek: Navels 2.30- 
2.50. Clementines — Cyprus: 10 kilos 
3.50-4.00: S punish: 3.20-4.40: Moroccan: 
3 20-4.40. Ssttuimai— Spanish: Trays 

2.80- 3.50. Grapefruit — Texes: Rad 

Blush 4.60-4 80: Florida: 4.80/ Turkish: 
2.40-2.60; Cyprus; 2.2D-3.60; Israeli: 
Ja«a 40/75 3.40-3.80. Apples — French: 
Stark Crimson 40-lb 138/1 63s 4.30-5.30, 
20- lb 84s 1.80. 72s 2.20; Golden 

Delicious 20-lb 72s 1 60-2.10, 84s 1.50- 
1.90. 40-lb 138/163/1 7Ss 3 50-4.00. 

jumble pack, per pound 0.07-0.08: 
Granny Smith 20-lb 72s 2 JO-2.40. 84s 

1.80- 1 90. larae boxes 138/150/163 3.60- 
4.60, jumble peck 55/60 31 -lb per 
pound 0.06-0.07. Grapes-— Spanish: 
Al maria 2.80-3.20. Negri 3.10-3-30. 
Avocados— Israeli: 3.30-3.50. Malone— 
Spanish: Green 4. BO-5. 00. 15 kilos boxes 
Sr 12s 8.00-8.50. Onions— Spanish: 3.00- 
4.50: Dutch: 2 00-2.20. Tomatoes — 
Spanish: 2.00-3.50 Canary: 4.60-5.50. 
Cucumbers — Canary: 10/1 6s 2.80-3.20. 
Capsicums — French; Per pound 0.30: 
Canary: 0.30 Dates — Algerian: Per 

S tove bo* 0.40-0.45: Californian: Tubs 
.31. Lettuce— French: 12s 1.50-1.60. 
Walnuts— Californian: Per pound 0.48- 
0.50; Chinese: 0.33-0.34. Brazils— Per 
pound LWM 0.48-0.52. Tocantins 0.36- 
0.38. Almonds — Spanish: Semi-soft 
per pound 0 42. hard shell 0.30. Chest- 
nuts — Italian: 10 kiloa 5.00-7.50; 
Spanish: 5 kilos 3.00-4.50. 10 kilos 
5.50-7.00: Portuguese: 5.70-6.30. 

Filberts — Italian: Per pound 0.31-0.32. 
Pecan Nuts— Californian: Per pound 
0.63. Potatoes — ItBlim: 20-lb 3.60-3.80. 
Mistletoe— French: Crates 3.50 plus 
VAT. Bananas-— Jamaican: Per pound 
0.14. Cauliflowers— Jersey: 24s 7.50- 
8 . 00 . 

English Produce - Potatoes — Per 25 
kilos 1.50-2 00. Lettuce — Per 12 round 
1 30-1.40. Mushrooms— Per pound 
0 50-0.55. Apples— Per pound Bramiey 
0.054) 09. Cox's Orange Pippin 0.05- 
0 14. War easier Rearm a in 0.04-0.06. 
Russets 0.05-0.08. Spartan 0.06-0.08. 
Pears— Par pound Conleronce 0.08-0. 13. 
Cornice 0.14-0.18. Cabbages— Per crate 
0.90 Celery— Per head 0.10. Cauli- 
flowers— Per 12s Kent 3.50-4.50. Beet- 
root — Per 28-lb 0.60-0.70. Carrots — 
Per 28-lb 0.50-0.60. Capsicums— Per 
pound 0.30 Onions — Per bag 1.80-2.20. 
Swedes — Per 2B-lb 0.50-0.60. Turnips— 
Per 28-lb 0.80-0.90 

* 

HIDES— Manchester. Meetly un- 
changed. Second clear ox 31 -IB 1 * kilos 
6Bp per kilo: 26-30>, kilos 7Sp: 22-26> z 
kilos 83p. Light cows BO. Bp. No calf 
offered. 

■* 

GRIMSBY FISHr-Supply moderate, 
demand good. Prices at ship’s side 
(unprocessed) per stone: . Shelf cod 
C7.00-EB.00. codlings C4.00-E4.60; large 
haddock E5.50-EB.00. medium £4-20- 

£5.20. email E3.80-E4.30; large plaice 
£4. 40- £4. 70. medium £4. 20- £4.70, best 
small £4. 20- £4 .60: medium skinned dog- 
fish £7.00; large lemon sales £10.50, 
medium £7.50; roefefish C2.40-E3.U0; rads 
£1.55 £2.50: saithe E2.40-E3.00. 
t * 

LIVERPOOL COTTON— Spat end ship- 
ment sales in Liverpool amounted to 
309 tonnes, bringing the total for the 
week bp far to 1.228 tonnes. Further 
usual contracts were placed, with 
sustained interest in African and Middle 
Eastern growths. Support was again 
forthcoming in North and South 
American qualities. 


PRICE CHANGES 

Price in tonnes unless otherwise 
staled. 


ibr, 14+ nr i Murrt li 
1B7B | — ' w 


Metals 

Aluminium X710 

Free martlet (efu .151.170(00' 
Cupper rash W BerljC76fl J5. 1 - 
3 months do. do.l£78B.ffi — 

r»bb Catfamle. *755 •- 

3 months ilo. dul£773.75 — 

Gohl Tipy .ttJ8!IU.875' + 

Lend rash *421.5',+ 

3 mrmchs -,l£8S9.k I 

Nickel _! i ... 

Free MnrbeticlOilblfll.eB [... 

I 1.80 I... 


i 

£710 

. ... Sl.l70i90 

7.0 £734.5 
6.76 £756.75 

6.5 £782 

6.0 £743.75 

1.0 8196 

1.5 £387 
£377.5 

SI.70 
1.BO 


Pin II mi m irtiy or.., 

Free Market 

Qujrhsilrej- 

Silver twy m 

3 months 

Tin rash 

3 mc-ntln 

Tungsten (M 

Wolfram 22.04 eif.. 

Zinc nub. 

3 months 

PinliMm. 

Oils 

Ucconut (Phil) 

ffmundnut 

Linsecil Crude. 

Fstoi Malayan 


£156 

|£172.D& 

5146(62 

I297.6|i ; 
|305J6w 
£6.882.5 

£6.877.6 

'£142.82 
J 137(45' 
1£3U^ 
l£348 
| S' 7 20 


£142 

£155.1 

S 135/40 

+ 0.3 289|i 
-1-0.05 297. 1|i 
-97.5 £7.565 
-107.5 £7.447.5 

S 148.71 

S 143(48 

U0.2S.£341.5 
-2.0 £357.5 
! 8720 

*900? U15.0 S875.5 


(£342 

86001 


£346 

S590 


Seeds , , 

L'npni Philip |S600p I S570 

Soyabean (U.S.) |8280n ! (271 

I J 

Grains i 

Barley ! 1 

Hume Future i£86.7 —0.16 £83.2 

Main- r 

French No. 9 Am £106.26 £103.8 

1Vlii»r I 

.Nil. I Itenl .*toriHf>j£B6.5 £93.5 

Xo^Hsid U'intert£88.5 . £87.25 

Kaglisb Milling ti£95.5<i ; £92 

Other Commodities 

Con* dhipinenr....i£2.l>68 ; + 7.0 '£2.199 

Kiitnre Star. '£2.057 U b.5 £2.153 

Coffee Future I , ' 

Mar £1.202-5, + 55.0 £1,364.5 

CuilMi -A - I tides.. 179-03.- • .78.1.- 

Nubbvr kilo 67.25/- '58.5|> 

dunsr (Ustrj '£106 i L ICO 

W.wltnpp. 64» | L lln).[279|. •— 2.0 '272 ji 

* No m i n a l , t New crop. X Unquoied. 
n Jan .-March, » Dec.- Jan. t Keh. u Jan. 
w Dec. t Per ton. r indicator prices. 


INDICES 


FINANCIAL TIMES 

Dec- 14 I Dei-. 13 klnatli ag>. \ \ ear an" 

266.39 254.39 | 257.28 | 240^16 
(Base: Jiffy t, 1932 = 1Q0. 

REUTERS 

Dec. 14| Den. 13 Uontli agu | V«r si;.. 

1506.0! 1500.0 1503.2 ' 1421.4 
(Base: Sroiember 18 . i 931 =iMi 

DOW JONES 

Don j Dei-, | Jim', limn I. f Yrar 
JeiiCM 1* i 13 ' aa<" l 

Sk. 4 .... 362.62 383.97 393.42 352.92 
Futures 380.54,378.90 388.66 323.40 
(AYCraae 1954-35-28=1001 

MOODY’S 


Mnnffy's 


Dec. i Her. UimtbYnir 
14 { 13 | sau m!‘* 


Spte Cr.mutTy 972.6 970.0 968.9 B72-0 
(December 31. i93i=ioat 


JUTE 


DUNDEE — Steady. Prices Dec. -Jen 

c. and f. Dundee: BWC C262. BWD 
£252. BTC £263, 8TD £253. C. and I 
Antwerp: BWD S660. BWC $533, BWD 
S518. BTB S563, BTC SS25. BTD S519. 
Goods firm. Dec. c. and f. Dundee 
40/10-oz £11.40, 40/7 1 r02 E8.B1. '” B 
twills E30.Z7. 


... y 

J- 


Gold rises 
as sugar 
holds steady 

NEW YORK. Dec. 14. 
COFFEE finished limit up bid on 
Aggressive Commission House short- 
covering in an oversold market. Cocoa 
firmed on light trade buying. Gold 
closed higher on trade and chartist 
buying. Capper based on speculative 
prom-taking. Sugar held steady in 
very quiet and dull trading, Bache 
reported. 

Cocoa— Dec.. 176.10 (174.05). March 
175 85 (173.60). Miy 175 65. July 
175.35. Sept. 173.60. Dec. 170.20, March 

168.20. Sales: 1.031. 

Coffen— '' C “ Contract: Dec. 134-00- 

135.00 (122.88). July 122.37 b.d 
(116.37). Sept. 121.06 bid. Dec. 120 79. 
March ' 118.25, May 112.00-120.00. 
Sales: 1.371. 

Copper — Dec. E7.25 (67.30). Jan. 

67.60 (67.851. Feb. 88.40. March 69 15. 
May 70.35. July 71.45. Sept. 72.4S. Dec. 

73.70. Jan. 74.70. March 74 SO. May 

75.70. July 76.50. Sept. 77 30 Sales: 

6 . 000 . 

Cotton— No. 2: March 68 25-68.43 

(68.19) . May 70.20-70.40 (70 20). July 
71 30. Oct. 66.80-68.93. Dec. 65.30. 
March 66.00-66.50. May 66 00-66.50. 
Sales: 3.450. 

•Gold— Dec. 204 30 (201.701. Jan. 

205.40 (202.20). Feb. 207.10. April 
210.90. June 214.60. Aug. 218.40. Oct. 

222.20. Dec. 236.00. Feb. 229.80. Apr>l 

233.60. June 237.40. Aug. 241.20. Oct. 
245.10. Sales: 20.000. 

tLard— Chicago loose 23.00. NY 
prune steam 24.50 nom. (same). 

ttMaiae— Dec. 219-218>, (219) March 
230V231 (231’j). May 238 , ,-33S , ! . July 
243',. Sept. 245> 4 . Obc. 249-249',. 

5 Platinum — Jun. 339.00 - 340.50 
(338.50). April 341 50-342.50 (341 00). 
July 344.00. Oil. 347 00. Jan. 348.40- 

348.60. April J50.80-351 .00 asked. July 
355 00. 

ISilvar— Dec. 686.60 ( 589.00). Jan. 
589 TO (591 70). Feb 592 40 March 
595.80, May 602.30, July 611.90. Sept. 

620.70. Dec. 634 40. Jen. 639.20. March 

648.70. May 658.40. July 668 20. Sept. 
678 10. Sales. 32.000. Hardy and Har- 
man spot 584 90 (590.001 

Soyabeans — Jan 686-6841 (6791 1. 

March 699-696 1690}). May 704-703. 
July 70&. 1 -707. Aug 699. Sept G78J. 
Nov. 664} -665. Jan. 67)i. 

II Soyabean Meal— Dec. 192.60-1S2.20 
(191.60). Jan 192 50-19230 (191.601. 
March 191 20-191 40. May 189 M-1 88.80. 
July 187.80-188.20. Auo 1S7 20-186.50. 
Sepi. 186 50. Oct. 182.50-183.00. 

Soyabean Oil — Dec. 24.65-24 70 
(24.45) Jail. 24 70-24 75 (24.52). March 
24.76-24 80. May 24.75-24 78 July 24.70. 
Aug. 24 60. Sept. 24.20. On. 23.95, 
Dec. 23.75-23.80. Jan. 23 60-22 80 
Sugar — No. 11: Jan. 8 10-8.25 (8 18). 
March 8 65-3 67 (B65). May 8.88-8.90. 
July 9.11. Scpr. 9 35. Oct. 9.45. Jan. 

9 55-9.60. March 10.02-10.07. May 10.15- 

10 30 Sales: 1.400. 

Tin— 635 00-643.00 nom. (645.00- 
660 00 nom ) 

■■Wheat— Dec 348',-348', |352'«1. 

March 339 -339 (341',). May 332-331*,. 
July 319-317, Sept. 322', -322. Dec. 335. 

WINNIPEG. Dec. 14 TtRye— Dec. 
95 00 bid (97.50 bid). May 102 60 
(103 40 bid). July 103.50 nom.. Ocl. 
100.90 

ttOats — Dec. 86.70 b<d fB5 60 bid). 
March 81 00 asked (80.50 asked I . May 

79.00 bid. July 78 50 bid. Oct. 78 30 
TfBarlay— O bc 73.80 bid (74.60 bid), 

March 76 00 (76 60 bid) May 76 40. 
July 76 50 asked. Oct 76 80. 

§§FlaxB0ed — Dec 270.00 bid (268.50 
bid). May 281.50 (280.40 asked). July 

281.00 bid. Ocr. 278.90. 

99 Wheat — SCWRS 13.5 per eenr pro- 
tein content of ' St. Lawrence 184.95 

(185.19) 

All cents per pound e«-warchouse 
unless otherwise stated * Ss per troy 
ounce— 10O. ounce lots, f Chicago loose 
5a per 100 lbs — Depi. ol Aq." price* 
previous day. Prime steam fob NY bulk 
tank rats. f Cents per 56-lb bushel 
ex-warehouse. 5 000-bushel tots. | Ss 
per troy ounce (or 50-ot units of 99.9 
per cent purity delivered NY. 5 Cents 
per troy ounces ex -warehouse. |( New 
" B " contract in 5a a short ion for 
bulk lotc of 100 chon tons delivered 
lob cars Chicago. Toledo. Si. Louis and 
Alton. ** Cams per 59-lb bushel m 
more. ff Cents per 24-lb bushel, 
ft Cents per 48-tb bushel ex-warehousc. 
|$ Cents oor 56-lb bushel a<-ware- 
house. 1.000-busehl lots. c® per 
Tonne. 


I 

j 









Financial; = , Rsie£; E® 


I:., 

Companies and Markets 


LONDON STOCK EXCHANGE 


: V< Zi.pz* <J " 


current 


FINANCIAL TIMES ^tOck>lNP iCE| . 

—i PfrTErRFpr W 


30-share index falls 2.8 to 477.9 for four-day loss of 15.4 


0ocenun«rt See*—'.- M-Spl* 6B ' 7 * ^ 


Account Dealiug Dates e 
Option 

* First Declare- Last Account ■ 
Dealings lions Dealings Day 
Nov. 27 Dec. 7 Dec. 8 Dec. 19 ( 
Dec. 11 Dec. 28 Dec. 29 Jan. 9 , 
Jan. 2 Jan. 11 Jan. 12 Jan. 23 ( 

• ■■ Hew time ” dealings mar take pj«e 
from 9J0 am two business days earlier. 

The uncertain outlook for stock . 
markets was further aggravated 
yesterday t>y the Government s 
overnight setbacks in the pay ; 
sanctions debate. Another defeat 
for the Government in yesterdays 
vote of confidence was not 
seriously envisaged but election 
possibilities were aroused which . 
the market, in its present mood, 
was in no state to resist. 

This new development supplied 
£ fresh cause for investors to hold 
fire and business consequently 
suffered a further reduction. A 
precautionary mark down by 
equity dealers at rhe outset failed 
to deter small sellers and at the 
11 am calculation the FT Indus- 
trial Ordinary tfhare index was 
showing a fresh loss of three 
points. 

Thereafter, values attempted to 
improve but the movement lacked 
substance despite the announce- 
ment of the slightly more 
encouraging money stock figures. 
The subsequent uninspiring 
November trade returns made 
little impression either way and 
■the index ended 28 dawn at 477.9 
lo extend ire fall to 15.4 since 
last Friday's close. 

The unagreed cash bid for 
English Property from the Dutch 
concern Wcreldhave created 
increased interest in speculative 
situations but the continuing 
lethargic conditions in equity 
markets was illustrated by the 
number of bargains marked which 
yesterday fell below 4.000 again. 
Dealings were suspended in City 
Hotels and Leisure Caravan Parks 
pending developments. 

With institutional investors 
reluctant to commit funds at the 
moment, fresh sales of British 
Funds forced dealers to lower 
quotations again. The main busi- 
ness transpired in the shorts, 
which registered losses extending 
to l before bear-closin "ahead of 
and after the November money 
stock Cgures reduced the falls 
to i generally. Trade at the 
longer end was very sparse but, 
with potential sellers larger than 
buyers, further marginal ground 
was lost. 

Corporations were also dismal 
and showed lasses ranging to 1, 
but Mid Kent Water S per rent 
Preference 19B4 for which over 
film was put up for the £3m 
issue, made a goo. debut at £13J, 
in £10-paid form. 

Pending the Irish decision on 
its intentions regarding the Euro- 
pean Monetary System, the invest- 
ment currency market became 


extremely nervous. Business con- i 
nectcd with activities in Irish i 
securities was invluded in the 
day's trade and the premium i 
closed near the lowest at 76i per 
cenl for a fall of five points. Yes- : 
terdoy's SE conversion factor was 
0.7332 10.72711. „ . 

interest in the Traded Option , 
market faded and contracts 
amounted to only 295 compared 
with the previous day's 491. 

In a fairly light trade, Mllletts 
Lelsnre Shops touehed 122p 
before shading to dose a penny 
down on balance at l20p com- 
pared with the offer for sale 
price of llOp. 

• Banks mixed 

The major clearing banks 
closed narrowly mixed after a 
further contraction in trade. 
MylWw! held an improvement of 
6 at 2$2p and Barclays added 3 
to Stop, but Midland eased 2 to 

^Insurances closied with small 
losses throughout the list. 

Th» first instalment of this 
week's hatch of trading state- 
ments u Breweries failed to 
generate business in the sector 
vesterday. Bass Charrington 
touched a 1978 peak or 172p 
before closing 4 up on balance 
at 171p on preliminary results 
above expectations. Among the 
secondary issues, north-country 
concern Yaux pleased with a 31 
per cent profits increase and rose 
4 to 132p. GreenaU WhiUey, In 
contrast, fell 6 to 118p after the 
profits rise was revealed to be 
less than expected. Elsewhere, 
half-time results from Distillers 
pleased the market and the 
shares moved against the trend 
with a rise of 4 to 203f>. 

