Skip to main content

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

See other formats


Cars, Vans, Tracks, 
Contract Hire 

Monday December 18 1978 SI 

< 8 * 

Finance : Nationwide 


Head Office: 



THi SUNDERLAND 70431 . TELEX: 537065 


cdwfmBffU. • smftw - wept Austria jStMLGjuh pr as* Denmark k r 3.5? France Fr 3.0; Germany dm italt l spot Netherlands fi 2.0? Norway k r ts: Portugal Be 20t Spain pw *o; Sweden i u 3.25; Switzerland ft 2.p; eire isp 



OPEC to charge North 


New Irish 14.5% DIOFC IOf mim 


China pledge 
on Taiwan 

warning talks on oil in four phases soar 

- 'll 1W \ V*- /’ -B- «... V 

‘key element 




By Kevin Done, 
Energy Correspondent 


- - v Police are warning the public 
...■ to take specie-care wUh letters 
, and parcels alter the wave of 
bombings in five English, cities 
' - ..' early yesleniay: .• ■ 

: 1 The explosion's — In Liverpool, 
- Coventry, Manchester, Bristol 
■ ’’ 1 : and Sonthampton-Acarry - the 
hallmarks of the- Provisional 
IRA according -to senior police 
officers. . • . 

• UK AUTHORITIES will .hold 
further -talks, today, with their 
Irish counterparts to (examine 
-technical implications,- of- Ire- 
land’s decision to: ^ join - the 
European Monetary- System. 

Main issue is whether the 
UK Treasury i vrQl. \ have- to 
impose exchange controls on 
-transactions with.lrejaid, end- 
ing effective identity .between 
the two currencies. ' Back Page 

The Organisation of Petroleum Exporting Countries is to raise the price of its 
bench mark crude oil by 14.5 per cent in four phases during next year, 
starting with an increase on January 1 of 5 per cent. This is the outcome of 
a short and relatively uncontentions meeting of the cartel in Abu Dhabi. 

The decision takes the price doses " would form the pattern “ bear the burden ” by reducing 
of Arabian light crude up from for future price increases. her- output, 

its present level of $12.70 to This avoided a large single in- But Sheikh Yamani, who said 

her- output. 

But Sheikh Yamani, who said 

$14.54 by the fourth quarter crease, with, its possible adverse before the meeting that he 

of 1979. 

effect on the Western industrial would fight for a price rise of 

After the initial 5 per cent countries, and would reduce the only 5 per cent, added that be 

increase the price will rise by seasonal fluctuation in demand was u not happy " with the 

3.8 per cent on April 1; 2.9 per for oil due to stocking ahead of increase. 

cent on July 1; and 2.69 per cent ejected price increases, he 

on October 1. 

In the event. Saudi Arabia 
was prepared to sanction the 

: f :,, - Nine : people were injured in 

* ■'■&/ the blasts, tyhich caused 

- extensive damage' to -property. 
No wamings were “given. . 
Police believe the- .bombings 
. could. b£ . the ; v . start of 
• an extensive pre-Christinas 
campaign by-the Provisionals, 
' taking advantage of crowded 
. shops and the Juige increase in 

"• : rhail . ; • 

• TWO disputing Sides- in the 
West German steel ^Industry 
moved closer to a compromise 
at the weekend, biB>j*tthout a 
firm sign that the grille 7 would 
end by Christmas. -, t - 
Page 2- - '• * 

Tho .. In its communique OPEC said average rise of 10 per cent and 

vj? ic in Lnr that Should inflation and cur- have ihe support of a formid- 

and rency instability continue, it able array of important pro- 
hl °nnf' n rh,r would “find it imperative to ducers, including the United 

moderale 1 Waters of °tte »«“" f ° r *• “ Arab Em, rate. Iran, Kuwait 


Arab Emirates, Iran, Kuwait 

reference to a possible revision Qatar and Venezuela. 

of the prices set for this year The Iran situation “made It 

Anriri L„ A _ ___ J - txv.1. IV* 1DC IIUII aiLUJUUU UldUC U 

*^^£5 when OPEC Ministers nest meet very difficult for anyone to 

Civilians shot 

Rhodesian police , killed five 
black civilians in a, township -20: 
miles from - Salisbury during a 
hunt for guerrillas! A statement 
said the men had tried to flee 
when they were challenged. 

• SIXTH ROUND of UK off- 
shore licensing wil latest the 
Government’s readhrtifc to en- 
courage smaller. British ’ oil 
companies to develop; -greater 
expertise, in. offs&cire 'explora- 
tion. Licences are unlikely to 
be granted before*. ^Easter. 
Back Page ' .£\.v' 

to widen the spread between 
prices of the easily saleable 
light crude and the less-attrac- 
live heavier varieties. 

The increase ends the price 

in June. 


are for a small dose or small 
doses." he said. 

One delegate to the con- 

Sect ‘murders* 

The Guyana Government’s: chief 
medical, examiner believes at 
' least 780-Of the fill' people who 
died at Jonestown were mur- 
dered, Dr. Leslie 1 Mootoo.told 
the Chicago 'Tribune that half 
the people ,oir wioiir.he had 
so far performfid autopsiK-had 
died! from poison; injections 
which ccadd not have been self- 
admihistereit. - v >. : U 

.• BRITISH worked 1 ;" from 
shop-floor, to ' boardroom.' are 
being forced to * 1 fiddle” the 
tax system because^ it ' has 
become so unjust -p leading 
article in t okay’s; Ypirector 
claims. The best aj^rijich is 
for the Government i) change 
the system. It adds.. Sage 4 

BRCtafkS '• ' U ;; : 

The HSC 

the Association, of ^Broadcasting 
Staffs fhis vfeek cfver the: over- 
time baa.: wfiieb could- severely 

Leaders -of. $000 provincial 
journalists, on strike for! a £30 

a weekpayTisejin^t-employers 
to seek a settlement Page 4 . 

• CONSUMER spenfngr could 
be l^wer; than expfctedi this 
Christmas, .the PT farvey of 
i consumer confiderwafeows/ : 


;^:-K.lRJBSE.- bistriei#® "-.*a 
: record :loss .if the- cargo, ship 
3turiHien has - m f^ct^sunk ia' 
Atlantic storms- C#go and hull 
; together ■; . are /. valued at 
£SO-£4Gm; BacMPage 

The increase ends the price Sheikh Yamani said that even sa, j there was a great 

freeze in effect for the organisa- without a price increase he “ ea * understanding on the 
tion as a whole since January assumed there would be “a percentages which enabled an 
2977. little decline of the dollar in agreement on the price in- 

stated officially to be “ partial 1979." But he thought that it £ reas * >s be tnraiSMcL out in a 
compensation " for loss of OPEC would go up again later in the few hours, 
countries’ purchasing power due year because of the measures by Tlie gap between the 
to the decline of the dollar and the U.S. Government. moderates and the more radical 

“imported” inflation, the rcla- “ We don’t really have to talk members of the organisation — 
lively large increase has been about any further increase or Iraq. Algeria and Libya — does 
made possible by the tightness measures in this area." he said, n®* appear to hare been very 
of the market from seasonal He thought there would be a wide, all saying that they would 
factors, accentuated by the cut freeze in the price of oil in 19S0. hot insist on compensation for 
in Iranian output by strikes of The world's economy would anything like the full loss of 
oilfield workers. be able to absorb the price purchasing power they believed 

Sheikh Yamani, the Saudi increase. If there was a surplus they had suffered in the past 
Arabian Oil Minister, said that of oil when Iran's output in- two years, 
he hoped increases in M small creased, Saudi Arabia would . Editorial comment. Page 10 

imported ” inflation, the rela- 

Editorial comment. Page 10 

Iran takes action over 


A- iHi.VV*Vi jr ' • _ > ■■ 

bo^st ‘likely’ 

Peace deadline 

President' target -date 

for an Egypt-Iscael peace agree- 
ment- passed with, negotiations, 
still deadlocked. ' :This - Israeli. 
Cabinet met but did not discuss* 
the peace plan. Pa^JS V ;.Y 

• MONEY SUPPLY growth in: 
^the/toider definition ( Sterling 
M3£ tdbrd be boosted in the 
'mart few months, as a result of 
■unwinding of distortions in the. 
decent- figures, stockbrokers W: 
! GieeiweJl say. Page 4 

Promotibft cat! 


A Civil ---Service Department 
report says fewer graduates, 
should be recruited r for rapid 
prom otion_so_ that ending stiff, 
had better prpfimtiflii;px»^ects. 
Page 4 • .• "• 

• CONTINUING high sales of 
isfiation-proof investments for 
pensioners helped raise National 
-Savings 1 • Department funds, 
under management by £»8J2m 
-to a record £l0.86bn last month. 

Pilot shortstgO 


He reepyery ‘ ip- tffr gravel is 
producing a severe^pflat short- 
age. UK airlines 'ere likely to; 
need upwards of 200 •extra-pilots 
by the early ,3?age A 

• BREWERS win seek an aver- 
age ?on- a pint of beer early 
in the 'New Year, - when the; 
voluntary/ pric$- freeze agreed, 
with the Government end! 
Back Page 

TEHRAN— Iran’s military-led 
Government " has moved, to 
enforce the tough measures 
decided - on last week to break 
-the country's - ' crippling oil 

•‘■■■Over the weekend the 
military took over . managerial 
authority for all oilfields from 
the National Iranian Oil Com- 
pany j and appointed Army 
generals to individual fields. 

:; The initial shock of those 
measures, officially announced, 
that strikers or idlers will be 
dismissed and lose their com- 
pany housing, appears to have 
had' an immediate effect on pro- 
duction levels. The output of 
■the consortium’s Khuzestan 
fields rose from a low point of 
XOlnr barrels a day at the end 
uf/lkst week to 2.14m barrels 

At least 10 strikers are 
believed to have been dismissed 
and 20 arrested. 

The first of a planned series, 
of military trials got under way 
in Ahwaz, Khuzestan’s pro- 
vincial capital. The main 
charges are to be of soKSdied 
“oral sabotage” 

A general instruction to dis- 
miss men not turning up for 
work has been issued to oilfield 
production managers. 

Official suspicions over the 
attitude of the Western consor- 
tium, OSCO, responsible for 
production of the bulk of Iran’s 
oil. were reflected in a message 
from Gen. Azhari,- the Prime 
Minister, to the provincial 
governor, a serving military 
officer, that “nothing less than 
full co-operation from OSCO” 
was expected. 

OSCO, a consortium of 14 
Western oil companies led by 
British Petroleum and working 
on behalf of the National 
Iranian Oil Company, has been 
implicitly -accused of being an 
impediment to implementation 
of the Government’s measures. 

Elsewhere in the strikebound 
country a national strikers’ co- 
ordination council is believed 
to be In -process of being set 
up. bringing together repre- 
sentatives of public-sector 
strikers and dissident groups. 

Most departments of the Gov- 
ernment-owned Bank Melli and 
the Central Bank of- Iran are 
back at work after a fortnight’s 
stoppage, but there are no indi- 
cations of an end to other key 
public-sector strikes, such as in 
the Customs department or at 
power stations. 

NORTH SEA crude -oil spot 
prices have risen to unprece- 
dented levels in recent weeks, 
but trading activity has been 
brought to a virtual standstill 
by tbe lack of available cargoes. 

Spot sales of the lighter 
North Sea crudes from fields 
such as Thistle, Beryl, Forties 
or Ekofisk, could now command 
prices as high as 516.0O-$lfi;S0 
a barrel, oil traders said at the 

Prices bare risen sharply in 
response to the general 
shortage of light crudes and 
have already taken account of 
increases to be imposed by 
OPEC countries. 

The market has moved 
quickly from surplus to scarcity 
because of a combination of un- 
expected factors. The turmoil 
in Iran has cut back produc- 
tion severely there and output 
has been fluctuating erratically 

Demand for some lighter pro- 
ducts. especially petrol and 
naphtha; has been rising dur- 
ing the summer and autumn far 
more quickly than the oil in- 
dustry had expected. j 

The market is also tighter as | 
countries have increased stock i 
levels both with the approach 
of winter and in expectation of 
OPEC producers raising prices, i 
Saudi Arabia’s action to limit 1 
light crude sales to 65 per cent ! 
of total production has added ; 
to the upward movement of 
prices, and North Sea produc- 1 
tion has not yet reached the 
level forecast at the be ginnin g . 
of 197S. 

Arabian light marker crude, 
which is the base for pricing 
other grades of crude oil, has 
been posted in recent days at 
prices as high as S15 a barrel, 
compared with its official price 
before the OPEC meeting of 
$12.70 a barrel, Little more than j 
three months ago this crudo was 
still selling at .a small discount 

There is no fixed price level 
for North Sea crude, but in 
practice it appears that contract 
prices are related to the official 
price of Nigerian tight with a 
weighting to take account of- 
spot market prices. 

It is thought that North Sea 
erode from a field such as 
Thistle was selling at about 
$13.64-$13.65 in June and July 
this year. Producers are undea>. 
stood to be asking $16.00^36.50 
,for cargoes becoming available 
in the New Year. 

Such price rises are far In 
excess of any OPEC increases. 
Traders were reported at the 
weekend to be ready to pay 
between 35 and 45 cents per 
barrel over and above OPEC 
increases for low sulphur light 
. crudes. 

WASHINGTON— Assurances 
given by China on the future 
of Taiwan have emerged as the 
key element in inducing Presi- 
dent Carter to proceed with 
establishing normal relations 
with tbe People’s Republic. 

Dr. James Schlesinger, the 
Energy Secretary, who took 
part in the negotiations, said 
in a television interview that 
the U.S. had concluded that 
China had neither the capa- 
bility nor the inclination to 
invade Taiwan in the foresee- 
able future. 

Defence Department officials 
had been pressing the same 

At the same time, while 
registering disapproval. China 
has agreed in effect to accept 
continued UJ>. military sales of 
defensive weapons to Taiwan 
after the UE.-Taiwan mutual 
defence treaty finishes at the 
end of next year. The U.S. con- 
siders that to have been a key 
concession from Peking. 

As a result. President Carter 
was able to put into practice 
what Presidents Nixon and Ford 
would have liked to do: to recog- 
nise the People's Republic as 
the sole and legitimate Govern- 
ment of China. 

Clearly. Mr. Carter had con- 
cluded that he was sufficiently 
secure to survive the inevitable 
criticisms from the American 
political Right angry over what 
it considers desertion of Taiwan, 
and from the Soviet Union. 

In his television address to 
the nation on Friday night, Mr. 
Carter had emphasised the 
bipartisan effort of the past 
seven years . to restore 
diplomatic relations with China. 
Over the weekend, former 
Presidents Ford and Nixon and 
former ; Secretary of State 
Henry Kissinger, endorsed the 

President Carter does and that 
the almost completed negotia- 
tions of the pact will proceed as 

Mr. Cyrus Vance, the Secre- 
tary of State, is still scheduled 
to confer with Mr. Andrei 
Gromyko, the Russian Foreign 
Minister, in Geneva at the end 
of this week. 

Key members of the Carter 
Administration, including Dr. 
Zbigniew Brzezinski. the 
National Security Adviser, haw 
long been attracted by the idea 
of persuading China, particu- 
larly under its new leadership, 
to play a fuller role in inter- 
national affairs. 



It is also felt that the old 
“free China lobby" has lost its 
once vaunted steam and that 
although it .may protest noisily 
l Senator Barry Goldwater has 
threatened to lake Mr. Carter to 
court) if can be contained. 

In particular it is believed 
that those in the Senate who 
oppose Mr. Carter over China 
were bound equally to oppose 
him over a Strategic Arms 
Limitation agreement with the 
Soviet Union 

Some people here remain 
nervous about the Soviet 
response. But the Administra- 
tion appears convinced that 
President Brezhnev wants a 
second SALT treats' as much as 

Dr. Brzezinski said in an 
interview that establishing 
normal relations with China 
“was not directed towards the 
Soviets or anyone else. l>ut was 
designed to accomplish our 
objective of shaping a more 
open, pluralistic international 

One indication of the U.S. 
consciousness of Soviet sensi- 
bilities appears to be the deci- 
sion not to appoint Dr. 
Schlesinger. a known hardliner 
towards Moscow, as the first 
ambassador to Peking in 
March. Dr. Schlesinger. widely 
tipped earlier this weekend 
for the post, said in his tele- 
vision interview that he would 
not be going and the probable 
choice, according to officials, is 
the head of the U.S. mission 
to China, Mr. Leonard Wood- 
cock, the former head of the 
Car Workers’ Union. 

The visit of Deputy Premier 
Teng Hsiao-pins to Waslnnetun 
next month will be entice! ir. 
Mr. Carter’s attempt to persuade 
the American public that be has 
made the right move. 

Mr. Carter will shortly send 
his Treasury and Commerce 
Secretaries to China for trade 

John Hoffman writes from 
Peking: Mr. L. Woodcock, 
indicated yesterday that econo- 
mic relations between the U.S. 
and China would substantially 

Among commercial possibili- 
ties. observers here have 
pointed to the growing Chinese 
interest in computers, 

China, which this year pur- 
chased 3.7m tonnes nf jts 10m 
tonnes of wheat imports from 
the U.S.. will also be lookinp 
to the U.S. for agricultural 
equipment and technology 
Editorial comment and feature 
Page 10 

China — UK trade. Back 

Englan d a)?ea.d ^ 

England hat^^-" ’Cqmir^ading 
. lead of l^T runi aS^dr-tbrae day s 
of the second -cricfeet Test in'. 
Perth. Australia: Wereati out for 
190 in reply to ~Eng1and's 309. 
and the tourists are 58 without 
loss in Ubeir -secdhd innings. - - 

'• “FAIR WAGES” award by 
.the Central Arbitration Com-, 
mittee. will give 6,000 Boots’" 
workers rises, of about 26 -per 
cent. The *ward is expected j 
to cost the .company £2.5m in. 
a. full year. . 

Page. 4. 

CBI optimistic on economy 



John Geddes, promotion direc- 
tor of the FihaijciaFTimes, died < 
suddenly on Friday^ evening. 
Obituary. Page 4/ ' ( ... . . 

Cost of a haircut: wAt-rjuse by: 
at least 10 per cent today' fol- 
lowing a. pay ^ award. - ■ 

International; Whaling Commis- 
sion meets in Tokyo tomorrow 
to set catch limits.' for sperm 
whales In . the , north ■ Pacific 
next year.' * .- . . ' • . 

Police fired on : villagers /who 
tried to . stop Vietnamese" refu- 
gees coming ashore on Malay- 
sia's east coast. • ; 

part of ' the , U.S.-Abased Mobil 
oil group, is to build a 25,000- 
tons-a-year polypropylene film; 
plant in- Belgtuni. The plant 1 : 
is due to. come on stream -Ip . 
mid-1980. 'Barit Page '- 'C; 

QNE OF the most optimistic 
forecasts produced recently 
about prospects for the economy 
is published this morning by the 
tjpnfederation of British Indu- 
try, - which says there is a wide- 
spread improvement in demand 
at home and overseas. 

• BORG-WARjSTER Corpora--. 
■Son's UK plants are to under-’ 
take further “development, and 
probable ; manufacture, of t he;- 
automatic transmission system: 
originating with Van Doorne 
Tiraismissie. : Page. 4 - -'V. - 

Hong Kong, has signed an order': 
for four 84,000 dwt oil tankers' 
worth about $80m, with the 
•Gdynia shipyard of Poland, for 
delivery in: 1980-8L, ' 

■Page 3- . 

Weekly £50,000 Premium Bond 
winner lives in .Herefordshire. 
No: 9TN 000784. . : T ‘ \ 

• NORCROSS pre-tax profits 
rose 17.8 per cent to £6.53m fer- 
tile half-year -to September -30., 
Page 18 ' 

i In the monthly report on its 
["industrial trends survey cover- 
Mg{ 2,000 manufacturing com- 
panies, the confederation 
suggests that the high level of 
icdnsomer spending is having an 
-increasing impact on business 
activity and that export orders 
ate also improving. 

• i. This puts its report out in 
.front of other recent economic 
surveys.-, although the confedera- 
“tion does warn that not too 
much notice should be taken of 
one month’s results. 

-. -The confederation is also 
worried about the prospects for 
cpmpany profitability, although 

these do not form part of the 

It intends to tell the Prime 
.Minister at talks later this week, 
probably an Thursday, that the 
levels of profitability are so low 
that they should not he reduced 
further by stricter price con- 
trols. Some leaders of the con- 
federation fear that the Govern- 
ment may be tempted by the 
TUC to strengthen price 
controls as a way of propping 
up the pay policy. 

The main reason why the 
confederation's industrial re- 
port is bullish in tone is that 
the companies covered in the 
survey, which was conducted in 
the second half of last month, 
reported improved order books. 

Total order books are still 
below normal for 29 per cent 
of the 2,000 companies involved. 
But the balance between those 
reporting below normal rather 
than above normal orders has 

improved dramatically to 8 per 
cent compared with 15 per cent 
in November and 29 per cent in 

"This represents a further 
improvement in demand for the 
output of manufacturing 
industry compared with earlier 
this year,” the report says. 

** The improvement is wide- 
spread although, in general, 
order books are stronger for 
consumer goods manufacturers. 
For intermediate goods pro- 
ducers, and especially the metal 
manufacturing industry, demand 
remains relatively weak. 

“ There has also been a 
marked recovery in export order 
books. Not too much should be 
read into one month’s figures 
but the improvement is broadly 
based throughout manufactur- 
ing. Despite this, foreign 
demand continues to be at a 
relatively low level for the 
intermediate goods sector.” 

Talks on public sector pay 



Overseas .news . ... . i - 2 
World trade, news • 3 

UK news— general. L.;.;’... 4 : 

— -labour .4 
Wi>TwgMin»nt page 7 

Technical page 5 

^ Arts page 2 

Leader page I0‘ 

UK ( companies 

International companies ... 19- 

Fore ign Exchanges 1$. 

Mlning Notebook .. J$ , 

i the TUC economic committee 
tomorrow to seek a formula to 
stive. ’off the impending clash 
over pay in the public sector, 
■Which could result in severe 
industrial disruption. 


UJ5. makes ft «p with. . .. • Week, tn the courts 8 

Chiu - wji -uhuvKY 

Rhodesia’s, rock road lo ; : • -j . ■ SUKVEY 

maJoflty jrnle; .J;.-~..-~.. II .• Arab $anSPorf ~ U-16 

ApjMiittmvftt* : :J 3 S * irauianfi* ***aiT.* 19 - sport - -... •• • ••■♦ 

Building Notas ... : S- Uttwi- — ; •' W *“* 

’.The TUC will be looking, in 
the main, for some way of 
retrieving the idea of public 
sector pay comparability which 
■was lost when the General 
.Council- regetced tbe agreement 
On- "pay and prices drawn up 
- between Ministers - and the six 
TUC members of tbe National 
Economic" Development Council. 

auiwir* t-t***- w tow* 

Bta'amn's Pitr* ’.i Zk- tttr ...» Unit Trusts ...... 

Crossword . 3 ' Lnmbwd;^-. .^-.. • A Wssthar 

Entartnmt, GuicJw : . B-J JWort and Mffttcs • 10 World Boon.- Inet 

Financial Diary. , 23 . Sham lBfbrmatica't 24 - 2 S . teas tend. 

’ ; . 8026 

A ; comparability system would 
help tp provide greater increases 
for the ^lajority of the 1.5m 
health' -and local authority 
.manna! -workers, who. have 
rejected offers of 5 per cent;and 
p’ for -s- 

sibly crippling industrial action 
from next month. 

Some powerful unions, 
though, do not see the need for 
comparability for their mem- 
bers now that the Govern- 
ment’s abandonment of its 
-sanctions policy, as they see it, 
has allowed the effective return 
of free collective bargaining in 
the private sector. 

Mr. Denis Healey, Chancellor 
of the Exchequer, and other 
senior Ministers will make it 
clear that though the Govern- 
ment has been forced to give 
way on sanctions, Labour’s anti- 
inflation policy is by no means 

The Government will still 
continue to exhort private 
sector companies to settle 
within the guidelines, and ask 
them to re-negotiate deals if 
have not done so. 

The Government also intends 
to hold as closely as it can to 
its position, of control over pub- 
lic sector- pay, though the 

Richard Evans, Lobby Editor, 
writes: Mrs- Margaret Thatcher, 
following _ continuing Shadow 
Cabinet divisions over economic 
policy, will spell out her latest 
thinking on wage bargaining 
in a speech in London today. 

The indications are that she. 
will soften her hard line to free 
collective bargaining at tbe 
October party conference, 
without repudiating the views 
of Sir Keith Joseph, her closest 
economic adviser. 

A future Tory Government 
would still- put -maximum 
emphasis on monetary policies, 
but some account would be 
taken also of the scale of wage 
settlements the nation could 



V *: 

. •• 

' . * 

Arthur bell & sons ltd 

Established 1825 

And still an INDEPENDENT Company 


. ... 'v * * <* . . . ; 



- financial Times Monday, 

■/. •; -■ x *- 


,W. Germany 

accord on 
steel rift 


U.S. fears i 

By Jonathan Carr 

BONN — The two disputing 
sides in the West German steel 
industry moved closer to a com- 
promise this weekend — but 
there was still no firm sign 
whether the strike would end 
by Christmas. 

Hopes were raised on Satur- 
day when trade union and em- 
ployer representatives met with 
the political mediator. This was 
the first time that all three 
have sat dowo together since 
the strike began on November 

An accord in principle was 
worked out which appeared to 
point the way to a break- 
through on the key disputed 
item: demands by the trade 
union. IG-Metall, for the pro- 
gressive introduction of a 35- 
hour working week. 

But yesterday the union’s 
main committee responsible for 
bargaining on wages and con- 
ditions said it could not accept 
the compromise, which involves 
more holiday and free shifts. 
This would have de facto 
implied a working week of less 
than 40 hours 

However, the relatively 
moderate terms in which the 
union committee rejected the 
compromise suggested that 
further negotiation with the 
employers might yet bring 
agreement based on the “free 
shift" proposals. 

Neither side wishes to appear 
responsible for allowing the 
strike — the first In the West 
German steel industry for 50 
years — to drag on into the 
Christmas period. 

Some 80,000 out of a total 
200,000 steel workers in the 
North Rhine - Westphalia, 
Bremen and Osnabrueck regions 
are affected by the strike and 
subsequent lockout action. 

Besides demanding moves 
towards the 35-hour week, IG- 
Metall originally sought a wages 
increase of 5 per cent for next 
year. The employers offered six 
weeks holiday and a 3 per cent 

The wages component has 
hardly figured in the dispute 
and it is expected that both 
sides will settle for 4 per cent 
once the working time issue is 


WASHINGTON— The deci- 
sion by the Organisation of 
Petroleum Exporting Countries 
(OPEC) to raise the price of oil 
by 14.5 per cent will Increase 
the cost to the U.S. of imported 
oil by 4.5 per cent It will 
increase U.S. inflation rate by 
0.5 per cent over the next year, 
while widening the UJS. trade 
deficit and threatening the 
dollar. These comments on the 
Abu Dhabi decision were made 
yesterday by Mr. James 
Schlesinger, the Energy Secre- 
tary in a television Interview. 

The increase was “substan- 
tially larger than we had 
hoped," Mr. Schlesinger said. 
He still hoped that the oil 
exporting countries would re- 
view their decision to make 
successive price increases in 
the second, third and fourth 
quarters of 1979, in the light of 
the impact on the U.S. and its 
industrialised partners But the 
first of the scheduled increases 
— 5 per cent on January 1 — is 
also the biggest in the series. 
The reaction of the stock and 
foreign exchange markets today 
will be anxiously awaited by the 
Carter Administration, which 
had earlier estimated that even 
a 5 per cent oil price rise would 

widen the 1979 trade deficit by 
$ 2 bm Mr. Schlesinger said yes- 
terday that after somewhat 
lower U.S. oil imports this year 
because Alaskan production was 
beginning to flow, the volume 
of imports next year would rise 
again to near 2977 levels. 

The 14.5 per cent oil price 
rise next year will inevitably 
make much more difficult the 
Administration's task of curb- 
ing inflation. For one thing, it 
will make even more unpopular 
President Carter’s intended 
move next year to lift the 
present controls off the price of 
petrol. Mr. Schlesinger said he 
expected petrol prices in a 
year’s time to be five to six 
cents a gallon higher, about half 
of that the result of the OPEC 
decision and half the effect of 
decontrolling prices domestic- 

The Energy Secretary stressed 
that the Administration still 
believed decontrol was needed 
to encourage investment in new 
petrol refining, though the 
timing of the move depended 
on the Administration’s anti- 
inflation programme. 

Mr. Carter had earlier called 
for an OPEC price freeze, and 
sent bis Treasury Secretary' Mr. 

Michael Blumentha], to the 
Middle East at the end of 
November. The aim was to tell 
key oil exporting countries, in- 
cluding Saudi Arabia and Iran, 
that a sharp price increase 
might lose OPEC members more 
in damage to the dollar— in 
which most of their reserves are 
held— than they would gain in 
new revenue. 

The Nov, 1 measures to sup- 
port the dollar were in part, 
taken by the Carter Administra- 
tion to reassure OPEC members 
that the long slide in the value 
of their dollar reserves would 
not continue. .Asked yesterday 
whether the Elumenthal mission 
had failed, Mr. Schlesinger 
pointed out that the OPEC price 
rise might have been even 
bigger, had- not the Treasury 
Secretary made that trip. 

Mr. Schlesinger attributed 
mucb of the OPEC increase to 
the psychological effect on other 
oil exporters of the continued 
interruption and cutbacks in 
Iranian production. The troubles 
in Iran have driven spot oil 
prices up and made the market 
for crude far tighter than had 
been anticipated, while it bad 
only been marginally offset by 
an increase in Saudi Arabian oil 


Patrick Cockbura adds: The 
immediate reaction of Govern- 
ment officials in Europe has 
been disquiet at the size of the 
increase. EEC officials in Brus- 
sels say . that the Abu Dhabi 
decision will test severely the 
European Monetary System 
when it is introduced on 
January 1 , Id most European 
countries and Japan, however, 
the new price of oil will only 
partly offset the decline in the 
real price of oil over the last 
few years following the drop in 
the value of the dollar. 

Jamie Buchan, reports, from 
Jeddah: President Mobuto of 
Zaire left Saudi Arabia for 
Qatar yesterday after securing 
a promise of guaranteed oil sup- 
plies. The supply agreement will 
run for one year and is renew- 

During his six-day stay in 
Saudi Arabia, he was also 
assured of Saudi participation 
in a number of aspects of the 
“ Mobutu plan "--the three- 
stage rescue programme for 
Zaire worked out by the Inter- 
national Monetary Fund, the 
World Bank and 11 donor 
countries at meetings in Brus- 
sels in July and November. 

Cleveland defaults but 

banks offer new talks 


Dennis Kucinich of Cleveland, 
Ohio, has begun working on 
plans to lay off up to 5,000 city 
employees and drastically to 
curtail urban services after the 
default of his city on $L5.5m 
worth of debt at midnight on 

Last minute efforts to avert 
default, the first by a major 
U.S. city since the depression, 
failed because of total disagree- 
ment between the mayor and the 
city council over the sale 
of the municipally-owned 
electric plant which Mr. 
Kucinich refuses to dispose of. 

The mayor was also rebuffed 
in an appeal for assistance from 

Washington. He was told by a 
senior White House aide that 
Cleveland's problems did not 
warrant federal intervention 
and could be solved locally. 

The Government of Ohio may 
intervene in due course, but 
Governor James Rhodes is also 
believed to feel that Cleveland 
must first show signs of being 
able to put its house in order. 

Although In default, Cleve- 
land is not yet bankrupt. There 
are several estimates, ranging 
from a few weeks to six 
months, of the time it will 
take before the city is no 
longer able to pay its basic 
bills and is forced into court 
to have its assets redistributed. 

Moroccans deny arms 

drop off Algerian coast 


RABAT — Morocco categoric- 
ally denied yesterday that a 
Moroccan transport plane bad 
dropped 300 automatic weapons 
and ammunition a mile off the 
Algerian coast. 

In a communique last night 
Algeria claimed the arms drop, 
from a Herclues troop transport 
was made at night eight days 
ago off Cape Sigli, 100 miles 
east of Algiers and near the 
Kabylia mountain area which is 
known as a centre for armed 
resistance to the regime. 

The Moroccan Government 
said the Algerian allegation was 
designed to divert the attention 
of Algerian opinion away from 

internal problems and to mobi- 
lise it against an imaginary 
danger from outside. 

The Algerians said the inci- 
dent happened while President 
Houari Roumedienne was lying 
seriously iU and the Moroccans 
belief is that the allegation is 
linked with the power struggle 
in Algiers over the succession. 

The plausibility of the 
Algerian claim to have sighted 
and identified a Moroccan plane 
at night over the sea is uncer- 
tain, but it is probably signifi- 
cant that the incident is 
reported to have taken place 
near Kabylia where the Berber 
population is restive. 

passes for 

peace pact 

By Roger Matthews 

CAIRO — The target date for 
Egypt and Israel to sign a peace- 
treaty passed yesterday with; no 
indication that President Anwar 
Sadat is considering modifying 
the proposals that were 
formally rejected by the 
Cabinet in Jerusalem on Friday. 

President Jimmy Carter 
warned last week that failure 
to meet the December 17 date 
agreed at Camp David during 
the tripartite summit in Sep- 
tember “would set a very 
serious precedent”. and' "'would 
cast doubt upon the present- 
treaty which is being 1 

Following the failure of. the 
mediating effort by Mr.- Cyrus’ 
Vance, the U.S. Secretary '-of 
State, last week, Mr. Boutros 
Ghaly, Egypt’s acting Foreign 
Minister, told a Parliamentary 
Committee on Saturday that 
Egypt would only sign the draft 
peace treaty If on the same day 
Israel signed an exchange . Of 
letters concerning the setting, 
up of an autonomous Pales- 
tinian authority on the Occupied. 
West Bank and Gaza Strip. -->• 

He said that Egypt would 
always be prepared to negotiate 
but only on the basis that a 
peace settlement had' to , be~' 
comprehensive and did not in 1 
any way prejudice his country’s 
commitments to the Arab! 

Mr. Ghaly said Egypt was 
insisting on a four-point 
timetable for the West Batik 
and Gaza. 

• L. Daniel in Jerusalem adds: 
The treaty negotiations were 
not discussed at the meeting of 
the Israel cabinet yesterday, 
even though the weekly session 
took place on tbe very date by 
which the Treaty should "have 
been concluded. 

The Cabinet had its hands fall 
today considering the draft 
budget for 1978-79 under, the 
shadow of inflation whicbrJast 
month reached the equivalent 
of an annual rate of over 73 
per cent. 

India to debate 



National Development Corporation 
Dar es Salaam Tanzania 

Civil and Structural Work 

Installation of Mechanical and Electrical Equipment 

The National Development Corporation (NDC), an enterprise organised and 
existing under the laws of Tanzania, will build an integrated pulp and paper mill 
near Mufindi, Tanzania, The mill will produce hraft and groundwood pulp from 
pine, wattle and eucalyptus for conversion to 60,000 metric tons per annum of 
industrial and cultural papers on two paper machines. The complex will also 
include cbemical recovery, power generation, water supply, effluent treatment and 
the required site facilities. Start-up is projected to take place in 19S2/1983. 
Project organisation has been established consisting of NDC, AB Statens 
Skogsindustrier as general advisers, Sandweii and Company as project managers 
and Jaakko Poyry Engineering Oy as engineering consultant 
NVC have applied to the World Bank, Swedish International Development Authority, 
Kreditanstalt fur Wiederaufbau, Kuwait Fund for Arab Economic Development, 
The Opec Special Fund, Commonwealth Development Corporation and The Nordic 
Investment Bank for financing. NDC will prequalify prospective Civil/Structural 
and Merhanical/EJectriral contractors taking into account their proven ability to 
perform, their financial soundness and current experience in similar projects. 

Contractors who wish to prequalify must provide details as follows: 

1. Details of similar projects completed and under way in the last 10 years 
including description of work and value of contract. 

2. Financial statement of last year and summary of last 5 years. 

3. Detailed report on company structure and organisation. 

4 . 

Curriculum vitae nf key personnel and personnel that may be assigned to 
tbe work giving education and employment experience. 

5. Details of equipment fleet. 

In case that a consortium of firms is formed to participate in the tendering each 
member firm of tbe consortium will have to submit detailed information as above. 
Tbe capacity of a consortium will be judged basically on the history of the sponsor 

H is intended to invite international competitive tenders tentatively as follows: 

A. Civil/Structural construction as one single contract, encompassing :he following 

Excavation, piling, reinforced and pre-cast concrete, erection of structural 
steel buildings, cladding, roads, services and finishing. 


Mechanical/Electrical work may be awarded as either one contract or as 
separate contracts and wiii tentatively include the installation of the following 
equipment to be purchased by NDC. Most of the work will be supervised by 
erection specialists of the manufacturers: 

Paper machines, stock preparation plant, wet-lap machine, wood preparation 
plant, batch digesters, washing and screening and bleach plant, lime kiln, 
causticising plant, turbo-generator, water snpply and effluent treatment, diesel 
generator, bleach chemical preparation plant, motors, process piping and 
fittings, pumps, machine tools, instrumentation, control panels and "complete 
electrical installation from sub-station. 

Only prequalified contractors or consortia will receive tender documents. 
Contractors with proven ability in the above are invited to submit their 
prequalifying documentation no later than 45 days from the date of publication Of 
this notice. All communications to be in the English language in envelopes marked 
“Pulp and Paper Project” to National Development Corporation, P.O. Box 2669, 
Dar es Salaam, Tanzania. 

With, complete set of copies to: 

P. 3. Sandweii and Company (UK) Limited 

Radstock House 

5 EccJeston Street 

London SW1W 9LX 



For further details contact: 

on 01-248 8000 Ext. 456 



cs.aoo.ooa Bins, nwed is.i2.7s. 
miMrtns 16 . 3 . 79 . at AppIIw 

tlans tofelhM JUQ.DDO.Oao and then: are 
£ 30 , 600,000 Bills outstanding. 



The Public Corporation for Electric Power invites Tenders for 
the Works listed below. The project is being financed by loans 
from the Arab Fund for Economic and Social Development, 
the Islamic Bank and the World Bank. ■ 

Diesel Generating Plant for Wadi Hadramout 
Power Station. 

Specification 4126/01 

Tenders are invited for tbe complete turnkey supply, delivery- 
erection and commissioning of four 4 MW diesel generator 
units, operating as a speed of 500 rev./man; on heavy fuel 
with their associated mechanical and electrical auxiliaries and 
an electric overhead crane together with power station 
building, administration block and workshops for a new Power 
Station to be built in the Wadi Hadramout. 

Overhead Line Materials and Underground 

Specification 4126/02 

Tenders are invited for the design, manufacture, test-rtg and 
delivery’ CLF Mukalla port of 33 kV underground cable and 
overhead line, 11 kV underground cable and overhead line, 
380 volt cable and 380/230 volt overhead line, supports and 
ancillary equipment 

Metering Equipment 
Specification 4126/04 

Tenders are invited for the design, manufacture, lestiog and 
delivery C1F MukaJJa port of 7,500 — 20/80 amp single phase 
220 volt, single rale meters; 75—50/100 amp, 3 phase. 380/220 
volt, single rate meters; 500—50/100 amp, 3 phase. 380/220 volt, 
two rate meters; 500 time switches with 36 hours spring 
reserve, 220 volt 

11/0.4 kV and 33/11 kV Transformers 
Specification 4126/p5 

Tenders are invited for the design, manufacture, testing and 
delivery CLF Mukalla port of the following: — 

373 — 25 kVA 11/0.4 kV pole mounted transformers. 

31S — 50 kVA 11/0.4 kV pole mounted transformers. 

32 — 100 kVA 11/0.4 kV pole mounted transformers. 

4 — 250 kVA 11/0.4, kV ground mounted transformers. 

2 — 500 kVA 11/0.4, kV ground mounted transformers. 

1 — 1000 kVA 11/04 kV ground mounted transformer. 

2 — 5 MV A 33/11 KV ground mounted transformers. 
Ancillary equipment 

Specification 4126/06 

Tenders are invited for the design, manufacture, testing and 
delivery C1F Mukalla port of equipment for A1 Qatn and 
AJ Gburaf 33/11 kV sub-stations comprising 33 KV outdoor 
equipment including isolators, fault throwing switches, neutral 
current transformers, insulators, etc, and 11 kV Indoor metal 
clad switchgear with one incoming and four feeder panels at 
each sub-station. 

Mechanisation Equipment 
Specification 4126/07 

Tenders are invited for tbe design, manufacture, testing and 
delivery CIF Mukalla port of articulated pole transporters, 
low loader transporters, light pole transporters, vehicle 
mounted diggers complete wilh pole lifting derricks, long 
wheelbase land rover type vehicles, mobile compressors and 
power rammers, tractors and lubrication equipment 

The Specification Documents may be obtained by 
application in writing to the Public Corporation for Electric 
Power, Hedjuff, Aden, PDRY, accompanied by a cheque for 
40 Yemeni Dioars which is non-refundable. The fee is 
chargeable for each set of each Specification Documents. The 
documents will be available on or after 15th January 1979. 

The Specification Documents may also be obtained from 
Preece, Cards w & Rider, Paston House, 165/167 Preston Road. 
Brighton BNi saf, the Consulting Engineer to the Public 
Corporation for Electric Power for this project Applications 
to Prcece, Cardew & Rider should be accompanied by a cheque 
for £50. 

The tender dosing date will be the 16th April 1979 in 
Aden. Fixed price contracts are required and tenders should 
be accompanied by a 5% Bid Bond valid for six months. 
Successful tenderers will be required to provide 10% 
Performance Bonds. 

Gandhi penalty 

By K. K. Sharma 

NEW DELHI — The Indian; 
Prime Minister. Mr. Morarfi 
Desai will move a mition today 
in the Lok Sahhk (Lower House 
of Parliament) to imprison 
Mrs. Indira Gandhi until, the 
end of the current session. But 
he also faces two separate 
threats from the former Prime 
Minister and his former Home 
Minister, Mr. Cbaran Singh. 

Mrs. Gandhi's Congress (I) 
Party prepared to launch a 
massive civil disobedience 
movement under which its 
members will seek to be 
arrested in sympathy with their 
leader. A call has gone out to 
Congress members ail over the 
country to “fill the jails ’’ and 
the party’s leaders claim that 
at least 100,000 people have 
volunteered to go to prison. 

If the Congress members 
obey the call, Mr. Desai faces 
a major law and order threat 
since the volunteers will seek 
to be arrested by defying a ban 
on gatherings and demonstra- 
tions. Many have threatened 
to go on “hunger strike,” a 
potent weapon in India. Mr. 
Desai feels that Mrs. Gandhi's 
support will come mainly from 
the southern states and that the 
resptese to the Congress call in 
the key Hindi-speaking belt in 
Northern India will be limited. 

Mr. Desai has given notice 
to the Speaker of his motion 
which seeks imprisonment of 
Mrs. Gandhi until the end of 
the current session and her 
expulsion from the House 

The threat from Mr. Gharan 
Singh amounts to a call for the 
winding-up of the ruling Janata 
Party and its replacement by 
individual and separate parties 

THE U.S.-CHINA;LINk;. .^,s.§g;li|. 


on Taiwan s 
and prosperity 


- TOKYO — The U.S. decolour 
: to establish full diplomatic 
delations with China, announced 
.Somewhat earlier than had been 
expected, will have no immedi- 
ate effect on the security or 
■economic prosperity of Taiwan 
but could affect both .in .the 
[Jong run. Elsewhere in the 
region, the move seems likely 
tot have profound implications, 
particularly on Japan which 
recently . signed Its. . own. 
f. “treaty of peace and friend- 
ship w with Peking, but which 
otherwise has a strong interest 
[in ni afr ifi ” nia g ' the regional. 
Status quo. 

. The Taiwanese President 
Mr- Chiang Ching-kuo reacted 
to the news that Washington 
would withdraw .recognition of 
Mg regime's claim to be the 
legitimate government of Ghina 
with a strongly worded broad- 
cast which accused the - U.S. of 
■* damaging the rights and 
interests of -the people of 
Taiwan.’’ President Ching- also 
said the U.S. move would 
produce a " tremendous adverse 
impact on the free world." 

Both statements, coupled 
with a repetition of Taiwan’s 
Ppromise to “ liberate ” -mainland 
China appeared to be routine 
reactions to a development - 
which must have been antici- 
pated for several years by the 
Chinese nationalists even if the 
exact timing of yesterday's 
announcement came' as a 
surprise. Taiwan apparently 
does not expect American 
derecognition (or the winding 
up of the U.S. Security agree- 
ment which will, take - effect : 
within a year) to lead to any 
early increase in tension - with 
mainland China. The risk of a 
rapid exodus of foreign capital 
is also being discounted— 

though It remaps to be -seen 
whether new capital inflow will 
be . affected by, tbe ■_ U.&, 
diplomatic-withdrawal. - 
Taiwan had. diplomatic- rela- 
tions with 22 governments .on 
the- eve- of-. President X^urtsFs 
anno uncement and must now 
expect to see , nmnyv cff - tfieK • 
follow ■ the U.S. move towards 
Peking. Its declining . diplomatic 
status need not necessarily 
mean that / /trade' relations -.- 
(which exist 'with :■ over . -140 
countries} cease to-be^txuidnctetf 
smoothly and :successfoUy; . - 
In the aftermath of American ) 
diplomatic withdrawal . Taiwan' I 
seems likely fco be the target \ 
of : diplomatic . or - f political I 
overtures from Pekiogrdmed at 
establishing “ people-to-pCople . 
contacts in jsreparatioil'for. ah 
eventual. peaceful takeover 
from . the." mainland- j,~ 

Such - overtures will: presuifr 
ably be rejected so long as Pr£ • 
sideflt Chiang Ching-kuo ■ 1 
mains, -in power.; After; vtiie , 
retirement or death b£. the; 68 ! 
.year old President ;Xthfe son: of I 
former- Nationalist .leader, j 
Chiang Kai-shek) i changes in . 
the relationship, with the main- 
land might become : - a- ■ possi- 
bility. - *■ v . i 

, The only thing. which would 
seem likely to upset this fairly 
uneventful scenario is the m* . 
voivement of the 'Soviet TTniori | 
ip Taiwanese affairs, . Neither j 
through closer economic rela- ; 
tlons or through the prtmsion : 
of repair facilities for Soviet > 
vessels. The Soviet Union would . 
almost certainly be interested 
'in- acquiring suclufacflitifis, and 
might feel that now: is - the 
moment to* for i them. 
Taiwan' however would dearly 
be taking a' major risk by yield- 
ing to Russian pressures. 

A welcome from Japan 


TOKYO — Japan officially 
welcomed the announcement of 
normalised Sino-U.S. relations 
in statements by Prime Minister 
Masagoshi ,Ohira and Foreign 
Minister Sun&o Sonoda. Mr. 
Sonoda al$o revealed that Tokyo 
was • one Xtf 'the, few capitals to 
get advance * notice of tfbe 
American decision. „ 

The .move means that. tbq 
Tokyo-Peking "entente-* whiefi 
came into existence with - the 
signing last summer of the Sind- 
Japanese Peace and Friendship 
treaty, is nme balanced'by what 
seemed likdly .to be valinost 
equally warm irelatiom between 
Washington and Peking. This is 
reassuring in the sense ; that 
Washington anff Tokyo now see. 
eye to ' eye in their relations 
with Peking,- but potentiall de- 
stabilising so far as relations 
with Moscow are concerned. .. 

A preliminary assessment iii_ 

Tokyo is that the Soviet Union 
-will feel the need to step, up its 
navel presence in Far Eastern 
waters. A reference by.' the. 
Moscow newspaper. Red Star to 
the emergence ?.6f. -a, “ Far 
Eastern . NATO ’" including 
Japan/ China anathe UiL was 
highlighted 7 -hiv-v hast - night’s 
natipnal ,TV- hewsii- j--*-- 
:-^‘A 4 . -bonus •‘for Japan from the 
U.S.-Uhina nbrnatisation could 
ha further: dq^scalatitan of - the 
Korean sittatiim, to .the status 
of a regional cconflic now . that 
one (ff'J^Eth;Korea' s two prin- 
. opal bakers; will presumably 
be anxious to keep things quiet 
On . the other hand, observers in 
Tokyo expect that the establish- 
ment ' of/ full relations beween 
Washington - .and'. Peking will 
mean a. greater readiness by 
Eldimte take a strong line with 
Vietnam, and some prospects 
that :subh' 'a. line will receive 
American' support. • 

‘ 1 

Pact feared by Moscow 


THE Soviet Union has repqrted 
without comment the U.S. deci- 
sion to establish diplomatic 
links /with China but it is 
clear that Moscow is strongly 
opposed to the move. 

A terse 60- word statement by 
Tassi.-the official news agency, 
said merely that Washington 
and Peking had 'agreed to 
establish diplomatic relations. 

more likely pointer to 
Moscow's feelings, however. . was 
contained in a report in the 
Soviet defence daily Red Star, 
■which spoke against the forma- 
tion of a posAble military ahd 
economic pact between Japan, 
China and the U.S. ■ 

Although" the commentary 
made no reference to the U.S.- 

China agreement •: -t-T it had 
apparently been written before 
the announcement at the week- 
end — .it certainly highlighted 
Soviet fears ot 'diplomatic 
■ encirclement. . . J- 
The newspaper said" there 
were plans for the establish- 
ment of a Washmgton-Peldng- 
Tokyo triangle based ’ on the 
existing Japanesfr-U.B.Thecurity 
treaty, the new: SihoJapanese 
friendship treaty and *, “ pro- 
jected treaty on the same false 
basis between thelU^. and 
China." - - 

Financial Times, pabUdwd dallr except 

Sunday* and hoUdam. as. vabKrlpUaa 
- SOT-DO (air. freight) >305.00 fair .mam 
.Her annum. -Serood class ptutasa paid at 
.Mow Vorfc N.Y. 

If you have urgent business hi New - 
York or Los Angeles, Skytrain is ths 
perfect way to get there quickly. •. . 

You amply buy a fckefand hop 00 
tne plane the same day; witfVno advance 
booking ortiangphg aboufc - ii. ... 

And you travel a contoaiMe . . 
wide-hody DCia M, with exceHenr .. 
meals, drinks, Infight enteitekiment-' 
^du^freAgdqdsto buy j(yii.want • 

Skytrain you .save both- .. . . 

seats ihe. day : you want .to fiy,-nhg V- ; 
.03=828 7766. ; /-.C V.-. 

;: For furm'infCTTnatfen'on Skytraia . 
scheduled service to NQwYdrkmg .Ot- 

anri'nsAd i « V. • -■ .■•■-'j:-. 

l ,r 

IK;;' v 

.->r .. 

I £ ' 

.1 C‘i* 


0s Perj> 



' . • ■;. Sf. 

group headed by Ste -Yue.Kong 
Pao, of Hons Kong, Jias signed" 
an order for four - 84,000 - dwt- 
oil tankers k worth aronnd ?80m, 
.with .a Polish , shipyard. 

-The vessels .will .he' bult by 
the Gdynia, yard for delivery in 
1980-81, and wffl be paid for 
‘ in cash rather than- -with, the aid 
of the. usual shipyard credit. 

The order is Interesting, not 
only because of the general 
dearth of tinker contracts this 
year but because it shows, that. 

Worldwide, the largest indepen- 
dent shipping . -group ha the 
-world, shares the view tfcatthere 
will be a- reicoveiy. - in the 
market for. this ; da$6 of tanker 
by 1981. . , - ' : . 

Mr. Rayt TDekop; ‘ ..ovmer of 
the CTobtfk group," ordered two 
s imil ar vessels in Japan earlier 
in the year. = r".; : 

.Like Mr.; TJkkotfs - ships. 
Worldwide’s -win be equipped to 
'•meet an the latest international 
saftey standards in force or in 
thei'-process of enacttneat 

Worldwide said that a charter 
for the ships was in prospect, 
although it would probably not 
be signed until the middle of 
next year. There was no ques- 
tion of the ships being built 

Worldwide,, along with the 
other major Hong Kong ship- 
ping groups, has been expand- 
ing rapidly this year, with 
around lm dwt of purchases in 
the second-hand market and 
new buildings totalling 0.75m 

Far East Conference rates rise 


SHIPPING LINES fn the Far . 
East- Freight Conference are to j 
increase their rates, by :S -per -< 
cent from March 1 "next "year. , 
Unlike previous increases, how- , 
ever,' this one will be staged in 
two tiers, involving a. 4 per cent . 
general" increase plus a fiat .83 
per tonhe or" other- volume unit 
This is ahned^-at reducing the i 
differential between' .rates paid. , 
on higher : and lower value i 
cargo. ^ ... .'■■■• .. i 

" The conference -has. also made 
important changes in the . way it < 
calculates, "rate increases follow- i 


Ing strong .criticSm' . from 
shippers about the : past :pra ctice 
of relying mainly on dara from 
individual shining 3ineS. 

: The • conferetics is now 
employing a- p . wide - range of 
financial ap'd economic, informa- 
tion from ; the . International 
Monetary Fund, the' Organisa- 
tion. . for Economfc Cooperation 
and Development and ' govern- 
ments of countries served by 
conference lines; • - 
Concurrently with the. rate in- 
crease, the conference is also 
to reduce its surcharge for goods 

moved through the Suez Canal 
from 1.78 per cent to 0.4 per 

This follows a recalculation of 
the real extra costs faced by 
shipping lines using Suez, and 
will reduce the cost to customers 
of the new tariff package to 6.6 
per cent. 

Rates were last increased, by 
12.5 per cent, in July. 3977, and 
the conference says it will hold 
the new rates until the end of 
February, 1980, so long as cost 
increases in the year before that 
dale remain below 10 per cent 

Uncertainty halves tanker rates 


Jroni Ja 

UNCERTAINTY ’ IN *he tanker 
markets ot seven days ago has 
turned into full-blooded collapse 
in the past week with rates for 
the biggest ships loading in the 
Gulf more than -halved. 

Anxiety about the political 
and: Industrial situation in-Iran, 
coupled with ; worries about 
what the OPEC leaders would 
decide about 611 prices; drove 
down rates to their lowest levels 
for some months.-. - - * i 

Ten days ago a very large 
crude "carrier was booked for 
a Gulf-West voyage at World- 
scale 66*. On Friday, a similar 
ship was "taken "by " Shell for 
WS29J. . : 

Other loading areas and 
smaller vessels have also been 
affected, with a 145,000dwt 
- tanker" -taking WS5G . (down 20 
points) for. two voyages Gulf- 
Japan and a 100 , 000 -ton vessel 
accepting WS75 for a voyage 
West Africa-U^S. 

Brokers, are unwilling to pre- 
dict wb ether rates will continue' 
to weaken after^Christmas, bat 

cargoes in most areas, the lean 
days which have- characterised 
the last four years seem to have 
returned for a period., 

. Only in the Carft>£eari-U.S. 
market is there any. note of 
optimism, with-?:,; "Galbraith 
Wrightson making '' a_.;defin i te 
forecast of healthier .'-hates in 

Dry cargo markets were 

seasonally quiet last week, but 
the collapse of oil freights will 
bring combination carriers rush- 
ing back into grain trading if 
owners decide it is worth clean- 
ing their holds for the transfer. 

On the sale and purchase 
side, inquiry remains strong for 
bulk-carriers and liner types, 
but there was little business 
concluded last week. 

World Economic Indicators 


UK ' 

W. Germany 



US. : 
fiance *. - 

Japan ■:] 
Belgium . 

14SSr-: 145J) 

. 138S;- ; .. *73 
-122*?- \V2J> 
Oct. *78 Svt.7 
200.9 -TO3 
2D5.7- $018 

Sept. 78 Ara,77 
■ i24*-> tn- 

.. - . : / - V 

% Change 




Sept. *78 Nov. 77 


base year 

















Aug. *78 Oct- 77 





• 202.5 




July 78 Sept. 77 









GEC work 
in Iran 

By Patrick Cockbum 

GEC HAS suspended work on 
the $57m Ahwaz power 
station In Iran. The reason for 
the move is an accnmnlation 
of difficulties flowing from the 
strikes and go-slows which 
have been paralysing the 
Iranian economy. 

GEC won the turnkey con- 
tract last year and it was 
scheduled for completion by 
next year- Early In November 
the company's main Iranian 
sub-contractor suspended work 
on she- There are also worries 
about the security of staff, and 
the problem of equipment not 
getting through the Iranian 
ports which have been hit by 
customs* strikes. 

The Ahwaz power station is 
GECs only large contract in 
Iran and at the time of the 
suspension there were 25 
British staff on site. It Is un- 
certain when work can be re- 

Many Internationa! com- 
panies operating in Iran are 
now feeling the impact of the 
political and economic crisis. 
Strikes and go-slows In Gov- 
ernment Ministries and most 
of the major hanks have made 
day-to-day financial administra- 
tion impossible — though this 
played little role In GECs 
decision to suspend. 

The ant Corruption drive 
and the rapid changes of 
Government have allowed 
many officials to avoid taking 
definite decisions on projects 
while the crisis lasts. 

sugar plant 

By Chris Sherwell 

ISLAMABAD — Fives -Caille 
Babcock, the French engineer- 
ing company, is to supply 
machinery and expertise for a 
$53ra sugar beet processing 
plant In Afghanistan. 

The deal, to be financed 
under a grant-in-aid from the 
Kuwait Government Is 
Afghanistan's first major In- 
dustrial project involving a 
Western company since the 
Socialist Government of Mr. 
Nor Mohsmed Taraki came to 
power In a bloody coup last 

The plant will be established 
at Baghlan near Kundnz In the 
north of Afghanistan and will 
have an anual output of 37,000 

Afghanistan already Has one 
sugar plant, and needs one 
more for self-sufficiency, hut 
the terms for this have still to 
be finalised. 

Fives-Caille Babcock won 
the latest contract in competi- 
tion with a Polish company! 


Americans ready to fly Russian 


ALTHOUGH the Soviet aero- 
space industry, like its Ameri- 
can counterpart, has been in a 
position to benefit from the 
technological spin-off generated 
by a major research and develop- 
ment effort in the military and 
space" fields, its efforts to break 
Into the U.S.-dominated civil 
aviation market in the hard cur- 
rency area have proved 

Somewhat ironically, however, 
it now appears that the Soviet air- 
craft industry is close to a poten- 
tially significant breakthrough 
into the U.S. and world market 
with a small but sturdy, thane 
engi ned, short haul jet. the Yak- 
40, whose production is about to 
he terminated in the Soviet 
Union itself. 


It was Introduced ten years 
ago and the planned production 
target of 1,000 aircraft in several 
versions has now been fulfilled. 
An additional 50 aircraft are now 
being built at the Yak plant at 
Saratov, south east of Moscow, 
hut when they are finished the 
plant will change over to produc- 
tion -of a new. and significantly 
larger derivative, the Yak42. 

The Yak-40 was developed to 
satisfy the Soviet need for a 
rugged short-range jet feeder 
aircraft capable of flying in 
tough climatic conditions out of 
short, rough airstrips without 
ground support facilities. With 
three engines at the tail, the air- 
craft carries from 27 to 32 
passengers or 11 in the executive 
version. It has a cruising speed 
of 550 km s per hour, a maximum 
range of 1.450 kms and its 2.750 
kg payload and has attracted 
considerable attention overseas. 

It is one of the few Soviet air- 

craft which has been sold, albeit 
in small numbers, outside 
Comecon. Apart from Bulgaria. 
Czechoslovakia. Hungary and 
Poland Yak-40’s have been sold 
to Afganistan, Syria, Vietnam. 
Angola. Zambia, as well as to 
Yugoslavia, Italy, West Germany 
and Canada. 

But sales to the West have 
been symbolic rather than sub- 
stantial Avia Ligure. a small 
feeder line in Italy, for example, 
purchased three as part of a 
complicated barter arrangement 
some five years ago while Cana- 
dian buyers also took three of 
the aircraft following a major 
sales push and demonstration 
in Canada two years ago. A 
major sales breakthrough, how- 
ever. failed to materialise. Soviet 
inability to guarantee adequate 
servicing and spare parts back- 
up. always a major Soviet weak- 
ness. was a major factor. 

North American Rockwell was 
one of several western com- 
panies which showed an interest 
in the Yak-40 In the early 1970’s 
and commissioned a market sur- 
vey which showed that U.5. 
feeder line operators were not 
yet prepared to invest in jet 
feeder aircraft. 

This autumn, however. Presi- 
dent Carter signed the Airlines 
Deregulation Bill which includes 
a SlOOm loan guarantee section 
solely for the purchase of air- 
craft by local feeder or short 
haul airlines. 

The aim or the Bill is to 
encourage U.S. airlines to 
improve their service to medium- 
density population areas, and 
this is precisely the kind of 
market which the Yak-40 is 
designed to fill. This market 
also a t traded the attention of a 
Washington consultancy, 1CX- 
Avionics and its president. Mr. 

Dale P. Lewis. ICX made its 
own estimate of -the potential 
market for feeder Jets over Che 
next decade and purchased the 
results of Rockwell's market 
research. In 1976 Mr. Lewis 
started, negotiating with Avaa- 
export, Licenslntorg and other 
Soviet trade bodies to purchase 
or manufacture the Yak-40. 

The Russians turned down the 
original proposal for a licensing 
agreement to permit manu- 
facture in the U.S. but settled 
for a deal whereby they would 
supply the airframe which would 
then be fitted with U.S. avionics 
and engines in the United States. 

This fell through when it 
became clear k would require 
on-site inspection during the 
production process by inspectors 
of the Federal Aeronautics 
Administration. This the Rus- 
sians refused. Negotiations then 
went back to the idea of build- 
ing the aircraft in the U.S. using 
Soviet equipment from the 
Saratov plan-t which is due to be 
phased out next year. 


ICX-Aviation already has 
potential orders for 75 modified 
Yaks and projects a world-wide 
market of 1,SS5 aircraft over the 
next 20 years, of which 20 per 
cent would be in the U.S. This 
confidence springs partly from 
the relative cheapness of buying 
an existing airframe and the 
fact that production of as 
entirely sew aircraft of a similar 
type would require at least 
seven years. The modified Yak 
could be in the air within two 
years of signing agreement with 
the Soviets. The first test flight 
with U.S. engines is scheduled 
for mid-1979 and the first U.S. 

assembled prototype by mid- . 

The aircraft will be first 
assembled and then completely 
manufactured at a new plant to 
be built in She depressed steel 
town of Youngstown. Ohio. The 
plan is for tools, jigs, forgings 
and castings for the airframe 
will be bought from the Soviet 
factory plus the landing gear. 

But virtually everything 
which goes into the plane will 
be American. The Soviet 
engines will be replaced by three 
Garrett Air Research TFE-731-3 
engines which are “ a perfect 
match in weight and dimension ” 
but. significantly, deliver 20 per 
cent more thrust. The avionics, 
including the Sperry auto pilot, 
will also be American. The 
modified version is expected to 
cost around S3.Sm. and with U.S. 
components world-wide servicing 
will he no problem. 

If the ICX marketing forecasts i 
prove accurate, the deal could , 
provide the Soviet Union with a I 
substantial hard currency income 
over the rest of this centurv. 
What is more the sight of Soviet- r 
designed planes flying between 
provincial towns and rural air- 
strips to international airports 
throughout the U.S. and other 
western markets would be the 
sort of highly visible advertise- 
ment for Soviet technology which 
the Soviet Union is interested in. 

Several key details still have 
to be negotiated however, in- | 
eluding the size and nature of 
the licence and royalty payments. ; 
It has still not been decided i 
whether to agree on a fixed sum I 
licence fee or a royalty on sales. \ 
The next and possibly final • 
round of negotiations, takes place * 
in Moscow next month but ICX 
is confident that a deal can be 
signed by the first quarter of 

Zambian copper backlog 


French motor manufacturers 
hold off foreign competitors 


LUSAKA — Despite the reopen- 
ing of Zambia's southern route 
through Rhodesia in early Octo- 
ber, there remains an SO, 000- 
tonne backlog. 

Industry sources disclosed that 
141,000 tonnes of copper is await- 
ing shipment. Of this 67,000 
tonnes is in transit on the 
northern route to the Tanzanian 
post of Dar es Salaam, and the 
southern route via Rhodesia to 
the South African port of East 

Nearly 49,000 tonnes is held 
at the mines of the State-owned 
Roan Consolidated Mines (ROM) 
mid Nchanga Consolidated Cop- 
Mines (NCCMl, while a 
flmljer 25.000 tonnes is at the 


Since the norma! pipeline for 
the two companies totals some 
60.000 tonnes, the effective back- 
log is SQ.000 tonnes. This is 
approximately the same amount 
held up before the border 

The reason, say shipping 
sources, is poor performance on 
the Tunzania-Zambia Railway 
(Tazara). One source said that 
only three of the lines 27 loco- 
motives were in operation. 

• East London is expected to 
ship about 30,000 tonnes a month, 
but unless Tazara can handle 
at least as much, the backlog 
cannot be reduced. 


PARIS — French motor manu- 
facturers have successfully 
resisted the pressure from 
foreign car importers this year, 
lifting their share of a market 
which has gone up by almost 2 
per cent. 

This is the main conclusion of 
a somewhat bizarre year for the 
French industry, which started' 
very flatly hut has since taken 
off tn bring registrations very 
close to the 2ro mark. 

• Sales, are expected to reach 
1.94m units when the final 
returns are. in for December, of 
which importers will have about 
21.7 per cent against 22.2 per 
cent last year. 

According to the latest figures 
from the importers' iridt 

organisation, however, import 
sales bare begun to pick up 
again in the last few months, and 
could be rather higher next year. 

In Ortober they rose to 36.2S1 
units against 35411 in the same 
month last year, lifting their 
market penetration from 20.5 per 
cent to 20.9 per cent. This trend 
is expected to continue next year, 
when the French manufacturers 
aim to make a big push overseas 
at the expense, to some extent, 
of their home market. 

The most popular imports on 
the French market come from 
Germany, with Ford, Volkswagen 
and General Motors all doing 
well, even though Ford sales 
have declined a little this year. 

bv Afosii 

- . * \^r .<■- : , :• . 





... •**<!*. 

\ With nearly everyone on STD now, 

* a phone call is so simple. 

And. you can afford to buzz them on Christmas Eve and 
/ Christmas Day as both days are Cheap Rate. Boxing Day 
(•“-/ is Cheap Rate too, except in Scotland where Cheap Rate is on 
/ New Year’s Day instead. 

/ Many of our operators will be at home with their families 

** over the holiday period, and on Christmas Day (New Year’s Day in 

Scotland) only enough staff will be on duty to deal with 999 calls 
and. calls to places which cannot normally he dialled. 

There will he no Directory Enquiry service. 

Of course, our operators will do all they can to help you in cases 

ofrea ...SS. If^l . , . — JL . .... -irv. |[ n II 

Financial Times Monday December 18 1% 



jobs for 



Kirklees, the borough cover- 
ing Huddersfield, lost 1.900 jobs 
again, mainly in the inner city, 
but in Leeds there was a strong 
contrast between losses of more 
than 2,000 in the inner city 
and gains on the outskirts. 
There were also substantial net 
gains in Wakefield, where new- 
industrial estates have been de- 
veloped close to the Ml and 
ill 62 interchange and in Calder- 
dale — the area which includes 

The county authorities are 
hoping to stimulate further de- 
velopment in the area with a 
£20m spending programme over 
the net 10 years. Industrial 
improvement areas have also 
been established in inner Brad- 
ford and Dewsbury and further 
schemes of this kind are being 
looked at. 

A scheme for textile area 
regeneration has also been | 
submitted to the European Com- 
mission which could form the 
basis for similar action in other 
textile areas throughout the 1 

Rise in output 
of man-made 

fibres expected 

By Rhys David, 

Northern Correspondent 

OUTPUT BY Britain's man- 
made fibre industry for the 
whole of 1978 is now expected 
to be 8 or 9 per cent up on the 
previous year, following a con- 
tinuing small improvement in 
demand in the third quarter. 

The industry. seriously 
affected by the big increase in 
imports of textile and clothing 
products into Europe, produced 
447,850 tons of fibre in the first 
nine months, 2.6 per cent more 
than in the same period last 

The final quarter is expected 
to better than the closing three 
months of last year, when there i 
was a sudden collapse in 
demand. This is expected to 
help the industry towards a pro- 
duction total for the year as a 
whole of around 600,000 tons. 


John Geddes 

JOHN GEDDES. Promotion 
j Director of the Financial Times, 
died suddenly at the. end of last 
week. This is an appreciation of 
him from one who worked with 
him throughout the time he had 
been with the Financial Times. 

JOBS are still being lost faster 
than they are being created in 
special areas designated by 
West Yorkshire for concentra- 
tion of development resources, 
according to a county study of 
economic trends. 

The county’s economic pri- 
ority areas, as they are known, 
were selected for special aid in 
1977 because of high unemploy- 
ment job loss, emigration, lack 
of job choice, and industrial 
obsolescence, and have been for- 
mally included within the 
county structure plan so that 
they can be he focus of govern- 
ment Initiatives. 

Over a three-year period the 
areas, which include a number 
of towns formerly heavily 
dependent on wool textiles, saw 
a total of 390 positive develop- 
ments involving investment and 
employment creation and result- 
ing in the prospect of I3.S00 
jobs. There were also 188 nega- 
tive developments recorded, 
however, resulting in the loss 
of 16.60Q jobs — a net loss of 
4,800 jobs. 

The report, the first of a new 
series of quarterly surveys of 
economic progress within the 
county, highlights Bradford as 
now one of the parts of the 
county worst affected by job 
losses with a net loss of 3.000 
in the period covered — almost 
80 per cent of them in the inner 
city. The city has been affected 
by losses in textiles and by 
closures in more recently estab- 
lished industries including 
Thorn Consumer Electronics 
and Lucas Aerospace. 

Before joining the company 
John Geddes had established a 
considerable reputation in the 
public relations field, principally 
by assisting Sir Leon Bagrit in 
explaining to the British busi- 
ness community what was then 
called automation, but is now- 
more widely seen as the first 
pan of the computer revolution. 
He was thus one of the best 
known and most successful prac- 
titioners of his profession when 
he became our public relations 
adviser. This, as we are 
principally a newspaper busi- 
ness, presented for hint a prob- 
lem as well as an advantage. 
For most journalists a public 
relations function is closely 
examined before it can be 
accepted as contributing to the 
general aim of providing better 
j information for readers. As a 
I newspaper is its own best public 
testimonial, how could a public 
; relations man improve on what 
the Financial Times could say 
for itself purely by doing a good 
job in its own colums? 

We soon found that in John 
Geddes we had a person with 
whom we could all work. First 
of all he showed that his scrupu- 
lous concern not only for truth 
but for the whole truth was up 
to the highest standards of 
journalism. Second, his natural 
sensitivity enabled him. even 
though no longer a young man 
when be joined us. to learn in 
a very short time our corporate 
aspirations— always complex In 
a ‘ newspaper business — and 
come to share them. Yet he 
never failed to warn us when 
he thought our picture of our- 
selves was different to that held 
by others or in any respect a 
false one. 

He was a real professional, 
unsparing of himself, and ex- 

pecting the highest standards 
from those who worked forhim. 

from those who worked forhitn. 
His ability led inevitably to his 
duties being extended to the 
supervision and control of all 
the companies promotional 

‘Unwinding of distortions 
may boost money supply 5 


THE GROWTH of the money 
supply on the wider definition 
(sterling M3) could be boosted 
in the next few months as a 
result of unwinding -Of distor- 
tions in the recent figures, it is 
argued by stockbrokers W. 

Commenting on the November 
money stock figures in its latest 
bulletin; "the firm says that it has 
received some official support for 
its. view that - the published 
sterling M3 figures have been 
distorted downwards. 

The recent Bank of England 
Bulletin points out, he said, in 
discussing the six months to 
October, that for a number of 
reasons, "the figures under- 
stated the underlying rate of 

monetary growth during this 

The mid-November statistics 
Showed a modest increase- in 
sterling M3 of 02 per cent 
Greenwell comments, that 
though the distortions to the 
figures have not yet been 
unwound, they are not becoming 
any worse. 

In future, the firm expects 
some reversal. " For example, if. 
as with last year, the official 
seasonal adjustments in the main 
tax paj-ing season do Dot fully 
allow for some taxes being met 
from holdings of certificates of 
tax deposit and other short-term 
instruments, some reversal of 
the downwards distortion to 
sterling M3 may be expected in 
the coming months. 

Able Civil Servants need 

promoting, says report 


FEWER graduates should be 
recruited for fast promotion 
within the Civil Service and 
existing staff should be given 
better promotion prospects, 
according to a Civil Service 
Department report published 

The report, prepared by an 
inter-deparmental committee 
under the chairmanship of Mr. 
John Moore, a deputy secretary 
at the Civil Service Department, 
recommends a compromise be- 
tween the continuation of a 
special recruitment policy 
aimed at attracting potential 
graduate “ high fliers ” and 
promoting civil servants from 
~ within the ranks.” 

Under the new scheme pro- 
posed by the committee the 

number of graduate entrants 
recruited into the special ad- 
ministrative trainee ** fast 
stream " would be reduced while 
a new rapid promotion scheme 
for all executive officers, regard- 
less of origins and educational 
qualifications would be intro- 

The committee was set up last 
year to review the workings of 
the administrative trainee 
scheme introduced in 1971 

While the primaiy objective 
of the report appears to be to 
ensure a continuing supply of 
a restricted number of very able 
graduates to the Civil Service, 
it has also accepted the need 
to seek out and develop the 
talented staff already in the 

Severe pilot shortage 

activities, and of our conference 
department, where he was also 
a great success. He remained 
up to his death a fountain of 
new ideas large and small. 
Among his many achievements 
were his roles in the Financial 
Times Clipper race to Australia 
and back, and in the National 
Management Game. Much of his 
success was due to his character. 
He got on extremely well with 
those he worked with inside and 
outside the company, and with 
all kinds and conditions of 
people. He did not consider any 
simple task too trifling for him, 
nor any grandiose scheme in- 
volving the persuasion of busi- 
ness and political leaders too 
daunting. He liked all sorts of 
people and they liked him back. 

His natural kindness, charita- 
bility and enthusiasm gave a 
sense of reassurance to those 
about him. He gave an air of 
distinction to all he did. He 
concerned himself not only 
about the fortunes of the. com- 
pany. but of all those with whom 
he came into contact within it. 
and it is perhaps for this that 
he will be best remembered at 
the Financial Times. Despite 
indifferent health over a number 
of years he Dever complained, 
and bore great pain with great 

He made a unique contribu- 
tion to the lives of those with 
whom he worked closely, and 
our lives will be made the 
poorer by his death. — A.V.H. 