Annual profits in line with 
market expectations failed to 
stimulate interest in Maiiey which 
held at 7?.p and. despite the in- 
creased interim profits and the 
board's confident profits forecast 
for the current year, profit-taking 
left recently firm Heywood 
Williams 5 cheaper at 148p. 
s Phoenix Timber's raid -term im- 
J provement was deemed to be dis- 
i appointing and rhe shares eased 2 
r to 138p. while Magnet and Sonth- 

* eras came on offer and fell 8 to 
12Sp. In contrast the satisfactory 

? annual results lifted Nottingham 
> Brick 10 to 33 and favourable 
7 press comment on the latesL diver- 
5 siO cation moves loft Tunnel B 
e with a late improvement of 4 at 
^ 306f<. In Contracting an<fcCond|ruc- 
'l tions. Norwest Holst stood out 
1 against the quietly dull trend, 
adding 3 to 102p on the appear- 
>1 anre of the occasional buyer, 
i, ICT and Firans remained largely 
t untested and closed marginally 
r lower at 36Sp and 305p respec- 
Q tively. Elsewhere. Crystalate, 
I, despite the higher annual profits, 
declined 2 to 3i}p. after 31p, but 
n British Benzol, ahead of today's 
interim figures, gained 2 to 3Bp. 
I- William Ransom touched a 1978 
e peak of 292p before ending a up 


on balance at 290p following 
modest interest in a thin market. 

Stores leaders hovered around 
overnight levels in a slack busi- 
ness, Gussies A added 2 to 3l2p. 
Second fine issues, however, 
attracted a reasonable two-way 
trade. Recently firm A, G. Stanley 
shed 2 to ISOp on profit-taking, 
while Bambers eased 4 to 156p. 
Martin Ford became a good mar- 
ket and hardened a penny to 38p. 
Among Shoes. Wearra held steady 
at 2Sp following Wednesday's pre- 
liminary results, but Strong and 
Fisher came on offer and closed 
3 lower at 67p. 


EMI weaken 


The forecast that the company's 
medical electronics business will 


82 '. p, while acquisition news 
failed to help WGL a penny easier 
at lS2p. Fegler Hattersley 
encountered occasional selling 
and gave up 4 to I48p. while falls 
of 3 were marked against Mining 
Supplies, Hip* Wolseley-Hughes, 
19Sp, and Ad west, 289p. S. W. 
Wood, a firm market of late, held 
steady at 4Sp following news of 

the mid-way recovery in profits; 

Leading Foods finished at, or 
dose 'to, overnight levels follow- 
ing a further reduction in trading 
volume, but secondary issues dis- 
played a few mixed movements. 
‘William Morrison eased 21 to 94ip, 
after 93p, ahd recently firm 
Cartiers shed 3' to llOp. Bishops 
Stores, however, found a little 
support and the Ordinary added 
3 to 145p and the A a penny to 
93p. . . 

Hotels and Caterers attracted 
fresh attention in the wake of 
Ladbroke’s recently agreed offer 
for Myddelton Hotels. Prince of 
Woles firmed 4 to 89p and De Vere 
2 for a two-day rise of 12 at 
174p, while Rowton put on 3 to 
149p and Norfolk Capital 2 to 
41p. Dealings in City Hotels were 
suspended at 126 pending an 
announcement; - details of the 
offer, worth around 185p per 
share from Comfort Hotels 
(formerly ‘ Adda -International) 
came welt after the markets 
close. 


Lucas fell back 3 to 29Sp, white 
fading hopes of an offer from. 
Hawker Siddeley left Dowty a 
penny cheaper at 267p. Associated 
Engineering announced lower 
full-year profits and eased 2 to 
117p. 

Newspapers tended lower with 
then general trend. Daily Mail A 
slackened 5 to 365 p, while News 
International eased 2 to 275p. 
Elsewhere, publishers Woodrow 
Wyatt returned to profits .and 
dividends at the interim stage 
and added a penny to 2lp. Mills 
and Allen were duU again because 
of diminishing bid hopes and 
eased to 220p before finishing a 
net 3 down at 222p. 


interim statement. ■ British 
Enfcdon, a good' market of late, I 
added a penny to ISp; the shares 1 
have risen from ISp' shtce pdii-'j 
day. .\vJ 


mdurtrW ™ 4S0 - 7 48S * 

Gobi Mines.. ~ -131.9 

Gold Mines <Ear-5 pri-l ® 6 - 7 . 97 \* 98 ‘‘ 

' OnL Div. Yield....—— 6,03 6.00f- °-9‘ 

aaningsi V'ldllfullJ— 4M® 

; P/JJ Ratio (net) (*) 8.15 ; , 8 - 1 

j y.iinjn i marked - 8,944 4*17 

Biuity lonow ” ? 8-a 

Equity ^*>4- ~ 


Poseidon retorn 


[ 1978 : 

LJ — — — L_j — ! 

JUL AUC. SEP QCT KOtf OEC 


continue to trade at a significant 
loss during the current year 
prompted weakness In EMI which 
closed around the day’s lowest 
at 141 p, down 7. Elsewhere in 
the Electrical sector, interim pro- 
fits well below market estimates 
left Ferranti 30 lower at 335p. 
while nervous offering ahead of 
today’s preliminary statement 
took 10 off United Scientific at 
250 p. Ln contrast, El ectr ©compo- 
nents picked up 5 at 328p. while 
Comet Radiovlsiou hardened a 
penny to 139p following the en- 
couraging statement on current 
trading. Kode were firm at 144p. 
up 2, while Audio Fidelity Im- 
proved a similar amount to 40p 
among smaller-priced issues. Of 
the leaders. GEC hardened a 
shade initially on the joint tele- 
vision venture with Hitachi before 
easing to close unaltered on the 
day at 334p. 

The Engineering leaders drifted 
lower, John Brown easing 5 ;o 
375p and Hawker Siddeley 4 to 
224 p. Movements in secondary 
issues were also mainly against 
holders. Still reflecting the lower 
half-yearly figures, Braithwaite 
encountered fresh offerings and 
gave up 7 more to 104p. Press 
comment on the prelinuniry 
results left CompAir I J down at 


Sketchley advance 

Apart from Turner and Newall, 
which met with scattered selling 
and gave up 5 at 189p. miscel- 
laneous Industrials leaders rarely 
strayed from overnight closing 
levels. Elsewhere, Sketchley pro- 
vided one of the few noteworthy 
movements, rising 7 to 138 P ,n 
response to the industrial clean- 
ing contract worth around £4.5m 
from the National Coal Board. 
JCL also improved 7 to 450p on 
annual results above market ex- 
pectations, but news that the 
Donga 2 well bad proved uncom- 
mercial prompted a reaction of 
20p to 700p in Broken Hill Pro- 
prietary. Revived speculation 
demand left Dnndonlan 3 to the 
good at 53p, while similar gains 
were recorded in Fried land 
Doggart. 107p, and Gestetner A, 
136p, Cap lan Profile firmed 2 to 
a peak for the year of 131p. 
United aGs, however, eased 21 to 
66p despite thf increased interim 
dividend and progts. Dealings in 
Lelsnre Caravans were tempor- 
arily suspended with the price at 
I12ip. up li, at the request of 
the company. 

Coral provided a notable weak 
spot in the Leisure sector, drop- 
ping 8 to 108p on small persis- 
tent offerings. In sharp contrast, 
revived speculative demand in a 
thin market lifted London 
Pavilion 150 to 975Pi after £10. 

Motors drifted slightly easier 
in a negiogible day’s trading. 


Oils quiet 

The surprise ’ announcement of 
the 37p cash per share offer from 
long-time suitor, the Dutch 
Wereldhave concern, and the 
Board’s advice to take no action 
pending a further statement, 
lilted English Property 2J to 29 pj 
61 per cent convertible advanced 
10 points to £87,. and the, "121 P er 
cent convertible 7 points to £91. 
Other Properties encountered 
selective Inquiry with sentiment 
helped by satisfactory trading 
statements. Stead y aw aiting the 
annual results, MEPC touched 
154p shortly after the announce- 
ment and settled 2 higher on 
balance at 151p. while the higher 
interim profits and the chairman's 
confident statement lifted Basle- 
mere 4 to 258p. 

Leading Oils passed an 
extremely quiet day, but main- 
tained the recent steady under- 
tone. British Petroleum and Shell 
closed without alteration at 926p 
and 37&p respectively, but Royal 
Dutch contrasted with a fall of a 
point to £393, reflecting dollar 
premium influences. . Secondary 
issues fared little better in tbe 
way of activity. Among the few 
minor changes. Oil Exploration, 
226 p. and Trice ntroL 156p, gave up 
2 apiece. 

In Overseas Traders S. and W. 
Berisford eased 3 for a two-day fall 
of 6 at 154p. Gill and Duffus, on 
the other hand, added 4 to 152p. 

Trusts tended easier with falls 
of around 2 marked against Roths- 
child. 205p, and Stockholders, 9_lp. 
Bishopsgate Property fell lire ofP 
following the half-yearly loss and 
the accompanying statement on 
the company's borrowings. City 
and International held steady at 
98p, the price given in yesterday’s 
issue was incorrect. 

Textiles remained quiet and 
only those reporting trading 
statements attracted any real 
interest Despite a sharp upturn 
in pre-tax profits, caution over tbe 
company’s second-half textile 
trading 19ft Gawdaw 3 off at 32p. 
Trafford Carpets added 2 to 28p 
folowing the half-time results, 
but Shaw Carpets, at 72p, gave up 
a penny of the previous day’s 
rise of 3 which followed the good 


Once again Poseidon held -the, 
stage In rSaining markets as the,- 
resumption . of. trading in ' the . 
shares (they were .suspended - at 
Top in October 1978 following, 
heavy losses at the Windarrate 
nickel mine) saw the price open ; 
a god deal higher than expected-; 
at 50p and quiddy advance to 'a; 
day’s best of 58p before reacting - 
to dose at 50p. 

Hie god showing at the crutSef 
followed a brisk turnover in.qyeri 
night Australian markets, but the 
price reacted on professional, and,; 
arbitrage selling. . ; 

Other Australians drifted:; 
throughout the day owing- to a, 
slightly easier trend in overnight , 
markets and a fall in the invest-^, 
ment currency' premium. ' * 

The more speculative diamond 
exploration issues, were particur - 
larly vulnerable with Northern. 
Mining 4 lower at SDp and Hatfraa 
Gold 3 cheaper at 3Gp. ' . ; ^ 

The lower premium • also: 
affected South African Golds, 
which Lost ground for the third 
successive day despite a $1 'rise 
in the bullion price to S203.875 per 
ounce. Tbe Gold Mines index 
gave up 2.0 more to 181.9 — ffor 
a three-day fall of 7.8, whfievtbe 
ex-pr emium ■ index eased 0.7- -.to 
86.7. . i 

Trading in gold shares remained 
thin during the morning and 
afternoon -but one or two Ameri- 
can buyers in the dfter-hodr£ 
business enabled prices to dose 
a fraction above their lows. ^ 

Heavyweights registered Josses 
of up to a half-point as in Rand- 
fontein, £26$, while Western 


eajoi ' : ;68JJ7 Bayw 76,69 
-7036 .'20.37 TOiSi ■ 7WM 

.495L3 ,.^49dL3 ‘•49Lfi fJftiS.T.- 

inn ' - lYn a 


■. y, .. 

• tr.' ^ ^ • 

• c I® 4 . * ' r- 




I 72.23) "66,17 67.591, 97.93 B7 
_ . I l/SBS? 1»,664| .16,4261 


‘139.73 - 134.4 a 
ioo.i| ’ . "ssio iois 

6.87) •-•^-85 -1^68 

. 15.40) A5.4S 15.36 

.-'8.40 - ; v7*tVi 
4,6 IS) . 4^16 -4>?44 > 8/572 
67.59 . 93.93 B7^6 87,03 
.16.4261 1^39K-16^55l : 9^13 


>; 


4 , 




“-p- ... * / ■ ■ ■ ■ . . 

. 10 am 478.4, 11" «m 

... 2. pm .478.0. 3 ptn 4VtUJ. ... . . . rv< - 

. Li test index 01-236 8^.. . •. - 

.1942. - • 


r- 


-J, 


HIGHS AND LOWS 

1978 '. 8Iai» Oompiliti* 
Bigli . r Low . High I 


s.E.ACTtyny 

I ,11m 




if*'?;'--' 


GOTLSCO... ,78.56 


yuo 4 ^.... 81^7 


J " a - ort - ■ Sw 


Gold Mine*. 


■"Gold Minea - 133-5 
(Bs-9 pin.}- CLAfSJ 


-127.4 

(9fL36) 

zlBCLA 

(M/llMT 

549.2 

(1W/77). 

442.3 

(2a6|75» 

s67.i 


49.18 

■&ti rrei ■ 

ML33 
(311/75) 
'49.4 •" 

45.S. 

pauvrij 

'64.3-, 


DaUr ' ‘ '■ - I 

. OUt tUo&v 152-2 - '1G1JZ 

iojffi- ' *46.4 1 

r SpecvWSvs , / -.2316 ! 

Tffll 1 * 'm>m. •' ■ B9.8 : | 






TndnEttvJ* ~ . 

6pecul*tivo^. !M 


ACTIVE STOCKS 




Denotmna- of -.- Closing .Change 


Stock tion mart 

BATs Defd. 35p 

np - £1 •' '- 16 

gec 

English Prop. ... 59p ,.8- 

Metal Box ‘New* NiI/pd.\ S 

Shrfl Transport- 25p 8. 

Beech am — -25p- - - ® 

Distillers 50t>. -; _ 6. 

EMI 50p - 6 

ICI - - £1 6 . 

Turner & Newall £1 . - 6 

Allied Breweries 25p P 

Lloyds Bank £1 - 9 


marks price 
10 253 


ondajV’L 


Holdings relinquished 9 at" £149 
and Free State Gedold i at £12J. 

South African Financials dipped 
in the late trade in line with the 
premium. De Beers were finally 
6 lower at 338p, after being 368p 
earlier, while “Amgold” dropped 
j to £14. Platinums mirrored Golds 
with lmpala S cheaper at ITGp. and 
Rustenburg 3 off at 90p^ . ; 

Else where the recent Canadian 
selling of Westfield Minerals 
gathered momentum and_',£he 
shares dipped 55 more to-295p... - 


aiarks & Spencer 25p 


Bank Org. 


' -926/-: 

' • SS4 . -r--' 

39 v , 

• . 54pm .. — 2 

• "576 * ; ; 

. 612 “ 2- . «. 

■203 • : +.4 ; 

••.36S' 

1B9-" ' -3 

82$ - 

2so • ' . : — T 

• 85 ... -r 1 

246 • Vt.A 


high> riftw. ■ 
30* ..t 227 
S54 : ;720V 

"34> ; . , ;_233^ -• . ■' 
£5L^::w27---' : 
- TOpm : v-‘3Hpm 






v-:-" 


wz 

r-i/m 

720 


315 

V. 1 ■’ i£i :'. " 

ISO 

•r,visttv : ' 

■423:' 


208 


:.'94 

8/. • •, 

297 

raff 

5M- 

'•."••I’. 671" ■ • 

2S& 

m-. - 


■ ■ v .1 


r 


■|iV, - ■ ’ 

“ • T; I 


• ■* v. .“ -"I- - v^ v "' 

NEW HIGHS AND LOWS FOB 1978 


- a --* 

5 - . H 1 ' . -• 


The followlny securftlea Quote d Or. the 
Arc mfornMtlon Service _ . .wtenUy. 


Share information Service 
attained new HUh* and Lows "for 1878. 


. ENGINEERING . 

Mitchell Sowns . 


NEW HIGHS (14> 

beers m 

Boss Charrlnston > 


’buildings m - .. 

Cmrr rj.» F **> IrtL 

CHEMICALS t2J ^ • 

BrH4h ^nLScrn^S > u J fWn,A ' 
AudWHdel.W DUjrr|tt ^ sm - 
onun Profile LJUSU J^ ... 

prcAStirama " •. 

MOTORS Cl) 

wnm«.Brceden ^ Q , y A; 

Brltleh Enkalon m|Nes ^ 

Tantono - 


imdustrwas oai'v; 

New Wltwoterer^nd _ . . 


sec- — . : 


£2.5m contract 


DOVER HARBOUR Board has 
awarded a £2 .5m contract toRDC 
Contracting, a member 
Redpath Dorman Long Group, 
for the design and construction 
of two twin-deck, doublfrwidtb 
loading bridges to service new. 
berths at the eastern docks. 


rises and falls 

YESTERDAY 




NEW LOWS (7) 

AMERICANS (11 

Bn,nSwWt ELECTRICALS (1) 
Laurence Scott - 


*. -'; r - - OpDonnSim 

British Funds . — f” 1-- 68 , 8 

Corpus.' Dom/ 'and . .-.'.T . 

Foreign Bands /.;•• 7 „ W ‘41 

Industrials :.... . . 167., 378 > 982 

Financial and Prop. ^ . 38 188 2ES 

oita -er T VS 

Ptamatkm '■ V.I ' H 

Mines 16. '• 64 _ 60 

Recent Issues * - 6 « .9 - iW 


-• -* ■■■• 




Tottls.. -.^ 236 -, 740 1 . 441 ' 


APPOINTMENTS 


LONDON TRADED OPTIONS 


FT-ACTUARIES SHARE INDICES 


Changes at London Brick 


Sir Ronald Steirart chairman 
of the LONDON BRICK COM- : 
PANY and a managing director. ■ 
will he retiring after the annual 
meeting in May. Mr. Jeremy 
Rowe will become chairman In 
succession to Sir Ronald and will 
remain a managing director. Mr. 
ML O. Wright will become deputy 
chairman in succession to Mr. 
Rowe and will remain a managing 
director. Mr W. R. B. Foster, a 
non-executive director will 
become an additional deputy 
chairman. Mr. A N. H. Meier will 
be retiring from the Board on 
June 30 and Mr. E. H. Burton will 
he retiring from the Board on 
September 30. Mr. D. H. Lawrence 
and Air. J. Bristow, directors of 
the company, are appointed 
managing directors from 
January 1. 

* 

The Hongkong and Shanghai 
Banking Corporation, announces 
the appointment of Mr. Q. W. Lee 
and Mr. N. S. Thomson to the 
Board. Mr. Lee Quo-Wei is a vice- 
chairman and the general manager 
of the Hang Seng Bank, which 
he joined in 1946. He has also 
served as an unofficial member of 
the Executive and Legislative 
Councils. Mr. Thompson has been 
chairman of the Mass Transit Rail- 
way Corporation in Hong Kong 
since 1975. He was managing 
director of the Cunard Steam-Ship 
Company from 1971-74. Both men 
have also joined the Board of t!*e 
Bank's subsidiary. Mercantile 
Bank. 


T\ W. IVOOLWORTH AND 
COMPANY announces that Mr. 
U. R- Johnson and Mr. R. E- Jones 
have been appointed directors. 
Mr. Johnson has been with Wool- 
worth since 1942. He is executive 
in charge of Woolworth store 
operations. Mr. Jones is manager 
of the metropolitan region which 
covers London and the Home 
Counties. 


The Supervisory Board and the 
Board of Management of ROYAL 
DUTCH PETROLEUM^ COMPANY 
announce that Mr. K- Swart, a 
managing director wishes to 
relinquish his post on July I. He 
was appointed a managing direc- 
tor in 1970. Mr. Swart will be 
proposed a member of the Super- 
visory Board. A proposal will 
also be made at the May annual 
meeting that Mr. J. 1L Choufoer 
be appointed a managing director 
from July 1. He will also be 
appointed a managing director of 
the Royal Dutch/Shell Group or 
Companies (that is a member of 
the presidium of the Board oE 
directors of Shell Petroleum NV) 
and a managing director of The 
Shell Petroleum Company, also 
from July 1. 