M.H.F. writes: On first meet- 
ing John Geeddes. one was 
struck by the sheer size of him 
and everything about him. His 
ideas were big. too big. it was 
said by those who did not know 
him well. He would smile and 
with infinite attention to every 
detail, with firmness, with kind- 
ness. with the help of the wider 
circle of friends all over the 
world he would make it happen. 
And if by chance you had to 
play some part in bis scheme of 
things, he would make certain 
that having done what you were 
supposed to do. you enjoyed 
every’ minute of it. He was a 
wonderful companion and a 
raconteur in the great tradition. 
He was a man who inspired com- 
plete trust and the greatest 

‘may restrict travel’ 


enters third week 

A SEVERE world shortage of 
airline pilots is emerging as a 
result of the rapid recovery in 
the growth of air travel. It is ex- 
pected to be especially acute in 
the UK. with more fh»n 200 new 
pilots a year likely to be needed 
in the early 1980s. 

The recovery in traffic has 
been particularly marked this 
year under the stimulus of 
cheaper fares in the U.S. and 
Western Europe and it is ex- 
pected that, overall, this year's 
gain will be about 10 per cent, 
to about 660m passengers. 

For the immediate future, the 
expansion is likely to be about 
7 to 8 per cent a year, which is 
expected, together with the need 
to phase out older and noisy 
jets by the mid-1980s, to create 
a demand for more than 4.000 
new airliners of all kinds, worth 
more than £40bn over the next 
few years. 

The effect of the growth on 
pilots will be equally dramatic. 
In the U.S. alone, the air trans- 
port industry is expected to hire 
at least 2.200 to 2,500 new pilots 
before the end of next year. 

In the UK, the position has 
been made more acute by the 
fact that during the slack period 
of air transport growth in the 
early to mid-1970s few new 
pilots came forward and many 
were reaching retiring age. 

Thus, the pilot force was run 
down. The UK airline pilots’ 
force stands at more than 6.000, 

of which more than half are 
employed by British Airways. 

Studies by the Air Transport 
and Travel Industry Training 
Board show that retirements 
will continue to deplete this 
figure at. the rate of about 200 
a year for the immediate 
future, -with . at least another. 
150 a year dropping out for 
medical and other reasons, a 
net outflow of about 350 a year. 

The drain will be met partly 
by . 130 to 150 pilots a year 
trained for British Airways, 
with about 35 to 50 coming 
from the RAF, and perhaps 
another 25 nr so independently- 
trained pilots from private 

New airlines 

Thus, the UK could be short 
of more than 140 pilots or so 
a year in the early 1980s and 
the number could rise accord- 
ing to the rate of traffic growth. 

Four new airlines have been 
formed in the UK in the last 
year — three passenger charter 
airlines by the Global, Horizon 
Midlands and Intasun .tour 
groups, and one freight airline. 
Scimitar — all needing pilots. 

Coupled with the demand 
emerging from the expanding 
airlines of the Third World, the 
overall demand for pilots could 
be so great as to be a 
restraining influence on the 
development of world air 

This shortage will be even 
more acute if pilots’ unions -in 
some ' -countries, such as' 
France; continue to insist upon 
three-pilot crews on some hew! 
short-haul jets, instead of 
two-pilot crews. 

Meeting this demand will; 
create big problems for: the 
limited number of available 
training establishments." 

Even the RAF cannot be. 
regarded as a big source of 
supply. It is suffering its own. 
pilot shortage and is tending to 
retain its transport pilots for" 
as long as it can. 

The air transport industry 1 
regards the situation as serious 
and- would like the Government: 
to take steps to promote the’- 
training of airline pilots as a 
matter of urgency. • 


• Brymon Airways, the indepei^ 
dent Plymouth-based airline, is' 
buying a Be Haviliand Canada 
Dash Seven four-engined air- 
liner, costing about £2m. The 
50-seat aircraft is due" for 
delivery in the spring of 2980, 
and will be used on BrymonY 
flights to and from the Chaimer 
Islands, GatwicR and the Irish -: 
Sea routes from Plymouth/ . : 

This is the first UK order for ! 
the Dash Seven, described as; 
one of the quietest ~ airliners j 
flying. The De Haviliand 
Canada’s total orders for the , 
aircraft stand at 32. mainly from j 
US. and Canadian airlines. ' j 

TALKS are expected to resume., 
this week between the National 
Union of Journalists; and em- 
ployers of 9.000 provincial 
Journalists, whose strike over 
pay enters its third week today. 

-'^The strike seems set to con- 
tinue into the New Year though, 
iud in preparation for the 
Stoppage running tb rough the 
'holiday period the umon today 
Will start Xo pay out £36,00? 
from its hardship fund. 

'-" Since the effective ending of ’ 
-the - Government's sanction*, 
policy in the private .sector,.- 
.tbe Newspaper Society — the 
provincial newspaper employers 
*as firmly tabled an uncon-, 
ditional offer of about 8.9 per 

. --it has also offered to re-open 
negotiations with the pre-corn 
dition of a return to work. in. 
the provinces. The' NUJ has 
/rejected the pay offer, and is 
unlikely to reopen formal talks' 
l op the basis of ah end to the : 

--The Newspaper Society today 
will receive an offer, from the 
NUJ of informal working party- 
talks on the dispute. -The 
society's negotiators are, ex- 

: ,whekly rate of £65. ; ■ 

../ .'.The NUJ seems likely to want 
^possibly -i ihigher/ overaJT offer 
in response ’ to lfs 320- a. -week 
-across-the4»«ard claim, - as the 
offers from tife ^Scottish’ News- 
paper Proprietors ' Association 
-arid the Association of Northern 
. Driatid. refer only 

to .weekly newspaper journalists. 
. The ■flref ps^yinents from, the 
hardship fund to be made today 
• are. based jon^the union's own 
fighting JinuL and. on- to* gfrOOfl 
it .has cotiected hy- vobrntary 
levy in support- of 'ihe strike- - 
: Tfi'e .union -.wHt" als<r hojd .a. 
national ratty oh the; strike in 
Nottingham bir Wednesday. T 

breed tiger 

Borg- Warner develops 

Arbitrators award 16% 
to Boots workers 


transmission system 

prawns m 


By Sara Davies 

SCIENTISTS at the Fisheries 
Experimental ' Station at 
Conwy. Gwynedd, in North 
Wales, have shown that a 
new farming industry is 
possible in Britain— Intensive 
prawn farming. 

' Using jumbo tiger prawns, 
whi eh. attain edible size in six 
months, in continuously re- 
cycled sea-water tanks, the 
Ministry of . Agriculture 
scientists have . produced 
healthy baby prawns for the 
first time in captivity. 

Adult prawns, feeding on 
pelleted food similar to that 
used to raise trout and 
salmon artificially, composed 
of fish meal, vegetable 
proteins and vitamin supple- 
ments, have successfully 
produced millions of baby 

The experiment has been 
carried Ont in insulated fibre- 
glass or wooden tanks, heited 
to a tropical sea temperature 
of 28 .'degrees centigrade, 
using heat conservation 

EORG-WARNER Corporation’s 
UK plants are to undertake 
further development, and prob- 
ably manufacture, of a new 
automatic transmission system 
originating from the Dutch com- 
pany. Van Doorne Transmissi^. 
Borg-Wamer and Fiat have said 
that they propose to take a sub- 
stantial stake in Van Doorne. 

Development of the belt and 
pulley? part of the automatic 
transmission, which is designed 
for front-wheel-drive cars, will 
take place in Holland. But the 
main development work will be 
carried out at Borg-Warneris 
research centre in Letch worth, 

It is expected that manufac- 
ture will be shared between 
Letch worth and Borg-Wamer’s 
other UK factory at Kenfig, 
South Wales. 

Mr. Peter Whybrow. manag- 
ing director of the Letchworth 
division, said yesterday that 
manufacture and testing of the 
prototype would take 18 months 
to two years. The continuously- 

variable transmission is ^ex- 
pected to he on the market 
within four to five years. 

Borg-Warneris investment in 
the joint venture with Fiat add 
the Dutch company will fie 
between £2.5m and £5m. with 
each company Taking a 24. per' 
cent stake in Van Doorne Trans-, 
missie through a new stock 
issue. •" 

Van Doorne will retain- 394 
per cent and the Dutch Govern^ 
ment a 12 $ per cent stake. Sale 
of the Van Doorne stock, which' 
is still 75 per cent-owned by 
the Van Doorne family, is sub- 
ject to . the . approval of the; 
directors of ail three companies; 

Mr. Whybrow said that the. 
transmission was obviously of 
“great interest” to Fiat, hut 
it was thought that •‘■it will a>so 
be «old elsewhere eventually.* 

Borg-Wamer, which claims to 
be the largest manufacturer of 
automatic transmissions in the 
world, already sells to many car 
manufacturers from its UK 
plants, including BL ' Cars. 
Volvo. Chrysler, and Saab. 

SIX THOUSAND employees of 
Boots, the chemist, are to. 
receive increases of about 16 per 
cent after a “fair wages” award 
by The Central Arbitration Com- 
mittee. It is expected to cost 
-the company £2.5m in » full 

r ’ The decision, upholds a claim 
on behalf of warehouse and fac- 
-tory workers by the Union of 
'Shop, Distributive and. Allied 1 
Workers. Payments . wUL be 
made in the firsf week- of the 
hew year. 

• It will give increases of £7.10 
a week to the lowesl/grade 
worker*, rising to £15.50 a. week 
to the highest grade. 

The union said yesterday that: 
the Boots workers were recelv- 

Talks to start on BBC 

Christmas programmes 


Department stores show 


improved prospects 

The Fisheries Station con- 
centrated on ten species of 
tropical prawn and found that 
“Pena e us Monad on,” the ' 
Pacific tombo tiger prawn, 
was the most hardy of all 
types for reproducing in this 
controlled environment ' 

The recycling and purifica- 
tion of the sea water served tu 
control pollution and the 
entry of disease. 

Following the breakthrough 
in breeding techniques, the 
way was now open for com- 
mercial evaluation, said Mr. 
John Wickens, senior scienti- 
fic officer in charge of crus- 
tacean culture at Conwy. _ 

The operation of this type 
of fish farming would require 
a high level of capital invest- 
ment. Mr. Wickens said, 
although the Investment 
would produce a rapid cash 
flow in terms of high yields of 
what is a luxury product. 


THE HIGH profit margins of 
Peter Robinson, the Burton 
Group woroeoswear retailing sub- 
sidiary, puts It ahead of the rest 
of the department stores field, 
according to a new survey. 

• The study by Jordans, which 
covers the financial performance 
of 120 department store com- 
panies. reveals that Peter 
Robinson has the highest profit 
i margin, at 17.7 per cent, as well 
as achieving the highest return 
on tangible capital employed — 
77.9 per cent 

Only seven other companies 
covered in the survey bad profit 
margins higher than 10 per cent. 

Among the smaller companies 
included in the survey, a depart- 
ment store in Leamington Spa. 
P. H. Woodward, emerges with 
the best record — showing a 
profit margin of about 20 per 
cent, in the last four reported 

The survey also concludes that 

department stores have proved 
remarkably resilient in the face 
of new pressures and com- 
petition from other retailers. It 
points out that Debenhams has 
opened new stores in four big 
towns this year while the Civil 
Service Stores has carried out a 
major structural face-lilt. 

The store’s improved per- 
formance is said by Jordans to 
be due to such factors as the 
wide range of brands on offer, 
central buying, improved 
management, and substantial 
investment in unproved facilities 
and credit sales. 

Jordan says the improved 
prospects for UK department 
stores are in contrast to the 
situation facing most European 
ones. All of them are under- 
stood to have recorded losses in 
the .past two years. 

Department Stores, published 
bti Jordans Surveys. Brunswick 
Place. London. NX, price £60. 

BBC representatives will 'meet 
officials front the Association of 
Broadcasting Staff this Week to 
try fo^prevenf, the loss of tele- 
vision -and radio vinwgramnses 
over. the Christmas period. Pro-, 
grammes; are already being lost 

because, of an Association ban 

on. overtime. •*. ... . -1 

Mr. v ' Tony . Hedni: -general 
secretary/; said yesteid_iy; \that 

the union would be looking Tor 
its Phase. Four settlement in 
the ejqpected talks.- The battle 
over . pay .seemed to have -been; 
won in the private sector with 
the abandonment of the sanc:. 
tions policy, but the -Govern- 
ment .would not be likely , to . 
move so easily in the. public 
sector..":-'; " •' 

The union has decided that - 
Us BBC members should not 
work 'more than .42 hours a 
week, nor more than 12 hours 
a day,.hor accept any work 
attracting, "payments, such as 
those for working through meal 
breaks^"* nor . .work; with any 
member; who refuses to follow 
these uertructions. ..- ' - 

The effect of the overtime 

:-ban islthatiome Ctoastmas pro- 
grammes. have V already been 
.. abandoned/ some production is 
at- a ; standstill and radio and 
.'television. ; programmes - have 
: already , been lost. •• 2 

Yesrerdflyr the corporation 
lost its "early morning pro- 
gramme tot Asian viewers and 
its. Film of the Week on 3BC2. 

" A -Radio Four programme, One 
‘Man, Once' Voice. Was replaced - 
with records. . ■■ ' '--'i ; ; - . 

. Today, the current affairs 
programme Tonight is . not ex- 
pected, to appear and further 
cuts are expected tomorrow. ■ 

The dispute-. Is being used "by 
;the" BBC to highlight it if long- 
standing grievance that the pay 
of many "of its "staff has" been 
Jeff behind that of independent 
television staff under incomes 

The corporation is transmit- 
ting messages on . television 
screens and on radio, before re- 
arranged programmes' that the 
cause of the -alteration to' the • 
schedules is - Government - pay . 
policy. ..... 

Hairdressers’ 12.5% rise 
‘scandalously low’ 



Christmas goose not getting too fat 


PAY RISES tor 135,000 hair- 
dressers; : due to come into force 
today- after a - wages,: council 
settlement, have been attacked 

after two years’ apprenticeship 

and two ’ years iff the industry, 
and from £27:85 to $31.35 for the 
most-, easily, compatible.. -rate, 
.- workers aged 22 and over. 

The uoit says that this rate 
could- have been increased, not 
by £3.50, but by; anything up to 
£16.65; The. new rates, were 
M appallingly low,” and the 3fti- 
todes of the wages council mot 
- Just;; '.Irresponsible, but " scan- 
dalous.” •_ ' .. 

The unit calls on the wages - 
council tobring the higher rates 
fully, up; tocthe £44:50 low paid 
earnings .. level -allowed- for by. 
the Government .and to increase 
all other trained adult rates, to 
at-: least £40 a week. 

by to© Independent Low Pay 
Unit as '-"scandalous" 

Christmas could be lower than 
expected, according to the 
Financial Times survey of con- 
sumer confidence published 

Only a quarter of people 
interviewed for the survey said 
that they expected to buy more 
than last year. The other three- 
Quarters expected to buy either 
the same or buy less. Of the 
total 44 per cent indicated that 
they expected to buy less. 

The forecast of less consumer 
spending will surprise many in 
the retail trade who looked for 
substantial growth on last year’s 

Over-55's and women from the 
ABC1 social classifications are 
likely to be the smallest 
spenders. Less than one in five 
plans to spend more. Men from 
the ABC1 appear prepared to 
snend more, as many saying 
ihey will as say they will buy 

The reason for curtailed 
spending appears to be uncer- 
tainty about the economy and 

politics early in the New Year. 

Although the December index 
of “future confidence" by con- 
sumers has stayed stable for 
three months, the six-monthly 
index continues to reflect the 
long-term decline over the half- 
year in consumers’ optimism for 
the future. 

The December Index shows 
pessimists in a clear majority 
for the third successive month, 
17 per cent expecting condi- 
tions to improve and 31 per 
cent to worsen, giving a nega- 
tive index of minus 14 per cent. 

Tins was the same as last 
month, and 1 per cent lower 
than October. The index, how- 
ever, remains at its lowest level 
for two years. 

The six-monthly index stands 
at minus 9 per cent, a fall of 
1 per cent on November. 

The main reason for pessi- 
mism remains rising prices, 
cited by almost a third of con- 
sumers. The numbers giving 
“the Government” as a factor 
doubled, from 8 to 16 per cent 
though there was a sharp fall 
in the numbers blaming trade 

unions and strikers, from 33 per 
cent to 24 per cent 

For the optimists, the general 
feeling that " things must 
improve ” was cited by 39 per 
cent, a rise of 3 per cent On 

Analysis of the “ future con- 
fidence” is closely related to 
pessimism about the more im- 
mediate Christmas spending. 

Women from ABCl social 
classifications are by a wide 
margin the most pessimistic 
subgroup in the survey, while 
ABCl men show more con- 

Paradoxically, the index of 
past prosperity — how consumers 
feel compared with 12 months 
ago— has risen slightly this 
month. It shows 33 per cent of 
consumers feeling better-off 
than a year ago. compared with 
30 per cent who feel worse-off. 

This gives an index of 3 per 
cent, a rise of two points over 
last month, due to an overall 
increase in the proportion feel- 
ing better-off. as the same 
number as last month feel 

worse-off than a year ago. 

This month’s index has -only 
twice been exceeded in the nine 
years oE the survey, in August 
and October this year. 

Past prosperity has been at a 
high level throughout 1978. 
indicating a year when con- 
sumers felt they had made real 
progress in improving living 


They feel that there are too 
many unknown factors in the 
immediate future, mainly the 
prospects of a General Election 
and a rise in inflation, for the 
improvement to continue in 

Again this is reflected in the 
“lime-to-buy index,” which has 

fallen by 15 per cent this month 
to reach its lowest level for 
three years, and the sharpest 
change for "18 months. 

The survey showed that 37 per 
centof consumers felt now was 
a good time to buy “ big things 
for the house,” compared with 
31 per cent who thought it not 
a good time. This 1 gives an 
index of 6 per cent compared 
with 21 per cent in November 
and 26 per cent in October. 

There is an element of 
seasonal variation in this sharp I 
fall, as many people revise their | 
spending decisions when the 
January sales are announced. 

Consumer concern over un- 
employment shows a fall of 1 
per cent to 19 per cent, its 
lowest since January- But 35 
per cent still expect unemploy- 
ment to increase, and 16 per 
cent to fall. 

The survey was carried out by 
the British Market Research 
Bureau for the Financial Times 
between November 30 and 
December 6. A sample of 909 
adults was interviewed. 

CiSI trends. Page One 

The unit says in a report bn 
the -Hairdressing Undertakings 
Wages Council -settlement that 
a 12.5 per ' rise for worw 
kers agett 22 and. -over could 
have been upr to.di) per cent and 
still 'remained within . thff ' low 
pay provisions of the - Govern- 
ments guidelines. . 

The "Stage Four settlement 
will- increase minimum 40-hour 
week '^vageS from £32.50 -to £37. 
for an bperatfve hairdresser" 

, pected ito ■ discuss the- toffer - at 
a meeting today. ■ 

The union is likely to press 
; forahoffer at. at* least as much 
as the Wrl$ per cent and 14*19 
-per ' -cent ' Which '. have v been 
.offered^ . to ; weekly, paper 
jbuynhHsts - "in'" Scotland; and 
- Northern ^IrQatid. respectively. 

Ohe: Scottish offer wouW give 
-the 2 50 journalists/it-covers a 
rate of £72.50 a week, and toe 
Northern Irish offer -its:: .100 
, " journalists a rate - lot -".wTS- .a 
’ week- -The &9.-per cent News^ 
paper-' Society offer would , give 

Eidck Board approves 


Board; has - given the Liverpool * 
board permission .to offer volun-; 
tary redundancies to 650 ie'g&- 
tered .Stockers'- tmtiic-Mfirsey " 
becaare-droverrmajanihg.,V- r -^ 

Tbe'.iavdrpooi board -origin-; ’ 
ally applied for .voluntary, 
severance for. 711 men in three 
stevedoring companies.- but an 
adjustment, has been' made • to ' 
increase, the labour- force in - 
another company. 

The Mersey Docks tod Har- 

bour Company, which employs 
, two thirds of the labour fores, 

. is; seeking about .500 redun- 
dancies.:. r ; - 

'.Severance terms hive.' yet. to 
he worked oat ab move will 

be made- before th* New Yfcar, 
eftons are' expected 1 to - 
get .the -Government rto foot -at 


severance pay. •- 

faction will Wing toe" 

^O coujpatod with iS.dOO in" 

ing, on . average^ about. £10 a 
week toss than workers at other 
- pharmaceutical compames. -The 
-'-difference- -' ;stomrned from 
^"rigidities- produced, by -soccer 
;sfve Government P*Y poKrifeS’* 
And .scheme. 

' The company “and -tb e -unioii 
have agreed: * new sebeme to 
bring fro grading structure up . 
to date from next, month: ' . 

Tfe cbmpaiiy cooperated with 
the union to 'prdvide '.hiloima- 
tloh foe- the '.committee, which . 
was asked. tb : rule that thegjay^ 
gap was uufair'undeir'fhe jen&S? 
of the Fair “Wages Besbhition,'. 

The union witt-qpen" talks on 
: a hew , -wager, cIa«U-lor the 
"company’s workers after cbn^d- 
ering the committee's .award. 


, - Sri.'?. 



’ 4io 

•» Tliies &iiday December^ IS- 1978 



0Spe ^ g 






Solar power panel offer Uni vac pushes Yarian Takes cash 

POWER modules drawing elec* and base plate, avoiding pro* STNCE ACQUIRING Varian be produced from 4,000 a month n 9 . 

trical energy from sunlight for mature failure. Data Machines iu June. 1977, the to 24,000 a month. trfilTl TiniTlT 

industrial, professional and a cover of fibre reinforced Sperry Univac’s minicomputer Development and manufacture JLM. vFfiUl IJvfl.l.lB' 

domestic applications, and avail- polyester provides protection operations, based In Irvine. Cali- ing floor space has more than 

able at a price which is com- against the environment includ- forma, have undergone major doubled, going from 150,000 

pe ili ,ve with avail ° ble * m P° rtw l ing such extremes as sand-blast- changes in manufacturing faeill- square feet at acquisition to U|. 



Speeds travellers 
on their way 

' "i't '• ;■ 

/ : v 

om Jj|- 

FRANCE is IfbeOy to be the flrst 
country £a- Europe to put into 
regular - servin' the AMW or 
“ accelerated moving- walkway** 
foreshadowed at the turn'of ihe 
last century by H.- G. . Weils in 
“ The Sleeper - Awakes." 1 

But whereas in tiiat remark- 
able feat of ptedi'ction ihe roll- 
ing ways were . built up - in 
parallel strips." 'each ;c6i»ectftlve- 
one running slightly , faster than 
- its neighbour,* the FrenchlTRAX 
system is - so designed .that the 
central portion of _ the single 
strip- moves . at -;a ~ higher speed 
than -Its embarking - and alight- 
ing sections. 

This must sound, impossible, at 
first reading, since one is talking 
about a continuous moving band 
carrying, people' J who are . stand- 
ing on it throughout its length. . 

The secret' is that the surface, 
of the. track, is made up of. a 
series.df ridged plates.witii inters 
leaving ridges or teeth, that. can 
move relative ‘ to - each other 
somewhat after - the ^fashion of 
a telescope. Underneath these 
plates/- and supporting them, is 
a series of telescoping tubes , in 
pairs,' through each pair of which 
runs a closed - chain' running 
around four sprockets. 

.These four sprockets are at 
the apexes of a quadrilateral 
which can be made ; to: alter, its 
shape to extend , or retract, the. 
telescoping tubes --on -which the 
footplates of .the walkway rest ; 

Tliis will oause the - plates to 
slide out or - retract Into each 
other which, in . turn, . will 
elongate or retract the moving 
baud just ’as a worm stretches- 
or contracts. The difference is, 
of course, that -the walkway 
forms a continuous hand. 

There are: a .y number of 
important consequences result- 
ing from, tiie application of this 
ingenious system. •- The major ' 
part of any such walkway can 
be made to travel at' consider- 
ably higher speed than access 
and exit sections. . . In . the .-first 
French prototype system to be 
set .up- in _'1979 at Jthe main 
station in . Lynns, -access ' and - 
exit will, fake place it 3 km/h 
-while the main body of the con- 

veyor will run . et 12 fem/h. 
Central speeds , of '18 kan/h are 
already being considered. 

When this AMW goes into 
service, it will have a length of 
40 metres and a capacity in each 
direction of 12.000 usere per 
hour. Jit takes a section about 
9 metres: long fa accelerate 
users from .3 to 12 •■•Jan/h and 
' the . maximum acceleration 
imposed is one. metre, per second 
per second. . 

.".The system is able . to follow 
a curve of 60 metres. nadius and 
take a 20 per cent gradient. 

. Designer .are already ttlkang of 
walkways up to l km in- length 
for the near future. •. 

It has not been possible to 
; design a handrail system moving 
in synchrony with the carrier 
band, so the solution chosen was 
to mount “handgrips" on. a 
similar system of ..deforming 
quadrangles to. 'that ’used in 
moving the carrier plates rela- 
tive to each other. -This means 
the hand grips will speed up and 
slow down at the same cate as the 
adjacent plates, and the adjacent 
users — it is hoped..' '}•: 

’ RATP, the Regie Antooome de 
Transports Parisiens, which has 
always been a great, innovator, 
has been experimenting with 
many types of AMW since 1967. 
At the same time, the CentTe 
de Recherche^ MAcaniques 
Hydromdcaniques" Frottemen t 
at St. Etienne has ^provided a 
powerful support' <*nti^ for 
development and has been work- 
ing with a full-scaler: 70 metre 
prototype of the Lyotut. installa- 
tion. . L '■'■ 

This prototype -has been 
extensively modified during 
test running, now amounting to 
many hundreds of boots, and it 
is intended to remove-the whole 
:unit, lengthen it anddnstel it at 
one of the Paris M6$0. stations. 

What the next stafrwill be is 
anyone's guess. French', mgineers 
are discussing high-speed trans- 
port units in which parallel 
AMW's would ' allow/ users to 
move stepwise from: 3 km/h to 
much higher speedS5 than the 
12 km/h now envisaged,.: which 
brings hs back to— Bie -Sleeper 

POWER modules drawing, elec- 
trical energy from sunlight for 
industrial, professional and 
domestic applications, and avail- 
able at a price which is com- 
petitive with available imported 
products ore on offer now from 

The new MST300 design 
satisfies requirements for mech- 
anical strength, reliability and 
long life -under extremes of 
environmental and climatic 

Standard equipment contains 
36 silicon cells, each 3 ins In 
diameter, series-connected to 
give an output of 1.1 amps at 
14.4 volts. It measures 560 mm X 
4S0 mm and is only Z30 mm 
deep. Aluminium construction 
offers good heat-sink capability 
and makes the unit suitable for 
use in high ambient temperature 

A recessed aluminium extru- 
sion. into which the base plate 
and cover are fitted, assures a 
positive hermetic seal and pre- 
vents ingress of moisture into 
the resin filled space containing 
the silicon cells. Injection of 
this resin at the final assembly 
stage ensures that all air is re- 
moved from between the cover 


and base plate, avoiding pre- 
mature failure. 

A cover of fibre reinforced 
polyester provides protection 
against the environment includ- 
ing such extremes as sand-blast- 
ing or ultra-violet degradation. 
All materials used have been 
selected for full compatibility 
with neighbouring components, 
whilst differential co-efficients of 
expansion have been minimised. 

At £200 or more for a one-off 
unit or £150 <in quantity, this is 
not a cheap proposition. Essenti- 
ally, if the device Jh reliable, it 
Should pay for itself in three or 
four years. If industry is going to 
rely on solar power units, how- 
ever, suppliers will need to pro- 
vide much bigger outputs and 
shorter amortisation. But it Is 
only in the U.S., where millions 
if not billions of dollars are 
being made available for solar 
technology, that enough money 
is being channelled into silicon 
solar cell development that com- 
mercial use on a large scale 
appears feasible from, say, the 
early 18S0s onwards. 

Ferranti Electronics, Fields 
New Road, Chadderton, Oldham' 
OL9 SNP. 061-624 0515. 

Data Machines in June. 1977, the 
Sperry Univac's minicomputer 
operations, based In Irvine. Cali- 
fornia, have undergone major 
changes in manufacturing facili- 
ties and capabilities. 

Starting with 527 employees in 
development and manufacturing, 
manpower has grown to 1,037 
with further expansion envis- 
aged. Facilities have been 
upgraded with au infusion of 
more than S5_!m in capital equip- 
ment, including some of the 
latest automatic and semi-auto- 
matic production and testing 

A recently installed Bow solder 
machine increases the number of 
printed circuit boards which can 

be produced from 4,000 a month 
to 24,000 a month. 

Development and manufactur- 
ing floor space has more than 
doubled, going from 150,000 
square feet at acquisition to 
315,000 square feet. This also is 
expected to increase as emphasis, 
mounts on hardware and soft- 
ware design, research, and 
development and product 
development. Almost S91m will 
be spent in FY79 {ending March 
31. 1979} for product develop- 

Following this remodelling 
and streamlining of production 
facilities, shipments, which were 
roughly $3m a month at acquisi- 
tion. are currently running at 
almost double that amount. 


LongCrendon Bucks. 

Tel: 2084B1. 

Micro teaching kit 

Offshore emergencies 

A SEMINAR is to be organised 
by GP-Elliott Electronic Systems 
at Merton Technical College on 
March 14 and 15 next covering 
fire and gas detection and asso- 
ciated control systems for off- 
shore platforms, terminals and 

Aimed at designers, engineers 
and managers in the oil process- 
ing and contract industries, the 


seminar will cover general 
philosophy, detectors and area 
classification on the first day; the 
second will be taken up with 
foam, water and Halon systems, 
annunciation and display, and 
future trends including micro- 
processor based systems. 

More from the company at 
61, High Path, Merton, London 
SW19 (01-543 1241). 

OBJECT of a kit from Intel, 
SDK-86, is to give engineers first 
band experience of the hardware, 
architecture and machine code of 
the'S0S6 16-bit microprocessor. 

A complete microcomputer on 
a single board in kit form, it 
contains all the necessary com- 
ponents to build a functional 
system in a few hours. A com- 
pact but powerful system moni- 
tor is supplied with general soft- 
ware facilities and system diag- 
nostics in pre-programmed read 
onlv memories. 

SDK-86 communicates with the 
outside world through either an 

on-board LED display/keyboard 
connection, the user's TTY or 
CRT terminal (jumper select- 
able), or in a special mode in 
which one of the company's In- 
tellec development- systems can 
transport finished programs to 
and from the hoard. 

Memory is easily expanded 
simply by soldering in additional 
devices. \ 

Only simple tools are needed 
for assembly and a manual Is 
provided. Intel Corporation 
(IT.K.). 4. Between Towns Road. 
Cowley. Oxford OX4 3NB (0885 

UK group in Sweden 

Accent is on testing 

PROMISING TO be the largest of that utilised at the 1977 Inspex 
specialist engineering show or its at the NEC. 

ham’s National Exhibition Centre HH... e . 

AFTER A detailed study of the 
instrument needs of the Scan- 
dinavian market, Livingston 
Hire and Svea Data Communica- 
tion and Computer AB have 
launched a joint company — 
Euro Electronic Rent AB — to be 
based in Stockholm. 

Operational in January 1979, 
the company will initially meet 

the demands of the Swedish 
electronic instrument rental 
market and will later expand to 
cover the whole of Scandinavia. 

By joining forces with Svea 
Data, Livingston Hire is able to 
combine considerable local 
market knowledge and technical 
back-up with availability of the 
largest European rental pool. 

ACCORDING to DD Lamson L| crendon conch 
considerable assurance against fij LongCrendor 

robbery from tills in shops and i l Te l- 2 os 

stores can be obtained with the 
application of the company's 

well-known pneumatic tube ^ METALW055SC8NG 

The idea is to prevent the CJ'rf'gTfwii'Brau'MfT 
accumulation of large amounts of 
cash at each point of sale by m 
running the pneumatic tubes 
direct from each cash register to J. 

a central strongroom or safe ■ ■ 

which can be sited well away TJJT0C1S1O 
from -both customers and staff. 

At the same time, eaeh Jill J™ume5i 
Carnes a clear printed label designers of encur 
stating that the system is m end slop SW j tc h a lv 
operation and that the tills con- the same pluce^~ < 
tain only enough cash for change — ^ overcome bv i 
purposes. It is expected that duced by Cole Equ 
criminals “casing" the premises n makes use 
will see the labels and abandon ceramic disc wtaicl 
any attempt to rob. rated into an oscil! 

DD Lamson believes that the such that, as soon a: 
use of their Secure Cash System force is applied to 
will appeal to the Insurance com- circuit is damped 
panies and might result in stops and appropriai 
reduced premiums for retailers, circuits operate the 

An advantage for the shop's th ^°. J 

accounting staff Is that they can th A' 

"cash up" throughout the dav * , as rhefoi? 

and avoid tackling the whole task ' , ho °.? 

■« >'■* function!" 0 lh " 051:1 

The company is at Gosnori. Machinery Divisio 
Hampshire P012 BG (07017 Road Crovdon, 

87311). (01-686 7581). 


Radiation dose cheek 

encountered by machine tool 
designers of ensuring that an 
end stop switch always operates 
at the same place — many do not 
— is overcome bv a unit intro- 
duced by Cole Equipment. 

1 1 makes use of a piezo 
ceramic disc which is incorpo- 
rated into an oscillating circuit 
such that, as soon as an external 
force is applied to the disc the 
circuit is damped, oscillation 
stops and appropriate electronics 
circuits operate the switch. 

An added advantage is that 
the " stop " data is not lost if 
the power supply is interrupted: 
as long as the force is present 
on the disc the oscillator cannot 

Machinery Division, 3b. Church 
Road. Croydon, CRD 1SG 
(01-686 7581). 

Solicitors’ accounts 

A This 2 ttiti e3 be ye i5 r ' times larger accessories and services span- 
tban the first Inspex^hich t?ok !™ e 1116 

over* 90 retrofit 

a n ITservi ce* com Dan^e^ti sd la vine aSfiUrance - ranging From emission 

instrumentation tn work bench.,. 

A record attendance of over- 
seas buyers is anticipated next 
year when exhibitors will take 
up more than 20 per cent space 

new machines, instruments, tools. 


AN AUTOMATIC accounting 
system for solicitors is being 
offered bv Oyez Stationery. 

As well as legal accounting 
and time- record ing the system, 
called Oyez LX2500, handles pay- 
roll and cheque-writing auto- 
matically. as well ari manage- 
ment reports, statistics and 
analyses. Oyez says the system 

can also be used to relieve the 
cashier of the traditional month- 
end workload. 

The system is based on a 
microprocessor-controlled Log- 
Abax desktop minicomputer, pro- 
grammed to the specifications of 
Ovoz Stationery', which is part 
of The Solicitors’ Law Stationery 
Society group. 

sizeable number of personal 
radiation dosimeters are in -use, 
the WDR-100 from Wallac will 
allow the accumulated dose to 
be read from the instruments at 
any time and records kept by 
means of a printer. 

As each unit is plugged into 
the front of the microprocessor 
controlled equipment the user is 
automatically identified because 
bis dose and his details are kept 
in the dosimeter's small solid 
state store. 

The WD-iOO's micro Is pro 
gram me d from the keyboard of 
the printer to identify the user's 
name, monitor number, alarm 
levels for three personne- 
groups, basic dose (year, life 
time), printing mode and regular 
report interval requirement. 
After reading, the printer gives 
all this data together with dose, 
an alarm if applicable, date and 

Each monitor takes about two 
seconds to read and if required 
a digital displav will show moni- 
tor number and dose. 


Design of a network 

FACED \7iTH -the prbBIeni-. of _c§JT. information logging, feptip 
designing -priwe . inent . \ • ■ v f- 

network of communications, with Tacinet produces $. series H>f 
switching and.' features to pro- reports which clejrly.- indicate 
vide . maximum . Utility, at - a the configuration, ^ype, size, and 
minimum cost, the commiimca-. cost-effectiveness/ of a private 
tions manager miust resort to-' a network.’ It is .suitable for situa 

detailed,- and' often time-consum- 
ing study. ' -;. V 

tions' where /&o private wires 
exist, wher/ development or 

' Optimising the 'range' Of rationahsatitm of an existing net- 
variables encountered makes this ^ - Iwff 

a debMte task of b^ancT and an: already developed network in 

tune aqf closely matching bum, 

ingenuity and resources of -busy if v, 1 

OTram ideations - peoplS. «2S^?!SS2f ’sTn2n 

amount of . calculating -■ and- STD call 

reworking necessary before ; an • jJjgjW,’ 
optimised, scheme emerges can - 

be considerable.' . traffic profile from multiple loca- 

oe considerable. • . ■ Jions; -network topology; switeh : 

Recording, . .gathering, and" jag centres; and economics, 
analysing. tiie traffic data is - also a J -From this," an optimum net- 

bv \| 

complex task In jteelf. 


A -solution offered by Factel is consultants are available to help 
based ort a' Software package - interpret and act on the results 

“ Tacinet," which takes all the 
uncertainty from the task. Traffic 

if required. 

Systems- Development Centre* 

records are, taken .manually; at Factel International 33 Greycoat 
switchboards " or by- : .extension Street; London SW1P 2QF. 01-828 
£• -. users or again by Bactei’s "Tacis" 6374. 

in Sweden 

UP TO 5,000 paper-back books 
every hour are being produced 
in Sweden by Jannersten AB. 
Avesta, using an extremely large 
printing plate. 

When the publishing company 
began to build its new two- 
cylinder, -single-colour web 
printing press from scratch, 
using parts from every corner 
of Europe, it specified offset film 
and plates from 3M Sweden. 

- These offset plates are the 
largest in Sweden, if not the 
world, and are 10 feet long and 
55 inches wide. Each 6,765 square 
inch plate can print about half 
of aq average 150-page paperback 
book, delivering 5,000 copies on 
two tons of paper 

Before this jumbo " version. 
3M*s largest plate, made at its 
Middleway, West Virginia. U.S. 
plant measured about 90 inches ' 
long by 58 inches wide and was , 
used for printing dress patterns. , 

3M UK 380 Harrow Road, 
London W9 2HU (01-286 6044). 

■W,.- :<■> •: A. 


V This announceraeat appears as a matter of record only 



. S5o;ooo,ooo ; . 

Medhnn teem Joan 

Managed by -.i; *• . 



(Centraie Rabobank) 

•' dg bAnk -. 

Deutsche Geaossenschaftsbanlc . 


Co-Managed by ; 





• ' Provided by ; . 

. ; Alahli Bank. of Kuwait (ICS.C.) : 

Banque Canadieane Nationale (Europe) ... 

■ : Baflque Commeraalepqnr TEmope du Nord (Eurobank) 

Banque Fdd^ralive du Credit MiitueL 
, „ ■ ; _ ... Banque Internationale pour I’Afrique Ocddertialq 

; .'Continental Iinriois National Bank and Trust Company qf Chicago 
CoSperatieve Centraie Raiffeiscn-Boerenleeii Bank BA- 
.. .. Credit Agricole . 

; I- ■ Credit duNord • - : - 

DG Bank International ; . 

... Soddttf Anonyme ..... ■ , 

- 'Genossenschatiliche Zentralbank AG. Vienna. ' 

1. London & Continental Bankers Limited 

.. v .. . National Bank of Abu Dhabi . .. 

.Union Mediterraneans: de Banques ' . 



p Entertain this Christmas- 
and be sure of a certain smile 


October 1$7S 


It’s the festive time of year, and there 
are clients to be dined 3 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. 

The Wyvem, London 

Recently opened at the 
Cumberland Hotel, Marble 
Arch, this prestigious new 
restaurant features authentic 
British dishes, many of which 
date back to original 18th century' recipes - 
Salamagundy, Sirloin Steak with Wow Wow 
Sauce and Jugged Dorset Hare are just three 
delicious examples. Appropriately, the excellent 
wine list includes three English wines. The decor 
evokes a feeling of quiet, spacious E n glish 
elegance, while the heraldic theme is captured by 
a handsome wyvem tapestry. Tel: 01 -262 1234. 

The Hunting Lodge, London 

Naturally enough, the elegant decor of this luxury 
restaurant invokes the opulent world of huntin’, 
shootin’ and fishin’. Certainly the spoils of such 
sports can be enjoyed to the full in such superbly 
traditional English dishes as potted duck, mixed 
game pate, smoked salmon and jugged hare. The 
wine list merits especial attention, reflecting as it 
does the contents of one of London’s best-stocked 
cellars. 16 Lower Regent Street, SWI. 

Tel: 01-9304222. 

The Black Swan Hotel, 

Britain’s greatest heritage of hospitality must lie 
in the many traditional THF inns and coaching 
houses, which welcome guests from Land’s End 
to John O’Groats. The Black Swan at Helmsley in 
Yorkshire is a superb example, with its handsome 
dia gonal half-timbered exterior. This 400-year- 
old hotel, part-Tudor, part-Georgian, part- 
modem, makes a marvellous place to celebrate 
Christmas, with a feast of superb steak, and wines 
to match. Bookings on (04392) 466. 

c [ke Girvenj 

For a completely different gastronomic experi- 
ence, 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 like the one in the. 
Albany HoteljBinningham 021-6438171, ^ 

can be found throughout Britain at 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 two important qualities — they ’re all 
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 

If you’d like to know exactly where all TH F 
establishments are, ring 01 -567 3444, or write for 
the Map Tariff to: Trust Houses Forte Horels Ltd., 
P.O. Box 1, Altrincham, Cheshire WA145BJ. 

If you’re not yer 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 

Thist Houses Forte warmly welcome the American Express Card 

































Financial Times • jjj 




£17m to Wimpey Laing wins £9.6m 

* • Tinnn 4 .t. rnntmnl 

crecuon of pipework und 
ancillary facilities for the fluid 
«iT«ri;."iic cracking unit (FCC). at 
7» resent under construction for 
Pembroke Cracking Company, at 
Pembroke. South Wales, coni- 
priift a contract in the regiou 
•if i'ITtn, awarded to George 
Wimpey M. £. and C.. by of Basingstoke. 

Work is duo to start im- 

mediately on the contract which 
is scheduled to take 18 months. 

Pembroke Cracking is a part- 
nership formed between Texaco 
and Gulf Oil (Great Britain), to 
construct, own and operate the 

The facilities, which will con- 
vert heavy fuel oil to gasoline 
and other refined products are 
scheduled for completion by 
September 1980. 

Tom! development cost of the 
entire project is about £2B0ui. 

Tarmac In the Gulf 

G A.\D i Const rue Lion. Coe joint 
venture operation between 
Tarmac lnternarioual and the 
l>i: bu;- based Ghurair Group has 
w un u £7.5jii read contract in ibe 
Emirate uf Al>u Dhabi. 

This brings ihe Ghurair- 
Tanuac Abu Dhabi order book 
t'ltai for the past three months 
to over £l6m. 

The leii-inontb contract covers 
v.idenmy. repair and resurfacing 
oi km t between the city of 
.' I Ain and Al Vabar village) of 
Hi- lbC km Al Ain to Abu Dhabi 

Following the line of the old 
caravan rout**, the present road 
• - j f./o-Ianv dual carriageway. 
G and Twill enM plane the exist- 
ing iripV-M surface, construct an 
: , >.i.f- ! .‘! lane on each carriage- 
■vry, and ren'.fuce the 23 Uni 
leT'clb. Ct.*is'iiling engineers for 
rh:s ■ 'V.-K are cjeenijn Fox in- 

•'i r , nd 7 ha* also been awarded 
’.vo contracts in the Abu Dhabi 
oil fields. A r Bit Kara a 12-month 
job b; •? begun lo extend the 
rv nderikil accommodation 

h- re five .cingk-sitoroy blocks 
’•'i- 1 be erected lo house 100 
The coulrac-v includes 
rr'cnreffrtn and laundry facilities 
and ihv erection of squash 

Most nf the structures will be 

of reinforced concrete frame 
with concrete block infilling and 
external rendering. 

At Asab in the same desert 
region south of Abu' Dhabi city, 
r; und T are well advanced with 
an operation to resurface and 
extend the airstrip. Over 5.000 
tonnes of blacktop will have 
been transported 400 km from 
Tarmac's Quarry at Manama in 
Sharjah when tbe job is com- 

Nine two-storey blocks of bed- 
room accommodation are to be 
buiit on Das Island under a 
£4.26in contract awarded to 
f. and T by Adma-Opco. Its 
Sahid Camp on this island in tbe 
Gulf is to be extended to accom- 
modate 130 European and Asian 
permanent staff. 

Already well under way on Das 
Island is another Adma-Opco 
contract worth £2m far an ex- 
tension to another camp — that at 
Al Sharq where conventional 
temporary camp accommodation 
units arc being supplied and 
erected on concrete base founda- 

Bechtel has also awarded 
Tarmac a contract for placing 
'concrete foundation work. This 
latest award, worth £300.000 is 
for traditional beam and *lab 
work in connection with a new 
liquid petroleum gas plant. 
Work will last three months. 

INCLUDED IN contracts worth 
over £9.6m awarded to J ohn 
Laing is one for £7m for work 
at two air bases for the Property 
Services Agency of the DoE. 

The biggest job worth over 
£&$/□, is to build aircraft shelters 
at the Aeroplane and Armament 
Experimental Establishment at 
Boscombe Down, Wiltshire. 

Under the same contract, worth 
about £675.000, a further 163.000 
sq ft of concrete taxiway is to 
be provided at RAF, Upper Hey- 
ford. Oxfordshire, where the 
company is already constructing 
31 aircraft shelters under a £6m 
contract awarded earlier this 

Contracts together worth nearly 
iTm are for tbe construction of 
50 flats in Oldham, and the 
second phase of the Oldham 
Metropolitan Borough Council's 
Barker Street Estate develop- 
ment (£600,000). and for the 
renovation of flats for Man- 
chester City Council under a 
£300,000 scheme. 

A further two contracts, 
together worth fl.flm, are for 
building 113 dwellings capable 
of accommodating more than 430 
people. The company will con- 
struct. bouses, flats -and -bunga- 
lows in Sussex Avenue, Hunslet, 
and houses, flats -and a shop 
in Carlton Lane, Rotherwell, all 
in the Leeds area. 

E Ndrwcsf 

total capability 



Architect’s drawing for the new Temple a picturesque vUtage with 70 four-bedroom 

leasehold vlllas/ each having its own ear. . 
Island scheme, near Marlow, Bucks. Gough parWngand | j 0 ft tihdorii«. Construction work 

Cooper plans' to develop the 5J acre area as begins early next-year. 

Highlands holiday centre 

£2|m mine 
job in SA 

in North 

THE JOINT South African min- 
ing company Gold Fields Cemen- 
tation Mining has won a contract 
•worth about £2Jm for coal mine 
shaft sinking at Malta in the 

Two vertical 11-metre diameter 
shafts are to be sunk to 
respective depths of 115 and 99 
metres. Provision of permanent 
concrete headgear is also in- 



CONTRACTS together worth 
fl.Sm have been . awarded to 
Fairciough Construction Group 
for building work in Lancashire 
and Cheshire. 

Under a fl.lm contract for the 
DoE, tbe company will build a 
four-storey office block in 
Cherryfield. Drive at Kirkby. 
Merseyside. providing extra 
accommodation for the DSS. 

In Blackpool, an extension is 
being built on the promenade at 
Louis Tussauds Waxworks to 
extend its permanent exhibition. 

A £340.000 contract for Salford 
City Council is for 27 new homes 
in Rigby Street, Salford. 

leisure centre is now nearing 
completion for the Automobile 
Association in the Scottish High- 
lands. It includes 50 lodges, a 
heated swimming pool, games 
and dub rooms and a laun- 
derette, on 3 landscaped 26-acre 
site, at Carr bridge. A loch for 
recreational use, formed out of 
a peat bog, is another of the 
facilities created. 

Tbe centre, Lockanhully 
Lodges, is expected to open early 
in tbe New Year. The lodge 

buildings are two-bqdroomed 
units, equipped with kitchenette, 
bathroom, living room, balcony 
and storage. 

The project was designed by 
Sbankland Cox -.Partnership, 
which is also responsible for the 
civil engineering works, .with 
Alien Gordon and Co. of Inver- 
ness, engineering _ consultants, 
superintending the formation of 
the loch. Overall construction 
is being carried out by William 
Tawse, of Aberdeen, under a 
contract valued at about flm. 

of piling 

6 The PVC division of British 
Industrial Plastics "(Tomer -and, - 
JfewaU) has signed : a 
turn contract valued at .ftWJjKffl ... 
with Mitsui and Company, Japan, . 
for the supply of Extrude*"' 
pipe and fittings to be totalled- 
at -Yanbu in Saudi Arabia.; ■ 

The pipe -will be used to water 
transmission and drainage, lines - 
On the industrial enfflpreat -to be 
built at the western end of the 
Yanbu - Jubafl brans Arabian • 
pipeline. . - - - • ■>. - ... mV.. 

J ' 

Irrigation in Saudi 

£6 Am block 

£2.6m jobs 
for Jarvis 

A NEW branch of Bent alls 
department store is being pre- 
pared in High Street, Chatham, 
by Sir Robert McAlplne and 
Sons under the terms of a near- 
£lm contract. 

An existing three storey build- 
ing is to have lifts, escalators, 
suspended ceilings and various 
services installed, with comple- 
tion scheduled for the summer 
of next year. 


AN IRRIGATION project costing 
f Jm is being developed to pro- 
duce alfalfa and forage crops In 
one of Saudi a Arabia’s most arid 
areas, south east of Riyadh. 

— Equipment for the project, in- 
cluding 17 automatic centre-pivot 
irrigation machines, Is being 
manufactured and installed by 

the Lindsay Manufactu ring ‘Com- 
pany, a subsidiary of DeKalb 
AeResearch, based in Nebraska,. 


Technicians will erect the 
equipment and Instruct local 
people over a 70 day period, and 
two technicians win monitor 
operation of the equipment for 
a year. 

Advance factories 

"WORK HAS begun in Bahrain, 
on an 11-storey development for 
Cable and Wireless. 

H. Webb (Construction! is 
undertaking the £6.4 ra contract 
which is due for completion by 
the end of November next year. 

The building is to have piled 
foundations, reinforced concrete 
floors and stairs, block walls and 
bronze anodised aluminium win- 
dows, doors and screens. The 
architect is F. W. Hammond and 
Cost Partnership the quantity 

INCLUDED IN recently awarded 
contracts fotaiMng over £2.6m, 
J. Jarvis is tn modernise offices 
at Vietoria Station, London to 
provide a travel centre for Sea- 
link (BR Shipping & Inter- 
national Sendees Division). 

The company as to create a 
luxury fashion shopping centre on 
three floors within the RoyaJ Ex- 
change. Manchester, for G tonga te 
Properties (Manchester). 

Under a contract from the 
Directorate of Defence Services 
2. PSA-BoE, Jarvis Southampton 
is buHdtog * rwostorey extension 
of am existing technical training 
block at ELMS Snfltan. Gosport, 

in Yorks. 

WORK HAS started on a ninc- 
acre site at Manse Lane. Koates- 
horough. where three factories 
are to be built for tbe GSPK 
Group of Harrogate- 

Construction work under the 
£lim contract is being tarried 
out by Field Construction of 
Leeds and Harrogate, a member 
of the Rohan Group. 

All three factories will be on 
one level with a total floor area 
of 60.000 square feet. The first 
two will be completed by June 
next year, and the third a year 

FOUR HOUSING contracts in 
new towns are worth together 
£3.2m to John Mowlem. 

Largest project for 11.2m is 
at Milton Keynes for work on 
the Conoiburrow 2C scheme for 
the Development Corporation. 
This consists a! S3 low-rise 
houses of traditional construc- 

Stevenage Development - Cor- 
poration has awarded lira for 
90 homes to be built at Trumper 
Road. Pin Green. 

A contract for £715,000 is for 
the erection of 54 maisonetites 
and flats at Mercers. Katherines 
Neighbourhood, for the Harlow 
Development Corporation. 

Finally, at Redditch, the com- 
pany is undertaking the construc- 
tion of 22 homes at Beoley Road, 
in a £260.000 contract awarded 
by the District Council which 
is providing architectural and 
quantity surveying services. 

THE English Industrial Estates 
Corporation has announced the 
start of work on nine advance 
factories on sites throughout the 

Seven factories are being built 
for the Department of Industry 
at Sutton Fields. Hull, under a 
contract worth about £980,000 to 
Stepney Contractors of Beverley, 
N. Humberside. 

A contract worth about £91,000, 

which includes site development 
works, has been awarded to : 
Seilecfc Mcbolls Williams (EEC) 
of St. Austell for an advance 
factory for the Development 
Co mmissi on at Camelford, 

The Development Commission 
at Canon, Allendale, has awarded 
a contract for £87,800 to Michael 
Thompson of Carlisle for an* 
advance factory which should b$ 
ready for occupation next May.. 

EXTENSIVE trials of coatings, 
for .the protection of the- piles 
have- resulted - in a • Sutton-w- 
Asbfiehn company. Mebon Paints, 
being chosen as the paint sup- 
plier for piles in many sections 
of'-the Thames flood defence 
scheme. L , _• 

Punishiog on-site tests which 
comprised piles being. coaled and 
driven then withdrawn wefce 1 
followed by laboratory tests to 
see how the Mebon coating with- 
stood tbe treatment. ' . . 

-Two of Mebon's range of Bftnr 
cote heavy duty products— 
Boneote PV and Bonbntid are 
being supplied to the Apglian. 
Water Authority, the Southern 
Water Authority and -the 
Greater London Council who are; 
all involved in this scheme. ..... . 

Boneote PU is a blend of 
epoxv resins and special pitches' 
cross-linked with an isocyanate - 
to produce a very high molecviar 
weight polyurethane' with high 
resistance to abrasfpjvwater and 
chemicals. It has outstanding 
advantages over normal '-pitch 
epoxy coatings in -its speed of 
drying, even at -tenipmratitrs 
down to 0 degrees.’ This allows: 
rapid recoatabllityi 
V Bonbuild is .*« two-pack 
'isocyanate cross-linked.--!. epoxy 
pitch with the major advantage 
of high build coating ■" which: 
allows one coat appUcatldn per 
pile with consequential. Alme 
saving. Bonbuild is dry enough 
to handle and shin the next day. 

Mebon Paints, Blackwell Road, 
Huthwaite. Sutton-in-Ashfleld, 
Notts. . ■ 

9 A development being under- - :. 
taken- -by International Stores; 
i n - conjunction ^ th the- London 
Borough of Bromley -is * new 
43.000 sq ft superstore,: car -park 
and 15,000 ** ft office _ dev^pp^ ^ 
merit; at Homefield Risei-Orp&g-i- • 
ton, adjacent., to the. Walnuts- *• 
Shopping Centre. ;. • / * .■ - 

' Total cost . of the project'- is - 
m, and the main contract has^ " 
been.- let . to Marshal TCuln/ ■ - 

0 -Two contracts won by Woods. 
Construction, are for 
storey flats in Riugraer fpf the:. 
Chichester Diocesan f 'Housing-; 
Association, at £224,724 afi&jB . 
addition- to - existing 
premises- for Cotiius- andHay»s~ 
of - Menzies. * Road; Hastings - 
(£134it46>.- - -.- -. 

06 J.^E. Lesser (Scotland)' ia'-td- 

deslgu ang build a new^jw*!. 

storey-’ bedroom". ' ..extensipit 
together wf th conference . area, 
for the Peebles Hotel HSfcw. 
Wot* tin the '. project 
.£300,000, started last . 

0 ASMte at GiUingham to -Rent 
is being developed, by Wiltsifipts? 
in association with - Gillingham - 
Borough : Council., and . ‘National 
Coal Board Fenton. Funds, hr 
provide SSiOOO . square; fMtrm] 
smalt indpstrial 'units, designed 
to -attract smaHer users ann com- - 
panies about to commen^Tnd^ 
trial- business. " r - 

Flooring at EMI’s new HQ 

A CONTRACT worth £370.000 for 
17,000 sq metres of flooring for 
the new EMI administrative 
centre in Tottenham Court Road. 
London Wl. has been awarded 
to H. H. Robertson (UK), by 
Bovis the managing contractor. 
- The flooring will be made up 
from the company's Platform 

CM30 which is a 600 mm square 
panel mounted on adjustable - 
steel supports giving an under- 
floor clearance of 85 mm. The ' 
30 mm thick panels are made-, 
from high density chipboard on'-, 
galvanised steel trays and -are 
individually removable to give ' 
access to services. 

^ARCHITECTS and -planning con- 
sultants Scott, Brownrigg.and 
Turner is to assast Maoinsell Con- 
sultants in the design of nassep- . 
gem handling fsorlities at Basrah 
International Adroort to Iraq. .. - 

This follows Scott. .Brwnrigg 
and Turner’s appoiaitoot' ' : *L 
assist MaunsoR witii preparation 
of tender documents for a. -major . 
expansion- of-. Baghdad lnteE-^ 
national. Airport^- • .. £..■ 

• Redland' Industrial Services. 
(Arabia) rhas been awarded, -a 
£LSm contract tof- the- Arabian 
American 'Oil *' Company. 
(ARAMCO) lor fiydro-jetttog and 
chemical cleaning gas/oiV separa- 
tion pitots, at its reRnery at lUs 
Tanura, .. 

0. V^«mgnian System BuEdtog • 
“ has - received' orders 'tototttog ■ 
£529 ^82 .. from . . Fluidriye 

Engmeertog. " Company. - Main 
- wtirk is boUdfcg. ; df a new . 

. twMtorey office block to accom- 
mofite!ad&gti?ttative. pprsonnel 
‘at ^raclcnelt, . Berkshire- ■ 


Leasing is the most sensible, most economical way 
to obtain prestigious cars - whether for. companies or 
proiessi onal individuals. 

Many leasing companies give you only half the 
Si^ry. He. however, make a scrupulous point of telling 
you '‘L'crythini* involved. The precise financial bene&ts, 
the exact position when the lease is completed... 

We specialise in leasing top cars for top people - 
Rolls-Royce, Daimler, Bentley, Jaguar, Volvo, Granada, 
Mercedes and many others. 

A quiet conversation 
with us puts you fully in the 



11-680 8777 


1978 633 CSl AUTOMATIC From £106.14 per week 

Fjord metallic blue with blue hsda interior, air conditioning. radio/ca*a*tt* 

1978 *28 AUTOMATIC From £76.36 per week 

Fjord metallic blue with blue cloth interior, tinted glass, control locking, 
electric windows, elloy wfteols 

1978 728 AUTOMATIC From £73.12 per week 

Reseda metallic green with green cloth intend/, tinted gloss, conliat lacking. 

. electric windows. -Jecrnc sunroof, (odio/co39ette 

1978 MODEL 7331 AUTOMATIC r rum £88.49 per week 

Reseda metallic green with < ;reen cloth interior . manual junrool. liirtod 
•ilass. electric winnows, central locking and alloy wneals 

1978 MODEL 52S1 MANUAL From £55.85 per week 

Finished ir. lem green with mecn cloth imenoi 

1S77 633 CSl AUTOMATIC From £95.24 p, r week 

Polens silver, biac* interior. j«r condifionmn. jllo/ whcc 1 s 

1977 329 AUTOMATIC From £37.26 per week 

Polaris metallic swot »v»th blue cloth ir.tcrior, tirrec gUss. redio-cotsetta 
1976 3.0 -SI From £44. SS per tyeek 

Finished in Vorona red with black doth interior, tinted glass, manual 


1G/IS Kale Lane. Mill Hill. Log den, NW7. 

Tel: «F959 6961. 



Vearly 1000 vehicles are stolen 
eneb day. Protect yours with Auto 

Auto GUARDIAN inetniled in your 
cor prevents your enpins from starting 
until you enter your personal pre- 
proKramnied four digit code. 

Auto GUARDIAN ban lust two 
main pans - so attractive keyboard 
control unit in your car for personal 
code entry boudiny a silicon chip, and 
an electrical interrupter unit hidden 
behind the dashboard or ia tbe vusiau 
coni par tment, 

OVERRIDE feature allows normal 
key filartitut for parking aiiendnntf. 
mechanics and Iriends. 

RESTART wit bin 7 seconds with- 
out re-entering your code enables 
eiurrina in case of a stall in traffic. 

Vehicle theft is on the ioiuoase. 
Protect your car. Auto GUARDIAN, 
made in USA. Is easy to install your- 
self. It comes with full instructions. 

Your remittance should be made 
payable to MARTIN TURN HAM 
►hall remain your money until your 
poodt have been despatched to you at 
the addre<> specified. 
i-Wid £27.00- OOpP&P today to: 

The Parade, Frimtey.Surruy GU 16 5HY 
Telephone : U376 21816 

■Buy or 





1978 (December) Noth-ltovce surer shadow I. Aniitirt m nutmcfl.wltn 

beige h,Ue trim, with berk brown piping. qujdroDhonle radio cassette. 

. .. _ ... |u * 

lamb s wo ol overrugt. hill r.olls-Royco *er*lce history 
1978 m 450 SC In met. magnanlte blue, blue velour trim. elec, sun root, 
wlih Pursues wind deflectors, radio cassette, oil side door mirror, delivery 
mileage. £19,950. 

1977 (T) 450 St-C ‘in sliver met., with blue velour trim, electric sun roof, 
stereo radio cassette with recording facilities. 1 owner, full service history, 
speedo reading 8.000 miles. £19,750. 

1978 CT) 450 SCi. In met. silver with blue leather, air eon., alloy wheels, 
delivery mileage. £23.950. 

1978 CT) 350 SE In met. si leer blue,, blue *olour e.s.r. headlamp W/W, 
delivery -uleaoe. £18.750. 

1978 rn BMW 7331. auto., met. silver green with green velour trim. 

■' - 'Its-'- 

air con., e.s.r.. e.w., delivery m((e>0e. £10.950. 

1978 CTI BMW 3231, white, blue doth, tinted glass, delivery mileage. 

: /v;0N T>l£AT;HATFrELD TEL: 7 J4JT1 




r Pcrfc-ncutii Rc'jd. 
ThartU'ii Ditton' 

01-39S 4222 

le*ti»*r. Oillvery tallage 

Cbertnor/Tan hide. W/W Tyros. 4,000 miles. One owner 

77 fUJkBXS BENZ 450 S.EJL. Wee. browrv/Bei£e Velour. Air. 
Conditioning, Electric Sun Roof. Alloy Wheels. Cruise Control." 
Heated .front seiu. 2Z.Q00 miles 

77 DAIMLER 4J VAN DEN PLAS Amethyst/ Chamois hide. - Mr 
Condition ms. pin* Alloy Wheeis. 10,000 miles 

(Aprff) RANGE ROVER Tuscan Bide.' 'Option, pack, P.A-S. 
>0)80 ' 

£3* JSC 



7JJOD mites 

78 (jufi) JEEP CHEROKEE <S* 4- DOOR Rij^it Hand Drive Automatic 
PAX T/Glass, Alloy- Wheels- and coundess ocher cacru. 
10,000 miles • s 


^ . r.V.' 




- fVvTjj- 

■ 1 v i jr, 

i .■{:&? 

1 loiud Cniyd*.ii. Surrey CKO 1ST 


’7 E New Sevi'lc hi Colon'll I Yellow 
i/iih Tan Lurcher interior. P.HD and 
fitnd t<s:, arJilable extra. Delivery 
1 fan. £17.200 

■73 Seville >n Green or Gold. LHD. 
Full jpr x. From £12,890 

’73 Seville. E-I,:V. wire wheels, om- 
peer, x.OC'O milt-,. £13.000 

‘77 Seville. Chaice of rh'ee (will be 
■f P.ea. » m Grc.-n. Blue or Pewter. 

From £29.350 
‘76 Seville. Sable, wire wheels R.R. 
Gr.ll. £9.300 

- 7B Caprice. Delivery mileage. Estate. 
Mr V p.cp... Fltil *pf. m ■.--r'l 
or Green. From £8,850 

'7S Caprice. Saloon. Delivery m Itaje. 
Burjundy. ill ettrit. L 7.900 

W< also have a selection of American 
Mo:sr Homes from £8,000 to 
t'IS.OOO. Tiinj-anis from £4,950 and 
r«.* Eift't :roi f7.oSO. 


Tel: 01.952 6171 


V/e o.i er .a ; eu, t s 
idice-v in pert ca:a3i.;c rroni « 
wis-nju-jh^ j co.uts.or; 

Hascrati Bcr* ^.9. ex:U *;g appia'ante 
m dtrh meialli: biaa. 4.0wU 

Ferrari Daytona, coaccun condign. 
Patsibiy om c> she ft - est examples 
zvaliabis t.r sale. 

Aba v.;-.ica 'Howtil.' amgig the 
last produced al crus ex:.,., g model. 
iiKlitlnguishspie tiam a.-w. «nj 
210 km. 

Lancia HF Stntos -Bcr tons, also in- 
disiinguishable from nt-w, 1,850 km. 

Also in stork from Co. Direstor r?. 
rjrittd to USA. OemmtM Kante.i 
GTS Phase III. speri *1 henry baild 
In let blick. just 4.000 m : l«. 

For pereo.-iolited attevi-on concoct: 

TEL: 01-727 16S6/W49 



TEL (048643). 2485 - 


^ THE CUT SE1 - :i : 




--'325 PEr^^THTOAD V;^' 
' Te I ep ti qnU:i6 A R Dt F E2__3 1 2% n - 

fcr tsucs; 


03:-S32 2803. T clear 3365 93 
Jrcw Garitrer cngiood Guy Tractor 
Un.u. L>w initial cast. tow luet 
e^Kcmotion. Low scares price. Prprefl 
re' ability. Makers lull warranty. 
Limited Quantity available. 

. . one now wr ear extremity Lean . 

Choiffi of colours. 
Phone for Details and 





Only the oest price areund. You will 
find for ar./ Lancias from th:»i:al Beta i 300 Saloon » :hr 
elegant Gamma Coupe 
For Leasing or Ruling lind aiit here 
about our great dealt for 
your 1919 Lanc.'o 

01-370 41 N - Drayttn Gdns. 

Oie'Ki s*/wa ‘*02 


TEL: (STD 0Z82) 39021 


Silver green with Havana brown 
interior. Air conditioning plus 
all usual refinements. I ow|Mr. 
Lew mileage. Mint condition. 

Tels (Sunday) 01-952 MKT 

Mercedes 450 SLC 

Air con., speedhold, elec. roof, 
alloy wtwcls. Philips 8B0 
radio cassette. 250 miJes only. 
Colour Milan Brown — tobacco 
velour interior. 

Price £24,500 . 

1931/32 Austin Seven 

Telephone (0422) 58171 
or (0422) 244949 

17 SHADOW -■ Honey. u?r». Brawn tr , m 
21 OOO mNs. Hfi.-cry. U'.UJI rehncRMfiU. 

HPlPX. £21.530. Tci OI-S76 2SV7- 
black. 9 OCO milts onl. Air -audition- 
ing. jicroo. et: Absolutely .mmaruiate. 
£23.250. _ Tel. 0606 iNorthyrleh. 
Cheshire’ 6B3I30. 

CITROEN CX.zaoa. c. Matie. Read. Jdty 
1978. 2.UOO miles. Tj*e3 June 1579. 
Full nuii warrant,. VTrwl Root. 
£4.950. Tel. 03-397 8656 .Between 5 
Djn. and 8 P-m.,. 


TFI - lUfit 2I157A 

TEL: 0465 41526 
76 ‘ T ’ BMW 520 Anfrxon met. T/G 
AJfoy*. Taehs. Stereo, 6,000 
milei £7,350 

78 * S ‘ BMW 535 Auto. Fjord. T/G 

Stereo. Under 6.000 ml/ei 
77 ■ S ’ BMW 525 Manual. Ruby. 
T/G S/rw»f. Alloy:, Stereo, 18.000 
miles £8.725 

77 ‘ S • BMW 320 Auto. Golf yellow. 
T/G 5/rp0f. Alloys. 16,000 miles. 
Radio £5,350 

70 1 S ’ BMW 3231 Orinfl*. S/roof. 

9.500 milei £8.850 



BMW 320/6S 

Polaris, manual, radio, 14.000 
miles. £5.950 o.n.o. Private. 
Tel: 0834 860392 

1979 MODELS 
Immediate or Early Delivery 

01-370 3152/3/4 



Bite Whit* /champagne hide... LIST 

Ed at Silver/ black velour LOT 

Ecbt Red /black velour LOT 

Esprit S2 Gold/bhek hide LkST 

Elite 593 Bronje/charopiyne—LIST 
1777 Edit Sprint White /black 

“elour. radio /cassette. £7fS0 

1976 Eclat ■ S20 Whitc/oumeal. 
alloy wheels, radio .^6750 

01-370 4114 


ALL CARS WAIUTEQ. Prlrotc. Fleet, Com- 

peoy, Prestige tars. Ape. mileage, con- 
Immaterial. _ Unlimited cash. 

ditton .. 

Travel anywhere. 


Tel. DJ-S7H 261 7. 

1977 FERRARI 308 STB. Green met. 
air cond., leather ushelstcry, w|g D 
wncWa, stereo t owner. 4.000 miles. 
£14 300. Tel. £98). 20404. 

sin Vehicle Leaning 

* Any make of car or light van, available in UJC, : 

supplied I - many for immediate deliver/. . 
sfr Choice of Leasing Agreement options. . - . - 

Forrhirther information about our Leasing Services 
TELEPHONE 44122 {STD Code 0783) 





•-.irr ; - . . . . 





■ fl «n U '*•' ... - 

jiv , V> 

Lancu's N£W rams m London. 

. -Kichard Knight Cars. 

StVtfEfr&cR'd.. Swiss Cgttai*, 

- ' LcvndonT'fVC'ft- ; 

, . 01.3287727/7979 

Ship '-hjrrr; -tpadsliirs. 01-552. 2803.. 

TX 336iP3i Itamedleu deltwerr wr 
. Bedfonl tad Ley Und dmls. . . 

. SriJ-drive hire— . ■ 

Rmb latt^ J'or shoft- or loBj-tarm j 

j j\V I\^g| 

ah.. . 




. . : / Motoring. page-^S^X 


:: : BOTH FOR JUST .. 

£1 40,00-';; 

Forfetailr<rfoth^a'^‘i!atttact jfaqn;',tfljta' 

,V 3 :,.v 

;\v- r.'-* 

■'■{ r'; ' 

' -.if- -» ,» ■ 


FinaaiciH Times Mondav December. JS 197S 

! 0-° 

^ ^ ' 


Why Westland still has to 


prove it can 


■ ■ -*Ui 

I i ■*><<■* IF 1 r'- ■ 

VC ■' > 

■ IX THE view of the City, a 
! dark shadow hangs over the 

future of Westland Aircraft, 
Britain's bnly helicopter manu- 
facturer. Its share price has 
1 fallen to. a third of the high 

• point touched ten years ago, 

■ thus valuing the group at jupt 
£ 20 m — well under half its net 
asset value. 

Profit figures for the year to 
September, due- to be an- 
nounced next month, could 
make horrendous reading, 
and the dividend payment is in 
question. In the latest accounts, 
for 1976-77. publisher] in Janu- 
ary, Westland had said that the 
substantial provisions which it 
had made against losses on a 
Ministry of Defence contract 
j for Lynx helicopters took into 
account likely levels of inflation 
; over the next few years. Yet in 
: June it revealed that an even 
i larger provision against the 

■ same contract might be re- 
quired in I977-7S. 

Westland has also hit prob- 
lems on its hovercraft business, 
where costs on a major contract 
io siretcb two SRLN4 hovercraft 
have run far ahead of budget. 

Two questions have been 
raised by these damaging set- 
backs. bath of them mainly 
about the helicopter business 
which accounts for two-thirds of 
Westland's capital employed. 
The first is whether Westland's 
management can cope with 
changing from a Government 
contractor in the West Country 
into what is becoming a multi- 
product company selling in 
world markets. 

The second is whether a com- 
pany of its size and position in 
the helicopter marketplace can 
he a long term contender in a 
highly competitive international 

It was not until around 1970 
, that Westland moved into the 
export market in a big way with 
the Sea King, developed "by 
, Westland from the U.S. Sikorsky 
S-61 design. And only in 1973 
came the decisive break with 
U.S. based designs when pro- 
duction started on the Lynx 
helicopter — conceived and 
j designed by Westland itself. 

To compete in the export 
market the group had to be pre- 
pared for the first time to build 
on a speculative basis, in order 
to reduce its lead times. It also 
: had to vary its designs to suit 
individual customers, and to 
establish a whole raft of extra 
spares and services. 

• According to Mr. ' Basil 

Blackwell, the chief executive: 
** The problems creep up on you 
until you realise that the 
management system you have 
had In the past does not neces- 
sarily cope with - the new 

Controlling as many as 60.000 
separate works orders on 
mechanical recording systems 
posed formidable problems. 
Until about three years ago 
physical checks of work in pro- 
gress. for accounting purposes 
were almost unheard of at 
Westland. Mr. Blackwell con- 
cedes that control systems in the 
past were much laxer than they 
are now, and is confident that 
the position is well in hand. 
Orders, work in progress and 
other key inputs are currently 
moving onto a real time com- 
puter system. 

But in the early 1970's, West- 
land certainly had trouble in 
controlling a backlog of spares 
for its customers, and profits 
were held back as a result. 
And just as it started to get on 
top of this problem, along came 
the Lynx. 


The terms of the initial Lynx 
contract with the Ministry of 
Defence were unique — and 
awful. A product of the Anglu- 
French accord of ,the late 
1960s. the contract seems to 
have combined the worst of the 
French and British govern- 
ments contracting arrang"- 
menls. On what was a large 
contract; for 119 aircraft 25 per 
cent of the total cost, was on a 
fixed price basis. 

Inevitably such terms brought 
difficulties just at a -time when 
inflation was starting Jo take off. 
These became almost crippling 
when combined with, the pro- 
duction difficulties which West- 
land faced with , fhe new 
helicopter. Contrary to the 
enmuany's previous experience, 
it was dealing witfr a new 
design, not one which had 
already been manufactured else- 
where. V. . 

One of the biggest problems 
with the new designs was in 
fixing payment rates. For years, 
production workers '• at ‘yVest- 
land's Yeovil factory had been 
paid on a piecework system. 
While this was practical when 
the group was manufacturing 
established products under 
licence, it proved impossible to 


•5 *- - 

if V 

SsJ amro bank 

Dffe 70,000,000 

714 pCt bearer Notes of 1 973 due 1 977/1 980 




(Redemption Groups No. 3 and 4 
having tflen due before) 

As provided in the Terms and Conditions 
Redemption Group No. 2 amounting to 
Dfls 1 7,500,000 has been drawn for redemption 
on December 1 , 1 978 and consequently the Notes 
belonging to this Redemption Group are 
payable as from 

February 1,1 979 

Amsterdam-Rotterdam Bank N.V. 
(Central Paying Office) 

in Amsterdam 

Banque Generate du Luxembourg SA. 

in Luxembourg. 

December 4, 1978. 




j A Company with a fully paid share capital of 
600,000,000 French Francs 

! Head Office: 5 bis, rue de Madrid k PARIS (FRANCE) 
1 Commercial Register: Paris B 552 075 087 

BONDS 1978-1983 OF 1,000 ILS. $ 

The bondholders of the international floating rate loan 1978- 
1983 issued by the GROUPEMENT DE L'INDUSTRIE 
i SIDERURGIQUE GJ.S. are convened to an Ordinary General 
j Meeting to be held at 5 bis. rue de Madrid, Paris f France) on 
: January 5. 1979 at 3 pun., in order to consider the following 
j agenda: • - • 

• — Appointment of the bondholders' permanent represen ta- 

' lives, designation of the substitute representatives. 

1 — Determination of the bondholders' representatives' 

capacities and of the indemnities given to the permanent 
j representatives. 

, To permit the bondholders to attend or to be represented at 
this meeting, the bonds or their deposit receipts, must be 
deposited at least five days before . the date fixed for the 
, meeting, at the offices of the banks having participated in the 
1 placing of these bonds and from whom proxies or admission 
cards can be requested. This meeting shall be validly held 
if tbe holders of twenty five per cent of the outstanding bonds 
are present in person or represented. 

The Board of Directors 


Nel Operating Cash Flow/ 

1 Nel Wtvfimn Capital < < 

! Fi.inJ Ai>sel5 ! 3 

: adapt it io a newly designed 
J aircraft like the Lynx. 
s Even after three years or 
s work on the Lynx. Westland 
“ had still only reached agrec- 
v meat on about half the 
necessary piecework times. In 
I the first year It completed less 
7 than a third of its planned out- 
s put on tbe 1973 contract, and in 
the third year it still was about 
i two-thirds of its target. 

This failure made it iuipos- 
s sible to project the Sow of the 
t production line, and thus had 

- serious consequences for the 

■ level of inventories. Between 
f 1973 and 1977, gross work in 
t progress rose from £56m to 

£14Sm — largely due to the Lynx 
1 contract. This also explains 
why Westland had this year to 
' announce furLher big provisions 
against the contract only 

- months after the big write down 
i in its report and accounts. The 
i group had got its sums right on 
■ t completed work — but had 

anticipated a- sharper /all in 
i production times than it was 
• actually able to achieve. 

After a series of confronta- 
tions — culminating in the sum- 
mer with dismissal warnings 
for the 2,000 production 
workers at Yeovil — the heli- 

■ copter company has now moved 
from piecework to a system of 
measured day work, with per- 
formance related bonuses. The 
industrial relations wounds are 
still healing. Such a funda- 
mental change in working prac- 
tices has inevitably led to an 
initial drop in productivity, 
and will probfbly take a year 
or two to settle down. But at 
least the Lynx is coming off 
the production line at an accept- 
able rate. 

Output since the spring has 
been running at five or six 
machines a month, almost twice 
what was achieved in the first 
months of this financial year. In 
the 12 months to next Septem- 
ber. Westland hopes to produce 
about 80 Lynx, of which per- 
haps 50 or 60 will he for the 
3973 contract and accounting 
for almost half of it. The 
group will not make any profit 
on those. But in a year’s time, 
the 1973 contract should be 
just about completed, and mean- 
while the rest of the helicopter 
business— including spares for 
the Lynx— is earning a reason- 
able return. 

Meanwbile the balance sheet 
is looking mueh more healthy 
than it did a year ago. Thanks 
_ to the Lynx, helicopter sales 
' doubled between 1972-73 and 
1976-77, but tbe pre-interest 
return on capital fell to only 
5.6 per cent. As a result, the 
group’s borrowings soared from 
£7.3m to £36. 7m (mostly short 
term) compared, with share- 
holders’ funds of £55.3m. 

Since then, however, inven- 
tories have started to stabilise 
and a big drive has been 
mounted on debtors. In addi- 
tion, Westland has received a 
down payment of £15m on a 
large Lynx contract for the 
Middle East 



The Young Buyer, London. 
February 12-16. Fee: £165 plus 
VAT. Details from PMG Execu- 
tive Training ami De.velopment. 
207 Victoria Street, Loudon, 

Be A More Effective Executive, 
London. February' 12-13. Details 
from Eurotech Management 
Development Service. PO Box 
28, Camberley, Surrey. 

8th International Company 
Lawyers Conference, Montreux, 
Switzerland. February 21-23. 
Fee : ■ BFr 30, -100 (non-mem- 
bers). BFr 27.400 AMA/1 
Members. Details from The 
Registrar, Management Centre 
Europe, avenue des Arts 4, 
B-1040 Brussels, Belgium. 

Designing Systems with the 
9900 Microprocessor. February 
12-23. Fee : £500. Details from 
the Course Registrar, Bleasdale 
Computer System. 7, Church 
Path, Merton Park, London, 

The Art of Data-Processing 
within Materials Management. 
Leamington Spa. February 13. 
Fee: £60 plus VAT. Details 
from Purchasing Economics, Pel 
House, 35 Station Square, Petts 
Wood, Kent. 

International Marketing 

Seminar, Geneva. Switzerland. 
February 19-Marcb 2. Fee : 
SFr 5,000. Details from The 
Admissions Secretary. Centre 
d’Etudes Industrielles, 4 chemin 
de Conches, CH-1231 Conches- 
Geneva, Switzerland. 

Current Practices in the Euro- 
bond Market. London. February 
5-6. Fee : $ 600 . Details from 
AMR International, 6-10 
Frederick Close, Stanhope Place. 
London,. W 2 . 

Establishing, Operating. Man- 
aging Captive Insurance Corn- 
pane^ Amsterdam. January 23- 
25. Details from Risk Research 
Group, Bridge House, 181 Queen 
Victoria Street, London, EC4. 

Willi thf 1973 contract out »>f 
the way. the immediate outlook 
will depend on further orders 
for the Lynx. Westland is con- 
fident about the workload 
through to the end of 1932. and 
the Lynx seems to have estab- 
lished itself as a leader in the 
world market for naval heli- 
copters. What has to be seen 
now is whether The Lynx can 
crack the market for army 
helicopters in a big way. 

* © 

10h i 

KVv' . 


1973 4 ’74 5 '75 6 "76 7 

1 1 RIGHTS ISSUE raked net X4-4ni j || 


_ LI U 1 * L 

19734 74 5 '75 6 '76 7 

Thereafter, the next bt£ step 
will he the introduction of 
the Sea King replacement — the 
WG-34 — on which it is hoped lo 
start production somewhere 
around the niid-l9S0s. if all 
goes to plan, development work 
on the project will generate 
substantial turnover during the 
next few years, on a fully 
funded, cost-plus basis for the 
Ministry of Defence. 

Will it lead to L>n::-type 
problems': Westland stresses 
that “the terms of the 197;.: 
contract were not what we 
would normally expect,'' and 
underlines the importance of its 
new working practices. In 
addition, the group says that 
it has learnt important lessons 
from its first venture into 
international collaboration. 

The key. according to Mr. 
Blackwell, is “ to take decisions 
according to who can make the 
particular product most effici- 
ently — nut on the basis or 
Euggin's turn” 

The project is going ahead in 
collaboration with the Italian 
company. Agusta, and the hope 
is that some French and 
German involvement will be 



The Westkmd/Aerospatiale Lynx helicopter — ?. product of the Anglo- 
French accord of the late 1960s. 

secured at a later sta^e. 

As s.ji-n as the military heli- 
copter programme is launched, 
the intention is to get started «m 
a civil ver.-iun. which would be 
a largo. 39-sear aircraft. The 
idea is fn produce this heli- 
copter in partnership with the 
French and it could cost as 
much as i'&iin ur £40m to 
develop — a sum that Westland 
seems confident nl securing 
provided that the product is 

Westland badly needs lu 
make its- mark in the market 
for civil helicopters, which by 
1990 will probably be at least 
as big as the military market. 
So far, in record is one of 
missed opportunities. It failed 
to exploit us initial success in 

selling V.’ esses machines- to 
Eristow in the 1960s. because it 
did not recognise the poten- 
tial market fur helicopters in 
offshore services, lo ihe early 
19795. it propused a civil ver- 
sion of the Sea King — provided 
that British Airways and Bristow 
ordered three apiece. They did 
not — and rhere are now about 
50 Sikorsky S-61's (from which 
the Sea King is derived) operat- 
ing in the North Sea. 

Westland claims that its size 
is nut a constraint in its long- 
term plans far civil aircraft. 
It reegonises that Aerospatiale, 
the nationalised French manu- 
facturer. has needed inis of 
financial muscle tu break into 
the key U.S. market for civil 
helicopters c Aerospatiale claims 

4 In 





I L 1 — I L. 

1973 4 '745 '75 6 '767 

that its share more than 
doubled to nearly 12 per cent 
in 1977). But it is talking 
about much larger helicopters, 
where orders from just a few 
key airlines would guarantee 


Moreover, the international 
helicopter companies are not 
built on tbe same vast scale 
as other aerospace businesses. 
Admittedly. Westland is 
dwarfed by Eel! Helicopters, 
a subsidiary *>f the U.S. con- 
glomerate Textron, where 
annual sales currently amount 
to over $S00m. But hy most 
other standard*, Westland is a 
big company among the world's 



1973 4 "74 5 '75 6 '767 

manufacturers, which generally 
seem rn run tu he tween 5.000 
and m.Ollij employees. The 
workforce at West lend Heli- 
copters currently numbers just 
over 7.00ft. 

So Westland could make if. 
Its financial controls have 
improved significantly in recent 
years, and new management has 
been brought into some key- 
areas. There is a fair chance 
that, once the very had results 
for 19T7-7S are out of the way. 
the fiuancial uutlnnk could be 
reasonably promising for 2-3 
years ahead. However the 
group has a number of major 
hurdles still tu overcome, and 
after its performance in recent 
years, it has everything lo 

’ A 


^ updated for oneappl 

: • .. • ■■ .v- % V.-‘ ; ■ -. ■ e.g. order entry -it 

'i = : ' '■ ^ 'immoHiatoltr 

IBM announces System/38. 

A computer that lets you have fast 
access to information through your 
own terminal. 

It uses the latest technology 

to combine extraordinary capacity requested in whichever format best 

with ease of use, all at the incredibly 
low price of £72,000* (On current 

to use, your secre- 
taiy can use it - 

and even a n Help H ; 

Your other '• ^ 

departments can f 

1 — 

^ that all users are in touch with. 
'■ the same central source of 
. information. So when data is 
K: ■ ,.v • . . updated for one application 
% -1’ v - e.g. order entry -it is 

'■ immediately available for 
all others using that 
information, such as 
despatch, production, 

' accounts and stock control 
Security features, built in to 
‘ the system, can restrict 
information on a “need-to- 

■ know" basis. 

And even while 
requests for information 

■ are being made from user 
terminals, the DP manager 
can be running new 

S programs, or modifying 
- existing ones. 

Because System/38 frees 
the DP manager from petty 
tasks, thus enabling him 
to get on with his main 
function, you : ll find him 
• greatly in favour He’ll 
explain to you how 
impressive System/38 f s 
! ; features are. 

'• Such as the fact that 
it starts with a half a 
*&> ;*•• **;■ . - • megabyte of memory 
and can handle up 
mm m&x**** to 40 local work stations 
plus many more remote clusters. 

It's worth knowing more. Simply fill 
in the coupon, or call your IBM rep- 
resentative. But please do so soon: 

Because, to judge from 
response so far, the only waiting 
you'll ever have to do for 
System /38 is in the queue to get it. 

also have their own terminals. 

And they can use them 
simultaneously as if each was the 
only one using the computer 

Each user gets the information 

suits them. Yet, because all the data 

is integrated by System/38, it means 



Pnettifi n 

Alan Butcher; 

Genera! Systems Division, 

IBM United Kingdom Limned, 
28 The Quadrant. 

Richmond, Surrey TW9 EDW. 
Telephone 01-940 9545. 


- 'THEK5WSYSTEM/5&HiGOI?E!RFOR!fiSfi2O:&ftRA0RDiNAiCYVftI&£ * g leiepno ne 01-940 95 ip. — ” « 

iTUfcti lor SUZ-t-jui mrmoiy.lSO-iUQg^vtg sirrece; v»SQ-lpa p.-uia: ac-2-. 7DUs.CcV:cteol»?; u :oii:«. roJ „• j 



THE IDEA of eliminating 
value-added tax on transactions 
between businesses registered 
for VAT and confining its col- 
lection to those which sell 
directly to the consumer would 
appear to have considerable 
attraction. It is the oDe signifi- 
cant suggestion for changing 
the structure or operation of 
the tax to have emerged from 
the year-long review of VAT on 
which the Customs and Excise 
reported just before the week- 
end: and the possibility is now 
being examined in detail by a 
working party of representa- 
tives of the department, indus- 
try, trade and professional 

to the tax authorities. Yet the 
Customs and Excise, which aims 
to visit one registered business 
in three every year, is unable 
to leave businesses which re- 
ceive payments of VAT out of 
its control system since it is 
necessary to check that their 
claims are valid. 

The principal merit would 
seem to lie in vastly simplifying 
the administrative burden which 
VAT imposes upon industry and 
the tax authorities while leaving 
unaltered its nature as a tax on 
consumer spending— on a wider 
base than the purchase and 
selective employment taxes it 
replaced — which does not enter 
into the cost of exports or 
industrial investment. In other 
word's, it would move VAT in 
the direction of a general sales 


During the lengthy debate 
which preceded the introduction 
of VAT five years ago, the main 
drawback was always seen to 
be the necessity to tax the value 
added at each stage along the 
chain of production aad supply 
in order to levy a charge upon 
the final consumer. It is this 
muiti-Cier or cumulative feature 
of VAT which causes the bulk 
of VAT transactions — and thus 
the bulk of their recording by 
industry and their checking by 
Customs and Excise — to occur 
at the intermediate stages of 

In all more than ljm busi- 
nesses are registered for VAT, 
as against less than 70,000 for 
purchase tax before 1073, and 
about 30 per cent of them regu- 
larly qualify for repayments of 
VAT because the tax on their 
inputs exceeds the tax due on 
their outputs. According to the 
latest figures, these net repay- 
ments amount to about a third 
of the gross sum handed over 

Single stage 

Doing away with VAT on 
transactions between registered 
businesses prior to the retail 
stage would not be a completely 
novel arrangement since a 
b r o a d I y similar procedure 
operated under purchase tax be- 
tween registered manufacturers 
and registered wholesalers. 
There is already a VAT pro- 
vision which permits groups of 
companies to elect to eliminate 
intra-group VAT charges. 

The scope for administrative 
savings should not however be 
over-stated. There would have 
to be arrangements allowing 
registered retailers to distin- 
guish between sales to con- 
sumers and sales to other regis- 
tered businesses — or allowing 
the Latter to reclaim VAT on 
their inputs (a feature lacking 
in purchase tax) — so as to avoid 
tax-exempted businesses incur- 
ing VAT charges which they 
could not pass on. More cru- 
cially, putting the whole weight 
of VAT collection on the retail 
stage would considerably widen 
the scope for evasion and fraud, 
and thus add to the problem of 
enforcement. Experience of 
single-stage sales taxes abroad 
suggests that, because of this, 
the rate of tax would need to 
be kept low — although that in 
itself would be no bad thing. 

Finally, there is the very real 
political and practical problem 
posed by the EEC directives on 
VAT, which would appear to 
rule out such a major change 
in the absence of the other mem- 
bers’ agreement. The overall 
merit of the idea is such, how- 
ever, that the difficulties can he 
left to argue for themselves. 
Given the way in which turn- 
over taxes have been evolved 
over the last 60 years on the 
Continent, there would seem to 
be no reason — in principle — for 
believing that we have yet 
reached the stage of perfection. 

Tax on your gifts 

THE HABIT of giving presents 
at Christmas time is not 
restricted to family and friends. 
Employers regularly make gifts 
at this time of the year to 
employees. The crucial question 
is: does the benefit granted by, 
and at the expense of, an em- 
ployer attract tax as being part 
of the employee's emoluments? 

If such gifts are to avoid the 
clutches of the Inland Revenue 
they must be made in such a 
way as to be neither rewards 
for past efforts nor inducements 
to future good industrial rela- 
tions. They must not be in- 
spired by hope of some quid 
pro quo from the employee, but 
be simply an expression of good 
will appropriately signified at 
Christmas time. 

Where the benefit is granted 
by the employer, as distinct 
from a benefit derived from 
third parties (such as the taxi 
driver’s tips) there is the in- 
evitable question as to the pur- 
pose of the employer. 

The employer’s motives in 
conferring the benefits are 
highly relevant, since there is a 
strong inference that it stems 
not from brotherly love but 
from the relationship of em- 
ployer to employee. 

Whether a particular benefit, 
capable of being turned into 
money and granted by an em- 
ployer to an employee, consti- 
tutes part of the latter’s 
emoluments, was considered 
again by the House of Lords in 
a decision last week, Tyrer e. 
Smart ( Inspector of Taxes). 

The question was whether an 
option of shares to employees, 
taken up by a senior employee, 
formed part of his emoluments 
so as to be taxable under 
Schedule E. The taxpayer was 
employed by Rentokil, a sub- 
sidiary of Rentokil Group, a pri- 
vate company in which the chief 
shareholder was a Danish com- 

Early in 1969 it was decided 
that the parent company should 
go public. The Danish company 
was to sell to Westminster Bank 
part of its holding of shares in 
the parent company and a 
further block of shares was to 
be issued by that company to 
the bank. 

Nine tenths of those shares 
were to be offered by the bank 
to the public at not less than 
£1 a share: the remaining 
tenth was to be offered at the 
fixed price of £1 a share to 
employees of the parent com- 
pany and its subsidiaries who 
had been employed for five 
years or more. 

Applications by .employees 
for shares at £1 had to be made 
before the tender price was 
struck. They had to be accom- 
panied by a cheque for the full 
price, and on?e made were 

The taxpayer received a fully 

paid, renounceable letter of 
acceptance of his application 
for 5.000 shares the day before 
the market on the Stock 
Exchange opened. (The com- 
missioners. held that the value 
of the sbares on that date was 
£1.20.) When dealings started 
next day there was a stag 
market and the price at the 
close of dealings had risen to 

The benefit to the taxpayer 
was the right to subscribe at 
what was expected to be a 
preferential price. That expec- 
tation was realised and the 
commissioners found that he 
obtained 20p on each share, 
making a total of £1,000 (the 
value of the shares was con- 
siderably higher once the 
market was opened). 

The crucial finding of the 
special commissioners of the 
Inland Revenue was that the 
offer of the shares to the 
employees was to encourage 

established employees to be- 

decided not to apply for any 
shares, as many of his fellow 
employees did in fact deeide. 

That that was a tenable, view 
could hardly be doubted. The. 
difficulty for the courts was to 
say that it was unreasonable for 
the commissioners to take the 
view they did. Everything ulti- 
mately depended upon weighing 
the relative importance to be 
attached to the various primary 
facts, and that is not raising a 
question of law. 

Whenever marketable .securi- 
ties .are offered to favoured indi- 
viduals on terms more advan- 
tageous than those on Which 
they are offered to the public, 
the individual accepting the 
special offer runs some risk that 
he will lose. 

The fact that there was some 
risk when the taxpayer applied 
for his shares might legiti- 
mately affect the commissioners’ 
findings. Possibly a different 
conclusion as to the *pnrpose of 



come shareholders in their 
parent company. The aim was 
“to achieve a better relation- 
ship with the employees so that 
they would become and con- 
tinue to be loyal employees, 
having an understanding of and 
a sense of involvement in the 
affairs and fortunes of the 
Rentokil Group” 

The commissioners, in effect, 
held that it was an advantage 
afforded to the taxpayer in 
return for acting as an 
employee. Hence he was taxable 
on the £1,000 profit on his 

It was indisputable that the 
advantage of being enabled to 
acquire 5.000 shares at £1 was 
a benefit conferred on the tax- 
payer by the company. 

The lower courts, however, 
held that the benefit was not a 
prerequisite that arose from the 
taxpayer’s employment, The 
advantage accrued only when 
the sbares were allotted to him 
at a price lower than the strik- 
ing price for allotment to 
members of the public. 

Before allotment he had no 
right to any shares and no other 
legal right of any kind. But 
shares could not have been 
allotted to him unless he bad 
applied for them, and his 
application required an invest- 
ment decision on his part. 

Hence, so the argument ran, 
the advantage was attributable 
to, or caused by, the taxpayer's 
own decision to apply for 5.00Q 
shares. He had to take a view 
of the company's prospects and 
of his willingness to risk his 
money, and he might have 

the company's offer might have 
been reached by a differently 
constituted tribunal. • The 
borderline between a profit that 
is an emolument from any em- 
ployment .and one that is hot 
may in some cases be narrow. 

The moral of this tale is that 
a taxpayer must persuade the 
commissioners that his case falls 
on the side of non-taxability. 
For Parliament has decreed that 
it is for them to decide ques- 
tions of fact and not the courts 
of law. Christmas will have to 
become less of a pagan festival 
for the gifts from employers to 
employees to be regarded as 
other than the promotion of 
good labour relations. 

Japan honours 
British textiles 

MR- TADAO KATO, the Japanese 
Ambassador, paid a tribute to 
Che quality of British textiles 
after completing a visit to the 
West Yorkshire textile industry 
at the week-end. He said the in- 
dustry could teach the Japanese 
a lot about selling and British 
wool textile manufacturers bad 
had much success in his country. 

The high standards of British 
textiles had made the Japanese 
conscious of quality control, and 
much of their success in recent 
years had been based on the 
standard of quality, said the 




BBC 1 

t Indicates programme In 
black and white. 

12.45 pm Midday News. 1.00 
Pebble Mill. 1.45 The Flumps. 
3.15 Songs of Praise. 3.53 Regional 
News for England l except 
London). 3.55 Play School las 
BBC-2 11.00 am). 4 JO Maxidog- 
4.25 Jackanory Writing Competi- 
tion. 4.40 “Tarzan and the 
Amazon Princess." 5.00 John 
Craven's Newsround. 5.05 Blue 
Peter. 5J5 Ludwig. 

5.40 Evening News. 

5.55 Nationwide (London and 
South - East), including 

6 JO It Ain't Half Hot Mum. 

7J20 Christmas Snowtime 

8.10 Panorama. 

9.00 Nine O'clock News. 

925 International Show Jump- 

All Regional programmes as 
BBC-1 except at the following 
times: — 

Wales — 1.45-2.00 pm Pill Pala- 
4.10-5.00 Taith Y Gwr Doeth. 5.55- 
620 Wales Today. 6.50-720 
Heddiw. 1125 News and Weather 
for Wales. 

Scotland — 525-620 pm Report- 
ing Scotland. 13J35 News and 
Weather for Scotland. 

Northern Ireland — 323-325 pm 
Northern Ireland News. 525-620 
Scene Round Six. 1125 News and 
Weather for Northern Ireland. 

England— 525-620 pm Look 
East (Norwich); Look North 
(Leeds, Manchester, Newcastle); 
Midlands Today i Birmingham); 
Nationwide (London and South 
East); Points West (Bristol); 
South Today (Southampton): Spot- 
light South West (Plymouth). 




8.10 An Evening 

9.00 Monty Python’s 

920 The Body in Question. 

1020 Just The Book for Christ- 
mas with Robert Robinson. 
11.00 Late News. 

10.00 Survival. 10.25 A Same of 
Theatre. 11.16 God Bless Us Everyone. 
11.40 Oscar. 11.55 Tha Sweat Sugar 
Doughnut. 12.30 pm Wildlife Cinema. 
11.20 Border News. 2.00 Housaparty. 

2.25 Matinee. 5.15 UnivereiW Challenge. 
6.00 Looka round Monday. 6 .~~ 

16.00 Scotland Today. 15.25 Crlmedesk. 
6.30 Wait Till Your Father Gets Home. 

7.00 Emmerdale Farm. 9.00 Raflerty. 

10.00 News and Scottish News. 1020 
The Detectives: Colombo. 

1020 Pro-Celebrity Snooker. 11.16 

20 Cartoon 
9.00 Family. 

Time. 7.00 Mr. and Mr 
irlty S 

12.10 am Border News 



Barrabv Jones, 
and Weather. 

BBC 2 

11.09 am Play School: 

525 pro News on 2. 

620 And Now The Good News . . 
7.15 Mid-Evening News. 

729 Chronicle; Award for 
Archaeology 197$. 



1 A fellow with a crib is a 
stupid chap (6) 

4 Chaff for the weight-watcher 

8 An unusual piece associated 
with the Principality (7) 

9 The animal to put one right 
■in u blunder (7> 

11 Pavlova was always putting 
her foot in it 1 64 1 

12 Class must get by in Lancs 

13 The ox is in good French 
surroundings 1 5 » 

14 Remedial punishment for a 
dim niece (Si 

16 Parting word from remote 
Surrey town (S) 

15 River for one in the niidvt 
of learning (5) 

20 Old Bob has the gear for 
burlesque i4) 

21 “The Soul to Solitude 

retires" (Omari (10) 

23 Sought provisions for Senior 
Citizens i7) 

M A single objective is enough 
to win the match (3. 4) 

25 Note from the landlord (fli 

26 The car returns with nobody 
( 6 ) 


1 Her temple was at Ephesus 

Z Points almost unnecessary in 
a housewife (7) 

3 According to Byron, love con- 
stitutes the whole of this for 
woman (9t 

5 Soldier in drink must be 
nimble (5) 

6 Disgraceful trading makes 
this warden unpopular (7) 

7 Allusion concerning fence 
round about (9) 

10 An inconstant person, but a 
master of protective mimicry 

13 Illicit stakes in Lancashire 
resort (9i 

15 A coach of industry (9) 

17 In essence an additional court 


19 Not No., but number, pre- 
sumably (7f 

21 You'll find me following the 
exercise (5 1 

22 America finds the time for 
custom (5i 

920 am Conquest of the Sea: 
** Carnival Under the Sea.” 10.15 
Gullivers Travels. 1120 Survival. 
12.00 pm Paperplay: “ Owl and 
Cat’’ 12.10 Rainbow. 1220 Eng- 
land. Their England- LOO News 
at One. 120 Thames News. 120 
About Britain. 2.00 After Noon. 
225 Monday Film: “ A Dream For 
Christmas.” 420 Clapperboard. 
445 The Paper Lads. 5.15 Mr. and 

5.45 News. 

6.00 Thames at 6- 
625 Help! 

625 Crossroads. 

720 The Best of Bemie. 

720 Coronation Street. 

8.00 Robin's Nest: “ The Happy 
Hen.” with Tessa Wyatt and 
Tony Britton. 

820 World in Action. 

9.00 The Streets of San Fran- 

10.00 News at Ten. 

1020 Monday Night Film: Elke 
Sommer and Nancy Kivan 
in “The Corrupt Ones.” 
12.15 am Christmas Pie. 

Alt ITT regions as London 
except at the following times: — 


1.18 pm Channel News. 2-25 The 
Monday Matinee:: ** The Quiller Memo- 
randum. ” 5.15 University Challenge. 

6.00 Channel News. 5.10 The Beach- 
combers. 7.00 Botanic Man. 9.00 Richie 
BrocMeman. 10-32 Dans 1978. 11.00 
The Suspense Film. 12A5 am Channel 

9.30 am Space 1999. 10-25 A Sense of 
Theaue. 11.15 God Blesa Us Eveiyena. 
11.40 Oscar. 11-55 The Sweet sugar 
Doughnut. 12.30 pm Make It Count. 

1.20 Southern News. 2.00 Houseperty. 
2-25 The Christmas Tree. 5.15 Die 
Undersea Adventures ol Captain Nemo. 

5.20 Crossroads. 6.00 Day by Day. 7.00 
Emmordalo Farm. 10-30 Southern News 
Extra. 70-35 Face to Face. 71.05 The 
New Avengers. 12.00 Farm progress. 
12.30 am Waathar followed by The 
Holly and the Ivy: 



9.25 am First Thing. 9J0 Survival 
Special. 10.25 A Sense of Theatre. 11.15 
God Dies* Us Everyone. 11.40 Oscar. 
11.55 The Sweet Sugar Doughnut. 
12.30 pm Make It Count. 120 Grampian 
News. 2.25 The Regions Report. 2-55 
Monday Matinee: * Destination Inner 

Space. ' 5.1S University Challenge 6.00 
Grampian Today and Area Wt 


6.05 The Electric Theatre Show. 10-30 
Reflections. 10.35 Film: " Play Misty 
lor Me ” starring Clint Eastwood. 
12.25 am Grampian Late news. 


9 JO am The Good Word followed by 
North East News Headlines. 9.35 In 
Search ol . . . "Bermuda Triangle." 
10.00 Ghost Busters. 10-25 A Sense of 
Theatre. 11.15 God Blesa Us Everyone. 
11.40 Oscar. 11.55 The Sweet Sugar 
Doughnut. 12.30 pm Untamed Frontier. 
1.20 North East News and Lookaround. 
2.25 Family. 3.20 Generation Scene. 
3.35 Cartoon Tima. 3.50 Lassie. 5.15 
University Challenge. 6.00 Northern 
Lire. 6.30 Police Call. 9.00 Mother 
Boots Goldi-Puas. 10.30 The Monday 
Film: "The Cactus Flower." 12.25 am 

9.30 am Sesame Street. 10.25 Survival. 
10.50 Valley ol the Dlroseura. 11.10 
Look at Life. 11.20 Untamed World. 
11.45 A Handful ol Songs. 12.30 pm 
Farmhouse Kitchen. 7.20 Dodo. 2.25 
Monday Matinee. 5.10 Whai's New. 
5.15 Crossroads. 6.00 Grenada Reports. 
6.30 Botanic Man. 9.00 Raflerty. 10-30 
Mystery Movie: "The Deadly Cure." 




9.30 am A Flirt with Fire. 10.00 
Portrait ol a Villaoe. 10.25 A Sense 
ol Theatre. 11.15 Stars on itc. 11.40 
Oscar. 11.55 The Sweet Sunar Dough- 
nut. 12.00 Paperplay. 12^0 pm Out 
of Town. 1-25 Anglia News. 2.00 
Houseparty. 2.2S Mystery Movie: 
Colombo. 5.15 Univorsity Challenge. 
6.00 About Anglia. 9.00 Twist in me 
Tale. 10.30 Three Days at Monza. 11.00 
Tall Me Where it Hurts. 12.30 am 


9.50 am Something Di Keren t. 10.05 
The Winalow Bay s tatting Robert 
Donat. 12^0 pm George Hamilton IV. 
1.20 ATv NewedesV. 2.25 The Christ- 
mas Tree starring William Holden. 5.15 
In Search Ol . . . Michael Rockefeller 
6.00 ATV Today. 10.30 Lelt. Right and 
Centre with Dick Tuvarae. 11.00 Tho 
New Avengers. 


9.30 am The Undersea Advontuies of. 
Captain Nemo. 9.3S The Lost Islands. ' 

9.30 am Survival Special. 10.25 A 
Sense of Theatre. 11.15 God Bless Us 
Everyone. 11.40 Oscar. 11.55 Sweat 
Sugar Doughnut. 12.30 pm Make It 
Count. 1.20 Heport West Headlines. 
1.25 Report Wales Headlines. 2.00 
Houseparty. 2.25 The Regions Report. 
2.S5 Monday Matinee. 5.15 The Under- 
sea Adventure* of Captain Nemo. 5JO 
Crossroads. 6.00 Report West. 6.22 
Report Wales. 10.00 News lollowod by 
Hepon West Headlines. 10.35 Mondey 
Film- " Young at Heart ” with Frank 

General Service except: 1.20 pm Penaw- 
d.iu Newvddion Y Dyad. 2.00 Hamdtfan. 
6.00 Y Dydd. 8.30 Yr Wythno*. 103)0 
News followed by Report Wales Head- 

HTV WEST— As HTV General Service 
except: 1.20 pm Report West Head- 
lines. 6.22 Report V/est. 

10.15 am The Herbs. 10.25 A Sense of 
Theatre. 11.15 God Bless Us Everyone. 
11.40 Oscar. 11.55 Tho Sweet Sugar 
Doughnut. 12.30 pm Make It Count. 
1X0 Lunchtrma. 2.00 See You Monday. 
2 .25 Regions Report. 2.55 " Dis- 
appearance of Flight 412." 4.18 Ulster 
News Headlines. t5.15 Cartoon. SJM 
Crossroads. 6.00 Reports. 6.35 Laverne 
and Shirley. 1030 Monday Night. 10.40 
Me and Mr. Thorne. 11.35 Bedtime. 


9.35 am Friends of Man. 10.00 The 
Roll Harris Show. 10.26 A Sense ol 
Theatre, 11.16 God Bless Us Everyone. 
11.40 Oscar. 11.55 The Sweet Sugar 
Doughnut. 1X27 pm Gus Honeybun's 
Birthdays. 1230 Farmhouse Kitchen. 
1.20 Westward Nows Headlines. 2.25 
The Quiller Memorandum. 5.15 Univer 
sitv Challenge. 6.00 Wastward Diary 
and Sports. 7.00 Botanic Man. 9.00 
Richie Brockelmon. 10.28 Weatward Late 
News. 1030 1978 Westward Darts Final. 
TIT. 00 Suspense Film: The Red House 
starring Edward G. Robinson. 1X45 am 
Faith for Life. 



9J0 am Friends of Man. 70.00 Tree 
Top Tales. 10.1$ The Nature ol Things. 
11.10 Clue Club. 11.35 Tell Me Why. 

9.30 am The Red Baron. 10.25 A Sense 
ol Theatre. 11.15 God Bless Us Every- 
one. 11.40 Oscar. 11.55 The Sweet Sugar 
Doughnut. 12.30 pm Farmhouse Kitchen. 
tl.25 News and Weather. 2.25 Regions 
Report 2.55 Disappearance of Flight 412. 
5.15 Christmas Cell. 5.20 Crossroads. 

12.30 pm Farming Outlook. 1.20 Calendar 
2.25 "The 

News. 225 " The Wild Heart." 3.50 
Heart to Heart. 5.15 University Chal- 
lenge. 6.00 Calendar (Emlay Moor and 
Belmont editions). 7.00 Emmerdale 
Farm. 9.00 Twist In tha Tale. 10.30 
Pro-Celebrity Snooker. 11.15 Moira’s 
Scottish Song Book. 12.15 am The 


($) Stereophonic broadcast 
5 .00 am As Radio 2. 7.00 Dave Lee 
Travis. 9.00 Simon Bates. 11.31 -Paul 
Burnett including 12.30 pm Nowsboat. 

2.00 Tony Blackburn including National 
Pop Panel. 4.31 Kid Jensen including 
5.30 Newsbeat. 6.30 Stayin' Alive. 7.30- 

10.00 As Radio 2. 10.00 John Peel (Sj. 
12.00-2.00 am As Radio 2- 


5.00 am News Summary. 5.03 David 

Allan |Sj ^eluding 6.75 Pause lor 

Thought 7.32 Terra Wogan (Si mclud- 

ing 8.27 Racing Bulletin: B.45 Pause for 
Thought. 10.03 

Jimmy Young (Sj. 
12.15 pm Waggoners' Walk. 12-30 
Harry Hawaii's Open House (S) includ- 

ing 1.45 Sports Desk with racing 
David Hamilton (S) Includ- 

The solution of last Saturday’s prize puzzle will be published 
kith names of winners next Saturday. 

results. 2.30 David Hamilton (S) Inclui 
mg 2.45 and 3-45 Sports Desk. 4.30 
Waggoners' Walk. 4.45 Sports Dost.. 
4.50 John Dunn (S) including 5.4S 
Sports Desk. 6.45 Sports Desk. 7.02 
BBC Northern Radio Orchestra (S). 7.30 
Alan Dell. 7.30 The Donee Band Days. 
B.02 Tho Bra Band Sound (S) 9.02 
Humphrey Lyttelton (SI with the Best 
of Jazz. 9.55 Sports Dosk 10.02 The 
Law Game. 10.30 Srar Sound. 11.02 
Show Jumping- 11.05 Brian Matthew 
Introduces Round Midnight. mc1ud>ng 
12.00 Midnight Newsroom. 2.02 am You 
and the Night and the Music t'SJ. 

Week's Comgosei: Chaikovsky (S). 

10.00 Holiday Special IS} Atarah’s 

Music Box. 10.20 Talking About Music 
(5). 10-50 The People's Oratorio: 

Handel's Messiah. 11.20 Midday Con- 
cert (SI (par; l): Mozart. Honegger. 

12.00 Talk 12.10 pm Midday Concert 

|S) (part 2): Prokofiev. 1.00 News. 1.05 
BBC Lunchtime Concert (S): Chopin. 
Liszt 2.00 Music lor Organ IS} by 
Burtehude. Bach, de Grigny. Daqutn. 
Wesley. Stanford. 2.45 Matinee Musical* 
(SJ. 3.45 New Records (S) of music 
by Delibes, Rubinstein. Vlasov. Chopin. 
Falla. 5. IS Bandstand fSj. 5.45 Home- 
ward Bound {S». 6.30 News. 6,36 

Concert (S)' Copland. Delius, Mandate- 
satin. 7.30 EBU Concert from Paris (S) 
(part 1), 8.25 The Sonnets of Peuarch: 
Reading in English and Italian. 8.45 
EBU Concert (SJ (part 2). 9.55 A Happy 
Fam'ly. 10.15 Plainsong and the Rise of 
European Music (S): Palestrina, 11.15 
Jazz in Britain (Si. 11.45 News. 11-50* 
11.55 Tonight's Schubert Song (S). 

the Snow Lay Round About ” by Jomos 
Fois/th. 4J5 Story Time: " The Thirty- 
Nino Steps " by John Buchan. 5.00 PM. 
5.60 Shipping forecast. 5.56 Weather. 
6.00 The Six O'Clock News. 630 Dr. 
Finlay's Casebook. 7.0 News. 7.05 The 
Archors. 7.20 From Our Own Cotrespon. 
dent. 7.45 The Monday Play (S) 
"Stevie" bv Huoh Whitmore. 9.00 
David and Goliath (5>. 9.30 Kaleido- 

scope. 10.00 The World Tonight. 10,30 
The Sacred Grove (S). 11.00 A Book 
at Bedtime: "The Enchanted Placet. " 
11.15 Three Charades for Christmas. 
11.30 The Unlorietiabfcs. 12.00 am 
News and Weatner. 12.15 5h<ppmg 

Financial Tiroes Monday 

Grand Canyon 
after brilliant Ascot win 


GRAND CANYON, a talented all- . Waterford „ S rySt S,n«9^ np1011 
round performer under N atonal at S4 and 7-2 ^ 

Hunt rules in Britain, was lame Hurdle a y ea £,fj 0, 9 h i^cSnS 
after beating the opposition at But Birds Nest a 16-1 cmmo. 
Ascot on Saturday, and we may- will never repr^ent better v^lue. 

not sec him until Cheltenham., ^Bob Tuni^ gel^ng 
The ex-New Zealander, an on bis day the rnort acquit 
inmate of Derek Kent’s, itacdler in the country-^ 
Chichester stable, may have?. This afternoon at -Leicester. 

recruit from Ireland where he 
took hurdle events at Gowran 
Park and Fairyboiise last season, 
showed up well in a . novices 
chase at .Teesdde last Tuesday, 
before falling, at. the last ■ 
Given a clear round this after- 
noon, the Dalesa. gelding should 
prove capable ' of: (wtpacing 
h - runner, Southern 

-i j,. 

. f 

Cmcnester sraoie, may navt : Tfeis atternuuu jmittiar 

pulled a muscle in bis off-hlnl -Approaching s _ Darficg 

.SULCI Jtuupiug LUC QO lK*,n 

back straight on the final circuit 1 take advantage of tbe;33/*»M? B 
of the SGB Chase. _ -’;-re£eives from Gay Spartan m 

Grand Canyon sprawled badly ^the- Holly Chase. ... ... 

od an apparent slippery patch. ^; j shall be -disappwnieff n 
But for his remarkable balance ^enlis cannot lift the 2nd ~Hvi- 
and • agility which has contn-^ gjoh of the Christmas Tree 
buted to two Colonial Cup Novices Chase. Tony Dickinson s 

triumphs on visits to South : : ->V. ; . ~ i. ■■ 

Carolina, Grand Canyon would-: 
have lost his legs there. : ■ -.. t'a 

The Incident caused him' tv. 
jump the remaining fences- with “ 


1230— Spring Frolic : 

LOO— Housebreaker • 

VfcSIM Shannon Bridge- A 
2,B(Mdofiesty ForhidS*? 
5L30 — Keults***- ; 

3.00 — Dolly Diekeus 

aids sailing 

JUUIH LUC ItiUiOlUUiS 4GIIWM- ^ -- ■ w; ... 7 


However, Gfford’s seven-year-; .iSail Training- Associations 

old proved lacking in- speed in' j ^° oneT5 ' wm «« .fram 

the home straight, and was r a -.^The Cash— «,W0 .e^h^ 
well-beaten second when Grand Texaco and^GulM«pr^^ea 
Canyon took the final fence with; _to> the Tentbrokesh^eorwi 
the most spectacular jump Tbave- chairman of 
seen at Ascot since the days of - Group Cap tarn Charies Wiggins, 

Killiney. V - •— — : — - ' " ~ ’ 

Although Kybo’s performance:;' .-v 

■ Q tv..- 1 

by -refinery managers Mr. Arthur 
Holden and Mr. Barry Wehb.: '; 

. Th e money is a. new .'-Wad -of 
sponsorship which wriff laisefraza 
six to 12. the ; number,'- «[ 
Pembrokeshire youngsters^' now 
able to enjoy voyages -on; fpae 
association's two scbomierL sir 
Winston ChurchiU and 'Maieohn' 

in giving* Major Thompson, .9 lb London tube stations refurbished 

ancTa'2! lenphs beating to . 4 • 

SGB Hire Shop Hurdle, for fonr^r^ „ TRANSPORT . has stations on the Undergrqand^Ee 
and five-year-olds was a d updating', the very okh-and it JWVaw 

oo^Idoubtii X? radS-nS. » claiming pragreraiVrtV: 

remainder m the ten-runner fine!* -y* a “ r jrjmshfn^ 

up will prove capable of reaching 
the standard required of a future' 

C W D de?^ade ma of whom - S sL^eU^^estbourne 
Monksfield, Sea Pigeon and Birds' Park stations at a cost of nearly 
Nest form t be backbone, still >£L25m. _ . ' T „ 

look a cut above the juniors. . .. Mr. Michael ^bta& London 
Monksfield, and Sea Pigeon, who Transport’s 
dominated the finish to the ior railways, said: Many 

P Infilling, j g.-.V. ■ 

them an appearance more; surrad- 
to the- 1970s and 1980s, - aca ; 
another 40 stations -are scheduled “ 
to be dealt with next 
. At. Blackfriarsy the .improver - 
meats, costing over £500*009. have ; 
been carried out - in copjhnHtion 
with flxe .'tebnJlditjg- pt Brtesh C: 

1^/wo ; - - • • -- 

Rail’s .station above- 

BBC Radio London 


6.00 am News Briefing 6.10 Farming 
Week. 6.25 Shipping Fbrecasi. 6.30 

Today including 6.45 Prayer tar the Day: 

1 To ' 

7.00 and 8.00 Today's Headlines. 7.45 

Tho ugh i for tha Day. 8 35 The Weakon 


t Medium Wave only 
6.55 am Weather. 7.50 News. 7.05 
Overture (5) Concert: WalMn. Albinoni, 
Berlioz. Mozart. 8.00 News- 8.05 Mom- 
mg Concert fS) MscCunn, Hummel. 

James Cameron and the BBC 
Sound Archives. 9.00 News. 9.05 Start 
the Week with Richard Baker. 10.00 
News. 70.05 Wife tils. 10.30 Daily 
Service. 10.45 Morning Story. 11.00 Our 
Care and Delight: The History of Ctiriai- 
mat Eve. 11.46 Listen With Mother. 

12.00 News. 12.02 pm You and Youre. 
12.27 Top of the Form. 12.56 Waalffer- 

1.00 The World At One. 1.40 The 
Archers. 1.65 Shippinn forecast. 2,00 
News. 2.02 Woman's Hour. 3.00 News. 
3.05 Afternoon Theatre (Sj ; "Whan 

5.00 em As Re dip 7. 030 Hush Hour. 

9.00 London Live. 12.03 pm Call in. 2.03 
206 Showcase. 4.03 Home Run. 6.10 
Look, Stop. Listen. 7.30 Black 
Londoners. 8.30 Breakthrough. 10.03 
Lata Night London. 12-00 As Radio 2. 
12-05 Question Time from the House 
ol Commons. From 1.(5: As Radio 2. 

London Broadcasting 

5.00 am Morning Music. 6.00 AM: 
non-sup news, mfarntotion, travel. 

10.00 Brim Hayes Show. 1.00 pnt .LBC 
Reports. 3.00 George Gale. 4.00 LBC 


Reports .icontifluesj. 8.00 A!t»r Eight. 

9.00 Nightlirtc. 

Capital Radio 

am Nighl Extra. 

am Granam Pane's Breakfast 

Show (Sj. 9 00 Michael Aapal (S). 
12.00 Duve Cash fS). 3.00 Rogarr Scott 
•i. 7.00 London Today (5). 7-30 Bryan 
Wolfe's Open Line (S). 9.00 Nicky 
Home s Your Mother Wouldn't Like It 
• St 11.00 Mika Allen's Lata Show (S). 


CC. These theatres accept certain credit 
cards by telephone or at the Bax Oftce- 


COLISEUM. Credit caros 01-240 5256. 
Reservations 01-636 3161- 
Winners 197B SWET award Ootstantfng 

Achievement in Opera - 

Tomorrow & Fri ? OD Der RosenkavaHer. 
Wed 7.00 The Thieving Magpie (final 
oerU. ■' Every scene grips the attwation." 
Tms. Thur 7.00 Jonathan Miner’s prod 

The Marriage ,'o t Fig are. " hpmeraelv 

succettful & enlovabte.” Cdn. 104 
seats avail for all perts from 10 - 00 - 
day of perf. . 

COVENT GARDEN. CC. 240 1066- 

(Ga/dencharg* Credit Cants 836 690SJ 

rnL * Fn. 7.00 Die HeocmwoJ Thar*. 
7.30 Un hallo In maschere (Sardteero 
replaces Wixelli 

Tom or 7.30 Les svlphldes. Birthday. Ofler- 

Ing. Jac Calendar.' Wed 7lS0 TTie Steeping 

Beauty. 65 Arpphl’ seats avail 
perfi tram 10 am on day of perf 
Children s Opera dv Peter Maxwell Darfcs 
Family Entertainment. Jeannetta Cochrane 

Theatre Dec 27. 28 Spm; Dec 29, 30 
Jan 1.6 2.30 A Spm. Tickets 

£1 .50 from 

Royal Opera House- Tel: 01-240 10*6 

Credit cards 01-836 6903 or from Dec 27 
at Jeannetta Cochrtpra 

1 1 am-6J0em 


26 to Jan 6 dally 3 & 7.30. Jan 8 to 1~ 
Evbs 7T30. Mat Sat 3. 

AveT £C 1 . B37 1672. Until F«b 24 

Evss 7.30 Mats 5fts * Pec 27 2.30- 
Tonight. Tomor A Wed lQLAWTHE. Thur 


AD EL PH I THEATRE. CC. 01-836 7611 
Evenings at 7.30. 

Mat. Thursday 3.00. Saturday 4.00. 
- ' ' Wed. Dec. 27 at. 3.00. 

Extra Mat ...... — — 

An Enchanting New Musical 


The Times.. 

Evening News. 


Daily Telegraph. 

Credit Card bookings 01-836 7611. 

ALBERY. 836 3878. CC. Bkgs. 836 1071-3 

From 8.30 am. Party raws. 

Evas. 7.45. Thur. & Sat. 4.30 4 6.00, 


with ROY HUDD 

Extra Xmas Peris. Frt. Dec 27. 28 29, 

Jan 2. 3. a & 111 IJO 41 

ALDWYCH. 836 6404. Info. B36 S332. 
repertoire. Tonight. Toes. Wed. 7.30 
Low ore»» Bronson Howard’s comedy 
SARATOGA iFire* night Thuri. 7.00) 
With; Middleton A Rowley's THE 
CHANGELING ftiext perf 28- Dec ». HSC 
also at THE WAREHOUSE isee under W1 

Street London. W.l. Tel. 01-485 622*. 


Patrick (Kennedy's Children', directed by 

Anthony Mattftesofl with Gloria Gifford 

and Erica Stevens. Until December 16 
Mon. -Sat. at 1.13 pm. 

AMBASSADORS. CC. 01-836 1171. 

Evs. 8.00. Tues. 2.45. Sat. 5.00. a. 00 
"A superb performance.” P.T. 

APOLLO. CC 01-437 2663. Evs. 8.00. 
Mats. Thors. 3.00. Sat. 5.00 and 8 . 00 . 

rerv funnr. great entertainment.' - Now. 

ARTS THEATRE. 01-836 2132. 

" Hi ran' du* . . . see It.” Sunday Times. 
Monday to Thursday 8. so. Friday and 
Saturdays 7.D0 and 9.15. 

ASTORIA THEATRE. CC. Charing - Cross 
Road. 734 4291-439 8031. MoiL-Thura. 
8.00 pm. Fn. and Sat- 6.00 and 8.4S 

Group bookings 01 >437 3856. 

CAMBRIDGE. CC 01-836 6056. 
Prey. Tool 8.0. Opens Tomor. 7.0. Subs. 
Evs. 8.0. Mats. Thur . Sat. 3. 
A new mas fear starring 

COLLEGIATE. 01-836 6056. 

International stars In great family Show. 

Jan. 1-6. 3.00 and 7.30, Book Now. 

COMEDY. CC. 01-930 2S7B. 

Evs. 8.00 .Thur. 3.00 and 8.00. Sat. 
5.15 and 3.30. 

The Dclectrble BRITT EKLAND 
In a staling i nm comedy 

ing iw 


CRITERION. 930 3216. credit Card bkas. 

836 1071. Evs. 8. Frl * Sat. 5.45 & 
S JO. Dec. 26 4.45 & 8. "THE MOST 
By Michael Hatting* 

“ Comic delirium us stroke after stroke 

at eSutzna demolishes British oHiCiafodm. 


DRURY LANE CC 01-836 8108. Mon. 
to 5at- 8.00. Mats. Wed. and Sat 3.00. 

A rare, deviating. Idyous, astonishing 
Stunner.” S- Times. 3rd GREAT YE AR, 

DUCHESS. _ 836 8243. Mon. to Thurs. 
Evenings 8.00. Fri.. Sat 6.15 and S.Ofl. 

9fl» Sensational Year. 

The nudity Is stunning." Dally Mall. 

DUKE OF YORK'S. CC. 01-836 S122. 
Evs. 8pm. Frl. and SaL 5.30 and aJso. 



" IS BLISS.” OD server. 

Party Telegraph. 

GARRICK. CC. 01-836 4601. Eves. 8 .00 
ranarpJ. Wed. S.00. Sat. 5.30 and s.30. 
Now Thriller 

VERY EXCITING. - ' Fin. 7 Ime*. 

GLOBE THEATRE. CC. 01-437 1592. 
Eves. 8.15. wed. 3.00. Sat. 6.00. 8 4o! 
Alan AYCKBOURN'S New Comedy 
" This must be the happiest laughter, 
maker in London.” O. Tel. "An Irresist- 
ible enjoyable evening.” Sunday Time*. 


rrSTi SVffisSlWVT!: 

. Muriel Par low as MISS **ARPLE 


- Eva 8.00. Malt. Sats. 2.30 SEE HOW 

."An ovcnina of unidDittiattd iausrtitor, 
M? EXTRA FOR KJDS. TonjAfthuj 

iPlavawayi- rl vSimf 

Dec 23- Jan. 6. 2.15 and 4.30. Saturday* 
11.00 and .• 

MAYmARKET. 01 -930*9832. 

alooT wed. 2 . 30 . Sat. 4.aa a. iloo 
wa*. ^ ou pENELO p E KBITH^ 



and IAN OGILVYta. 


~ A- wealth oi talent and. W wlw 
belongs to Peiraiope. Keith." D. Man. 

HER MAJESTY'S. CC. 01-930 6606 
Evg. ™? Mats. Wed*. : and Sat. 3410. 


-This stunning production unlovely e«- 
loyiMe ” F. . Time*. “ T1»e , . lupMctt 
Munical around Mr none.” S. Mtrror- 

KINCS ROAD THEATRE. 01-352 7488. 
From Dec. 1 8. 'Dally 1IL30. LMltflQ. 

Evs. 8.00.. Thur*. SJ»- Sat-'. S^O-JLao. 



Directed bv^FRA 

ety or .We; 

tat EM_-niewra^AwwTt*i 

tl coi«|t?Y ap .ntl year: 
ev3TtWtbJ^re.* ,E o- UStN may 

YEAR57V Sunday 1~Vnes. t . 

MAY FAIR THEAjtLI. 01-493 -tOStl 
Until Jan. 6 Dlv 10-30, 2 0 X4 0. 

MAY FAIR. 629 30*. (Given Pk- Tdbei 
Eta- 8.00. Wed. Man 3.0. FW.. Sat 6.T$. 

Dylan Thom**’* comic masterpiece. 
Children £1-50 any- Mat with adult 

OLiYlER ween *tag«i. Toot end" Tomor. 
7.30 STRIFE byGHswcfthy. 

LYTTELTON .(prgaceniwo ^rtage)^ Tonight 

7.45 BETRAYAL . _ 

Tomor 7A5 The Phfteedertn 

by -Pinter. 

COTTESLOE (small auditorium): Ton't 

and Tomor , 

new confedy by Charles Wood- 
Many axcrifeot cheap seats all 3 theatres 

day at perf. Cw park.- Restaurant 92B 

credit card bookings 926 3052. 

OLD VIC _ 929 7910. 

Last 4 parte. Tun*. Wm Frl. Sat 7.30 
Anthony. Quiyfe a* 


Nobody with any rcsoact tor the 

theatre want to miss Mr. Quav&i 

Leer,” Financial Times 

OLD VIC. CC. 01-928 7610. Back again 
.for a special Christmas season. 

Until January 13 MATS ONLY. • 

Diy. at 2.00. Extra oerfs. Tomor. Dec. 20 
aiuj jan. 12 at 10.30 am. Also Dec 
28, 29. 50 ar-d Jan. 5 8. 13 at sToO. 
A triumph . - worth travelling miles 
to see.” BBC Radio: 

STRAND. fllMJSS '2860. EaMniar- ink 
MM*, ' T* 




- .T."’ 

ST MARTIN'S.- CC. 836 14431*^8.00; ' - 

Mat. rue: 2-4 S- Sats. A DeK 29^^ .8 ' 

- : A OATH A CHRISTIE'S : V '--- . - ' • 

. THE MOUSETRAP 1 '"'' - 


' . 27th YEAR V 

TALK OF THE TOWN. CC. 01-734- 5051. 
Air_conpft honed. From .8.00. . DUi tan, 

Danribg 9JSO. SUPER REVUe?? 

at 11 -FRANKIE VAUGHAN : " " 

. CC -. - -ft 36 

Evs. BUHL Wed-Jttaf :3L45TSM. 5.0 

\\ v. . •GR EmSw pTREE 


•T- t 

• - and fonpy.’- GrfA - -• 

VICTORIA PAMlC^Ct -OltaM -4735-6. 

£**. 7 30 _ Marts. fSfed. amT Sat. 2-45. 


. . ANNIE' 

-SMASH- tar . amh. 



.Ortetmu Slow WIZARD OP OL Dally 

'2.1 S pjn. Sat- 1 1 

a-m. and 

>- P.rp. 

V, " n " ju i r - F H C S., 5 776s - 

■ Vj. -i. i.1 . . 

Tol -Tombr conHfwes c at It* norma] 

' _*_* » • IhI^CV i. 

W,WI »2|^ THtAJftE. CC. 01-437-681 2. 
Thkr JWgbt hr 8.00. and WKOO 
Sun. 6.00 and 8.00. . 

PAUL RAYMO^ra prnseres 

. MOMRN ERA ^ ' 

Makes to ynneecedemed itmlg.wtta_ ta 

O-OSEO DEC 24 & 25.- ' 

CA^C ^ 

RisJi^"-- 8 '-^ 6969 


' Sneer •dri/Bbt,” Gdn. - Pasdnauna 
throogmy ^ntartalningj” F.T. 

Dec 24 to 26 A 31. 

PALACE. CC 01-437 SB34 

Mon.-Thurs. 8. Fri. & Sat. 6.00 & 8.40 
by Tim Rice and Andrew Uord-Wehbtr. 


Preview T 
Thur. Fri. 


01-437 7373, 

Preview Jmw. 7 30. Optns WN. 7 A 

F,t ' 4 TJ0 
“ ~ Merrr aiM“n^“ , iW “ «" 

Oife* ^IN^Brian^MARSHALL 

PICCADJ1AY From BM am. 437 4506. 

Credit carg bkg*. 8361 1071. 

Mon.-FH; at 8. 00. Sat S.Ts 
a wight with 


StarKi •t^"' ^ epbbM 

and 8.1 S, 


NO W. 12-Week: season 

PICCADILLY. . 437 8503. 836 39G2 

C M3S.=r^*r- d *SS ,naS *1*1011. 

Rt c hare God den lea Talbot In 

Opens today. DaHv 2gm. sats. 11 
' A 2 pm. 

Evening* 8 .O 0 . Mato^ WiuS.-.'sSi. ua 
br ^ yrefe-Wehher. 

Ptryt^d bv Harpid Pr inca. 
prince of Wales, qt-: 

“TS 9 SO 0«4( 

8.00. Fri.- and Sat. • 




.00 and .8 45. 

5^SSr S ffi^ hlt ooraed '’ 

SR™*!' «• ™." D. Exp. 
A Natldnal Theatre proaurePw, . D 

QUeenS._ Credit card*. 

EV5S. AM. Wed. 3.00. sk 'Ijog VjS; 


" iErs 


POTth -M 


S. 8;0P Wed. 34)0,' Sal. 5.00 

D,AN »aTr 8 - 

RAYMOND^FYUEBAR. 'cc. 0,^734 .bra. 
At 7.QC. . S .00.11 . Oo'crn: 6 ^,’ ^ 




mcu a . 25 . 

Tomoriw 7.30 kaRl „„„ 

(01-589 8212). 
ROHM .conduct* 

Beeth w aw Symphony No. . 7 .. 

M Fimny 

' ' hjr Alan trawi . 

^-• ■^ut ateo prejoundf, dl tort. 

-•fug."- Daily Tofegraph. 

ROYALTY. CC ' ■ oT-405~So5Z 

nrsgeru eAAm 

Bwk Dr tefettamu far the entire Tamliy. 

2 a«y parting.. ;• v . 

SAVOY THEATRE. ' 01-836 BB88. 

Credit card* 01-7M 4772.- 
_ TQM.COWM-r. 

Wen End Theatre 

est End Theatre Awards br - 
_PLA Y_ OF THE HYEa* . . 

by Briari dark. “A ataraentM otay^ l 
uta, ydu-tn **£'«." Ggn. Evening -8.-00 r 
Mat*. Wed. 3 . 00 . Sats. 5 as 'arfat 8,45, 

SHAFTESBURY ■ CC. . B3fi 6596-7. 

036 42S5, Opens WetL mtlt Jan. 13^ 

IB AiSS.-.Otmru Wed. bkH J*l 13- 
jane ASHER. NIGEL. PATRICK :ln. ■ 
_ . . PETER PAN . • ■ . 

Dally 2 and 6 A3 Priws i5. £4. £A £2- 
Rnduud' , •• 

O. Tel.- 

Op®rti. D*t. 21- 

wem.bley arena. . 

SS 1 J na ^ hT ?T T, « ,«ww* for -an the 
0*^21 Pt'TJO then Dot 22 
X n 2.00 -SU. Dec. 

iSviE? 2.00^-00,. 8J»: 

3.00. 6-OO. Juta. 

kp«i_. ahd' Senior Citftans haHtafix 


to . . 


peri* W1-902 12343 

THEATRE. = 834 -0083: 

»l*4 8- 00. Sats. 2-3f> »nd 5.30 


. technlcolor dreaSScSaF; -- 

” 71 *"4 Andrew Uovd. WfcJAer.' 

•ook^hSS: “ u§h^:wy.; 

From Mfed..ev*-- 
C^^^Y-T^ 00 ^' <* 


-1.; - 

Y w2k G riX!S 5TU S°* »» 9363; -THIS 
Ptah'eaf - tent 6- THE 


perf solit QtitJ. 

r°JH. ■o^.nile' W.vne .aad 

2 . 00 . 


DM. 485 2443. 

J6-00. 8,00" 

fl-AZA logp. 

C amde n : Tort* : 

Wb 5?*** 


• A\ - 

lUo^'o! *> *** ‘ 

X. V ACT 0 ' 

4Us! ri y& A CAR « n * 'A^ Prew.’i'.is: 

■ Af z 



. _ .. 6.20 tod 8 40. utt- iTStn... ~ 

s V,, * t:' 

LTREa^O-S2S2» ' 


THE THIRTY - NilTC STtRS IAl, . Sep;. : . 

W, J 1 J1.30. 8^70: 8ri0:' ■son. /sTSa.- ■ - 

L— ; 8kb»e. 8.TO prpg. and s g tefA 


flSSESt'fiStt!? Arth. W.2.'Gf23 2011-2L- 
NAYARONE tAL 58»- . . 
pg*. ON^ door* open :,fc30. '4.30. T.4S!- - • 


y»l^ lan ■ Barowi 

Sat. 11:15, Seats 


4v(W«donr. ShL . 


5^5. B. 10. Lte. mw 



s^wo -2, 3. 4, Oafofri ChcoK 

tautefoV: DEATH 
WfCE XAl .Ssp. serfs. Sty, . 2 . 


Seats trtrt>le._ 


. :'•?'• ****• c- 

;V •• - 

•UtAAS-.and " , -J 4 

ft-.sf *«;. :.-n 
LwJon. W.T.-- --v-JV- . • 




" * .£z ■ A-b'l 

*-“**-■’ >-■ 5l; 

: 1 . . - -jfci;;. ■ - : . *. 

s* V- 

■■ -v •. '-. V ; ;, 


ot Hin 

Efenciai ; 3S7S 


. VpiU’o^USa j 

Covent Garden 

Paris: Palais des Congres 

The Kirov Giselle 



**’-■ J' -A ■ 



• ^ 
•i -r — 

In most, if not aH, of the 
essential matters, the Royal 
Opera, has got Die Fledermaus 
wrong. Friday’s, performance, 
first of the', -current festive 
season revival, was. hot without 
its passing pleasures— indeed, 
as a treat-ior-tb&-wbole-faniily, 
for which purpose .the whole 
multinational,. mul tilingual 

enterprise was - presumably 
dreamed up in the first -plaee^ 
it slips down without .strain. 
(And so; at those seat prices, it - 
ought to il But in place of ah 
operetta kxwwn.^dloved as 
one of .fte the 

genre, . the eveningnSonls - $xl 
only mildly diverting -entertain- 
ment often rather squaretoed 
and >heayy in gait That can't 
be right; surely. ' - . . 

It is in the -second act, most 
of all, that the gait seems 
heaviest . Without issuing- an 
encyclical: on the absolute ' vir- 
tues of purism in. Johann 
Strauss, it may nevertheless be 
both practical and .pertinent to 
stress that if is at . this point 
in the operetta that the version 
devised by. Gerhard Bronner, - 
producer Leopold Lindtberg, 
and " conductor' Zubin ’ Mehta 
departs most significantly, from, 
the original. If tjyer the impor- 
tance— no, let me'.piit ic.inore 
strongly; "the cardicftl necessity, 
of hiring Oriofshy played by a 
mezzo-soprano - -. err travesti 
needed demonstration, this pro- 
duction provides it, by default. . 
For the moment the genial . 
middle-aged figure of Robert 
Tear appearVddd : d^ite. for. 
perhaps .because^ -of).' all Jus 
\isibJe ,e£fort in inaMng a go of 
the .part— the .'.atmosphere of 
gaiety and pleasure] of an un- 
certain ' moral tone, r that is 
summed up in the. princeling 
of high style' and . ' ambiguous . 
gender ebbs away. . 

This is- the most pernicious 
alteration of .the ^ evening. Not 
that the others are not serious, 
and they include the assignment 
of a baritone .to Eisehsteih’s 
part (damaging in. . terms of 
vocal colour), the . additions and . 
subtractions practised oh the 
various numbers, and the inven- 
tion of new polyglot dialogue, 
more often than not limp' and 
predictable in its; humour. (That ; 

wj* -pm * 

* 'i*V- • $ ' ■ 

Ryszard Karczykowski and Barbara Daniels 

Leonard Burt 

wretched misappropriation of a 
line of noble dialogue ' from 
Fidelio has now passed into the 
mouth of' Alfred^) -.:3fce sum 
of all theie parts, '’m'. Julia 
Trevelyan Oman's iifcpeecably 
researched bu,t' undrama tic 
scenery, is 'a ball that is as 
much fun as a civid f unction 
in Huddersfield . Town ; Hall. 
When Merle Parkland the 
unfortunately garb#*.; Wayne 
Eagling come -oh' tj*vjjrve us 
Ashton’s exquisite choreography 
to the Voices of Spring Walts, 
which replaces the -full-length 
ballet that ought to^. be an 
integral part of Acf>-2j: there 
is. a sudden dazzl in g asdjpa inful 
reminder of what entertainment 
on the highest level dan be. 

. The cast is last yeai& altered 
only in its leading ladjf Barbara 
Daniels,, a small,, et&aetively 

• • : .‘ST-. 

snub-nosed American soprano 
( Falke is hard pressed to 
explain away her nationality), 
makes tier Covent Garden debut 
as a Rosalind? of high spirits, 
easy address, and confident per- 
sonality. She attacks the spoken 
parts of her role more vigor- 
ously than her predecessor, Kiri 
te Kanawa, but lacks her 
gorgeous, free-ranging tone — 
the voice is of serviceable 
duality, though in the Csardas 
the top notes tended to spread. 

Otherwise, the rewards of the 
evening are chiefly to be gained 
in watching old hands charming 
us into a temporarily height- 
ened state of wakefulness — 
Hermann Prey an Eisenstein 
ebullient to just the right 
degree of overbearing self- 
regard. Hildegard Heichele an 
authentically plucky, vivacious 

Adele (in voice a little less true 
for “ Mein Herr Marquis " than 
last time round), and the won- 
derfully wry and pickled 
Frosch. body angled at a 
permanent 45 degrees, of Josef' 
Meinrad, the one notable suc- 
cess of tbe production. Benja- 
min Luxon opens “ Briiderlein ’* 
witb eloquent smoothness; it is 
not his fault that Falke as a 
dramatic role has all but dis- 
aoDeared. Zubin Mehta draws 
light, buoyant playing from the 
orchestra. Yet somehow, in mat- 
ters of timing, timbre, and 
dramatic accent, in the art of 
knowing when to hold the pulse 
hack and when to urge it for- 
ward. the true spirit of ihe 
work continues to evade him. 
He is not the only architect of 
this production against whom 
the charge could be laid. 


Looking at the Kirov Ballet 
, after far too long an absence, 
f found the Leningrad company 
as grand and satisfying as ever, 
its glories all the more appar- 
ent because of the indifferent- 
state of classical dancing else- 
i where in the world. There were 
rumours that tbe Kirov had fal- 
len on dork days, that the glory 
— with certain distinguished 
artists— had departed. Not so. 
The four performances Ihave 
just seen during the company’s 
Paris season (which lasts until 
January 2) revealed a troupe 
still supreme as a classical en- 
semble. ft is not as strong as the 
company which came to London 
twice' during the 1960s. Its male 
principals are nowhere near tbe 
calibre of Semenyov, Sokolov, or 
the late and ever-lamented Yury 
Solovyov. The Palais des Con- 
gres stage is not the right set- 
ting, albeit preferable to tbe 
Festival Hall's shelf. But it k 
the Kirov still, and marvellous. 

Nowhere in the world is there 
a corps de ballet so harmonious 
in style and feeling for dance 
and music; not regimented, but 
united in expression and in 
understanding. In Giselle, which 
featured on my first two visits, 
the second act had thTee bal- 
lerinas; the Giselle, the Myrtha, 
and as I hare noted before, the 
corps which. is a single Protean 
assaiuta. Not since that first re- 
velatory Bayadere in London in 
1961 have I witnessed so poetic 
and exciting a use of an en- 
semble of 32 danseuses as the 
present Wilis, who seem to feel 
and dance as one. Uniform in 
sensibility as in height, they are 
a miracle. 

The stage at the Palais des 
Congre is large, and on it the 
Kirov Giselle' looks superior to 
any other current staging. An 
oddity of the season is tint *v> e 
music for both the programmes 
I saw (the third brines Folnrd 
Petit’s Not re Dome de Peris) 
has been reenrded by the 
Kirov's owhestra under Viktor 
Fedotov. Plaved as only Russian 
orchestras know, an aoromntni- 
ment that is dnmntie?ilv 
powerful ami emotionally ant. 
shaped with love for both music 
and ba!Jet, it is sn achievement 
in* itself despite certain dis- 
crepancies in temui that indivi- 
dual dancers might prefer. 

The expensive (20 franc) pro- 

gramme was uncommunicative 
about the dancers — no credit at 
all for the peasant pas de deux 
— and it announced simply that 
the Giselle staging had been 
renewed under the supervision 
of “I Sloniraski,” rhom I 
assume to be tbe late Yury 
Slonimskv, Russia's most distin- 
guished dance historian.. It is a 
version satisfying beyond .til 
others despite some quaint cos- 
tuming in Act 1 (the Duke of 
Courland is Dandini: Giselle is 
in see-through tulle) because oE 
its appreciation of the Roman- 
tic ethos, and because Giselle 
has been regularly performed 
in Russia since 1842. tbe year 
after its Paris creation. 

Edited and amended across 
the years by Perrot. Petinn and 
Konstantin Serguevev, it has 
the wisdom and grand ■bnolieitv 
that comes with such impec- 
cable lineage. Tbe story is fold 
directly, cogently. The charac- 
terisations live within the con- 
text of an over-all emotion ti 
understanding of the work, not 
in spite of the staging as so 
often in Western productions, 
and they are consistent with its 
general tone. (There Ls n»|v 
one odd lapse : a large earthen- 
ware vase *f flowers stands 
determinedly on a white 
dranerv outside Giselle's enrtane 
to provide the blossom for tbe 
flower test.) 

This apart, the presentation, 
even in matter of decoration, 
makes nonsense of Western 
stagings with their dainty fuss 
and flustered Romanticism, and 
their busy and predictable inter- 
pretations. The Kirov’s Act 1 
is set in a broad expanse of 
countryside as seen by a Ger- 
m?o genre painter of Tbe i^Os. 
Art 2 is oe»fert. a 
h’?ck forest lit bv a fsi-T red 
gi'v.-,' '■emtir’ng r, -om tbe sett*”? 

JO*— t*»» TTipnn nljp>ncp^ +hr>oi a gh 
C dovd-tO”n sVv. 'Vhp iir-f-iilino 

of oid-E- "Moved st**ve 

rpn/-M-p-T- r fin cp Myr+ba to ri*e 

ra rriTji rp-t’ke from her grew, 
and allow a wili to whisk 
thframb the J|i?h| P*r and show 
ns G*setie noised high among 
tbe tree bra”ches. Even, fnllnw- 
snots cannot destroy the potent 
illusion of this Rhineland forest 
\vv.*r-e miMc must happen. 

Most magical of all is ihe 
Kirov dance style. This is the 

true, the only and ideal way of 
dancing the classics of the 19th 
century. Leningrad training 
has refined and extended the 
possibilities of tbe danse d’Gcole, 
opened it out and given it wings, 
and yet retained its essential 
nobility and decorum of propor- 
tion. In Act 1 eight girls dance 
a brief pas; in their corporate 
elegance we see how surely each 
feels and appreciates the reason- 
ing that lies behind the laws 
and attitudes of the classic 
dance. In the performance of 
Irina Kolpakova. tbe Giselle of 
last Sunday's matinee, we wit- 
nessed the academic dance at its 
purest Kolpakova danced an 
Avrora in London in 1961 
which remains the finest ex- 
••mnie of classical dancing that 
T ever exnect to see. By the 

-v*-ir»» and radiant harmow nf 
her style, by her ease and aristo- 
r-rrw nf me a ”s. the language nf 
h^iio; was shown as the most 
hn-Mitifui activity of which th* 
h'.m-n frame is capable. If 
ri-t-oincr can ever attain formti 
Tyi-fo-tinn. if was most oearlv 
so with Kulnaknva's Aurora, 
poven teen years later, and at a 
time when unchivalrouslv T 
mi-ct observe tint manv bti- 
io*in*3 find theiv laurels fi'd*”?. 
croiniirnva *s still a peerless 
c’ossicti artist. 

Her Giselle has acquired more 
pathos than when we last saw 
it in London; its innocence and 
impalpable flights remain as 
poetically touching as ever. Her 
Albrecht was Sergey Berezhnoy. 
a performer of finesse aBd some 
Romantic fervour. He. like 
Nikolay Ostaltsov, the Hilarion, 
knows how to give weight and 
a broad fluidity to gesture: it is 
a minor revelation to see mime 
played with such expansive 
dignity, commanding both the 
largeness of the stage and our 

The other Giselle was Galina 
Mezen tsova. who is being 
presented in Paris as the com- 
pany’s second star. She is a 
tall dancer, blessed with the 
Kirov’s taut vibrant line, seem- 
ing at first rather bland in man- 
ner. I was bothered by a lack 
of ease in the carriage of her 
head — she has a slightly short 
neck — but her physical com- 
mand of the dance, an essential 
distinction of technique, music- 

ality and long, legato phrasing, 
make her a continuing pleasure 
to watch. Her mad-scene in- 
dicated reserves . of emotion, 
and in moments of supreme 
delicacy — feet sketching tbe 
memory of earlier, happier steps 
as madness seized her — she was 
most pathetic. As the Wili, her 
dancing was effortless, serene. 
Though I suspect that she is not 
a natural Giselle, hers was an 
interpretation of unquestioned 
merit Her Albrecht was Kon- 
stantin Zaklinsky, only four 
years out of the Kirov school, 
and still immature. Tall, hand- 
some. he is a sound partner, but 
at present his reading is testi- 
mony to excellent coaching 
rather than to individual feel- 
ing. Gabriella KomJeva and 
Lyubov Kunakova were the two 
Myrthas. dancing grandly. 