* 

Mr. William Maxwell Is to be 
LONDON TRANSPORT'S manag- 
ing director (railways) from 

January 1- He will head the 
newly-formed board of LT Rail- 
ways. which will be responsible 
for operations, engineering, de- 
velopment and financial control 
of the Underground. He succeeds 
Mr. Michael Robbins who will 
become a part-time member of the 
London Transport Executive. Mr. 
Maxwell joined London Transport 
in 1947 and was development 
engineer on the Victoria Line 


train project and subsequently 
responsible for all design and de- 
velopment work on Underground 
rolling stock. 

* 

Mr. Robert v.d. Luft has been 
named to succeed Mr. Thomas J. 
Milligan as deputy chairman of 
DU PONT DE NEMOURS INTER- 
NATIONAL SA, Geneva. Mr. 
Milligan is retiring at the end of 
December, after 33 years’ service 
with Du Pont, over 13 in Europe 
and Latin America. Mr. Luft 
joined Du Pont in 1957 as a 
chemical engineer. 

* 

Mr. Derek TV. Vaile, since 1976 
executive director of National 
Westminster Bank’s associate. 
Orion Bank, has been appointed 
NATIONAL WESTMINSTER b 
senior representative in the 
Netherlands. He also becomes a 
member of the management hoard 
of F. Van Lanschot Bankmrs, 
's-Hertogenbosch. Holland, 

another NatWest associate. He 
succeeds Mr. D. C Lefever who 
is returning to the UK. 

* 

booker McConnell'S 

interests in health foods, dietary 
supplements and pharmaceuticaLs, 
are to be grouped into a newly- 
formed health products trading 
division from January 1. R? 3 ™ 

of the division will be: Mr. R. A. 
McKenzie, chairman, Mr. Y/ ; A. 
i Simpson, Mr. Milton Okin, (U-S.). 
! and Sir. A. J. Grant 
> * 

W. C. Win free, vice-president of 
GIRARD BANK, has been 
appointed general manager of me 
London branch from January 1 in 
' anticipation of the retirement or 
1 j. p. Fahey, president general 
manager, in 1979^ 

Mr. Wlm Kok has been 
. amminted managing director « 

, THE WALL'S MEAT COMPANY 
. from the beginning of next year. 
He is currently managing director 
of Mattesons Meats. 

* 


Wame Wright, have been 
appointed to the Board of 
Benjamin Priest and Sons (Hold- 
ings). Mr. John Jackson will jeave 
the Priest Board, while Mr. 
Charles Wardle. chairman of 
Priest, will become chairman of 
Warne, Wright and Rowland. 
Gp. CapL J. P. Cecll-Wrighl and, 
Mr. S. V. Lancaster retire from 
the Board of Warne Wright. 


BP 

BP 

Com Union 
Cons Gold 
Courtauldi 
GEC 
GEG 

Grand Met. 


Mr. Trevor Beeson has been 
appointed chairman of the Board 
of directors of SCM PRESS. 

* 

Mr. John P. Henry, Jr„ has been 
made vice-president of the energy 
and environment division cf 
BOOZ, ALLEN AND HAMILTON. 
•k 

Mr. Brian Armitage has joined 
the HAROLD CHELL textile 
group as director responsible for 
broadening its field of activity, 
particularly in non-apparel 
markets. 

★ 

Miss Anne Boutwood Ms been 
appointed a director of the 
MEDICAL SICKNESS ANNUITY 
AND LIFE ASSURANCE 
SOCIETY from January 1. Sir 
Gifford Nannton Morgan retires 
from the Board on December 31 
after 20 years' service. 

★ 

Mr. G H. Bishop has been made 
a director of WILUS, FABER 
AND DUMAS. 

* 

Following the successful offer 
for Wame, Wright and Rowland, 
the BENJAMIN PRIEST GROUP 
announces the following appoint- 
ments from January i. Mr. P. 
Ben n ion, Mr. J. H. Cook. Mr. D. F. 
Hanmer, Mr. M. C Vaughan and 

Mr. F. T. WclUngs. directors of 


The board of DOWTY POWYS 
has been reconstituted following 
the transfer of control from 
Dowty Rotol to Dowty Fuel 
Systems. Chairman. Mr. W. N. 
Squire; deputy chairman, Mr. 
W. M. Huyton; director— policy. 
Mr. N. R. Hemming: director- 
operations. Mr. R. F. Brinkworth: 
financial director and company 
secretary, Mr. S. P. Robinson; 
directors, Mr. J. Carnegie and 
Mr. J. E. Price. Both Dowty Rotol 
and Fuel Systems are Dowry. Aero- 
space and Defence Division 
companies. ^ 

Mr Paul Jubb has been pro- 
moted to full director on the 
board of CONDER HARDWARE. 

* 

Tbe Secretary or State for tire 
Environment has appointed Sir 
Reg Goodwin as the ne * 1 Jj*)®!!: 
man of BASILDON NEW TOWN 
DEVELOPMENT CORPORATION. 
He has been deputy chaumian of 
the corporation since 1968. and 
a member since ^1965. 

Mr. M- E. Rowley has been 
appointed a director of TULLETT 
aSS RILEY INTERNATIONAL 
and Mr. A J. Siyant has been 
made a director 
AND RILEY (FOREIGN EX- 
CHANGE). Both companies are 
subsidiaries or Tullett. and Riley 
Holdings. 

■k 

One of WESTWARD TELE- 
VISION’S founder directors. Hr. 
Winston Brimacombc, has retired 
from the Board on reaching the 
Independent Broadcasting 

Authority's compulsory retire- 
ment age of 70 on December -.3. 

★ 

Mr. Michael H. T. Johnson, 
assistant manager, secretary and 
chief accountant or BEDFORD 
COUNTY PRESS, a division of 
Westminster Press, has been 
appointed general manager. He 
succeeds Sir. Charles II- Gordon, 
who has been advised to retire 
on medical grounds. 

■tfr 

WARWICK ENGINEERLN'G IN- 
VESTMENTS announces the 
following appointments; Mr. N. 
Macdonald-Smith as deputy chalr- 
: man and Mr. J. R. Kinder as 
’ group managing' director. Mr. T. 

I Dodd and Mr. D. C. G. Milnes 

■ have been made directors. 

i * 

Mr. Anthony J. Smith has been 
appointed to the Board of 
WAGON INDUSTRIAL HOLD- 
i EVCS. He remains group secre- 
I tary. 

* 

Mr. E. Tangemann (Union Bank 
r of Switzerland) has been 
. appointed chairman and Mr- F- 
’ Mauls (Banque Beige) vice- 

■ chairman of the FOREIGN 
. BANKS AND AFFILIATES 
. ASSOCLvnUN (includin': EEC 
I Banks) in London from January 
E 1. 


ICI 

ICS 

ICI 

ICI 

Land Secs 
Marks & Sp 
Shell 
Shell 
Totals 


losing 

offnr 

voi. 

Closing 

offer 

Voi. 

Closing 

offer 

Vol. 

Equity 

close 

11 

6 

44 



63 



924p 

3 

a 

68 

30 

16 

13 

I 

36 

19 


l&p 


6 

14 

-- 

17 

— 

J76p 


15 

111 - 

— 

14 

— 

121p 

38 

4 

49 

— 

62 

— 

334p 


9 

28 

— 

42 

— 


2 


5 

— 

7Ii 

5 

113p 

44 

s 

49 

— 

— 

— 

368p 

17 

5 

24 

20 

38 

— 

>■ 

4 

21 

101- 

a 

21 

— 

■ p 



41- 

23 

13 

— 


26 

2 

35 


39 

— 

Z44p 

3 

1 

6 

3 

91- 

— 


31 

3 

50 


58 


S76p 

5 

19 

20 

5 

28 

2 

■t 


190 


56 


7 



These indices are Die joint conpiiatiaB -of the Ffiiaiicial.‘nBiei» the IristHote of Ao anes 

and the Faculty. of Actuaries ' . ;• v a: : 1 ■- ,-v ; , 


« in . ima W»L TBBv Hi®* .Fri-. : Yter' 

EQUITY GROUPS. . The, Bpec^TW. ^ - If 

GROUPS & SUB-SECTiONS I” I 6«i I it. [ T‘ : 

■ ■ , Eahiipgi .Dhr.' : P/E‘, 

Figures lit parentheses show '.number of index ; DqrY Yield % YWd-% Ratio . . Wot I 

' . ... .. •• ... ru^ \ nu>Ti' ■ nui - 


• ' 

■-Ta.'.tr.v. ... . 


’ '. ?P*! « :: -ii « 
•- > ■ -■ 


stocks per section . ■ No. Chnge j CMaxJ C ftCT" (Net) 

% ] . at 33%) J.- ' I . 


| 1 February [ 

May 


Am 

aust | 

Boots 

[ a 00 1 

71, 

1 

35 

15 I 

_ 

1 

19 I 

- 1 

EMI 

1 160 1 

3 

— 

8 I 

7 


12 1 

— | 

Totals 

1 1 


35 

1 

7 



— 1 


RECENT ISSUES 


EQUITIES 


i : s "i I — 

Fri™ Is— |^v- 
(C | Hlpb i tan 


421- ! K.|*. ,24(11: 
A SO JO F.P. , — 
VS 1.25 FJ 1 . - 
155 l F.P. ,10.1 , 
■■ i F.I*. ! — 
29 I F.P. I 5il 
110 . F.r. , — 


XX S-T . a = ; e js 


A3 ■ 43 Arndiffe FUd^s, [ 44 I i^2^B 2.4 B. 1 ! 

Id i HI Ashton 11 miliK 60c , 75 j — — - 

l.»- 1 1M rtAiiH. Fannin" AS1„|102 | J — — - 

175 ■ m Hatrli guHmssra.r 20pl71 ; + l r (73 3,1 6 

161- j IS Suet A Moaunii* Pold.l 15 I— l a j — — j- 
41 ’, Js< {fltriieu 9 'kvii i0|) J 30 , + l j 41.34' 4.4. 6 


IS Sunt A IK-ld.l 15 — l a j — I— | — 

glri-lifii (^iierii ii)|i 30 j + 1 j 41.34' 4.4. 5. 

116 paUlo0.sU , ts , rcr?lij»33p'l20 l-l 1 Wa.7ll.811 7. 


FIXED INTEREST STOCKS 


I £ \1 ji|2j 1978 

“ “ “ — I Hiffli : tenr 


*".1* 


— ■ 99l3'.Viicle»<V Variable 19S3 

■26/ 1 15 , 1134 iL'olor Valley Water % Uot I*. Pri. 1983.... 

.16/ 111 '101 Xroshy Hou**e 10“ t'nov. *87 43 — 

20/12 l;|.m |Upoi irunllay 8% Cm\ Cufulted. 

•5/11 5. .hi 2nm Hswl«y-L*«riai* iat<ov. Im. Ln. 80-S8., 


: 5/1 1 ‘a,., 11 2pn>IH*wley-CM«lal» lajCov. fen 
'22(12 «*■*«,: B*p : Sla» nian Imt*. lUii Aw. I'n-i 

1 111. ,1 k'.nl VTiturffe Pi« 1SM4 


I3I4I X3 !*vi Kent Water 8% Pi«. 1984 

97 : 96ij ^Ktelunao«.nunh i. t'xt>n<l"o Water 7% *«3. 
99p | 98]i jaeKCopg 101% Frrt 


99** . — 
13 +1* 

119 -1 
Ul'tn 

S|im 

BOp 

1314 ..... 
96^4 .. •• 
99|> 


CAPITAL GOODS (172) 

235-30 -8J 

16.99 

531 

ajar 

Building Materials (27) 

20424 -0.4 

1834 

629 

751 

Contracting, Construction (28) 

368.84 -LO 

20.61 

438 

6.97 

Electricals (15)-. - 

556.73 -8 3 

1346 

3.40 

3023 

Engineer) 1/9 Contractors (14) — ™.._ 

36SJ07 -BA 

17.86 

5.91 

7.62 

Mechanical Engtawering(72)__.__ 

182.86 rOJ 

18.44 

6.14 

724 

Metals and Metal Fonnlng(16) 

CONSUMER GOODS 

16127 -0.4 

16.94 

8.86 

.820 

(DURABLEK53) 

209J6 -0A 

16.78 

5ii 

7.94 

LL Electronics, Radio, TV 06) 

264.63 -03 

1438 

3.88 

9.96 

Household Goods (12) 

169.06 ^OJL 

17.86 

fc73 

7.68 

Motors and Distributors (25) 

CONSUMER GOODS ' 

121.61 -r0.6 

2134 

6.92 

588 

(NON-DU RABLE) (171) 

209.47 -OS' 

16.01 

■632. 

8.41 

Breweries (14) _. 

23231 +02 

1439 

635 

934 

Wines and Splri is (b). .. 

287 JA +L6 

1534 

. 5.01- 

937 


26920 -LO 
Mim -04 

13.77 

18.82 

654 

538 

1039 

>786 

Food Retailing (15) — __ 

22785 +0A 

1334 

521 

1031 


37734 -02 

2130 

6.43 

-6.62 


Z3LCZ -03 

1939' 

8.01 

6l7» 

Stores (40)™ .. . 

19514 v=(Ll 

1234 

.484 

1L95 

Textiles (214) - 

1BL46 -03 

17.67 

8.04 

733 

Tobaccos (3) . 

236/00 -02 

2331 

7.95 

583 

Toys aid Games (6) 

93.99 +0.6 

23.48 

6.88 

582- 

OTHER GROUPS (99) 

195 JS -03. 

15.98 

633 

.883 

Chemicals (19)—.: — „ _ - 

27920 -»3 

1638 

677 

-7.94 

Pharmaceutical Products (7) . 

24230 -02 

1L44 

4.79 

.1059 

Office Equipment (6) . 

128.17 -0.9 

18.96 

5.95 

062*- 

Shipping (10) 

408.91 ; +03- 

14179 

7.43 

838 

Miscellaneous (57) 

21235 -r03 

1832 

6J0 

733 

INDUSTRIAL GROUP (495) 

ons(5i__ ..- . 

21934 -03 
516.95 — 

1631 

1332 

3.90 

389 

h JUJL 

Rflt 

500 SHARE INDEX - 

24430 -03 


539 

8L27 

FINANCIAL GR0UP(100L.. 

16822 -03 



5.81 

■ ■ 

Banks! 6)' 

197.64 .+03 

23.62 

5.96 

635 

Discount Houses (10).... 

216.92 -0.6 

— . 

8.16 

. — ; . 

Hire Purchase (5) — - 

15630 .+03 

15.62 

• 530 

8.45 l 


133.91 -LI 

- — 

781 



insurance (Composite} (7) 

122.64 -0.4 

— . 

:735 

^ — - . 



1531 

536 

937 

Merchant Banks (14) 

77.92 ' .-03 ■ 


.629 

' 

Property (3D.. . 

26622. -02 

3.66 

287 

4686. 

Miscellaneous (7) 

1«36 —0-8 

2238 

7.43 

5.71 

Investment Trusts (50) .... 

20725. HL7 

■ ■ 

588 

■ -li' ' 

Mining Finance (4) — 

10335 +03 

1824 

6.91 

675 

Overseas Traders (19) ......... 

ALL-SHARE INDE»673) _. 

298J3 -0.7 
22328 >^03 

16.46 

786 

5.68 

■ 7.61 


mTy 212: 

2S2M -Z34J 
ISOM 

mjs* 

2B2.49: 

2ZU1 . 
37823: 

13*12 332! 
19534 197J 
18238 
23438; 

' 9M5. W 
19451 19K 
279.94- 283; 
29358; ' 
'22935 
407.88 410J 
21335 jOto 

148A7 ^D9J 

nut m-, 

22128 ZUu 
23524 
13535 ; 

J23 J3 TSt 
333.78- 3MJ 
7234 

zujb: 

3EM4 UL 

■m« 2 hj 

18272 m; 

I 30026 38L 1 


i H5Zaggt gH 


3EH3EII31 


FIXED INTEREST PRICE- INDICE5 


FTXQJ : DFCEReSTl /’ ' 
; - YIELDS- 

Br. GfflttJta.:tjnias.1faD 7 


“ RIGHTS ” OFFERS 


I «.f I Lrtwt 


laauci 5“ | KeDunr. Ute 

Prtne. 5 i Uhju : l 


i ULeU j Lnw 


CliH-inglf. or 
Price { — 

V- 


3bli I F.I*. 
67 I F.P. 


130 ! F.P. 
125 j Nil 
250 I Ml 
185 I >il 
62 I Ml 


1 8:1212:1 i S4& I 
115(12 26.1 SOU 
; 3/12-2 1112' 414 
'.29/11 1 5/1] Tl 

ll5;i2'lZ|l I 113 
!l5.'12'lZil :107i* 
3(1' 9/2 ; 3pm< 
’ 8/12,12/1 [ U7 ! 
;15f 12 12,-1 I 36pm 1 , 
I 3/1, 9/2 I TOpm, 

I1S112I10.-1 1 ‘U’l'ml 

1 18/12| 15(1 ] 14[im 


666 'Bee/Jiam 

IB1*!Uwi11'*b (Win,) 

376 ilintiea (Ji„ 

71 lOMfer-Meill 

107 Clriiwpl |lBH.| ..... 

101 iUU«n 1 •**— 

2|HTi' Fouler (Jnha) . 

140 |Hi»klnr L Horton . 

Spin M.L.HoWioi^ 

54pt->.lle!al Un% 

25ptn.?>t<>tliert & Pilt ... . 
bpiui'Ctru Cuiuuktv 


618 1-2 
19l 2 -i* 
375 -4 
71 — 21j 

111 

102 -i- 1 

3pm +i* 
142 -3 
29 prat— 1 
54pm —2 

40|uu 

12i«ni 


2 5-25 yean j — 

3 OwflSyean— . 

4 liredeemableu. 


5 I All stocks. 


Thur- 

Dec. 

14 

Oajrt 

change. 

% 

xd adi. 
To-day 

*d adL 
■'197B . 

. u. date 

19224 

-015 

—7 1 

5J.9 

129.90 

-0J5 

. — .-' 


116.75 

-0J4 

• .— ; 

art- 

^ V4 

HUB 

— 

" 

1356 

19935 

-014 


3889 


T/ lMftira - i -5 jart^HZ 


;-5 

-15 


8 Coepm w;. 

9 • ■ ■ 25 ' 


1 Thu re,, Doe. Wj Wed, I Tuoo. v Mm. Ffli. 
\ r= — 1-DOC. L DoC,. :D*Ci 4 -D«C.v 




Rcmaciaium date usually last da? fir dealing free of sump duty, h Figures 
based on pru*pc£U* estimate. D Assumed dividend and yield, a Forecast dl rid end: 
cover based dp previous yearta earnings, r Dividend and yield based on pruspocius 
or oilier official esuautes for WI. qGrosii. f Figurco assumed, j Cover allows 
for cnnvcrslon of biuret not now ranltitia fnr diTideud or tanMnn only lor restricted 
dividends. { Pladw: price to puMir. r : Pence unless otherwise Indicated, fl Issued 
by tender, i! Offered to Holde n n t ordinary sfiaros as. a ■■ right,.'' ■* issued 
by way of cspiiahcatiuo. ;; Reintrortncod ; •: issued in connection with reontanisa- 
non. merger nr tat; (Hirer. Hi! lirtrnduciion. 3 lv,iK.-d m former preference holders. 
BAJInimenr leiiers 1 or folly-paid!. • Prnrhinnal or partly-paid allaimenl leuers. 
* With warranty. 