And the corps de ballet was 
flawless. To see 32 girls moving 
with such lightness and free- 
dom. pure in style and united 
by training and temperament, 
was to understand why the 
Kirov is the repository of the 
classic dance. (It was also 
intriguing to note that mu (at is 
mutandis, the approach to 
dancing with the Kirov and 
with New York City Ballett. 
where Balanchine has trans- 
planted and transmuted Peters- 
burc-l,emn?rpd academism, has 
a fundamental aesthetic accord.) 

Part of the Kirov's secret is 
that the entire company seems 
inspired by a common image of 
what they are dancing and how 
they dance it. There is no in- 
decision; there are no apologetic 
anus, no reluctance to give a 
step its fullest dynamic value. 
The same artistry inspires both 
principals and corps because it 
is DP.rt of the very fabric of 
their training. Tbe presenta- 
tion of Giselle was magnificent of this. Its tone 
consistent, poetic, no matter 
•■•h’t snnl! incidentals might be 
imnroved. and the ballet became 
not a dutiful re-creation of the 
past, but a living expression of 
the genius of a company. 

1 shall hope to report soon 
on the second Kirov programme, 
a triple bill which brought Olga 
Chenchikova to light up the 
Paris sky in Patjulta with a 
sun-burst of bravura dancing 
and youthful beauty. 

' ■ r 


— - !. ; 


‘ , 

A LASTJUTNUTE drop goal by 
Dunn their fly-half gave the 
All Blacks- victonr . -over the 
Barbarians 18—16, 

Yet again the tourists rescued 
a game in the nick of time, but 
the. more significant rescue was 
of rugby .itself after the 
acrimony of the match against 
Bridgend. '/V v • : 

Saturday’s occasion was fully 
worthy of- the tradition of these-, 
matches and no one can. carp 
at the result or the refereeing 
Of Hr. SansoxC ; . ' 

The game demonstrated; that 
it is possible for top-level 
matches tu be played vigorously, 
cleanly and-ivith .the emphasis 
on attack' rather than, defence.' 

The match showed , that the 
New Zealand team’s success 
Mentis , from -team .wOrk -.and 
tenacity. . The absence of itais. 
has beeii an advantage fory 
under :Graham Moarie, the All 
Blades, have again refined their, 
game, to" a 1 great technical 
consistency.-.. J '■ 

Their defence was _ well_ 
organised^ with good alignment 
and fierce JadHing. - 
Odjome,-.: Robertson .and 
Taylor, closed, up any central 
attaclc and produced . plenty . of . 
ball for Atourie or Rutledge. 

The Hang of the Gaol 

emphasis on attack 

by B. A. YOUNG 

• The first 'choice -No. 8, Seear, 

, has not played at his best. It 
- was a surprise that Fleming did 
not get fin international place 
behind/those two hard men. 
Hade# and Oliver. New Zealand 
improved • their scrummage 
.’ when Knight returned from ill- 
'ness. - ■ • . ' • • ■ 

• ^ihiese All Blacks will be 
remembered as a great set of 
'men, and that is- just as import- 
ant as being remembered for 
being good players. They have 
achieved . their aim of making; 
friends but, after their defeat 
by Munster, they almost re-; 
-. verted to. type using Bruce to 
kick tactically. ■ 

It was quite different oh 
Saturday - when the tourists 1 
dropped their guard and the 
.. choice of Loveridge and Dunn 
.gave the side attacking poten- 

tial. _New Zealand looked under- 
prepared .to take some short 


It was a change to see greater 
freedom of , expression from the 

- . New Zealand used their wings’ 
Wilson ■” and Williams inteUT 
gently bv“ bringing them in to 
the midfield. . - Wilson and Os-- 
borne have been toe outstaat 
ihg: three-quarters’ in what one. 

former All Black winger per- 
haps rather unkindly, called a 
bunch of good tradesmen. 

. Saturday’s match proved that 
. in rugby, you must take your 
chances. The Barbarians failed 
to do so. 

. Hutchings, toe centre, messed 
tip two scoring chances bi r ig- 
noring Elgin Rees after Ren- 
wick bad intercepted in the first 
halt A score then would have 
been' a tremendous fillip, but in 
the second half, Hutchings next 
ignored Slemen. Renwick too 
lost ' the ball over the line in 
the second half. 
r In toe counter-attack. Bennet 
and Irvine were able to demon- 
strate their great artistry. What 
a: loss Bennett is to Wties. It 
was interesting tha he did more 
defensive work than normal. 

flankers can channel the 
straight runner, but it is the 
Tinker that causes problems. 
Both Bennet and Irvine have the 
gifts of , pace and evasiveness, 
which transcend the normal 
level of player. 

: , Looking at Irvine made one 
'•reflect upon how the roles of 
.almost every player have 
changed over the years, especi- 
ally full-back. 

> The one role that has changed 

little is that of scrum-half, for 
it is still the fulcrum of all the 
movement. Brynmor Williams 
was much too individualistic on 
Saturday and seemed to have 
difficulty' positioning himself to 
get the ball away. 

He was under pressure and 
communication with Rives and 
Skrela must have been difficult 
Thank goodness for those two 
Frenchmen in the loose where 
there tackling was as definite 
as ever. France must be mourn- 
ing the fact that Skrela has 

Purely from an England view. 
Slemen had tbe chance to show 
a Welsh crowd his skill in foot- 
ball The otb^r win" 

Rees, was a ball of fire and it 
remains one nf the urtionrl 
masteries why he did r.rt phr 
fo r Wales agtir^st ?s*iv 

There were some splendid 
personal performances, but 
Saturday’s game encapsulated 
all that rugby should he. A 
meeting of fit minds and bodies 
in pursuit of victory which, if 
gained, would be accentable. If 
lost, not toe end of the world. 

In either case, Saturday’s 
game must have produced or 
confirmed some lasting friend- 


Qitei^s Parit Itang^t lift the gloom 

every reason to be well satisfied 
with- their victory over Man- 
chester City by two goals . to 
one:in a thoroughly interesting 
match at-Loftos Road.- This 
result, against . more talented 
opposition, was a real tonic for 
toe (dob, who. -had- not wan a-- 
league' match . ^since eariy 
October, wereJtoo close -to the 
bottom of toe table for contort 
and whose home gates had 
slumped alarmingly, with only 
12,000 tinning up to see .them on 
Saturday..' •• - : ; " . ;. 

Judging by this, performance, 
they should have no difficulty 
in avoiding "that dreaded fall as 
they not only look a far better 
team than they' were at the back 
end of last season, when they 
avoided relegation by the 
narrowest of .margins, but there 
are also several clubs around, 
who are not -up to Second 
Division standard, let - alone 
First Division. . 

The Rtogers will probably 
?’ finish up near ' toe - middle of 
> the table, winch means that 
-■ their objjr remaining hope- for 
. glory is in the FA Cup. Yet 
, - there must : be . doubts as .to 
whether they possess sufficient 
/ character. - to/ fight their way 
' through to rWembleyV Thmr, 
Their • draw -against vFulham 
/ away to the thir^ round should 
.. provide an, iuterfet|iig .test ■ - -V 
‘ Not ' \ toe" • least - 'sat&actory 
feature Toj; the Londo^re. was. 

the ’performance of their yoimg, 

- tall and lanky' striker -Hamilton 
"bought from Idnfield. who came 
on’ after toe interval as substi- 
tute and scored both goals. His 
fiftt. was a brill in atly-taken! 
volley, and he showed be had the ; 
instinct for being in the right; 
place at the right time by pop*^ 
ping up at- the far post to nod. 
home toe second. The Irish^ 
man replaced the former. Eng-;, 
land captain, Gerry Francis; still , 
struggling to regain his true - 
form after a series of injuries 
. and. who-' looked uncomfortable; 
as part of double spearhead 
with 'the lively and impressive 

. The' match was unusual , in 
that both' teams employed high- 
calibre players, who have madel 
their names as attacking half- 
back — Francis, .and Deyna 
from Poland — ^ upfront. This : 
-is rather like giving tbe new 
ball to a spizmer; or - batting. 
Boycott at No. 4. It seldom - 
pays to play air- established per-.; 
former out of position and, • 
though. Dgyna 'did manage to* 
produce' two . fine shots before - 
the . interval, he was also even-. 
tuaUy substituted. 

• In his recent book, the ABC 
of' Soccer Sense. Tommy 
Docherty- stressed the import- 
ance - of a , good club captam 
who. has toe - respect of- his ; 
colleagues; . ■ although • many : 
man agers . are. .inclined ' to .be 
$ii^«noBS of a skipper with •& 
very strong personality. It is " 

'interesting' to reflect that Terry 
y.e^ables at 20 lasted only two 
years as skipper with Chelsea, 
: rather longer one suspects, 
. than he would have done at a 
mature 30. 

; v ;QPR are both wise and for- 
tunate to have Hollins as their 
: captain. He runs further and 
works harder than anyone, 
neyer gives Jess than his best 

were also moments of casual 
arrogance which few sides, and 
certainly not Manchester can 
afford. The City reminded me 
of a colourful and exciting jig- 
saw which Tony Book has still 
to slot into toe right places. 

. .- There are, perhaps, six league 
dubs with as many class foot- 
ballers: on their staff as Man- 
chester City. Several of these 
plgyers, currently languishing 
'in the. reserves, would have no 
problem commanding a regular 
first- team place in most other 
sides. Nevertheless, toe City 
have now gone eight successive 
league .matches without a win 
and 1 were also easily eliminated 
from the League Cup, but still 
-managed to knock AC Milan out 
of the UEFA with style. At 
toelr best they are capable of 
beating anybody. 

• - Their manager has the 
players, Wiy . are they not 
obtaining the results? Some of 
toe 'reasons were to be seen 
against the Rangers, a game 
they should have won, but ended 
just, about deserving to lose. 
Although- they provided several 
patches, of imaginative and 
adventurous football, they also 
perpetrated too many mistakes. 

•..Some of the errors appeared 
to stem*, from over-ambitious 
first-time; passes, while there 

Nearly all the important 
ingredients are there, an out- 
standing goalkeeper, a powerful 
rearguard containing Dave 
Watson, a centre-back of inter- 
national class, five outstanding 
midfield players on call who are 
fast skilful and hard. 

All toe halves were goal- 
conscious and, if Parkes bad not 
been in exceptional form and 
some of their shooting frac- 
tionally off target, they could’ 
well have won, as they created 
sufficient opportunities. . 

The lack of blend and flow 1 
was most noticeable upfront. ; 
Whatever .trio selected from 
Futcher, Channon, Kidd, Deyna 
and Barnes — the last a rov- 
ing winger able to destroy the 
opposition with his ' dribbling 
skill, but on other occasions 
frustrating his own colleagues 
by running into trouble — has 
.not acquired the necessary har- 
mony. This is underlined by a 
lack of goals from their 
forwards. Possibly it might pay 
the City, if one of* their half- 
backs busied himself prevent- 
ing, rather than scoring, goals, 
though their welcome- accent 
on attack is why they are in- 
variably worth watching. 

We are attending the Govern- 
ment inquiry into toe burning 
down of Middenhurst Prison, 
estimated to cost £300m to 
rebuild. The inquiry has been 
called by toe Home Secretary, 
a roughneck whose principle is 
“We did hot pick the system, 
but we've got to make the best 
of it” and who sees nothing in- 
consistent with his advocating 
social equality but living to 
plutocratic standards. Its 
members are J arcline, an ex- 
perienced senior civil servant 
concerned only with doing his 
work conscientiously enough to 
ensure his KBE on retirement; 
Matheson, a female civil servant 
likely to dtrelop on the s?me 
lines; and Pontine, a new boy 
who. after his first taste of 
grilling a witness is so rnpa'lcrj 
by his unexpected delight h 
nnnression that he quits the 
scene to live as a tramp on the 

The cause of the fire is easily 
discovered by two competent 
fire inspectors. What is then 
required is to ascertain who 
caused ft and why. 

The prison appears to have 
been seething with discontent 
as a result of the humane 
notions introduced by the new 
governor, Colonel Cooper, who 
tells his prison officers. “Give 
them their dignity.” But the 
fire hasn’t been started by any 
of The prison staff, nor by Turk, 
a nrisoner who has actually 
started a fire of his own so that 
he me y be regarded as a hero 
fn toe legends of Drisnn life 
®w»-vwhere. Irt fact. Colonel 
Cooler h?s started it himrelf: 
rrd why he should have done 
so. end what the corswences 
."n*. *s the the theme of How?rd 
Brier's fascinating play. 

The interesting thing is that, 
ppert from Cooper’s lapse, 
everyone acts in accordance 
with decent principles. Cooper 
really thinks that a prison can 
be run with “toe beauty of 

; / srr r L . 

> : 1 1 ; \ . ■-< ?• *s ; / 

% M 

• . -r . 

■ -,V. 

Christopher Benjamin and Nigel Terry 

Leonard Burt 

good government.” The prison 
officers, Udy and Whip, are not 
against good government, but 
they know that wheD there is 
a riot it is they that get the 
slashing, not toe governor. 
Turk, who has an interesting 
speech comooring prison dis- 
cipline with old-fashioned 
imperii! government, is after 
pU only being Kenyatta or 
Gandhi. Mr. Barker draws his 
figures in bold, simple lines 
with no more exaggeration, and 
no less, than is seeded to make 

his points, and though he is too 
often tempted into irrelevances 
that take bis fancy, and is more 
amused than I am by the func- 
tions of defecation and micturi- 
tion, he puts his points as 
persuasively as Hogarth or 

Bill Alexander directs a 
characteristic Warehouse pro- 
duction that is graced with some 
outstandingly good playing. 
Fulton Mackay’s .Tanline, a 
mi dle-need man resentful of the 
quenching of his early ardours, 

is shown in perfect detail, every 
gesture uf the arms, every 
smoothing of the hair, every 
glance. up or down, every strok- 
ing of the chin incontrovertibly 
apt. Edward J ewes bury plays 
Cooper with a touching blend of 
dignity and pathos; Nigel 
Terry has caught exactly Turk’s 
deceitful simplicity concealing 
the fires of revolt. There are 
able performances too by 
Christopher Benjamin, Gaye 
Brown, Nicholas le Prevost, and 
indeed all the company. 

Festival Half 

Christmas Oratorio 


One work or six? The 
question inevitably recurs when 
the six cantatas which Bach 
called toe Christmas Oratorio 
are performed on one evening. 
True, the work is a cycle: all 
its features of. orchestration, 
and tbe use of chorale melodies 
axe planned to give optimum 
variety and cogency to the 
sequence of six parts. But they 
were designed for performance 
on separate days through a fort- 
night (on December 25, 26, 27, 
January 1, toe Sunday after 
New Year, and January 6), and 
their impact when pushed up 

agaj nst each other as over- 
whelming. Surely Bach here 
gave us a clue about his “ collec- 
tions ” of works? Six cantatas 
in a fortnight is plenty, so too 
is one Brandenburg a day, and 
perhaps cne Goldberg Variation 
an hour (until, like Count 
Kavserlirisk, you drop off). 

But if the Christmas Oratorio 
Is to be performed complete, 
then one could wish it always 
to be done with tbe liveliness 
and zip which John Eliot 
Gardiner brought to Friday 
evening’s account with the 
Choir and Orchestra of the 
English Bach Festival. I cannot 
recall such racy and exciting 

versions of the two “Ehre sei 
dir” choruses, or such a light- 
footed and un pompous bass 
solo “ Grosser Herr.” Some- 
times there was too much haste 
as well as speed (in the “Herr 
dein Mitleid ” duet), but 
rhvthms were generally firm, 
and the insubstantial thmieb 
exceptionally unanimous voices 
of the Festival Chorus raptured 
every detail of Gardiner's crisp 

With so much furious activity, 
the quieter sections of The work 
tended to suffer. The full, 
rounded but too overtly operatic 
voices of Miriam Bowen and 
Della Jones did not penetrate 

the full serenity of their arias; 
Gardiner tended to treat the 
chorales as moments of repose 
instead of bold ciiimxes. Brian 
Burrows was a sturdv, authorita- 
tive narrator, and Richard Jack- 
son a bass of cfc anther-music 
timbre Pnd subtlety. The orch- 
estra sparkled under Gardiuer's 
unrelenting drive, snd there 
was ("or once) im-peccahle horn 
flnd trumpet planting. Alistair 
Ross. Trevor Pinnock and 
Marilyn Sansom were the alert 
rontinuo players, though the 
Goble harpsichord boldly illus- 
trated in the programme was 
(fortunately) nowhere to be 
seen or heard on toe platform. 

"j: < -4^.5. 7 vr. 

rfVFdnV 'i-. ■' •" ■*•• • - • 




Ttfeframs: Finantimo, London PS4. Tdefi 886341/2, 883897 
Telephone: 01-248 8000 

Monday December IS 197S 

The world as 

a whole 

ALL THIS year China has been 
moving outwards. Chinese 
leaders have visited Yugoslavia 
and Romania — in Soviet eyes 
the dissident states of Eastern 
Europe — as well as South East 
Asia. There have also heen 
high level visits to the West and 
there is talk of more To come. 
At no stage have the contacts 
been purely political: 3s often 
as not what the Chinese have 
been seeking, especially in the 
West, has been commercial and 
technological know-how. 


In that sense, it is not sur- 
prising that Peking should have 
wished to accelerate the nor- 
malisation of its relations with 
Washington. If it is access to 
technology that the Chinese 
want, the United States after 
all is as good a place to go as 
any, not least in the key fields 
of agriculture, mining and 
energy. It is also true that the 
leadership had already come to 
terms with the other advanced 
industrial democracies. The 
signing of the treaty with Japan 
earlier this year was the final 
evidence of that. It would 
indeed have been abnormal if 
Sino-U.S. relations had remained 
on a lower level Than those 
between China and other 
Western countries. 

development of past diplomacy, 
the establishment of full diplo- 
matic ties between China and 
the U.S. is bound to have rever- 
berations around the world. - 
In particular, they will be felt 
in Moscow where the Soviet 
leadership is believed to be on 
the brink of signing a second 
strategic arms limitation agree- 
ment with the Americans. They 
will also be felt in Indochina 
where a bitter war is still going 
on with the Chinese and the 
Russians in many ways acting 
as proxies. Indeed tensions are 
likely to increase in any part 
of the world where Peking and 
Moscow confront each other, 
however indirectly. The 
Russians believe, rightly or 
wrongly, that they are being 
hemmed in. The' Chinese are 
breaking out That is hardly a 
recipe for stability. 

It should not be forgotten 
either that although the 
announcement of the Sino- 
American agreement may have 
seemed to come out of the blue, 
there had in fact been a steady 
diplomatic build-up over a 
period of years. The break- 
through came in 1972 when 
President Nixon visited China. 
The joint communique then left 
open a number of questions — 
particularly that of the future 
of Taiwan — but it left no doubt 
of the mutual desire between 
Washington and Peking to put 
their relations on a normal 

There is thus a special 
responsibility on the U.S. In 
the strict sense of the word, the 
U.S. is the world's only super- 
power. The Soviet Union may 
bave achieved strategic parity, 
but is way behind economically 
and in most areas of technology. 
China is a great power which 
is now understandably seeking 
to play a larger role in the 
world. It should be encouraged 
to do so, but it is not a super- 
power at all and it would be 
dangerous if it came to enter- 
tain delusions of grandeur. Both 
economically and politically 
there have been signs recently 
that it has been taking on too 
much, too fast. U.S. diplomacy 
would be wise if it could seek 
to temper these ambitions. 


The question of Taiwan 
remains open to this day and 
is perhaps insoluble in the 
short-term. At the same time, 
however, there is nothing in the 
behaviour of the Chinese leader- 
ship to suggest that Taiwan will 
be taken by force. Nor would 
it be in the Chinese interest 
to attempt any such thing. All 
the signs are that China is look- 
ing outwards to a wider world, 
and there is no obvious reason 
why it should not come to live 
with Taiwan in the way that it 
has come to live with Hong 
Kong. Those relations, too, can 
be normalised over time. 

Yet. however foreseeable and 
however much it can be 
explained as merely a logical 

The principal task of U.S. 
foreign policy must be to 
maintain a global balance of. 
power. The establishment of 
proper relations with China 
could contribute to that end. 
but not if it is seen as an 
anti-Soviet alliance — as the 
Chinese are tending to present 
it. In other words, there is a 
difference between normalisa- 
tion— which is to be welcomed, 
and rapprochement — which 
could be misunderstood. It is 
necessary now for the 
Americans to continue their 
negotiations with the Russians 
and to explain to them what 
they are doing with China. 
Equally, the Chinese need to be 
told not to let their own 
relations with the Russians get 
completely out of hand. A 
Sino-Soviet confrontation would 
benefit no-one, not even the 
West. It is a difficult world in 
which to maintain stability, but 
the latest developments are at 
least a reminder of the necessity 
to think — in strategic terms — 
of the world as a whole. 

What the market 

will bear 

THE PRICE increase announced 
by OPEC at Abu Dhabi yester- 
day will take effect in four 
stages, but by October 1 next 
year will — if fully carried 
tbrough — have raised crude oil 
prices 14.5 per cent above their 
existing levels. This is margin- 
ally more than most consumer 
nations bad been expecting, and 
certainly larger than the U.S. 
Administration — which made 
known its disappointment yes- 
terday — had anticipated. But 
even before the crisis in Iran, 
demand for crude as reflected 
in spot prices had been tighten- 
ing. The cutback in production 
in Iran added to the pressure. 
For 1979 as a whole the increase 
in oil prices amounts to about 
10 per cent. On present fore- 
casts this is about what the 
market will hear. 

the OPEC producers have lost 
out in purchasing power 
through the fall of real oil 
prices over the last two years 
or through the loss of revenue 
following the decline of the 
dollar. In going for a stage-by- 
stage increase, OPEC has given 
itself some leeway to back 
down if demand should slacken. 
But the stage-by-stage tactic 
could also point to a steady 
measured increase in prices in 
the iong-tenn if, as seems likely 
a growing shortage of crude 
materialises in. the 1980s. 

U.S. inflation 

Price freeze 

The lesson that OPEC has 
now painfully learned is that 
■there is little point in attempt- 
ing to raise prices beyond what 
demand will sustain. The price 
freeze of the last two years and 
the shaving of prices for mar- 
ginal crudes were the result of 
raising prices to unrealistic 
levels. Though much of the 
debate at OPEC is often a poli- 
tical battle between the moder-' 
ates (basically Saudi Arabia) 
and be hawks (Iraq, Libya and 
Algeria), how the dice finally 
fail depends on the strength of 
the market. 

' In .the last resort this out- 
weighs even niceties of econ- 
omic judgement on how much 

The OPEC nations have 
apparently put aside_ plans for 
denominating oil prices in a 
unit of account other than the 
dollar as too clumsy to operate. 
But the increase could further 
weaken the dollar through the 
impact it will have on the U.S. 
inflation rate and the size of 
the U.S. trade deficit This will 
be the major source of concern 
as the increase takes effect 
President Carter will un- 
doubtedly be under pressure in 
the U.S. to scrap his plans for 
decontrolling domestic oil 
prices as adding a further infla- 
tionary twist to the U.S. 
economy. Other industrialised 
nations will riahtiv be pressing 
him to stick to his plans as a 
means of reducing the heavy 
U.S. consumption of enerTv. 
They want the U.S. to cut back 
its dependence on oil imports 
both to diminish the power of 
OPEC, and, fhroneh improving 
the U.S. trade deficit, to help 
strengthen the dollar. 

have surprised tbe world 
on Friday night when 
he announced that full diplo- 
matic relations ' with the 
People's Republic of China 
would be opened on January 1. 
but his decision was entirely 
logical. It was consistent with 
everything his two predeces- 
sors in the White - House hid 
pushed for since. 1972 and with 
the signals the President had 
been getting from Peking’s new 
and outward looking leadership 
for much of this year. The 
Chinese ultimately made an 
offer that Mr. Carter felt he 
could not, in good conscience, 

Mr. Carter has taken ' a step 
which is not without dangers, 
but one on which he clearly 
felt the plusses outweighed the 
minuses. The latter are ob- 
vious: the domestic right wing 
is already up in vocal arms and 
could make trouble in Congress 
nest year; the Soviet Union is 
certain to be offended, though 
perhaps not to the point of up- 
setting the long crafted and' 
soon-to-be-con eluded Strategic 
Arms Limitation agreement: 
the ditching of Taiwan, even 
with the assurances that Pek- 
ing has clearly given, may rais? 
questions among other tradi- 
tional American allies (Israel, 
for example) about President 
Carter's constancy. 

Tcng H sal o- ping — dropped a 

number of public hints In 

- Financial Times Monday December: 

• These include pre-reydlirtloaM!y 
‘ Chinese debts, and. disputes over 
assets frozen by both countries 
’ 3Q '.years . ago - .(Treasury 
‘ Secmaiy Blmneuthal- is- to go 
.to Peking,, to seek to resolve 
r these "jiwesr soon)- and -the 
lixmfdtloas. on ' expart-import 
bank financmg imposed by the 
1974 Trade. Act denying the 
People’s- , Republfc, -most 
. favoured nation trading status. 
Encouraging- China to earn 
hard currency by 'selling "more 
to = the U.&.. could .also. create 
'difficulties since the .inost 

• obvious Chinese products are 
' low cost textile gewdfr-^e UA 

* textile ‘ -industry, *. well 
jfcbwa, has suffered, consider- 
ably from ' -similar ' imported 
competition, mostly trqm other- 
Asiari countries. . . \vV'...' -, 

. But again,' '.the?':: potential 

•c.ri-T — ^ «t. ' -pl ^.ap{ie ? t irei e b 


l r. 



i l 



But he must also have come 
to the view that he bad 
answers to these potential prob- 
lems which, combined with the 
geo-political and economic 
benefits likely to accrue from 
normalisation, made the his- 
toric initiative imperative. Mr. 
Carter is now quite secure in 
his presidency and 'a solid 
favourite for re-election in 1980. 
The disparate interests which 
often oppose him have shown 
little ability to coalesce into an 
overwhelming countervailing 
force and probably could not do 
so over China. In any case, the 
business community, which 
underpins the Republican Party, 
is more likely to be enthused 
over the opportunities provided 
by closer ties with a China now 
hungry for Western technology 

than dismayed by ideological 
considerations. Even the cold 
war philosophies of such labour 
leaders as Mr. George Meany, 
head of the U.S. equivalent to 
the British TUC, are likely to 
be tempered by the fact that a 
leading architect of the Sino- 
American rapprochement is Mr. 
Leonard Woodcock, chief of the 
U.S. mission in Peking, who was 
a brother union leader when 
head of the United Automobile 

Equ a Uy. A dmin istra tkra 

officials seem to feel that the 
Soviet Union will be nothing if 
not realistic about normalisa- 
tion, much as it may be disliked. 
Over the weekend there has 
been confident talk that a SALT 
agreement will be reached very 
soon and that Mr. Carter and 
President Brezhnev may even 
meet to cap it before Teng 
Hsiao-ping, the Chinese Deputy 
Premier, comes, to Washington 
at the end of January. The U.S. 
dearly does not feel that China 
and the Soviet Union are about 
to go to war. but would not 
mind If the Russians were to 
feel compelled to divert some 
of their European forces pro- 
tectively to the China border 
area. Had normalisation come 
earlier this year, -when U.S.- 
Soviet relations were at a low 
point, then the adverse con- 
sequences might have been 
greater. But, it is felt here, 
that understanding with Moscow 
has improved considerably in 

recent months as It has become 
dear that President Brezhnev 
is as intent on reaching a SALT 
agreement as President Carter. 

Administration officials have 
also rigorously denied that the 
timing of tbe announcement of 
normalisation was in any way 
influenced by the need to 
distract -from other pressing 

liaison chief in Washington that 
he was as interested in pursuing ; 
full diplomatic. ties as his. two; 
predecessors (President Ford, it. 
is reported, is believed to hgve' 
promised Peking that he would: 
establish full relations early; in 
1977 if he was elected Brest', 
dent). " ' •I'V'z*- 

When Mr. Vance went "to" 


foreign policy problems, such as 
the deep differences that have 
emerged between tbe UJ3. and 
Israel or the potential harm the 
U.S. economy could incur as a 
result of the OPEC price in- 

Although Dr. Zbigniew 
Brzezinsld, the National 
Security Adviser, earlier this 
year made much of tbe need to 
“play the Cbina card'' in re- 
lations with the Soviet Union, 
the Carter Administration has 
consistently — and generally 
quietly-— been working towards 
normalisation of relations with 
China for much of the last 20 
months regardless of Soviet 
considerations. As early as 
February last year, only a 
month after taking office, the 
President told the Chinese 

Peking in August last -yean the- 
Chinese were disappointed that 
he only wanted to engage, 
in “exploratory" negotiations:. 
However, when Dr. Brzeririskl 
went to China last May, the 

-had been a number (if public. 
-Tiunts dropped by Deputy 
: Premier Teng in interims with 
American journalists making 
■■ the ' same points. The last two \ 
weeks have been spent wrap 1 
7 ping up the final details. 

-while hot perhaps a principal 
underlying factor, trade poten- 
tial is clearly a significant incen- 
tive to improving . the China, 
connection. In spitd of a- 
number of eye-catching recent ' 

■ deals involving U.S. companies 
-(Fluor. Bethlehem, U.S. Steel, 
and Intercontinental Hotels), in 
-spite of the .negotiations of 
-major U.S. oil companies over - 
1 offshore Chinese oil exploration 
. and in spite of the hard- 'offers 
of co-operation made by both . 
Agriculture . Secretary - Berg- 
land and Energy Secretary 
Schlesinger, there was the suspiv 

tbe 'minuses. In' cettaip. areas,, 
siich as - oil V ^exploration, 
transportation,/ 'particularly 
aircraft, and construction, the* 
U.-S. seems to feel xt.-stilT jus: 
unique services to .offer; „whHe- 
openiug up the Chinese., market 

to diversified U.S, agricultural 
produce is certain to help the 
trade deficit : 

: S 

^ n,£ - 


In . anal ysiag the U^S* thinks 
ing oh China it. is easy $p seU ■ 
-a. number bfhamds at work: 
Dr. Brzezinskf, for.; "eiatnjjie,' 
clearly haff if major raJe ts-Play. 'V 
as did. Dr.' Schlesinger (though 
it looks as though 
will" not berewarded with the 
Peking Ambassadoi^pi/'piQh. 
aHy because -the JPre'rideht abqs'.-_ 
not want to off ehti Moscow- too , v : 

basic decision to go aheaa had 

been taken and Mr. -Woodcock, 
was authorised to begip substan- 
tive negotiations, with 1 ' the 
stated goal of normalisation, by 
January 1. The ' critical 
Chinese response — in effect 
assuring the US. that ...... it 

would not invade Taiwan : and . 
that it would not object if the ' 
U.S. were to supply ' the 
Nationalist Government with 
“ defensive ** weaponry after the- 
abrogation of the mutual 
defence treaty at the end of next 
year— was received privately 
early this month. In fact there 

cion that the U.S. might -bd- left. much by: putting arkoown' jntk 
behind by Japan and Europe ' Soviet hardliner -in China;: S(r. 
in competing for Chinese busi- 

ness at a time when the U.S., 
trade deficit was a source of 
major in terna tiopal .concern. 

. Two-way U.S.-China trade 
this year will priih ably , amount 
to about $lbn,. about three 
times as much as in. 1977; with 
the U.S. comfortably in’ surplus. 
But over the first - half -of this 
year Japanese sales to. China 

Woodceck,-who "has wqr»ed.dfl4' 
gently towards normalisation, ij 
the likely choice). But - nr th&./i was Mr. Ca rteris'cferisiori ■; 
and, in^tiratrespOct, he v ha^dis-;- 
plaved the/ iimate f^q'nafioh.- ' 
with China that seemsfto^on?:: 
sume all Western 
Nixon was unable 
logical conclusioir beqrese^ of-' 
Watergate .arid Mi: ' Fora ber * 

have been six times larger- than -cause he feared whH riormaEm-.^ 
those from the UJS., with tioh would do to biv etectioa '/ 
common market' volume . four chances. But for Mr.-^ Garters 
times as high. - There remain- tiiere was nb coriiri^Siriffraasoc 
some inhibiting factor? f&r the at this time not to wtat : ‘ 
UJ5-, particularly on financing*; his predecessors had .wanted. .- 

THE SINO-UJS. communique on 
Friday was the culmination of 
a period of increasingly active 
global diplomacy by Cbina 
directed towards much closer 
relations with the West, and 
against the USSR. This began 
about a year ago with high-level 
trade and economic missions 
and was swiftly followed by 
foreign tours by the Chinese 
Foreign Minister Huang Hua, 
taking in not just Europe and 
tbe Middle East but trouble 
spots like Zaire, and in the 
summer, by Chairman Hua Kuo- 
feng's trip to Romania and 
Yugoslavia. Foreign Minister 
Huang paid a four-day visit to 
Britain in October. Chairman 
Hua has been invited to visit 
France. West Germany and Bri- 
tain. and these visits may take 
place next year. 

An eight year S20bn trade 
agreement was signed with 
Japan in the spring, and after 
years of stop-go negotiation a 
treaty of peace and friendship 
in October. This treaty repre- 
sented a considerable triumph 
for Peking since it contained an 
agreement to oppose “hege- 
mony" in the area, a clause 
which was widely understood to 
refer tn the Soviet Union. In 
order to get the treaty signed, 
both sides agreed that tbe con- 
troversial issue of ihe owner- 
ship of the Senkaku Islands, 
valued for their proximity to 
offshore oil, should be shelved. 

The culmination of a year of 


Vice Premier Teng made It 
quite clear to two U.S. journal- 
ists in November that China was 
prepared to allow Taiwan to 
maintain its own social and 
economic system even if it were 
united with Cbina after normali- 
sation. This is presumably the 
attitude which has enabled 
President Carter to accept 
Peking’s previously formulated 
conditions for normalisation, 
which were the withdrawal of 
troops from Taiwan, the abroga- 
tion of the 1954 security treats', 
and severance of State relations. 

The Taiwan 


Tlie U.S. has always said that 
it wanted some public under- 
taking by the Chinese that they 
would not try to take Taiwan hv 
force. This does not appear to 

have been given but Peking may 
have offered private reassur- 
ance. On the question of con- 
tinuing arms sales fay the U.S.- 
to Taiwan, Cbairman Hua has 
said they cannot continue, 
though ordinary trade is to be 
allowed. However, Chairman 
Hua also indicated that the ques- 
tion of Taiwan can be shelved 
for the moment 
The agreement with the U S. 
may partially stem from the 
recent ’high-level leadership 
meeting to Peking (Teng con- 
firmed that it was taking place 
in an interview with an Ameri- 
can journalist) and the fact 
that this was not followed by 
even the briefest official com- 
munique. Normalisation was 
presumably discussed during 
the meeting and possible 
Chinese* concessions on the 
future of Taiwan thrashed out. 
While Teng is reported to have 
said that the meeting dealt 
mainly with China's modernisa- 

tion plans, this would pot ex- 
clude relations with the U.S., 
which, the Chinese fully realise, 
has tbe world's richest techno- 
logical resources and could 
therefore greatly help acceler- 
ate Chinese development. - 
However, tbe radical rump 
left in the Chinese leadership, 
and even the more cautious pro- 
Western leaders may have taken 
some persuading that immedi- 
ate normalisation was worth do- 
ing without full U.S. capitula- 
tion on Taiwan. It was presum- 
ably this division that at least 
partially accounts for the out- 
break of wall posters in the 
Chinese capital in the second 
half of November. First, the 
posters showed both officials at' 
the meeting and the world at 
large that Teng commanded 
strong support among the 
people. Second, the contents of 
the posters, many of which will 
have since been circulated 
round China, will have helped to 

prepare Chinese publxc obimaiL 

One ; poster *coinparrid r the 
economic performance of China, 
unfavourably with " that ; of- 
Taiwan rind . another - made the . 
same comparison, with the' 1LS»- 
Since th\ poster outbreak, . is 
thought tdk have been officially 
Inspired, even if it., sometimes 
went out oiVboUnds, this may 
have been" imencled to Implant 
the thought that if Taiwan, is, 
reunited with YChlxjav' Taking 
might do better^ to move closer, 
to the economic and social 
system of the island rather than ' 
to try to bring itmearer. to: its 
own. While otheif. posters ask- 
ing for more human, rights^— 
particularly the one thatiappeals. 
airedtly- to President .'Caiter— " 
raay-.Vhave been, embarrassing 
for the'’ Peking .’Government, 
tbeyf.-Show an awareness of the 
UJ&'jtb the. grass roots in China 
whieh -is tax from hostile. 

Besides wooing' the . UJ5. -for 
its* support against the threat il 

Hiia Kuo-feng— inYttcd to France, 
West Germany, and Britain next 

:s' •- year!-' ir; 

“• ■‘r 

perceives : fr bur Moscow,.. Peking 
is also keen td build up trade; 
Last .year, it ; indicated ft bat it ; 
■wDlflffieave me Ui&brit-of ffs^- 
. trade.: -expansion pSps- until 
: nbhnaffsatiooi;-.but this year that 
■resolution: began to; 'crack- with* 
large pirircha^s Of: :U3S. grain.' 
In receflf weeks it hat'idisirite- 
grfcted. further witK;;fcrigdl deals' 
for, inm /mining/ ; Arid' pother 
ns£4tLhery . slmJlar:t(^ tiie orders 
Peking has ptecedvgfeetftere for; 
capitah equipment. ’wijJteC* .• ••• • - 

IBM joining 

the lump 

With its “utterly unashamed 
use of concrete” the Natiunal 
Theatre has, for good or bad, 
set its stamp on London's South 
Bank. Now the architects in- 
volved. Denys Lasdun Redhouse 
and Softley, are poised to stamp 
again, this time on the site 
between the lalso concrete) 
Festival Hall and the more 
stately tower of Lundun Week- 
end Television. 

Iis client is IBM which tells 
me that DLRS are preparing a 
feasibility, study [or a centre 
for their regional marketing. 
At present the South Bank a:re 
in question is leased from the 
Greater London Council by 
Associated Newspapers. It is 
one of several which IBM . is 
considering but is the one on 
which the most detailed work 
has been done for an office 
which is designed to sec IBM 
through the I9SDs. The work 
could cost over £2C/i. 

IBM says that it still has to 
complete the various planning 

stages involved but is “ looking 
for something to happen in the 
fairly near future.” Asked 
whether more concrete might 
not cause more controversy the 
firm replies: *•* We are con- 
cerned at being socially 
responsible.'' As for the archi- 
tects — who are on record as 
describing the Shell Building 
as “the lump *' — they tell me 
that it is still early days to 
talk or the design that may bo 

Peter Softly, v.ho spent 13 
years on the National Theatre, 
stresses that DLRS's different 
building have used many 
materials, though he also- talks 
of a “ family resemhiancc " 
between them. He ssys that the 
new build inn wiM haw, to be a 
“ good neighbour " - no th the 
^estival Hall and LWT. Tf sn 
it may have to cross concrot” 
with the v.-hite mosaic and 
bronzed glazing of TiV/T. Pr r - 
haps IBf.l has a computer to tell 
us bow ? 

was four letters — two of them 
entries and two nr them from 
headmasters wishing well but 
faying their schools would not. 
be entering. 

there is perhaps some consola- 
tion in the news from Dublin 
of the test-marketing of draught 
Gulnuess in bottles, 


Courting friends 

No third 

"Just remember, Mr. Lynch, 
Saint aPfrick didn’t drive the 
snake out of Ireland for 

BBA, the belting and industrial 
materials group bated near 
Bradford, has had to retire 
embarrassed and hurt after a 
skirmish with nur younger 
generation. Last September it 
offered a prize of £50 to stu- 
dents In local secondary schools 
for on essay on the tantalising 
topic: “A career in industry— 
an opportunity nr a dead end?” 
A second and third prize were 
also offered. 

The group, which prides it- 
self on beinc one of the bigger 
employers in the area, sent 
letters to headmasters and 
careers masters, it followed up 
with information packs, posters 
and publicity material. It sent 
out reminders and it put 
advertisements in the. local 

But now the group is licking 
its wounds. " We had hoped tn 
stimulate the younger genera- 
tion to come up with some 
bright new ideas." BBA says 
woefully. But the total response 

Hard on Lhe heels of the news 
that the Swede*, 'arc issuing 
standards for Father Christmas 
comes a comparably baffling 
announcement from the British 
Standards Institute. Covering 
*■ Sensory analysis — apparatus ” 
standard BS55SB: Part 1: 1973 
is. I learn, identical with that 
“ prepared by sub-committee 
12. Sensory analysis, of 
technical committee 34. 
Agricultural food products, of 
the International Organisation 
for Standardisation.” 

The sophisticated object of 
such inquiry' turns out to be a 
wine-tasting glass. Having 
established its claims to be 
taken seriously with such 
labarynthine phrases. the 
standard is quick to wax poetic, 
or nearly so. 

Tbe glass may be used to 
test *■ all organoleptic character- 
istics of wine samples." It shall 
consist of “a cup (an ‘ elongated 
egg') supported by a stem 
resting on a base.” It should 
never be completely filled as 
space is necessary ** to collect 
The volatile substances given off 
by the sample before the 
olfactory examination.” It 
should be washed only in 
distilled water, with the use of 
detergents prohibited and 
cleaning by use of concentrated 
mineral acids not permitted. 
Odourless ink should be used if 
marking is necessary and "to 
avoid the influence of body 
warmth, the glass should be 
3 rasped by the stem only, and 
the cup should not bo touched 
by the fingers or the nose." 

Sommeliers, and wine 
experts, it appears, are 
determined not to let such 
orders interfere with theit 
“ sensory analysis." As Victoria 
Wine told me. it all seems 
ralhcr far-fetched. In any case 

One partial casualty of the 
suspension of The Times is an 
attempt to computerise that 
peculiarly British institution, 
case law. CLAR.US, an acronym 
for Case Law Report Updating 
Service, is due to come into 
operation in January and will 
3llow lawyers to summon up the 
latest court decisions in what- 
ever field they choose at tbe 
press of a button. 

“For around £1,000 per year 
we will offer subscribers a 
centralised library function," 
says Dr. Stephen Castell, 
director of Infolex, the firm 

CLARUS Is to use the Post 
Office’s Viewdata equipment and 
Castell describes how Infolex 
has been feeding digests- of the 
main legal journals into its 
computer. But it relied on Tbe 
Times Law Reports, for up-to- 
date coverage . 

Cassell is still not sure how 
that hurdle will - be overcome. 
Though the foreign counter- 
parts of CLARUS all flourish he 
still only has six sure sub- 
scribers. .he tells me. 

He says that one U.S. system 
was considering storing all case 
law established here since the 
second world war. Apparently 
among the problems this raised 
was that British decisions would 
have been registered on a com- 
puter based in the U.S., a diffi- 
culty for lawyers who do not 
mind having a machine as their 
learned, friend, providing the 
friend is al home. 

Bitter tidings 

Card pinned to a street singer's 
coat in Chelsea: “ Ex-service 

Christmas tree— decorated and 
then thrown away." 


.. -’.I 

•w9»5v^ j -•I 

Buchanan Bletidis that Qfjam ejK'R rirkan -- 

in 1834. ’ ‘ V T i \ ~ - v 

Todays Buchananifed^fcHdwi" ; ^51*' 
faithfully the tiaditipiL Pf airnbat a! 

ef fine whiskies which is d^tined t(> : ■'■" r': 
win the affections of discerning -.'. : 

; v ;Youmy.l»TC ; toairokOT^&>;; 
it at first, but as soon as youseejaines ' ; 
Buchanan’s pictme, youlLknow r: V ; ? : 1 

a - - l’- L-ri .1 

• ' 'TUT P/VWrtJ 


t • n 


: 3r. 


F^^a'^ v.TilOeS -jabMty- December i$; 1978 

• r^st? 

■- “V. 


Monday Decerriber 18 1978 

Arab Transport 

TRANSPORT IN- : the Arab 
world has been almost totaUy 
transformed by - the economic 
revolution ia ; the region over 
the past five years. The surge 
of imports after the 1973-74 oil 
price rise caused dramatic con-' 
gestion at ports, airports and 
road bonier posts. While extra- 
ordinary short-term ‘ remedies 
had to be applied to bring 
. goods in quickly* a big pro- 
gramme for. building new - or 
expanded port, -airport, road 
• and railway facilities got under- 
way in the richer countries. 
Now. the- -import boeoL has 
peaked, but in- the process the. 
.transport : systems ■ .of - most 
Arab countries have improved 
out of all recognition- - • 

; A- rough indication of the 
pressure' of imports which the 
Arab world had. to cope with 
can be seen .in the statistics- 
bf the OECD countries’ exports 
to the Middle, East, which in 
this., case omits North. Africa!, 
but includes Iran. Exports by 
these countries., (.making up 
about' three quarters of total - 
Arab purchases) increased in 
value by almost 60 per cent in 
197o over 1974. then by 
.per cent- in- 1976. and by 19.5 
per cent ih 1977. (Being 
measured on an fob basis the 
statistics . do not accurately 
show wliat these imports 
actually cost the Arab world, 
this being much higher because 
of- port congestion*- shortages - 
-and domestic inflation;) ; • 

• Congestion was at its worst - 
. iir t975; arid .1976, when's hips 
could . wait up to half a year to - 
enter suciL ports as Jeddah and 
ihibai. arid.'emergency -mmsures 
verb deemed ' hecessaiy forf 
bringing in imports, indudihg 
the. useofahelicoptortbair- 
Jiftbags of cement from ships 
waiting outside Jeddah, the 
very high freight rates to the 
Middle JSas V boosted ; by: -eon-, 
gesiibir- -aiitehargies, .-/made 
economic'.-.. : -for £ v v expensive 
‘ specialist TOfl.-ott roll-off vessels 

During the years since the oil price rise of 1973-74, there has been a major 
expansion in transport facilities to, from and within the Arab world. Large amounts 
.-of money have been spent on developing the area’s ports, roads and airports, in 
! setting up a railway network and expanding airline services and shipping fleets. 

to own cars and for small entre- 
preneurs to buy taxis, pick ups, 
mini-buses and lorries for cart- 
ing people within and between 
towns. The majority of the 
vehicles are Japanese, at least 
in the eastern part of the Arab 

In almost every field uf trans- 
port m the Arab world there is 
one or more multilateral body 
to promote cu-ordi nation be- 
tween states — in such fields as 
aviation, shipping, port manage- 
ment m the Gulf, etc. There 
are also several multilateral 
companies, including the 
AMt'TC and other joint ven- 
tures m shipping; Gulf Air, 
uwned by four Gulf states; and 
till' proposed co-ordination or 
.-trab amines on a route to the 


.to run from Europe, to the Rod 
Sea 'and Gulf, . -and for- towed 
barges and lighter -a i p 
systems to make their, debut in 
the - region, while --some un- 
usually large but : urgently 
needed cargoes- went by air 
freight, and heavy -lorries made 
the costly and hazardous over- 
land' journey to Arabia and the 
Gulf. . - -‘rk 


The oil exportlnif-: states re- 
acted to congestion -by slowing 
down their economic' growth 
rates (the pressure .on all parts 
of their economic- mot just 
their ports, had become agonis- 
ing j, hurriedly bringing new 
port and airport capacity into 
use and . belatedly, using 
draconian measures;, to crack 
the human problems which 
were holding- np the clearing 
and removal of gobtjstfrora the 
ports. Shipowners p&yed their 
part by introducing cpbtainerisa- 
tion in 1976. In toe’jspcond half 
of 1977 shipping xaies to the 
-Middle East fell bj/raore than 
a third and have notrtfMvered. 
For the ro-ro opetetors the 
.collapse was even more' severe, 
while as described.! 'In this 
Survey, the economics: of much 
road haulage business : to the 
region was simply.'-destroyed. 
This year it is thetajjaT freight 
operators- wJio ; havjt£in>raany 
cases, seen their trifle fall. 

- That is 'not to the 

game. is up for those> dperators 
of means of transport .other 
than conventional shipping. To 
Lhe wealthy oi} is 

stilf $ small place fojfVHfti ship: 
ping, while for some.high-valttP : 
cargoes direct oveflaivd services 

and air freight still justify their 
necessarily high rates. And it 
is often forgotten that the 
majority of Arabs live m rela- 
tively poor non-oil exporting 
countries like Jordan, Egypt, 
Sudan and North Yemen. Be- 
cause. of the mHow of aid, in- 
vestment and remittances from 
expatriate workers these slates 
are now all in varying degree 
enjoying their own booms. But 
they have less capital to spend 
on new ports and transport 
facilities, and it is in these pour 
relations of the Arab family 
that purl congestion and its 
attendant effects still exists, and 
has in he circumvented. 

Partly as a direct reaction to 
congestion, arid partly as a 
result of their wealth, the oil 
rich states are in the process of 
completing an enormously 
superior transport infrastruc- 
ture to that of the early 197(Js. 
In the Gulf and. to a lesser ex- 
tent, the Red Sea, ports are 
being expanded and new ones 
built. The must egregious 
example is the United Arab 
Emirates, where economic com- 
petition with a political twist 
will result in the federation 
having by 1982 more than a 
third of the 350-odd commercial 
berths in the Gulf (including 
Iran) — for a state that has only 
2 per cent of the region's popu- 
lation. Saudi Arabia is also 
continuing a -large-scale com- 
mercial port building and expan- 
sion programme on- both its 
coasts, envisaging, probably 
correctly, a steadily growing 
volume of imports and unwill- 
ing to-be caught out again. 
Other states have been more 
modest in their develop, 
inents. but almost ■ all the 

new berthage was com- 
missioned before the full 
effects uf containerisation had 
become clear, and perhaps with 
insufficiently ruthless analysis 
uf what the imports of small 
slates' like the DAE are to be, 
once they have created their 
basic infrastructure. Conges- 
tion had been defeated before 
much new capacity had come 
into use. One firm of consultants 
has concluded that not only will 
the UAE have 70 per cent sur- 
plus port capacity by 1982, but 
that it will also have 60 per 
cent surplus container handling 
capacity by the same year 
because of the duplication of 

The Suez Canal is the main 
artery of maritime transport in 
the eastern part of the Arab 
world, and its reopening in 
June, 1975. not only made the 
development of Arabia rather 
easier (although it initially 
added enormously to conges- 
tion) but has been a vital prop 


Lfi-JW oL^aj 

to* the Egyptian economy. 
Traffic is now climbing rapidly 
back to the record level 
achieved in 1966, before its 
closure, and the first stage of a 
project to enlarge it to win part 
of the super-tanker traffic is on 
schedule for completion in 
1980. So far the success of the 
Canal's reopening has con- 
founded sceptics who thought 
that the waterway had had its 

Saudi Arabia has also been 
criticised for underestimating 
the effects of containerisation, 
although it should be remem- 
bered that economic projections 
are an inexact science. What 
is clear, however, it that the two 
biggest economies of the region. 
Saudi Arabia and Iran are 
determined to have more than 
enough port capacity of their 
uwn. which narrows the oppor- 
tunity for UAE ports to function 
as transit centres for the region. 
But the fierce competition 
which Is certain to occur should 
make the new breed of Arab 
ports not just among the best 
equipped in the world but also 
some of the most tightly run. 

Apart from the canal, the 
other specifically Arab contri- 
bution to maritime transport is 
the fast growth of the Arab 
shipping fleet. Currently the 
Arab states are trying to corner 
the market for Lhe transport of 
their gas products. However, in 
the crude oil transport business 
it has not proved possible for 
Arab-owned ships — including 
those of the nine-nation Arab 
Maritime Petroleum Transport 
Company (AMPTC) — to create 
a special place for themselves 
in the market, and the bulk of 
Arab oil is carried in non-Arab 

Yet the facilities on the 
ground rarely match those in 
the air. with several major air- 
ports — Jeddah and Dubai, for 
example — being insufferably 
crowded, while the UAE has 
several international airports 
either complete or under con- 
struction which either are 
already or will become under- 
utilised. But in many centres 
major efforts have been made 
to speed up the handling of air 
freight, which is now swiftly 


The enormous increase in air 
traffic to the Arab world — there 
was a 17 per cent -rise last year 
alone, with more -than 15m 
passengers being carried — has 
naturally put heavy pressure on 
airlines and airports. The 
carriers of the oil states have 
greatly expanded their fleets to ■ 
carry their full share of the 
traffic to and from the region, 
with Saudia, -the national air- 
line of Saadi Arabia, now the 
Arab world's biggest with more 
than 50 jets, including Boeing 
747s and Lockheed Tri-Stars. 

A colossal new airport is 
being built at Jeddah (its scale 
dictated partly by the need to 
cope with tiie annual pilgrim 
traffic to Mecca), and Saudi 
Arabia is notable for the 
number of smaller airports that 
are being built all over the 
country and connected to the 
main centres by frequent and 
fairly efficient services. In no 
other Arab country is the aero- 
plane being used un such a 
large scale to overcome the 
problems of distance and harsh 
terrain. Meanwhile, as a direct 
consequence of the allocation of 
discovered oil resources, other 
states, like Sudan, which badly 
need new airports and bigger 
airline fleets, must struggle on 
with run down facilities and 
inadequate equipment 

almost any part of the UAE and 
Oman to Europe with only a few 
•miles uf unmetatied surface — a 
road having been built along 
the inhospitable coast of Abu 
Dhabi to join the Saudi system. 
Saudi Arabia's road network is 
being improved and expanded 
quickly, but there is still no 
metalled road connection to 
North Yemen, while South 
Yemen is also isolated by 3 
metalled road from Saudi 
Arabia. New roads are spread- 
ing across Libya and the 
Maghreb, while a road network 
is being laboriously stitched 
together in Sudan, which should 
next year have its first metalled 
link between the capital 
Khartoum and the Red Sea. 

The need to move goods 
quickly into the Arab world has 
been one reason for the fast 
development of the road net- 
work: the other is simply the 
emphasis on building up an in- 
frastructure. When the UAE 
was founded in 1971 there was 
no road linking the two main 
Emirates. Abu Dhabi and Dubai. 
Now it is possible to drive from 

The lack of a working inter- 
Arab railway system stretching 
down into the Arabian 
peninsula, as well as the 
problems of the connections 
between Turkish, Syrian and 
Iraqi railways, meant that rail- 
ways played little part in reliev- 
ing port congestion in 11)75 and 
1976. But Syria and Iraq are 
strengthening their internal 
rail networks to a high standard, 
and there are plans to reopen 
the Hejaz railway from Amman 
to Medina in Saudi Arabia and 
link it to a new trans-Arabian 
network which would replace 
the existing under-utilised line 
between Dammam and Riyadh. 

Except in Egypt and Sudan. 
Arab railways concentrate little 
on passengers. An important 
part of the transport revolution 
of the past five years is the 
enormous, if hard to quantify, 
increase car and- vehicle 
ownership in the Arab world, 
with the oil wealth making it 
possible for many more people 

The multilateral organ isatious 
function wiih varying degrees 
01 cRL'cuveness. but the absence 
of cu-uperaLion and co-ordina- 
tion in the region is often more 
obvious, ’ihu recent political 
reconciliation ur Syria and Iraq 
has ended a period lasting 
several years, during which at 
inherent times me pipeline 
taking Iraqi crude across Syria 
lu ihe Mediterranean baa been 
ciused; rail links between 
Turxey and Iraq across Syria 
have been cut; air services 
by national airlines have 
been halted: postal services 
disrupted: and even road 

borders dosed. The two coun- 
tries involved have been the 
main lustra, but ulher users of 
transit routes have been 
aifei-ied, and it has been clearly 
demonstrated that transit routes 
anywhere have limited security. 
The current problems between 
North and South Yemen prevent 
the fine port of Aden being used 
to supplement North Yemen's 
more meagre ports. Duplications 
uf port facilities in the Gulf 
has already been discussed. 
Civil war in Lebanon has put 
the port of Beirut out of action. 

At the back of these and other 
apparent transgressions against 
the creed of Arab unity is the 
fact that most Arab countries 
see the creation of modern 
nation States within often illogi- 
cal borders as their first priority. 
Despite trade in foodstuffs and 
petroleum products, Arab States 
are not heavily economically 
interdependent in terms of 
trade. The bulk of their commer- 
cial dealings are with the 
developed world. Better co- 
ordination of transport should 
come with greater economic 

Forty-five reasons 

why you should not 
make a move without 

Gray Mackenzie 

Because they have been established in the Gulf 
area since the 1850's / 

B ecause they have wide 
experience as shipping 
and tanker agents 

Becausethey are port operators 
and advisors at Dubai, 

Ras al Khaimah and Jeddah 

Because they are 
Lloyd’s agents 

Because they are travel agents ' =3 *— - ■ > 

Because they are expert marine and 
general engineers and have 
slipways in Bahrain and Dubai 


Because they have lighters 
up to 2500 DWT and landing 
craft up to 1000 DWT 

Becausethey are general merchants, dealing in 
everything from tinned meat to heavy building materials 

Because they run a fleet 
of small coastal tankers 

B ecause they own a fleet of 
deep-sea tugs, rig service 
and supply craft 

Becausethey have a joint operation with Marine & 
Transportation Services to provide land transport 
in Saudi Arabia 

Becausethey can transport gSmmpsfy &// \y v> 

indivisible loads up to 450 ^ 

tons in Saudi Arabia 

Because they are insurance brokers and agents 

Becausethey are experienced claims and forwarding agents 

and becausethey have 31 centres in 

Bahrain, Iran, Kuwait Oman, Qatar, Saudi Arabia and the United Arab Emirates 

Abu Dhabi 
Al Ain 
Bandar Abbas 

JebsIDhanna , 
Kherg Island 
Khor Fakhan 

Bandar Mahshahr KhorKhuwair 
Bandar Shahpour Khorramshahr 

Lavan Island 
Mina Abdullah 
Mina al Ahmadi 
Mina al Fahal 
Mina Saud 
Ras alKhafji 

Rasal Khaimah 

(Ruwi) Muscat 





Umm al Qawain 

Gray Mackenzie and Company Ltd. 

A member of the Inchcape Group of com names. 

40 St Mary Axe. London EC3A 8EU Telex 885395/885396 
BAHRAIN PO Box 210, Telex GJ 8212 

GULF PATTERNS 1977-82 is a study of economic trends in eight Gulf States. It is essential reading on the area and is published jointly by Gray Mackenzie 
and international management consultants. Peat Marwick Mitchell. Price £50 per copy from Gray Mackenzie, 40 St Mary Axe, London EC3. 



Red Sea and Gulf ports 

incial TimGs Monday- • *- 

. • - 

Prospect of surplus port capacity 

of 1980. 

Arabia will be containerised in -it lies. These 

THE GREAT port congestion that looked crazy even in the traffic was the lack, of' 1980. Arabia will be containerised in it lik These -figures. exclude .i^kete to satisfy, all wtowjsfc ■ and- Port 

darkest days of port congestion. specialised handling facilities. What most observers agree on the next few years, but the the specialised ports which- are - to 'egpioit them. Tne faCT tnaj jng times g* , . rai ia titlyr 

Dubai is still in the pmess of Although many containerships is that there will be important attitude that this remarkable also in operation or under con^^udi Arabia is planning rts DOtn^es tne_oo • 

expanding its highly successful could unload their boxes them- shifts over the next few vears in mas takes is that it is essential struction for the industnalisar-.port- requirements without, any ..tne noott ni- . < ■ " . 

that surged up in 1975 and 1976 darkest days of port congestion, specialised handling facilities. What most observers agree on the next few years, but the the specialised 

and then subsided is leaving an Dubai is still in the process of Although many containerships is ■ 
indelible mark on the Arabian expanding its highly successful could unload tbeir boxes them- shil 
peninsula in the form of Port Rashid to 35 berths, while selves, there was often not the 

surplus port capacity. All along the Ruler Sheikh Rashid is enough room for them onshore, the AaMvaui ounce ikLijjuAia. i u* iui aujr cvcmuauuw | iuviuutu£ . yv/w — 7 — " ^ — ■ ~ - - , ~ .• T larftfrfi Tttcf 

the Gulf new ports are being huilding another 66 commercial while port control procedures the smaller states, like the UAE, an unexpected increase in the enormous construction *;gfeh: that it m*y~ be reluctant to tneir own ^ mows, wmc^, asx 

nature and size of each of for Saudi Arabia to be prepared tion programme, for imports for reference to the developments ment .ana renuu^iees. .. 
Arabian states’ imports. For for any eventualities, including housing construction and for . of ^ita neighbours is an. ominous workers abroad imve ; eaased 

i. r . . .. ... • ‘ r. ■ .. . * — -■ Miiintant to tna«i> Aurrt . hOAVlK •• Will CD . I3CT 

built and old ones expanded, berths a few miles up the coast were inadequate. Jeddah on the Oman and Kuwait, imports are traffic He points out that many schemes of . the Ministry of import through the UAE ports- ■ year caused serious OTigestiQtL 

but few of them seem likely at Jebel Ali. However, Port Red Sea established a container generally expected to level out European ports have large num- Defence. / On the Gulf of Oman. Khpc. Ia both cases the usual measures 

ever to be fully utilised. Empty Khal id at Sharjah, which is only terminal last year and the new as Infrastructure and other bers of surplus berths and Jeddah pbrt is arguably the ■ Pa&feah with two container have beeg tafcgn to tg. je-^peefl 
berths seem set to stand as 20 minutes drive from Dubai. Main Terminal was opened in development slows down, partly believes this buffer is essential tidiest institutions , ip Saudi h&fh is -intended .to Serve the ; up cargo h^ndlmg MD Cleanbgi 

monuments to over-reaction, will by next year have 111 October. There are other for lack of anything left to for smooth cargo handbag. "I Arabia, and it is* becoming i tiige container ship heading with some degree ofcsuqceto:, At; 

i V, „ I 1 .n.,I.T ...ninnlf a* Chi.n,h', Dnrt i :u LSI, <1 ' in - . 7 _ a _a._ ■ .j £.1:': .nr tha T?1P With Pnut Alltlin fhfe - SnOPtGT . 

-- ..... . . . — - —v >.. 111^ IWl — OM.UVU1 UUgU U«UUUU£. -i <VLaUI«, SUU M . ■ ’ . . 1 _ - , . ■ - . JV 

political rivalry and the trans- berths, and seven are nearly terminals at Sharjah's Port build, while there are likely to am in the process of creating feature of ports ip' the region -tor -India or. the Far East witn.. Port Sudan the.- snorter. uetay. 

formation of cargo handling completed at Khaimah Khalid and Dubai’s Port Rashid, be limits even to Saudi Arabia's excess capacity," be says. The that \rith the endmg of conger ; ^pme containers for the Gulf., .may be due "to- reductionyut 


A recent report by Peat 

further up the coast. Howe 

Each t«E these ports should handlin 

However, now that. container growth. Iraq, with its larger peak of port congestion in tion and tile coming of ; ,wnr . offload at Rhm-^kkan tin because, of the pe^^g 

tndlinp facilities are being population, may well expand 1975-76 was such an economic tainers they are becoming .tfeat~\and- sail on, avonung th^ eotraim -of th febe om .and paynente_pHftH 

Marwick and Mitchell Manage- have a role lo play at a certain installed at other ports in the rather faster than -its neigh- disaster as well as a traumatic and well organised. Ih: th"e>o?/HoTmus. Meanwhile fbe leans; while at -Hodeidaihfreon^- 

ment Consultanis studied ihe j eve ] — R as al Khaimah's Port area ihj s f orm 0 f transport is hours. But as construction experience for Saudi Arabia UAE high-grade management tainers would .be tiansporteu gestion was,, cut by .ar^mimir . 

Ai'nn.imioc r.F 1 Vtr* ^ainn n r*_ „ « i, _ _■«» i . j 1 a .. r __ _ _ __ n._ .i i *a-4>Va1m i4anfin9finn ttV rOSu OP roADCffrun in urMrb - TniMlV Ttlhr_ 

eronomies of the region, an- s aqri f 0r example, will be used increasing, while roll-on rull-olT activity peaks in t he smaller that the man charged with end- Ss essential if the differeat their destination by ^ wfeefa- x^ay; 

alysed shipping and lonked at f nr export of cement 

purt development plans, con- 
cluding that by 1982 about half 

increasing, wuuc ituli-uq luu-ou «-•*»« — — . — - — : . , . . , . , 

and shipping is gradually becoming states, the nature of imports is ing it can be forgiven for erring competing institutions are /.to-'v smaller ship. Tne new chants JQuaa.^ tpey. :haa. "oven- 

tkan f p S5 economic with the droD in likely to shift away from a pre- on the side of safety. survive. Competition could opened earlier tbis ni° n “ ordered and credit ran sho_rt. vy r 

aggregate, while Khor Fakkan j ess economic with the drop in likely to sh 
is a specialised container con- ra t e s that has followed the end- ponderancc 

away from a pre- 
of construction 

i the side of safety. survive. Competition could 'opened aaruer xn» .ui»uu* onaereu ana crenjt ran snort- vv 

While there are plenty of easily become fierce as .tfrej under tiie management of ..Difficulties - between jvNprth, 

ihe berths in the GuU ( includ- cepJ 8ut none is likely to be j ng 0 f por t congestion almost materials, which made up two people in the UAE who now berths that seem likely to be Marine Transport International and. _ South Yemen have 

mg uman and Iran, inough nut „ t jji set i to capacity and some everywhere around the coasts of thirds of most Gulf states’ doubt the wisdom of their surplus come on stream in the <MTI), which runs the restricted the. use or-Adei^ .in 

wo" S w " • KU r ait i and lraq> berths may never be completed, the peninsula. Even so, at the imports in 1976, towards other rulers’ expansion of port next few years. 

uia De !,uri,llis 10 squire- LiR(? |>ther Gulf p[)rts thege eu d of last year it was estimated goods such as foodstuffs and facilities, the mood in Saudi *'—■** 

at few years. . Jeddah container terinlnal. The South Yemen* as a I«rrt for 

Apart from serving the UAE Shariah Government cancelled South Yemen.- 

were planned before the full that onlv a third of con- manufactured items. This will Arabia is rather more confident market several ports are setting ' a- letter of intent to Pbrt The World Bank^has a . prot; 

* . a fi i » » . ... .. • . ■ * . .L 1#. __ _ _ ^ C/>T>iniMk 9 Clin. ■« nj«t- AVnnnninrr HAhATiVn *»«vt 

However, the surplus in what effects , jf coniainerisation of tainerisable traffic from Europe increase the proportion of con- There port expansion is con- their sights on developing the Management Service, a sub- ject for expanding Sodeida aatit 
appears to be a iragtc waste of jui^ < jj 0 shipping had been lo the Gulf was containerised, lainerisable cargoes and so tiauing at a fast pace, with entrepot operations which Sidiary. of Seatrmn of tne us, there are proposals for develop-; 
resources some $obn worth of rca ii Se( i. if eav.h Emirate could against 65 per cent for North reduce the number of berths a total of 114 berths planned already exist in the area — wtthr. which runs Port Kbaletf, though ing two'uther ports, Mocca; and 

resources — some S5bn worth of 
port construction work was said 
to be in progress last year in 
the Arab Gulf states — is not 

realised. If each Emirate could 
justify having a port of its own. 

America and less than 20 per required. 

il would bo more difficult for cent from the Far East Peat 

required. for Jeddah, Yenbo. Dammam Dubai in particular handling ir -is to have overall manager SaUeL .. In. Sudan. it-. is proposed; 

Some people have questioned and Jubail commercial harbours re-exports for Iran and Pakistan ihent of the port • to build a new port at - Snafcih, 

the estimate of Dr. Fayiz Bad r. by 1981. and tbe possibility and, by road, Qatar, gaudi :* But not all the ports in .the some miles south orPottSuffim^; 

them to justify having so many Marwick estimated that “ com- the estimate of Dr. Fayiz Bad r. by 1981. and tbe possibility and, by road, Qatar, gaudi ^ But not all toe m ^ 

evenly distributed. According to 3cncra j car .’o bertitt,. alooeside plcte " fi.e. 85 per cent) con- president of the Saudi Ports of small satellite ports near Arabia and Oman. Bpt it, Golf and Red Sea are expanding bqt work has not yet Aegtim. 

the container and roll-on roll-off tainerimtion of goods from Authority, that only 60 per cent Jeddah to prevent the port remains to be seen if there «li ; and uncongested, - ■ ’ • James BllXtbfl 

h. «hr sl n<Mi fr,r t.-rfi from ..n« _ ot gliner ai cargo for Saudi swamping the town in which he sufficient growth in .these ports. Hodetda in North YemeH Jaius» 

be obtained for f50 from Gray ^ A ^ ^ , 

Mackenzie, the port manage- berths that have made many of 

menl group. Saudi Arabia will . . re ^. ini ^ ai]t :,j 

have 30 per cent surplus capa- J**™* e n ^ ted * T ^ at 

c-Jty in its Gulf ports by J982. “ lfl ® ^ & 

while Bahrain wUl have l ess ensed traffic to _ the UAE were 

berths that have made many of Europe would be achieved by 
them redundant And Peat 

than 20 per cent. But the con- 
sultants expect the United Arab 
Emirates to have no less than 
70 per cent surplus capacity by 

Since the report came out it 
has become dear that Abu 
Dhabi is sot going ahead with 
an extra eight berths at Port 

to use the container berths now 
in use or under construction . 
there would still be 60 per cent 
overcapacity for container 
berths alone. 

Mediterranean ports 




The impact of 

Zaid, but the report would sug- arriving in the region in 1976 
gest that 1U2 out of the 138 at the height of the congestion 

berths which will be completed caused by the rush of imports 
by then will not be needed. The after the 1973-74 oil price rise. 

MAJOR EAST Mediterranean this year the annual rate was 
ports have been at the mercy up to 3m. 

total number of commercial By this time many states were 
berths in the Gulf by 1982 is firmly committed to expanding 

of political change in the Middle Peat. Marwick and Mitchell, 

East over the past ten years or as management consultants, bad the reopening of the Iraqi- 

s:;-.: m 5 - «»« •es.sstjj.w-je: 

those more than .third wilMje cargo berths. Nor did the -con- JSSto? -SSfUtSt SSSSHftoS? S a^aSoS“S«rUie ; shats "*** 

the UAE. which »s not likely miner revolution catch on at ** prMSPfl han «u nB cJnzchv fnr h a d used south Turkish ports toe waiting time to around four waiting at Algiers port . at the 

Greater capacity will also he of imports of which 29.3 peri . pelled to wait for up" to IpO .. A)£6ri$a .. andr-Rforoocan tpbptfi 

needed to cope with the in- cent was cement and 50.9 per*. 4&ys an d demniMge - harts neveif -I>ee|) , -prom- ti> _ 

creased traffic resulting from cent wheat and Hour. A prbtK proved expensive for thp. delays as those in toe- East . 

the reopening of the Iraqi- lem at Port Said is lack of economy. Since tbe middle.' .of ’.Mediterranean. BUt ■ heayy- nn- ■ . 

Syrian border in October. Pre- adequate access roads. -the year, however, stevedores ports of IhdustriaL^obto-;Cpit_ 

viously goods for Iraq not going Studies are eantinuine far a ■^ ve ** een Y^ritjiig day and sfcructioa ? equipment. ; : ; • and 

t j __ rz..\t atUCUes are COQunuing lor a. -maVeriala tn 43 irc.fifip.lR - 1 

id have "mure than 2 percent •«?“*«?_ “f ?«? >? “P«* i!*!!***:^?*" 

of the population of the region, signees were pleased at the 
The United Arab Emirates is speed with which their goods 

alTnULl ° II rnn- - — — — — — »» * - — , ^ t ■ . &vviu av«au ubtwvin gvAuwiTUHir . % _ 

nleaced thp more be used for transit trade boxes from 30,000 a year to such as Mersm and Jordans better. A U.S. consultant group ?*£?■ 

their goods to Iraq following the recent rap- 250.000 by 1990. If the port Aqaba A million tonnes of preferred Damietta to Port Said, 

end 6f November.- A new.-port-. 
Afridm - ports costing , some $500m is- lo be 

soiuetbiug of a special case for arrived and at the fact that 
what has crudely been called they were usually undamaged 

prochement between Damascus eapanainn plan went ahead -node heS been going through g?. 

and nasht-tari Mncf inmnptanf of immediately most of the work the south Turkish porta alone, »u Q Ma * „ r , ti«« entirely for their own domestic bulk carpers have suffered from 

la.-k- nf ho-pth cnntrnl Thprp anri nnmlfofpd fnr manv a 1 *! tne re-opemng m 3 ui wuju mv uuuc iu oa*. iu .....c auu.c « w.uv.i 
port construction has been seen smaller Jompanie, containers Suez Canal dosed by toe S^roSe 

by the rulers of the individual meant that ton great a volume V* 87 Arab-Israeli war, means ^ the nra ^nrih Iwp J°tn K?hr^Pht 

state, as a potent symbol of nf goods arrived at the same *at the East Mediterranean to about two years. . amss north Syria to be brought 

arhipvpmpnt^ and th.. result has time. P^ts are no longer the m- _ . ^ , . up to standard. 

across north Syria to be brought ^^JeJeto^menU^o? the- I anean : ^ya. TriimU and : • wULtee^ed wSet^thd oqvvjtqrt 

... j a ■ i tneae aeveiopmems lor me -Ranoha-ri- -tho t>- .. fL-;v 

v' than those iff the east Medfter- . v The movmnmat of bnlk goods 1 

achievement, and the result has time. ‘"t ‘Z 

been the announcement of dup- But the main hindrance to evitable transit points for ohods JLJ(?StrOY0Ci 
lication of facilities in a way the growth of containerised being sent east to the oil States 

- of the Gulf. In the event -tu 

Bengh^ .aw Jncreasiii^-.tlieir: absent .E^ffpep**:A3 with 

“IS “teraSS La port “^fSn 1 "' 10 ' 5 ® 10 ” 1163 Africa, 

ftwrcS lOm tonoS ^maSlv a £ ar to WO- - - . ■ and iudecd the rest oftbe Arab 

The most important plan is La Goulette and-Sfax have neyer trarivn difficulties remain. .'The 
for the expansion of Alexandria been as bad as\Libya for.^the.v p^ce of expansioa bas been so 
itself at a cost of $143m. In the importer, and in toe past gooda ^pid that there is' insufficient 
past the port has suffered from bound for the Libyan market administrative experience- 

Mina Qaboos-Muttrah. 