15 20*yr. Red. Deb & Loans <15) ss.ofl- M.os 88.09 ' 

16 Investment Trust Prefs. (15) 50.96 is.72- bO.»i clis - bij3- .cl 

17 Coml. and Indl. Prefs, (20) 72,41 1A96 '■72.17 71^8 


7 Redemption ytaPL Htahs and loon record, base dazes and values and cmrsticitjst CSans 
taswts. a list of the consthurails Is available jrarit.the Pu mutton, .the ^laapdal, > b 

London, ECOP «Y, price. Up, by pest Sp. ■ ‘ I 


■ 6 *' 




mi 












^ 15 4978 





39 


AUTHORISED UNIT TRUSTS 


AUwy ilolt^<t: Mope*. LM-: (#' 


72-30, CateWteRd, 

" ' "' ' .Tit 


02965941 



-.-. ‘S* 


to* 

'jUSeri ftombra G rssp? (aKv) 

n.i.j—. if,. »»- •» -- P Iit f 


aa att»yt 


S"tedfeS= 



*"*0UM0Mn Mln£ter Fund M*rogers Ltd. r Provincial Ufe Inv. Co. Ltd* ' Save ft Prosper continued 

1.14 Minster H**., Arthur St. EC4. * M-423 1050 222. BWrecwre*. ECft 01-247 6533 ScotUts Securities Ltd ? 


117-5 


DB.ARUB. 

frfwitaf Pravdt Butt Tfr.'MwMf 


Hi 


e. Ex. TO*.— Jl75.8 lMl? 
•State 8 Dec. S3. Nn tub. *w 
Malaga 1 Trust Mnon. Lid. 


a.<. t 

V *; l : 

S? r 


*ifrs 


5. 




.. t. 



ND Lows 


F 08 g 


.. . 

■ •-• -V- 

HiSr> i\j,| 
'» bl© 


ipi.V? 

*v, :-j T.«‘2r& 



• ’»;• .■» 
■ r- 


'. ■' ** : i.- i' 

■ \ v’- 3 * 

.• -*« ;t jv 

■i' : i ' -r 

■KS *- : 


ai . -%s; 

* 5 ? 


: . ^ -i V 


• „ v?-; 


• p _. 

- . f ! 

3:5 

* j 

’■£ - r - 



.4 . 

• 1* -I 



aSBSfcJH. ®di 8 ' assK^m 

0«^?J^KSr L ^^01-9307333 Pru<H ' Portfolio Mngrs. Ltd.? UK WM ^eM- Ex. SU>~ 

UA* W3I--4 Hofeoni B»rt, EC1N ZNH. 01-4059222 ^ 

PWremEreLDurtiw. . H array J ohm tone U.T. MgnLV (a) Pf«n«oi __il2ao 1360| — J 4.73 seMesloocr Trust Mnon 

Fri«*ftw.tHj.__J444 - -3J 4.B 163,Hop» Street, Glasgow, G2 2UH. 041-221 5521 fiuHter Maiugement Co. Ud.W 14ft Steh Street, Oortt*. 

Oo. Acorn. ■■ T . .. i5 A .9 _*? 4.U mj E U rooe«„ |79 ; 9 05J) -121 3*6 fGSsSS^BFhmr Y aum*vn Aw. Buoy 

GLT. Unit Mmgtn Ud.f ' . DnUog Bar Fridiy. Quadrant Gen. Fit— .IJ06.4 lift? j 4 .4fi i"-|SS2l. , E5 1 

1£ ftauury araut, tt&liJQO-' . "- 01-A2BB131 Mutind Unit Trust Managers? (a Kg) Quaarjm income — |13i6 137.8| ......4 7.9b fSiSHisfcYift 

=i it sssstfsir- w ws M »*.. «..* 

MulJl Inc. To ■„■■-, -|MB ?M -ftsj 7 73 RHIuitce Hie, Tunbridge Welft KL 

MSiffifei? filS in ' ■ " 

National and Commercial 

31, Sl Andrew Snare, EtflObargh. 031-5569151 RMnefietd Manaaement Ltd 
Incoma Dm. is naan ^*a« i tm 5m™« pref. 



Opponuiutv F<L 

SeClortr T.IAcc.) 
5ddonle T. Inc 


lunorTo^r n 

168.7 

sJb 


Exrcipv l_ - 
£xtr* Ine-Tiu 

0692 22271 lno«£Pgll^ 
73JU.....I fi.lS lne309fcWllr»l.. 




ft. * A. Trust (aXs): .... .... 

5 feffteto ftota . Brestwcod ' c- JD277)Z27300 CfPL Doc. 13 , 

C.x.a . l^a.a '* gM-Al 4.73 >Aca«. UnK^ZH|3ift4 

National Provident litv. Mngrs. Ltd.? 

01-6234200 
J 



Gartmora Fond Mawgeaf (*Ka). « ™ D , UU 

? SL Majy Aw/ECSA 88P . -i g^ jgg^£lgI 3HW i 


MeLMfi 

Ownmi 

Ewt.Sialr.CO'lutZIl 

And mm Jfcitt Trust Ibhnm Ltd. 

15ft ftncbunfa SL.-FC3M UA. •■ '623923 ft.. , . ... 

Anderson . . 54^ ,™J 5J0 Gibbs {Antony) Unit Tat. tfo. Ltd. 

Ansbathxr lfntt Jdytnt- Ctj- Lid. 3FradsrW(PL > Uidd«ny < EC2 ■ ; 01-5084111 

01-6236576 WAftlnmne* ' — 




_S«ttTres£ 

3&40. Kennedy Su. MantHencr 061-236 B521 PmmS»« , 

HHfifidt SI= 1 »BSK 2 ^.^ 

Rothschild Asset Management (g) J- Ita tty Sch rader Waqg & 
72ftft Caletaose RA, Aylsjtuy. 02965941 i 2D !. £ r?? s TS' 


Uuxan. Units)* 

"Prtces m Nov. Sa Next 

•Prices on Nov. L. Next deoUng 
National Westnloster? (a) 
161, CfaewUe, EC2V 6EU. 


I.C. Equity Fund 

N.C. Engy. SM. TsL ~ 
N.C. Income Fund..... 
N.C. Inti. Ft. fine.) 
NX. Inti. Fd. (AccJi 
N.C. SmUrCoyt Fd._ 


[1605 

830 

M.1 

157.2 



174 W -O.i 
iiaa -i 
1SU -f 


' 2, KotdASft E£2y7JA. _ . 

Sc.MonttA-Fwd-0165- - '1751 — i 9J2 

Arbtdfnnt Sacerftfex Ltd. t»Ke) 

37,thM« Sl. London. EC4R 18Y- 01-236 520. 






ot&fga 

On 

Goeett (John)? •"• - 
77 London Waft ECZ 

■ ' Nnt damn dor Bst 1 . 
Grieeeson- Management Co. Ltd. 
59 Gresham Street. EC2P ZDS 

BISf " 



01-606 60M. RothschDd ft Lowndes MgmL (a) 

—0-71 4.42 St SwilhtK Uwr, Ldn. EC4. IQ-6264356 



Newc-c w 


Prices on 



Target TcL Mgn. (Scotland) (a) (h) 
19, Altai Crescent, Erfln. X 
Target Anw.Eagle(24.D 


TaiwTNuJe «.9 

Extra Income Fd to J 


—Alexander Fund 

031-z2986Zl«J J7. rut- Kcrn- P.mr. L i j»rfr'.«^r. 

Afextadwrimd I ■j'.&.'Tr I l — 

K.-.i *;*■* ..-Jo.- fat 12 


7J2 Trades Union Unit TsL Marasers? . . . . . _ 

10ft Wood SueM. E.C2. . 01-626 SOu] AHfi 11)11 E * Fi — ,E1 ‘ 

TUUTOec. 1 1502 53 J? — J 5J4 


Transatlantic and Gen. Secs. Co.9 
91-99 New Loiidw Rd. Chelnnford 0245 51651] 


BarMou Dec. 7 ; 

(At turn. UniK-t 

Barn.Eynt. Nov. 29.. 

Buddim. Dec. 7. 

lAcajm. Units) ! 

Colmo Dec. 8 

(Accunv Unhs> 

CranW. Drc. 13 

LAccum. Units) „ — 

Glen Dec. 12 

(Accun, Units} 

Marlboro Dec. 12 

(Accun. UnKs) 

Van.Gwth.Dec 12 ! 

(Accunr. Unte),._ 

01-3403434 

' 289 (Accutl UmtsJ . 

Wicker Dec. 7_ 
(Atcum. UnHsi.. 
WldcDn. DecS. 

Do. Actonr 


te 6 

30.9 

101.9 
124.7 
160.0 


m 

& 


732 

<5J 

47.4 

»3J 

9 


PH 

79.9 


Portfolio liw. Fd |i 

Universal Fd.U> E 

NEL Trust Managers Ltd.? (aXfl) 
Milton Coon, Dorldiw, Surrey. 

01-5085620 NeSarHl^KH^&O M^^O^ 

' 2. 


Rowan Unit Trust MngL Ltd.? (a) 28 SL Andrews Sq. Edlntxevb.' 

Dty Gate Hse, RreWiry Sq, ECZ. 01-6061066 Income Uidts 
165 0 6AU -LOI 1-66 Accun. Untts 


Tyndall Managers Ltd.? 
18, Canynge Road, Bristol. 
Income Dee. 5. 

(Accun. UnUsI 

Caoful Dec 13 

(Actum. UnftsJ 

Exempt. Dec. 13 


American Dec. 14 

_ Securities Dec 12 

5911 HlghYM. DecS 

5,15 (Accum. Units) 

8.09 Merlin Dec. 13.. 
Accun. Units). 



flA7) 


Norwich Union Insurance Group (b) 

P.0.Bm ft jtarwlcft NR13NG. 060322200 Royal TsL Can. Fd. Mgn. Ltd. 


L66 

4.08 

I- 74 

874 


Group TiLFd.. 


-13643. 383J) -0J| 534 


•Far tax exempt hxvh , 

Scottish Equitable Fnd. Mgn. Ltd.? 

031-5569101 (Accuffl. Uatts). 

, 0 5431 _..J 534 lntEarDec.13- 

Accun. Units .-——159.4 Gi J 534 

Dealing «w WnbesCay. 

Sebag Unit TsL Managers Ltd.? (a) «Aeeam. UnB*)- 

PO Bn 511, Bcklbry. Hse, E.C.4. 01-236 5000 «, 


81.01 ... 
125.71 
87.6a 

.060 

1360 

168 a 

m 

74. 

£ 

SL 

77.B 
<7.g 
49.4 
66.? 

77bq 


ill 

509 

5.44 

544 

1 : 3 ? 

as 

527 

HI 

-'.71 
3.64 
334 
8 61 
5.94 
5.»i 
e 

4. 1 . 
828 
828 


U^ann. IDnttsi. 

■il BS&t: 

ns-DecSaTl- 
IMS), 



Pearl Trust Mamgers Ltd. (aMgXz) 

232, High Hotbovn, WC2V 7EB. 01-405 8441 

Prari Growth Fd. |2L2 

Accun UnRs. 

Pearl Inc 

Peart Unit TsL, 


SL 



Guardian Royal Ex. UoR Mgi*. Ltd. 

Royal Exdanga, EOP SON 
(•glGntrdhBITsL— J®J 

Henderson AdnrfafitraHw? 

’-a; 


Andmor Unit TtL Mgs. Ud.? (>)(c) 

317. Mah HafeanL WC1V 7NL 0148316233 

SEasmsss.'? 

Barcfcqw ihrftani Ltd.? Ca)(cXg} ' ujk. Foods 

Ufdnrn Ho. 25SJ, Romfonl fid, E7. 01-5345544 Mol tommy, M7-I 


Do_CxpMaJ 

agasSsd 

Bo. Ftiundol; 


DcGrHthAcc 

■fifcfaMted 

Prices st.Noe- 

DcRrcovr 

DcT 
Da 1 


(Accun. Units). 

PeHean Units Admin, Lid. (gXx) 

81, Fountain SU Manchester 061-236 S6BS 
Pritan Units— —.(864 92.9 1 -0-5) 4J4 

Perpetual UuK Trust MngnL? (a) 

48, Kart St, Healey on Thames 049126868 
- 01-6288011 p 'pe*talGp.Gth..._„)43.2 4L8| ,._.J 3.97 

H»7JS-ft3t 433 Ptaadll? IMt Trust (a)(b) 


54, Jrnmm Street, S.W.1. 

easfc=j W fife l if ■■ 

Prices at Nov. 3D. Next dealing bee. 15. 

Save A Prosper Group 
4, Great St. Helens, London EC3P 3EP 
60-73 Queen St-, Edinburgh EH2 «l* 

Dex lines to: 07-554 8899 or 031-226 7351 
Save & Prosper Securities Ltd.? 

International Funds 
Capital 136.4 


01-6298252 15-1% Uncobil lm FWds, WCZ. 


Lnodan Wx8 Group 


IGthTstAcc. 
I GUI Tit Ik. 


z^:d IS 


01-83169369 Capital Grimtb, 


Stewart Unit TsL Managers Ltd. (a) r imv uip.v. 

45, Charlotte Sq^ Edinburgh. 031-226 3271 dTSi ~“ 

TStewart American Fond High Inc Priority ' 

Standard Units IS8L5 622) -l.oj L50 internatsonal. 

Amen. Units 163.6 6 771 -Lll L4B SpecUMSIts 


!, Old Jewry, 



: Baring Brothers & Co^ Ltri.? (oXx) 

. 8ft LaattetrhaB St, ECS. \ - . . 01-5882830 

m a ^3=m 

Hen ujti. day December ai 

Btshopsgate PragmsWe MgmL Co.? * 

9, 8Mm«oa!e, ECft ■■ 00-5836200 

ffitePr**Dec^,tta2J> 1‘ 

teUts."DM5E--ffl57 

SsStssSSm 

Next H& dv 3. “*toc. 19. * 
Bridge Fund Managers (aXe) - 
Begb Hsc, Khg WHSaih St; EC4. . 01-623 *951 



Unit Trust ManHwn Ltd. 

iry, EC2RBHD. 


m 


llnW. Growth .It) 

lacnrufns Luc cm; FM 

Hltlh-Ylrti 153.9 

High Income Funds 
High Return 167.4 

Income 42. B 

U.K- Fends 
UKEquItr. 


m ii 


Withdrawal Units — 1*7.1 
-Stewart BriUih Capital Find 

W=l 

OeminB trues. S Fri. -WbL 



Do. Accum. 

Extea Inc Growth -- [3B.C 
Do. Accun. 


TSB Unit Trusts (y) 

*to ZL Chantry War, Andowr. Pants. 
Dealings 
(blTSB General 


Sun AIBance Fund MngL Ltd. ih)Do.AoainL-:_'_| 

5tDtAlBM«Hse v Horsham. 040364141 ffi — 

57.9J ~DJ| 756 » flfi£= 

~ - - - 855 ' Target TsL Mngrs. Ltd.? [a) (g) 


S| 


07W621BB) 

o 0264 63432-3 

455 40-05 4 08 

58.6 62.71 -0.6 4.08 

60.3 64Jffl -05 7.62 

64.7 (ft9| -05 7.62 

B3.1 Bfl « -D.t 2 If. 

90.0 95ft -0-6 21 a 


*57 


3L Gresham Sl, EC2 Dealing): 0296 5941 


H o 6 

4.70 


Overseas Fwidtlz) 


I reader Cos. 

HHt Samuel UnR TsL MgtLf (a) 

.45 8Mdi St, EC2P ZLX . - . v ‘ 01^28 801l| 




Bribnuta Tn& ttnagemant (aXs) 

ifer-BI 


isSSi? 

SSSSTKSlfc 

Intel*? (aXg) 

15, Christopher Street, E.G2. ■' ■ 0L247 7243) 

InteLlw. Fund™— JB7.9 ; y'9i6|rft6| 750 
Xsy Fond Managers Ltd. UXfl) 

25, MOk SL, ECZV 8J E. ' ^ ftl-606 7070| 




XMnw ort Beat do Uutt Managars? 

20 > FendmhSl v E.C3: 



a ' J M ’ 

• Ii - HiSlvWlW.iSml 
•jjt' L & Q Unit Tmt Mnagaimk^d.? 
■ftTZ TheStex* Exchange, EC2N DIP. ’XZ-580 2800| 

'ffittferrfS’ 'fflfET 

law* on Secs. Ud.? (aXc), . 

37, QunoS &, London EC4R 18 t! 01-2365281 



The British Ufe Offfc* Ud? (a) 

Retew Hj^TwtridWVSIeJft XL ft892 22271 -3 Aw«lU!*i)_-. 
BL British LHe. 


•Prices Dec 73. Next ttading 

Brown SUpiey ft C& LU.? • Lagal ft Banwal TVadall Fund? 

Mngrs. Founders CL, ECZ. ^01-6008520' lft&wngeltoaiC BrWnl. 0Z7 ^ 3 ?^ 

~ m ^ ^ :d ^ 


§®s &=m 

OmnkltauttM 

Growth. 

Growth Income 

»“ 

sss 

Pfiiu.^ 

S 5 H 'a? 



Canada Ute UnR; TnL Mogw. lift? 

Potto? Bite, .Herts...- P.Bar5U2Z>ffi^« 

“ “ ‘ — "Tl ft lC . il AX- yriir 1 


*ty ’ Jeremy L 

Leaniule Administration Ltd. 

2, DutaSU London W1M6JP. 00-4865991] 

teSferzdai M =1 a 

Uoydc Wl Untt-TcL -Magn. Ud.? Ca) 

0MZ312«i 

.ife^Ep sliSI 

.lm. (tec«n i _ IgA 7^41 L: 


gf 3 &zrrln:S 

Lloyd's Ufa Unit TsL Mngrs. Ltd. 



®“ l ^ DL 7 i ..TS 


EipiliyAcaH. 

1 L A iW» 

3-^5“ 1 ^°' 

gSroSuia 

lasted 


01-6264589 


- 47; 

Capal (jnies) MngL LtsL? 

10ft Old BraMStvECai 1BQ 

*^^Snff i SecT'^^Ti6rti^^ Dec 2^^ 

CarSol tWf Fd. Mgn. list? taXe) 5 : 

Mfflwv House, NewcasUt-upo^Tyne ZDJ3 

Cartel — -t69j 7L2? ...J X25 1 (Accum. Undid 

^WbwL jnS’st 3 " . tesasssfci 

Cbartoca Fsrdtfc' .V. '• ■/ : '■*•- . CmmriHlqc 

15, Mdorgots, Leudaa. ECZ. • . . Dl-6384m 

S£SSSSrs. 4 ^ 8, '® i £ 

Charities Official InwsL F# • (Acn«. u55J 

- 77 London Waft EC2N IDS. - OL5881815 

FerOirteitouse 4a gM atton ftetay 
CMeftebi Trust Managers LtolP (•«■) . ■ 

XL New SL, EC2MATP. . , . . OW8326^ 


CoutedeotSM Thuds MgL Ltd.? W 

5ft CiancsTT Lane, WC2A THE. 1 ■. fllrW . 

Growth Fbnd—v^—|465 - . ,48.91 -_4 : 413 
Ccsmupeflteu Fund Man ag er s 
-3aFtttSireftLtad(iiSMaX9EL • 0M358525 

assifffLfiB -aa=iiis 

Cndgmaunt Uidt Trt.'Mpft.lSd. _ ^ . barffhdDec. 

'I«mS5?hSSE^. : Ltd. 

C«sc»L tins TsL Mogou ttd. W(n) : ' SigBSSB?* 
^^ C ^* E< ^ ha - Mayflower Mmagement Ce. Ltd. 