!* *W 

Gateway to the Gulf. 

mtable transit points for soods JjeSjrOyefl The history of the Egyptian on Alexandria. Its capaoiy is a ' 

Sf the’ol.'lf he 0 In the event heavy RghUng Mediterranean ports since 1973 theoretieaUOm tonnes annually TTwre h^ 'afready been a wld the t 

If Beimt port had been dosed between the Syrian forces and “roaptoted b“dX SS? Qoie toAhSSSrtat'new 

and Red Sea ports were con- meat of east Beirut in October, increased flow of importe. By The most important plan is La Goulette and^i 

Rested hy a flood nf ira purls The has ended reconstruction plans 19 '3 91 per cent of trade was for the expansion of Alexandria been as bad^’ 

ensure would have had a far tor the moment: Newly built though Alexandria itself at a cost of 5143m In the importer, and m 

more d-vartatin- impart thaa ti warehouses were ooce again Reconstruction - work at Port past the port has suffered from bound fpy- the . 

iiRxc UhlasIdUlls UlaXi **. ..... ... Sua7 nf fho cniithrii-n and nf tha inifthnnita fnni itiac and hari nimful thnuinh T 



subsequently did. ' And with the destroyed and the port is likely Suez at the southern end oftiie inadequate facilities and bad passed tlnmugh Tunisia. ^All tKe^tu^ With-dky-to^ay and' long-. : 
re^open’ng of the Canal there is 10 stay closer) until ar least * nai *l as ^ ie fp faster management, m addition to Io& ports are being espanded. xn-. tlfnhrprdb'lems. . 

n-inn hannfit in sanriin^r Januan- A few grain shins have than at Port baid. But last year ins some 40 days a year through cludixigTretter feicilities fbr phos- n •», ■•... • 

cargo' for^he^IuW through^the the latter handled 2.1m tonnes bad weather. Ships were com- phate M God*ipMl: . 

ports nf the East Mediterranean nerabie to sniper fire. The port v>t.' 1 

littoral company has not been able to ■ ‘ ■ V ' 

The' biggest expansion’ is reopen its offices. Management . ^ 1 /. V.’ O. 

it ™'*™ cannut set ,o The Suez Canal.:’. : r>- -v .■ 

The biggest expansion ’ is r{ *P en its offices. Management 

therefore JikeJy to be m Egypt. * nd , cannot get to 


.... .vw.v ... -tv r-. wnr i- 

with the planned growth of . ' 

Alexandria and the reconstruc- Smaller ports on the Leban- 


tion of Port Said lo cater for ese coast have expanded to meet 
tbe Egyptian domestic market, demand. The most notable of 

' V-VJ"*' 

There are also programmes to these is Tripoli, where the entry 
increase the size and number of channel has eight metres of 



the North African ports further water, and there is transit trade 

to Syria through the port. But 

Before toe civil war Beirut la ck of stevedores, equipment 
port had the greatest experience ^nd experience probably mean 

Traffic still mcreasing 

of dealing with transit trade in J*^ cb l!! & THE SUEZ CANAL, now in its 

the area: in 19,4 it handled over *"*:) 1 ' l l e third full year of operation since 

3.5m tonnes of cargo. But its J ? un,ch - J n }*L e 'Kristian en- TP . nnenin ' wiU shortly he 

Mina Oibaoi. with nine deep witer bertht and three coatter 
berth*. Il your natural gateway to Oman and the Gulf lute*. 

Fait and efficient icmcc provide, 4 quick turn around lor 
your vesid*. 

win luimoa ui cat go. uui ,is . . . re-ooemne will snortlv be 

.facilities were decaying and F ,a J e of h Be ' n,t and s,don reporting^ continuation of the 
Rs organisation ^ increasingly Jjw u £' caler trend of rising traffic which has 


The Port Hu modern cargo handling lad licit* including container 
— ro/ro. cranage up to ISO ton* capacity, luh semice. and tramhipmcnc 
by land and tea. 

chaotic. Il lacked warehouses, nDiy lor a ,0 '■ a, m a rK e t - 
handling equipment and an The Syrian ports Latakia and 
integrated management. Tarious have bolh benefited 

Such failings ceased to be from the diversion of trade 

confounded the sceptics who 
The Syrian ports Latakia and believed that the 100-year-old 
Tartous have both benefited waterway was past its heyday. 

For information: 

The General Manager 
Po-t Services Corporation Ltd 
P.O. Box 133 

MUSCAT, Sultanate of Oman 
Tel: 772191 

Telex: 3203 MB Muscat 

buen failings ceasea to oe from tne diversion of trade in the 10 months to the end 
relevant when the port was from Beirut. Half the work on of October 17,695 ships with a 
largely destroyed by the war. tbe Latakia expansion, to in- Suez Canal net tonnage of 
Warehouses were systematically crease capacity to 3.5m tonnes 199.8m passed through, corn- 
looted and then blown up. The by 1980, has been completed pared with 16,302 vessels of 
scale of destruction appeared to and by 1982 Tartous should be 179.8m In the corresponding 
offer an opportunity for . re- able to take 5m tonnes. Under period last year. The Ann ual 

organisation and expansion. In a 1976 loan agreement Saudi total will comfortably exceed 

1977. for all these difficulties. Arabia is providing SR. 175m to- last year's 220.4m tonnes and 
the port handled 2m tonnes of wards the cost of the two pro- will be the third or fourth 

cargo and in the first half of jects. largest volume of goods handled 

— * * — | in the Canal's history. 



5r > r ’Th 

Tb The Gulf, Reliably 

Adriatic Mediterranean to the Gulf. Fast container service even’ 14 davs bv four 
semi container vessels; sister ships: “Krk,” “Moscenice,” “Motovun” 
and “Krasica” of 13,870 dwt. 1S3 knots and 306 TEU each. 
In 1 979 two new container/Ro-Ro sister ships: “Ledemce” 
and “Bribir” of 7000 dwr. 17.8 knots (fully loaded) 
and 414 TEU each are entering the service. 

Terms and Conditions: Pier ro pier and do or to door. 
| Through bill of lading accepted. Vessels equipped with 
own cranes. Containers 20 and 40 feet for all purposes. 
Time of shipment 12 days. i ^masr>%. 

Assuming that the region lllliwl r. 

remains peaceful, it should not m r-n ^ Tr ia 

be long before traffic passes the . MPl fi Bl ■ i .. , 

record level of 274.2m tonnes 7960 - 1 

achieved in 1966, the year before -- 

closure. Ja BMjpMB CT I 

Sceptics, however, are still not 

convinced that Egypt was right 1 

to go ahead even with the LJ'""'"- 

S1.15bn first phase of its devel- pSpespS^Hq *77 mmm 
opment project, which is on ao to o a -1 ' X 

schedule for completion ia the bmHM 
middle of 1980. Some $660m of 

this sum has so far been com- Coopers and Lybrand. The main 

• recoup its investmeht ;- * 

... If tiffs is true, .Gatiiti : pfffeials : - 
- show no signs of conqejfff TK^’ 

.' say that dues will.- 

• creased hefere the' first 'tofoasff. 
opens and even than poKcy^wi^ - ' 

. he . determined much r 3ndz8T»^jy : • : 

the de^re to see toe 1 Caffal biisy . 

. thain to maximise revenges-So 
f “far this strategy has- worked * 
---'■-tod confidence in the toff 
the -safety of its hinteli and ha^, 

*' hoen successfully re-estahlishei .. - : 

Sard ■ currency;-! -from J-fhff 
, . canal dues imhain an- irnfforttot*-. : 
, factor iff Egypt’s . . ' eepncdnyC: 

; • although not so Important raht: 
.-.tively. as - if. was in- 1968r67. ‘ • 

. Revenue toiodtitto to " 

year and. Is. fordoast iff rise above : ■. ' . 
the 51 bh mark J^twreen 198S^hff':- . 
1985, dependingr upon the tariff'' 

/ levels’ sefaeff. • '7 * -;Z:r \ 

\ V 


: c ; Whether tte ^tinkers v •' 

. return remains -a matter. ^of - • 
ojffnion,.altitQugIi.:it-jS' _• 

■ • to imagine that in: a' "buoyant^ ". 
- freight market ; w^iera. Spesirdf . ^ 
’.voyage 'becomes . exsffntiaT to 

"SLr” Deen co r coopers and Lybrand.. The main But.the^itod pbinfif 

rn^tfank^nHiuSin^thP^nJid area growth, however, has not and d66pfc&lng-~the Canal is to, Stfer ' '' 

and banks, including the World . wm the WislnMa o£ th. liraeril, 

Bank. ocen tankers out the general w» »» « , 

This development is designed ^lps trading into the 

to win back for the Canal the growing Gulf economies and the erative-bem^ of their greater Hne, v^(m.provifle?ao^lt«nfr. 
traffic it has lost since 1976— the Iar § e containerships plying be- 

« . i. ■_ j .1 turnon Vnmno n nA TTot- TTooV ■ oOIJie^rXUCS Oave aXgllM; ilOW* .-vuivb- .W^«T WU- it - r ; i-JL-,. 


»!■ . _ 


that only 2 

has lost since 1976 — ^the Iar 8 e containerships plying be- Some-Cities have canal -ftir ;by ttahs-; ^ 

larger oil tankers. During the tween Europe and toe Far East e ve?^Sc Si ^ 

nine years it was closed, the Coopers expected general Pf-operatihg ^at: .^only-^iai^^- 

Iter was bom, meaning cargo vessels to generate 84m .. 

f 25 per cent of the tonnes of traffic m 1977, 5SS£? 

.u. u whpfp.flft thp. ap.hifll tntnl wnc _ uie Wuxxr BWT B iuai>M bnor ' 

-V 1 ' 

7 n V , - 1 * ■ 

il ’ V 

One of the worids most experienced cargo fleets 

, . P.O. Box 379, 51001 Rijeka, Y ugyslavia. 
Telegrams: Jugoliniia Rijeka. Telex: 2421 S Yu-julinc 
Telephone 33-1 11 

RtRUlw Sm ictc Em Uocn Le\am Lmt . CertMcf «orsgi ina Rr-R, ice . 
Fnq. Iro Lmc mcLof AHitamer icntn '. Middlr Etoi Lire. Pei^ln RapuNir .>4 iTurta 
La*.- Fat Km I er Won Lines North Ewf< Line. X'm7fr L^Tcmi'i 

ekuvitu Outl'i4'M,'Xj\'"I^i>?.SoUih Ameffca^syCnaii Line S*Jih.\mcrva- 
V ■>: i'iw Lik. Tramp Service: Midi unupr nibble 
loctt-etnitactK RIlcU- jiLtMfxW. JV»8 mTeia.'in».ru5t. M.'SSiv-mtev 
i xrt aS (niw Yuambv piny. T r fewn Anoiaa Mm mm finaimarii SAK.I. FOB 
1iTh.T<to4«»*W.^(fW I.VerieeO.RaA^SddiACit POBTlS-TdraUftW 

Kmim. Saplcv Afram J!mBBwTinH»*.Tcta TltVZS. MvtniUiMaaeat- 
Omm)>Gm.Mxtxnzfc&Co. Lii POBTP.TdraMBMlS A'BGnyME.DnW; 
tlwv. MKSawr 4 Ca Lid. TOB Ti) Trice DB 5425- Attn DtaWt Gray. Msimrte * 
Ox LfcJ. WH 3J7.-T da E4iGm /\H. Otminua-JiMuf Bin Afanm) K»v. FOB 
.*7. Tides Wl I Kjk«iSJ Knwuu Mobanwti .Vshdralraan Al-Bdnr. MB MS. 
Srfif.l.+s. 3 Kfl ItiTT. Bunbi The Si4e ErKrtrwe Mannmi; .^oido. rOh i. 
Trftv Til* AUrsgEnxJK. ^ ipd* r ^hpnur fPiflH tinrhah fl; flaKn SJi. )i IB y? M 
Tetai f5 HXB*. Lo n d o n; Anjlit-Ywpvbv SappOS I -'J- Sw<icH«t*, feihppgaic, 

rented EG2M-UI- Tdcptone :iT-i»iO.TcfcBt SSo.GJ Aneb<ni(» 

< - V • 

’ -.V 

closure. year, container ships 

The first Phase of the exten- P e: J ce °^ and 
sions will permit toe transit of fi 9lps for 5.5 per cent 
loaded tankers of 150,000 dwt This has been the C 

container ship, for jtaS tfSgg&ZS*” 

per cent" 011 ^ “’ Sto Ap# 

P fi comes to. tbe biggest 

This has been the Canal’s real which wi'U be able ti, ‘‘ pass ': - ^^oyer. ^iffbiitfe 

mtci-nde ctnnr and i* Kno .1 _• < i L< n . • r* ‘..IHJ*.. frRfla...Wiirtde 

; 4 

5. ■* /'-• 
'if. ''S- 

now afloat in ballast condition. toree-high on the deck— thus on to* ^shorter niitn-uoSS. 

Levels of traffic have in fact effectively increasing their net steamiiig.:uoiui<i''the^ ^G&we' 
comfortably exceeded the tonnaee. n 1th mi eh this wae 

51. <*• 

^ ’ 4 V "* : ih 

Ir 'C.. . -iil 

,» . - I-., s 

‘ ■'t' 

- ,x. j. % 

financial Times Mondav December 18 1978 

.* .> •’ 'Vv a -s. v - *- ’.v a* •- 



• ; f ' .. . 



in trouble 

THIS YEAR has been one of 
consolidation for the Arab fleet 
as shipowners have dealt with 
the consequences of decisions 
made, for the most part, before' 
the gravity of the shipping 
industry recession • became 

New vessels ordered pre-reces- 
sion continue to- be' delivered; 
resulting in- continued .steady 
growth of tte Arab-flag fleet at 
a time when annmberof the 
established ' maritime countries . 
are' seeing their. fleets shrink.: 

Even so, the Arab fleet still 
only represents 2 per cent of tBe 
world’s tonnage at a time when 
the Arab states are generating 
60- per cent of world oil 'traffic 
and 30 per cent of total seaborne 
trade, measured by volume. 

This leaves a large gap 
between tbe aspirations of the 
Arab countries as reflected in 
the United Nations code on liner 
shipping, which suggests! bat all 
countries should cany '40 per 
cent of their own seaborne 
trade. Recently, the secretariat 
of the shipping division of the- 
UN Conference on Trade and 
Development has 1 proposed 
applying this .principle to bulk — 
including tanker — shipping. 
This move, fraught with 

practical difficulties' ‘over imple- 
mentation. should generate a 
good deal of . Tieat when 
UNCTAD convenes^ wgain in 
Manila next May. . 

-’ Most Arab shipowners have, 
however,- long ’si nee . ceased to 
rely upon political forces to win 
them commercial success. All 
oil continues to be traded on tin 
fab basis, leaving little room for 
the effective implementation of 
cargo reservation for national 
tanker 'fleets. 

Other preferential." methods, 
such, as .’offering. .Arab ships 
cheaper fuel, have’ been tried 
and failed for a variety of 
reasons, ranging from’ abuses of 
the system to the difficulties of 
distinguishing - between pure 
Arab operations ;antT Arab-flag 
ventures in which there are sub- 
stantial shareholdings in the 
developed world. 

The latest test /or- the pro- 
ponents of cargo preference is 
tbe allocation of . contracts for 
the carriage of liquid petroleum 
gas from Kuwait, initially, and 
later in Saudi Arab island Abu 

The first stage of Kuwait’s gas 
project is due to come on. stream 
early next year, about 'one year 
late, by which time Kuwait Oil 

Tanker Company (49 per cent 
Government uwned) will have 
two (70,000 cubic metres) LPG 
carriers available and two more 
on the way. In addition, the 
Kuwait-based Arab Maritime 
Petroleum Transport Company, 
owned by nine Arab slates, will 
have one 75.000 cubic metre 
LPG ship and a second due at 
the end of 1979. 

The Kuwait Government has 
already agreed to a preference 
clause granting its own flagged 
ships (the first AMPTC ship will 
fly the Kuwait flag, the second 
that of Saudi Arabia) a 40 per 
cent share in gas export move- 
ments. With 2.8m tonnes of gas 
per year expected from the first 
stage of the gas project, this 
share will be covered as soon as 
the LPG ships now under con- 
struction become available. The 
contract also states that the 
Kuwait LPG ships will be fixed 
al the going market rale. At 
full flow, the gas project will 
involve exports of 5m tonnes per 

Although gas, whether LPG 
or liquefied natural gas (LNG) 
is small business compared with 
crude oil. it gives the Arabs an 
important opportunity to plan 
the growth of their fleet in line 

; • • • f--.. 

. . \ ./ ■ - ■ . . -v. V. . - 

" -- - - ,.*" ■ 

• ' . 

j ■ : 


£ + - 


trades -after « glorious,' for the 
operators, tiiree-year bonanza 
are now well and truly back in 
line with ' the world shipping 
recessions. : . . . : 

Rates- .stamped during the. 
second half of last year by ah 
average of ; more than one third 
and for the -specialist rollon 
roll-off ships, which made >the 
biggest ’killing during tile boom 
because ’of tbeffir • ability to. beat 
port congestion, the collapse has 
been even more severe. •' 

By the end of . 1977, the in- 
dustry was consoling itself with ' 
the prediction that after 1 ihrec 
good years, a short, sharp shake- - 
out was now Inevitable, but that 
by the end of 1978. things shoulfl 
be looking better. . 

This has not' happened, at : 
least not yet. . Certainly, there • 
have been bankruptcies, among 
even quite large lines, and a 
large : number, of smaller,, 
charter-only operators have 
departed. There has, also been a ; 
steady stream of announced , 
rationalisations of service' 
schedules and of lines joining 
together to reduce tonnage on 
the routes. 

But, in spite of brief fluctu- 
ations during the year, there has 
not been the sustained improve- 
ment which most companies had 
hoped for. by now. Some; take 

. . (m tonnes) 

Type of traffic/berth ;-'- 




. Conventional: _V :. ' 

. . Traffic 




, V • Capacity, high 




• Capacity, low 

— T 



■ Contain er/ro-rov " \i \ • 

• - 

Traffic ....jL.r.:... 




- . . . Capacity/^. :... 




'• Total: / 





Opacity, high 




■. - . ■ Rapacity, low 


. 91 

Source: JBL.P. Drewry- 

the volatility of two years agotibns -of service frequency, 
still involve -a high degree of load factors and variations be- 
unpredietability. ‘ tween different pons of call so 

Although trade into most of. - fay - as- key land infrastructure 
the Arab countries is expected- for moving boxes is concerned 
to continue steady growth in tbe produce unique circumstances 

next few years, the rates of 
growth predicted vary consider- 

Even more varied are the 
predictions of what proportion 

in every case. 

No one doubts that con- 
tainerisation will grow, but it 
is still not clear what the com- 
petitive relationship will be 
between tbe small and medium 

of the seaborne trade will be _ 

the View that the gap is ''g® jSSbESSS 
primarily psychological— a lack in pure lift ^ n lift _ off containers Australia aldcamnc « Arab 
,1 .«■«* * t,a,le, bora e theVaf llso, fit 

ro-ro. services. , ~ : the' -short .term box rates 

Last year, around So per cent-. merease, some goods now being 

^ car 2° ’ nt ° P 1 *' shipped unnecessarily by con- 
Middle East was still being 
moved in conventional break- 

lines that they possess the 
market power to drive rates up 
by. 2b or '30 per cent— others say 
that the shake-out -and the 
rationalisation .have ' stilt not 

gone far enough. bulk style, but with container 

.The basic problem is that the • handling facilities sprouting up 
world shipping recession, now in ports throughout the region, 
approaching 'its fifth year, is the trend towards more boxed 
still progressively eroding the goods is now unstoppable, 
financial - strength of most, 


though not all, European, 
Japanese and U.S. shipping 

The -traditional large, -diversi- 
fied shipping companies are 
under-severe pressure on tanker 
and buik ship operations and the. 
feeling is that withdrawal from 
one of the few. areas .where at 
least modest trade growth is in 
prospect is unthinkable: Also 
depressed charier rates for ships 
continues to make it easy and 
profitable for small operators 
to enter' the Middle East or 
indeed any other trades. 

tainer, such as cement, will cer- 
tainly return to breakbulk. 

In the meantime, there is 
great, interest in the fact that 
the major Japanese lines have 
recently started to put con- 
tainerships into the Middle 
East trades after years of resis- 
tance on the grounds that one 

Some forecasters suggest by wa y tildes (there are still few 

return cargoes from the Arab 
world) did not justify the in- 
vestment- The Far East 
accounts for 30 per cent of Mid 

1982 as much as 80 per cent, of 
all -cargo into Arab ports could 
be containerised. Saudi Arabia 
is leading the way, with Jeddah 

alone expected to handle well, E*?* liner traffic. Although ro- 
over '300:000 20-ft box units thU r °: -services account for almost 
year, making it the 25th largest * s cargo movement 

container port in the world, -#» Middle East as lift-on 
according to Containerisation boxed cargo (about 

International. Three years ago V19.000 TEU per month) the 
it was not even in the league 7 ?eperal view is that the capital 
tab . e ' -intensive ro-ro operators have a 

Existing port plans in the. -'W limited future now that 

What . the established com- region, especially in the Gulf, 

panics have tried, with some 
success, to .do, is ' to increase 
the -specialisation of their opera- 
tions, identifying specific cargo 
flows and concentrating on 
heavy lift ships, , for example, 
’and by. seeking joint' -venture 

port developments are coming 
on stream. 

For the ro-ro operator, much 

already, guarantee substantial 
overcapacity of gantry cranes. 

for container handling at Arab -depends upon the ability to 
ports by the end of next year. . achieve fast transit times, mak- 
AU of this should improve lire ing more intensive use of his 
economics of containerisation capital asset, and in marketing 
from the shipowner’s and the a; degree of flexibility wbich 
arrangements with ArabJlag. shipper's, point of view. • mother handling systems cannot 
companies which in the medium According to a recent study match. 

term undoubtedly represent a of Middle East liner trades by Q ther ^ tems> such „ lighrer 

•i- _ 

serious challenge to the .older HP.. Drewry (July 1978 price a ^d ship and ELK S 
shipping lines. .... £/a) under equal conditions, the variation of towed barses 

Matters are not helped by. the ■ cost per . ton of sendmp goods.. betlyeen U France and Saudi 

fact that the conferences in the 
Mfddle East liner trades, having 
broken under the strain of out- 
sider lines, piling in during .’the 
boom,, have been unable to 
restore order now that the boom 
is -past A lot of. energy has 

from a quay in NW Europe to a 
quay in the^CTulf is least with 
the 1400 TEU r . gearless con- 
tainer ship. -Taking the index 
for this - vessel at 100. a modern 
breakbulk liner .comes out at 
136, tbe same ship at 128 when 

Arabia have also demonstrated 
their place, although it .is, a 
.small one in terms of the whole 
transport picture. East Lise, 
like an increasing number of 
other shipping - concerns, also 

. - f 1 offers trucking services to pro- 

been spent in the last year on carrying a mix of breakbulk « AAfiinlafA 

rnikrtn a coa, pl ete doorto-door ser- 

™ • vice for customers. ' 

mini-conference 'activities, with and containers and a 

groups of lines seeking to pro- roll-off ferry at between 145 . This hne ^ just one of TOany 

tert their own Interests by and 221. The Ur S e, whieh have ertentoi operations 

gentleman s agreements on rn ship mv however, eimipMito. , in rei!ent , t the 

minimum rates, • but their with; a mixed ..cargo of trailer? time as competitors j, ave t*en 

success has been limited. 

and containers. 

cutting back. Whatever the 

Even if tiiese structural jpro^ This, ofcot^e. is problem, and pressures of ship- 

Jems of the routes.-can be sorted retiral and if it were as simple ^ lQ the Arab worW - this is 
dut shipowners face -difficult as that shipowners would not oe • ^ :i)est evidence of 

business decisions about the best studying as long and hard as the industry’s confidence in its 
type of ship -and service they are now about optimum long term profitability 


schedules ; in trades -which' design and configuration nf ton? 
although esjm : compared, '.with nage. in practice, considera-' 

with ihc growth in produL-inin 
and relatively free, al this, stage, 
from the enormous pressures of 
oil company fleet. 

By 1R85. ihc Middle East 
should have more than quad- 
rupled its LPG exports to 
around 30m tonnes and it will 
be interesting to see whether 
the exporting states will suc- 
ceed in fully employing their 
own tonnage al the expense of 
ships owned by independent 
owners during the next three 
years when this type of vessel 
will still be in heavy oversupply. 
Algeria, the country with most 
experience in gas shipping, is 
confident that it will be lifting 
half its seaborne ga?> exports in 
its own ships by the mid-19S0s. 

This is very bad news indeed 
for the large, established ship- 
ping coin panics, like P and O of 
Britain, which invested heavily 
on a speculative basis in gas 
ships. These companies can only 
hope that the Arabs Mill be as 
unsuccessful in cornering the 
gas market as they have in 
cornering the crude oil shipping 

Arab owners have been bitten 
badly by entering the oil tanker 
industry with ships bought at 
boom prices and trading in 
slump conditions until the 
recent and no dobut temporary 
fillip in the market. AMPTC lost 
S22.5m last year on operating 
income of $20.8m and although 
the balance sheet continues to 
benefit from interest on short- 
term deposits, the company's 
financial position is serious. 

AM PTC 's shareholders re- 
cently agreed to set aside SSOm 
in the next five years in the 
form of a sort loan to help it 
through a continuing cash crisis 
and plans io expand tbe fleet, 
notably on the petroleum pro- 
duct tanker side, have been 


Gen. cargo 

Gas carriers 

Bulk carriers 


no. grt 










17 l-2m 








2.2 m 


.. 29 Llm 




1.2 m 

Saudi Arabia 

47 lm 





1 . 2 m 


.. 22 643,000 




1 99,00(1 






.. 16- 799,000 






.. 29 131,000 






.. I-** 158.000 










.. 2$ 23,000 






.. 21 196,000 









Totals .... 

... 197 5.4m 





. 15 




v Includes one chemical (anker, t 

Includes seven 

chemical tankers. 

Z Includes residual 

(lag of 

convenience vessels. 

Source: Lloyd's Register of Shipping. 


There is some regret among 
AMPTC officials about this 
barrier against expansion as 
there is Little doubt that second- 
hand ship prices have bottomed 
out., this year without any signi- 
ficant purchasing by Arab 
sources. Kuwait Oil Tanker, 
which also lost money last year, 
is similarly restrained from ex- 
pansion. although the fleet 
managed by this company 
should increase now that the 
Kuwait National Petroleum 
Company has at last started its 
purchasing programme for eight 
products tankers. AMPTC. how- 
ever. is bidding for a share m 
managing these ships. 

The only other activity in the 
Arab tanker fleet in the last 
year has been the creation of a 
few more joint ventures, some 
involving oil companies, with 
Saudi Arabia the most favoured 

It is still impossible lo gauge 
how important these companies 
could become when trading con- 
ditions improve, but for the 
present they range from paper 
outfits with no ships, to holding 
companies which have taken 
over vessels, usually old. from 

the developed world member of 
the joint venture. 

On the dry cargo side, the 
United Arab Shipping Company 
continues to set the pace. With 
58 ships aggregating more tharr 
lm dwt, this organisation, 
owned by six Gulf Governments, 
has emerged as a significant 
force in world liner shipping. 
It recently reported a net profit 
of S3Sm for its first J8 months 
or trading to last December — a 
creditworthy performance given 
deteriorating conditions in the 
Middle East liner trades since 
the middle of last year. 

UASC appears to have happily 
combined the benefits of the 
financial muscle of its share- 
holders and its advantages of 
access to Gulf cargoes with a 
tough commercial nose and an 
ability to survive the political 
tensions of the Arab world, 
which some see as the most 
severe handicap of the more 
broadly based AMPTC. 

There is also a large number 
of joint ventures between 
smaller groups of Arab States, 
such as the Algerian-Lihyan 
Cal tram, and the Alexandria- 
based Pan Arab Shipping and 
Famco. which involve the Arab 
League and Egypt. Syria and 
Libya respectively. 

One very large but ageing 
fleet, dial nf the State-owned 
Egyptian Navigation Company, 
has also attracted attention 
recently wuh negotiations with 
world shipyards about, it was 
reported ai one time, a pro- 
gramme for up to 60 new ships. 

This never looked a very 
realistic proposition, given 
Egypt's appalling economic 
difficulties, and the word from 
Cairo now is that the mudifled 
Jive-year plan will provide for 
the purchase of just enough 
vessels to keep the fleet licking 
over, that is four multi-purpose 
ships of 13.000 dwt. two bulk 
carriers of 35.000 dwt and two 
car femes. 

Longer term expansion is still 
the subject of study and is 
closely linked to forecasts of an 
increase in imports from 7m 
tonnes to llm in 1980, of which 
Egypt amis lo carry 40 per cent 
in its own ships. At present, its 
share of its own seaborne trade 
is well under 25 per cent. 

The other aspect of Egyptian 
maritime policy is the stimula- 
tion of private sector shipping 
and joint ventures, of which 10 
have been formed since the for- 
mation of President Sadai's 
“open dour” economic policy. 
Of these five are operational. 

Another important point fur 
Egypt, which because of irs 
long maritime tradition and 
large reserve or skilled man- 
power has an advantage over 
the wealthy Gulf slates, is the 
need tu improve port facilities. 
A long overdue specialised con- 
tainer berth for Alexandria 
should be approved next year. 
Government officials say. 

Cm a wider fronl. the Arab 
Centre fur Co-ordinal ion and 
Maritime Consultation, based in 
Kuwait but run by Iraq, has 
continued its efforts to promoie 
the formulation of Arab mari- 
time law. working towards an 
Arab classification society and 
the establishment of a protec- 
tion and Indemnity Club for the 
Arab fleet. 

Talks are said lo be nearing 
conclusion with London insur- 
ance interests on this last sub- 
ject. A three-year projevr is 
envisaged to take the Arab fleet 
tu a fully independent P and I 
club. Meanwhile on the widest 
possible fronl. the centre is still 
working on a study of the uni- 
fication of ihe Arab fleet — 
still the goal of a number of 
influential figures in Lhu Arab 
maritime and industrial world. 

Ian Hargreaves 

Saudia’s Cholce- 

The Rolls-Royce RB 211 Engine 

Saudia was the first airline to 
order the most powerful version of 
the Rolls-Royce RB 211 engine the 
-524. It powers the airline’s 
Lockheed TriStar -200 airliners. 
Saudia recently ordered three 
more of these, bringing its TriStar 
fleet to 13 aircraft 

Other major airlines have also 
chosen the RB 211-524 engine, 
which is certificated at 50,000 lb 
take-off thrust It powers long- • 


range Boeing 747s ordered by 

British Airways and Cathay Pacific, 
as well as Saudi Arabia's Boeing 
747 SP. ■ 

\Long-range TriStar -500‘s with 
RB 211 engines have also been . 
ordered by three operators -British 
Airways, Delta Air Lines and Pan 
American World Airways. 

Pan Am’s order is for 26 
aircraft including options- a major 
success for Lockheed and Rolls- 
Royce. Saudia experience with the 
RB 211-524 was an important 
factor in the Pan Am decision. ^ 

Speaking about the airlines 
RB.211 engines Capt Ahmed 
Matar, Saudia’s Deputy Director 
General (Operations) says: “We 
have been very pleased with the 
performance and reliability of the 
RB 211 engine in our TriStar -200 
airliners. And it is very pleasing 
that Saudia’s decision to place the 
first order for the RB 211-524 has 
been followed by orders from so 
many of the world's leading 

The RB 211 family of engines 
is being extended further, with 
planned thrust growth to 55,000 lb. 
Work is also underway on a lower- 
thrust version, the 32,000 lb thrust 
RB 211-535. It is designed for new 
medium-sized airliners which will 
enter service in the 1980s. 

- All.over the world: in Concorde 
at Mach 2; in the warships of 24 
navies; in over 10,000 civil and 
military aircraft; and on oil rigs or 
in power stations from Alaska to 
Australia, you won’t fail to be 
aware of the superb technology 
and world-wide service that ensure 
our lead in the field of gas turbine 

Rolls-Royce Limited, 

65 Buckingham Gate, London 




World leaders 
in gas turbine 

£-1 ’JTi 

Financial runes. Monday pecerni»r.iS ; 197S'; 


Railways in North Africa 

•T» - 



A rare phenomenon 

V^-TaiVM^in S£j*Tabfiz 
fJ Has^a >.0. IU1' 
— v \ 

ASK YOUR average man in the 
khasba the way to the station, 
ami you may get the same 
pimfed frown as would crease 
the brow of citizens in Detroit, 
Sau Pauio and Auckland. 

For the passenger train is a 
rare phenomenon m most Arab 
countries, thanks to thinly- 
scattered populations and a 
laissez faire attitude towards 
.safety and environmental 
nuisance on the roads. This is 
iess true in the Nile valley, 
perhaps, than in the oil-rich 
conn tries around the Arabian 
Gulf, but even here the passen- 
ger train has a poor public 

Yet the 1970s have seen a 
remarkable upsurge in rail 
expansion and investment which 
shows no sign of abating. In- 
deed. sonic very large construc- 
tion projects, each involving 
several hundred miles of route. 

will be up for grabs in the next 
two years. 

Libya is pushing ahead with 
studies embracing 750 miles of 
route, while Algeria has Cana- 
dian Pacific Railway engineers 
surveying a line stretching deep 
into the Sahara almost 1,000 
miles from the Mediterranean 
coast. Other plans, less well 
defined at this stage, would see 
Egypt linked to the Sudan and a 
new line from the Nile to the 
Red Sea. 

All these schemes have one 
thing in common: they are 
geared to a rapidly rising de- 
mand for bulk freight to be 
moved in large tonnages over 
long distances through inhospit- 
able country. Gone are the days 
nf lightly-laid development rail- 
ways thrown down as quickly 
as possible for reasons that 
were political and military as 
much as economic. 

Indeed, in parallel with the 
construction of new lines, re- 

placement of tracks laid in the 
early years of the century is in 
prospect — often on a completely 
new alignment to ease curves 
and gradients so as to cut the 
cost per ton-mile in terms of 
fuel and motive power required. 
In some cases, such as Algeria 
and Tunisia, lines laid to the 
narrow l.OOOmin gauge will be 
replaced with standard 
(1.435mm) gauge tracks, partly 
so as to unify national networks 
but also to permit more econo- 
mic operation with heavier 

Egypt and Sudan, each with 
nearly 3,000 miles of railway, 
are the largest and most im- 
portant networks, although 
Algeria is not far behand with 
2,400 miles. Unfortunately, 
geography as well as differences 
of gauge and politics currently 
limit international rail traffic to 
minor flows between the 
Mahgreb countries of Morocco, 
Algeria and Tunisia. 



—-The Slier Canal is the shortest navigable route between the Eastern and Western 

— U saves from 17% :o 60% in distance between East and West and from 50% to 76% 

— The closure r»r the Canal led to a loss of 1,700 million dollars annually for the 

— Resumption of traffic in the Canal led to a surplus for shipping companies amounting 
lo 1.600 million dollars annually. 

—Length of the Canal: 173 knis. — Breadth between buoys: 110 m. Maximum permissible 
draught: 3$ ft. 

— Best Canal for ea»y and safe traffic, and it is liable to be widened and deepened when 

Transit of ships: 

— Ships nans it the Canal in three convoys daily; two from Fort-Said in the North and 
tine from Sue?: in the South. 

—Pilotage of ships is compulsory and four pilots are successively credited with piloting 
each ship from the first lightbuoy of the entry port till the lightbuoy of the exit port. 

—Ships up to 60 thousand tons are allowed to transit the Canal fully loaded and up to 
250 thousand tons in ballast according to their draught 

Evolution of Traffic in the Canal 

Period 1 

Number of 
vessels ] 

Daily | 
average : 

Tonnage | 

000 ions 




1975 j 

5.640 - ! 






16.994 | 





1977 1 

20,125 | 





Till end of ! 


1 17.794 






Total i 

i 60.553 



Suez Canal Development Project: 

First Stage aims at allowing tankers up lo 150 thousand tons to transit fully loaded 
and up to 300 thousand Lons in ballast. Execution started in November. 1975, and the 
following has been accomplished. 

92% of earth removing works; volume of work being 88 million cubic metres. 

83% of decantation basins: volume of work being 11 million cubic metres. 

H6% of building new revetments; volume of work 141 kilometres. 

63% of removing old revetments; volume of work 131 kilometres. 

39% of dredging works: volume of work 559 million cubic metres. 

—Cost of the first stage being 1.200 million dollars and it will be accomplished by mid 

— Work is being carried out in 133 working sites by 10,000 workmen both Egyptians and 
foreigners belonging to 27 Egyptian and foreign companies. 

— Following execution of ibis stage. Canal annual revenue is expected to reach 800 million 

Second Stage aims at allowing tankers up to 260,000 tons to transit fully loaded and 
bigger units in ballast. 

— Its execution starts after accomplishment of the first stage and takes three years and 
costs 1,000 million dollars. 

— Following its execution. Canal annual revenues will reach 1,200 million dollars. 

Auxiliary Serv ices: 

— Number of S.CA. pilots being 289. 

— Number of S.C.A. tugs being 26 of a capacity varying between 1.600 h.p. and 6.400 h.p. 
—Number of S.C.A. dredgers being 14 of a capacity varying between 200 cubic metres/ 
hour and 1.800 cubic metres/hour. 

— Number of signal stations being 11 along the waterway. 

Electronic ship Traffic Management: 

The Authority contracted with the American “Cutter Hammer” group Of companies 
for the establishment of an electronic ship traffic management system in the Cana). It 
includes T.V. screens, radar stations and a “ lauran C" communications net. The project 
is scheduled to be accomplished by the beginning of 1980. 

S.C.A. Research Centre 

It is located in Israailia wherein studies are conducted in its various laboratories for 
developing the Canal and for the protection of coasts and breakwaters. 

S.C.A. Two Shipyards: 

The first, in Port Said, where vessels up to 12,000 tons are built. It acquires a 
floating dock and a dry dock where vessels and different floating craft are being required. 
A plan costing 60 million dollars is now underway for its development 

The second, in Suez, where small floating craft are built and vessels operating in the 
Gulf of Suer, are be ins; repaired. A plan costing 15 million dollars is now being carried 
mil for its modernisation. 

S.C.A. Affiliated Companies: 

They are seven companies with dMTereni activities extending services to transiting 
vessels and it* marine circles in the Middle East. 

They embarked on creating joint ventures with foreign companies with capital 
e*ii mated :*t -1 million dollars. A plan costing 35 million dollars for their development is 
well underway. 

...better, faster, weekly RO-RO services 
from UK/Europe to the MIDDLE EAST 

FOSS — in* Matko: Leader in Roll-on Roil-off finer 
shipping s-rfices to the Middle Eas: offering an 
uiri/ailcd c?nb.nation of strms;hs, mobile and non- 
mobile car~o nandiin? experience, and in-d'p:h know- 
ledge of Middle East ports and markets. This unique 

Sales, enquiries, bookings etc., to 

UK General Agents FOSS Shipping Limited 
Piercy House, 7 Copthall Avenue, 

LONDON EC2. Tel: 01-628 3351- 
Telex: 389158 or 384620. 

Bandar | 
? H ^ 5hahpomj 

Felixstowe ( 




dirt at: — 

61-65 New Stmt, Birminnhao. Tel.: 021-643 2989 & 
021-643 3408. Telex: 337025. 

Gkrnr Brother* (London) Ltd.. 8.9 New Svect, 
&.:h=?s*«e. London EC2M 4UT. TeL: 01-613 1311. 
lelu: *86*1)7. 


Port Agent*. Felfxitowe: 

addilignal direct 

,;,i!U .ii Pori Sudan and Hodeida and Tripoli 

Fred O'ten Lrf.. Anzjni Heme. Trinity Avenue. 
Fcluihmo. Suffolk IP1 1 8XF. Tel.: 039-42 78344 
Tele*; 987119. 

Sudan uses the l.OflTmm 
gauge favoured by British mili- 
tary engineers, who built the 
first line. This has not been a 
major handicap up to now. but 
it will become so on completion 
of the 310 mile link now being 
surveyed to connect Egypt's 
southern railhead at Aswan 
with Wadi Haifa in Sudan, for 
Egypt is standard gauge. 

This is only one of several 
new lines planned or under 
construction in Egypt, although 
most of the considerable funds 
allocated to railways are going 
into modernisation— particularly 
signalling to increase line 
capacity. Iron ore is the attrac- 
tion at the Babariya Oasis, to 
which point a 200 mile line has 
recently been completed from 
steelworks at Helwan in the 
southern suburbs of Cairo. 

Last year three new lines 
were announced: two are rela- 
tively short, but the third is 
370 miles long connecting Qena 
on the Nile with the Red Sea 
at Safaga. Here the prize is 


Sudan also has plans for 
expanding its railways, but with 
different objectives in view. 
This vast but under-developed 
land offers better prospects for 
a major increase in food pro- 
duction than any other Arab 
country, and funds are readily 
forthcoming from the richer 
Middle East nations because 
Arab self-sufficiency is con- 
sidered highly desirable. 

This means railways tu move 
fertiliser in and food out. Un- 
fortunately. Sudan’s railways 
are afflicted by problems all too 
familiar jn developing countries. 
Dieselisation was completed 
many years ago, but skilled 
maintenance staff are scarce and 
spare parts for locomotives seem 
to be a pet hate of civil 
servants who dole out foreign 
exchange. Arrival .of 50 new 
locomotives in 1976 has eased 
the motive power shortage, but 
the annual freight haul 
obstinately refuses to rise above 
3m tons although demand is 
nearer 5m. 

Things are now improving, 
and the. critical export corridor 
between Port Sudan and Haiyo 
Junction is being double- 
tracked. More important in the 
longer term, a staff training 
college is being established in 
the railway town of Atbara. 

The last of Libya's railways 
vanished beneath the sand in 
the 1950s; with hardly any popu- 
lation outside the reach of 
coastal shipping, there seemed 
little cause to lament their 
passing. Yet the past 12 months 
have seen important contracts 
handed out to consultants for 
the design of routes which 
intended to form a national 

•Mott, Hay and Anderson 
were appointed by l he Libyan 

Government in October to 
design a 127 mile coastal line 
from Tripoli to Misratah. Here 
it will join a 500-mile line sur- 
veyed by Yugoslav consultants 
to bring iron ore from Bracb 
and Sab hah in the south to a 
new steelworks complex near 

Ail this activity next door 
has caused the Tunisian 
National Railways to look 
again at its lightly-laid 1000mm 
gauge network south of Tunis. 
The plan is to convert the 
coastal line to 1435mm gauge, 
ultimately providing a standard- 
gauge route from Morocco right 
through into Libya. 

Phosphates also provide an 
incentive to improve rail com- 
munications between mines 
inland and the processing plant 
at Gabes on the coast, but it 
is not clear bow a retetiveiy 
poor country like . Tunisia is to 
finance the gauge standardisa- 
tion needed to unify its 
northern and southern net- 
works. The .Libyans have 
offered to fund the standard 
gauge line -to Tunis so as to 
connect up with their own net- 
work. but this still leaves about 
700 miles of 1000mm gauge 
route to be dealt with. 

Algeria and Morocco both 
have well-developed rail net- 
works with ambitious plans to 
extend southwards into the 
desert. Steel and phosphates 
again provide the incentive. 

Algeria's industrial develop- 
ment is concentrated in the 
north-east, where a new line is 
planned from Tebessa to Ouled- 
Rhamoun — in part replacing a 
narrow-gauge route. But the 
really major task in view is a 
new line nearly 1000 miles long 
reaching out to Gara Djebilet 
in the far west, where there are 
phosphate deposits dose -to the 
disputed borders with 
Mauritania and Morocco. 

Phosphates provide the incen- 
tive for several major projects 
involving electrification, track- 
doubling and new lines within 
Morocco, but even in 1978 rail 
* still has a role to play in inter- 
national , poetics. Having re- 
cently taken over a substantial 
chunk of the former Spanish 
Sahara by occupation, Morocco 
now plans to lay trade 400 miles 
south of the present terminus at 
Marrakech to reach Laayoun, 
thus securing an economic grip 
on assets which both Algeria 
and Mauritania would like to 

Economic analysis may abort 
this ambitious project, but the 
spirit of Berlin-Baghdad and 
Cairo-to-th e-Cape still Ungers. 
Indeed at the African Union of 
Railways Congress in Abidjan 
last August, there was a call for 
a north-south Trans-Sahara link, 
no less! 

J Alexandria 
t CAlf 

jgAMMANf W • . ■ 

LIBYA i ; . . 

?E G Y P.T '• tT 


f ... 



V * N j WadiHdf2(^ 



T • -Sd 




"'Nyalaa. H ^ \ 

! . • 
J, ‘ 

\ o' 

. - 

f. t H.ipp rA - - 'vu •. 
es V-- 4qo v ~" . 




‘ / •- • 


umj^^cohstructuih — _ _ j 

■ '> ^ . - S Q.M ALIA. • -M 

A phosphate train in Morocco. More railways are to Me tm&tas new 
muieral deposits are tapped . “ - . r 

Railways in Arab Asia 

r ->‘ 

Playing a bigger part 

RESTORATION OF rail services 
between Syria and Iraq — ■ one 
tangible result of last month’s 
reconciliation between the two 
stales — has brought relief Co 
Turkish State Railways, to 
western shippers who had been 
obliged to send cargoes to 
Basra, via the Gulf and nol least 
lo Iraqi Republic Railways 

Syria closed the border cross- 
ing unilaterally on November 
IS last year, thus cutting the 
rail link between Turkey and. 
Iraq which crosses Syria. Since 
then, by agreement with the 
Turkish Government. IRR had 
beea sending fleets of heavy 
lorries to the Turkish border at . 
Nusaybin to pick up consign- 
ments from Europe and Turkey. 
ERR’s president, Mr. Khalid 
Abdul Halim, told me earlier 
this year: “It is inconvenient, 
and it is costly, but it works." 

Revival of rail traffic and 
renewal of political accord 
could lead the governments of 
Syria and Iraq to look again at 
a project which had been put 
into cold storage: the construc- 
tion of a second rail link 
between the two countries 
further south, at Abou-Karaaj. 

The new line would run down 
the Deir-es-Zor, on the exist- 
i ing Syrian line from Aleppo-to 
I Karaishli. On the Iraqi side, 
the connection would run up 
I from Baghdad to Husaibah, and 
i then directly on to the border 
with Syria. 

Iraq has already decided to 
, build the 404km line to 
Husaibah. with a 155km branch 
line to Akashat A Slibn con- 
tract for the construction of the 
line was awarded lo the Brazi- 
lian company Mendes Junior 
Intemacional last month. Work 
is to begin next year. Payment 
will be 75 per cent in U,S. 
dollars and 25 per cent in Iraqi 


In spite of the problems of 
financing the work, the Iraqi 
Government has little choice but 
to move fast on this project. 
Akashat is at the centre of huge 
phosphate deposits, and a major 
fertiliser complex is nearing 
completion at Al-Qaim, near 

If this investment is not to 
be written off. then adequate 
transport facilities will have to 
be provided relatively quickly 
to haul rock phospbate from 
Akashat. and to distribute the 

The need to exploit existing 
mineral deposits is a major 
factor in the current spate of 
railway construction — and plans 
for railway construction — 
throughout the Arab world. 

Iraq itself has plans for 
several other standard-gauge 
lines. British consultant Hender- 
son Hughes and Busby has 
completed a study for a 700 km 
line from Baghdad to Urn Qasr, 
with a branch line from Kut 
to Margil. And preliminary 
studies for a 420 km line from 
Baghdad to Erbil, via Kirkuk, 
have been made by Trevor 
Crocker and Partners, in 
association with Transmark and 
Maxwell Stamp Associates. 


The new line to Husaibah is 
likely to be built to much higher 
standards than any existing 
Middle East railways. It will 
have a design speed of 
250 kph. minimum curve 
radius of 3,600- m and a maxi- 
mum gradient of 0.5 per cent 
Maximum axle load will be 24 

• Concrete sleepers for the line 
are likely to be supplied from 
a new factory on the outskirts 
of Baghdad. Designed and built 
by Dow-Mac, it was opened in 

May tills year. 

Tn Syria, too, the main weight 
of transport investment for the 
next ten years will be on rail- 
ways. When the state was 
created it had four isolated 
stretches of railway which 
joined up through Lebanon or 
Turkey. A new line was built 
linking Aleppo with Latakia. 
while Tartous was reconnected 
to Homs. The Latakia line was 
then extended eastwards to 
Kamishii. giving Syria a direct 
link to Iraq without passing 
through Turkey. 

Now two new routes are be- 
ing built with Soviet assistance. 
One from Homs through Mebine 
to Damascus will provide the 
first direct rail link between 
Aleppo and the capital (the 
' existing line runs partly 
through Lebanon). The other 
will run from Mehine north- 
west to Palmyra, where there 
are phosphate deposits. Also 
under study is a '90 km Mediter- 
ranean coastal route linking 
Tartous. Benias, Jabla and 

The Beirut-Damascus tine has 
been wrecked in the civil war 
in Lebanon and its reconstruc- 
tion is unlikely. 

Although railways have so far 
played only a minor part in 
Saudi Arabia's transport pat- 
tern, there are signs that this 
may change, over the next 

Earlier this year an Italian 
company was commissioned to 
design a new high-speed line 
between the port of Dammam 
and Riyadh, tbe Saudi capital. 
Construction of a line to take 
passenger trains at speeds up 
to 200 km/h would' speed up 
communication between the two 
cities and leave the existing 
580 km single-track line free for 
goods traffic. 

But even with this in mind, 
the Saudi Government Railroad 

Organisation is spending heavily 
on upgrading the existing track- 
Next year.- foe example, more : 
than £46m will be spent on 
renewing 245 km of track. And 
British consultants Atkins Hen- 
derson have a contract, to pro- 
vide a - feasibility study . and 
design for a 100 km line from . 
Dammam Ift the Jubail indus- 
trial zone. The study wilt. #(so~ 
provide for s rail iink to tbe pro- 
posed Eastern Province airport; 

Reconstruction of the pfigeira 
Hedjaz Railway from Jordan to. 
Medina in Saudi Arabia is 
project which bos been begun 
and dropped several times in 
the past 20 years. 

An attempt, to' restore the 
line ten years ago faltered and 

wa^ finaDy abandoned wfij^j -pTlt' 
grims to . Mecca ‘used . the unr ' ' 
finished rail bed as .a new ggsert 
road.' . Now bids frtun - eight . : 
countries are .being ’craufidier^iv - 
in-onc more attempt-to xebmld.- _• 
the line which T.^-E. Xav^dhpe 
destroyed i n -the ' first workf- war-. : 

in Jordan itself. -si niajor 
upgrading project..' 'begin j- 
soon. ‘The aim:; to ■maktfiJhe'"; 
route north pf El. Ha^: suitable, - 
.for haitiing-heafr? lowd&jtf .phe£ . ■» 
phate- rock from: the' deposits • . 
Menzil. The- 125 km line from. . * 
Merufl north to . Amman is also , 
to be upgraded. ; 

Editor, Intenfotioiuil' HeSioey - 
.. -JouttkoL- , 


'/ : vr PERSb^Aii : ^TEEefc-^ ; ^|i| 

V Agents:— Gray Mackenzie & Co. Ltfli ’> •? • 

• . it.. nA 


P.O.BW 70 

TeL 228181/ ‘ v ‘‘ 


Telex 5425 ML . 


•v. 4 iN 

y 111 A; 

§^. c ° 

London Tel... 01-474 cpw - . ,',y 
Birmingham- Teh 08277 4631 1 
Manchester Tei. 061 38g 
Leeds. TeL .0532, 709733 V 
Edinburgh^Tel. 03i ; 557 300Q- .; 

■ ~ ■ ■! A'l .'.Uw 

v A^jteenjKl ACT . 

^ v* £ 'A * 

mmwmsmiissSk • 

mi ■■ \ 

• ■ -y -,-x 


Road construction 


- W 

.- t \t \ "j, v 

— . » * v ■«-. \ 

^ - ' r > \ *?*&- / 

" . r «r.>^ 1 

v. • 

■ r-'iAj ^ ■' 

a major priority 

" VAST AMOUNTS of - capital and Europe raplcfiy. . ipipTovi ng 
hare been employed throughout and connections other 

" ’ ' \ ■■ \ the Arab world since ^1873 in direction, to Aaa, "also ;ln the 
'\'4 improving domestic and inter- process of being , ’raised - to 
"A national 'Toad "links.;- For most- ■ twentieth century standards, 
economies in ..the Middle rEast, Many.. of the routes ;nwv’:l>ein g 
the development and updating axostnicted run acrosis.'iBjeme or 
v of poor or non-existent flhe most difficult and.infcospit- 
.^..^jV infra&truetuie . 'has beeo tbe able regions on earth, a. factor 
V^7f number one ; priority and- roads-: ; which has not necessarily pre- 
^ > have been top . of the list.lTheix vented road links from; being 
efforts are .now paying%:T. ■■■ . established and maintained in 
Forecasts' -at-' the .. future . .the past but oiie which has jnade 
volume ' or road freight traffic . the transport of gobds-a costly, 
throughout the region fluctuate difficult, time-consuming and 
as attempts are made to assess of jgn dangerous exercise.;? 
the impact on transport require- '•_■■■ ' ; ; . -.r-V 

merits or the new generation of- ry. - -V- 
( ... air links and .port, develop- J.CS16Q - 
/ roents. But td’ost Middle East __ i 
, • countries continue to press on K 

with ainibitlbus plans to have tested ciy d ea ^eenng 
improve their internal road net- t ^ ams and «*nstrotffctt. ; tech- 
- . work and the standard , of com- «««** ■*» limit ahtUihe huge 
d municatjons with neighbouring mobtfisaiion programmes ■ in- 
nations. ■ volved have placed at least some 

Several countries can. already contracts in jeopardy. /. Road 
S claim to, have; made substantial. builder&have In most : cas^s been 
improvements tQ their- highway : forced to supply all their own 
■<***A: networks and the 1, nature of the plant and. equipment ^ -and to 
terrain - and -scale -of, distances organise . the transportation of 
.‘often involved hatf* provided basic road making . materials 
( civil engineers . with some from wherever they 'have been 
; daunting challenges. available. 

' ’ r The results .of their- Perhaps a major : eqmpensa- 

/ endeavours have, however, been tion has been the spepd with 
i dramatic., with domestic routes which projects cacti rjftogress 
l taking -shape, overland haulage once routes have been; settled 
t links between the Middle East .and contracts signed, '.with few 

of the delays which invariably 
arise when a road scheme is be- 
ing carried out in a more 
densely developed and heavily 
populated area. 

Roael contractors working in 
the Gulf are drawn from Europe 
— notably from Britain, Greece, 
West Germany and Italy — and 
from the Far East, including 
Taiwan and South Korea. They 
are engaged on schemes which 
range from the provision of re- 
lief roads for urban centres 
now generating volumes of local 
traffic uneh ought of a decade 
ago to 1,000 km stretches of 
motorway designed to link two 
previously unconnected areas 
and help stimulated economic 
development in previously dor- 
mant regions. 

One of the major projecis 
involves the construction o£ the 
trans-Saharan highway, running 
nearly 800 km from Algiers 
through the desert via Zn Salah 
and Tumanrasset to Niger, with 
a branch to Mali. The first 
section opened in 1970 and the- 
route, which will revolutionise 
transport to west and centra) 
Africa, is due soon to become 
fully operational. 

By contrast, a much shorter 
though equally challenging and 
significant project involves the 
construction of just 25 km of 

road in Lhe shape of a causeway 
linking Bahrain to the cast coast 
of Saudi Arabia. 

The scheme, provisionally 
costed at over £400m. will he 
financed by the Saudis and will 
connect the Saudi road system 
from near A1 Khobar across 
Umm an Nasan island to 
Bahrain. It is unlikely that con- 
tracts will be awarded yet and 
the earliest suggested com- 
pletion date so far available is 
the mid-1980s. The scheme has 
become immersed in political 
debate centreing on the effects 
of siich a link on both countries, 
whose cultures and life-styles 
differ widely. 

Among other Gulf nations. 
Saudi Arabia and Oman face 
the similar task of connecting 
large areas of inhospitable 
country and. despite their 
development programmes, will 
continue to rely heavily on 
unpaved routes. 

In Saudi Arabia, no less than 
£2bn has been allocated for the 
current highway development 
plan, which involves extensive 
road networks throughout the 
country. By 1076, the country 
had 22,000 km of roads, though 
nearly one third of them were 
unpaved. A substantial propor- 
tion of the resources allocated 
will be devoted lu raising the 

standards uf existing links 
while the development of new 
Toutes continues. 


Much of the Saudis' attention 
will be centred on improving 
links in their eastern province. 
The region is linked to the 
remainder of the nation and 
neighbouring countries by 
single carriageway roads north 
to the Trans-Arabian Pipeline, 
west to Riyadh nod south via 
Hofuf and S2lwa to the Qatar 
network. A new route is under 
construction' which connects 
the TAP pipeline road to Hofuf 
and then south and further 
highway improvement work is 
being carried out on the 
Dharran-Riyadh road. 

Elsewhere in the country a 
£130m scheme is under way to 
improve the route between 
Mazaleef and Majarda and con- 
tracts worth £185m are in hand 
to construct a highway between 
Jouf abd Qaliba. Work on the 
Mecca-Jizan road, valued at 
£66ra, is due for completion 

In Oman, which is investing 
over 30 per cent of its total 
budget in the provision of trans- 
portation infrastructure, pro- 
gress has been rapid since 1970, 
when the country had just a 

few kilometres of paved road. 

By the end of 1976 over 

1.500 km of road had been 
paved, however, with another 

8.500 km graded. Work on new 
highway schemes in the near 
future is likely to be concen- 
trated in the Dhofar region to 
the south where investment in 
rpads will be linked to the 
development of government 
centres throughout the region. 

Much of the road develop- 
ment in the neighbouring 
United Arab Emirates is com- 
pleted, though the extension of 
the Abu Dhabi-Dubai-Sharjah 
dual carriageway to Ras al 
Khairaah means that a major 
route now provides a link 
along thg whole coastal strip. 
Like the other smaller Gulf 
countries, such as Qatar. Bah- 
rain and Kuwait, the UAE has i 
been able to pare almost all its 
main road networks and is em- 
barking on tbe upgrading of 
many of the existing routes to 
dual-carriageway standards. 

With many major links 
throughout the Gulf yet to be 
connected up. older highways 
to be improved and mainten- 
ance programmes to be estab- 
lished, substantial expenditure' 
on the region's roads is set to 

Michael Cassell 

immediate clearing & delivery 

full and part charter 

passenger meet and assist 

door to door delivery world- 

break bulk and reforwarding 

cargo shipments by scheduled 

trucking throughout the u.a.e. 
kuwait, doha and saudi arabia 

worldwide air courier service 

Road haulage 

> if?* •*£ 
'ZtXg&K&r JS 


Long-term confidence 

ROA3} HAULAGE ft and. within cent , increase- xii r.^tlpping bilateral deals to reduce taxes trucking to Iraq. Syria. Jordan in Iraq, where road transport force, penetrating through Tur- 
the- Atib rworld lias, never been tariffs most operatoq^i^D the for vehicles from their own and, outside the Arab world, to has been nationalised. key and the Soviet Union and 


A much greater scale of acti- 

an <&sy business, but .with the . Middle East believe ^ffevneces- countries. Iran. The business is bound, how- fanning out through tbe Arab 

coHapse qf- shlppjnk Tat& .last wry. - ’« ' Even so, the IRU counted 350 A much greater scale of acti- ever, to become increasingly world's expanding rail network, 

year the; econo njlcsOof much Even assuming that^fciS-hap- vehicles a day in a census at the vity will be the intermodal ser- specialised and capital-intensive, ni 

intereationailiaidagfcactivity to pens, hauliers face i^wmous Turkish border point of Kapi- vices offered either by the ship- because of the growing pace of olOWCl 

the region! tipis been, quite simply '.difficulties. Althb ugBV* wost of kule earlier this year and it is ping lines with their own Arab- containerisation mixed with a For the North African Arab 

destroyed. i.; L-c A :■ . ” ...the surviving operates -^have unlikely that the volume of based fleets of trailers and continued requirement for countries, the cycles have been 

More=Uian ^•year/'iater' 1 ^ to deal wiOS tto^'yitaal traffic has fallen much since, lorries or by forwarders able heavy lift work associated with less oramalic because of the 

to take- 

developments and to iKsess what -bureaucracy and / scattered* land transport for almost 10 per port. Some European transport tors. Forecasting future bal- i^e Egypt has relatively good 
its permanent role might be maintenance faciUCes,’ It. has cent of its imports and. Kuwait companies have also accepted ances between container, roll-on roa(is Attempts, however, to 

when, eventtalisr, the swings <rf been less easy foEtteita to offset between 10 and 20 per cent, the advantages of employing roll-off and conventional break use Mediterranean ro-ro ser- 

$ undersupply and dversupply -in the impact of- nfnsit taxes and Direct overland transport to local, especially Turkish, haul- bulk traffic remains, however, a V j ces and road transits through 

m- transport = to the Middle- East competition frefti East European , Saudi Arabia is now negligible iers for their Middle East dis- hazardous exercise. Algeria to serve Nigeria have 

M# become less violent ■' and espedaHir Turkish hauliers, because of distance and the ex- tribution, both in terms of com- Much also depends upon the not been consnicuouslv success- 

", — " . , use meuxLeiraueau iu-iu aei- 

bulk traffic remains, however, a rtcM snd road transtts uirough 

become lesxviolem. -' !. and espeaa^ 

C-*?- The~ chief certainty is- the - J*V. 

■ r A haulier’s wnfidence Ip the basic fRXGS 
a .ir S • supremacy of bis mode when it. y* . 

zaraous exercise. Algeria to serve Nigeria have 

Much also depends upon the not beeQ conspicuously success- 

cellence of urutised sea links petitive labour costs and the outcome of what looks like be- ful w | tll ^ e recent bankruptcy 
. and in tbe case of the United value of drivers' local know- ing a highly competitive tussle Qf ' Qne Qf lhe few Q p erators on 
Arab Emirates, long-distance ledge in overcoming difficulties, between the revitalised ports route Completion of the 

>wn?: for 

■ • ent 

wnrlrv - Tramflt t n r«: which becan to ''Poland Operations are ex- This is standard practice for in the Gulf and Red Sea, and trans-Sahara highway will 
i of goods. There is no doubt that enmrgefas a serious problem, in ctod®* 1 except in some cases of the various operators serving of the future of Beirut, which dearly improve the possibilities, 
■ fo? W nreS eare^t have reaSiS .^^ency by the lack of hard Black Sea ports but some direct ™? but probably not dramatically. 


I I 

i v 


for .sbme premium - cargoes. 1974.' have -now reached ^ u 

costoiners will continue to be’- epidemic proportions, spreading WW* *™y&** m 
prepared to pay for direut ov^- ttoimgh Jordan. Syria. Sand} ■ "S 

overland operators, such as distribution point for the East- 
being im- the Dutch haulier Koops, use ern Mediterranean. Will 

The unknowns greatly out- 
number the knowns for long- 

overland operation is how inch 'cent of. a lorry’s costs on a run #* 

Sf rf‘thI e Co'^tiSlit I t” Sreroen? C to a buT Indeed Jt now seems certain operating more than 50 vehicles aceording to the accuracy with move J etIt J perishahle and 

a vs tS j enM tors' *,ss ir*.ss 5 jss ^ . „ 

which is well under half the or the Iraq be a restricted level of direct' position is somewhat different emerge as a more significant L«* 

overland rate for an equivalent sistence on a 3150,000 bank 
size of trailer. Where, the riiip- guarantee. They also have to 
ping line offers door-to-door cope with the continued short- 
service using either Its oym or age' of transit permits in 
subcontracted haulage in- European countries — a shortage 
Europe' and . in the -Gulf, the 'which results in many lorries 
differential can lie' almost as making the journey from Ger- 
great, because of the 1 scale of many to Yugoslavia on board a 
competition holding down the. railway wagon. 

Shipping agents 


shipping -lines' "intermodal These conditions have ■ l 

tariffs. ' - ■ brought a long howl of protest \ - 

It Is -difficult to predict- when from the Geneva-based Inter- 
this ferocity -. of compotitibn national Road Transport Union NEARLY 50 shipping companies 

Reducing the delays 

When the major projects for ins repair facilities GAC Agency Company and Modern 

from sea transport, now on- and some ..taxes, including thc^ 'how provide conventional the large-scale development of alsu organises heavy lifts. Freight Company, all serve the 
burdened - from the port con- Austrian levy, have been general cargo services to ports Arab ports were introduced the Extensive facilities are pro- ? T ura £ abia 2- LmC r i? 

gestioh problems which led to reduced following EEC pres- m : the Gulf and Red Sea areas, construction companies were vided by one of the most expert- Northern Europe _wtn tne uuu. 

the overland booth' ip 1975-76, . sure. Some. Governments have and at mid-year a further 40 faced with 4he problem of enccd. agents in tbe Gulf, Yusuf Almost parallelling the sharp 

will lead to the 20. to 30 per als o had success In securing ; companies were operating con- mo ring vast quantities Df gm Ahmed Karroo, where, in increase in the number of 

^jtairiqr or roU-on..roll-off services, material into position, and Gray addition to the usual services, vessels serving the Middle East 

■■ ■ ' ' ■ ■ . ■■ »i i ■ 1 ■ 1 The routes involved to the Gulf Mackenzie, a member of the Kanoo maintains stocks for is the growth of drydocks and 

: and Red Sea range from Japan, inchcape Group and a major certain manufacturers for a marine engineering facilities. At 

.'Singapore, and India to the UK. agency in the area, was able to number of items including the end of last year the new ship 
the Continent and the U.S., and supply a . fleet of barges and paints, ropes, air compressors repair complex of tbe Arab Ship 
'■' " •"; • v L the total seaborne imports into tugs for moving the equipment and electric generating sets. Repair. Yard (ASRY) was in 

• ' • -She Gulf and Red Sea ports in from ship to site. Gray Macken- Kanuo is an associate company operation and by September this 

. 1977 exceeded •50m tonnes. H rfe has also played an important of the International Paint Com- year more than 100 vessels had , 
[ the commodities traditionally paj-t jq the reorganisation of pany, which manufactures, sup- used the facility. The giant j 
• >» ; -. - iairied by tramp shipping are Port Rashid (at Dubai), where plies and applies marine paints. ASRY drydock is at present 

Wr-_ ■ - ignored, it is estimated that the th e company's management ex- Associated companies of Kanoo managed under contract by the 

. . v^Otal liner, traffic in 1977 per tase made an important cun- act as handling agents for air- successful Lisnave shiprepair 

. accounted for about 30m tonnes. t r jbution to reducing conges- craft at Dhahnui and Bahrain. groupofPorrugal.Asecond dry- 
While it is correct to identify tion. The company is also in- Comprehensive 'slipway and dock is scheduled to become 
- • 'the continuing 'high levels of volved in .management services marine workshop facilities are operational at Bahrain in 1981. 
jimpeirts into the area as the key at the new port of Ras al provided by yet another Kanoo -Three other major repair pro- 
■ ■ -factor in the very heavy traffic Khaim ah. enmpany the Bahrain Ship jects are scheduled to become 


SHARJAH, TEL : 354478 
TELEX: 8139. 

density, the work of the vital T : _ 

agency companies in the ports of D ra ^ ia n? 1 

the. Golf and Red Sea ensures l h JL. 

laimah. i-mupany the Bahrain Ship jects are scheduled to become 

_ : _ Repairing and Engineering operational in the next three 

In Saudi Arabia al Damman -company, which also carries out years. These are the very large 

that. delays are reduced to a f ®r° repair squads. 

Scruttons of London and the Rmed in Afr 
minimum.. u p, , TT „_, „ isasea in nai 

repairs afloat using mobile three-drydock complex at Dubai 
repair squads. (due to be finished early next 

minimum. ' aerunons or L.onaon ana me Based in Montreal, the Cana- year), tbe two VLCC drydocks 

■ the nnwHsifln Mersey Dock and Harbour Lora- dian company Scandia Shipping and' floating dock at Bandar 

pany ' °P era + tes a . c f onsulta °^ Agencies has established asso- Abbas in Iran in 19S2 and a 

? an i- gl ™ ent Pro3CC l * dated offices in Saudi Arabia, facility for vessels of up to 

SSUr* SS S hm Saudi frainees work alongside through ^ Saudi Maritirae 35,000 dwt at Shuwaikh, the 

several ATab states nave their British counterparts in rnmnanv and in iHp United nnrt nf Kuwait. 

appointed companies to operate the management role. This year a ra b Emirates their aacnt is the . .. 

parem tjsrminoie Tho mntriwr -imu athu c,iuirrfies tneir agpni is iJie ch, D and machinery rcoairs 

“ Solinniar Sh>ppm g Company. 

rtenrUnal at the port of Khor berth and expects to handle 
! Fakkaxr is the latest example of 28m dwt of cargo, 
such . an arrangement, where . .. . 

Marine .Transport International 
has been awarded the contract . •?.? 

Ship and machinery repairs 
are handled by the • Gray 

Within the Middle East Area Mackenzie-owned Bahrain Slip- 
there are over 100 national ^ay Company, where vessels of 

Marine Transport International ° n ^ ? f ^ agency agencies, such as the National up tD 1000 dwl be S ji pp ed 

has been awarded the contract co,npanles operatin ° in tbe Shipping Agency at Bahrain, and repairs carried out afloat on 
t^m^ge Sf operate £e ron- Middle East is the Gulf Agency which does aii the important 1 ^/vessels. Reference has 
taiper Jorr d °M.TJ. MmUy . already been made to the^asso- 

opS^ftes the container terminal • 7?” *** the Gulf area, ing his nmted repatriating eBmpur of ^ ^ 

at^dah ' GAC at Dubai operates a round- them), dehvenng mail and Group, the Bahrain Ship Repair- 

" ; the-ciock all weather service to stores and supplying courier in3 and Engineering Company. 

- Fort Management Services, a ships entering or leaving the services to the airport. which also carries outreoairs to 

whoU^owned., subsidiary of Gulf, the contact being made at The tendency is for agents to electrical and mechanical equip- 

wholfyjowaed-. subsidiary of Gulf, the contact being made at The tendency is for agents to electr 
Seairain Lines of the U.S. has any position along the 55th concentrate on the lines operat- men ^ 
responsibility for overall; man- Meridian. The company's supply ing between the UK/Continent 
agement of- Port Khalid and. vessels are supplemented by the and Gulf, and three companies, 

Khor Fakkan in the Emirate . helicopter services, and in Muttrah Shipping agency, 

^f. Sharjah. . . addition to . arranging drydock- .United Shipping Agencies, Gulf 

W. D. Ewart 

Editor in Chief 
Fair play International 

motor cycle courier service 
throughout the u.a.e. 

me Re grzeot 
mfth frzeiglnt 

PO Box 5 514 
Duba 1 , UAE 

Tl x 46137 EM 

V - ' > 4 : 

Coe & CBerici Agenti 

inaES portsdthevnorld 

CC represents liner companies 
of pre-eminent international importance 
- linking Italy and the Mediterranean with 
all continents - as weif as specialized 
and tramp carriers. 

CC places at the disposal of the Principals 
and of the Italian trade a widely spread 
network of own offices and first class 
subagents at all Mediterranean ports 
and inland points. 

CC handles any cargo from any origin 
to any destination with qualified 
and experienced young staff. 

CC is an old establishment with a modern 
view of the shipping world. 




TEL (010) 54.891 - TELEX 27209 ANGLAM 

=. ' 7 ' . . ; •' ^ -i ^ - r " 

Financial. Times Monday. : 

. . 


:V iSfr :,. ; •_:.: V , . .* .'• ;; V Y i 



. V -i'. 

* . 

New emphasis on 

Algerie. Air 
Alia ut .Iordan. 

THE MIDDLE EAST is now one Aviation Organisation. It Jists 
of the busiest, and certainly among its members IS a i rimes, 
lhe must rapidly expanding. air including Air 
transport region in the world. MaiiretaniP, 

Statistics issued by the Inter- Alyemdd or temcn. Egyptair; 
national Air Transport Assucia- Lull Air. Iraqi Airways. Kuwait 
tion show that between now Airways, Libyan Arab, Middle 
and 19S3 the rate of traffic East Airlines. Royal Air Maruc, 
■rowth for scheduled pas- Saudia uf Saudi Arabia, Syrian 

that it will continue at least for has frequently suggested the 

the immediate future. 

possibility of a supersonic ser- 
«... vice between Beirut and/or 

This optimism is reflected in CairQ tQ New Yo rk, using Gon- 

both the expansionist nature of 
the airlines themselves, through 
their aggressive route policies. 

corde, travelling supersonically 
the length of the Mediterranean 
to the South of Prance, thence 

and through their reequipment tV TouiouVe or 

plans. Virtually every airline 
In the region has in the past 

sensers alone in iho Middle Arab. S»mali Airlines. Sudan few years extended its route net- 

East region — mainlv the Arab Airways, Trans Mediterranean 
world— is likelv to exceed 14 Airways ran all-cargo carrier)., 
per cent, compared with the Tunis Air and Yemen Airways, 
average annual growth rate for Between them, these airlines 
the world as a whole of about OWfl a neci of over lyo jet air- 

S.H per cent, while for cargo [j nors 0 f various types, with at 

the expansion is expected to be i,. asl another 2t» on lease. The 
approaching jh L * same volume. ft ct£ include* more than 1 U 
This growth is due to several Hoeing '<47 Jumbo jets, 15 Lock- 
factors. The tirst inevitably is heed iriStars and twn European 
the growth of the oil wealth in Airbuses, among the wide- 
the Middle East in the past few bodies. These long-range jets 
years, which is stimulating in are supplemented Jiy a fleet of j um jj 0 and the Loc 

1 urn an unprecedented economic over . o4 Hoeing lOfs and 21 TriStar. So far, five airli 


work, especially on an inter- 
national basis, either within the 
Middle East itself or on longer- 
range routes linking major 
cities in the region with 
Western Europe, South-East 
Asia, the Far East and North 

So far as the long-range 
routes are concerned, these ex- 
pansion plans are being based 
on the use of the Boeing 747 
airlines in 

Paris fur refuelling tand to pick 
up more passengers), and then 
onwards supersonically to New 
York. The idea has been dis- 
cussed between a number of 
Arab airlines this past year, 
but so far it seems that the 
Arab carriers are more imme- 
diately concerned with seeking 
rights for direct flights sub- 
sonicaily to New York, with 
Boeing 747s, before committing 
themselves to Concorde. 

This subsonic operation to 
New York is of particular in- 
terest to Alia of Jordan, and 

the region 

Syrian Air t who already operate 
(Saudia. -Syrian a joint service to New York!. 