-g. a|l|i|| “* ^- 7AU ’ 



043856KHJ 
SW — | 431 


Gresnant SL, EIZV 7AU, uMwnam 

a^r'.^n 


Bsssazs^ 1 


DbJncOecB- J178.* 1903df -■- 1 .«•» 

E. F. Wfudmtar Fund MngL Ltd. - f^uiLcwc. 
OU Jesoy, EE2. • ‘ ; - OMSSOa. 

ssass^srp . rn^i ti? 

EnsuB ft. Dudley Tst Mognurt. Ltd.- ■ 

20, Arflagtaq St, S.W JL ‘ . - (H-4992Sg; 

see Abbey, tte^ That UMri. - . 
equity * Law UB- Tr. M ? taXhXO 
Amenham Ri, Hlflh Wyemidie. ■ 049433377 

EqnMy A Law — j— 1 66.8 - 7ft3| ._-4 42T 

Jam Fiubqr UuK Trust MagL Ltd. 

10-14. Weat Mac-Strorii Glasgow'. 041-2041521 
■J . Fh^lraeriwtn — R*-7 


M a rway Fhnd Managers Ltd. 
3ftGrtjbaroftLEC24*2EB. 01-600( 



AccnUHs. 

NBdbmd Bank Sr uirp . 

Unit Trust Managers Ltd.? (a) 

iSSKSy®- ^ 

CrniMa? & Gan. 

&£S 


tanjlala — , 
i Dec . 



ftatifcxtos 



Jana & Pacific. — ^ 

. •PricnTiS'Ero^E'Sext tefisl 


CORA! INDEX: Close 476-481 


ieates 

.TPreperty 

TVatbrugb Guaranteed 


-11%% 

,10.75% 


f AddriM dxmi under Imcrance .and -Property Bend Tail® 


67.6w -ftS 3.40 

taS 23.nl -aij X20 

Practical latest Co. Ltd.? (yXc) 

44. Btoomsbwy Sq, WC1A 2RA 01-6238893 

Practical Dec. 13 [152.4 I6L71 1 4.42 

Accun. Units |ZU.7 233.2] j 4.42 


Europe 186.4 

»S===» T 

u.s l«x 


4ftU-0.H 5.15 


Sector Funds 
Commafity. 


.1755 


Enem— | 68 l 

Financial Sec; |68.9 

HlAh^Mmnn Fnndl,. , 
5elKi lntemaL,~...L44_ 7 



Ti 



rm 


Select Income 


32 


il 3 

Target Pacific Fd 24.9 

<-24 Do.Retaiv. Unto 27.7 

2.00 Target Inv — — (318 

3.42 TgL-Pr. Dec, 13. 

2.® {fe!in^I.|i33 

7.74 TgL Special Sits |2ft3 



Ulster Bank? fa) 

Waring Street. Belfast. 

(U Ulster Growth |37.9 


0232 352311 
40.71 +0.9f 5.71 


Unit Trust Account ft MgmL Ltd. 

King William SL EC4R9AR 

Friars Her. Fund BP7 

Wleler firth. Fnd.__(3ftf 
Do. Accum 136.8 

Wleler Growth Fuad 
King WllAam SL EC4R9AR 

Income Units 130.9 

Accun. Units ____.l36.8 


03-623 4951 

4L81 1 4.61 

32.h| J 4.6’ 

38J] J 4.67 


01-6234951 

II 1:1? 


> n^Tr 
Hi ■:.?* b 
ai li 1 II 


©¥SKSEAi ¥m 


Kejs^: Utiniann LtcL 

25, Win Sired, EC2V 8JE. 01-606 7070 

FmKClri _.._..lrr1 4(1? 1W5I ] 290 

aor.i;..:,., .Ifrirsji uS 4y 

Cein.A-',7:;ili 3 ....,.|a33.93 13fl.r 


?.cSi«cJc , \5LHc , ‘fi:'- 5f> ci KiR3 u Shasson Mors. 

1C £r»eCny.-. rwl'i-r. 

VMiev h-jt . 5*. Purr Pori. tm>* 

Arturthnot Securities (C.I.I Li:?ited l Tiw.is Sueei. OmkCi'., I.O.M. 

•a*’?’? 8ftt«W3d- ’ 


tftMi — 


P.O. Bor 204. Sl. Helix Jer*y. 


120.01 i 416 


Cap. 1st tJcr.ey)- . HloO L.... 

_NC»t OrJl 'V 0«i Ur: 14. . 

Gov'l Sect T..I Ci'C 1021 | 12.00 

Next tear.ii i (Tile Deiomt-- IB. . _ , , 
eaaftlrtiTB.fClj,. l9o 107| ...4 p-64 

Nc.l ib.umi C£I* Drcenirr SR. 

AustrcTcn Selection Fond NV 


1 1 1W 


LI 7 


f»3flV73741 

(0481)24706 

tottguffg* 

" "1 lftS 
12 25 


CK: Fad' Cj«n'.e,|7.14 
Ml. Get!. Secs. Tst. 

fKlffiSr=j=:H«SiieHI=J = 

Klemwcrt Benson Limited 

EC3. 01-623 KWO 


AasmURn aeiscuoa rur.C RV 20. Fenchurdi 5! . I 

Market OwcnumlVr'.. t o Insii Young & Duthwa®, Eunnsest. Lux. F. 

127. Kent Sl. Sydiw, Cuernsevlnc 

U5S1 5nan?i I 5‘J31 42 I | — Cs.Accum. . 

Mel ayci tiliv Umh« fc. KB Fjr Eaa^Fa 

Bank of America International S.A- i.BJapyi Furii"~" 

35 Eoplevard Roys). Lu-emtewrg GD. 

Wldi reest In awy— JiUliliJi 115671 ■ -1 755 ggSSOTSfci: 
ptiees at Dec. 7. N-.<t sub. u, bee. 13. • . 

Lloyds Efc. (C.l.) UfT Mgn. 


1.115 
657 6°9ut 

eftj F7.y 
SUS12.63 
SUSltT’ 
SUS59.1S 
SUS12 19 
SUS4.9E 
SU5100.18 


-ll 


3.14 

4.35 

4.35 

064 

0.79 

181 


Banque BnueJes uambsrt 
a Rue De la Regeuce 2 1003 Brussels 

Renta FurWLF 11 S°5 1 “J| +51 7.97 

Barclays Unicom InL (Co. Is.) Ltd 
1, ChwirgCrtw, St. HelLr, Jrj. 053473741 

Overwa; licn.-« IJ7 l 496) I 12J0 

UnldoUar Trust SlT:i r? HJW ...n. 1 TO 

Uni bond Trust 101451 1 ftbJ 

Barclays Uricera !r._ d^-tlan) 

1. Thenrsis 5L. Dcugkb;, I r- u. 

Unicom Aim. E;L _. 

Ds Airst Min. . — . 

Go. Grtr Pi-ufic. 

Do. Iriil. Inmme . . 

Cm. l. ol M.rn T il... 
l>>.Ulanx Wulual . _ 


053427561 
.^.1 L43 


P.O. Eo« 1-45 SL Hellier, Jersey. 

Uoyth Ta.O'wM.._..|52.B 55.6| . . 

Next dealing dale December 15. . 
UartsTniL-Gilt. ...1 £10.00 | . ...J U.00 

Me/; Dealing Dale Decanter 27. 

Lle-ds Sctifc International, Genera 

P.O. ftri 43S. 1211 Geneve 11 [Switzerland) 


*.A 

•yi 


. H 

.-.• T 
-sr 

rrj 

•'.ji 

• 'j. 

■ -ri 


■:A 

• r--? 


:,.w 


.5 

■■'j 


Li-jyds In. r,rs«.;h ISDUUHI 

U i* do InL inccme ifZSJO 


1.71). 

5.40 


."3 

r.r i 

+ 12} 

?] 

34' ire 

-0 5 

b?.c 

73li 



3+.9I 






S7.T\ 



Brthopsgate Cfflxcsd'r Err. Ltd. 

P 0 Box 42, Dung las. 1 c.fj 0624-23911 

ARMAC-D«.4 31241 I 

CAMRhO - 1 Dfc.4.... ilO^c 11641.... 
COUNT* 'Nov o - |i2bT7 2 7S6I . ! 
Or-mmall, ivuco at -;30 -.nj >*£100. 

EritJge RCenagsmsi;* Lid. 

P.O. Box 508, Grand f.-.iirn C, tv man II 

NTsBUDecl. -I Y17.S5S J I 

S.P.O BiJ 590 Heng Ktk. 
ippon Fd. Dec. 15.. . l?.L.3i5 21561 1 

Britannia TsL Kagm:., ICE) Ltd. 

30. EaUi Sl. SL Hrher. Jerry. 


06244056 F.lancge.-nent Internationa! Ltd. 

Bml- af Bermuda Bundlrg Bennidx 

'lanterburr Dec 1 IlliSliO . | I — 

Id & G Era up 

Three Cujv,. Tnv.er Kill Er?R 6 BO. 01-626 4588 

Ailainic Dec. 12 If 

Aurt.Ev.Dec.13 I 

Gld.'c.Au. Dec. U 

Itknd 

(Ac aim Units) 


l.W 

350 

TfO 
9 CO 
l.-xO 


SUSZS7 ?.14 


SU3221 251 


5US92i 10 42 


1506 1403 

-Lb 

ISSJ 202.5 

-IS, 


LS8 Samosl Montagu Ldn. Agents 


lie. Old Broad SL. E.C2. 


0.77 


Stating ConKr.icbied "i's. 
Growth in 


4031 .... 

ffx 

‘Slz 

0.45-3 

rHrJ 


1L5J 


9.13 


PROPERTY 


Abbey LHe Asnrance Co. Ltd. 
1-3 SL Paul's Churchyard, EC4. 

Equity Fund — 1375 

Equity Act 32.3 

Property Fd. 15Z6 

Property Acc 163.1 

5riKthwFimd 93A. 

Convertible Fund 

V Money Fund 

UProp. FcLSer.4 ! 

VMw.Fd.Ser. 4..._ 137.8 

VMoney Fd. Ser. 4^.. ! 

Prices at Ok. 12. 



1U7 


1451 

382 

121.1 

118.7 


Vakatkre ncrrrniiy Tues. 


Albany Life Assurance Co. LM. 

31. Old Burlington SL.W.1. 01-437 9962 

I »,£fc.- 

VGld.M0M2Fd.Ac.- 
VI nU. Man. Fd Aon __ 

VPrtp.FiLAcc. L. 

M'pte Imr. Acc. - 17 


Crown Life Assurance Co. 


Mang'd Fund Acc. — 

Manglf Fd. Incm. 

Mang'dFd. InlL — 

Equity Fd. Acc. 

Equity Fd. Incm. ...... ! 

EmrityFri ini! 

PnwertyFd. Acc .... 
Property Fd. incm.—. 

PropnrtvFd. InlL 

inv. TsL Fd. Acc. 

Inv Tn.Fri Incm.—. 

Inv.Ta. Fd Inrl 

Fl »ed Ini. Fd. Acc _. 

F.’.d. Ini Fd. Incm. 

imeri. Fd. Acc 

1 uteri. Fd. Incm.— ... 
Money Fd. Acc. 


VMtxe 


Pen.FdAcc^i: 

__ Pen.An: „ 

G1d.M0fl.PeiLAcc_.ti 
Intl.Mn.PnFdAcc. 

w&foozE 


AMEV LHe Assurance LM.? 

Ahna Hse, Alma Rd., Relgate. 

AMEV Mmaged [145.2 

AMEV MgdTV— -{llftS 
AMEV Money Fd. —.HOT* 

‘ ,EV Eqalbr “ 
lEVFVxea 1 
ievpSlf 
lEVNM.Pi 
IEV Mgd.1 


TOO.ffl 

+0.1 

1490 

+0 1 

1?^3 

-HI? 


+L5 

IWI4 

+D‘ 

2602 

+0.2 

1911 ■) 

-H) J 

141 4 

+0 1 

1277 

+1.7 

I4U.0 


223.7 

+08 


Money Fd. Incm 
DHL Fd. In 


1041 

’O05 

-nil 

IU2.0 

107 i 

-O'- 

1020 

)07’ 

-0 = 

93. b 

10 2 1 

-IJA 

968 

101 ( 

-Oh 

97.0 

1D21 

-Ui 

93.4 

10L« 


96.4 

101 4 


942 

99.7 

+01 

101 9 

1072 

-1 J 

fez 

1(M .4 
105.4 

-1J 

-1.7 

1003 

105 5 

-0.1 

99.1 

104.3 

-III 

109.5 

1152 

-117 

109.5 

1252 

-02 

'M 

10/? 


95.7 

1007 


1021 

1083 

lfl2 

1592 




Ltd.? Lloyds Lite Assurance 

‘ M8b25a33 2ft aiftrei Sl, EC2A 4MX 

" "■ 138008 


8.72 


6.78 


1L75 


MDuGt Nay. 30—... 

0p.5 - A'Pr. Dec. 7 (144.0 15161 

* VA'EuLDec.7.. 

Tee. 7 — 

. Dec. 7_. 


i'A'Hy. Dee. 7 — , 
PA'Ikui. r _ 


136.6 143.8) 

1563 IMjM 

11548 163® 

5‘ADpL Dec. 7—|124.1 130.71 

London Indemnity ft GnL Ins. Co. 

18-20, The Fortney, Renting 

«7 

— Fixed I merest 

{Tig The London ft 

_ Wlndade Park, Exeter. 


LM 


Royal Insurance Group 

New Hall Place, Uttfpool. 051-227 4422 

Royal Shield Fd |14?J 155.8) J - 

Save ft Prosper Group 1 ? 

4, GLSLHelen-s, Lndn.. EC3P SEP. 01-5548899 
BN. Imr. Fd. ._ 

Property Fd 
Gilt Fd. 


cheste |L? 

52155. 



Incm. 

Crown Brt. Inv.'A’.—imJ — | 4 — .... 

Crusader Insurance Co. Ltd. KaiJlSViincL— Z.~l 

Vincula House, Tower PI., EC3. 01-6268031 Gj£fii*ffl4iFd.- 
6th. Prop. Dec. 5 [M.4 84J2] J — M ft B GrotipV 

Eagle Star Insur/Midlaari Assur. 



_ Corno.PrmvFd.t_ 



13L6 

139 31 
170 0 
129.5 

-03 

-02 


~12b5 

21L0 

137.6 

133.2 

212? 

19F.fi 

-03 

— 

23 62 
95.1 . 
1C2.B 

249J 

10C2 

10M 

—0.1 

+D4 


■Price; on Cecembtr 5. 
tWeeWy teilfargs. 


Schroder LHe Group? 

Enterprise House. Portsmouth. 


Equity 1 

Equityd 

Fi redint 4 


, T J38.5 

Three tteys, Tower HUI,EOR6Bft 01-6264588. g»ww®i " 


1, Threadneedle Sl , EC2. 01-588 121 2 

Eagle.'MM. Umxs._..|543 563) { 6.08 

Equity ft Law Life Ass. Soc. LM.? 
Amersham Road, High Wycombe 
Equity Fd. 

Property Fs 


AmericanFd.Bd.*— .149,9. 


AMEV Equity Fd 

AMEV Fixed InL _ 
AMEVPnxj.Fl— 
AMEVMgdPtn-Fd. 
AMEV ModPen-'B' 
Fledplan. 
AMEV/FranUngtoa 
American— — __ 



Relgate 40101 Property Fd..... 



Ec 

FamIL 

0494 33377 gj&i*-. 




nmuwni tnu. wwlt/i 


•For Anew LHe Awmnce see 
Providence Capftol Life Assurance 


Barclays LHe Anar. Co. Ltd. 

-252 Romford Rd, E.7. 



General Portfolio Life Ins. C. LM.? 

60 Barthotomew CL. Waltham Cross. WX31971 

Portfolio Fund., 1 MJ2 

Portfolio Manaqed— 

P folio. Fxd Int 

Gresham Life Ass. Soc. Ltd. 

2 Prince K Wsles Bit. 8‘mouth. 

ItKSEEp 

G.L.ML Fund...— nlL 
G.L Pply.Fund ROi 

Growth ft Sac. Life Ass. Soc. LM.? 
Wrir Bari, Bray-rw-Thames, Beriis. 0628-34284 

01.53* 55M caSfBC=| ni )K^ 1 ^ 3 | = 

Guardian Royal Exchange 

Royal Exchange, E.C3. 


Intematnl. Band"— . 

Japan Fd- Bd.*. 

Managed Bd**» 

Pen. Pension***.-, 


Pnces an 

Merchant Investors Assurance? 


120.9 1220 

138.4 145.4 

8£» ■ l h 

m mi 

+OJ 


iretLi 1472 

»Si 

Xii 


Property4 


E5.9 
164 9 


KSS Ginrt. Sees. 4._|123.4 

Bft. Pen Cap. B 

B 5- Pen. Arc B— .. 

B Pen. Cap. B.._ 

Pen. Act B— , 

F. Int Pen. Cap. B 
F. InL Pen. Acc. B| 
Money Pen. Cap . B 



122b.O 


230.9 


070577733 


238.C 

145.4 
1435 
116.0 

90.6 

173.7 

130.0 
1313 

145.0 
223.9 

270.4 

mu; 

103.4 

103.0 
1053 

w 


Scottish Widows’ Group 


0202767655 EpuUy Pere. 


Leon Hse, 233 Itigh SL, Croydon. 01-6669171. lwP | 


Property.^™ 
Property Pens— , 
luily— 


P.0. Bor 902, Edlahurgh EH165BU. 
031-655 60d0 



□ray Martel — 

- — Mkt Pent. 

II.-, 


Peits..__„| 

Managed 

■Varaued Pent 

Inti, uyjtty 

Do Pens 

Inti. Managed... 

Do. Pens..— . 


Property Bonds— JW7.0 20521 4 — 

Hambro Life Assurance Limited? 


NEL Pensions Ltd. 

Miltm Court, Darting, Surrey. 

Neier Eq. Cap “ “ 

Nelex Eq. Accum L 

01-2637107 Neie* Money Cap.— n 



Ex UL Inc. Dec. 6— .11353 
Mag. Pen. Dec.6.-..|276.1 

Solar Life As sur a nc e Limited 

1002, Ely Place, London, EC1N 6TT 01-2422905 


~ Sriar Mana ged S 




Solar Equity S 

— Solar Fwl InL S 


5. m? 


153 


Nelex Mon. 

Nelex Gth Inc Cap— 
Nefex Gth Inc Acc— 


_ *Errt« uriB xaJufl Dec. 

Beehive Life Assar. Co. Ltd.? 

71, Laniard SL, ECS. 

BUtane Dec-1 — I 13233 

Canada Life Assurance Co. 

2<6Mgh SL, Potters Bar, Herts. 

SO* 

Canmn Assurance Ltd.? 

■LOhuvIc Wy v VHunbler HA90NB. 

““ 


01-6231288 

I I - 


_ 7 Old Part Lane, London, W1 

— Fixed InL Dep. ~J~ 

— Etarty... 

— Property —I 

Managed Cap — — 

Managed Ace— 

Overseas — - 

Gm Edged 1 

American Acc. 

Peri.flftep Cap 


01-4990031 tK K- £!?■ 


Pen.F.I.Deji.Ate.Z.~Jl5 


Pen. Prep. Cap..,, 

Pen. Prop acc. 

P. Bar 51122 ££ 

Pen.GatEdg.Cai 

Pen. Gilt EagTAcc.—. 