Kuwait Airways, Middle East 

expansion. But it is also due Bovin; 

to the fact that the aeroplane Arab, Alia. Iraqi and’ Kuwait) 

itself is increasingly seen to he XJpoinflfll hove acquired 747 s. while two Airlines, Saudia and Gulf Air. 

not only an instrument of IVCglUIKU t Saudia and Gulf Air), have These carriers earlier this year 

economic growth, but also of BUl lne intensely regional acquired TriStars. Saudia now formed a private committee to 

sociological development. ^ In naiuie ut air uauapua upera- operates all its 13 (lights a week study the situation, and dis- 

many parts uf the Middle East. litlJ1Jj tiiiuugiioui nio miuuic between London and the King- covered that there was enough, 
roads and railways either do a very large number of dom by TriStars or 747s. seven traffic between the Middle East 

noi exist, or at best are limited, hI101l .baui luuies, is illustrated of them non-slup, with late and the U.S. to justify the opera- 

bv tne very lugn proportion ot morning departures every day tion. A formal application to the battles between the major air- 
siiori-iu-iueuiuiii lange jet* in to dovetail with incoming u.S. nn behalf of the group fur frame and aero engine manufac- 
me licet — over ou Buying «<J«* flights from Europe, the U.S. the service is now under cun- turers in the next year or su. 
duo Buying .i»s. in tact. my and inside the UK sideration. and it is possible that establishing fleet patterns to 

Gulf Air uperates niue flights it could start later hi 1979 or in ca rry those airlines through the 
weekly from London to the 1980. JHSOs. 

f :< -f ■ 

A view' of Dubai International Airjxnt 

’ -• •• ■ 

and the aeroplane is often the 
only means «»i opening up iartje 
areas of territory fur subsequent 

Thus, in many parts of the noei list snows cieany now nr 
Arab world, the emphasis is as ducui;. U-ia mauu me Midaie 

much upon thy development of tast us own bailiwick, with Gulf, all non-stop, using Tri- On the shorter routes, both while oasseneer transport to, seeking 

-- ik.. . .— ......'.I TT. I ■ JnmaLl'ir. K . . . . .. . 

competition in -the air Itself is -^jgg est all^cargo airline, is now is painted out that,. , 

increasing, with more UK aod--: seeking increasingly to operate the- entire Arab' world/l^lit^-Jr.q - .. 

Continental all-cargo operators jts -flights directly to the. final some cutbacks, fhejwer^tread^rvf .. 
seeking business, while the *■ riacti nations required, so as tb‘ i e still inwards -develaiimenb^ar^ • : 

fleets that nut only include such ^ a(l( i, Uon ltl jets, the flights weekly^ between London 

domestic air services as nn lhe uV er loo m us jircruu spa-ad siars. while Kuwait Airways internationally and demesne- from and wilbin t h e Arab world 

develupinenl ul international uirdugn the aii lines m the recently introduced its “ busi- ally, the expansion to dale has js on tbe increase, however, 

links, and on ihe creation of a acu. nessman’s Jumbo,” with three been built round the Boeing 727 f re j gbl shows a different 

ndon, and 737, and this trend seems DaUern To some parLs Clf lhe 

freight traffic • has 
recent months,. for a 
reasons. Freight traf- 
to and from the Guif 

engined airliner, .down to , n „ a lar , >|f n uiuoer (35) of At present, nu Aran airline also 

r mg a large nuiuoer toai tu — « *-■- rccenuy-jauaciitu area in particular, for example. 

Beech. Cessna and Piper light toKkt . r r . 2( (wm -engmetl turbo- operates Concorde, and the only smaller 200- seat A-310 vers on. ^ fal , en Thjs . ^ dlie { 0 

aircraft, for executive travel airliners ogam indicating services into the area are those But Boeing is well entrenched 

and communications work (the f lw . K ^..rr-haui low-density by British Airways to and from in the region, and is already 

~ - " • 1 -- a major sales drive 

2 »»u- 

operations themselves). 


. . .■ i .. Hiuhtc 

engined ' aTrUneri *and~ a few Singapore, which wi 11^ open a smaller 757,^ a 

changes in economic conditions 
stemming from the fall in the 
value of the dollar, which 
together with a decline in 
demand for oil as a result of 
lio^OlT’ seal energy conservation schemes in 
conn tries (together 

potion intensifying is acknoW- . Sharjah, whereby goods .coming f or an expanding rafr -freigh* 
ledged by some of the charter 'by sea from Jndia can be tran- jndustzy- and the janie is '&ue -, 
operators* flying into the region.- shipped at Sharjah- pn to IAS 0 f ttie Arab; countries, where n ...J 

Some of the major scheduled- DCS jets' for onward. carnage cargo. 'is still CQmpfiratjyeljv j ^ DL>Jl U 
carriers, such as British Ait-- to Gatwicfc. IA& says- that its j n its iafaniy. . V/ithra the: over - 1 • 

wavs wlille still more expensive market surveys have -indicated aii demand, :however, the; mix 

* •' . . . ■ ■ a., ,'ni'fi'il Homo n A far this'nmp i mil 

than' the charter operators, are “ initial demand for this iype between nsharfet- Operators Uhd : 


U,e s ,. oe« ojporumlt, for_ Concorde ^ K o f No rt h s» 

E~v“S Sa ? S5S. ssnssrz^ 

The expansion in civil avia- 
tion throughout the area is re- 

troni the fleets entirely. possibility 

Another indication of the cx- 

flected in the growth uf activity pansJon t j iat ]S taking place in 
at the airport* in the region. Middle East air travel is the fact 
Figure* prepared by the Arab that m 1&77 tiic: 14 largest mera- 
Air Carriers Urganisatiun berj . or ^ ,\ACU collectively 
(AACOl, listing IS major produced over 5. 36bn ” available 
scheduled airlines among iis lonn e-km — one uf the basic 
members, shows that in 1977. un|ls 0 f ra «;asurenu-nt of air 
the airports throughout the jr a nsport performance — repre- 
reginn handled over 15m pas- 4entiris a 2 7.5 per cent growUi 
sengers, or over 17 per cent g0 tbe n reiv djnj> year. Ot these, 
more than in the previous year. m fe%ver tJian 4 . si ,, n available 
Fur 1978, the figure is tonne-km were on international 

" e d „“ iV'A?Ib“n,l;r^7lVX!y ^rttanS «SSS^“5?uS ho,,,ver. .t. a.rcdv moving 
East Airlines itself to see some formidable sales . introduction of an increasing meet this situation, by tailoring 

understood to be seeking ‘ to of service amounting to.aboig- schedyled - airlines.:, pay: «elt/i 
introduce cheaper bulk, cbmmo- i- 000 tonnes a year to_the UK change in the' -period ahead, and.,! - • 
dity rates for cargoes, which: alone - wIt 5 other markets m corapetltfon ;^ . . ■ 

could erode the position- of-.lbe Europe and^AuslraUa likely to o[ . the J aviation sector will. , ^ • 

charter operators ret > uire additional ■ 

Some major charter operators. 


rators,' Bm despite- these -current Mirltiiainniine-! ^ 

ring to problems, the - overall view, is J . : i r ^ r HwCIW©? I/O^Jue - 
iloring that ‘anr ireighr tb -and^frt»m ;' ; . ^ 



expected to yruw by the same 
amount again, and cmild come 
close to 2Um passengers. 

operation*, a rise of 25JS per 


■ - . • \ 
,, \ 

Biggest of all the Arab air- 

Vimtally every airport through- lines m u , e passe nger field is 

out the region shared in the Saudiaf the fl ag airline of Saudi THROUGHOUT THE Arab velopments in the Middle East, 

expansion, the only major Arjlb j a ' wb ich last year pro- world, the major international for example, are costing little 

exception being Beirut, which j uced qq fewer than 1.24bn airports collectively handled more than £2m for a runway. 

in 1977 was still struggling hack ava ilable toune-km, representing over 15m passengers in 1977, or with about the same amount for 
after the civil war uf 19i6, a pi . r L . e nt growth over lhe over 17 per cent more than in terminal building* and asso- 
which virtually wiped nut preCed j n u year. Of tins, about the previous year. Estimates for . dated facilities. At the other 

already belong) is also a signifi- . ntu^ber of new contracts tfcat£- V v. • 
cant force behind the scenes in w.ill be available in the UM#-;'.-, . ; . ' 

44. . .mMtk '.nil nrrlulr-ltr riiato flltllTP ItMT h<> .Wlhsiderr'. . 

tourism to the Lebanon and 
seriously disrupted business 

preceding year. .... .. . . 

819m ATlvMs were produced on 197S have nut yet been prepared end of the scale, however, it is 
international operations, a but it seems likely that the possible to spend several hun- 

traffic. The further strife in rowth of ti3 per L . enli an d the expansion will nut be less than dretl million pounds on a major 
1S7S ha* severely hampered a ^ pn doim . sl j c oper aUons in- last year, su that a total traffic international airport capable of 

return to normal air travel con- 
ditions, but Middle East Air- 
lines reports that it has been 
able to maintain a substantial 
number of its services, and is 
fighting hack determinedly. 

The Arab Air Carriers 
Organisation is the principal 
international authority con- 
cerned with air transport affairs 
in the Middle East. While many 
of its members are also 
members of the wider Inter- 
national Air Transport Associa- 
tion. the AAUO itself is par- 
ticularly concerned w-jth trying 
to unify the approaches to all 

side Saudi Arabia, where the volume of around 
airline's activity grew by 5S.3 passengers is possible. 


handling millions of passengers 
a year. 

to emerge in- the foreseeable countries of the West— the 
future, reflecting tbe determined Britain. France, West Germany 
intention of the Kingdom 10 and Italy and Holland in par- major, 
bring itself into the mainstream titular— have generated almost 
of both domestic and inter- a plethora or individual com- 
nanonai civil aviation by the panics ur groups capable 
early 1980s. Places in Saudi meeting virtually every demand 
Arabia at which new runways, (hat any emerging nation de- 

new terminal buildings nr other sirous of its own air transport , . . _ 

developments are in progress infrastructure is likely to re- port, authorities, on. technical ihe minds of most ofiti^se lhy-, 
include Taif. Dhahran, Bisha, quire. * and operational standard. • yolved in.the .busines8-4baj&'-prc^-V ^ ?- 

per cent. 

These figures reflect the one 

Haii. Wejh. Jouf Kharji. Jfj BriIaio [or sample, lhe 

In addition, the International vided 
Aviation Organisation, the countries 

JSS ^‘SSuiSS.i'M ™5J Earmarked 

from the setback caused bv the — lhal is e3t P» n ^ ,n .S at a Throughout the Arab world 

civil war in Lebanon is reflected ^ tantiaI T hls ‘ s "( Jt „ oni ?| ^ver £Ibn is already either being 

in thu fad that it achieved an because *P* nl or 15 earmarked on a total 

Qu ray at, Tu rai f , Tabu k. a ■ British Airports Authority, pro- Civil . 

Mushayt. Qynfundah. (Jaisumati baWv the big g ej)t sins | c airports aviation technical agency of lhe continue 
and Yanbu. . ' ^ .....ain ha.- i;«t-^ UN. r 

the economies. i.djFMfie > : - 

ies in the -.Artt-^wncltt'. 
ue to expand, ^0 ;'■* 7_~ ’ ’ . 

A frti* 41V 1 ’lintn ' " 

owner in the world, has linked UN. not only- provides technical demand- for air transport, 

Outside Saudi Arabia there with International Aeradio, assistance but also cash grants 

hir in pnsbfc ftmereiDET countries to nationally — ana tmi is jihay^io - —> .. 

expansion uf over 112.17 per 
cent to 360m ATKAfs. 

uf more lhan 6U separate new 
airport programmes, ranging 
widely from improvemem pro- 

wealth throughout the region, 
which is encouraging inter- 
national business travel in both ...... 

All ihe major airlines through- directions, but also because the j ei; is a t s mali airports to the con- 
out the region showed grow l h economic growth stemming struct ion of massive new inter- 
Jast year,- but the pattern was internally from this oil wealth national airports fully equipped 
mixed, with only 0 small expan- isj stimulating the expansion on tl , the m0!lt niudern' standards, 
sion being shown by Siidan Air- , n ternai air services on a major AlM ong the latter are the 
ways, and small declines in the scale. development of (he new inter 

Thus actual and potential ex- 
pansion is inevitably generating 

nil CIULLIkUlUU. * 11 *; aoaiJ cum » „ . . J 

■ rankfurt airport autrfiorities • "They- are starting a JoOE.way-' 

arc already, vigorous, and a * ...... _• . *• bebmd-Westem Europe aadthe 

number of Dutch. Italian, Brazi- , ^ , a J^ lla J 1 ‘ lty ° f - ^ hese U.S. ..and have- a" 

a formidable amount of com- lian and U.S. consultants and already accepted and proven 

air transport activities through- cases of Syrian Arab and TMA. The Arab world reflects in ual j una l airport at Riyadh in 

out the region, acting a* a 
consensus of views nn such 
matters in discussions with 
governments, airlines and other 
civil aviation organisations, 

Preliminary estimates Tor the f act . more lhan any other major Saudi Arabia at an estimated 
current year indicate that this regiuii of the world, just bow c , lSt 0 f £i65in..and the new 
pattern of strong growrh with f ar t he aeroplane is being used in ternaiionai airport at Jeddah 
only minor exceptions through- as an instrument of economic ^timated to cost about £S5m. 

I U.S. consultants and aireaay accepiea .^ proven ^ . 

ins groups are also in- standa^ofairport develop- ^ ons are. expLding^Jad^^jv^ 7-;::-- 

ikri frnm ‘Rritain iltnlF lOeQt--- and Operation eUSUTeS . _ _ ... -. t 1 • . • , * **•*.-- - '-'m— — 

out the region has been re- and sociological development. Saudi Arabia accounts indeed 

such as the International Civil pealed, and all the signs are The area is vast, in many parts f or lbe vasl majority of the air- 

sparsely inhahiied, and centres piirt programmes currently 

the demand. With their already stannal amouut 



Shipping Agems 
Barge Owners 
Offices at 
Jeddah — Yenbo 
Jizan — Dammam 
RasTanura & 

P & I. Association 



Bureau Veritas 



VYfth the r.’oht»g*'tt »n Tfco rigf-: c'f ce. 
much can ht accomplished . . . 

ORRi nnuiGMion LinES 

a; O't C« JEDPAH. Orn Hi.-uimc. Ku 3 Khaii-d H-.ej 
• . P 0 8 o<rj r - 

Phorrn ; 321«&^61fH Toll* 4aGmORni3.1 
DAMMAM^ P-ZAM'L Uoi'J-i'j. PC. «Jc« 1*04 
in-fx-.e-. Try 4 CuiftWOfitUSj 

VJ'-CV •; w . C" .u. 

2 *v« 0 Ccontn. Piree'ic .'G w.r, T *^< ?~iMH Oitfli GR 
- phonv: 4t7?6 t fi Cat-lev 0R?u Ui! cft rrtl 

i 11 tegreted swiftly into the etist- 
ing world air 
...s.u- .v.- ™inimum 

KIT,; ' of civil: avjatioh^^Hxt?- 

inimum nf riiffieuh'? tbatraeans. in termsaf-d^and^ ' - 

‘ - for alrerdft: ,v *tJrp6rfe:-: V; : 

of population are separated by 
large areas of inhospitable 
terrain, through which it is 
extremely expensive, apart from 
being physically difficult, to 
drive ruads and railways. 

While the latter are certainly 
uni being ignored, in many 
parts of the region it is often 
quicker and ies» expensive to 
develop internal air communica- 
tions. Airports sound 
glamorous, but they need not 
be, and indeed in many part* of 
the world they are not — the 
most important requirement is 
a reasonably flat area nn which 
to construct a runway with 
obstacle-free approaches and to 
build associated terminal build- 
ings (which, initially at least, 
can be small) together with 
aprons and taxi-way*. 

This is not to minimise the 
civil -engineering problems in- 
volved in airport design, de- 
velopment and construction, 
which can sometime*' be for- 
midable. both for physical 
terrain and logistical and cli- 
matic, reasons. But as a result 
of lhe vast wealth of techno- 
logical expertise in airport 
design, development and con- 
struction that is now available 
in lhe West, it is possible for 
any country in the Third World, 
including Arab countries, to get 
iis own air transport infrastruc- 
ture reasonably quickly, and 
without extravagance. 

Some of the new airport de- 

envisased or under way (close 
to 30). costing in all more than 
£50Um, with several more likely 

E G 

P T 


JUBAIL >' ^ 




Z- s ir#KHO ft FAKHAN 


. -a a ™ i~rJTn at : IV - 




U □ 


When: you ha ve to ' be \ sxlre r. '■ >* 

Driver accompanied expresVoyejrlanid send^^ - 
to Iraq, Ku waiL SaucU.Arabih,- Syria - 
: -Qatar and throughout r .: 

Falcongate is an 
State Organisation ''-for ; Land- 
'■ "enabling our- vehicles to edtet 

^ . Gor - spccia Uy - eq nipped . ivehseles: " 

problem .in.- deliver) bg . ’direct " ; dffoKfo^bcHT 

Chart showing, routes, - mileage arid^d 
-v: , .tary. . requirement^;-,. J .: ; 

• - ^ contact 

’• - | PREXiHT MAIHaeMEJr^XTD.T : " 

Dock Road South ."'.‘57 Nocttr Quay- > . 
Breraborough : • Great Yarinduth ^ 
-Mcr^yiid^, U:K. " Nbrfnlk: . - ^ v 
Tel: 051^334 7235 • Tel: 59&X7/S/9'- Vi 
"TeJejl: ‘627291 / :^; r -TeIex';;97faW'y) : ;. 

, »9 

. -i.»a 



;r :. 

,V .. ■ j - -r 

'i 1 * v, ; 

.-•.v 1 

B * *.■ -v.^ ... • 

■ -'■ •* .*,?*. • •, .*■-*/. *" • ••* ~ 

|f. • - Wri^ieial ;*Prm^Mein J di8^ -December IS 1978 

m })y£ 

’s rocky road to 


ice s 

By TONY HAWKINS, Salisbury Correspondent 

.i ;• . down to ■ not much . more .than 
wri "ij‘BO,0 00 voters . — ' wiHdecide at 

SCR. IAN SMITH’S--' Tullng 

Rhodesian Front Government 
today marks the 16th anniver- 
sary of fits first- election, "victory 
In December 1962 by statins 
to abolish all the polrdea it was 
originally returned to" uphold. 
In an unprecedented move. 
Parliament iff being recalled a 
week, before Christmas to 
abolish the Land Tenure Act 
(frequently described in .the 
past by Mr. Smith and hjs col- 
leagues us u tbe cornerstone of 
-western Democratic .erviBsa- 
tion ” in Rhodesia ),-'aad -to' end 
' racial d iserin dn at ife ■■■ inf^ehoob 
and hospitals. - .C . '; .. . 

By late JinVtofijryv ; > legisla- 
tive ? racial 4 IscriblmatlQn'. will 
have been removed from- the 
statute ~b0ok t , '.ahd ? :cur . January 
. 30, ' the white 'electorate . ■ — - now 

a referendum whether or not to 
go ahead with the internal 
- ■ ' / / prttlement «f March. . 3 - under 
Aj.jwiiich a diluted form of 
j j\ I majority rule is to, be intro- 

duced nest April, after ohe-hian- 

{'■! one-vote elections. 

goes on 

But while the internal settle- 
ment partners, are discussing 
legislative and constitutional 
change, (he war between them . 
and the Patriotic Frbntgaeitilla 
movement is. still escalating. 
Nothing illustrates this more 
graphically than the guerrilla 
.attack last week oh a strategic 
. Salisbury fuel depot. 

In theory, both the abolition 
; of racial discrimination and the 
handover to majority rule can 
.'still be frustrated : by right 
wingers within and without Par- 
liament. Some of the legislation 
: to abolish diseziminatioh re- 
quires a two-thirds majority in 
Parliament, but even if some of 
Mr. Smith's backbenchers re- 

volt fn the lobbies,’ the votes of 
the 16 independent black MPs 
win ensure that ■pie'; Bills' go 
through the Bouse. .' ' ' - 
In theory too; the white elec- 
torate can vote -against life new 
constitution . (due to. -be* pub- 
lished before Christmas) ‘ on 
Janiiaiy 30. but the. pn&es®- o f 
handing aver power, to a multi- 
racial coalition goverinpeht has 
io practice gone tbo-far’to be 
. overturned by , 80.000: voters- In 
the very’ unlikely event of-the 
; electorate voting against-ihe in- 
eternal./. ■settlement, ._ the -'.tran- 
/sztional government woulieffiave 
no alternativci but to ignore- the 
; result. - Indeed . the decision to 
abolish radal discxirai nation be- 
fore the'-referendura underlines 
■the irreversible nature: of ‘.the 
decisions of March 3; - 
Although , there is widespread 

as well . "as. blacks 1 '* witfy . the 
fnfernal settlement, the.-likeli- 
liood is that- Mr. Srpith will get 

bis mandate at the refereudom, 

1 albeit with a low turnout and 
against a significant “no : " vote. 
Disillusionment with the interim 
agreement steins from itsrfallure 
to achieve any of its stated goals 
—international recognition/ an 
end to the war, and tiie removal 
of economic sanctions. The 
whites blame the domestic -black 
leaders, . especially Mr/. :SlthoIe 
and Bishop Muzorewa. who they 
say, have failed to deliver. (heir 
side of the bargain — an Elective 
ceasefire and a rundown 'of the 
war. For their part, the-' blacks 
blame Mr. Smith and -his col- 
leagues for pandering to-Vhite 
susceptibilities to suchatyextent 
that moderate nationalists are 
losing support to the/ezttemirts 
in the Patriotic Fronted! Mr. 
Nkomo. and Mr. Mugabe?. / 

.Ever since lus public/accept- 
ance of majority rule— vn the 
Kissinger Agreement of 
ber 1976— Mr. Smith jus been 

retain white confidence. In the 
internal settlement agreement 
tins look the form of insisting 
that the whites should have 28 
reserved seats in -the 100- 
ra ember parliament. They will 
have the power to block any 
future amendment to the agree- 
ment if at least 22 of the white 
members voted against it. At 
the same time, it appeared that 
the whites were not going to be 
eligible for cabinet rank since 
the agreement of last March 
stipulated that the 28 white 
MPs could not join with a 
minority party to form a coali- 
tion government, keeping the 
majority black party out of 

United African National Coun- 
cil will win at least half the 72 
black seats, thereby ensuring 
that the Bishop becomes Prime 
Minister and that his party will 
hold the largest number of 
cabinet posts in the coalition. 
However, it is considered most 
unlikely that the Bishop wilt 
win the 71 per cent of the black 
votes necessary to give him both 

among eight provinces and the 
proportional representation for- 
mula will apply separately in 
each province. In Matabeleland 
North, for instance, which bas 
been allocated ten .scats, a party 
polling 50 per cent of the votes 
cast in that province will win 
five seats. This regional — or 
quasi-tribal — representation is 
designed, probably unsuccess- 

It was difficult enough to sell 
an agreement which gave 28 
per cent of the seats to 3 per 
cent of the voters. It is all the 
more difficult to sell an agree: 
mem that gives 3 per cent of 
the voters nearly one-third of 
the cabinet posts. By any 
yardstick this is a considerable 
dilution of the majority rule 

civil servants, police and army 

New package 

preoccupied with the heed to 

But last month, in a move 
designed to bolster morale at a 
time when white emigration had 
risen to record levels, the tran- 
sitional Government announced 
plans to dilute majority rule by 
establishing a national coalition 
Government after the elections 
on April 20. Under this agree- 
ment. any party that wins at 
least five seats ■ in Parliament 
will be entitled to pro rata 
cabinet representation. In other 
words, if Mr. Smith’s Rhodesian 
Front (minus Mr. Smith him- 
self who said this week that he 
is definitely not standing for 
Parliament again) wins aH 28 
white seats, it witi be entitled 
to 28 per cent of the cabinet 

Indeed, it is conceivable, 
though unlikely that the whites 
could emerge as the largest 
single bloc of MPs if the black 
vote were to be sufficiently frag- 
mented between the half-dozen 
or so black parties expected to 
contest the elections. But it is 
more likely, even despite his 
visible loss of support in recent 
months, that Bishop Muzorewa’s 

Advocates or the new formula 
argue that it is essential if the 
exodus of whites, expected to 
exceed 12,000 in 1978 or nearly 
5 per cent of the white popula- 
tion, is to be slowed. They argue 
too that the regional representa- 
tion system is likely to secure 
a higher voter turnout than pro- 
portional representation applied 
nationally. In particular they 
claim that the Ndebele are now 
more likely to go to the polls 
even if Mr. Nkomo's Zapu party 
boycotts the election, as seems 

Anglo-American plan should be 
much more acceptable interna- 
tionally than the internal settle- 
ment Equally, it is not sur- 
prising that the white minority 
should seek in ovoid a repeti- 
tion of tin* political and 
economic prublems experienced 
by majority-rule governments 
throughout Africa. 

Fearful outlook 

Obviously voter turnout is 
going to be crucial. This month's 
reported high poll in the 
Namibian elections is liable to 
make the Rhodesian turnout 
look embarrassingly low. Few 
observers hero expect as many 
as half the 2.9m eligible black 
voters to go to the polls on 
April 20. If the Ndebele do 
abstain in large numbers, the 
turnout could be as low as 30 
per cent. 


Glum faces in Salisbury on November 16 as the Executive Council announces revised 
plans for the handover to black rule. Front row from tbe left: Chief Jeremiah Chirau, Mr. 
Ian Smith. Bishop Abel Muzorewa, and the Rev. Ndabaningi Silholc. 

a parliamentary majority and a 
cabinet majority. In other words, 
he could easily find himself in 
the difficult position of being 
outvoted in cabinet by his col- 
leagues. ' 

Last month's changes to the 
package of March 3 have made 
this more rather than less likely 
to happen, since the original 
plan for a proportional represen- 
tion voting system operated 
nationally has been replaced by 
a regional system. The 72 black 
seats have been divided up 

fully, to induce the Ndebele, in 
particular, to cast their totes 
next April. The argument is that 
regional representation will 
ensure that minority tribes, 
such as the Ndebele will be 
assured of greater parliamentary 
representation than had the 
other system been applied. 

There are two main draw- 
backs to the whole coalition 
plan. First, it has understand- 
ably been interpreted as a ruse 
to keep whites in executive 
positions after majority rule. 

Secondly, the regional voting 
formula makes it less rather 
than more likely that no single 
parry will emerge with a clear- 
cut majority. Not only does this 
make coalition government 
inevitable, but it means that 
the chances are heavily 
weighted against the emergence 
of a strong and decisive 
administration. Cynics argue — 
unfairly — that this is what the 
whites want: a shaky coalition 
Government that leaves decisive 
power in the hands of white 

Such is the contrast between 
the transitional Government's 
cualition plan on the one hand 
and the Anglo-American settle- 
ment proposals on the other 
that it is impossible la be 
optimistic about the outcome of 
any all-party conference should 
it prove possible to get as far 
as convening one. At heart the 
two sets of proposals are essen- 
tially contradictory in that the 
internal settlement is designed 
to retain a permanent white 
presence in Rhodesia — hence 
Mr. Smith's persistent harping 
on the need to retain white con- 
fidence — while in the other 
formula whites in the last resort 
are an expendable minority. It 
is hardly surprising that the 

What is at issue is whether 
the Anglo-American formula or 
the diluted agreement of March 
3 offers the best hope for an 
orderly transition to majority 
rule and a stable, ncn-racial 
society thereafter. The unhappy 
prospect is that like the rest 
of Africa. Zimbabwe will not 
become a stable, non-ravial 
democratic society. The birth 
pangs are likely to be extremely 
unpleasant with the civil war 
that is already under way 
between the private armies of 
Mr. Nkomo tZipra). Mr. Mugabe 
(Zanlai. ‘ Bishop Muzorewa 
cUN'ACi and the Rev. Sithoie 
tZanui intensifying in 1979. 
Zimbabwe will be Jucky indeed 
if its first majority rule Govern- 
ment \*> successfully chosen as 
a result of free one-man-onc- 
vote elections. 

The more likely scenario is 
that the elections on April 20 
will go ahead against a back- 
ground of terrorism and intimi- 
dation. and that the combina- 
tion of internal opposition to 
the internal agreement, a had 
security situation, a low turn- 
out. and the national coalition 
formula will ensure that the 
country remains without inter- 
national recognition and still 
be subject to economic sanc- 
tions. despite the emergence of 
a Mack Prime Minister and 
black majority in both Parlia- 
ment and Government next 

LetteiSto the Editor 

The Board is 

the servant 


, From the Director General, 
Institute of Directors 

Sir,— It seems to me that Mr. 
Wolf (December 12)' is guilty of 
far greater confusion than that 

- he ascribes to Mr. Cole (Decem- 
ber 6), whose, picture , of the 
' Board fy-the-accuratfr -oire. 

No one need deny that a 
minority of . directors, are. 
members of the Board by virtue 
of their shareholding in the com*, 
pany. Indeed, it would be un- 
healthy if this were not so, for 
the identification with. the. suc- 
cess of the company which a' 
large shareholding creates must 
add zest to the -whple Board’s 
determination to succeed. One 
of the fears we have about the 
Companies Bill, currently going 
through its committee stages in 
Parliament, is that the -well- 
intended provisions on .insider 
dealing could discourage 

- directors from- holding shares in 
their 1 own companies.- . • - 

But .the relevant .feature of 
our present system for selecting 
directors is that it sets out to ; 
doso on ’the basis of directors’ 
ability to do the. Job. Whatever 
the shortcomings of this existing 
system, directors' are judged in 
.the end- on their ability. to pro- 
duce results. They are not 
chosen bn . the basis of electoral 
popularity nor as representatives. 

: of a -harrow interest group; The- 1 
Board is the senrant-of the com-/ 
. Jriny, not .. of. any ' particular 
interest. " - 

If the Government’s proposals 
for' what' it is pleased .to call 
"industrial democracy'’ ever, 
reach, the statute book, the ideal 
for a Board of directors will 
change from.- that 'of a- tight-knit- 
integrated team seeing success 
for the company through service 
to the customer into that of two 
teams representing separate Jii- 
terests, more concerned with the 
division ‘of the company's, wealth 
than with, its creation.. That', 
cannot be in the real interests 
of anyone; : 

The Government’s proposal for 
a two-tier Board, along the Ger- 
man qr Danish lines, is some- 
thing of a red herring. - The idea * 
is superficially attractive, placing . 
as it would,. : trade union- , 
nominated directors largely out 
of harm’s way 1 on the upper 
policy Board, leaving the real 
work and the real responsibility 
elsewhere. But the danger for 
the company' lies In the upper 
Board's lack of initiative; If the 
upper Board, which- is ostensibly 
responsible for the direction of- 
the company, has the .power 
neither to initiate nor to take: 
command in emergency, how can 
it possibly be effective? . 

I, therefore, agree with Mr. 
Wolf that we want a system in 

most often observed arrogance 
to. be in the eye of the.’bebolder 
rather than in. the accused. 

I- would not want anyone to 
come forelock in hand unless, of 
-course, he wished to dD.sobut I 
do most desperately want': to see 
proper arrangements made for 
the most comprehensive -com- 
munications at and between ail 
levels - of industry, hot . -least 
because the- other approach 
seems to be running us : 'to,to the , 

scheme with such exotic invest- 

The conclusion I draw is that 
if such schemes exist at all they 
must be very very rare indeed. 
Do any of your readers 
actually know of any such exotic- 
ally invested pension schemes at 
first hand? 

Those of us concerned with 
occupational pension schemes 
can attempt to run them well 
and also attempt to be seen to 

ground and very strangers it % them well but how can we be 
united '-.expected to deal with the impact 

. effort of all levels of industry in 
the process. 

To my mind; tlyr' added value 
type approach -enables true 
industrial democracy to ger- 
minate and flourish, clear of 
academic am} political clap-trap' 
by ‘which this- whole problem is 
surrounded'’ at the moment I 
cannot, believe' that Mr. Fox can 
believe that workers elected by 
their oWn: ^h op floor are neees- 
sarily/tbe 1 best people to repre- 
- sent - ' sbopfl oo r interests — they 
can be elected for so many other 
reasons such .as personality or a' 
laud mouth — nor can 1 believe 
that Mr. Fox can seriously sup- 
pose that trade union nominees 
from outside the company con- 
cerned can have any other result . 
than a political one. 

I have just read Mr. WolFs 
letter (Running the company, 
December 12) and note what be 
says about elected Boards. The 
case is rather different perhaps 
.and certainly less political in the 
party-political sense. Where 
this is not true, if at all, since 
when did 1 two blacks make a 
white 7 • 

N. L.' Cragoe, 

SO, Poll Mall, SW1. 

on politicians and public of 
articles exposing “this misuse of 
tax privileges,’’ etc* based, it 
would seem, on pure imagination. 
K. G. Whitehead. 

70. Brook Street, WI. 

responsible party will see the 
light and have the enterprise to 
provide separate figures for the 
two constituents of the rate of 
return instead of only one com- 
posite figure ? The data must 
be available so that it is only a 
matter of malting the necessary 
alteration to the computer pro- 
gram. If this is felt to be too 
troublesome I can only say that 
it emphasises the sad lack of 
foresight when the form of the 
statistics was originally decided 

D G. S. Cutler. 

Lincombe, 9, Woodlands Road, 
Surbiton, Surrey. 

Planning for 

Pension fund 


An exotic 


From Mr. D. Cutler 

Sir^ — -The interesting Lex 
column (December 11) on tbe 
subject of pension funds, leads 
me to refer again to the unsatis- 
factory feature of the perfor- 
mance statistics at present avail- 
able Which provide only one com- 
posite figure for rate of return 
based • upon: (a) investment 
income plus or minus; (b) 
changes in the market value of 
the portfolio allowing for 
realised profits and losses. 

These changes (b) in market 
value rusually form the largest 
constituent in the so-called rate 
-of' return, often swamping the 
/figure (a) for the actual invest- 
ment income and producing wild 
fluctuations from year to year 
. which have very little practical 
relevance in the case of large 
pension funds. 

. The president of tile Institute* 
Of actuaries recently stressed the 
overwhelming importance of 
inc om e -and, of course, this par- 
ticularly applies in the case of 
-pension funds which are not sub- 

From the Editor 
Energy International 

Sir, — In saying that we shall 
need electricity to substitute for 
many other fuels as shortages 
develop in the future. Mr. Green 
(December 13) has hit on a basic 
truth which has too often been 
overlooked In many discussions 
of our future energy require- 

From Mr. K. -Whitehead 
Sir.-^PauV Dean (December 
15) : states that -pension schemes 
must he seen to be well run if 
they are '.to withstand political 
threats to their independence 

and freedom of action. This „ 

being so may I protest at the' ^ to tax' and thus receive the 
scurrilous nature of your article £ -,y 

of December 2 concerning small ^ benefit of gross income and 
-privately administered pension M'the compounding factor at 
schemes. . current high gross rates of 

The headlines, the picture of interest, 
the yacht the righteously indigr - .The present difference between 
nant prose: “this misuse of tax tito yield on a lo ng-dated Gilt 
privileges," etc., clearly served to and. that on the FT -Actuaries All- 
give the impression that small’ 'Share Index is some 7.6 per cent 
self-administered pension grass and a simple calculation 

schemes full of exotic invert- shows that even if equity divi- 
ments were, if not the norm, cer- -deads*- increase overall by 10 per 
tainly quite common. ““t regularly every year, the 

.. what- are the facts? Putting yields in tbe case of a pension 
a Mae k we? S =l worL.g mSi ^equalise until the 

which directors are appointed 

on tbe. basis of merit. But.-we 
also want a system under which 
ohr Boards of directors are not 
deflected from their proper pur- 
pose. The primary' purpose of 
business enterprise and, there- 
fore, of the Board is. to produce 
society's goods and services. The 
The Board owes its first duty, to 
the customer, and it is towards 
a u cnstomer .democracy” not an 
“ industrial democracy” that we 
should be beading, 

Jan Hildreth, 

116, Poll Mail, SW1:. 

. usually associated with the yel- 
low rather than the pink Press I 
'ask the dear question:. do such 

10th year. In the meantime, how- 
ever. tfie shortfall In income will 
have. accumulated' to more than 

True industrial 


, From Mr* N. Cragoe - . -■ . _ / 
Sir,— I am most grateful to Mr^; 
Cole (December 6) for his -sup;* 
port as tendered in his reply to- 
Mr, Fox,’ and- while I am at all , 
times- delighted To .be/ awarded 
anything, might 1 jnst say to Mr, . 
Fox on . my. Jmhalf ;that I, have’; 

exoticaTly ‘ Invested ’ pension .^ per cent if, for sake of argu- 
sch ernes really exist? Alterha- is assumed to 

tively are 'they a - figment of .accrue at 13 per cent for the first 
Imagination or, more charitably, . yew declining by l per cent per 
a mere illustration of a theoreti- r annum thereafter, 
cal possibility.? ; The trustees of a pension fund 

I have to say that X pat tijla must obviously consider most 
clear' question, to tbe author of Carefully whether this very large 
your article- who replied .in., jo sp of accumulated investment 
equally (dear 'terms: no, he did income '.will be justified by the 
not actually know of any specific position of equities in 10 years' 
pension scheme so exotlcally ' time/and by the then future out- 
invested! As luck would have it, . look' for them. This Is a truly 
however, the man who gave him . unenviable task in these days 
the idea,* etfx,. was close by. Tbe. when it is difficult to look ahead 
chance of extending the. question Tfl months let alone.10 years and 
one further 'link down the chain when “historical” data is of 
again drew the clear answer: no . only . limited value because 
.be did not actually know of any . -history was made in such.totxlly 
specific pension scheme so different circumstances, 
exoti tally invested! .; It must- obviously be helpful 

. . It came, as- no surprise; there- -to -trustees to be able to see from 
tore, . to' learn (hat at a con- performance statistics what part 
ference Of some 200 individuals, of the rate of return rises from 
ail professionally concerned with . actual investment income as dis- 
small self-administered pensiwr-tinct from paper fluctuations in 
schemed no one was able* to say capital values.: ; 

that they actually knew, at first ' ..In all. the rircumsiances is it 
l. c ;0f : :any- spedfle pensjo^ - too mpeh; to, hope that some 


One fashionable argument 
from those who advocate con- 
servation and/or oppose nuclear 
power is that we will not need 
to build any more large power 
stations if we convert ah the 
existing plants to cogeneration 
and supply district heating and 
industrial process heat as well 
as electricity at greatly enhanced 
efficiency. That this is not 
happening is probably due to 
two events the national response 
to which can now be seen to be 
mistaken — the Clean Air Act and 
the discovery of natural gas In 
the North Sea just oyer a decade 

The passage of clean air legis- 
lation should have been the 
signal to bring in district heat- 
ing, coming as the act did before 
central beating really caught on 
in this country. The second 
mistake, I believe, was to push 
natural gas into every home 
possible, at enormous cost and 
an convenience, and to the 
■ exclusion of . the electricity 
supply industry. Had tilings 
gone otherwise, we might now 
be enjoying district heating from 
gas-fired cogeneration units in 
all our major cities. As things 
are at present, we face the pros- 
pect *n the next century of not 
only distilling coal Into oil but 
making it into synthetic methane. 
Will our coal supplies then last 
the 300 years that the. National 
Coal Board bas so recently been 
proclaiming in its advertise- 

As the decline in oil produc- 
tion approaches we should be 
planning to switch to an electric 
energy base for the very obvious 
reason that all the new energy 
sources are all exploitable, in 
many cases solely, through the 
process of electricity generation 
as. indeed, is nuclear energy. 
Therefore We should be planning 
for the eventual substitution of 
electric heating for o'ri-flred 
heating In rural areas and the 
electrification of transport. Then, 
as demand for electricity rises, 
new power stations should be 
built where there is a demand 
for heat so that they can also 
provide industrial process heat 
and district heating as appro- 
priate. Needless to say, the 
conversion of established energy 
systems to electric or to hot 
water or steam derived from the 
generation process will stimulate 
industrial activity in many 
important areas. 

Eric J. Jeffs, 

Energy International. 

Portmon- Borne, 

101 College Road, 

Harrow, Middx. 

Today’s Events 


Australian Prime Minister, Mr. 
Malcolm Fraser, leaves Canberra 
for tour of U.S. and Jamaica. 

Finance Ministers of EEC meet 
in Brussels to consider regula- 
tions for setting up European 
Monetary System (EMS). 

Norway’s Storting (Parlia- 
ment) debates EMS. 

TUC finance and general pur- 
poses committee meets. London. 

European Communities Com- 
mission Foreign Affairs, Agricul- 
ture, and Environment Councils 
all 'start two-day meetings in 

Sir Kenneth Cork, Lord Mayor 

of London, gives opening address 
to students from provincial 
universities taking part in City 
induction course, at Mansion 

British Psychological Society 
conference opens at London 
University (until December 19). 

Last day of International Show 
Jumping at Olympia. 

Last day of posting for second 
class Christmas mail. 

Exhibition showing prepara- 
tion and priming of the Past 
Office's Christmas stamps. 
Science Museum (until Feb- 
ruary 4». 

Mr. Edward Heath conducts 
carol concert. Central Hall, West- 

Lord Mayor of London, Sir 
Kenneth Cork, attends Fleet 
Street Club lunch, Connaught 
Rooms, Great Queen Street: 
attends annual banquet of Royal 
Society of Sl George, Mansion 


Final dividends: J. and H. B. 
Jackson. North British Steel 
Group. Interim dividends: Anglo 
American Asnhalt Company. 
British Steam Specialties Group. 
Danae Investment' Trust 
A. Monk and Co, Siebe Gorman 
Holdings. Interim figures: 
Crown House. Tricentrol (third 

See Financial Diary on page 23. 

Airline offers 

cheaper fare 

A PUBLIC Excursion fare oF 
£49 return is to be offered on 
Southampton- Amsterdam flights 
of British Island Airways from 
January 1. 

The fare. £8.50 less than the 
lowest-priced excursion fare pre- 
sently available and which com- 
pares with a normal return Tare 
of £82. will be available on all 
BIA early morning departures 
from Southampton and on recip- 
rocal flights from Amsterdam. 
Monday to Friday. 

If bankbig is a service business 
then it should be on service that 
you judge a bank. 

Bonk of Boston House, 5 Cheapside, E.C2. 

WeVe spent 56 years in the City, building an organisation to 
cater for the toughest judge of all: the financial professional. 

That’s why The Bank of Boston’s account officers prefer long 
instead of short-term relationships. Why ihey stay with their accounts 
longer than their counterparts at other banks. 

Why we have an exchange specialist based on the dealing 
floor devoted exclusively to keeping corporate customers abreast of 

Why our two hundred people in London aim atthe highest 
standards (if you give the best service, you’ve got the best bank). 

And it works. 

Our dealers have put us among the fop banks in making 
markets in all major trading currencies. 

And six out of the top ten companies in the 
prestigious The Times One Thousand ’ are our customers. 

Do you put a premium on service too? 

We look forward to meeting you. 

BostonJhe bank for 
financial professionals* 





Bank of Baton House, 5 Oieap&fe, London EC2P2K{fel:01-236 2388). Abot*3] towndwS^Belgra^ (feL-01-235 9541). 

AE&EMTlMA- JJ KTCVil IA IWMAMlt R/Tinfl* ,nOA7n. run imo m»iw ................ —r... urm u-* 

IRAN; JAhU A iebANuW, tW6MfcC‘iJKG< MEMCO, fAflAMA; Sir KV-fOPr- SPAif J; UV_; uiA; 1 


^ v- J-. W . . '■* V y . . J . .. 


Companies and Markets UK COMPANY NEWS 

Norcros tops £6.5m midway: 
another good year expected 

Financial; Times 



PROFITS before tax up 17.8 per 

cent 10 £fi.53m for the half year RQARD MEETIN-GS 
to September 30. 197S, are 

reported . by Norcros and the the following companies have no«- 

ing, but then the group has still 
to get all its major divisions 
pointing the same way. 

directors 'are otqrccting onolher i» 

satisfactory year with a healthy usually held lor the purpose of con- 

cash flow and maintained altering dividends. Official indications 


are not available as to whether divi- 

r-_ ik. denda are interims or finals, and lha 

Earnings per share for the ”®2“JJ s , OPS sJlown fa»i ow 3 ™ based 
first half are shown to be down m8in | y on last year's timetable. 

from 5.55p in 5.4p because of the 
increased effective tax charge 
rate brought about by the 




. . . , The imminent liquidation of 

. l ™ n '“r“ 8l0 ^';K Barnett Christie, the small frmae 

rate urougiu auuui uy u<c _ Steam ' Specialties Christy ■oamect uinsue, urc 

inability to offset losses ii> Brothers, Crown House, Danse invest- bank which is a sister company 

France. mem Tru9t. A. Monk. Siebe Gorman, to Oceana Holdings, has forced 

The directors are declaring Finals;-^!. and h. b. Jackson. North the suspension of Oceana's shares 

an interim dividend of 1.75p British Steel. Sotheby Parke Bemat. on the stock market 

against 1.6p— the total last year South African Land add Exploration 
amounted to 4.42p from pre-tax future dates 

profits of £14.51m. Interims:— 

1978 1977 A(3B Research Dec. 

Half year Bucwriield-Harvey Jen. 

COOQ £000 Continuous Stationary n “" 

63.789 02,3*6 Formmswr ■ — 

UK sales 



Associates share 

Totals sales 

UK construction 
Consumer, etc 
Engineering . ■ .. 
Punt packaging 


H*ad olTire 

Trading surplus 
investment income 
■ meres I payable 
Surplus before tax . 
UK cons true non 
Consumer loss 
Punt, pad aging 


Head office 


N*t surplus . 
Fre-aconisition losses 


Attributable • • ■ 

Preference dividends . 
Earnings for ordinary . 
Extraordinary debits 

10.346 13.676 _ . 

15.360 13.142 Rnala:- 
6.060 8,023 McCorauodalo ... 

915 555 g7.iB7 Union Discount 

25 - 506 • 241 60 Warner Estate 
14.452 14.806 

16.001 21.766 

18.176 15.290 

aUon. Yesterday, after Oceana’s 

shares had dropped from 6p to 
3p. the directors were persuaded 
Doc. 2D to seek- a suspension pending 
Jen.* 11 clarification of the company's 
Dec- 22 financial position. 

Dac - 21 Oceana, and its subsidiaries, 

which range from linen hire to 
Jan. 10 property dealing, have a number 
Jan. 24 of loans from Barnett ' Christie 
Jan. IB which is run by the same direc- 
wmmmm tors. In fact Oceana chansed its 
name from Barnett Christie 
. Securities in April 1977. 

is aiso Q ne particular problem within 

cuts loss 
at interim 


for Jabiluka 

s'ijoo 8 023 ,h J c *y rr l nt > e * r 15 also One particular problem within 

7.383 6.531 affected by the anticipated start- t ^ e Oceana group is a subsidiary. 

186 165 up losses incurred by S.T.E.V., in Haper Plastics, which was the sub- 

, France. Despite these factors j ect of an auditors’ qualification 

6 532 5543 the overseas division increased j as t year. Haper's viability was 

U 799 ii 629 sales and maintained operating said to depend on the continuing 

756 1.736 surplus. support of its bankers and 

SSL, ETi-SEtf. tb.1 K =rt of Haper’s 

1.671 planned new investment in plant. nSlwSl worth are 

1 940 machinery 5?°" from Barnett Christie where the 

3.603 . Unues at previous levels, says department 0 f Trade has 

Mr. John V. Sheffield, chairman of Norcros. who reports half 
year- profits up 17.S per cent. 

— the board. 

3 056 3.138 


petitioned for a winding-up in the 
public interest. 

The Official Receiver has been 

___ Thp npv .„ , hat win have Norcros appointed as provisional liquida- 

>iraordmary . 577 — i* that tor Pending the formal winding- 

^SL^B^AJ^SS. WmVw UP M»,e. Oceaju itse.r. , 

experienced the expected down- 

Enalon profit at marginal 
level for 15 months 

THE DIRECTORS of Regalfan . 
Properties report a reduced 
deficit of £373,098 for the six 
months to September 30. 1978, - 
compared with n.4lm previously 
on turnover well ahead at £4.4lm 
against £2.7lm. Losses for the 
whole of the 1977-78 year came to" 
£ 1.95m. 

The company,- as opposed to the 
group, turned in higher profits at 
£288.603 against .£119,283; the. 
directors point out that it is from 
these profits that shareholders^ : 
funds are . derived. 

As forewarned in his annual; 
statement Mr- ' D. J. Goldstone, .. 
the chairman, says that in . the 
second half of the year the sub- 
stantial reduction in the stock_of 
properties will result in ^ signifi- 
cant. decrease in turnover and., 
therefore profits, arising under 
the Management Agreement " : 

Hie group Joss was subject to. 
tax of £31,266 (£48.772) and a. 
£25,073 (£49,516) provision against . 
investment in joint companies, ■ 
making tile loss £629,437 i£1.51m) ..." 
Loss per share is shown as 14 l4p 
(33.87p). ' . T 

There is no charge to corpora.-.: 
tion tax in respect of the com- 
pany, due to group relief, and; 
profits here give earnings of. fi.4Sp ; 
(2.6Sp) per 25p share. 

Mr. Goldstone says that looking 
to the future it would be prudent 
to note at this stage that notwitf^-. 
standing the buoyant residential - : 
market of the last two years 
there can be little _ hope of the; 
company earning dividends front . 
the subsidiary, Regalian Securi- ' 


hopes to start construction at its 
JabOuka uranium deposit in the 
. Northern Territory of Australia 
during 1979. A final .environ-.; 
menial impact statement, will be - 
^submitted to the Australian ' 
Government by the end, of tins 

' This latest construction target 
-date for a -project which has_ 
become famous both for its 
■ sfce and for it controversial role 

- in : .local Aboriginal politics, .was - 
given to shareholders by Mr. 
T-ony Grey, the chairman, at the 

; annual meeting- in Sydney* 

■'V After settling environmental' 1 ' 
questions, F&n«ratmental . will 
seek a mining agreement with. 

Northern Land Council, the 
-statutory body which represents 
-Aboriginal interests and. which 
.earlier this year was engaged in. 
protracted negotiations with the . 
Government over the Peko- ; 
.'Walls end -EZ Industries- Atomic 

- Energy Commission Ranger 

venture. .; 

per cent owned by Charter. Con- 
solidated- Its shares were- im, - 
changed .yesterday at 53p. . 



iUr. Grey said thatif there^as- 
no 'apTBement with the NLC, the 

turn in *ales and profitability. 

which Advance Laundries has a 

The tVip'^c-ouisition Companies trading lower down chequered career for”*the past Plastics, plastic compon’em*manu- new group would be more evenly although a * major residential 

Ktrengxnenen «> MIC ‘ . the market in kitchen furniture decade. It has been loss making facturer. came out at £28,100 for balanced afid better equipped, property, including a shopping- 

been even af * er years of lwses. 10 percent sta ke. has had k PRE-TAX 

L XJ 11IUUIU3 In addition little progress has . 

been made in the acquisition of 

nf Enalnn being in the best interests; the commercial or industrial projects.' 

I ,I.V,„ on-ilnnonrir r-nmnanlPS Ilia I RC I 1 L 1 Wituku ■ ‘ 1 ‘ _ aecuue. 11 lias ueen luss iiioaiiih utiuin, lame uui ai z^o.iuu I'.'i -i-iiiivv- a, 

n[ three f-.Vinatpff that it will seem to be having a successful throughout most of the period the 15 months ended Sept- they state. _ 
and it is anucipa vu time, but Hygena has only been and has not paid a dividend since ember 30. 1978, compared with y or the jg 

r; i i, c r .C.-i,«U nrofit oer- ou t “os 0 ‘i‘J ana nas noi paiu a tu^iaena sinre 

mamuin it? overall prom per fc hl rountl b drastjc slim . 1971 for lhe year t0 last 

romance the directors say. min ^ d0tt7J . T^e flm-half ira- April were £137.000. This was a 

The pnnt and packjg ng nrnwmenr in Hveena. toeether reduction from the losses of 

months turnover was 

property, including a shopping- 
element, has been acquired; 7 
It is hoped that the profits-. 

to last £72.200 For the previous year. £2 02m against £1.67m and the which will arise next year from 

The pn nt ^ provement in Hygena, together reduction from the losses of s j xmonth^tage, when 1 profits were deducting “directors’ emoluments in part for the reductionm 

sion has a^uin g fit with a strong performance by £2lo,000 the previous year and was down from £32,000 to £15.000 the for management services, includ- profits under the Management 

grow til in DGin .Jius " tv»n ilniihU ol'iTinn nrv>pntir«Ti said 10 indicate Steady improve- miaiu U.. r m,. ine npn.sinn uphfimp /'nntrihurinna. AStreeilieilL ■ 

Jii.uum against ii.bvm ana me wuiuu j — 

the pre-ta:: figure was struck after this acquisition will compensate 

measures** introdSccd “"the CrlttaTf Warn life, cul the overaU meat. 
BEK? Government are affect- , . 

id profit. 

the double glazing operation said to indicate steady improve- 0I -der intake position has 

jnq pension scheme contributions. Agreement 

Midway rise 
by Moorgate 

lS„ ( impact on overall per- .tmcilon was by depre«d " J ’ 

foriimnce. The opemtina surplus _ «4ta m Investment 

proved and activity is at a higher of £53,SOO (£39,000). Tax for 
level. However pressure on cosin th| S period took £9.600 (£36.900) 

continue and demand although leaving a net profit of £18,500 
improving, still remains below (£35.30(1). 

maximum production capacity. 

Marian resu ts now has a because a good result in con- 
leaning impact on overall per- stmetion was offset by depressed 

ltfsbuiuifc .. . rrinHiftnn c m onmndAnnft ann 

|IUXUU LUUA XJ.WU VXJD.JUU) 1 xr m \ rtl 

j ™*, 2 neI profit of £1S - 500 FT Snare 
, 5 ®,?rrSr a 2 r lp - Information 

'no 'agreement with the NLC, the - 
company would go to arbit ration. 

.’ Be-made the remark against the 
’'background of Aboriginal opposi- 
" r iiDQ to Jabiluka's development • 
■before the impact of mining -at * 
both the Ranger' deposit^. and - 
(fci ee ns land Hines’ -Nabarlek 

rdaposit has been assessed. - - 
it still looks therefore as" 'If 
Panconti oental has a long - row 
'■to hoe before construction 
starts. The longer the delay the 
greater becomes the chance of an 
; erosion in its competitive, posl-- 
tion in the face of - -quick develop-' 
meat at new ".deposits in 
^Saskatchewan. . •••-•’ r - 

- Mr. Grey noted that potential 
-customers bad re-affirmed their 
•interest in Jabiluka- uranium but - 
warned: “ There is a limit to how' 
-long customers are prepared to; 
Waft for Australian 'uranium 
-before they turn elsewhere to 
increment their, suppties.”- 

EWorado Nuclear, the State- : 

owned: Canadian ‘ uTahium'ghiuK 
is to exercise its option to 
increase its equity to 'StTpeir cent 
in the Conwest ’ u raniim' expl ora- 
tion joint venture, wm- John . 
. Soganich from Toronto;; 

Equity held, by Fil d ortfl o' ~at 
present is 20 per cent The exer- 
cise of the option leaves the 
stakes' of the : other .companies 
involved; at 1?.S per. cent.-eadi- 
for the Central Electricity 
Generating ; Board of the ;UK, 
Electrowatt -tf . Switzerland. 

Empress National del Urania of 
. Spain and 'the Conwest ^grpup,- ‘ 
EJ dorado' will put" up batf , the; 
funds, for ,the yenture and bfr 
conie its "operator. Snje ?mam 
exploration nff ort” Wilt- cratimie 
to be in northern Saskatchewan 
at the Gelkie East and - Geikie " 
West prospects where: .tim'jiHfc; 
vinctal agency^_ Saskatdrewaja’ 
Mihiag Dcvelopmeni~. .Gorppfa-' 
tion has a one . tia ird interest-’-. , 
The exercise of the ;qptiim'*by- i 
Eldorado' is Idcetyvtb; IhCpeaB^* 
the funds'' available abd lead tn 
quicker * exploration - . of . I- libel 
properties 'without the* ; need, for ; 
' any - greater . financial -. csrahtiN 
meat- by the .othet- cftmpantes lu 
the joint venture. . " ? * jT-' - 


L:-i )f./ . 

T-.VIIS.’' 4 ^ 

3H_ ft .. •- 

, *. L . ;;.i 


’■''34:'.: - 

form ante The operating surplus conditions in engineering and 

Tor margins in the print and packag- 

I ing business were squeezed. 

Future prospects are difficult 10 per _5p snare and the 

iredict, they say, for they are dividend total is 4.5p (4.437Up) 

linked closely with the prospects nel a payment of 3p. 

argms in tne print ana pacKag- or the group's major customers. once the acquisition is ~ 

g business were squeezed. Gross revenue of Moorgate Although it is considered that completed the enlarged Enalon 5?. auon . wee appearing 

For the year as a whole con- Investment Company rose from the underlying business of the group intends to change its year- f manc'EU limes. 

mer nrnduets may turn in a £169.607 to £199.198 for the half m-mm will it rofum r.-. end to June 30. from September Audlotromc L- per cent t»onv< 

The following securities have 
been added to the Share Infor- 



‘ Saturn Investment . 
Munigenicn t Co. 

Telephone: 01-236 1425 

somer products may turn in a £169,607 to £199.198 for the half group will enable it to return to en d t° J une 30. from September 
small profit, while start-up year to November 30, I97S. and significant levels oE profitability 30 - 

losses in France, which de- after all charges, net earnings j n tije long term, the directors 

1 . Pref. (Section: Stares). 

Enalon gives a profit forecast Bant and Moscrop 

Rates paid for W/E 17.12.78 
Cali 7 1 

pressed first-half earnings. w * r e higher at £11LB79 compared f ee l that the group's facilities will in the bid document that the (Section: , Engineering). 

■ . . , . , -I, with COA7M _ , , . nrniin lavahlia npnRtc nt thn Thannen. 

should be reduced. There will *' i ' h - £ ® 4 - 702 
be some contribution from ■.j > J a . 1T l gs r _ 






7 day ensineerinp apoui&itinns and S iveri UP from 2.03p to 2.4p and 
. . f ^ ho ;„ the interim dividend is raised to 

1 I 708 nfil m7ci 7m he nr^ 175p (1 ' 3p) net > cosUn K £81^30 

ii./ijo line to make £ 16 im/tl ■ m pre- /maiuu *i,a in-rr tc c_„i 

Earnings per 25p share are term, 
iven up from 2.03p to 2.4p and _ c . . ... ... 

he interim dividend is raised In Profitability will, therefore, re 

be under-utilised in the short " rou P taxable profits of the Marston Thompson 
term. er ! f^ed 5 roup at June 30, 1979 Evershed (Section: Beers>. 

_ . ... ... _ will be £424.000. 

Profitabihty will, tiierefore. re- Split between Enalon and its 
I ?i^. at . r !!H B1, Iu Ievels acquisition EFA Group. Enalon AwliiniAilae'- ; 

i iTie make n6jm/£17m pre- (£ 69 , 900 )-the 1877-78 final wks significant reductions are made in forecasts not less than £30,000 «s 

11.706 tax. This puts the shares, at 2 . 32 p from £189.392 earnings. the scale of operations. 

its contribution for the nine- 

on a p ^j. a. rour 'd 6^2 Net asset value at the haTf year For this reason the directors month period to June 30. 1970. 

11.729 before extraordinary items with is shown at lOSip (104 Jp 
11.709 ‘ a yield of 7.7 per-cent— not excit- 31. 1978) per share. 

ill year For this reason the directors monin period to June 30. 197a. 

at May consider that the proposed For the 12 months to June 30. 
acquisition of the EFA group as 1979 EFA Group will be not less 

Inv. better 

Beralt Tin and Wolfram yester- 
day declared a dividend of 4j> a 
.share, in line with the intention 
expressed by the Board last July. 
The dividend is based on; the. 1977. 
earnings of the company's Fortu- 
■ guese operating unit and follows 
the remittance from Portugal of 
Bs90m (£977JSOOy in: six monthly 

•In the 1977 calendar year, 1 
Beralt paid to shareholders 2.5p 
from the 1976 earnings -of the. 
Portuguese gbit and '325p ;franr- 
the 3974 earnings- Beralt is 42.4 

MODlJCtlbN ■/!£*& 

THREE new- copper mines' witi: 
be upeUed ; in.', the i Philippines ■ 
early next year. accardiag lo the 
Bureau of Mines' in Manr s. . The 
arm is to meet a national * 1 pro- 
duction target of 315,000 toHnes 
-for 3,979,- an increase af~ ; 43$00 
tonnes' over anticipated;, output 
this year. ' :•••; ; r 7 

The -Bureau's statement 
follows an order bjv President 
Ferdinand Harcos for an expan- 
sitm of the .copper- industry, tq 
meet the terms- of trade , agrees 
ments • rec eddy' signed " with 
China. . One effect of the agree- 
ments wilf be to increase -China s 
cbpper puziebases- - from the 
Philippines- * - ; - - ■ 

The three. new mines are tiie* 
first Of a ^series of : six expected, 
to' start production hy;jL9S2. . At 
present the Philippines has U 
copper, inmes iff. operation. •' 

. - * - 7 

;l;. h • j. 

■I'-r-sr--- - 

r- •: 


; dJRF 


5 lira 

After tax at £36,176, against 

U.S. $15,000,000 

The Mitsui Bank Ltd. 

Floating Rate Certificates 
of Deposit 1980 

u.s. $10,000,000 

Floating Kate U.S. Dollar Negotiable 
Certificates of Deposit 
Due ISth December 19S1 

than £394.000 of which about £ 3332 , oreviously^ ArehimedeT 

iDvWtmeot Trust ’improved^ net 

. 1 tin t n e , Au m 1 aiuol iiUMiurou utL 

tfjgss as'-s Tsv^drs: %\? » y 

That, amount will not be avail- October 31, 197S. Gross revenue 

able for distribution to the was up from £110,635 to £122,489 

Enalon shareholders. 

At the year-end net asset value 

A fin Hi dividend of 4.j net per 50p capital share amounted to 
16.716 gross 1 is promised by the 95.71p (94pi. A second interim 
Enalon directors, which will he dividend of 3.7p takes the total 

recommended in December. 1979. to 3.7p (3.13p). 


.'Anrinat'- 7 . . 
-'Authority •• ' ;.erq«-, ilntereBtidintemm Ufeof 
. (telephone number in : .' taterest payable • sum . .Imnd 
parfpih&fcs ) v . 

..V." '.'.year 

Barnsley Metn^ (0226 26S232)' 12 fc-yiar - ' 259 3,7 

Barking (01-592 4500) .. ........ v, . llj ..; tyear_ 1,000 f . 4*6 - 

rdv** «. 

In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the six 
month interest period from 18 December, 1978 
to IS June. 1979 the Certificates will carry an 
Interest Rate of 12t7 % per annum. 

Agent Bank 

The Chase Manhattan Bank, N.A., 

The Mitsui Bank Ltd. 


In accordance with the provisions of the Certificates, notice is 
hereby given that for the initial six months interest period from 
18th December. 1978 to 18th lune, 1979, the Certificates will 
carry an interest Rate of 12,^7^ per annum. The relevant 
interest payment date will be ISth June, 1979. 

Merrill Lynch International Bank Limited 

Agent Bank 

Standard Chartered Bank Limited 
Boating Rate Capital Notes1990 


to persons entitled to definitive Notes representing lhe above 
issue that they may teceive such Notes on and after 
9th January, 1 979 upon presentation to 
Euro-dear Clearance System Limited of a proper certificate 
pertaining 10 non- United Stales beneficial ownership. 
Forms of such certificate are available at the offices of 
Euro-clear in Brussels, Cedel S.A. in Luxembourg 
and each Paying Agent 



Deposits of. £1 ,OO0-£25,OOO accepted “ fop, fixed terms . of - 3-ifi 
years. ■ Interest paid gross, half-yearly. Rates for deposits 
received not later than 5.1.79. v '• 

Terms (years) 3 4 5 .. 6 . -7 , "S 9 lO^ 

Interest % 12i 12i : 12* • 12i 124 - - 121 

Rates for larger amounts -on request. Deposits to and further 
infbnnab'pxi from The Chief Cashi&V Finance for Industry 
Limited, 91 Waterloo Road, London SEl SXP (01428.7822. 
ExL 1771. Cheques payable to “ Bank of England, a/c tVL'- 
FFI is the holding company for ICFC and FCI. - 

This advertisement appears bm a matter of record only 

Tolteca Group 


. J. PYKE 

(Holdings) Limited 

(Wholesale and retail butchers) 

Sa/renf points for the year to 30th June, 197Q by P. Gamer, 
the Chairman. 


f am pleased to report that the pre-tax profits for the 
year are £40,585 compared with £24,558 for the 
previous year. 

The Board are not recommending payment of a divi- 
dend as it is considered prudent to retain the funds in 
the company. 

us $100,000,000 

Trading remains reasonably buoyant, however, the 
meat trade is still working on very narrow margins 
and it is difficult to forecast accurately our profit- 
ability in the current year, particularly in the light of 
the current credit restrictions. 

The following arranged participations in this Term Loan 
by the International Finance Corporation 

libra Bank Limited Bank of America International Group 

Bank of Montreal Chase Merchant Banking Group 

Citicorp International Group First National Boston Limited 

National Westminster Bank Group Samuel Montagu & Co. Limited 

Security Pacific National Bank 

Comparative results 

Yr to 30-6.76 

Yr to 30.6.77 




Profit before taxation 



Profit after taxation 



Cost of dividend 



Retained profit 



Earnings per share 



Copies at the Report end Accounts an atmileiue from Mto Secretary, 
W, J. Pyko iHoWiriQs) ud., 144-1*6 New Bend Street, London W1. 

Equity shareholders' interest 

Asset value per share 

Revenue available for ordinary shareholders 

Earnings per ordinary share 

Ordinary dividend per share interim 

£65,361 .31 2 ' £54,508,589 

£i;T5& t 7SB : .■ :£958 i 3'*8 

Ordinary shares ranking for dividend ' ' 

Capitalisation issue in B ordinary shares 

. 57.887,724 ■ - '57,399,062 

' T. 82306%' .. 1 J9393k % 

Bank of Montreal 

Funds Provided By 

fnternBtionaf Finance Corporation 

Bank of America NT and SA The Chase Manhattan Bank, N.A. 

Bank of Montreal Citibank, N.A. 

The First National Bank of Boston Midland Bank Limited 

International Westminster Bank Limited Security Pacific National Bank 

Canadian American Bank S.A. Canadian Imperial Bank of Commerce 

International Mexican Bank Limited Libra Bank Limited- 


Wells Fargo Bank N.A. Samuel Montagu & Co. Limited 


The Long-Term Credit Bank o£ Japan Limited 

tWJBOO.OOOl-'bediK Rote frite* Dun ISdt 

Canadian American Bank S.A. 

International Mexican Bank Limited 


Wells Fargo Bank N.A. 

To accordance with the provisions of tlic above Notes. Bunkers 
Trust Comp,inv; a*. Hetcreocc Agent therefor, has established 
tin? Rote of Interest on such Notes for the scml-.tnnual period 
ending June 15th 197W as twelve, per cent U25?) por anniun. 
As calculated in accordance with Clause 21 dl of such Notes, 
the Tntenesr due on such date, which will be payable on surrender 
of Coupon No. 5 uf each Note l the ‘Coupon Amount’), amounts in 
United States Dollars 10 $60.67. 

In his Chairman's statement Mr. J. A, ; 

Lumsden comments as follows. 


The net asset value per ordinary and- ' 

B ordinary share increased during the- .* 
year from 91 ,6p to 1 09.8p, an increase of 
19.9 percent. During the same perifcdttie 
relevant indices moved as follows;-— - 
UK — FT Actuaries Ail Share 

+ 1.7 percent 
USA — S & P Composite -f- 6.2 percent 
Japan— Tokyo New + 1 1 .1 pef bent 

The effective rate of investment currency 
premium at the year end was 40.625 per 
cent as compared with 27.75 per cental 
the start of the year. The Yen rose ' ,! • 

against the Pound by 23.4 per cenfcbut 
the US Dollar fell by 1 1 -.5 per cent; . \ 


Your Board recommends a finai dividend- 
of 1 .3p making 1 ,9p for the year as 1 . ; 
against 1 ,675p last year, an increase pf- 
'13.4 per cent. A further increase in - • . . . 

dividend in respect of the current ye&r is 
- expected and the Board nbw.: - ... ; 

: ** IWHI.H utviuciju am 

.. increased irom0,6p to G.7p. ; 

At present there aremany uncertairrtiesL 
7 in the markets iri whibh : we are primarily- 
invested, mainfy connected with the" 
outlook in.regard toiirtflatiori and^ie-'-r^ 

. actionsiMiog ; takgrtioc^otifen^t£S^nJ : 

by governments orithataccount.'Our 
.. broad investmentstrategy is : tp rr^gtatn. 
a balanced portfolio-based p^pianiy pjjf 
the thFee ma|df‘ economies ofiheLJ^ ■* - 
. JJSA and Japan, b^ wttfi sigrtfic®Tt 
interestsjalsp: in other a&'v’ rj^- 

Aaa, Br^S^B-Eurc^vAtpr^e^WC*’ 
tfiink itfight to^ye:^^oVra^td^>i:c7’ ' 
: two-thirds oLcKiT equ ity i n vestrti&Titsft ■ i-; 
■ pyersea&areas: ^ - -T 

c . ANNU AL<^ffi/^MEETI^ 

The AnnuafGenerai Meeting^S^ftSd 
on 8th.Jahuary 1 979 at 1 lamat^’i'Lf 


it’/crencc Agent 


DATED: Deocrnbcp J3th,l*J73. 

v* I"'-*; *■•:'■£■$ ’/■ -I; ’. '; V - *' ■ - . 





«i» . ■ 

•>,, •: ••••.> e 

i-. ■ ■ < 

ROME — The way. now looks 
finally dear, for the UK33bn 
(S28B5rn) sale of a controlling 
interest in Credito Commerciale. 
a bank belonging to the Milan 
financier Sig. -Carlo Pesenti, to 
the . . State-owied Monte Dei 
Pas chi Di Siena Bank and its 
subsidiary Banca Toscana. - 

A Board meeting of. Banca 
Toscana , agreed at . last -.this 
weekend to take up a 28 per 

cent -in Credito ' Co nxmercialg. 
alongside .the 5i: per 'cent that 
its parent tiasv already accepted 
to acquire: ' However, ■; :the 
political- dispute aroused by the 
proposed transaction continued 
to the 'end. 

Italy’s left-wing parties have 
publicly expressed strong 

opposition to the notion of a 
State-controlled bar* in effect 
helping Sig. Pesenti to 
_ reorganise the finances- of his 
TtaT-Gemehti group.: and in par- 
-ti cuter, sort- out- his. Hoks with 

another bank wfthiirthe group, 
Banca Provinciate Lombarda. 

- These tensions axe the reason 
:Why approval by BancarToscana 
lias been held up -for- several 
days. And - at- the .'-Conclusive 
'meeting,: it is reported that a 
■minority of its Board, ’aligned 
with the ' Communist' Party, 
voted against the agreement. 

.‘Barring, a last minute sur- 
prise, the complete'' -package is 
due to be ratified -this- week at 
. a Board meeting: of : Monte Dei 
Paschi, As a consequence of 
the deal, the Siena Sink would 

significantly enhance its position 
within the Italian banking 
industiy, where it at present 
ranks in eighth place. 

Sig. Pesenti would receive a 
L233bn injection of funds for 
the sale of his 79 per cent 
controlling interest in Credito 
Commerciale. But Monre Dei 
Paschi has denied press reports 
here that as part of the arrange- 
ments, Sig. Pesenti would 
receive a further L200bn credit 
line from its group. 

Monte Dei Paschi Di Siena 
at the end of 1977 had total 
deposits of L7,826bn ($9.7bn), 
while Credito Commerciale — 
unofficially ranked 30th among 
the country's credit institutions 
— had deposits of Ll,513bn 


to hear 

appeal by 

Armco sees profit near peak 

1 ! *'. , Lt:ifc 


S : 

S~ ' 

NEW YORK — Earnings in 
1978 for Armco, the major sheet 
steel manufacturer, will be 
"very near” its record 1974 
earnings of $202.2m or $4.43 a 
share., : - 

Mr. William' Verity, .chair- 
man, told securities analysts 
that sales? ' this year will 
approach $13hm He added that 
"We are looking-for another 
strong year in 1979.” 

In 1977 Armco earned 
$1 19.7m or $2.53 a share on 
sales of $3.57bn. ; 

Capital investment ' in 1978 
will total about $148m and 
should rise to" about $200m In 

Armco is continuing to de- 
crease its emphasis on carbon 
.steel products in favour of 
other businesses. By 1982 car- 
bon steel will -be only 45 per 
cent of Armco's operations, 
while such other operations as 
specialty steel products, finan- 
cial services and oil field equip- 
ment and production will in- 
crease in importance, predicted 
Mr. Verity. 

The industry’s domestic steel . 

shipments in 1979 - will be 
"‘about the same "-as 'the 97m 
expected to be shipped in 1978 
if steel imports are ’reduced 20 
per cent by the Carter Adminis- 
tration's trigger price mech- 
anism. -V 

• Meanwhile, from Chicago, 
Inland Steel said it expects ns 
first quarter bookings- to be 15 

to -20 per cent ahead of the 
year earlier. 

Mr. Derick Brewster, vice- 
president sales, said that Inland 
will have record shipments of 
about 6.2m tons this year, up 
from the previous record 6.1m 
tons in 1974. Last year Inland 
shipped 5.6m tons. 


Higher shipments at IBM 

ST. LOUIS— IBM Corporation 
is experiencing "higher ship- 
ments ’’ in the fourth quarter 
with a “strong datai processing 
purchase mix,” Mr.- -John R. 
Opel, the president, told securi- 
ties analysts. . 

■ The trend sbouHr: “ have a 
very positive effect -oh revenues 
and earnings - in ;ibe fourth 
quarter.” Tn the -‘1977 fourth 
quarter, IBM earned.^$797ro. or 
$5.38 a share, oh gross income 
of $5bn.. • 

For the first hide, months, 
IBM had reported 'Jiigher pur- 

chases of data processing equip- 
ment. For the nine months, net 
income rose to $2.1bn. or $14.34 
a share, from $1.92bn. or $12.92 
a share, while gross income 
increased to $I4.64bn from 
? 13. 09 bn the year before. 

Commenting on the economic 
outlook for 1979, Mr. Opel said 
IBM expected Gross National 
Product to increase “ a little less 
than 2 per cent " with consumer 
prices rising “ more than S per 
cent,”- and an unemployment 
rate of “just under 7 per cent.” 

TORONTO— The Ontario 
and Quebec Securities Com- 
missions have scheduled a 
joint public hearing for today 
in Montreal to consider an 
appeal by Simpsons Ltd. 
against trading suspensions in 
its stock by the Toronto and 
Montreal Stock Exchanges and 
to consider a request by Hud- 
son's Bay Company that 
would affect bow Simpsons’ 
shares could trade if the sus- 
pensions are lifted. 