Pen. B.S. Cap- 

Pen.B.S. Ac: 

Pool D.A.F. Cap 

01-9028876 Pen. DAF.Acc 

1-0151 - 


I d = 



ran +0.1 — 
194.H-L7 — 
+0.4 — 
—0.9 — 
-Ll — 
-LS — 

-12 — 



Solar Cash S flOES 

— Solar InU.S 187.3 

Solar Managed P ST7 .7 

™ pESP.-- 1 " 1 * 

^L*I Z Solar F*d..lrB.P 


Nd Mxd. Fd. Acc. —. 513 ^ 

text Soft day December 25. 

NPI Pensions Management Ltd. 


Solar Cash P 


135.W 

up 

IW.l! 


im.4 

U4.7 

102.4 



Growth inttil . . 

loin). Fd 3L' 

Jew Energy Til -.11 j* 3 
Jnlvsi. S >fi Stq .. il 
High lm.5Llg.isL. . 

U.S. DbO.’t Ocnomuv'.ei Fes. 

Univoi. sja Puir-rj 

InLHiai InL T:t lCUSC ‘-5 

Value Dec. £ Neil ftwling l»c. IS 
Grown Shipley TsL Co. iJa.'sey) LJi. 

P.O. Do 1 555, 3l Htlrr . .kr/., . 0534 "■VT! 

Sling. Bno.Fd.th). ...|£Ju05 10 03 . ...I U.->3 
Gutterfraid Ci£.-.:Et r .;;r.i To. Ltd. 

P.O. Stef 195% Harmiun. bemucj 
Punress Equl|« — — KV*. L’l 

Builmi Incurs Ij’.'OlJl 

Prices at L-x. 1 i:?ti set day 

For Capdires S£ S5 J coder itcyser L’iiinan 

-id. 

Casilzi Er.tsmstics-.! S.«. 

57 rue Motet-Cure, Lu - embo.i.-g 
Cawial I CL Fund — | 5US 17.77 { .... J — 

For Central «£«/-.-. 5 Llr.c;. Ltd see uitdcr 
Key far UiifiiLfl Lid. 

CharferbcuG? Jcoitst 
1 PaltrnMler few, EC4 


ApoT'oFd. Dec.c SFH2D 48.D0I 

Jiries: liov 30 MSL'29 14.311 

317C.roupKy..??... SU51D24 11.1 

117 Jersey N». 29. _ £511° 5^ 

Jsi O'i Nn. 30 L9 46 9.95. 

Murray, Johnstone (Inv. Adviser) 

865473114 1-^. Ifcoe SL. Gtesgou, C2. 

05.4 73114 . hct ^ SL fe , SU539.51 

Murray Fund I SU310 90 

IJAV Norettacr 30. 


01-5836464 


3.°0 

0.89 


041-221 5521 


3.M 
IC'D 
1 50 


2.79l + i)J5l 179 

20:1 -aw! 2.1*1 

: day Jan £. 


Koctt sj;. 

Ida Ecaler.rrd R?yal. Luxembourg 

MX Nov. j SUS 12.19 | J — 

irsi.l Ltd. 

f-inr oi Btwndi Dijn^, Hamilton, Braila. 

NAVBeC.l.. |i595 — | 1 — 

?!:s:ni:: IrLtLrr.atianal . 

PD E.>r 77. Si. Ptier Port. Guernsey 
l ne-. Dollar Fund . ISU5235 Z =A| -0011 — 

Guest Fund Wnnimnt. (Jersej) Ltd. 
pp 5a*. 1^. Sl Helur Jersey. 0534 27441 

Di-- Sl'j'-i lit 1232 93 31 I 1100 

inli Socs 130 93 099 1 3 DO 

Ovtiiir. 1 be. IrjlDFJh 0.92M I 9.00 

?r.\i at Oil lx Hen dealing Dec. 20. 

aitoRicnd lk« ah. Ltd. 

4 3. 4 -J Sn: : aeo-. Dauelax I .O.M. 0624 23914 


I'-.L'E-w Trust .. 

F-.elurtt-iJ Gt Ed. 

Oo. FlaiiirjmEd 

D -j. r - 4i ar.e i:j 

C.5 Sjr IrcoircEd 

Cl-iiIIoh C G.i.Ed. ... 


H25 

110.6 

’60.7 

§5 4 

1»S9 

75.0 


12531 
lit. 4 
169.2 
ML? .. 
174.7 -0.1, 
100.0 


11.67 


airopo — — - 

Adikerna^...— _ ... 
rCPtftk — — 

Foruis 

Eiresrw Fu*si ..... 

Hispana 


it* , j-uo 

ms 

laiHt*! 


rrooi 

£- 10 | 

eiJ; 

ZLifl 


Ecihscftirf; Asset Uanageflient (C.l.) 
01-243 '9to p,0, Ccx 53, Sl JullaisCL, Guemsty. 048126331 


■MJ.IO 

rU 


4 74 

& 

F j) 


44.:-d .| 2.7u 

Ciivt Invsstraertr iJor'6 : r) Ltd. 

P.O. eo* 32D. St. Helier, je-wy 0534 37>; 1 
Clwr-GihM.lx~l.l-Pc.’ *'631 . .111.42 
Cfl« Sitt Ft D%v ) _ |= V.tu| J 11.40 

CamiiiO Ir.s. iBuur$*y) Liu. 

P.O Say 157, SL Pfltxf Pert, Gucrn^y 
‘trtnl. Man. Fd lle3-5 178P| .. . | — 

CWS Coutsche Gas. F. Wer^cpii'Sp 
GrvnehurT.veg 113, 60JO Frcnliurt 

Investa... IDU371B 3SJCJ | - 

Delta Grrap 

P.O. Box 3012. Nsestu. aahan-^5 

Delia Inv, Dec. b . — JJUSUa 1.7o| I — 

Coats: her lasest.T.tr.i-7rjri 

Po-iUach 2625 Eiefcer-aae o-l i SOX Frari.iurt 

i .orcerird • IfAiiO ii > )| ... I — 

ii Fet-4cn(L4vi .a CJ| . .| — 

r-eyfus It.isrcOR'rRCfltsI In*.'. 7d. 

?,0. Box M3712. Na-.-v o-’nairjx 

WAV Dec, 5 - -^•iSLe?_lx-M 7 a51l - 


O.C.Eq Fr.Nbt. 30..-. 

3 C.lr-c rd Dec. 1 

C C III'.* rdt.. . , 

(JCLir.Csiim. 20 

&.C.i.i.rw5l,-.. . . 

0 C. Dr Cx.-telr.t 

•Price; cn-Oet 


545 

132.1 

m 

•4XS 


601 192- 

161 eal ..... 753 

1_-7e L28 

149J ... 338 

155 0 +1.9 4 21 

2935 0^8 

4 Uert teahug Der. 29. 
!Ph;« cn Dec 7. Neil tea lug Der. 21. 

-otfcscivlld Asset MgL (Eerniuda) 

P 5. La* Si\ o’. Bermuda Bid, Bermuda 

Rcur.D .V.JiK Fd.iJUS9.77 9.791 I ~ 

Fmw c.1 DeL IL Next dealing Dec. 19. 

P5?=.‘ T.ras: <C.:.i Fd. CSgt. Ud. 

P D. Cm 1*54 Co-al Tn Use. Jersey. 

P.T. in i. Fd _[5US928 9.. 

a.7.1n; l {JnrlFd. ..133.0 B» 

Price; .0 Dec. j Z. Nerl dealing 

Siva ft Prosper taiemstionzl 

Ce:Iing to: 

37. Hrocid SL. 51. Holier, Jersey. 053420591 
G£. "-■"ar-de.iomtw.ted Fund* 

Dir F.d.lr.L*~i_— R 9.45BI 7.51 

In'.sKit. Gr *±.T. .—..(7.69 S3? — 

FarE^rn** Ur 63 5150 .... - 

North American*: P-fl* *.ln — 

Ee,.r4 I-..fl4.°3 1632J - 


f ! .■.■jr:-Aiseiinsl«d 

Cotaimr! j4riLJ:: 

Clcrvie* Iftirid's;'. . .. Iv3.7- ib’ .el - 

Esisnti & Ec:iur TsL ! ;?L Jrsj. Ltd. Ca-vhc * 7?- 1322 139| 

P.O. E!oi 73. St. He fiet; .lerwy. U534295?! int 7 m ed 

E.D I.C.T -I1Z3S L-L3-0JI 3.M -Prices wToST. iL "‘Psc. 1Z ** 

The Engtsn Assoaation **** omi 

4 Fore Sir<tfi, EC2 01-5CB7C&1 Slhistdrscr International tflngt Ltd. 

filll':! = • ALUM«„St,SLHrt«r.Jero W 0534 7M« 

•Nexl italmg Ux. & "No.! (X.-.n; De_ .9. IS'o.L ! I!" 0 ^ 


\P 


Solar Inti. P (87.2 

Sun Alliance Fund MangmL LM. 

Sun AIBance House, Horsham. 0403 64141 

Exp-Fd.lrLDecJ3„l£14BJ. ,159.9| ( - 

lift Bn. Dec. lft “ £12.48 | | - 

Sun Alliance Linked LHe Ins. Ltd. 


48 Grawchureh SL, EDP 3HH. 01-6234200 Sun Alliance House, Horsham. 

Managed Fund. __„|157 A 164.21 4 — 

Price Dec, L Next tesHng Jan. Z 


Hearts of Oak Benefit Society 

15-17, TavIslKk Place, IVC1H95M 01-3875020 

Hearts of Oak I37JI 39-91 4 — 

Kffl Samuel Life Assur. Ltd.? 

NLATwr., AckSscombe Rd, Cray. 


New ZeataHd Ins. Co. (UK) Ltd.? 
Maitland House. Souftmd SSI 2JS 070262955 
-Kiwi Key In*. Plan _ 

Small Co's Fd 

Technology Fd, 

Extra riic- Fd. — . 

Extra Inc. DisL Fd — | 

American Fd — — . 

Far East Fd... — 

Gilt Edged Fd „„ 

Con. Deposit Fd {9841 104.1 

Norwich Union Insurance Grasp? 

PD Bax 4, Norwich NR1 3NB. 0603 22200 

Managed Fund ,[ 


' Fund 

ImereslFd. 


040364141 



Property Fund —J 

Irierraiiona* Fd 

Deposit fund. 

Maraqed Fund. 


1355 -0» 
11U -0.4 

122.6 

005 -0.4 
1045 +07 
1164! -0 A 




Fund. 


•Properw Units I 

Property series A 


Mtaageduniis 1 

Managed Senes A 

Managed Seri«C_— 
Moray Units. 



. Fund_ 

Flxed lm. Fimd.. . 
Deposit Fund — — 
El-6864355 Nor. UniL Drc. Hi- 



1129.7 
11055 
..(116.4 

h 

1110.2 

Sun Life of Canada (UK) Ltd. 

2. 3. 4, CocVspor St, SW1Y 5BH 01 J930 5400 

Maple U.Grth I 205.9 1-541 - 

Maple Li. Mangd. — { 13b4 j — 

Maple LL Eg? 133.6 I I — 

Penal. PnlFi | Z09J | | — 

Target Life Assurance Co. Ltd. 

Target House, Gatehouse Road, Aylesbury, 

Bucks. Aylesbury (02%) 5941 


Pearl Assurance (Unit Funds) Ltd. 

252 HI*. HoRmto. WCJV7E& 01 -405 8441 

Managed Fund ■ — — 


Man. Fund Int 

Man. Fund Acc 

Prop. FI Inc 

Prop. Fd. Acc. ' 

Prop. Fd. Irrv 

Fixed Int. Fd Inc. .— 
Dep.Fd Inc... 


City of 'Westminster Assur. Co. Ltd. 

~ H^WNtttarte** 

’ K 


Money Series A 

Fixed Int Ser. A 

Equity Series A— 

Pns. Mimaged Cap. - 
Pro. Managed Acc.— 

PiB-GieetiCap. — 

Pits. G*teed. Act 

Pens. Equity Cap.... 

Pew. Equity Acc.. 

Pn5.Fxri-In1.Cta — 

Pos.Fxd.InLAcc— , 

Pere- Prop Cap— 

Pens. Prop. Acc 

090228511 Imperial Life Ass. Co. of Canada 

| I — Imperial House, Guildford 

I J - Grt.Fd.0ee. 8.. — I76.J G 

Pen*. Fd Dec. 8.. 1 170.4 7b. 

Untt iWd Partfonp 

Managed Fund (95.8 100. 

MBtc o FVredlrt.Fd. Wg-O 

3M1Z72 Secure Cap. Fd m2. 

Equity Fend J1006 

Irish Life Assurance Co. Ltd. 

11, FbGbwy Square, ECZ. 

‘ Sff^fc: R5 - 7 

d Fond — 

Fd Ser ll —.1 


EqurtyFund. 


Property DW. 

Property Accum. 

Phoenix Assurance Co. Ltd, 
4-5 Wng William SL, EC4P4HR. 

Wealth Ab. [U3.fi , 119.' 

Eb'r. Ph. Ass. L~ 736 


Qgll 

fa 


.J. Pen. 

HeLPtenCjp.Pen.-__ 

Man. Pen. Fd. Acc. 

Man.Pen.Fd.Cap— 

GHt Pen-FdAcc. - 
Gilt Pen.FACap-- 

01-6269676 P^'P^lFiCta . 

[1136 119.71 [ - SS;p«uFdAS:_ 

— - — . — 1 , 786 ,| — Gunr.Pefi.Ft) Cap. 

Eb'r. Ph.Eq.E. [76J 8(Lli | — DJLPBn.Fd.A5T_ 

Prop. Equity ft Life Ass. Co.? DJLPai.Fd.Cta- — 

119 Crawford Sheet, W1H 2AS.- 01-4860657 Transhtternationl Life Ins. Co. Ltd. 

01-4056497 


AylesteiryC 
197 9 123.1 

121.1 127.9 

11E.7. 124.9, 

„ JS5-0 

1170 


Pa 6 i 

1)24.7 

1164.7 

for 7 ' 7 





Flex t4dney BA J l49i 

Property Growth Assar. Co. Ltd.? 


= = ■ h®s 


Leon House, CroydooCR91LU. 

Abbey Nat. Fonri 

fiStyteLFiUAl__ 
Investmert Fund 
Iraestment Fd. (J 
Emily Fund 


CngdBoCROa 




PS,7- 




m inineci riuii.Jd- 0®C- An- 

01-6049664 Prop. Mori. Gth 

’ PrpSw.Grth.SerJ I 


^ — 


lOng & Shaxson Ltd. 
53, CnroMU, EC3L 


Efoilty Fund (A) 
01-628833 Money Fund--, 

79.71 +L0 LOO Money F und (A ) 

333 E l&dw-TO 

Sea. 

VAU Weather Cap. 
Vinv. Fd-.Uts, 


01-6235433 




CJty cf Westminster Assar. Soc. Ltd. 
TMtahns 01-68* 9664 




Lanfiham Life Assurance Co. Ltd. 

'LanghanHso- Hobnbroofc Dr, NW4. 01-203 5211 
Latsgharn ‘A 1 Plan _ 166.4 


Corel ft- 




Cash Initial. 


: d = 


Commercial Un ton droop 
5L Helen’* 1 Undmtafl, EC3. 
Vr. An. An Dec. 8. 

TO./ 



SKspT Mto Fd 

Legal ft . Genaal (Untt AssnrJ Ud. 

— Parian FxriTfnL. 

~ Deposit Fd. Cap- 

~ Deposit Fd Acc. 

— Etahy Fd. Cap. — 

— Equity Fit. Act _ 

— Fxd.rrrt.Cta- 

— Fxd InL Acc 

Intel. Ciqi ■ — 

— Intel. Acc.- — - 
— Managed FdCap, 

- ^iFd.Acc. — 



2 Bream Bldgs., EC4 INV. 
VTuTip Invest Fd .— 05? 
WTuflp Utaqd Fd 

VMan. BoodFd , 

1.01-6800606 Man. Pen. Fd. Cap. _|124 B 
Man. Pen. Fd. Acc— (133.9 


VMngd. Inv. Fd Int J99.6 
VMngd Inv. Fd Acc..fiOG.7 

Trident LHe Assurance Co. Ltd.? 



Rendade House, Gloucester. 

11233 


- 


ly/Amer 


Gift Edged 

Money 


E = IBZZz 


— Growth Cap- 


gonv. Pen- Fd. 


Man. Pens- FA. — _ 

Man. Pers. Cta- Ut 

Providence Capitol Ufe Ass. Co. Ltd. 

30 Uxbridge Road W12BPG. 


Growth Acc. 

Pens. MogdCap -— 

Pero. Mn^. Acc. 

Pens-GuLDep-Cap. — 

roro. prey, cap.— — 

)Vnv. Pty. Arr. .... — 

TrriL Bond 

•Tnft.GJ.Bond . 

*Casb <ohie 


147.8 

153.9 

142.0 
1121 9 

12b.D 


0452 36541 

13271 
153.5 

163 0 

.86.9 -Oi 
319J -03| 

1503 ,-Z\ 

329T 


E9D 


1 


136.9 


mst - 

13M ' 
1409 
12J.B 
128J 

ml 

m 

381 


. 97.1 

far note premium. 


-ft< 


+ 0.1 


Da. Accum. 

Equity ireual 

Do. Accum...— __ 

Fixed initial 

Do. Acnarr 

Inti. Inritei— 

□1-2837500 Ttt. Aecun. 

I _ Managed Initial 

ihifil _ Do. Accun. — - 

“ • Property Initial 

Do. Accum.— 

Co. 


Tl — l 


01-242 0282 SfJgSSL^-j 
— Exempt Eqty.liVt — 

— Do. Accwis— 

— Exempt Fixed InH-i 
■— Do-Acga n--..^- . 

— Exempt Mngd . 

— . Do- Accum. .. - — , . 

— Exempt Prop. iniL- 
“ ■ Do. Accum... 



Legal & General ((Jut Pastes) UA 



Canyoce Brad. 

™ 3-Wqy Dec. 14 1 1284 

w*. un- Eiailty.Dec.14>. ’ 

01-7499111 Bond Dec. 14 

Property Dec 14 

DeposKpec. 14_ — , 

3- Way Pn. Dec. 14..; 

O^eas liw. Dec. 14 
Mit.Pn3-W Dec. 1 ._. 

Do. EquUyDec. 1 

Do. Bond Dec. 3 ; 

Do. Prop- Dk- J 1 

Vanbrugh Life Assurance 
41-43 Maddox SL, Ldn. W2R 9UL 


037232241 
+0 91 _ 
-0.4) — 

+0.fl 
+2| 


Property Fd . 

Provincial Life Assurance Co. Ltd. 

222 Bishopsgale, ECZ. 


Managed Fd-_„ 

150.6 
7*1 3 

IrenL Fund — — __ 
Fixed Inters! Fa 

K 

m 

Property Fd 

Cash Fund- 



rJ= SS*fS5 


BSW l - w ^ 


. Fund 

. ... 

Prudential Pensions Limited? 
Hoibom Bars, EC1N2NH. 



01-2476533 Vanbrugh Pensions Limited 
— 41^3 Maddox St, Ldn. W1R9LA 



10L9 

TPKB 

Fixed Interest.™ — 
Property 

99.1 

100.3 


CbfflWa Inssnaec CftUd. 

32.ComNftEC3b 01-6265410 

ijEl = 


Legal S General Prop. Fd. Bfgrs. Ltd. . 

11. ft«o Wdorifl St., EWN 4TP. 01-248 9678 EquIL Fd Nto. IS— | 

L&GPrpJFd' Det6-_|9ft7_ _• 1043} — | - ^ ^ — 


Nut sib. An Jantsvy L 
Ufe Assur. Co- ef Pennsylvania 
3942, New Bond Sl,W17 0RQ. 01-4938395 
USCOPUnlB f97-8 1027] i — 

JJflSrris Bk. Unit Tst Hups. Ltd. 


Prop. Fd Nor. 

Reliance Mutual 

Tunbridge WellvKeRL 
Rel. Prop. 5*_. 


22L9 


Crotfit & Co mn en a insurance 

32ft Regent Si-' London W1A 5^ 01-4397061 7L Lombard Sl, EC3. 
EAC Mngd Fd— 4123.0 1310} J — . . ExeropL : — 1«3 


Rothschild Asset Management 


Guaranteed see 'Int. Base Rue*' laUc. 

01-405 9Z22 Wetfan Insurance Co. Lid.? 

...J _ WlmlBle Parle, Exeter. 0393-52255 

...j — Moneymaker Fd | 104.6 1 .. | — 

...4 — For refer huift . please refer u The Loraka & 
. tfancJKM Grata- 

npomm Windsor Life Assar- Co. Ltd. 


Life Inv. Plans 

_ StSwllMns Lane, UndM EG4. 01^.264356 

103.4] ...j 7^ M -^ W&SnaJw4:™ J “ Fte.N?:£S5y,: 


IH-9 73i| 


19.00 1 


bflU 106 .ij 



Earslwni KsUtasi H-V. 

Kandelskarie 24, VOdeoRted. Cuuc.ro 
Ljr+Is-i InfeL 15 Chrcr.rt-.ier 5t„ ECZ. 

7 cl. 01-2^7 7243. TeiM: 85244:-^ 

NAV par share Dec. E 5U32a.c5 
ft C. tfcjmL Ltd. fev. Aii+isers 
1-2 Loiirwire Fountney Hill, EC4R 03A 

cJ.'Lrd Dec. 6 | SUS551 | . .. | — 

r-deOty Mtjmi. ft Res. fSc'tLi LiJ. 

P.O. Boi bTO, Hantllon. Pcmuaj 

F^eiily Am. Ass 1 SUS23.76 

Fqfcli!/ Irt- FtaS | }U521<7 

Fidelia Pnr. Fd I 20 

FlaelliyWrWFd. | 5»J3!4.21 

Fidelity IWfcsut. Research (Jsrq ; -i Li=„ 


f?£=Sh 4 

Int! jitx* ......J 1 ; ififl 

lnt-i->d Ljnssr3 12.01 U59 


-0J 


73588 
9.06 
4.8* 
12. ol 
364 

ZBD 


W^erioo Hse. Con SL, SL Heller, Jersey. C5J4 fS3£fS>S»— 


...... 

*Ue«t tub. (ter Barter 13. 

Schroder Life Group 
Enterprise H-xis*. Pqrtarnuth. 0705Z7733 
Irie.-natiarjl Fends 

LErui-.y 1063 

Sscuilj ... 2334 

l-irec I nut rest 139 2 

SPaed IrrtSrW. 107.3 

ITAaroard 1235 

$Mana9Jd 120.6 

J. Henry Schrader Wagg ft Co. Lid. 

120. Cheauddo. ECi 01-588 4000 

l-ona 281 


113.C 
1419 
148 0 
114.6 
1313 
12ft: 


?2 

37 

2520 


taSL-ec 15 5. . 

jQcrNov.30 SU3123.16 , 

Aster. Fd Dec. 12.... PJ519M 1951] 
' uno Fd Dec. 11... SALft 
ai rd. Nov. 16 pUSSJ 


Din 

Jtaci 


282 
5 50 
0.44. 


First V.king Cararacdity TrucLs Sea iry Assurance International Ltd. 

IC-12.Sc ^w'aSU DonetB, lx. M 0224 25015 f.O. Eo* 326. Harnillon 5. Bermuda 

5!’=|-0-! SCd Managed Fund puatHB 2156jW3I8T| — 

ae.i!l ! — . 

Smcer ft Fnsc3ander Ldn. Agents. 

20. Omen St, EC4. 01-248 9646 


Fn.ViL.Cm Trt.^__p5.Z 
FsHA.DW.Cp.TfiL..|55d 
Fleming Japan Fund SJL 
37. roe rictre-Qjme, Luiemtaurg 
Fleming Ccc. 12. — I 5L'S63 jl 
Free V.'crW Fund Ltt. - 
Butterfield Bldg., riumUtoi. f>nnut&. 

XAVNor.50 { 5U5139.30 

G.T. RSanetjeinent Ul. 




I -I - 


Deryfim*.. _.JDK2bJ7 27.( 

Toiyo TsL Nuv. 21 . „| SUS40.00 


612 

155 


CiruiT, Lordm ECZ 
SBblOO 



t-lgj Fdj£9 92 55W — 

d .Ijiisitn — Ueo: o.s? 

has rd._.]SUS9.77 1J58 . . .1 — 


Pari. Flnsl 

Tel: 01 -6.^3 2132. 

Landau Asi-nts fort 

Anew ■B'Vrfc# 

Anchor G 1 1: ECjc - 

Anther 'm. rd 

tnowr In.Jsy. iS.j 

rerr: P.’C ra. .., 

Ferr/ Pae 5'ris — ._ 

G.T. An a Fd _ 

G.T. JWiaSrcrtirrf — [a4 15 1«.«7[ rQC. 

G.T. Fd. SIE9.7E 1 C.2! 

GT. Rend Fund _| 5U52369 

G.T. fenarFd. . rUSc.'iC' 

G.T. G!r. (SWjJ Fdj 

G.T.PaurcFd 
G.T. Pumppfo 
Gartnorc invest. Lid. LiJn. 

;. Sl. Mary Axe, Lennon. ECJ 01-ri3 -531 
Sartrasro Fund LAwt. (C.l.) Ltd. tub' 

41. Broad Sl, SL He her, Jersey 0554-75741 

3ifi FundfJerseyJ—.Ra.DD ]P9.g . ] 1225 

GvSmrre Fund IHfaijL IFSt Etei Lit ijVei 
15C3 HuUiJWn Hie. U.Hjiam Rs,_E Jfor-7 


Earlricrt Inu^taeiG LLtaL ttl foi 
P 0. Bax K. Dwgtes, laS7 ra24 23 s ] 1 

Gaprure Inti, fee 1212 2261 | 1113 

Ganna re InK. GrthlhlZ eS.91 ... I ZiO 

Kzmcra Pa^Tx Ptna! Li=. 

212D. Snrnta:. 1 -: Dmjrv. Harr; I on; 

Far EiJ Dec. 13 IDIr J4J7 15.15J .. 1 — 

Japan Fund fy/SlW 1C.1=, ! - 

Nancros Saaft fGcarascyJ LUJ 
Kzmhras Fd. Kgrs. tC.i.1 Ltd. 


ScraiKlhois' Eilanagement United 
P.O Pox 315, SL Holier. Jersey. 0534-71460 
CosnmKKiyTrua — [86 99 91.57|+157| — 

Saritwcst (Jersey) Ltd. (si 
C;ue<rr. Km.. Don F_J„ Sl Helier. Jsy. 0534 273*9 
A-nsri ian Ini.Trt rf7.ia 7 Ml -D 02 


Jersey Fund 144.0 

Guerre-?;- Fuad -.149.0 

Pn--?s un D«. 13. fieri sab. day 

TSS E5t rand RSanagers (C.l.) Ltd. 

E.-VWCIIO RA, SL Satlour, Jersey. 0534 7349* 

Gill Fund 199.0 102M (1210 

Gilt Fund {49 D ]020) I 1210 

Frices oi 2ei. 13. N«i sub. i&y Dec. 20 

TcLyc Pacific KoU&rjs K.V. 

Intiinic r.Lanaeefnwt Co. N.V., Curacao. 

NiV per share Dec. 11. SUS64J84. 

Tai:ya Pzsific Wdgs. (Seaboard) N.V. 

Iniimi; Mcruj-ment Co. N.V., Curacao. 

IJAV pst share Dec. 11. SUS47.25. 


Htaullmi 5. Bermuda, 2-2760 
CliCCS Pec. 23 ISU5L27 L24I+0D2I 6 00 


Units) -ISL'SLE* 

3-VJae lm. Nor. !•>.... PUS2.M Z 


r*\ 


2 SU S‘_ HeBtr. Jerscr 
TOFSL Dec 14. |C7i0 


P.C Box 86, Guernsey. 
MW. 5ond SUSJ 

K ^s: -A-isr 

InL Sv^ -E - _SU? 


i:.i.-uir. Shares') .... 

Lrerican Dec. 24 

(Acam steresi 

~.v Eai£ Dec 14 . . 

(Ate^iir. slicrerj 

JsrteyFd Lot 13 — 
fr'an- J. Acs. Ifli ) 


£.12 B5 

l| 

B7.0 
187 0 
284.2 
i02.o 


D432-2e521 GUI Fund Dec. 13 IM3 4 


G.0« 
12.60 
88. D 
883 
93 5 

Zltei 

320.R 


.0534 37331/3 


I140S 158irt ... I 7 70 (Acann.r.taresj .. _|1412 144 

,i?v3 [ 'i ^ Vfofcry Psuse. Daucbi. Isle ot U a 

_ KaM9edlJta.lh.jBMB Ml 


+0.09 

♦U2M 

+oif 

+o3 

+ojJ 

+o3 

-o.*f 

-ON 


ZOO 

zbo. 

loo 

727 

1L39 


Li4 l id j — 

I iro -O. 


LV6 1.0 

Li4 UL 

on D?c 13. M cteJvn 
Henderson Bering 'ma LT^rs. Ltd. 
o05. Ganvnorr House, Horn rs.-.-. 

Japan Fd.pec. 13 — .BUSaW 23.6T+03C; 
ParfficFO/Dec. a-.Biiaw -oa^o.q - 

Bond FA DK.3 .1 SUSlilStl J ... 

Dctasm*’ ef anr preun. dtres 
KiiFSaniaei ft Co. fGucrr.siy} Liil 
8 LeFelwre SL. SL Peter Pert, Cccnsev. 

Guernsey TsL B50.7 1 6U5£( -0 

MSI Samuel Invet. Wsnti. 


P.O. Bc« 63. Jorse/, 
HSCiamells.F. _ 1225.0 


133 


Kao. 0624 24111. 
-4Z.0J .. ..| - 

ilr.Life Assurance Overseas) Ud. 

T O. Brx 1383. Hamilton 5-31, Bermuda 
Ipteml f.rflA Fd I5U9L96 — | .. ,.| — 

U. rticn-Ir.vesLinent-Geseascteft cnbH ' 

PsctftlCh 1&'67. D oGOO Frankfurt lb. 

Albnt'cfoncs 1135 

Etropu'snris 25 JO 

Uirlcr.J; 17^0 

Unl.-enLa 3875 

Unjp«ial 1 _|o9ji0 

V. i. (rttn!. Elngmnt (C.L) Ltd. 

14 Muieu-r.-r Street. S:. Helier. Jersey 

05V 272/1 U I.E. Fund RUflHffi 105.531 1 7^0 




3.J 



3J'jJ+CJ)'i| — 


Cjwreww^A (Aii*".)-|ir^ i- jw.iL+v.yii — 

ITFrd (Acc ). — ISUS3.11 EZSi-ftii, — 

leternsticaai PacSre ir.v. Sijnil. LiJ. 
P.0 Bo* R237, 56, PiU St., Sydney, ir:. 
|Jai-elinEqJlyTsl._ 

(J-E.T- MsKtag: 

IP.O. Box oa Channel 

Jersey Extrnl. To..— 1150.6 Itaoi | — 
Si a t ter. 30. Next ssts te;- DeL 51. 
[Jardlae Fleming ft Ca. Ur). 

|4«h Floor. CowtcoghL Centre, Hcnq Lone 


L'nriad Stcies Tst. IniL Adv. Ca. 

24 Flue +.l£-ir»7er, LL'embourg. 

U.S. TsL lov. Fn' ILl'J -12 — 1-005) 

. Net recember 13. 

3. S. VJartcct; ft Ca. Lfd. 

30. Gresham Street, ECZ. 


0.94 



:S 


Hh229 


Jjtatine Esin- T sl„_ 
lJertBneJ'nfl.Fd*..... 

LtenJI*55A 

[Janfme rlrttLlnL— .. 

I irtl.PK.Secj.l Inc.J... 

[Do. (Accum ) . 

NAV [lev. 50. 'iqunabn SU52?j£ 


HLMtO.rJ 
11131640 
HUS’UJ 

. PHT13 31 , . . 
I _H.4S13.44 I 

'LifMBfcra SL^S? 

Nv*l :ii. dey Detteroef 27. 


pJW2 

Wurhurg invest. B'ngL Jrsy. Lid. 
l.ChanngCwc, SLHHwr, Jsy.Cl 0534 73741 

CM? Ud. No*. 30 ISUC1356 13.901 ...... 

CMTUri. Nos. 30 __ Uj.c- 7 14 Oti 


I ?V« L:cL*lsTrt.Nov.l6...in2.73 1?.M 

7MTt:ov.Q — BUS-196 10.21 

J Z. u TM7LtC.Ncv.9-. \L<*Z7 1dJ5| 

tVsrld Wide Growth HSawgeinentijh 
l'5t. Eouievord RpjtJ, Lirwmtnjurg 
WriAvKls Gth Fif S'JS14 99 | — 


V.-Z7SS 




Prices r! "Ot tr^lul; $ vt 011-4% *. 4 '■< 

K 'Vli (tJiX/n in l.o) colLiro .v't • •(■ 

Twy\»irt!*'. c VieWtiKeccncti + r' 
' L'< Svsi. p Frriaic "r?ml:ta u> 1 . 
lull cADtnres eioept «ert , tanr.! ,.nr .. • 
Preocu-, d'ly's pr ee •* Net •»* 1; - •.*• • 
t SrUWtU>l <• VieK) betcur 3.1-v , ti 


.' *. s . ; o;rrretatenins.«nu}.s (fflereri price me iwfes 
c.lvij: ail expcisei >rbouqht through nvnagerL 

I’F'ui >w.t untf-.s mal^ied (9 4.. 4 Guernsey qrass. 
i.-tao-.-.t.-:" H Only cuiitale to cnanlahte boles. 




. . _ : r>. 










PANTH EON SRJURITI ES L1M ITE U 

I.L JiC EfuLrii 

- *■ in Fr-isias 

I'ii u:,!u-.;r j:;il u'jr.ircr - ." 


• V. -i:?Fr* ii.l'Oiuii' m 

on 

rutin- vriitflivr luM-a >r ur I: :c. 

Carrin^’ijii 1 li”i*c. 

1 ;0 R<VMl Street. I nnOuii iVlRHli. 

M J'.K:f(tco;i *«w. ; :iw Gru:i,i Umilci 


BRITISH FUNDS 

! Price I+bt 


FT SHARE INFORMATION SERVICE 


Financial Times Friday Decemb^ lS |9^^ 

FOOD/ GlWCSRJSSr^fifc 

ivh-fiW 


CHEMICALS, PLASTICS^-Cont 


1938 J | 1+ cri W? * | I 

HI* law] fed I Neb j - Ntt C^|Ert|PTE 

542 1376 IHoedKtDM5~ «W !+4 Q 12 %J 0JM«8313U3 
£133 EU2W Db&J&IXIjl- EUUkIL.... Ql0»i -J&3 - 
4a 328 ln*.C?iem.EL 368 [-1 fI6J7 2$ 6.H-7 
49 41te I Do, 5%Pf. £2. « 3.55 K7^1Lffl - 


.Uruguay 3*3* 



U.S. $ & DM prices exclude in*. $ prentiwn 

AMERICANS . 


1287 a |ll 
Ufa 
89% 
lD6i, 

. 83 I 
95 | 

1143,1 
901, | 

131U 
117*a 
50 4Z% 

115*4 1001, 
98% 841 i 
88 % 73*8 
72i 4 59% 


Gas3pc*W«5 
Excfl. 10W 1995 



Hire Purchase, etc 


BEER 


93 GreenaJI Whitley.] 138 

213 Greene King 297 

148 Goimess 1 157 

63* z HigWd DfaL20p 
83 
109 


led Plant J 0 p_] 2U 
2 ® 


Carr (John) 


31 
80 
62 
84 
.00 
106 68 
26 10 
79 60 

29 19 

27 19 

IS i! 

1} SF 

42 26 

71 52% 


F.PAConsfn. 


BANKS AND HIRE PURCHASE ?9 % 

ni m i»| art I Price | + -“| M I Or I Grt| WE $ h 
348 1184 1ANZSA1 1317 1+4 Ittfc | * I 4.01 4 S £ 


Alexanders D. £L| 



Bank Scotland CL 
Bankers N.Y.S10 



95 59 

741,1 41 
£385 
157% 

93 
93 
90 
22*4 



FINANCIAL TIMES 

BRACKEN HOUSE, 10. CANNON STREET, LONDON EC4P 4BY 
Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Fioantiroo, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND - BRITISH OFFICES 


Marshalls (Hix) 
May & Hassell.. 
Mears Bros ...... 

Melville D.&W. 


Mowlrm(J)..... 
New 3 rthiU£l._ 
Ncrwest Holst _ 
NotL Brick 5Qp 
Parker Timber . 
Phoenix Timber 


PdTds. Wall lopl 
Roberts A (Hard. I 


EDITORIAL OFFICES 

Amsterdam: P.0. Box 1296, Amsterdam-C. 

Telex 12171 Tel: 290 555 
Birmingham: George House, George Road. 

Telex 338650 Tel: 021-4S4 0922, 

Bonn: Presshaus 11/104 Heussallee 2-10. 

Telex B869S42 Tel: 210039 
Brussels: 39 Rue Dueaie. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Box 204a 
Tel: 938510 

Dublin: 8 Fltzwilllam Square. 

Telex 5414 Tel: 785321 
Edtitovgh: 37 George Street. 

Telex: 72484 Tel: 031-226 4120 
Frankfurl: FranUenaUee 71-81 6000 
Frankfurt am Main 1. 

Telex: 416052 Tel: 7598 Z34 
Johannesburg: P.O. Box 2128 
Telex 8-6257 Te»: 838-7545 
Lisbon: Praca de Alegria 58-10, Lisbon 2. 

Telex 12533 Tel: 362 508 
Madrid: Espronoeda 32, Madrid 3. 

Tel: 441 6772 


advertisement offices 

Birmingham: George House, George Root 
Telex 338650 Tel: 021-454 0922 
Edinburgh: 37 George Street 
Telex 72484 Tel: 031-226 4139 


urge House, George Road, 
I tel: 021-454 0922 


Manchester: Omen's House, Queen Street 
Telex 666813 Tel: 061-834 9381 
Moscow: Sadoro-Samotecfmaya 12-24, Apt 15. 

Telex 7900 Tel: 200 2748 
New York: 75 Rockefeller Plara, N.Y. 10019. 

Telex 66390 Tel: (212) 541 4625 
Paris: 36 Rim Ou Sender, 75002. 

Telex 220044 Tel: 236S7.43 
Rio de Janeiro: Aver Ms Pres. Vargas 418-10.' 

Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 610032 Tel: 678 3314 ■ 

Stockholm: do Svenska DagWadet, Raataratevagen 7. 

Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 213930 Tel: 682698 
Tokyo: 8dt Floor, Nflwn Keixai Shlmbun 
Building, 1-9-5 Otemachi, CMyada-fai. 

Telex J 27104 Tel: 241 2920 
Washington: aid Floor, 1325 E. Street, 

N.W., Washington O.C. 20004 
Telex 440340 Tef: 002) 347 8676 


Manchester: Queen's House, Queen Street, 
Telex 666813 Tel: 061-834 9381 
New York: 75 Rockefeller Ptw*, N.Y. 10019 
Telex 238409 Tel: 1212J 489 8300 
Parte: 36 Rue du Senller, 75002. 