The Ontario Commission 
said that Simpsons applied for 
a bearing and review of the 
trading suspensions by the 
exchanges. It said Hudson's 
Bay requested a hearing to 
determine whether the Com- 
missions should prohibit any 
Simpsons trading unless the 
shares involved “are traded 
as a unit in eonnection with 
the seller's right to receive 
the class B shares of 
Simpsons-Scars Ltd.” to be 
distributed to Simpsons 


Canadian bid 

OTTAWA — Mr. Jack 
Horner, the Canadian Federal 
Industry Minister, said the 
Foreign Investment Review 
Agency has rejected a pro- 
posal by Honeywell to boy 
Incoterm Computers and 
Terminals of Toronto, con- 
trolled by Incotenn Corpora- 

The Agency approved a 
plan by Kaiser Engineers, 
controlled by Ramond Inter- 
national, to acqnirc control of 
Henry J. Kaiser (Canada). 

The acquisition follows the 
purchase by Raymond of 
Kaiser Engineers division 
from Kaiser Industries Cor- 
poration in . 1977. The 
Canadian takeover was re- 
jected at first. 



Lira and punt to. join EMS 



Uiv. 15 ; Dec. 14 

ITALY moved towards member- 
ship of the European Monetary 
System without undue , excite- 
ment in the foreign exchange 
market last week Short-term 
Euro-lira interest rates,, already 
well into double figures, moved 
higher on the news that the 
country had derided to. join the 
system after all, but longer term, 
rates were unmoved. ' 

Forward discounts against the 
dollar widened. . but only 
slightly, while the spot lira/ 
dollar rate was virtually un-J 


December 15 




•titt K _ 

Sterling . 

■ UJ5. dollar ... 
Canadian dollar... 
Asatrian schiQinc 
Belgian franc .... 
Danish tonne . — 
Detmcha Mark .. 

-Guador . 

French- franc 

Ura - 

Yeti ' : 

Norwegian krone 

Peseta .' 

Swedish krona-.:. 
Swiss franc 
















0 669847 
39 JUS 


changed onlthe.week. If is even 
probable that the? Bank of Italy- 
bought dollars .during last week, 
to keep the lift' rate down, but 
this situatiorf was something of 
an iUusion^ince ail other major 
currencies rose quite sharply 
■against. a dollar that was hit 
by feays of a large oil price rise 
at the weekend's OPEC meeting. 

In ' terms of the all important 
D-Mark the lira lost ground, 
with LI, 000 quoted at DM2.2365 
in late trading on Friday, com- 
pared With .DM2.2570 a week 
earlier. The Italian authorities 
are obviously concerned that the 
lira should not enter the EMS 
at too firm a level' against other 
stronger European currencies. 

- On- Friday Ireland's - Prune 
Minister, Mr. Jack Lynch, 
announced that his country will 
join the EMS on January 1, but 
the .Irish punt will maintain its 
link with sterling. This seemed 
to he a somewhat ambiguous 
statement since the British Gov- 
ernment has already said that 
the ' pound will not be one of 
-the founder currencies of the 

- Presumably the lri.7h Govern-, 
menf hopes that sterling will nor/ 
fall by more than 6 per cent. 

against the D-mark in the near 
future. The band of roo”vement 
for the present European cur- 
rency snake, and for most EMS 
currencies will be 1\ per cent, 
but Italy has opted for a 6 per 
cent band, and it must be 
assumed that Ireland intends to 
do the same. 

Westminster has effectively re- 
mained the economic master of 
Ireland since the Republic’s 
political independence with the 
Irish pound at parity against 
sterling. For the first time, how- 
ever, Barclays Bank quoted 
separate rates. for the Irish unit 
test week, and other banks must 
now follow suit 

lirtil UiiJIwii «■ hue) 


I !n*v 


JL'I-mUy ft \ ill* 

SZOftj.SOfr. S20SJ-204* 
*!04?-2l»i f»W2;.?05: 
>205.60 .MCS.M 
(£165.766) -iNE.KM) 
AfU-mxMii I ta In" — .-5285.60 >204.00 

(JC 105.8651 uClOS.tfoi 

C: ..|il Cnlin, 


Ji i-uyi.-iiiin,!.. 

.V-n sovcivign- . .. 
Old Suil-reiKUP 

tiuid (■•.in-.: 

Inl|.|ititiii,iu(ll.v ... 

f2laj-220; 5216', -2ici 
5084-84 j t6I.M 


H-31 J s2;) 



ie» Snt ertiu'n 

l>hl Smi-relum 

850 Kasim 

5 Hi Katflo 

S l Eajflr^ 


illOav 107f 

.<64 1-884 






ill I06j-107i) 
■565: E0J 


■ 5262-267 




■ December 15 




One man Lb 



Throe months 




0.B5-1A&C pm 


0.1KU3C pm 




0 -24-0J.9C pm 


B.86-0.78C pm 



5J-4c pm 

16- 14c pm 





4-L50orp j|ls 




l-ZirULSpr pm 


3.52-3.47 pf pm 



4D-5Dd dis -’UJS 

78-16CC ifts 



27-47C dls 


ISO-lSCc dls 





2i0-3.1Oc dls 


7.754.rec d:s 


c n^-iim 


0 JOc pm-por 


0.£5-0J5r pm 




L3).fl.90c pm 


2JO-2.C3C pm 

4.(850-4. 01 50 


X.lUMUOarc pm 


2.75- LHj ore pm 


195.40-1 9544 

LM-L58S- inn 

5. &e 

0.25-4.10y pm 



5 XM JOflro pm 


15-U.5C'jrD pm 


.Swiss Fr 



L62-L5TC pm 


4.W4UC pm 


U.S. cents per Canadian s. 

i bulb ■ 

Tim '16" ! ' 

■ I-* I. 





■ r 

C S 
Canaiium 8 

G idldvr 
Belgian F 
Daalsh K 
D Usrk 
PulU Em.-: 
Span. I’d. 

Krwgn. K. 
French Fr.. 
Swediah hxll 


. Swiss Fr. 

-81*- 1.9740- 1.386fli 1.B79&-1.UD6- 
1034- 2^586-2. M20'2 J33S-2-3405 
Olg. 4.0S-4d» I 4.05^4.004 
8 'J 6 SJM 8 .B 6 I68.8MB.46 
8 . 10.404-10.47 ,10.414-10.421 

8 I 8.7 4-3.77- 8.744-5.7B* 

18 .: 32. (B 82.85 f 32.16-82.65. 

9 J 140.80. 1 4 LS014 1.00-141. 10 
'101s! 7.678- 1.8M i 1325-1.876 

7 .10.104-10.158 | 10-12-40-18 
9>s; 8.SM.84 

* a.nw.78 

' 384-532 ; 


One rnOnlii !. % pju ^Tkree inonlhei S j’jk.'-'. ■ 





1 1 

2B7-SB9 • 

Beigran rale is ler convertible francs. 
Financial franc 80.10-00.20. ■■ 

* Rats for U.S.S on Dec. 14 should 
hava baerr 1.9760-1.9770 fcloae). 

0.52:8-22 c. pm; '8^4 »1.07-0.97i.--piu 8.08- 
0.8MJ5c.imc 3.0b 11.60- 1.50 8.65 
l3«-3e c-pw •; 8aG8 4-Sn.pnr 3.45 
28-18 r-j-rtn. I 3.03 f9MB e.j.m 4.04 
ufO'dla!— 1.44 i2-4urv die tIS." 

‘ B. 19 S3-83 )d v-m ; 9.46 ]. 
-10.72: 150-520 v. .lie I— 10.18 . 
—6.81 £30-5 SO itlal— 7J>4 - -h2.5 .- 

8.?7 S-6iwejit»i . -3JI7 . 

3 1 C-Sb> l '-|nii'I 4.18 i9J-8£ e- P m - 1 3-S4' • 
34-14 ore pm 3.44 :10-Borep»i ! ■ 4:13 - 
3.85-5-BOy pm 1 1.601 0.40 -lO.OBvpm ■ 10M 
15-5 vru pm I 4J7 143.53 raj pin j 5J53 . 
4 ia-3 1 ! c-ymi 13.90| .13X10. 

Deo. 15 

53-23 ri pm 

60-106 c.dis 
45-115 ir. Dj» 
4-8 lire di* 

-Vjjenidnii l'een 

Australia Dollar.... 
Pitrland llarkfce-... 

:Biuil ljuaHrr. 

Ureek Datciuua 

Hong: Kong Dollar. 

I mu Kiel 

Kuwait Dinar (KDi 
’ Luvcmliou rg Framr 
Slaiavria Dollar..... 
, SIrw Zee lanii Dollar 
Sa.uiU Arul'W Riyal. 
BlDf^pnre Dollar... 
Soutb African Rami 

I 1.935-1.939 ; 

* 7.9550-7.9700; 
I 39.93-40.93 
i9 .4650-9 .4850 
1145.13 149.07 

I 0.538-0.546 
T 59.35-59.46 
i 4.3050-4.3175; 
[1.8275-1.8845 : 

.4^7004.2885 ; 

* 1.7109- 1. 137H 


'otr finite 


0.8773-0.8786 Bclcium.. . . 

4.02504.0270 Denial rk (France 

36.34-37.23 lirrmsn.r 

4.79204.79301 Uly 

73Wj-75>j 'Ja,*.! 

0^7410-0^7420 AulH-rtaicic.. , 

89.9030.00 ;X«r»nv 

8.18702.1900 rertupHl 

0.94800.95 J 9 Sjain 

8 . *690-2. 1700,1 Slides., 

0.8640-0.B775tYti|{'i*d*v»» .... 

27 28 
59»« 61t» 
10.40- 10. SO 
10.05 10.20 





- Six-month forward dollar 1-90-1. 85c 
pm. 12-month 3.90-3-BOc pm. 

Hate gjvon [or Argentina Is tree rate. 


Dec. 16 

fouinl CUccims 

. L A Dpi tar 


jM|au*mti litfi 

Vrenui Fmuc 

s» top Fnutv 

Juu<u Uui'tial L.ird j LHilifl.ut | ur..iiiii rr.iik- 

I'uutul blertiPE 

Ujj. Dollar 

• 1. ' 

. 'l-Beo 

1 . 



19BJ1 ' 

■; -8.600 
. 4 343 



4.058 I 1676. 
2.049 ! B4b-2 





Deutsche mark 

Japanese Yen 1 XC 0 

0JJ67 - 

2.677 . 



1 . 


10 UU r -- 

• 22.16 ' . 

. B.621 

Z. 0 S 2 




. 6.031 



fi-encb Frauu 10- - ' i ; 1.165 

d Bia» Kmac j . • 0 - 2 BO 

2.302 - 
_ 0.592 



45 LZ . -. 
118.0. . 

1U ■ 
Z.S7 1 

- 3.890 

1 . 





. 0.700 



Dulxrli UiiiKler j OJ396 

Italian Lira 1,000 ! ' 0.597 

0.468 - 




96.63 ' 

251.6 ' . 


r 2.120 
■ 6.133 







1000 . 



14 64 
a 5.45 

Canadian Delmr J . 0.427- 

lipltoan Fnuitf 100 7 | l.b84' . . 

, 0.846 : ' 

' .8.313 

166 8 ' 
653 J-”- 

3.6.75 . ] 1.429 

. 1440 r- 6.651 

1.734 i. 716:0 
6.831 i 2821. 




100 . 




Prime Rata — 
Fed Funds 

Treasury Bills (13-week) 
Tnwsttry Bills (36-week) 






Discount Rate — — 


one month . — 

Three mo at ha — 

Six mouths 

3 . 


Dttcotmt Rate — 


One month . 

Three mooths 

toy m imtha .. - , 

.... is : 




.... 6.W75 

'1 Sterling; 
Dee - 15 ’ 1 Certificate 
IflTB - . { on depefll* 

' : local 

Interbank I.Aotboritr 
. i .'‘^tiiinnta 

la rat Aul li. 

neaur table 
. DPlula 




r Dlcvount 1 

Company 1 market 1 Tivasurv 
□epuatU | deposit j bills* 

til -i bio 
8 ills 4 > 

hi 11 * 4 * 

Overnight -t-M 
2 ilajs nutfoe.... 

7 diyior...... 

7 ilaya notice.. ~ 
One ourntu 


Three montha,.. 
StrimooLha J.... 

Stine ntcmiJu 

One jw 

Two jeait 

12 i fl -ll» 
. 12 l 4 - 12 l B 
IZft 12 Hr 
1218-1 lrit 
IITb- 11 +s 

J 1 * 4-1 Iti ■ 


111*- 12 

I 2 l 4 - 12 i* 



llti -13 

m*-i 3 

: 12-12 
> 12-1218 

Urs- 12 U 

U 78 - 12 lg 


. 18 . 18*4 

1216 - 124 # 

' 12 - 122 * 
HTb -1236 

11 &S -12 

. 1 Uy -12 


12 i* 

125 e 


126 * 

, 12 Sa 
1 Z 2 B 

121 a 


121 - 

12 Zj 

10 - 12 t»j ~ 

113 -- 117 flJ — 

11*4 ll,i-ll 53 

12 Uft-Ufi 

12 USa-llfi 





121 - 

121 ? 

131 - 


- JAPAN 'r 

Dtsoomu Rtoc 

<*«B rtl mwunrlrtn »1) _4_ 

Bills Discs ant Rale-U-.— 

tout-month trade b»ll» per cant 

Approximate selling rates for one-month Treasury billa 11 S* per cent: and two-month 1iV per cflntr tl 
montha ii»»je-11*i per cent. Approximate selling rate for one-month bant bills n*V-ll a jj per cent; two-month » 
12 per cant* end thr«-mppU»-ti ,, «*1? per -cent; ona-monih uade bills 12 1 * per cent; two-month 12^ per cent: 



.... 4,75 

"naip selling rare Tor ono-monrn sank Dina • ■ » ■ ■ s inu-mwin 

par -cam; gna-monih trade bills 12 1 * per cenq two-month 12^ per cent: and 

also three-month 12N per esnt. ' . 

Finance House Base Rntee' f published by the' Finance Houses Association) 11 s * per cent from December 1, 1978. 
Clear tog. Bank Deposit Rates for email turns at aeven days.* notice 19 per cent. Clearing Bank Bass Rates for lcnd<i<9 
^12^ per- cent. Treasury Bills; -Average --tatpdsr.ratas.ot discount 11. 57© per cenu 

The dates when some of the more important company dividend 
statements may be expected in the next few weeks are given in the 
following table. Dates shown are those of last year's announcements, 
except where the forthcoming board meetings (indicated thus*) 
have been officially published. It should be emphasised that the 
dividends to be declared will not necessarily be at the amounts or 
rates per cent shown in the column headed “Announcement lost 
year.’* Preliminary profit figures usually accompany final dividend 



ment last 


ment lest 

Television . 
AMO cd Paper 
Industries. . 

. Engineering.. 

Bank LeumT 

•BOC tnurl. .. 
_(S. and V/.J 
Berry Wiggins 
British Electric 





■Elliot (B.) . ... 
English China 





Hickson and 
Hogg Robnsn. 

Jan. 18 
Jan. 19 
Dec. 15 
.Dec. 14 

Final 2.3033 
Final 1.804 
Final 3.42 
Int. 0.45 

Int. 3-272 
Final 2.65 - 

Int. 3.0 
IM. 3.0 
Final 4.2212 

.Jan. 17 
.Dec. 21 

Final 4.684 
Final 1 795 

InL 35 
final 9 74 
final 2.1 

. Jan. 18 
Oct. 6 

Final 4.75 
Final nil 

Int. 0.75 
Int. 1.0128 
Fine! 2.7S4 

.Jan. 19 
-Jan. 11 
Jan. 17 

Int. 1 6S4 
Int. 1.125 
Int. 1.5565 

Jan. 19 
-Dec 29 

Int. 0.9075 
Ini. 2.458 

Jan. 12 
Jan. 17 

Final 1.8038 
Final 2.0244 

Jan. 20 
Jan. 18 

Final 2 6473 
Fnl. 5.664 lest. 

.Jan. 12 
Jan. 9 

Final 5.7466 
Int. 3.63 

■Jhnsn . - Hie hards 

(H. and R.)..Jan. 10 
Kanning Mir. Jan. 11 
■Lindustries ...Dec. 21 

Unfood Dec. 20 

Lonrho Jan. 30 

Magnet and 

Southerns—Jan. 18 
■McCorquodale Jan. 10 
•Nthm Foods Dec. 19 
Prop. Security 

Inv. Trust. .Jan. 17 

Haybeck Jen. 12 

SGB Jan. 10 

■Scot, and Newc. 

Breweries... Dec. 20 
Smith Inds. ...Nov. 8 
Staflex lnds.. ..Nov. 9 

Con version. ..Jan. IS 

Electrical... Jan. 13 

Television... Jan. 17 

Manulamrg....Jsn. 13 

■Unlgate Dec. 21 

Ward (T. W.) Jan. 4 

Aircraft.. Jan. 5 
■ Board meetinga intimated, t Rights 
issue since made, t Tax tree. 5 Scrip 
issue since made from reserves. 




c - 

5-5. a. 

s£ s 




A SO- 2 




1 FJ. 






Int. 155 
final 4.2G03 
Int. nil 

Ini. 0.99 

Int. 2.45 

Final 1-981 

Final 2.293 
InL 1.33 
Final 2.865 

Final 1.6726 


A.B.N. Bank 121% HHambros Bank 124% 

HiU Samuel 5124% 

C. Hoare & Co *12i% 

Allied Irish Banks Ltd. 12£% 
American Express Bk. 12^ 

Amro Bank 12|% 

A P Bank Ltd 12*% 

Henry Ansbacher 121% 

Associates Cap. Corp— ■ 121% 

Banco de Bilbao 


Bank of Credit & Cmce. 

Bank of Cyprus 12195 

Bank of N.S.W 224% 

Banque Beige Lid. ... 12J % 
Banque du Rhone et de 

la Tamise S.A 13 % 

Barclays Bank 124% 

Barnett Christie Ltd.... 13*% 
Breraar Holdings Ltd. 131% 
Brit. Bank of Mid. East 12*% 

□ Brown Shipley 12J% 

Canada Perm't Trust... 124% 

Cayzer Ltd 121% 

Cedar Holdings 12*% 

H Charterhouse Japhet... 12*% 

Choulertons 12* % 

C. E. Coates 12*% 

Consolidated Credits... 12*% 

Co-operative Bank *121% 

Corinthian Securities 12*% 

Credit Lyonnais 12*% 

Duncan Lawrie 12J% 

The Cyprus PoDular Bk. 12*% 

Eagil Trust 12*% 

English Transcont ... 12*% 
First ffat. Fin. Corp. ... 14 % 
First Nat. Secs. Ltd. ... 14 % 

B Antony Gibbs 12 J% 

Greyhound Guaranty... 12*% 
Grindlays Bank 12*% 

B Guinness Mahon 

Julian S. Hodge 134% 

Hongkong & Shanghai 124% 
Industrial Bk. of Scot 12*% 

Keyser Ullmann 124% 

Knowsley & Co. Ltd.... 144% 

Lloyds Bank 124% 

London Mercantile ... 124% 
Edward Manson & Co. 13*% 
Midland Bank 121% 

: Samuel Montagu 124% 

■ Morgan Grenfell 124% 

National Westminster 12*% 
Norwich General Trust 12*% 

P. S. Refson & Co 12*% 

Rossmlnster 124% 

Royal Bk. Canada Trust 124% 
Scblesinger Limited ... 12*% 

E. S. Schwab 134% 

Security Trust Co. Ltd. 13*% 

Shenley Trust 14 % 

Standard Chartered ... 124% 

Trade Dev. Bank 124% 

Trustee Savings Bank 124% 
Twentieth Century Bk. 13*% 
United Bank of Kuwait 12?% 
Whlteav/av Laidlaw ... 13 % 
Williams & Glyn's ... 12' % 
Yorkshire Bank 12*% 

I Member* of lie Accepitas Houses 

7-day deposits lor., l-montb deposlls 

7-day deposits on sums or S 0.000 
and under ID'I up u £25,000 lOiK 
and over 123,000 102%. 

Call deposits aver £1.000 10%. 

124% f Demand deposits 10%. 




High Low 






Pt-ui nw 







lAmelifleHIdp | 44 

*»htnn JUinuift 50c...... 76 

UAu-L Fanning A5l_iI08 
Harris Qnecnawsy S0p|176 

Llaliwn till. . .. SO: 

Kitciiru Qiifen S9lj 


1.2.551 2.4 

+ b 
i + 5 

1-1.6 4 
MS. 7 

’ 5.1 


8.7, 7.1 


. 8' 12 




Hi 1 




1 . 1 *. 

1 - 

99 »* 









| 100 p 




| 100 |» 



1 5(1 




L — 

13 >4 





97 P 




Liw | 


Efw L 

|i r*L°* 

UUIsl-ViiXlVre}' Inrinl-lr IW3 

lllAulne Vallt v M ain 

. afee e% Kr> I P. Pii. 13to... 

I 101 kneK 

li^pm Ifladlay 8% tot. Cum Hai. l’rl 

2|<m|Hs«Wy-GnnlaU 12% I nv. I n*. Ln. ’£ 6 - 88 . 

SOu-NevaiA/i li»>. I0J A»>-. Ptvi 

13 lAliJ Kent Water 1%, Pret. 1TC4 

Sfiig|titehntau-»i'nti 4 l ahiiilpe Hi u-i IS 
88p iv+ivi* 10’^ t*i 

13 l ... 

120 ;-l 


Bpiu 1 ... 

pap ; ... 

15>« ... 

063 4| ... 
99 f . ! ... 


lewiej I s 

EtniiiK-. j 



j High I Uivr , 

ClmlnwJ-^ ur 
Price — 





668 (Hoeeliam 

I 623 KS 



15/12 186/1 

20 ii 

19l* l Uouil(.a |U ui.' 


3 aJ 





376'ii \Jj 

1 376 ; . . . 











71 iCapper-NVili 

ltTT 'Clifford iCbs-.i 

• 72 :+l 

1 UI .. . 






101 llhaoo 1 U 1 „ 

1 no -a 






2pm Faster t Julia. 


1 ou 





140 |Hw-kin- A. Hurt.Mi .. 

| 145 1+3 




12 ( 1 - 

36 pm 

29tmi,M L.Br.l.]iou 

1 89i.nti 






M|tu Metal Dtn 

| 56mt> +4 






210 pit.-t hen a Put 

1 228 '+5 






67 jl'etu Cuo-umte ... 


> 73 —1 


Renundatlnn date usually Iasi day for deabns free nr stamp duty. 0 FiKurct 
based on prospectus estimate. 0 Assumed dietdend and yield, u Forecast dividend: 
cover based on previous year's earulnm. r Dividend and yield based on prnspecius 
or other official estimates for 1079. « Grms. t FiBures assumed. J Cover allnur.. 
lor run Torsion at shares noi now ranking for dividend or ranging only for restricted 
dividends. I Placing price lo public, pi Pence unless oiherwiMi lndicaLxL 1 1 ssued 
by lender. IT Offered to holders of ordinary shares as a nghls." ** Issued 
by tray of caplUllsaUan. |{ Rcimrodaccd. tC Tssued in cnnnecilon with reorganisa- 
tion, mercer nr take-over. ||ll Inundunlnn. Q Issued to fanner preference holders. 
■ Allotment letters lor fully-paid >. •Provisional or partly-paid allotment letter^. 
* With warrants. 

> I 

1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-2S3 1101. 
Index Guide as at November 30. 1978 

Clive Fixed Interest Capital 129.67 

Clive Fixed Interest Income 114.28 

45 ComhiU. London EC3V 3PB. Tel.: IU-S23 6314. 

Index Guide as at December 14, 1978 

Capital Fixed Interest Portfolio 100.17 

Income Fixed Interest Portfolio 100.48 " 

3-month. Gold 211.15-213^5 

LG. Index Limited 01-351 3466. 

29 Lamont Road, London SW10 OHS. 

L Tax-free trading on commodity futures. 

2. The commodity futures market for the smaller investor. 



nterstate Dank 

Bastion House, 
140, London Wall. 
London EC2Y5DN 

Telephone: 01-606 8899 Dealers: 01-606 2833 Telex: 884161 FxTelex: 884162 

_ Shareholders: 

First National Bank of Atlanta Hamburgische Landesbank Girozentrale 
Indiana National Bank Keyser Ullmann Limited Maryland National Bank 

Indiana National Bank 


That its Representative Office has 
joined LI B in moving today to 

Bastion House, 

140 London Wall, 

London EC2Y 5DN . 

Telephone: 01-606 0632/3 
Telex: 886126 

Maryland National Bank 


That its Representative Office has 
joined LI B in moving today to 

Bastion House, 

140 London Wall, 

London EC2Y5DN 

Telephone: 01-606 1541/3 
Telex: 8812367 




The year of the 
poor man’s cake 

Motor insurance 
will be dearer 




Dec. .Dec. 
11 8 


might well have been the 
advice taken in the mining 
investment scene during this 
past year of world economic 
slow-down and uncertainty 
surrounding paper currencies 
in general and the U.S. dollar 
in particular. Indeed, the 
tiight from the dollar has been 
the major reason for the big 
revival seen in demand for 
those up-market commodities, 
gold, platinum and diamonds. 

Not that it has been plain 
sailing — far from it. Gold, for 
instance, strode confidently 
ahead from S164 per ounce at 
the beginning of the year to an 
all-time high in October of $245 
only to run out of sream follow- 
ing U.S. moves to bolster the ail- 
ing dollar. 

Inevitably, these included in- 
creased sales of the “ non- 
monetary ” metal and the bullion 
price nniv of $207 awaits with 
some caution the outcome of 
tomorrow’s biggest ever monthly 
offering of 1.5m ounces by the 
U.S. Treasury. Meanwhile, the 
South African gold share market 
remains depressed by other un- 
knowns, notably African politi- 
cal developments and the fear, 
for a UK investor, of the invest- 
ment dollar premium departing 
in due course. 

The Gold Mines index thus 
stands at only 130.7 compared 
with its mid- August high of 206.6. 
In ex-premium form, however, 
the index is at a smaller dis- 
count to its August peak which 
suggests that overseas investors 
are prepared to take a more 
philosophical view of things 
while they enjoy high dividend 
yields from this still prosperous 

Platinum has followed gold to 
a large wnlenL but a major 
factor in this case has been the 
impact on the previous heavy 
over-supply position of a cessa- 
tion of Russian exports which 
supply the free market. The 
price in the free market is cur- 
rently around $336 an ounce 
compared with an October high 
of S393 and only SIS5 at the 
beginning of the year. 

The price charged by the lead- 
ing producers, however, has 
marched steadily forward from 
S1S0 this year to S300. Demand 
has revived and there has been 
u dramatic improvement in earn- 
ings of South Africa's Rusten- 
bura Platinum Mines. But what 
remains to be seen is how well 
the market will absorb Russian 
supplies when they eventually 
make a Cull return. 

Demand for diamonds has 
been been unprecedented while, 
earlier in the year, dealers were 

hanging nn to them as a hedge 
against currency and other ui>- 
certainies instead of passing the 
stones along the processing and 
marketing chain. It- required 
temporary surcharges of as much 
as 40 per cent on De Beers’ Cen- 
tra! Selling Organisation prices 
to break this dam. 

Following hte big 17 per cent 
increase in the C50 basic prices 
ar the end of 1977. gem prices 
were lifted by a record further 
30 per cent in August of this 
year. Prior to this, the gem and 
industrial diamond half-yearly 
world sale figure had hit a best- 
ever Rl.Ofibn and so the total 
figure for 1976, due lo be an- 
nounced next month should 
easily surpass the 1977 record 
of RI.Sbn. But whether this 
pace can be maintained next 
year seems doubtful io view of 
the U.S. economic uncertainties. 

A week which saw the rebirth 
of Poseidon, the spectacular rise 
and fall of which provided this 
column with many thousands of 
words, coincided with the retire- 
ment of the writer who has 
been hidden behind the name 
Lodestar for over 30 yeans. 

He would like to thank his 
readers for their enthusiasm or 
forbearance, as the case may be. 
and the mining houses for ail 
the facilities that they have 
afforded him. He hopes that all 
miners and mining investors will 
have a more prosperous 1979. 

For the coming year he pre- 
dicts that Pancontinental will 
at long last be allowed to 
develop the Jahiluka uranium 
deposit in Australia's Northern 
Territory: that the world nickel 

and copper producers will see 
better times: that the Rio Ttnto- 
Zinc group will prove that it has 
found an Australian diamond 
mine; and that gold prices will 
move to new highs in the second 
half of the year. 

Unit to handle 
Chinese trade 

has set up a unit to handle 
trade relations with China and 
Hong Kong. Mr. John Smith. 
Trade Secretary, announced in a 
Commons written answer. 

He said the new unit had been 
created to meet the current high 
level' of activity and interest in 
trade with China. It would 
handle export promotion activi- 
ties to China and Hong Kong. In 
addition, the number of staff 
dealing with trade matters in the 
British Embassy in Peking was 
being increased. 

ONE CERTAINTY in this last 
shopping week before Christmas 
is that the pound in your pocket 
will be worth appreciably less 
in the New Year. 

The best that can be hoped, 
but not now surely expected, is 
that the annual rate of inflation 
will continue to run at about S 
per cent. 

The worst? That remains to he 
seen, but perhaps the worst fears 

on the likely course of Wage 
negotiations in the next three 
months will not be realised. 

Another certainty must be that 
present motor insurance 
Pentiums by the companies and 
underwriters in the market will 
be insufficient to contain Qiaims 
costs in the New Year for more 
than a few months. 

Take for example Eagle Star's 
Dew rates, increased by g per 
cent from January I. 

Assuming that Eagle Star is 
poised to show a working profit 
on its motor underwriting, this S 
per cent can be adequate only if 
national inflation continues at 
the same level as in 197S; only 
if car prices and repair costs 
continue to move in step with 
national inflation: only if com- 
pensation awards also keep pace; 
only if claims incidence does not 

A lot of ifs, and I cannot see 
that Eagle Star policy-holders 
can hope that their company will 
hold its January 1 rates beyond 
the summer mouths. 

No motor-insurer likes to 
change rates more than once a 
year because more frequent 
changes impose on a percentage 
of policy-holders a double 
increase and involve inevitable 
loss of business as disaffected 
policy-holders seek a temporarily 
cheaper market 

In fact Eagle Star hud 
previously raised its rates, last 
July, by an average of 121 per 
cent, so that its customers with 
policies falling due in the first 
six months of 1979 face an 
average Increase of 21 per cent 
over the premiums they paid last 

If my researches are correct 
Eagle Star is the fifth motor- 
insurer this year to increase, or 
announce an increase in, its rates 
within the 12 months. 

The others are Legal and 
General. Sun Alliance. Scottish 
General, and Zurich, though 
Zurich's second increase at the 
moment applies not to renewals 
but only to new policy-holders. 

Both Sun Alliance and Scottish 
General policy-holders now re- 
newing face an average cumula- 
tive increase of over 18 per cent 
Both companies’ second increase 
in the year came into effect on 
October l. 

Legal and General raised its 
rates by an average of S per 
cent last January, a further 9 
per cent in June, and has 
announced a third rise of 8 per 
cent effective in the New Year, 
so all Legal and General policy- 
holders are caught with an uplift 
of about 3 per cent 
A review of the position of 
other major motor-insurers, 
having regard both to the siart 
date of their last round of 
increases and the percentage 
increases, suggests that there 
will be little good news for their 

Certainly those companies im- 
plementing average increases of 
less than 10 per cent — General 
Accident, Prudential and Royal- 
must he looking anxiously at 
their rating position, as must 
Norwich Union, which fixed on 
an average of 11 per cent at the 
beginning of September. 

Commercial Union, with 16 par 
cent increase in train, may be 
better placed than some, but that 
increase was started m June, and 
Commercial Union may have to 
raise its rates again before 
another six months have run. 

Offices expected to implement 
or announce rating increases in 
the first quarter are Bradford- 
Pennioe; Cornhill; Guardian 
Royal Exchange; and TAinster. 

As the last increases from 
these companies were in the 124- 
16 per cent bracket and their 
rates have been held for close on 
12 months, the reasonable 
assumption must be that further 
rises of similar or greater 
amount will soon he promul- 
gated. with the real prospect 
that they will be held for much 
shorter periods than previously. 

Post Office 
cuts rates 
for Christmas 

nounced cheaper telephone and 
telegram rates over the Christ- 
mas period. 

Lower cost telephone calls, for 
example, can be made between 
6 pm on December 22 to 8 am 
on December 27, except in Scot- 
land. where the cheaper period 
ends at S am on Boxing Day. 

Customers in England. Wales 
and Northern Ireland will be 
able to make cheap rate inter- 
national direct dialled calls from 
S pm on December 22 To 6 am 
on January 1. Such calls from 
Scotland should be made 
between 8 pm on December 29 
and 6 am on January 2. 


... .. KOHTRSAl 1 

1061.70 I 

41JJ2 : . ‘ 


CW 2 ) 


T • . . lodcrdrial 




‘ TOSOTO Comp°*lt 0 

Dec. a ' ■ Dee. 1 ' Xor. 24 




[ » 

Dec. Dee. 1 

“1 “1 

! Industrials 









96. 0^ 

Smw CompUat’a 

High I Low 

Dec. 15 I Dec. S 

I ltd. iliv. yield ‘ 

I ml. VI K Ratio 


A* Vilil iFL 20i 1 109.0 +0.' 

Alun (FL201 1 28.0 

AlteiitUuM FLIOO) 372 + 1 

AJUEV (FI. lib . J 89-2 -0.1 
Amrubank iFL2U)i 73.8 ■*■0 . 

Uijuiikorf I 89.8 

lU.iiWestui.iF20> 116.5—0.1 
Babrnt' Tettetwie 72.7 +0.1 

Klu'Wer |F 1 . 20 » ...I 276.S 

KnulaX.V Jhsuer 139.8 

(i'll rC'oiu TaUFl-lQl'i 70.4 

CiiMalBrucadealFL 33.4' t-0.! 
Helnckeu <FL2S)J 93.8—0.: 

H.«ccieu» (FT^Olj 32.9 — O. 
Hunter T>. (FLlOOi 22.0.+0. 

K.L.M.«PI. 1 « 1 )..J 122 . 8 - 0 . 

lilt. Muller (FI .29)1 43.51 + 1. 

Nat.XedlmrfFLlOs lOB.ST + O.: 
ArtlCmlBliFl.aiii 67.B]+1 
Se.IUI4UktFI.70i '202.0-2. 

«'.%■ 167.2 — 0. 

i'UBM IFI.IQ) 27.2+0.! 

Van fimmerdi 142 t3 

PnkLoeil iFl.SQj... 42.5 + 1.1 

Philips (FI.101 24.2xd 

KJnsk-liVerfFI.lM 83.0+1.1 

R'.l+co (FI .Mp 163.8 — 0.! 

K* -I ini'. (Fl.aOJ.... 126.0*1 -0.! 
IlKniUKffl^l.- 121.5+0.! 
.va£JDuttli(FIJeO> 120 . 6 — 0 .! 

Slavenliuix 1 239.5 +0J 

T.+tvi Pac-HliKS! 129.2 

I nilever | FI JWl- 1 19.4 —1.1 

Vikinn Ke» I 38.5: — 0.! 

Ctr. Hyrukl 412.0' 

.1 J - 1 
,1< 1.2 | 
.7 *3 ! 
.2 15* I 
.2 1 4e ' 

.2 42 

.6 | 3c I 
.51 2* I 

9 ba.rtf 
.5 ! «su I . 


t reiUtauanlt 




Hiilti 1 L»tr 

: A I* ax L | 


lAellui l.lleALa 

iAIrfinaluct- I 


Alua .. 

j Alltel. Ijiniliim.... 

1 Allegheny Pi«wer 
Allipd Chemical.. 

Allied Stnret. 

[AIILsOu linen... .. 


I V mei+icto Hew.... I 
Liner. Airline*... 
Iinfp. Brandi.. ... 
\mi+. Brraidcatl. 

Amer. Can 

A i Her. C vans mid 
Ani*r. 1U»L Tel.. 
Amer, Klort. Pew 
Amer. Eijirean... 
Amer. Home Pp., 1 
Amer. Mplinl... 

Amer. Motor* 

Uuer. ,\*l. lie,.. 
Amer. siumikard. 

Amer. Slurw 

Amer. Tel. A Tri. 


AMP _ 


Ampex Huckini;. 
Anbetreer Hiiu-li. 



Anutiera Oil 

Ilanii ! 

Ashland Oil ! 

All. tiivhlield | 

Auto Data Pro...,! 
A VC i 

Avon J 

Avon Producta...) 
Half. G*, Klnl.. i 

Bancor Puntn I 

Dank A menu*.. I 
■ Hanker- Tr. .VY.l 

Burner Oil ! 

| Bax ter In vem>i..j 
I nee Food | 

iHeef m Dfckintoni 
[Bell A Hnni-H..... 1 

[ Bern ( lx _ 

bencMecCon* ■B' l 
I Bethlehem steel. 1 
'Black & Decker _1 
borin'; i 

E “ >iac Caxouio — I 

■i\1en J 

jBorj; Warner 

|Brenift lot > 

Bnmcan 'A' > 

I Bristol ll.\ en 1 

H.Pe* A Ifni II... 
Bmek nn v ti l*aa . 


Uueyma line ■ 

Umova Wntrii ....j 
Burlington Nthn. 


Campbell Soup... 
iJaruidb»n Pacific 
Canal KanJoIph.. 

L'arnatiun I 

Corner A Generali 
Carter Hawley ... 


k'eiantwe Corpn _ 

[Ctjarrai ± S.W... 

ftienaintml j 

jOenna Aktvmii.... 
Cliainpum 1 nwr..| 
Chat? MaulwiMni 
jciieniuail Dk..'V.! 
iChewtiiRh lArmt. .< 

.‘.■hHr*ie $v*teni..> 

'Chimin Bifidm*... 1 

ji-'Urreler I 

jCInc. llilak , nju....j 

Icmcprp ; 

■ Sefl'liti....' 

ICll.V IllVertlOC — ’ 

iCIcveiand Olid...; 

x-teai'nia ! 

CvIjtHM j 

|CuIJiui Alkctau...! 

CoiniDbu Gas 

L'oiiinifila I’ii't.... 
{CunibusAion Cng. 
tConibllaCk'iD Kq... 
IC'in nUi- Kaltvin.i 
LmiH. Saterlltc.i 
•■.'•■infuicer afciencr.l 

{Culm In-- I 


fun ■ ftilattii A V ... i 

|i.'uU«I Fowl* 

Conn* A Hi tiH- 
jwonfiiinw !*■ mer; 
'k'votioi'aUi Oil..! 
L'uniineuial T+lej 

Cunt ml Data. j 

Uuo[vr Indus 


Hl«ll Lmr 

6413 i 431 8 
54>j \ 42 U 
361 S : 23i{ 

30 : M He 

377 B I 29 * 

42 U ! 29 >2 

31 ig j 13 

3li, | 19 14 
49i 8 I 34 
365a | ZJ 
44 | 221, 

14l 2 I 51g 
84lt 14Jfl 

161, 1 14 '4 l l>eUn4t Hdlsirn 
89 • 191, 

3QL» I Ills 
641b j 385 b 
465b • 315b 
BIG ! 38 
S0:-« f 225a 
34ij 1 25 (Dravo 
Hb’iB 1 361b 
138 1 974, 

25tt I I 6 I 2 
1 S 1 8 | 6 

67i, 1 4114 [Knstpian Kudak 
41la [ 33 j Cal un 

323, 1 165, K.C.ifi 1 

IUI 4 14de Bl Paso Nat. i.iasl 

355, 25 BlLra I 

39 fg 295fl Emenwn Ulwrrie| 
2 bi s 18 Sa Bmer>'AirFr , iehti 

44 j* 27Sa Bmlwri J 

3i 3 W? U.U.1 

sasg ails UogelhanL J 

3Kij 1 233J Bantark j 

24i, : 18 Klhyl j 

527b I 49io Khxod 

397b 23 Pal rvh lid Cum oral 

40sa 1 3l3s Fe«L Dept. Store* 
16 | IBM Firestone Tire....! 

32Bb 1 Z4 fit. Xal.-Umum.: 

2a j 143 q Kletl Van | 

39 ij IB* Flint k<>te [ 

33 28Jb Flonda Power....! 
43 1 , | 295, Floor. I 

28 'a 201 = 
Bli z 39 
231, 17 

39(a 275s 

Hi, 51 b 

3 27 8 iai a 

S37 4 241 j 

J3* SJb 

IF.U.C. 23S a 

iF.inl Mutur, | 41 

Foremost AI..k. j 19J, 

iKovbuio. 317a 

Franklin Muir ...I 51* 

|Frvepc*tt Ulncmj 30>* 

iKraobauf J t 265, 

(Fuqun Lada 95« 

IRA, J.._ 


(i eu-knier.luv. . 


[Hen. Cable. 

ICien. D>natulCT„ 
iGen. Hlectncv... 

;Gen. Food*. 

jGeaeral Mtllv 

Geoenl Motor*. 
Geu. Pub. Util.. 

Gen. Siguaj 

iGen. Tel. Bled . . 

lOeu. Tire 


Ueorpa J*r«jitVc~ 


iGctty Oil 


Goodrich U. F-... 
(iikxl.year Tire.... 


Greco W.K. 

U rt.AUaa I'acTcu 
Rrt. Mortb I nm.. 

G ierliouii-1 

Guir A "eiieta.. ■ 

Hull Oil 


Hums Minim;... 
liam ibdifi*opr. _ .j 

Him. t'.H-rm 1 

Unnr H. 4 1 

HenOtcln ! 

617® !Heulett Phckard.' 873® 

141, him. 19 

29 Jf Uome^itikv. i 3Ue 

Hal, Uone^'weli 67 

lOi* Hoover - ] III 9 

17 Hnt|»4>«|i. Amur 29 Sa 

20 Houaton AkL Um 22 J 4 
lOl e Hunt iPO^iCbm 12le 

litis HnUoil (K.F.J 16 

SHU, l.c. linlustnea ... 24'a 

34 U ISA 38 13 

441* Inamvll Hand... 45 
335 b Inland Stwl..,,,,. 351 , 
111 * Inailuo 12 

2351* HUM *274.87 

20*9 IlLnJ.Fmv, I 23*e 
261* II 11 U- U»n a i w 34\, 
34 IliiU. Mill A Liiciii 36 
17 '.Inti MumKvhlv... 181* 

141 s loco I 151* 

355a IJntL Vttffr. ■ 38 

t »»4 jluti. Ifa.-ll her .....( 91* 

21Sg Untl. T«‘. \ Tu...l 273* 

27 1 8 ;lon# UCt.( 37^ 

97 * ’ll* InteitMtiunal.] lOta 
26*8 jJiiu Waller, j 277a 

27l» 2U>? VnaJw-r Uali...., 

16$B ! a»j iiapld American 
66 S{ | 29 la iliajThuiMn 

08 15 36 

39-4 2SU 

64 52M 

305 a 20 

37*B 287b 

40 1 4 1 281* iKotmilHin 

651; I 541* Itovai UuMb .! 

171* 10 KTB_ \ 

2a I; 1U ltn». Tojt* 

49'a I 13 la Krder »y. teni....l 
457 a j 36i; aalewav Sbne ...I 
al5, 22I& St. Jiaf Mineral,. I 
34 69 2S5h Kej^» Paper J 
601* 29*4 anntn Ke lnd» ...) 

7 J 4 as, ’•n. Inre-i .j 

8*8 4«e uxon lad ■ 

1634 91* acldifr Jlrewinj., 

93 645n johiunilierw ...1 

23 I ldia SUM 1 

ldTg 121- 041 Paper j 

245b 17*4 Tcnni llrjj j 

8 'ig olg lauudder IluoAnp; 

36lg 16fig 'ie« CftfiMiner ....[ 

Z87 a ^ i a Uem-rem , 

lbs* 11 ISwie'G.L).) ) 

375b 20 1 g lyin Hue* ucl.....j 

4 V i» 2 a ta jSBbciA I 

abofl I .814 |Sb«i. U 11 

h7 I 4 I a/ lrein>|«»rl | 

2914 j 14 fSktnii. J 

30 1 * I *u7g |9iynoic Con [ 

14 3g 8Sg 3impncli\ Pat... 

237g 131* plilaet I 

5019 [ 2759 idmhli .nier 1 

10u»t > hoi, 'dnilih Kllue- | 

a <8 ! 1*4 rSuiitnui — • 

451; , Id i:ajUulo«u. ' 

26 !g ■ 23Sg (SnillKni Cai.Jni.j 

175g I 14 isuutliern 

68 ! 28Ss lotlin. Nat. Bo, .. ' 

34U 1 261* i3outhei-n IAumiil-. 
5bl, ‘ H-+J, |3outheni Bali Wilt I 

341* 1 22 >4 1 5>>*utli la ml ; 

29 <g 2354 iS'Wt ban-bans- 
23 14 15 | 3 perrv HuUfb.—! 

9M 327g Sperr>' Ban-i j 

iB’a 2l8g Iwfulbb.... 

22>S lanunlanl Umiirl.J 
4Bi« i 2438 

64. u I 44 In- iwua.! 

401 a | 291; pt-1. Oil Un» 

401* ; 34U Stauff Chemical. , 
19 ( 12 7g aterim- Uni- .... 

7U 437g I studohakw. 

46 7g I d.ioti iuu L .i ... 

£7*, ' Z57g 6unilttreciL....^. 

a7*g I J.03, Synieic 1 

lalg 1 Dtu Ttvumva.>lur | 

49 a, j 32 5* il'ektiiintx 

117 j a7i, 'teieiirni: 1 

9 25* T«m 

3414 | 28 >g [renew ] 

12 I 7 iiew-ri^Peinj'euxni 

2712 I 221 ; ilesac-i „,j 

24 *a i'/A» ! I’txasauit [ 

47 33 1 lexHb Eastern .... [ 

02 I 4 oil; re w Intl'm ■ 

331* 24*i ltwl.ll.4i.liu.. 

a©*, 13 U IVmk Vti ilfcr... 

oOlg »4l9 L'lniea In- 

3b 22 I 4 Timm lllrmr 

037* 411* Timken 

44Sg 3lSg ltnne. ............... 

Itfi, 13 la inui-menca. 

235g 171* liMioi 

361, 29 U ‘Tren I'niUi 

29'a 21 ig ’ItnD-«ay Imm..; 

&Oln 9*g j rmn Wrind Air 

40 Jg 26 Ip ji're veers 

BO-, 17 14 [rn-Couiinemiu..! 

7lg I 37j ! Triton Oil 1: Gas.i 

4 i a3 ! Z7J, ;ncw_ 

4tl j, ■ ZUlg 'WitbCeTitiirr Fox. 
44 7g 19*8 ti-V.L. 

1 sot* 1 ib j * :l;ai:co I 

£.o«a [ 17 ig LG i | 

461, ‘ 30 .bnli«k«r 

621* I aUi* Lime* et A V 

29 i lliip |lju»r«i lion.- ill,.... 
42l] | 34kl jL'mou tjtrliale.,,. 

Ill* j Bi; AjuiiTu L'oaiiuerut- 
571, I 45*8 jl"u»ni Od La 111... i 
60 l 41 iL'mnu Paciite... „1 

9i, I 5 jt'nmjjai | 

151, , 67fl 'Unilwi Brenda..,! 

3b 25iv IDS l<Hneorp„ ! 

33lg 2«'8 !iisG>|»uni • 

291, 211e DSSfiw 

325a 22 lg C» Steel..; ! 

Dlfig Ltd Teehnokuric* 

22*, 17 ig Uk ludu-tnt-._. 

lUSg l3Sg VinilDUl 

30 U lb in Walgreen 

29jg 17*4 W«Hbw» Murrey. 
oDig Js9*8 WamvtJL-uiinui.. 
3lig Warner- Uniijwt. 

3114 1 a *n WaoLv Man'aitni' 

327g 24ti AVelle-ratvo 

431* 236b iWe-. tern Uuinv.rt 

367g 2 U -4 IWruiurn 3. Auiei' 

all* 15 |'V(-Jrni Dni.m...i 
241* 1U* IWL-diitsi. - -.- L. lXl 

31 1 , * 20 ig 'IVe.verlineiiTfT. .. ! 

243, I 19 i'Vblr;i«M 

24 tg I n White i.-tm. 1 mi..: 
23s* ! 1464 ViiiMm La , 

31 1 21as iWiscunam Buret M 

17ag jWaoiwiirtli 
s* i'Vt l\ 

631; 41 ]Xemk. 

19 1* 10Sg I 3 b paw 

lUTa liJg Ifienith Utulfa~ 

task. 9 A,:. [Lr.S.Trm . .“% 

-2 St tiasg '4/4Tree 4__ . , 

8.98> b.U /'jIU.S. 90-dn.v M:ia.|9.05H 


lOU [Ahltlbl Paper. [ 19 ?a 

4.30 |\ini icw Buie ! 5$a 

B4ij IVwi Anicilnl’inl 39*4 
14 Ig j liguina siee n ...| '«6 

641; Upheave j 5159 

171* .Hunk nl Moatmil 25*4 
ldi" 'dank pfiwxScntifi 237a 
3.70 jdanic KchMUwh.. 4.10 
aa tf+ii feiephoae...! 645g 
10fg |B.jw V, w ln*f. t xQ?a 

13I4 iBP GanadB. .... 204 

i4Lj |BnMaui...~ 16*8 

3. o mnam 6.37 

3+ iCa-ipuy Power... 39ig 
ll" jLiuiiUu Miner ... I27g 
3*9 .OuMtln tAsueni.. l* l t 
Big GanefLi KW Lbii. 9 5, 
£..14 Can. 1 in (j Uk Com 297 b 
i- Canada lihliu.1 ... t-l*a 

iai-- C.iiu Paclh-i *.4Sg 

13I4 Can. Pacific lav. -s4ij 
o 1 Chu. -upet Ot ... 691* 

3. a CarilnfiU’Keeie.. 4.40 
olg Cu war A+-e#-u-- .1 9>4 

17 Sg jUhleitatn I 261, 

33 14 Uotmnco I 3 11* 

7 Coil;. Ballitn+t... 14 Ig 
)D>j LouMimer Ga»— 1 177g 
4.95 I'-i+ka Ihfuiicei. 6.25 

71? Llvnain I 711*8 

67g Umm I level, .! 144 

52 Uenikin Ulim I 721* 

70U lUonm Mine. 84ii 

b3>4 |DoinePciralcuinJ BOSg 
22 i g itA'inlnitiu llruigal 39U 
I4ig .LhiniMr 241* 

12 iDuimul 151s 

I6!ft | Falcon' se Ktckcl. 307# 
68>g [Ford Motor Can.J 69 

Gan-wr 35 

91* Hum XetinLniie lOi* 
2u Lrmi uLL'anarla.. 36 
a tlan'ker ■’•Id.iJiui. 81* 

29 tiiiiiuiaer... 391; 

37 Hume Ul: *.V 45 

lal* HiaUva Uav Mac SOU 

lei, Hu ison bat 21 

40ig 6u>l«nUi. . Qi SIT, 

17 l.A.C — 17i a 

271, 1 mjfco- 39 

ltU* Imperial Oil 23le 

15', InwA' — 177a 

dl, In.ia.M 131g 

04a In-Mu A'at. 6’a-. II 
111) inl'i>.v. Pipe line 16 

13 hjil-er Umiiisr 16U 
67g Uuiri Fin. C-irp- 10 

6.25 Lob law Com. 'B' 4.30 
15*4 ilemd'u Blodi... 217$ 
97 b Uan.e> Feri^j-ou 97g 

201* McIntyre.. 238; 

28*4 Moore Corrm 33 

1.90 Mountain Stale K 3.40 

21 tKmanrta Mine—- 56U 
. 144i .Screen &iuafy~. 1778 

late Ntll. Trieotan 37 Sg 

2ZU Numac Oil A Gas 277g 
3.aa ualcvuxl Pclru'n 4.30 
1.00 PsciBc Copper M . 1.84 

631* iPaelfic Petroleum 61 
31U hm.CanJ'etniim 37 
b 1 * Patiuif 20 l a 

з. 0^ fVnjrlertiefit.a... 6 J i 

и. d j Tlx -e Can. It Op. 1.95 
19 *4 PlfHTlUerelopuil f26U 

B7g PnikerCm|wml'u 24 

lulg Pnce idi l A 

1.0a ;i^iwbc'.Tl<iirKe<in. tl-20 

lSSg lltouEer OIL 151; 

a Keenbtetibiwe... 103g 

244, u»Aij?j<n 354fl 

Sal, Itoynl Bk. ni i>n. 38ig 
241* Kw«iTm-t M A"...l 26 

67b Sctn**»M«5NMJ7W», 75* 

221* 31 

133b -lio> . Canada 16 

4.3. shemU G. Mines 8 
225g ?wi«nr O.U,,.,,, 68U 
4.3 juapaB 175, 

22 Jo -Use- cl Cans. ta... 

2.3.. steep Block Iren t* 65 
54 I'QMn. L'r-nBilB ... 48^4 

IbUl IViioiitulJum.Bk. 22Ig 
13', llwiUul'IiieLii 18 
c3g I'mir Sixiul Ud .01* 

I«.< tr-.-** t165, 

95, fL'DIUlllfilF I 1 

7 tinni^fKugllmee 93< 
2b3g tViwker Ulium ... 39 
lCla lV«it Cv-tToiIlrj ll&Q 
13l, 22 b0 

I Asked. 5 Traded. 1 New stock. 

o“ l 

Priiia 1 + or iDiv. l'rt. 
F.« I - I 4 * 

HandclstauL *' 


Xunl K»M j 

Novo Induatn B. j 

Ullettbrifk" 1 

Pri vat bank I 

Prevmvhaak. 1 

SuperfiKL I 



1471*: — 1* I 12 

136U .. .. 
1795, — l* 
210 +1- 



368 1-1 


89 5 (41S 


Alliance Vendub.. 

821 W 

B.LSF ... 


Bayer-Hype - 

Bayer- Vereinobb. 

Conti Gummi 

Daimler- Ben* 



DeulM.-lie Bank.... 
llrewlner Bank.— 
DyrkerljofT Zemt. 

Hapag Lloyd. 





Kali and Balz 



Klncknor D.M100-. 

JvHD — 

Krupp DM100 


Liiwenbraii DM100. 

r ^ if ttucmm 

134.5 -o.e 

138.51- 1.7 



226.1 — 1 « 
66.4{— OJ 
384 — 2 
248-6 — 5.C 
176 j— 1 
306-6— 3. T 
246.61 — 0-£ 
174 -3 

237.51- 3.0 

100 [ | 

157.o!— 3.5 



Meta ll^ca 

Muncbener Ruck. 

Seek ero iann- 

Freuasat; Dm. 100 



5ud Zncker 

Th.vwcn A.O 



VercIntAWeat 11b 
Volkswag en. 


138 -1 
154.0 -3.5 

140.5 -2.6 

326.5- 2.5 

246 -2 
90.4 -0.1 

196.6 -2.6 


284 -9 

1,560 - 

i 97 +1 
226.5'— 6.5 
254 -1 
660al] + 5 

137.0— 2.5 

180.5- 0.4 

859.0- 0.5 

247 Ul 
116.0*— 0.7 
180 1—1 
296 1-1 

l .fU 4.1 
If. Is 48 
li.ti 3. 1 
m.i< a.i 

! i- 8.9 
2b. li B.4 
-*b 4.3 
I/--® 3.6 
l/.lfc 7.4 
lb. U 4.8 
K-db 3.6 
23.13 4.8 
26 5.2 


• Witts |+"orT Dir? TliL 

Dee. 16 Rraner — | % | % 


4 JS 


7,1 | Metnunar 


Y_ i 1 

Firiakcial •^i^s -MoDday December- is. 1978 

i -A& 


CiapaBtes aaf Market* 




Markets begin to wind down 






Av. life 

Coupon Price 


Lead manager 



A RETREAT by the ITS. dollar 
in roost key currency centres 
and a declining level of investor 
interest "left the’ .Eurodollar 
bond market in a somewhat vul- 
nerable state last week..' 

Prices moved - down '• slowly, 
with, losses extending , to around 
a point tin the week in many 
straight issues, after renewed 
professional liquidation. But 
mark ets were becoming increas- 
ingly . subdued --'ahead . of the 
Christmas period, and lined 
movements, were jaften artificial, 
as some dealers' reduceiiiwent- 
ory or virtually ceased to -trade. 

The dollar's falls, eroding the 
substantial advance - recorded 
since'-' the: .Carter 1 A dmi ni s t rab 
tiou's measures .some six weeks 
ago, ' helped undermine the. 
straight sector. Consequently, 

-Swiss, franc and Samurat bonds 
gained support, n Some Swiss 
. issues are now up three to .four 
■ points from their lows hit a 
week or so ago- 
Several analysts were point- 
ing to- the volatile Iranian situ- 
ation and the OPEC meeting 
due at the weekend to discuss 
oil pricing, as unsettling for the 

•" “Late last' week, figures show- 
ing /a fresh increase hi U.S. 
money supply, coining on: top of 
economist'. Hairy Kaufman's 
"warning , ihat top-rated- U.S. 
bond yields will move up to 10- 
il percent next year, added to 

... . Looking to the new.' year, 
some analysts, are concerned 
that the new issue market in 
dollars may he reactivated 

much too intensively, placing 
further strain on the markets. 

The dollar sector has gained 
much technical support in 
recent weeks from the relative 
absence of new paper. 

A number of bouses are 
known to be waiting in the 
wings with potential new 
borrowers, although conflicting 
opinion over the near-term U.S. 
interest rate cycle is clearly 
posing problems for liming the 
entrance of new names. 

However, European Invest- 
ment Bank’s latest dollar 
operations at relatively high 
yields for this name demon- 
strate that high-quality 
borrowers are still willing to 
test the markets at current 
levels. EIB has privately 
placed 9100m in New York for 



A future for bonds 

-■* r c r 

last Friday addressed . by .Dr. 
Antonio Aurefiano Chaves de 
Mendanca, the. vice-president 
elect of Brazil, attracted over 
500 participants as against the 
original 330 invited. This is an 
indication of the interest with 
which Brazil is being watched 
by -the international commercial 
and financial community in the 
run-up to the change of govern- 
ment nest March. 

One of the subjects discussed 
was the future of Brazil’s 
foreign borrowing programme. 
Until the composition of the 
new ' government is known, 
bankers do not expect definitive 
lines of policy to emerge. How- 
ever some indications Were given 
by a Finance Ministry- spokes- 
man. ' 

Noting that Brazil’s foreign 
exchange reserves are now 
expected to reach- nearly $ 12 bn, 
or one year's imports' value, by 
the end of this year (the highest 
estimate hitherto, has been.; 
Sllbn), he said that next year's 
foreign currency . requirement 
will be partly satisfied by draw- 
ing on these. reserves. The kind 
of reduction involved could be 
some $2bn, he suggested. Some 
private bankers expert a bigger 

The spokesman - said that 

Brazil's policy on a* potential 
jumbo loan 'for the Federative 
Republic itself has not -changed. 
The idea of such a borrowing 
has recently been ■“'revived. 
But the spokesman suggested 
that ' Brazil has no .intention of 
raising such a loan in the fore- 
seeable future. 

Bankers’ expectation that a 
higher proportion of • Brazil's 
foreign borrowing next year will 
be carried out on •.we bond 
markets was also', implicitly 
supported by comments at the 
conference. , 

The Finance Ministry, spokes- 
man also outlined the -Brazilian 
Federal Government p«fiicy — or 
more accurately nonpolicy— on 
the vexed question bf : '-restruc- 
turing the terms of . Brazilian 
Euromarket loans. . 

He said that attempts to 
change terms would take place 
in a few individual casts where 
the loan agreementS/Xpow for 
such renegotiation r- but that 
Brazil has no intention of 
pursuing a policy of general 
renegotiation. The question was 
one for the - . individual 
borrowers, not for the-Finance 
Ministry, he added. Vr _' . 

Meanwhile there are no indi- 
cations on whether Electrobras 
will prepay the loan' which it 
attempted, without success, tn 
renegotiate. It is now -several 

weeks since the lending banks 
informed Electrobras that they 
would prefer prepayment to a 
cut in margins. 

The negotiations, or 41 dia- 
logue ", as the banks prefer to 
call it. on the restructuring of 
last year's Acominas borrowing 
appear to be at an extremely 
delicate stage. Various potential 
ways of changing -the terras 
have been discussed between 
the borrower and the lead man- 
agers of the various tranches of 
the original financing. But so 
far no proposals have been put 
to the lending syndicates. 

It seems unlikely that 
Acominas will offer the syndi- 
cate the kind of option offered 
by Electrobras — a cut in mar- 
gins which was unacceptable to 
the lending banks or prepay- 

One possible basis for agree- 
ment might involve an exten- 
sion of the final maturity to ten 
or twelve years wih a lower 
margin being payable for the 
additional period. 

From the banks’ point of 
view, and particularly from the 
point of view of the U.S. banks, 
holding the line on Brazilian 
renegotiation is essential. This 
is partly because Brazil has 
been sueb a heavy borrower — 
probably the largest in the 
syndicated lending market. 



KONG mi 

The list shows the 200 latest i n t t ma tta p al bands for wbJcft as mWnatc secondary marker exists. The price* over the post 
week were supplied by: Boadtrade: JCredlethonk MV; Credit Commercial de Franee; Credit Lyonnais: E. F. Hutton Service* 
SARD: Commerabanfc AG; Deutsche Rank . AG: Wesdeutscbe Landesbank Clnncntrale; Banuue Internationale Luxembourg 
Kr edict Bank Luxembourg; Aiaempne Tusk Nederland NV: Pierson. Hddrjim and Pierson; Credit Suriae'Svnss Credit Bank: Union 
Bank of Switzerland; Afroyd and.SmMhere: Bankers Trust -Jniemau cuw]; Banque Prancaise de Credit mtern a banal; Citicorp 
International Bank: Suva Europe NV; Deltec Trading Cdnuniny: Dillon. Rend Overseas Corporation: ESC; Fuat Chicago: 
Goldman Sadis International Corporation: Hamhnta International; Hill Samuel and Co.: Kidder Peabody International: 

Merrill Lynch; Morgan Stanley International; Nesbitt- Thomson: -So toman Bros. International: Samuel Moniasn and Co.; 
Scandinavian Bank; Strands Turnbull and Co.; Smnlurfbn Finance International; S. G. Warburg and Co.: Wood Candy.' 

Closing prices on December 15 

(13. DOLLAR 
Aga Ah. ft 88 
Australia B.« S3 
Australia 8* 33 
Beatrice Foods «j S3 

CECA 81 8T. 

CECA 0 93 

...-■ 175 
' 75 




CECA ft 88 

CNT 8 93 .. 

Canada 8 83 

rjHaria gjo 6a _... 

Canada.81 98 

Canada a 83 

Canada »« :. 

Canadata- 86 63 

Dominion Bridge CO- 9 

EIB Bi 38 

Eksportflnans S' 86 

Finland *1-83 

Finland 9 SB 

Hospital 0/S 9 33 

I tel Finance- 93-38 

ltd Finance 91 80 .... 

J-.C. Penney Si S3 ...... 

Mac Blocdel M 93 -. 

!ftr Dev. Fin. 84 S3 

,K2 Dev. Fin. 8L83 

Nat. West. 0 86 

Newfoundland 9* 96 _... 

Nord mv. BK. 6i 89 35 

Norses Komm. ft S8 75. 

Norway 7} S3 ■■■ 250 

>Qrwdy 82 S3 L; -...-258 

Occidental 81 S3 *75 

Ont Hydro Si 85 325 

Quebec Hydro ft 93 50 

Sweden ft 96 125 

UK 83 S3 — ; 200' 

UK Si 83 — : -756 

_. 250 

— 7B- 

86 as 

.... IBB 
... IBS 
... 25 


... 109 
... . 50 
-- 28 
. 20 . 
_ TS 
..' 50 

DM Offer 

95 9Si 
« 965 
m 99 . 

96| - -Ml 
w ysi 
9« Wf 

95. 951 

9ft *U 
93i 935 

981. 905 
9H 994 
.95*-,' 96 
.934- 9ft 
971 r 971 
966 974 
ftt 974 
95S 961 
974 971 
9SI 961 
9ft « 
96* 96j 

965 974 
9ft 963 
964 . 96| 
971 we 
923 9U 
9ft 961 

974 911 
9ft 931 
974 973 
934 934 
9 *t 9N 
983 994 
-97S- 964 

96 961 
963 974 

Chans epa 
day week 
-ft- —01 
-ft -ft 
. -8 -1 

-0i -I 
—04 -04 
-ft -U 
a -04 
- 8 -03 
0 -14 

. o -ft 
-ft -u 
-w -u 
-ft -M 
+M -ft 

? =11 

-ns -« 

6 -05 

+0* -04 

—01 -u 

-ft .-rl 
-63 -U 
8 -03 

. -.8 -ft- 

0 -05 

-01 -ft 

o -n 

-ft ■ — 61 

a -os 
-M -ft 
.0 -ft 
-ft —1 
+ft- -05 
-Bl -IK 
0. -ft 
-04 — U 

10 AJ 
9 JO 















9.T2 ■ 

+04 +13 
0 • 0' 
0" 0 
—04 0 

+01 -11 


STRAIGHTS Issued Bid Offer day ' week Yield 

Argentina K 88 358 - 954 953 -04 -01 

Aslan Derctop. Bk. 54 SS 180 91» 921 -05. -18 

Australia 6 89 253 1013 1911 +94 +04 

Austria St W 15B 941 Ml B -ft 

Rankamarlca if M 150 . 99--. .99S —OS 

Bone. Ext. Algerle 71- 83 160 ,965 971 

CECA 6 88 153 47 971 

Canada 44 93 ... 6M 1 4ft 983 

Chase Manhattan 0'S 6V3 -TOO -ADI] 1824 
Comnwnbaiik Ita. ww 34 108 l®4 IBS 
Commerzbank lm. XW 34 MO B +BS +M 

Cnpenbagen City 6 90 73 954 96 -*04 -ft. 

Connell of Enrobe ft J. .100 941 991 ' 0 +01 

Council- Of Euro dc fli 190 971 984 —14 +01 

EIB fi BO 380 96Z 47| +« -Oi 

Elf Aquitaine .ft 88 US 931 945 . 0 +04 

Finland * S3 158 9ft 981 -84 -M 

HUacbi SUp. 51 S3 50 M01 109J ' -ft +81 

HU 5 84 : 1W 991 • 991. 0 -04 

Indonesia 4 34 100 471 973 +01 -01 

Kobe, city of n SO 180 -995 10ft +IU -ft 

UaJtt Serrlcos da EleC ... ISO -961 971 -01 0 

hieflm e 3S -286 974 974 8 +M 

MltBObtsU Petra.- ft 85 ... U0 991 1004' 0 -61 

Nippon Steel ft S3 " 108 995 10ft -04 “0i 

Norges Kotnm.-G 90 189 97J 90 ‘6-21 

Norway ft S3 250 9ft 972.. B- -M 

Norwegian Ind. Bk. 6 M... 125 ' 9IS . «1 -01 -84 

Pptraleo Brazil 7 68 -1» • 9ft 99*^ -14 -ft 

PK Banfcen 53 88 .180 934 4*4 

Quebec, Prormcc of 6 90 150 95i 46 

Rantaraukki Oy 51 88 — . SB ' 965 445 

Ricoh 54 S3 ... ; ......... 38 30B4 Mft 

Stain s 88 : — r * - - 

Stalnll 6 88 5 

Trondheim. City of SI..:... 

UDS Group Si 88 ... 

Venezuela 64 . 90 3 

World Bank ft SB - ‘ 






,jjs : 



5 A3 






—04 . 

- 0 . 6 
—84 0 

+ Bi +0» 
-ft -01 

6 JO 





STRAIGHTS - . tsaued JBM 

Accsa « 8S *8 1M 

American Exp-. Int. 31 98 « ’ 941 

ArfbcrK Tunncf 4 93 — 40 494 

Asea 3* 93 » - W 

Austria 3i 93 1ft . 454 

Brazil 44 : 100 97 

Chase Manhattan 4 93 7B‘ IKS 

CVRD 43 90 58 954 

ConncU of Europe 41 ...... g MU 

Bankameric* 34 93 88 1904 

BNTJE 5 SB 1 ... 75 -3002 

Denmark 4{ 90 — 1 — 2M. 1M 

Denmark-MortsaKe Bk, » 102. 

EIB 4i 93 UO UU 

Euntuun 44 ft V 80 1864 

F. L. SmMth ft so B .UM 

Finland ft-ys ...L 80 1B2| 

First Chicago » ■» ..78*nnu 

GZBft S3 389 

BlItMJecaensrete 41 ..... 85 

1CI Fin. NV 41 83 S3 *3?* 

Malaysia ft M « • W 

Manitoba 4 93 7SB m» 

Newas 4 S3 .._ ...... TO 944 

Norms Komrn.14 so — . u» 

OK8 4 -83 BO tl»t 

oy Na*ia -5 9B — 'Jo -llW 

Sale 44.BJ- 38 . MU 

Sandonc A.BO 

Seas 44 SB IS ■ .351 

Voest-Alptne ft ft . — — M8 -lOt 

VoraJbeeg Ktaft 4 UU 

Vienna 4 «-. — UH 
World Bant 42 $3 350. USi 













1ft . 







MX . 

MU : 

Chau pc on 
day week 
+64 +1 
-01 -Oi 
+0* +14 
+04 +01 
0 0 
. +81 +1. 

+0i +84 
. I +B1 
+0| +01 
» +01 
+61 +*i 
.+03 0 

--31 -I 
.+■1 +« 
+U +0S 
0 -01 
-0i +03 

+<M +0t 
+01 —01 
-0* -« 
+M +■! 

0 -ft 
-8| +1 
0 -+ft 
+01 +u 
5 ■ 

+ft +fll 
- tHU -ft 
• +01 
.+ft +8| 
0 +li 
'+» :- a. 

.+63 +U 






- 3.74 


4 35 

: 438 

- 336 


' 591 
= 433 

- 433 



44 a 


Asian Dee. Bk. ft 88 

BFCE 6.4 ft .. 

EuroBma 5.3 90 

Norway 5.7 83 

. SNCF 03 90 

Sweden 6.3 08 

Rank O/S Hold. Hi AS 
Auto Cote Basq. 7 93 EUA 
Copenhagen 7 03 EDA ... 
Finland Ind. Bk. 7. U KUA 
Komm. Inst. 74 S3 EUA... 
Panama SI 53 EUA . ...—. 
SDR France 7 93 EVA ... 
Atecmene Bk. B| 83 FI .... 

Brazil 71 ft FI :., 

-CFE Mexico 73 ftFl 

EIB 71 S3 FI 

Sieder. Middenb, 64 83 H 

New Zealand 6} ft FI 

Norway 64 BS FI 

OKB 6j 85 FI 

EIB »; ft PPr :... 

Unilever 70 SS FFr 

BAT R 68 LuxFr .^..; 

Bayer Lux. S 66 LnxFr ... 
EIB 7; ft LbxFt^:...l..._ 
Finland I. Vd. 9 83 LuxFr 
Norway 7* 83. LaxPT, 
Renault 71 ft LuxFr _.^ p 
Solvay Fin. 9 SSLaxFx ... 
Swedish I. Bk. 8 BS LuxFr 
Gesfetsrr HML BY II 83 £ 

Vnmhrcad 104 98 £ 


Chnrac on 

innad BM Offer day 
15 961 974 +04 

36 951 951 0 

It 96 i 974 -ft 
25 10ft 105 +0i 
2B 9ft 971 +04 
• 954 BI 0 














20 years at a semi-annual offers, 5.95 per cent, is at the 
coupon of 91 per cem. top end of yields offered on 

It has already arranged a German domestic bonds of com- 
$25m l2-year private placement parable maturity, 
in Europe through UBS The yield on the longer 
(Securities) on the basis of a tranche, which runs for four 
9 J -year average life coupon of years minus one day, is only 
9J per cent. 6.20 per cent which is in the 

As for the absorptive middle of yields offered on 
capacity of the dollar market, comparable domestic bonds, 
there is clearly plenty of The Bundesbank decided to 
institutional cash waiting on allocate DMl.TTbo to the shorter 
the sidelines. January will see tranche and DML26bn to the 
some slackening in the rate of longer one. 
reflows of funds back into the The West German monetary 
Eurobond market, according to authorities however have rather 
Orion Bank studies. mixed feelings about the Carter 

Interest and principal repay- bonds. Strong support for the 
ments for all bond categories principle, according to which 
should total around $5 50m next the UJS. is now acting to finance 
month before rising to $T86m its balance of payments deficit, 
in February. For the is mingled with some concern 
first-quarter, total potential less the West German capital 
reflows, of which an unknown market be overstrained, 
proportion will be captured by The other factor at work in 
high-yielding Eurodollar inter- D-mark bonds was the confirma- 
bank deposits, are put at around tion that the higher yield level 
$2.2bn. set by the terms of the three 

Among current new issues, issues which were priced last 
demand for the Brown Boveri week (Republic of Brazil, Nordic 
convertible was strong while Investment Bank and New 
the book for the ECSC bond was Zealand) were proving attrac- 
covered last Friday night. There tive to investors. These issues 
was a little confusion about the were trading either at their 
exact yield offered by this bond, price of issue or at a discount 
on account of its innovative below that of the selling group, 
structure which includes a split which amounts to one and a half 
coupon. * points. 

However, in calculating the It was still impossible for all 
yield the manager has used the the banks which had planned to 
same annual compound formula bring new issues to convince 
as used by the AXBD, taking the borrowers concerned to 
into account the structure and accept the need for better terms 
timing of the split coupon. At than the lead manager might 
a price of par and if held for have suggested a few weeks 
twenty years, they will yield back. 

9.32 per cent until maturity. ® r ® St ! ner Bank was un- 

Prices in the floating rate note ab i? bring Arnex^ Inter- 
sector were unchanged from the national to the market for a 
previous week. planned DMiOm issue last 

The Deutsche Mark sector of Thursday and is understood to 
the market has been enjoying have postponed the DM50-100m 
a more confident tone. There issue for an unknown client, 
was a good reception for the Deutsche Bank meanwhile an- 
Deutsche Mark tranche of the nounced a DM200m offering for 
Carter bonds, which were nearly the European Investment Bank, 
three times oversubscribed Indicated terms are in line with 
while the higher yields available current market levels. No new 
to investors on foreign Deutsche issues are expected in this eec- 
Mark bonds made the three tor before th-i end of the year 
issues priced last week easier and the Capital Markets Sub- 
to sell in the market. committee will meet on Wednes- 

German bankers reacted day to review the situation and 
favourably when the terms of decide on the new issue calen- 
the Carter bonds, the first-ever dar for next January. 

Deutsche Mark denominated This means that Dresdner 
US Treasury notes, were Bank will have had to forgo 
announced as follows: the three- the three slots it had in the cal- 
year tranche attracted more sub- endar of new issues these past 
scriptions because the yield it four weeks. 