Telex 220044 Tel: 236£6D1 
Tokyo: Kasahara BiuMIng, 1-6-10 Uchikanda. 
CNywfa-ku. Telex J Z7104 Tel: 295 4050 




Frankfurt Franlcenallee 68-72 6000 P 

Frankfurt am Main L Telex 220044 Tel. 23686-01 

Telex 416193 Tel: 7598 221 Tokyo: Kjsatara BiuMIng, 1-6-10 Uchite 

Leeds: Permanent House, The Headnw, CWyoda-kn. Telex J 27104 Tel: 295 - 

Tel: 0532 454969 

Overseas advertisement representatives in 
Central and South America, Africa, the Middle East, Asia and the Far EasL 
For further details, please contact: 

Overseas Advertisement Department, 

Financial Times, Bracken House, 10, Cannon Street, London EC4P 48 Y 


CRsG'gr 


SUBSCRIPTIONS 


Copies obtainable from newsagents and bookstalls worldwide or on regular ulscriplxxi from 
Subscription Department, Financial Tunes, London 


275 
•218 
36 
•66 
1«U 
41 
49 
£95 
£99 
£9BU 
51 
79 
78 

27 a» 

65 404 
34 30 

MO 16 
Ulk 69 |Edfc&EverartL 
65 42 I Era Km Plastics. 

75 36 iFarm Feed 

394 305 
29 



45191 
52 29 

< H ,8 ° 

5.0 

1 I 1 
11.9 




DeVere Hatch. 


2JH 
dL83 0. 
254 2. 

7x0.671 41 



65 

10-1, , 

« 2 
lia sz 

?! lui 

8.4 

a s 



“R 
l\ I* 

105 3C, 
Wi' BO 5 

a 





Ley's Foundries 


MX. Holdings 


ELEC 





85 
57 
25 
42 
99 
K 

75 124 

67 49 

7l»z 483 2 

76 63 

31 20 

87 59Ij 
" 120 

94 

16 

99 

39 17 

21 13 

22 8U 




275 
1195 
LL95. 
70.74 3. 

BF t 




125 
101 
_ 310 

— 165 

— 65 

51 HU 
85 172 
8.1 71 

il£ 

* 5? 
J * 

* 115 






3.42 

af 

-2.19^: 
-1 


32 

73U 53 
38 27 

Ms i 



%;% & 
II § &• 

8 9 i 

tin v 







RT»TiMniT5i 


11 

12U 4 

3412 20h 

87 72 lEng. China Clays 

163 T22 {EspcraaaW* 
LO 99 (Elmo Ferries — 
43 _ -31 

» 

78 S3 
39 28 

172 127 , 

130 87. 

38 2* 

50 25. j 
117- 86; 1 

51 37 ' 

5ZU 39 
61 53 

196 S3., 

128 
74 1 
390 
.61 

r 


72 
68 
9bxd 
40 

ff 8 

Barker AD. I | 14 


140 
90 
57* 
104 
22 
| 43 
48 
41 
1 71 
M 42 
52 33 

153 73 

152 70 

125 102 

S- 9 

78 63 

14 8U 
74 57 

26 20 
77*2 56 
252 165 
95 59 



DO. -A "HfVq, 
BhieWrd Conf... 
BriL Sugar 50p 
BrH. Veafg l(bi_ 
Brooke Bond 



Danisb Bol'A'u 
E dwUsfLou C)5a. 
EngtsidfJ. £)5p, 


[62 ‘ 

jif! 



































































































































































BriHflipjnmn... •> ujW- | intmiropean ™. 4 

Brown (J.) 20 L0«™.— 5 Land Secs....,., U 

Baton 'A' 12 UicfflJo*. — _ 25 ||EPC 12 

SSSSbZZ m -SSi-™Z“ “ I 

BB£= Ss KlSiSfc H Tow»4C«y_dlU 

Dunlop™ 7 N.E.L 12 nib 

Eaoirsm- U NaL West. Bank. 22 „ , 

E.u.l,_, U Do. Warrants— 10 f5 

Gen. Accident — . 17 P&OOHL 8 r | 

Gen. Electric, — 18 Pl«6ey U Chanertall.»>».. 3 

GUuo M R.H.M. 5 SJwll 28 

to* Met. 9 taftOn-W-.... 18 ««»» » 

G.U.S. ‘A 1 20 Reedlmnl..„_ 12 

Guardian « Sulim 3 Mb » . 

G.K.N — 5 « Charts C«s.~ 12 

Hawker Sidd — ffl Thorn™ 22 Cons,Golfl. 1 14 

House of Fraser-! 12 Trust Homes,— 15 RIoT.Zl*:.— _j 16 I 

A selection of Options traded Is given on pc 
London Stodr Eaetange Report page 















































































































































































Tarmac 

CONSTRUCTION 

Builds for Business 


Friday December 15 1978 




£72m deficit 


on balance 


Britain 
to meet 


Tasters approve plum 

pudding vintage 


THE LEX COLUMN 




of payments 


OPEC 

delegation 


Mm, 



BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


By Hugh O’Shaughnessy 


THE CURRENT account of 
Britain’s balance of payments 
slipped back into deficit last 
month, continuing this year’s 
pattern of sharp month-to-month 
fluctuations. 

The underlying trend is 
nbscured by the impact of the 
Ford dispute. But the growth of 
export volume has apparently 
slackened after the rapid expan- 
sion of the late summer and 
imports, especially of finished 
manufactured goods, have re- 
mained buoyant. 

The current account deficit 
was £72m in November, com- 
pared with a surplus of £217m in 
the previous month. Around two- 
thirds of the deterioration can be 
explained by movements in the 
more erratic items, such as 
ships, aircraft and precious 
stones, and in trade in oil and 
hv the impact of the Ford 
dispute. 


BALANCE OF PAYMENTS 


£m (seasonally adjusted) 


Visible 


Current 

1978 

trade 

' Invisibles 

account 

1st 

-642 

+229 

-413 

2nd 

— T82 

+308 

+ 126 

3rd 

-342 

+316 

— 26 

June 

-111 

+ 103 

- 8 

Jut / 

-152 

+105 

- 47 

Aug. 

-r 46 

+ 106 

+ 152 

Sept. 

-236 

+ 105 

— 131 

Oct. 

4- 97 

+ 120* 

+217 

Nov.- 

— T92 

+110* 

— 72 

* provisional 




Source: Department of Trade 


Oil imports 

Imports oE oii rose by £42m 
last month, partly perhaps 
because of some pre-emptive 
stockholding ahead of this 
month's meeting of oil-producing 
states. The Ford strike is esti- 
mated to have resulted in a de- 
terioration of about £95th com- 
pared with October. 

In addition, purchases of food 
rose by about £100m in Novem- 
ber following a sharp fail in 
the previous month. 

So far this year the cumulative 
current account deficit is £16Soi. 
This suggests that the overall 
outturn in 1978 will not be far 
from the deficit of £250in fore- 
cast for 1978 by the Treasury last 
month, though this contrasts with 
the surplus of £1.5bn projected a 
year ago. 

The overall picture confirms 
the comment in yesterday's Bank 
of England bulletin that this 
year's figures are relatively 
disappointing, given the large 
assistance from North Sea oil. 

The official expectation is that 
the current account in 1979 will 
he in either a small surplus (the 
Bank) or a small deficit (the 


Treasury) with around Xlbn of 
additional benefit from North 
Sea oil. 

Surveys of export prospects 
point to. a continued growth in 
volume though there has been 
an un expected slowdown in ex- 
pansion in the last couple of 
months, partly because of the 
Ford strike. 

Nevertheless the volume of 
manufactured exports (exclud- 
ing erratic items) in the last 
three months was 51 per cent 
higher than the average for 
1977. Total export volume was 
9»- per cent higher on the same 
basis, boosted by sales of oil. 

The import outlook is less 
reassuring. Excluding erratic 
items, volume was 5tr per cent 
up in the September-to-Novem- 
ber quarter compared with the 
previous three months and un 
by 13* per cent compared with 
the average for 1977. 

The unexpected feature this 
vear has been the high level of 
imports of industrial materials — 
up 31 per cent in volume in 
the last three months and 15 per 
cent above the average level of 
1977. 

The most rapid recent growth 
has been in imports of finished 
manufactured goods— up S per 
cent in the last three months 
in spite of the slower expansion 
of consumer spending. 

Tables Page 6 


BRITAIN AND other oil 
exporters who are not members 
of the Organisation of Oil 
Exporting Countries -are to meet 
an OPEC delegation to map out 
areas of common interest and 
possible future co-operation. 

The meeting arises from an 
OPEC initiative. and will be held 
in London in February. 

Mexico. Canada end Norway 
are interested in attending but 
a British suggestion that West 
Germany should also take part 
— although it is not an oil 
exporter — has not been agreed. 

The OPEC delegation would 
include Sheikh Ahmed YakJ 
Yamani, the Saudi oil minister. 
Sheikh Aij al-KbaJifa ai -Sabah, 
the Kuwaiti oil minister and Sr 
Valentin Hernandez Acosta, the 
Venezuelan Minister of Energy 
Resources. The host -would be 





% 





^ ^ 




its 


& 




English Property Corpora- 

tion's last balance sheet showed Index feH 2 8 to 477*9 

fully diluted net assets of “ • 

per share, which may make 

37p cash offer from Werettfiave-v*' - ' • -s’' 

look like a joke in poor- taste, M T 

In fact the gap between these;; unnev ctmniY - /HH 

two numbers tells more about+ - SSrEfLc mu- 

property company accounts than STtHUIlo w»3_ /ggsfe 

it does about , the chpekiness. <>£ ; ^.g _ 

the Dutchmen. •' tarcetJe^^.. 


thanks largely to the- mflft'i* 
weather. r . 5 


in terms Of market sha^. : w 
Bass reckons it has pu^ed i&i jF 
share of the lager nrarfet ^p 3 
or little more to -around &T £«• jv* 
cent However, lookin^ at the^^/ 
overall beer market 
not changed much from 
per cent share helQ at .-thh end 
ot last year^ N^ertheless^tiarr- - 


Sir Kenneth Cork, Lord Mayor 
of London, receives festive kisses 
from (left) Staff Nurse Wendy 
Royds and (right) Sister Linn 
Green of St. Bartholomew’s 
Hospital. London. 

Sir Kenneth was one of the 
judges of the Financial Times* 


Last year’s assets would, have^ 
been 25p per share lower- -a - . 
shortfall on * development -pro-". 4) 
The -judges sampled pudding Iferties in Brussels had been . : 
from such varied sources as taken into account And, lf one 
Harrod* and Marks and Spencer. I wanted to be unkind. One could? - . 


j) re-tax profit — ' -possil^ 

; around £120m. : 

score for ■ another" ‘abase-riaridal,^ . • 


Mrs. Peek and Jacksons of Picca- knock off roughly \UBIcfc ; 
dfiiy. The vintage was declared, again to atiow- for the impaet- 


above average. The best were 1 0 f such items as mismatched?' 


better than last year,, but the 


development .commit- 


Mr. Anthony Wedgwood Benn, annual Christmas pudding test. 


the Energy Secretary. 

The OPEC countries have 


when the winter crop of British 
plum, paddings were assessed at 


made no secret ot their interest Hotel in »-ondon's West 

in closer co-operation with other End ‘ 


worat were described awfal.” ments ( nota bly in Nice) -and. 1 46 ' UDKHpm ing.ggaoi^; •- .. . 

received it on behalf of- the Of course the financial- gear-' fr^t i *••• ' ' ' F& : 

hospital. mg is very large, wMch ‘means: * ■ ■ ^ L ILL ■ -\ 

Details Of the test win appear that a variation of i per cent in the booming UK- domestic , •* . / .•• •- ^ gfC* 

in tomorrow’s FT. on gro 5s asset valuations wield market thanks to its deefsion to JCL-s results are even-tefteEi.,^ f v»* - 

make a difference of more fiiap withdraw Johnnie Walker, Tted. than “they.may first a^>eax. jQ.r^. ; . 

5p a share to folly diluted net Nevertheless UK volume, has eyes • accustomecL to adjuatr^Qt :^, : 
assets. But Wereldhave has still increased, and the srimpinfktioi\.Wfc^ : 

seen an the numbers in the 1 claims good progress in . Europe Uieye.^haTO ; b^Tm. ;coni^if«rr^ ,T 
course of talks which, sbetdfed Jnd many other wprld 'ifikrkets;.-pToauc& r . 1 .aiaCrt; : been ; *;• 

over six months (and failed ^ outside the U.S. ‘ ' « "■: ; - 'offiset hy exchange n : .:'- r.n. 

bring agreement). EPCs share^- So far in the second-half the Mid .. the 22. per cent sales- ' 
stood at just 33p a couple .ot group has caught up on the 19 £5TOm'is almost entirely- 1 - Head! 1 
weeks ago, and although . Ac volume shortfall but the; dollar vohiine-lDcrease. 
curent bid inay not be generods, bas been going against' it ‘and liave’ .iasen |>er ' . cent:*?!^:^ : 


Acn TT • ; v- . :dividenri _bpqst after yestcTda^k v 'c...- ; 

SEASmiAUYXDJDSI® ; . 1978-payout: '• At I71p. the- 
: . . ; . -ndiw saeld aboiit_5i’jer.jSfl9tg^i.. •/ .. .. 

c J*. fodiwlth. the.^rtori; ;^^' .. . 

1^8 J . ' ¥ .; L -. J'.’. • 

* Hz; ' 

mina 'TlVlT j • " • -'T- - . 


oil exporters. Some OPEC coun- 
tries would welcome exporters 
such as Britain as full members 
of the Organisation. 


Unwieldy 


Others feel that the entry of 
new members would make their 
group even more unwieldy and 
make the .task of reaching an 
OPEC consensus more difficult 


Eagle Star car 
rates to go up 


curent bid may not be generods; ^ been going against' it ‘and tiavb' .Tisen- *$£ fer- :ceatyW;jr -r \ '■ 
it is by no means ridiculous. .; : *. u.S. price rise ias . ; ' yhather:.---.^jy-^ - • ? 


BY ERIC SHORT Moreover EPC seems : to- face -been * announced • (th^igh "it ■ r 

SSStlSS^tWOySSSS ABOUT 800.000 motorists Mr. Jim Braithwaito. aaaiataot »J«* •» «» ooald be imminoW). An " 

has signified that it would not covered by Eagle Star Insur- general manager of Eagle Star bid - - 11 ^ .least arguaWe price rise for markets euteioe that wouhL • 

want -to accede yet- ance. the third largest motor responsible for motor business, that its dividend policy - his the EEC and the UJS. has'jukt out of. profits -^rae. 

The Mexicans have nsverthe- insurer in the UK, face higher said that the account had been been too generous in recent gone through end wall help- the ment^ jxiMier . the ^gre«nertf . v» 4 


less guaranteed that they will premiums from January l. only adversely affected by three fac-| years, and that it will have Tto current half-year, though the covering its support (for the . r;, . 

not undercut OPEC prices, six months after the previous tors. Because the real price of sell off a lot of its UK assets main impact wdU probably 'be groupls' B. .and D spending ilf 

though they have added that they increase. petrol had falleo. motorists were 1 - * - * - - * "• "" " *^‘ 

would be unwilling to go along Motorists renewing their using their cars more — leading 

with any OPEC price increase policies in the new year will to more claims, 

decreed for reasons ' connected find their new premiums affected But claims also were becoming 
soledy with the political situation by both rate increases. more frequent because people i 

in the Mid-dJe East. British The company is -raising all its were increasingly ignoring the 
ministers have been passing — rates by S per cent Last July, speed limits and the drmg-and- 

and often jocular— reference to the rise was an average ‘ 12} drive regulations. Most motor U1 0 1BU *.. lHJl « u - . ... .. dui- iasi . y««-=. i«uuoyer on x-.-i; 

UK membership. per cent but the actual increases accidents happen between 1020 but at 39p. the shares aie ... - ' ^ rental 'ana^sei^^«Tew\dnlv .-’i 

Britain as a member of the varied widely because Eagle Star pm and 2 am. (rightly) not counting on kny . is ndr* renf riuMuS witTa ' ^ : 

Internationa 1 Energy- Agency the restruchired its rates by district Finally, the w n summer made bonanza. ' BaSS. C3iaiTingtOn: ' ‘ . r -.. ^T^MnSisdTOontrihtPu'r-- V-.c 

club of oil consumers, would find and type of car. ^, n Hitin ne ^ ;• 1 r "'- - ^ ^ 


t Gilts sales cut 
f month’s increase 
in money supply 


se people ***** ** shareholders, like consolidation for DCL; ,the despite theii: initial . finandng * ^ : v - . 

oriog the Eagle Star that It is going^to outturn could be Just over cost dre.; thought - - to. provide ‘ ^ - 

drmg-and- °e worth staying for the riae. £i8Qm pre-tax, for a -prospective income- stability in the future. iK-'-'- - • - •- 

ost motor pere seems bound to be a fight p / e of 8, fully- taxed. :v. ' V' ,Bu|-' last .'year?. :<iiraoYeTj' ! on * e; 

men 1020 but at 39p, the shares ^ie .. .. h 1, - * i.- 

(nghtly) not counting on any . ik L-'i.'iJSSS'.uM », - 4^ - -- :• 


club of oil consumers, would find and type of car. 


it difficult to contract any formal 
relationship with OPEC. 

OPEC tackles oil price In 
subdued mood Page 22 


drivins conditions difficult. 


Motor insurers try t 0 revise “‘"“V -“•* , After .. :L rtOT . errikp-ridden' cfaase . s >° rf I ^luipment- by. cflstfl- - 

rates only once a year because Mp - Brajthwaite said the com- rj* firet half "Bass Charrington has * 

it is fairer to policyholders and Pany expected many of these UlSDUeTS vpS cbmputer iinduatxy'-.that, may -Hlgprot©’ 

garage cos^'anTc^urt Awards Premiums we?e betitp Ssed to Distillers had just one major with pre-tax profits 37-per Jceik ^ : •' 

rise "faster than expected, or if meet a likely increase in claims, factor in its favour in the first higher at JElOStoi: At^ •S^ftnK^ivShSij 8 ’' r 5 ' 

ihp j » rtaimn thTn »nti. Claims cost were already 18 per half-a mice rise early in the level the firsf.half increase was compames .ate hemg.^raduaily • . T 


BY DAVID FREUD 


THE MONEY supply increased 
by only a small amount last 
month, mainly because of heavy 
sales of gilt-edged stock. 

Figures published by the Bank 
of England yesterday suggest 
that the strong underlying 
demand for credit evident since 
March had eased off. 

Bank lending to the private 
sector increased only moderately, 
while there was some reversal 
of the previous switch toward 
other forms of credit caused by 
the official “corset” restrictions 
on the banks. 

In ibe month to mid-November 
sterling M3, the broader measure 
of money supply, io eluding cash, 
current and seven-day deposit 
accounts, increased by £103m 
after seasonal adjustment, a rise 
of 0.2 per cent. 

This was in line with general 
expectations in the City after 
last week's banking figures. 

A major factor keeping down 
the increase in M3 was sales of 
gilts totalling £790m net in the 
month to mid-November. Most 
sales followed the 2.5-point jump 
in minimum lending rate to 12.5 
per cent on November 9. 

The increase in sterling M3 in 
the first seven months of the 
financial year was 3.8 per cent, 
equivalent to an annual rate of 
about 61 per cent