December 15 December 8 High Low 

Medium tern. 98.31 8.45 96.51 8.40 »81 ( 19/4) 94.72 (WIO) 

Long term 90.85 8.18 91.2* 9.09 94.07 (19/4) 89.03 (30/10) 


(nominal. ,va l.i&Jo. SftO 

U.S. dollar bonds Other bonds 

loot week previous week last week previous week 

Eu rod ear 1,254.6 1.283.1 263.7 322.1 

Cedel 496.5 364.2 231.1 373 B 


SfPrivredna Banka Zagreb 50 
ttNippon Credit Bank 

Finance NV 30 

ifBanque Nationale 

d’Algerit 25 

§BBC Brown Boveri 

Finance * 

ECSC 50 

fBank fuer Gemeinwirtschaft 
Finance Co. BV 100 

1986 5.75 8i! 100 

t«3 7 511 ioo 

1985 7 7|l| 100 

1993 — 41 10O 

1999 16J3S 9\f9 100 

1989/94 _ 

Credit Lyonnais 

Morgan Stanley 


UBS Securities 
S. G. Warburg 






^Brazil 150 1987 

tNordic Investment Bank 60 1986 

tNew Zealand’ 200 1986 

jOmrao Tateisi 

Electronics 50 1986 

Union Bank of Finland 50 1988 

Norges Korn mu rial bank. 

5j|! 100 European Banking Co. 538!] 





99 i 


Deutsche Bank 
Deutsche Bank 






(p’teed Norway) 











WestLB • " 

Deutsche Bank * 



400 - 





Crcditanst 2 it-Bsnkvcrein 7.78 

Ind. Bank of Finland 
(g’teed Finland) 






KIC * 

* Not yet P«*d. ? Final cem,. • - Placenta t F(oatfcg ^ mte . 

TT Regttterad with UJ. Secaricics and Exchance Counbilon. 

Note: Yields are calculated on AIBD basis. 

Minimuin. § Convertible. 

1 Purchase Fund. 


Degrees of 


THE MARKET was buffeted 
from all sides by economic and 
political news last week — not 
ail of it bad — but the net effect 
was to push bond prices down 
and produce yields which set 
new highs in this interest rate 
cycle. Triple A utility and 
industrial bond yields typically 
rose 10 basis points over the 
week, with medium-term 
utilities now yielding 9.30 and 
industrials 9.10 per cent. 

Among the bad news was a 
series of year-end economic 
reports from various Wall. 
Street institutions, most of 
them predicting higher interest 
rates and a recession next year. 
Notable was Salomon Brothers' 
forecast of higher inflation and 
constraints leading to credit 
rationing. The failure of Mr. 
Vance's Middle East peace 
mission was also demoralising, 
and the weekend's OPEC 
meeting hovered like a dark 
cloud on the horizon. 

On the other hand, both of 
the country's most influential 
financial figures, Mr. Michael 
Blumenthal. the Treasury Secre- 
tary, and Mr. William Miller, the 
Fed chairman, gave sober- 
sounding testimony to the Con- 
gressional Joint Economic 
Committee, emphasising the 
need to beat inflation without 
sounding too alarmist over the 
likely effects on interest rates. 
The business community seems 
less pessimistic about the 

future than Wall Street The 
business circle, which includes 
top corporate executives, says 
there may. not even be a 
recession next year. 

Though the latest money 
supply figures showed slight 
increases in both Ml and M2, 
the running averages still 
appear to lie within the target 

By Thursday the market had 
lost some ground, but it was 
pushed sharply down on Friday 
by figures showing a surge in 
both consumer spending and 
industrial production in October, 
which the market read as por- 
tending continuing pressure on 
interest rates. 

This applies particularly to 
the short-term market, where 
rates rose sharply last week. 
Three and six month Treasury 
bills are now within about half 
a percentage point of the highs 
they set in 1974, 

According to Mr. Alan Lerner, 
economist at Bankers Trust, 
there was a $28bn increase in 
short-term borrowing in the first 
11 months of this year, and the 
pattern of the rise closely 
parallels the record year of 
1974. He comments: “ The 
economy’s strength and the con- 
current demand for credit fore- 
shadows continued upward 
pressure on interest rates as 
we enter the -new year." ' ■ 

By contrast, the long-term 
bond market remains sluggish, 

as shown by the lack of buyer 
interest in the two major issues 
of the week. Ford Motor Credit 
Company issued S3 50m of bonds 
in two parts $250ra of 9* per 
cent due 19S5 priced at 100.125 
to yield 9.47 per cent and 
SlOOm of 9.55 per cent due 19S9. 
priced at par. These bonds were 
only three quarters sold by the - 
end of the first day, despite’ 

The latest Bell System issue, 
S15om worth of Mountain States 
T fit T, faced greater resistance. 
The Triple A rated 9J per cent 
bonds due 2014, were priced at 
99.80 to yield 9.27 per cent, but. 
sold very slowly and were 
offered for resale within 24- 
hours, when the yield shot up 
to 9.3S per cent the highest 
for a Bell issue this time round. 

The one novelty of the week 
was tile U.S. Treasury’^ sale of 
$I.5bn worth of DM denomi- 
nated bonds on the German 
capital market. The apparent 
success of this new venture, 
brought about a brief rally in 
the market in mid-week since it 
was interpreted as reducing the' 
Treasury’s domestic borrowing 
requirement. The D-marks will 
be warehoused at the Fed,, 
which will credit the Treasury 
with an equivalent amount hr 
dollars. However, the Treasury's 
borrowing on the domestic 
market is expected to remain 
high, despite the possibility 
of further foreign-currency- 
denomiuated issues. 

Change CM 

week Yield 


































































































































































American Express ft ft 
Arab 1ml. Bank MOjS 83 . ft 95} 

Banco El Salvador. MS S3 U 9ft 

Banco Nac. Arsont-ias 83 64 - 
Bank Mandtowy Mr 98 U 974 

-Bank or Tokyo MR 83 _. 01 962 

Baccruf worms M5J 83 ... ft m 

Bo. Ext. d'Alg. MSftS-U H Oft 

B«roe. Ext. d'Alk.- V7S’8S ' 82 95} 

Bow. Indo 01 Snct MS. . U 971 

Bq. lot. AfiVOBC. M&5 83 04 9ft 

CCCE U3.2S 08 ft 9ft 

ccf mb:- S 3 — — u 994 

Chase Man. 0/3 M3i«_ 84 974 

Credit National H54-S8 ... 04 91* 

Coiabankcn MESS' ft 97* 

Ind. Bank Japan Mai 85... 61 9ft 

Ishlkavajima MM S 3 . ft 970 

Ljubljana ha «7J5 SST 1 96 

• LTCB Japan' MS} 85 84 9ft 

Midland IntL M3T» 04 9T4 

Nat. West. MSJ.BO'- 04 97J 

OKB M 51 88 94 994 

Offshore Marfas » ft 9ft 

SFTE Mil 63 ft 984 

Standard Chart. -*SS ML. 01 9ft 

SundsvaHabaoken.MG. 85. _ 61 9ft 

l'trf. Overseas- B*. MV 83 U 

Spread BM Offer C Batts C cjm CjtM 











20/4 10| 10.71 

31/2 ft 9.77 

12/4 lU HAS 
22/1 ft 9166 

25/12 22.94 1129 

16/4 201 80 A* 

15/12 9 9 A3 

9/2 9fi 9.92 

2/5 I2j 1X23 

25/1 94 9 £5 

976 22/1 94 945 

974 SfZ 949 9M 
991 3/5 224 ZLSl 
91} 27/1 941 945 

984 11/1 949 939 
97Z 25/5 1241 12.61 
994 1/6 1 2.35 VUfT 

964 27/4 214 1L49 
9fa£ 19/1 104 1044 

99 9/5 1236 1242 

98 20/1 93* 446 

96* 21/12 . 931 9.49 

UO 13/4 1036 1039 
982 19/1 9.4* 939 
984 5/4 1049 103* 

974 10/2 8.94 943 

974 4/4 1036 1047 

99 4/5 1241 1237 


CONVERTIBLE' -. Cav. Cnv. Os. 

BONDS - ■ dale price Bid Offer day Preni 

Ados 3 1 S3 9/78 *23 132 103 -ft 1332 

Baker lnt. Fin. 54 OS 1/79 34 1034 1041 +34 1147 

Booth e: 83 2/79 2J6 93 93i +01 -238 

Coca-Cola BotUtn* ft 4/79 f Bl ft -U 2545 

Uo-Yokado 5f 85 ._. 6/78 US. 130* 1311 +OJ -038 

Novo lndusoi 71ft 4/79 259 9ft 91* -14 1339 

Texas Iw. Air. 7) 83 4/79 M5 9U 934 +0* 1047 

Thorn Inc. Fin. 7**8 J...J1/78 347 1B1J 102* +ft -146 




— Bl *39 

Tyco lot. Flu. 84- 88 — 





+« 1232 




+ M- 638 

Tyco lnt. Fin. 5 8a. 





+U 137.90 




-Oi;. 6.31 . 

Asahl Optical 34 DM .. 





—Of -531 




+01 : 7AT 

Cubio Como. 34 BS HU 





— K -337 




-04 ASS 

ItudiJj-j 31 86 DM 





+04 -2.77 

J asco 3» 86 DM r_..Y., 1/19 1270 951 961 0 

Konlsblrokn S4 SS DM ... 1/79 *12- 994 964 -U -1.97 

Marndai Food 31. DM ... 2/79 IBM 994 1001 +04 6.7* 

Murat* Man. 34 84 Dtf '„.U/7S 654 94* 9SS +2* -S3* 

Mnpon Air. 34 SS DM _JG/J8 508 91 421 -N -343 

Nippon SMnmn 3( DM ... 8/78 738 115 116 — 11 —4.66 

Nippon Yaren S* 85 DM._ 1/79 251 9K 96J -« -5L32 

Nissan Diesel ft S8 DMT... 2/79 «7T 954 96* -04 431 

Olympus Optical 34 S3 DM 2/79 703 98* 994 -84 -432 

Ricoh 04 86 DM. 10/78 07 1921 DBS '-ft 336 

Sankyo Electric 32 DM 8/78 869 1321 1X34 -M 330. 

Sanyo Electric 36 DM 11/78 295 903 9U -OS 0.63 

SclyU Stores 32 86 DM —.9/78-1275 XO* lift -04 -7J3 

Stanley Electric ft DK . -11/78 633 . 9ft 9ft -0} 4.9* 

THO-Kemmd 34 88 DM..J1/78 7X1 9ft 91i -03 429 

- No inform sUon avaflahle— previous day's price. 

T only <u» market maker supplied a price. 

Straight Bands;. The yk-Td b the yfcM to redemption Of U» 
mid-price: (be amount issued is In mflUons Of currency 
units except for Yen bonds where It is in ballons. Cfaansa 
.00 wot* =Chan8e. over price a wwk earlier. 

Fiaadna Rata Botes: Denominated in dollars. ontoB otlwr- 
wise indicated. HrMinimom coupon. C-daie = Date next 
cuopon beambs effective. Spread=Mwsla above six-monin 
offered rate for U.S. dollars. C-CUfi=Tbc current coupon. 
C.yld-The current yield. . 

, CaBverrible bands: Denominated in dollars unless otherwise 
indicated. Che, day:? Change on day.- Cnv. dare- First date 
for conveTEtofi Into shares. Cnv. price- Nominal amount of 
bend per share repressed in currency of, share at convcr- 
sbur rate fixed at issue. Prem= Percentage premium bf the 
> current effective jpnrfo- of acquiring shares via ths bond 
. ov er me mast-recent price of tha aharS. ' 

© Tl» Finaarial TBtm Ltd., ura. Renrodoctlon in whole 
or in part In may fans int permitted without written consent. 
Date supplied by lnter-Baad Services. 

This announcer sent appears as a mailer c»l iccord only. 

Direccion Nacional de Vialidad 

U.S. $70,000,000 

Ten Year Loan 

Guaranteed by 

The Republic of Argentina 

Managed by 

The Bank of Tokyo, Ltd. 
Midland Bank Limited 

The Taiyo Kobe Bank Limited 

European Banking Company Limited 

Republic National Bank of New York/ 
Trade DeveiopmentBank, London Branch 

TheTokai Bank, Limited 

Co-Managed by 

The Mitsubishi Trust and Banking The Yasuda Trust and Banking Company, 

Corporation Limited 

The Bank of Tokyo, Ltd. 

Provided by 

European Banking Company 


Midland Bank 


The Taiyo Kobe Bank 


The Tokar Bank 


The Mitsubishi Trust and Banking Corporation 

Republic National Bank of New York (Internationa!) 


The Yasuda Trust and Banking Company 

Urn iled 

Trade Development Bank, 

London Branch 

The Bank of Nova Scotia International The DaTwa Bank The Hokkaido Takushoku Bank 

Limited Limited Limited 

The Mitsui Bank 


The Bank of Yokohama 


The Kyowa Bank, Ltd. The Saitama Bank, Ltd. 

Agent Bank 

European Banking Company 

December ; 1978 


Financial Tipaes |p£ 



Save & Prosper continued 

AMwy Unit Tst. Mirgrs. L id. <a> ^ 

7? -80, Gatehouse Rd . Aylesbury. 0296 5941 American 

Abbey GtH Inf. Tst.. .. ®6.0 

Abbey Capitol 3J.6 

Abbey irom* #i.o 

Abbey lnv.Ta.Fd_ . 35.1 

Abbey Gen. Ts *7.0 

EqurLa pros -T*L - 1*6.2 

1011 +111 
3b.t +0.3) 
43 b +011 

330 -0-2 
WO +0.3 

Mt .-0.1 



40 3? 

Capital to 

Income Tsl 
lot. Growth 


on Unit Mgt- Ltd. (a) - Minster Fund Managers Ud. * Ptmrmeial Life Sny. Co. Ltd.? sfenrittec Lid* 

EC4B5DH. 01-24BM71 Mister H» ArthcrSL, EC9. 01-6231050 22?, Bfcbopsgale, EC2. 01-2-576533 SCOtlWtS Sw Hi ties Uff? 

4 «-M I UfMHMrDK.ll ' 

|-41 Exempt Nov. 30 199.6 . 103 

SL,EC9. D1-043JWU 60, BKJXpoau, ui-wiw-w 

:BK. iSIzj itS BSaS=®» uHlM ’$ HSr 


2.18 MLA Unit, Trtst Mngnmt. Ltd. PrmH Pertfefw Moors. LbL¥ <a)(bKe) sa>t|i.Gix-_ 

2. IB Qk) Queen Street. 5W1A 9JG- 01-9307333 u.i. — — Bw cm u -Miu ni Jins UW “ 

Holborn Bars, EC1N 2NH. 
Prudential [22L5 

Allied HanAra Group? tallgi 

Hantre Hie.. Hutton. Brentwood. Essex. 
_ ^ { ^ JJ 211459 

01-583 2851 or 3reritwod 
Bxbaeed Funds 

Allied 1st-.. - 167 6 

Bnl. Inch. Fund. . . |W 3 

G/tb SIne. ...07.5 

Elect. 4 ind. Dev (35.0 

Allied Cawud. . 

Hflmtjro Fund... . 
HambroAcc. Fd 

Income Funk 

High y *ld Fd 

is ^xt u " itTr - a,nJ u*« 185 

^ - ^SKsr»°^^s »»■?*■“** 

Deiiiq Day Frito- Quatont Gen. F4-J101 

‘ I BCB re ^.^|]33.P 

01-4059222 ’’“"rprices at Dec. 13. Neil Ml to 
1365) +05J 4.75 schjsinger Trust Nngrc. Ltd. 


FnemkPror.llts. (g-4 . . 47.4d| +0.31 

Do Ac n»m .—157 4 6lj] +5.51 

G-T. Unit Managers LM.? 

•High Income- 

A H.r 

. Eq. Int 
International Fuads 

International 1255 

Pacific Fund . 42.8 

Secs. Of Amnui... .Wo 9 

U 5 A. ExenvitQ R3-9 

Spcoafis! Fuanh 

Smaller Co.’s Fd — 

ZreJSmfr Co's FA.... 

Recovery Sfc 

Met. Min. & C'dty- ._. 
Overseas Earn imp.. _ 
E»pl. Emir. Cos.# - 

„ Mutual Efntt Trust Managers? feHg) 

B7JH^350 15. CotXhaB Ave., EC2R 7BU. 

1 8flS-S":dM 

fl sassst” 

National and Commercial 

jSl 31, SL Andrew Square, Edinburgh 

licome Dec. 13 1160 0 « 

(Accum. Units) E21.0 

fe^ufe:.-:-.:So.4 m 

352W| +0.1| 5.3 natimad provident •«*- Mugis. Ltd.? 
Gartmore Fund Managers? (a)(g> 48. Oracedurth Sl, EC3P 3HH. 

ZSLlWaryfiie, EC3A8SP 01-283 3531' N P.f . GtA.Un.Tst — W75 

SeI “"Wfe® 



140, South Street, Dorking. 


16 Finsbury Cirtut, EC2M 7DD 

GJCap.Inc 191-9 

Da V1 „^ ™.U 

6T.lS.Fd.Un 157.1 

G.T.U.S.&G0I— If 1 5 

6 T. Japan & Gen— 88 9 

*Gt.P?n5.Ex.Fd 13^6 

fiT. (ntT. Fund Iff 2 

G.T. FourYdsFd. 542 

fEakCMCB9lil». T aMBonw.*j|i|«jR}-7 

Gen.Fd._BM4 »« 1 *■% j&sMGSTZ 

537^ -I 7 * E*wctH-«hYW 


167J+0. 1 ., 

■B & 

1565 -M 
57bd ... 

Refiance Umt Mgrs. Ltd.? 

■ A ReF'Me Hse., Tunbridge Wells, KL 

** “ i«t 



Fd. J68.7 

G. & A. Trust CaXgl 

5 Rayfcigfi Ro«t BrentwwJ 
G.LA-. 133.0 


Ejdrt'IntTtu. BOJ. 

089222271 JJPIgfSia— ; - ffi-S 

UlS'il I imnl Growth.—™ O."! 

SHH |ft liw.TsLUhlB, .33 

JI-0JI MartrtL-sadws. S.7 

'Nil YleW 28.4 

PrH.&Gm Trust— BA 

Jft-Wi - fc i iim. i Jfcv iMiuiraia- 061-236 8521 — — Sc 

BHie£=| 8 . MrHSEafeB 


031-5569151 Ridgefield Management Ltd. 
"2 3840. KemwJySL, Manchester 


Target Tst Mgn. (Seottand) (a) (h) 

19, Athol Crescent, Ei&n. 3. 051-229 8ttie 

Target AmerEagie@J E 
Target Thistle — 

Extra Intone Fd.., 

Trades Uitiw 0«t TiL Managers? 

100, Wood Street. LCi 01-628 00H 

TUlTFDec. 1 — [502 535f — ! 

Transatlantic and Gen. Secs. C®-¥ 

91-99 New London Rd- Cbelmdonl -024551651 



Bucy*TL Dec-14; — 79.9 

( Acoiil lintel .158 3 

wen Dec. 12 

Extra Income Td.. — 

Anderson Unit Trust Managers Ltd. 

■158, Fenchurtli Sl., EC3M 6AA. 

Anderson U.T [53 8 54.^ 

A ns bather Unit MgmL Co. Ltd. 

1. Noble SL. EC2V 7J A 014>23 6376 

Inc Monthly Fund |Ib5 1751 • . I 972 

Arbuthnot Securities Ltd. (altc) 


, ,1.1 Income Tsi 60.1 

IncfuiR Fund 75J 

feSSTw-rJi 7 

6239231 (r|l«tl.TsLtteJ_ P« 

■ I 5.10 Gibbs (Antony) Unit Tst Mgs. Ud. 

3 Frederics 's PI., Old Jewry, EC2 

AG. Incan**.. — R?§ J62j ( 9.00 

AG.Gromhtt 2-4 4341 4.30 

. Far East*— .12.0 
Otilfng 'Ties. 

(Acoan. Units)**. — 
~*Pncrs on Her. . 
•Prices on Nor. 

Nevl . 
Next dealing 
National Westminster? (a) 
161. Chewjlde, EC2V 6EU. 

Cam to) (Acoan.)-. 165.5 

Extra Inc.... R6J 

Financial 134.2 

N.C. SmOrCoys 

-- CUpital Die, 12 , 




RothscMd Asset Management (g) * 

0!-6234OT 72-80, Gatehouse Rd, Aytestxry. 02965941 120. Chrapskte, E-C2._ 

N.C. Income Fund — [ 

N C. IntL Fd. (Inc.) 

N.C latl. Fd (Ace} 


i-fi (Accum. Urttsl (1091 

Europe Dec. lJTZ— 13L9 


92.71 -0.3 +OJ 



Vang.+ee Dec. 13 — 45: 




City Gate Hse., Finsbury Sq^ EC2. 


Lomton. EC43 IBY. _^Ol-Z36^1 egveK {j0 h n tf 

—High Yield... . 
-■(Aicurn. Units) 
Fin a income Fd. 

Highlit. Fund 

um. Units^ 

. W"drwl. Uls.} ., 
rlermu- Fund 

(Accum. Units) 


pilal Fund. 

Commodity Fund I 

(Accum. Unib)- -.( 

atMi, W'dnvt.U.J . -L .. - 

Fln-GProp Fd |l7.2 

Gumts Fund 136.9 

(Accum Units) 

Growth F ‘ 

(Aoaan. Units).. 
SmalterCo's Fd. 

Eastern & Intl.Fd... 



Growth In* _ 

«““«» S5Sfei=is:=B! 

Uninerul F d.(d) J5L1 

NEL Trust Managers Ltd.? (allg) 

MUtor Court. Dor+mg. Surrey. 

7IM.IM.ia 01-5685620 

Chip Ha.* 1 fLl4 6 141 tl 7 02 fiOfWKn UD/OI9 inSW2flCf tfrDflp 

Oo. toTUnii;:::.:|lb34 17 zJ+1.b 1 202 P.0. Bo* A, Norwich, NP1 3MG. 060322200 ROjai TsL Can. Fd. Mgrs. Ltd. 

Nett dealing day. J«l 5. Group Tst Fd . ..1365.2 384.41 +1.11 536 54, Jemyn Street, 

Grieveson Management Co. Ltd. Pearl Trust Managers Ltd. (a)(g)U) 

59 Gresham Street, EC2P2DS 01-6064433 252. Wgh Holtaurn. WC1V7EB. 01-4058441 

01*6066060. Rothschfld & Lmmda^ MgmL (a) i Pn&CiogNoj r zi_^7. 

nM -0-U 4.43 St SwnMns Lane, Un, EC4. 0^6364356 jSwcEACecS. gW-J 

71J+03 f.n NewC^ExemA— iB9 * Recovery ^ ^ 

5 09 Pr1as on Not. 15. Nett tfaW Dec. 15. ScnttWi EguiSteFmL Mgrs- Ltd.? 
Rowan Unit Trust Mngt Ltd.? (a) 28 St. Antows Sg. EAtoroh Q3i«69l0l 

naans— Jl. . m =-J is 

Sebag Uidt^! 5 Mana^S - ^' 


Tyndafi Managers Ltd.? 
1A Canynge Road, BrtaA 
income tec. 5, (99.6^ 


American Dec. 14 — 
Securities Dec. 12 
5911 High Yfo. Oec.8 

513 tssn^fcd 

a 07 

{Acamv Units) 







P0 Box 511, Bddtsy. Hse., ELC A 

Seoag Capital Ftt 1343 '± 

Sebag Income Fd — [313 321 

Security Selection Ltd. 

BmigtonDec.13 — IgO 

.Accum. Units) 1242 

H.Yd-Dec 14 


i BSE.'fifc: 

/ Airfioi 


»? 3 
73 0 

- i”- 

Foreign Fa. 788 

N.Amer & Int Fd ...(272 
Archway Unit Tst. Mgs. Ltd.? (aXc) 

317, High Holborn WC1V 7NL. 01^316233 
Archway Fund.. 

Pnces at Per 

Barclays Unlearn Ltd.? (aXcXg) ILK. Ponds 

Urocwn Ho. 251 Romford Rd., FT. 01-5345544 S^Pj Wecgw ry fiLg 

Pearl Growth Fd. — 

At cum Units 

Peart Inc 

Pearl Unit To. 

(Accum. Units) 

Guardian Royal Ec. Unit Ugrs. Ltd. 

Royal Exchange. EC3P 3 ON 01-628 3011 

(ag) Guardrill Tst 193.9 9731 +0-31 432 

.. ..»26 87.WI .... 

sc. 14 Neil sub. to Dec. 

55 6 

Uni, >3m America 
Do. AusL Act. . . 

Do Au-3. Inc ... , 

Do Capital... . .. .. _fe7 b 

Do ExemH Tst R10.S 

Do. Extra Iceome . 

Do Financial 

c*. 500 

Do. General 

Da Growth Act. 

Do. Income Tsl.. .. 

-Do Prf A' ns. Tst 

Do. Trtisl«^iind 
Oo.Wldwide Tsl 
B 1sLln.Fd.lnc .. 
Do. Accum 







93 7 

i 1 TTn Henderson Admnmtratien? (aHcMg) 

I, 630 Premier ITT A««m, 5 Rayleigh Rn^_lii 

«■ *3. Brentwood. E«». 0277-Z1 


ra Inc (56.1 

AGitt 148.' 




+ 0.11 


83 5) +031 


Cap- Growth Inc.- L 

Cap Growth «<x H® 1 

Income A Assets )33A 

High lacunae Funds „ 

H^h Income 163.3 

Cao« Extra Int (56.6 

Cabot PiefAGiK [48.9 

Setter Funds 

Financial & >TU 26.0 

Oil & NaL Res 1273 

I n ter nati o n al 

Antes a Nw. 3d Meal at dr/Dre. 29. __ hSriaitonai^ 

D-j Recovery . . ,. .. .|45J_ .49.41 +0.2) §.77 Wdl. Wide Dec 15. .(74.1 

1284 +o; 

Dverwas Funds 
Austral iar (36 9 


Is }Ridj[ a ge:EE Ni 

Baring Brothers & Co., Ltd.? (a)(x) ?•£?»--«« Sf'S 

88, Leadenhall EL. EC2. 01-5882830 E^rtTn^S ^ 

EfratiwTsL Q8L6 289.47 .. ,.| 4 06 - 

Do. Accum. ,(228.9 237 N ...| 406 

Ne>t mb. to December 20. 

Bnhapsgate Progressive Mgmt. Go.? 

2.98 . 

Peficam Units Admin. Ltd. (g)(x) 
vjg si Fountain SL, Manchester 061-236 5685 • 

Pelican Units |86.6 93.11 +021 4.83 

Perprttol Unit Trost Mngmt? (a) 

48. Kiri St. Henley on Thames 049126868 

PUrta.HGp.Gth. H3 2 46Jfl .. . | 3.47 

Piccadaty Unit Trust (a)(h) 

Antony GBihs Unit Trust Manancrs Ud. 
Frrirtcfc's Place, Old Jerny, EC2R8HD. 

LZ17238 Extm Income — (29 -7 



Sara & Prosper Group 

4, Great SL Helen, London EC3P ?EP 

68-73 Queen St. EJn tera h EB2 4NX 

r 01-S54 8899or 031-226 7351 

Dealings to: 

Sara A Prosper Securities Ltd.? 
International Funds 

Smalt Co's Fd. 1 

Capital Fund, 

InL Eros. «. Assets -..(416 

Private Fund.... 

Acmtdlr. Fund m7 0 

Terontfogy Fu*xd 

Far&wra ... 

American Fund 



Urdv. Growth — _...)67.1 


fncnme r>29 

WX. H5.1 

Ovtnaa Fonddit 

Europe- — I85J 


45, Ctwtoue So, Etflnbwoh, 

t Stewart American Fund 

Standard UoKf B8.5 

Accum. Units [63 b 

Wttndrawal Units . ...}471 

Acoan. Unl«s-^--^W2 & Fri.* rofcd.'"' * 
Son Alliance Fond Mngt. Ltd. 

Sun Alliance Hse, Hortfiam. 040364141 

8.53 Target Tst Mngrs. Ltd.? (a> (g) 

9-55 31, Greshan SI.. EC2 Searings* ®96 5941 

(Acoan. Units)-. 


Scot. tnc. Dec. 13_ , 

Scot. C-jp. Dec. 13-.! 
(Acoan. Units)—— 
Levdau Wad Gronp 

Capital Growth 

Do. Accum. — 

Extra Inc. Growth—, 
Do. A com.. 

FrundaJ Pr'rty TU6.5 

Do. Accum. 

Inc. Priority — .. 

International: 611 

Special SIU. p»i 

TSB Unit Trusts (y) 

21. Chantry Way, Andover, Hants. 

OeaHnv to 0264 ' 

E Geoer^ J^-[45.7 

Accum. 58.8 

3 Income tfl3 


ocush. tga 

(b) Do. Accum. [895 




. 4. 


Bridge itanagemut Ltd. 

.P.O., Box'508, Grand Cayman. Cwm It 

/waaiM DecJ. 1 T27.SS3 J 1 

TCJ’jf Box 590. How Jtong,. _ ■ ; 

Ippoo Fd:Deci3 — (SIS2U55 2l56[.—._] 

Br iUti u ut Tst Mngmt, fCU Ltd. 

30, -Bath SL, SL Heller, Jerjy. 


48.41 +0 3 

£3 J sT^r::zz-W 

- U.S |67i 

Practical I newt Co. Ltd.? (y)(c) 

44, Bloomsbury Sq., WC1A 2RA 01-6238893 
Practical Dec. 13 — 1552.4 J6j.g .. j 

Accum. Units 1 



Sector Funds 

Commodity (755 

Energy. 167.4 

Flnandai Secs feS.8 

HUt-Wntmam Fwnta 

Sefect Internat 

S il icl income — — [53 

»= ISIS 

^iTSSror El. 

i - 3k $Do. Acc. Units (296.4 

0’S Target Gilt Fund [1183 

Japan Dec 8 
N Amer. Dec 
Smaller Cos. 

cvdSL dPHH 13 

197.6 10L7| +1.71 628 

9 Bnhopsgaie. EC2. 


Act. Uls.* 

B'ute Int 

(Acojm)L.. . ... 

Nevt tub. to *J». 3. **Dec. 19. 

Bridge Fund Managers (a)(c) 

Regi.c Hie. KingWlllUnrSL, EC4. 92-6234951 

Hill Samnel Unit TsL Mgys-t <a) 

IV* ‘Dec 3 [182.0 193.9J [ 3 64 

Int. Dec I? ".', fit! "" J 

1 ) Dec 12 (1372 l«wi( ... f 239 

01-588 b&Q 45 Beech St, EC2P2U 

American & Gen4 — . 


* jitallncr 

' Acc t 


l Ws 

^ tB&KS * 

Key Equity & Gen 167.6 

3. London Wall Buildings, London Wad 

Etemolt.... - Il4fi.l 

Intenrtl. Int.f |l53 

Do Acc-W R73 

tearing ‘Tues. tWed. JTTw 
Britannia Trust Management (a)(g) 



1 81 



British Trust I 


+0.9J 546 
-nd 3J5 

Financial Trust 

Income Trust 


London EC2M 5QL 

At^eti _... 

01-638 0S47B70479 


ConxnodUy - _ 

Domestic . 


1 Income.-. 

nnaneWtecs ..: 
GcWd* General-. .. 

Growth.... .... 

1 ik. & Growth 

Ini'l Growth 

1 o*«L Tst Shares _ 

.Nat High li 

ligh Inc. 

New Issue— 

North American 


PiOMrty Shares ... 




74 7ri 
65.1 d 




so r 







40-5} +0.H 


IntdS? tai(g) 

15, Clmstnpber Street. E.C.2. 01-247 7243 

iito. Inv. Fund 1294- 32A*I +03| 730 

Key Fuad Ma nag e r s Ltd. (al(g) 

eft? 3-TO 

- +o3 531 

Jtttnpt Fd. |1745 

. :ey Income Fund .1785 

Key Fixed im. Fd. — teo.9 
Key Small Go’s Fd |1 «l2 

Klein wort Benson Unit Managers? 

20, Fendwch St, E.C3. 


Cw FdLAcc. 
il Fd. Inc 

LAC Unit Trust Management Lid.? 
5 „ The Stock Exchange, EC2N1HP. 01-588 2800| 

|| HSlSltej-fcT K5I50HJ 

i54 Lawson Secs. Ltd.? (a)(c> 

I S 37. Queen’s SL London EC4R1BY. 01-236 528 1[ 

^ |f| 47^ -SaI 

(Acoan. Uhlts) 3~(b3-4 
tOHt and Warrant -.@5 

Deal. *Mon. -Ti 

Legal * General Tyndafi Fund? 

01-6008520 18. Canynp? Road, Bristol. 

S tatus Change 

friv Energy. __..... ..1 

The British Lite Office Lid? (a) 

Reliance Use- Tunbridge Wells, KL 0892 22771 

BLBriifsbUI* -.1518 54. 

BL Balanced* 1»92 52. 

BLDIvtrirod* J«24 45 

•Prices Dec. 13. Nett deaturi 

Brawn Shipley A Co. Ltd.? 

Mnqrs, Founders CL, EC2. , 

BS Units Dec. 11 [222.4 239 3 [ 4.7B Ph. Nov-. W-- .- (“*5 

Do. (CC) Dec. 1 1 1 28 1-9 303 o| ] 4.78 (Accum. Urtbl_ -J794 

Oceanic Traits ui (gi ‘ ften »b. to 

Hnawdal.. . 35^8 

Growth Acciim .. .-480 

Growth Income 37.4 

High income 295 

.1 TU 20 0 

lnde»- - .— . 24.b 

Overseas. . 172 

Performance 57 .b 

Recovery. 2L5 jtO.S 




- 0.1 

+ 0.1 



to January L 
Leonine AAninatratiait Lid. 

2, Dt*e SL London W1M 6JP. 01-4865991j 

LwDlsL 177.4 81S+0 1J «J 

Leo Accum 184.7 89^) 40.H 4J 

Uoyds Bk. Unit Tst- Mngrs. Ltd.? <a) 

9 76 

if ajBWftJsr^ 

Sis) Wmced 

Do (Accumj 

Worldwide Gwte. — 

Do. (Accum.). 
Evtra Income . 





Canada Life Unit Tret Misers. Ltd.? - - 

2-6 High SL. Potters Bar. Herts. P Bar 51122 * 

Can. Gen Dirt .[39.5 -! 9 *'J2I Ml 1'“"*-— e 

Do. Gen. Accum — W8. 7 Sjl 4.41 

Do. Inc. DM. p4l) ^.3*0.11 8.14 

Do. Inc. Accum. [45.7 48 ll +0^ B14 

Capel (James) MngL Ltd.? 

100, DU Brood St.. EC2N 1BQ 

CJOltat 163 9 8951 .1 5 36 

Income [80.7 B59I ...I 8.0Z 

•North American-...- B7 2 loy -l 1-00 Three Quayv, Tower 

Prices on Dec. b. Nei! dealing date Dre. 20. See aho Stock Exchange 







653d, +0.!, 

Do (Accum. J 

Unyd’S Life Unit TcL Mngrs. Ltd. 

01-588 bOlO 72«J, Gatehouse Rd- Aylesbury. 02965941} 

Equity Accum. .— — (26)1 17L7J .. .1 4 .73 

M & G Group? <y>(c)(zi 

■ TV, Tower Hill. EC3R6BQ 

01-626 458^ 

15, Moorgate. London. ECS. 

Income Nov. 30 [llEOlri — 

Do Accum. Nov. 30... 15524m — 



Growth |S?0 

J-2S (Accum. Uniis)_r-l: 

d SSffer--:-:: 

89 3 




Cariiol Unit Fd. Mg re. Ltd.? <aKc) American.-- W5.8 

Miibum House, Newcaslle-upoiv-Tyne 21165 Co “ 

Do. Accum. Units 85 0 B7. 

Do. High Yield — 42.D M. 

Do Accum. Unito — 54.4 56. 1 

Nevt dealing dale January 3 
Channel) Fund# 

01-638 4121 
I ■ I 11-03 
| ...| 11.03 

Charities Official Invest. Fd? 

77 London Wall, EC2N IDS 01-588 

'Income Nov. 21 .nJI.TO — 

Acaim.Nov.21 (26233 - 

PUkxiUl Only available to Reg. Clarities 
For C har terho u se Japfcet see Janies Finlay 

Chieftain Trust Managers Ltd? fa)(g) M=TOJ1 ]«« -1 Jl 


J.86 ^Acoan Units) |X 

, - 

lAcainiUnti)- 1195 

1 1815 F» Eastern 50.9 

7 M (Accum Units) 562 

_ FundoMnv.Tsts. — 60-3 

(Acoan. Units] 755 

al — 167 2 


2483 -Lt 


ozS -o.t 

127 J -0.7 


(Accum. Units) B655 ,2828] -lfl 6J 

High Irtcorr* RMl lllfori -Ojj 8.( 

11 NewSL. EC2M4TP. 


High Income, 

emotional TU _. 

Basic Resources Tst ..[2t>5 

■Incm Growth Tst 


123 8 


7 ^ VgSSEZzz 

Confederation Furah MgL Ltd.? (a» (Acam h Un rts)-- -...pi. 

MCinn La». WC2A 2 HE. ' 01-2020282 gKond Ben.„ 1726 

Growth Fund [46J 48.91 .. . | 4 13 f£SS^Zl $17 

Cosmopolitan Fund Managers (Accum. unte) -Biaj 

3a Pom StiwcL London SWIX4EJ. 01^358525. SptolSud Fiads 


Cralgmount Unit Tst Mgrs. Ltd. fci2?SdDeLu-ifj 149 6 

<taO Foster Lane, EC2V bHH 01-6069262 (Aeam. Untel 39f 0 

h fob Income N6 6 . 50.91 .. .| 10.00 Pens.Ex.Dec.Il |14LB 

.North American |47.0 50 4j -D.ll — 

Mid Mount High Inc. .|49 4 52.7| ... .1 9J» 

■Crescent UnK Tst- Mngrs. Ud. la l(g» 

A, Melville CreS-, Edinburgh 3. 031-2% 4031 

Gres. Amer. Fd [3.8 24.41 -021 1.70 

Cres. luterrvHl. (57 7 6L9j -Oil 1.00 

Cres. High. DtsL g4.9 +03 8.94 

Cos. Reserves -W3 0 4Z9j +0-3j 4% 

Cres Tokyo , 124.8 2b.6| -0.6} 1.97 

Oiscretionan Unit Fund Manancrs 
22,BIMieMSL.EC2M7«L. T)H>J64485 

Dis-ln-: Dec 8 J178.4 190JM . | 4.99 M l ft . G * fl . Dec. 13... 

E. F. Winchester Fund MngL Ltd. Acc. Uts. Dec. 13 _Z 
OM Jewry. EC2. 016062167 

Great Winchester . -.118.5 M2! - j 4 79 

r.t. Winchester 0'ieAs .(lB.1 2021 .. .1 4 40 ggsfig wSBlTjaLO 

MantsUfe Management Lid. 

a. George's Way. Stevenage. 043856101 

Growth Until (562 5951+02} «L29 

Mayflower Management Co. Ltd. 

14-18, Gresham St- EC2V 7AU. 016068099 

Income Dec. 5 DM A U4JI .] 8« 

General Dec. 5 (nTO 74.71—1 6D6 

Intend. Dec. 5 — K3-S 45. 


Mercury Fund Managers Ltd. 

30, Gresham SL, EC2P 2EB. 



Emson £ Dudey Tst. Mngimt. Ltd. 

20. Arnnqtim a . S.W.l 01-499 7551 

'Emson Dudley Tsl.. ,|68.7 .73.91 _ J 6.00 

For Eqntas Securities Lid. 

see Abbey Unit Trust Kngre. 

Mrdfimd Bank firatrp 

Unit Tnist Managers Ltd.? (a) 

Cournmxx^Howg, Silver Street. Head 

'Equity & Law Un. Tr. M.? (a)(b)(e) 

Amertfavn Rd . High Wyiombe. 

Emmy 4 Law |66B 70J| . . ) 4.29 

James Finlay Unit Trust MngL Ltd. 
10-M. Wed Nile SOMf, Glasgow 

0498 33377 Do.Auun. 

Commodity & Gen. —163.9 

Do. Accum 


Capital— 1 

Do. Accum. 



69.91-051 575 


J Finlay Intel 
Accum units 


Aecpn. Units.. . — 131 

J Firiav Fd.ln.fst..-. ? 
Acoan. Units .... >2.1 

«i-a)4i3a KSfairzj 

Do. Accum . 

High Yield 

Do. Accum. 

Equity Exercn* 

Do. Accum.* 

ptrfitf Det li »rtt drflng Dec. 20. 

Do. Accum. — - - 

CORAL INDEX: Close 478-483 


fProperty Growth — — - — ll 3 u% 

TVanbrugh Guaranteed — 

t Address shown under Insurance and Property Bend TaMe. 

■Prices at tec. 15. tort dealmg 

. 10.75% 

2D2 Target inv 31. b 

342 TgtPr.Dec.D 158^ 

2 97 TgL Pmf . -.'Z S> 

7.70 Tqi. Special Sits (202 


Ulster Bank? <a> 
Waring Street. SeifcHL 
(b)Utsttr Growth — [38.0 

408} +Qi] 5 JO 1 

l)na Trust Accemrt & Mgmt Ltd. 

King Wilton SL EC4R9AR 
Friars Hse, Fund — .08.7. 
Wieter Grtb. FntL — (?0.9 
Do. Accum. ,1368 


Wider Growth Food 
King William SLEC4R9AR 

Income Urits — 

Acoan. Units . 


m-i re 



Abbey Life Assurance Co. Ltd. 

Crown Life Assurance Co. 

Equity Fund ... j 

Equity Acc. 

Property Fd. 

Property Acc. 

Selective Fund 

Convertible Fund. 

V Honey Fund .... 

VPrtiD Fi 

, , : d. See. 4 

VUan. Fd. Ser. 4 _. 
PEtyiity Fd. Ser.4._. 
f Money Fd. Ser. 4. -. 
Prioes at Dec. 12. 

Mmg'd Fund Act .... 1043 

Mang'dFd. I non 1022 

Mang’d Fd Ind. 10^2 


Equity Fd. \ncm (%.' 

Vateation normaJy .Tvs. 

Albany Life Assurance Co. Ltd. 

31. Old Burlington SL. W.l. 01-437 5962 

VGtd. Money Fo Ac. - 
pint! Man.frLAcui.... 


Pi— - 



. Inv. Acc 


GTd Mon. Pen. Arc-... 

inti Mn.PnFdAce. 

Prop. Pen .Acc. 

M’ple Inv.Penjtce .... 




“ i.O 




180 41 . ... 

2502 .. 
1903 . 


122.2 ... 

140 0 .... 

mn .... 

Property Fd Acc — - 

Property Fd. Incm— . %-4 

Property Fd.lnA. 948 

InvVTtL FdAcc. fill 

inv. Tst Fd Incm.—- 99T 

lnv.TsLFd.lnit 100 0 

Fixed Int Fd Acc 1OT.4 

Fid. int Fd Incm..-. 97 

Into-’l. Fd. Acc 10J 

Inter'I. Fd Ihcrl 108 6 

Money Fd Acc. 98.1 

Money Fd Incm 95 J 

DtsLFd. I ram 103.4 

Crown Brt. Inv .‘A— ..(1592 

Uoyds Life Assurance 

5033 20. Dillon SL EC2A 4MX 
V, Mill. Gl. Nov. 30 


— Op- ,, A’EqL Decl4_ 

r 7C op^'A’itTtec.M-..: 

6 78 Op yA')&. Dec.14- 
0 bl5-a-Dpl Dec J4„ 










+ L2 




Royal Insurance Group 
New Hall Place, Liverpool. 051-227 44E 

Royal Shield Fd P*73 155B| [ — 

Sne & Prosper Group? 

4, GtSt.Helen'6 Lndn, EC3P3EP. 01-5548899 

— Bal. Inv. Fd 



— 18-20, The Fortnvy, RracSng 

s>7 Ssrt&SZ:--’'" 

— Fixed Intered 

,T„ The London & Manchester Ass. Gp.? 


r~m mz 

m A Manchester Ass. Gp.? 


159 7 



Wimiade parV, Exeter. 

Cag. Growth Fuad..— 
jFle*. EvengUFl.-. 

*E>enpr Prop. Fd. 
diEjpL In*. Tsl Fd 

FiSIWe Fund 

_ ... Inv. Trust Fund—... 

Crusader Insurance Co. Ltd. Property Fund 

Vincula House. Tower Pl s EC3. 016268031 G id Deposit Fd^. 

Gth. Prop. Dec. 5 P4.4 842} - -I - M * 6 Group? 

.„„ P /uwfonri a.«* Three Quays, Tower HULEC3R6BG, 016264588 

Eagle Star losnr/Mtdland Assnr. AmericanFdBd.*..-.M9.9 ‘ “ ' 

1, Tlveadneedfo SL, EC2 01-5881212 Con*. D?POrti; .120 9 

Eagle/Mid Units. — 154 J 5631... I 6.06 Equ^&oral^. r „. 



+01 — 
+02 — 

Property Fd* 

Gilt Fd 

lit Fdt 

.Pens.Fdf (ZLLi 


.-^..•erts.Fd* , 

iH Pens. Fd — - — ! 


■Prias — 

Weekly dniaigs. 

Schroder Life 6raup? 

Enterprise House. Pwtsmouth. 

fiidirass.Equity-. ISU5231 23H. — 4 1 T+' 

Buttress Income 

prices at Dec 

For iapdir ex SA see nuter Keyser UOman ^ a»- Ltd. 

48 Athd Street Douglas, I JJJH, 

Capital 4ntenatkiMd SJL ' * 

37'roe^Notre-Oan*. Lrfxartrairg ... 

.Ctohalfrt-Fnnd.. I SUS17.77 l —4 — • 

(For Central Assets MngL Lid see wider 
Keyset UBnaa Lid. ■ 

Oxatwhosse Japbet 


AMEV Life Assurance Ltd.? 

Alma Hie, Alma Rd. Reigate. Relgate 40101 

iSttiiSV-::™ 1 

Equity & Law Life Ass. Sec. lid.? 

Amenham Road, High W y c a nto 0494 33377 

E quity Fd ........ 


AMEV Money Fd 

AMEV Equity Fd— 
AMEV Fired InL — 
AMEV Prop. Fd. — - 
AMEV MgdPen.'B 
Fleviptan — — — — 
AMEVTFrvnliagten _ 

American [78 J 

Income P3.0 

Ini. Growth.- —Mi 








. roperty Fd 

Fixed InterrrtF— 

GW. Deposit Fd. 

_ Mixed 









Gilt Bond*** — U07.4 

Inieroatnl. Bond** — J100-2 

It W, WSJUWnn C'tiii- HU17I1 

For Arrow LHe Auurancc see 
Providence Capital LHe Assnraoce 

Barclays Life Assur. Co. Ltd. 

252 Romford Rd- E7. 

Barctaytxvds* — 




+ 0 . 

+oaj - 


General Portfolio Life Ins. C. Ltd.? 

60 Bartholomew a, Waltham Cross. WXJ197I 

Portfolio Fund [ 144.9 

PortfolK) Managed 
PTollo Fvd Im. 

Gresham Life Ass. Soc. Ltd. 

2 Prince ol Wales Rd.B-raouth. 0202767655 

auinU Fund 1 

G.L Ppty. Fund — 

Growth & Soc. Life Ass. Soc. Ltd.? 

Weir Bank, Braydn-Ummes, Berks. 0628-342B4 IraLManged. 

*' Do. Pens 









3 9i 

Deo 14. — 0ec.'l5 



Japan Fd Bd.* 

Marooed Bd.-**_ 

Pert. Pensfon— — 

Property Bd** L 

Merchant Investors Assurance? 

Leon Hse, 233 High SL. Croydon. 

Property.^. ' 

Property Pens — — . 


ww'v wwn®t 
Money MW. Pens. — 

Deposit J 

Deposit Pens. 


Ml.oWb — 

Do Pens 


InL 4 

Managed 4 - 

Money 4 RI01 

Over*® 4 — )B59 

Property 4 |lo4.4 

KA'S Gove Secs.4 P214 

Pen Cap.~B — 1. 125.1 

B.S. Pen. Acc. B Ufl.1 

Mngd. Pen. Cap. B„. 212b 

Ningd. Pen. Acc. 8 .._|256 7 
F. InL Pen. Can. s(fcl 

F. lnL_Pen t _ Act 

~ Money Pen. Cop. B_ 

MunerPen Act.B_-|; 
prop. Ken. l 

my. rxfl. Cap. B [1092 

Prop. PeiL Ac c. B — (lli3 


Scottish Widows' Group 


P D. SO* 902 EtCidwrgft EN165BU. 
031655 M0O 



Mail - 

Do Inltlri 

Gilt EOgPensJVcc. 

Do. Initial 

Money Pens. Acc 

Do. Ireual 

98 8 

♦ 0.1 

.. +02^ 
u6.g _ , 

92« ~1.4l 


IW.fl . . 

102 3 . ... 
ia3 ... 


104 il-. _ 

•Current unte raft* Dec 18. 


, 54J1 

Landbank Scs. Acc. -JU6.7 119.1 

G 4S SuoerFd. — | n,97l 

01-534 5544 FforihleFTjanw 

LaxfawF Secs, 














146.4 . 




«6 J 










Mag. Pen. Dec. 13 .J 

















So far Life Assurance Limited 
10/12, Ely Place. London. EC1N 6TT. 01-242 2905 

NEL Pensions Lid. 

MUton Court. Dcrijng, Surrey. 

NetexEd&te f 

Nelei Eq. Accum. 

01-283 7107 Melev Money Cap._.._.|625 

Guardian Royal Exchange 

Royal Excharae. E.C3. 

Properly Bonds 1197.0 205-3 ... .| - 

Hambfo life Assurance Limited? iteier Guijra Acc__|§l^ 

tnawiffl Nei Myd. Fd. Cjg ..-.149.6 . . 

01*499 OBt. Ne | MrtL FdAcl.._|5-3- 54.01 
Next Sub. to December 25. 

Helen M«ib. AcL| 67.' 
Nelev Gib Ira Cap— H? 4 

— 7 OM Parir Lane, London. W1 

— Fixed Int Dep. 11252 

- Equity bW.b 

Beehive Life Assnr. Co. Ltd.? 


Managed Cip 

Managed Acc 


Gilt Edged 






•71. LombardSL. EC3. 
BIV. Horse Dec. 1—| 

13233 I 

-I — PeivF 1. Dep. Acc I 

u m 


99 IJ 

Canada Life Assurance Co. 
26 High Sl. Patten Bar. Herts. 
EatyGthFdtec. 1 — | 6U 

ReunL Fed. Dec6—.| 1203 

Cannon Assurance Ltd.? 
L Orymm Wy, Wenedey HAOONB 
Equity Uidls 107.65 

WSlxra- ag 

Prop Bont’Exec £1385 

BaT Bd /Exec/Unrt.-. 0334 

tepmUBond 213 9 

Equity Accum 184 

Q.669 - 

2nd Property—. PgJ 

2nd Managed 100.4 

2nd Deposit 98.8 

2nd Gill .... 90.8 

2nd American — 76 3 

2nd Eo. Pens. 'Acc _. JJ l 
2riiPro. Pens) Act. — 1140 
2nd Mgd PeaWAcc 104.3 
2nd Oep.Pens/Acc. 1029 
2nd Gill Pens' Act. 9L6 
2nd Am Pens J Act. 79 J 

LAES1.F 39.5 

L&ES.I.F.2 .128J> 

Current to/ue Detainer 14. 

a -*”! 



.0 et 

Pen Prop. C^> 

Pen. Prop A« 

bd. enn Pen. Mait Can 

p Bar 3U22 pei*.Man.Aa 

•• — Pen.GHiEdq.Ca> 

• •■ I P^i Gut EAj. A ct . — 

Pro. B.5. Gap. 

Pen. B.S. Ac c 

Pen. D JLF. Cap. — 

01-9026876 Pen. D JLF. Acc 


163 4 





223.7 -0^ — 
292B +03 
12E4 +t)3 — 
1373 +0«J - 






+0-21 - 

NPI Pensions Management Ltd. 

46 Gracechurch St, EC3P3HH. 016234300 
Managed Fund. — ..057.6 164.2] ..... 1 — 

Prices tec. L Next dealing Jan. 2. 

New Zealand Ins. Co. (UK) Ltd.? 
Maitland Home. 5oulhend SSI 2JS 0702 62955 

Solar Managed S . — 

SoUr Property 5 

Solar EquiMS-. - 

So'arFxd.litLS — 

So Ur Cash S 

Solar lull. S 

Solar Managed P. — . 

SoUr Property P — 

Solar Equity P 

SoUr Fvd.inLP.^.... 

Solar Cash P 

Solar Inu. p 

Sun Alliance Fond MangmL Ltd. 

Sun Alliance House. Horsham. 0403 6414) 

E*p. Fd. I nLDec .13 — (€148.1 159.91 1 

liiLBn.Dec.12 1 OZ48 1 I 

Sun Alliance Linked Life Ins. Ltd. 

Sun Alliance House. Horsham. ' 0403641411 


1102 .' 



imji +o g 

12U +03 

109 ’ 

92H -02 
134.7 +0.2 

lS'J +0 j 

9Lfl — 02l| 

— ICvri Key litv. Plan ... 

10L6J -0^ 

106.3 -Oj 

86 V 

50.7 ... 
1K6 -03 
11D.4 -03( 

30 .Q 

^ Plan. _DSU 

Small Co's Fd 995 

Technology Ed 1087 

Extra Inc. Fd 950 

Extra Inc. Diu. Fd..... 1002 

American Fl 936 

Far EAa Fd 109.5 

Gift Edged Fd._ 106 0 

Can. Deposit Fd _|98.8 

Norwich Union Insurance Group* 


Fund — 

Fhredtirte reflFd 

Property Fund. 

I ntertSKicnd Fd 

02 1165] 

San Life of Canada (UK) Ltd. 





PO Box 4. Norwich NR1 3NG. 
Managed Fund [?19.1 

^Property Units I16Z6 

Property Senes A — 1105.8 



Hearts of Oak Benefit Society 

15-17. Tavhtocfc Place, WC1H 9SM 01-387 5020 EoiityFu^d. „ 

Hearts of Oak P7.8 399] | — Property Fund - [135.4 

HHI Samuel Life Assnr. Ud.f c*£r.u FoivS 

NLA Twr„ Atoscombe Rd.. Croy. 016864355 Nor. Unit. Dec. 11 — I 


1^1 -0^ - 

P8 6 -02f 

iSil “° J 

230.61 +0.3 
176.71 +Loj 

1415 +0.1 
160 3 -0.1) 


Maruged Units. 2*4 6 

Managed Series A._. 71.0 

Managed Series C °3 2 

Money Units- 123 6 

Itomr Senes A [99.7 

Fixed In 

./InL See. A 93 6 

Pus. Managed Acc— R5Q.9 
“ e.Gf^d. Cap h 07.2 

Pits. _ . ... 

Pns.G'leed-Ace 114 7 

Pens Equity Can llQO.l 

Pens. Equity Acc N01.9 

Pit. F. d irt. Can I" ’ 

Capital Life Assurance? 
Corthtdn House, Chapel Ash Wlon, 
tor ln»«L Fd. — I 10115 

^cetraherlnv.Fd - ] 87.01 

^l 4 

120 71 
107. S 

Charterhouse Magna Gp.? 

StejAmon Hse.. DvteJ Center, BJetchley. Milton 
Keynes. 0908041272 


Clirtiiw.Mataged.- |3l-i 


Ma^raBld. Soc. 

Magna Managed 

Pm Fxtf.lm.Acc_ 

Pens. Prop. - 
Pens. Prw. 

090228511 Imperial Life Ass. Co. of Canada 
■ - l — Imoerial House. Guildford. 

» — Grt.Fd. Dec. 15 [75.4 

Pens.Fd.Det.15— -(69.7 

Unit Urted Portiolm 

BaSWn-K^ z 

Sea weCafi. Ed WB.4 103.S rtl j| — 

Equity Fund P9.7 1049| -lil — 

Irish Life Assurance Co, Ltd. 

1 1. Finsbury Square, EC2. 

Pearl Assurance (Unit Funds) Ltd. 

252. High Holtanx, WC1V 7EB. 01-»5 SMI 

Managed Fund (1152 121 3 1 

Equity Fund BMJl 126.3 

Property DISL. (1123 lTg-5| 

Prooerty Accum. (120.6 133JJ 

Phoenix Assurance Co. Ltd. 

4-5 King WHUam SC. EC4P 4HR. 016269876 

Weafth Ass. [1136^,119.71 - 

Eb' L. 783 J — J - 

Eb>. Ph.Eq E. f76.1 80.1) . ...J — 

Prep. Equity & Life Ass. Co.? 

119 Crawford Street. W1H2AS. 01-486 0857 

R. 5»k Prop Bd. — j 186.9 

Do. EoultyBd 1 74 7 

Ftex Moray Bd. I 149.6 

Property Growth Assur. Co. Ltd.? 

Leon House, Croydon CR91LU. 016800606 

2. 3. 4, Cockspur SL. SW1Y 5BH 

Maple U. Grth 1 205.9 

Mao* LI.Mangd. 136.4 

Maqfo U. Egi)r...M ._.) 1^.6 

PwsM.Pil?X ( 209.8 

Target Life Assurance Co 

Target House, Gatehouse Road, Aylesbury. 

Buevs. Aylesbury <02%} 5941 

Man. Fund lee.. [77.9 103 j 

Man. Fund Acc. 1?U 127 

Prop. Fd. Ira 118.7 1“ 

Prop Fd. Acc. 153.0 

Prop. Fa. Inv 117-0 

Fixed lid. Fd int 101A 

R^'PUmAL 5S_ JfO 

_r. Plan Ac. Pen 174.4 

Ret. PlanCaD. Pert — tel 2 

Man.Pen.Fd Acc. Ml 

Man. Pen Fd.Can 

G.n Pen.FdAtx. 134.0 

CWPen.Fa.Can 124.7 

Prop Pen.Fd.Acc. Ml 

Prop.Pen.F4Cap. ...|U^7 

Guar.Pen.Fd.Acc. 177.7 

Guar Pen.Fd.Cap. @6.7 

DAPen.Fd.Acc. W7.4 


Transinteiuatloiial ' Life Ins. Co. Ltd. 

2 Bream Bldgs, EC4 INV. 01^056497) 

VI^'P InvesL Fd. — [14ft2 

71255 Proper t y Fund J 

82.H-l.0j — Properly Fund < a)...- 
75.71— Oil — AgnaifturalFund.—. 

YrtiiUp Mangd. .Fd. 117.0 

VMan. Bono Fd 12L8 

Man. Pen. Fd Can. _ 124 0 

Agric. Fund (A) — 

Abbey Nat. Fqnd._._ 

Blue Crop Dec. 14... 
.Sr.llQrc. - - 


of We s t mi n s ter Assur. Co. Ltd. 

Hone. 6 WMtehorse Road, 

Managed Fund — 

MangfF' - 

FdSer. II 

Crcytfcr C802JA. 

Wert Prop. Fund— 1624 

Mamgcd Fund— — tlfj.7 

ExernpL Man. Fd. — 
Prop.Mi Dec. 1 - 

|££Q!jK!a — K-? 

ranrura r onu 


PULA Fund pMA 

663 +Oij 
87 q 

13?« .. , 

Pens. Mngd. tap 120.9 

Pens. Mngd. Are Il77.0 

Pees. Money Caa- — [«4 

Pens. Money Acc 150 xi 

Pens. Evrity Can. 53.6 

Pees EtSJity Acc. — 1563 
Frad currently d ' 
Perform Units | 

170.7 .... 


016MW« p^ritodTS>._ 


to new niwsbueit. 
22L6 [ 

King & Sbassan Lid. 

5 Z CornhBI. EC3, 




97 4 




200 7l 


116 9 




Abbey Nat- Fd (A)._ 

I investment Fund i 

I-IDI Investment Fd(A)__ 

Etfntr Funtf 

Equity Fund (A) 

016288253 Money Fund . 

enn Mot** Fund (A) [144.] 

_ Actuarial Fund 1 

_ GHt^doed Fund 

GHt-Etfeed Fd. (A) — 

immed. Arrf ty,.— ,| 







1788 . 



BondFd Exempt H0L43 102.79 vOJJ5I — 

Ned dealing date Dec. » 

Lang ham Life Assurance Co. Ltd. 

Lankan Hie . Hofotogot Dr, NW4 

Langh^rt ’A' Plan fob 4 

JJProp. Bond — U47.1 154.1 

Man Fd (765 

Wisp (SP) Man 

Legal & General (Unit Assur.] Ltd. 

. ImA 

All Wthee Ac. UK. 
VAll Weather Cap. 


Pension Fd. Uts 

6pm. Pens. Fd 

Crv. Pro. Cap Ut 

Mil. Pens-Fd. 

Man. Pens. Cap. UL] 


O 1-2 ®® 1 Prop. Pens Ca.Uls. 
69.9 ._. J — Bdnq. Soc. ton. Ut. 

‘UI ]z S®s«.CtoUL. 


. . 1515 . 

v» A A EMto Ltd. 
[130.4 13731 








Mat. Pen. F«L Act... [133. 

WMngd Im. Fd InL .p 
fMngd. Imr. Fd. Acc-|ll 

Trident Life Asaraoce Co. Lid.? 




_ ■ Rendaoe House, Gloucester. 

+n -S - 
+o3 _ 


Grtnvlh Cap,, _ 

Growth Are. 

Pens. Mngd Cap.— 
Pens. Ma * 


Pens. C id, Dep Are, — 

Pens. Ppty-G-W 1172 


•TrdL G.I. Bond 1 

•Cash valve 

tor £100 penton. 

Providence Capitol Lite Ass. C«l Ltd, 


City of Westminster Assur. Soc. Ltd. 
Telephone 01684 9664 

fiSSta_TdB 4 W=J = 

Cash Initial 

Do. Accum 

Equity Initial - 

Do, Actum 

Fired Initial, 

Do. Acoan. . 

- Inti. Initial— 

01-2837500 2p- 

Mjrased Initial 

“ Dc. Accum 

Property Initial 

Do Atom 

Confederation Life insurance Co. b”* 1 & f*?*!*. 

50, Chancery Lane, WC2A1HE. 01-2420282 . * Q4J 

30 Uxbridge Road. W128PG. 

Commercial Union Group 

SL Men's. 1. Undenhafl, EC3. 
Vr.An.ArDre.16_l 5M4 
Da Annuity Uts | 1896 

VEqutty Fund — 1 — , 

Fsrwl. Pen. Miwi-„. 
StaffgdMngd.Pn. _. 
Group Mngd Pen.-... 

need lid. Pen ,-- — 

Equity Pension 

Property Penston — 

Exempt Eqty. Inn 

Du. Aran.—..,., 
Evento Flied lirit. 

Da Accum. . - 

Eietrel Mngd imt 

Da Acavn. 

Exempt Prop. InfL ... (98 & 
Da.AcariL— [1017 

uia +oa 

LIO 40.6 

123 U +0J 
1273 +0.1 
95S -IX 



105 g +0.1 

Pension El f/ite 132-3 

Pension Fid Ini 1191 

Deposit Fd. Cap 47.4 

Deposit Fd Ate. 47.4 

Equity Fd. Cap «6J 

F^YnLf Ao. (463 

.Cap. (47.8 

.A«. U7.S 

F*d. Inti . . 

Imnl. Cao K53 

Intel' Are — 

Managed Fd, Cap. — H68 
Managed Fd. Act 

133 1 
137 2 


133 4 

Property Fd.Cie..— *|.« 

Prooerty Fd Are., 


■ CtoreetoadL 


Bondbee. 14..., 









44 3 

'S- Inv. Dec'. 14 . 

Da Prop. Ore. 1 

Vanbrugh Life Assurance 
41-43 Maddoi Sl, Lrin. W1H 9LA. 


~ Previntiai Life Assurance Co. Ltd. 

- . 222 BJstnpsgate, EC2. 

Prov. Managed Fd__ni9 1 
. Pm Gash Fa 107.1 

GIK Fund 

Property Fund 

Equity Fund 

Fid. Tnt. Fund— ; 



01 .247 6533 

122.4 +0.51 
106 8 

iffi - 

frw.., .... 

Fined Intersl Fd. 




Csnihai Inwrance Co. Ltd. 

32. Comhill, £ Ci 
Gao. Feb. Nor. 15—1 


Mn.lShf'wS!''^— |i7L5 ll 

Crwfit & Commerce Imuran ce 

120. Regent SL, Lwftm W1R5FE. 01-4397081 7L Lomtod SL, EC3. 
C&CMngdFA. 1123.0 133.0! .. ; [ — Exempt ■ -.< fW3 

Prudential Pemions Limited? 

Hglbom Ban, EC1N 2NH. 01-4059222 

Equfc Fd. No*. 15 [L354 

Fvd. Int. Nov. 15. (U9.18 It 

P«P. Fd Dec. 18, .. 108 00 2883 

Reliance Mutual 


Rel.Prtp.Bds. _| 22L4 | | - 

Rothschild Asset Management ' 

,, . & S*Wmb. Lone, London EC4. 01636 4356 

016231208 we. Prop |120b 1283). J,— 

103.4] . . J _ 7.81 her. iub. toy Deceqtor ?*. » 

Legal & General Prop. Fd. Mgn. Ltd. 

11. teren Victoria Sl. ECto ATP 01^489678 

LAGPmFd.Dec-fa-.i997 104J| | — 

tort sob to Janwry 1. 

Life Assur. Co. of Pennqiliania 

39-42, New Bond St,W170RQ. 01-4938395 STS2fni fa,K ^' 

LACOP Units -.,.197.8 L0271 ... .( — 

Uoyds Bk. Unit TsL Mngrs. Ltd. 


<1^3 fttoAln* SL Lite WJR 9L4 ' 

Managed 1101.9 

I Wsis«— 

Property J1608 

Goraueed see ‘ins. Bax Ftites* Uhle. 
Welfare Insurance Co. Ltd.? - 
WfnstJde Bar*. Euler. . <7392-521 

Moneymaker Fd I 105.5 I +0.91 — 

For other hsufe, please -refer to The tendon A 
Manchester troop. 

Windsor Life Assur. Co. Ltd. 

Royal Atari Hse, Sheet SL, Windsor 68144 


Life In*. Plans. _ 
R#l Asul Pen... 
Flex. imr. Growth. 


— 1101 

1015 106.9! 

• K ■ " 

Key «r Oftmoo LM. 

WkMadiarFtod ' 25, Mfflt greet. ECyaJET^. 

Met asset tore Ore. 12. Cent AsKhSte 

• ... -AV' 

8P6087W5: - !■ • . 


dfiHw Sfefos-aiwte 

AHRCiU Prfa.Fi lUO^O UL23I - : 


AHRGkEdq.Fd 1£1< 

Artiofhnot SeemWes <W.) yn ^^ 7 -, 77 ugRwd(Je^i)— ! 

PAanr284, St ^Tnrti^S 


Next — 

East ifflU.Ttt. CCll 

ri**'' «tS 

Anriratow Selection Fund HV 

•' jSaSK=? 

B*nk : nf America lrtena»to«*.S.A. 

35^ BodeVwd Royal, Luxemtora G.D. Stoort Ber nw d a. — u. 

WW)rirott!ncDr*- T fa^^ 73z hS. Btf-Fd-;— 

wmat Dec. 1 4. N*£A. w Ltoy* Bk. TCJJ UfT Msn. 

j . . — , , p O.B« 195, SLHeDlcr, Jersey.- 

R«*s Rad LF W 95 « - ^ 757 

W'r , 

0S34-27561 ; 

Barclays Uoicora -tat fCh. Is.) ^ 11n naL 

LCiwlojCro&SLHeHre.Jsy- OS3473W1 U«rds loternationM. sawra . 

Overseas Income — WO Ti 9 tf3 PO^ Bax 438, 12H 6«ew-ll 

DriWW Kg “J On u5*w. atott-^isFsuuo 3: 

— ivc^iax WJM — I jjaydgjntGSraeJ 

Management Internationa! lid. 

>S'J ■ 



Bj hUik Unicom InL (IaJIm) . _ 

^ •1?; .. _ -M3448S6 Sank of Bemuda' BdMAa, Benmtd* 

Drifts z3ii wS -i ? ;4 ° ■ 

BistrajssaU Commodity Ser. Ud. . . . ~ ' „_1 

P.D. Box 42, Douglas, l.o.M. 0624-23911 XAcoroi UphsJ, 

:Z; ~:-r i-K 

Z - Samvel MdnUgu_ Ldn- ^gyents ' V > .< 

L88. 114, OM ' 


0J7 Morniy r Jokmstefle Ihtir. AiWsert'- : 

1 163, HopeSL.«testor, C2. . 041^2215921-: 


. HopcSt- Fd-. — 

■Mmwy.fnnfcr^ l ^ . . .... c 

■eaft.sJL-: f 

v ~ -IDs 8oute«a>d' Royal, Lueemhirg ' ■ ■'/ A •-.**. ;• f-.... ■ , ; o - \ 

^ NAVNw.24 '.J SUS12.19 | .;.-4 V’ -vT- 


H — . ECU* ot Berouta-BId 

9J8 iJAVfleti 

STsCStg E2.09 

High li7tSUq.Ti — (£0.93 
ULS. Mb- PeiMMteBfad Ffc. _ 
lltTst 0.91 

ysfefcc.aNeuitedingDre.18 . ^ ; PllM iri* lotenatimd 

Brawn Shipfey Tst. Co. (Jcreey) Ud,. po box Tr„ si* Peter . — ..._ , . .... 

PJS.-Bo* 583. SLHelier, Jersey. 053474777 Inler-Dollar Fund— .[SDS235 ' -2341 — .J, u 
Stb4and.fd.w nmK 3190 ^ ^ 

BfltfcrfieM Management Co. Ltd. . po Bo* 194 SUHaGer/Jwsey^ . O^MS 
P.a*Box 195. HamHlOL Bermuda , . toest Stto.FxdlBt— *•» ,v 

7-SI ■( llj' tees Inti. Secs. — -.-rj-rw *- 

S201- 1091 .....3 aW ' QuMIntf. ft'-- 

ftert snb. to Jan- 8. .. pure at'fc^ 13. tod darfng 

Rotttschad Asset .taasagemMit (C.I.)" 
P.D:Boar50. St. JoAnyCL, Guernsey. MB12KB1 -:e 


♦Prices' on Ore. 14. Next deitog Jiec“«. : 
traces on-fcc 7. Next dtafiftj Dec. 2L- 

Wroano. PUML9B 44l0| +0 

CSre hmstments (Jersey) Ltd. . 

P.O.BOX320.SL Heller, Jersey . 0534373ft' Rotfiscfdhf Asset Mgt; (Bennmla) 

asasaa^s ta z^^gp***** ***** M 

CfenhIB Ins. (Guernsey) Ltd. 

P4>. Box -157. SL Peter Port, Gamsey. .-.' ■ • 

total. Man. Fd [163-5 .17881 „..{ — 

DWS Deutsche Ces- F. Wierfisqderep . . 

Groneburqweq 113. 6000 Frankfort ■ 

I DM3730 M-ZOi-MOf ~ 

Oefta Graup 

P O' -1 Box 3012 Nassau. Bahamas — 

telta Inv. Dec.b (SU5LM L771+aOU [fe 37. BroadSt, SL Hri^r.Jmey. 

Oeofscfter Imestmeat-Tmst . . 

Pustfat* 2635 Biebersm 600 6000 Frankfurt. -fnhn£Gr.'*1 * 

Price on Ora. 

Keyat Tnist (C.L) Fd-. Mgt- LtiL. + - ■-- 

PJQ. Box 194, Royal Tsi. Has, Jersey. .053427441 

R.T.lotfl-'Fd— 98M ,--J . 380 

R.Tltnt1-(JjyL) FdlmO 8SW- -..-T 52 - 

• WM^Dit^lltoitallnglfeL l9L_ . 

Sara A P/nsper fateriatitMOl- ; ' _ ; •' 
Dealing to; 7-L- 

■» 053420991 

■ S • 

N J « 

- 4 

.1 —r . — 

Dreyfvs Iwter cou l iw e u fal Iny. Fd. -' 

P.0 Box MJ7IT, Mapun Bahamas. 

NAV Dec; 5 1 m4MSUM 1664] ..'..J - 

Emson & Dudley Tst. Mgt Jtsy. Lbt 
P.0. Bax 73. SL Heller, -Jeney, 

E.D.I.C.T. [1238. 

The Engflsh Assuc ration . . 

4 Fore Street, EC2 01-5087081 ScUesmgw Infarifationi MiigL 4*L 

Next deatog Dra fg -toxfSSg fea 29. •- |^""-r{i>88 • 0, 

053420591 -1: ^^*- _ _ 

131^ -:..-4 300 . •prices aTBre. lX-' *^re. lZ _*t^Cra ~14- 


53 1 



Eurobond Holdings N.V.. .. 

Handelskade 24. Willemstad. Curacao 

Aunts: fntet 15 Oyrstnahe 

TeLQl 2477243. Teia: fSOMOiir 

NAV per shse Dec. 15. $US20.8a 
F. & C. MgwL Ud. luv. Adv^ere ’ 1; 
1-2 Laurence PemtaayHIil, EC4R DBA I. .. 
01623 4680 . -• . . . . '-i . .. 

CenLFd Dec. 6 1 WS551 1 — J — 

fidelity Mgmt A Res. <BdaJ LHL 
P O. Box 670, HahHtoa, Bermuda 
Fidelity Am. 

Fidelity InL 

Fidelity 1*6*1 F&L'^lI 5US14J3 

Fidelity MgmL Research (Jersey) Ltd., 


Schrader Ufa Group : 

fcntaprite.ltdni^ Porttoonth." 







J. Henry Schrader Wagg. * Co. Ud.* 

lTO.CheapsWteECZ. . 01-5884000 

Waterloo Hse. Doe SL. S L Heber.Javr 0S3 4 SrRziU, j -0 ^ 7X1 

J ‘ :< " fctsnFd. Dec. 11 J.T[SiatOB- Will 


J-.-J - ■ 

Fleming Japan Fond SJL 
37. rue Norre-Daihev Luxembourg 
Fleming tec.12_._f SU563J1 

Free World F«ud Ud. . 

BvUerfteld BMg- Hanifow, tenreria. 

NAV Nov. 30 .... | SUS18938 

G.T. Ma na gement Ltd. 

Parit Hie., 16 Rnrinav Oran. London ECS 
Tel: 016& 8131. TlX BSfalOO 

j -.-.f - 

London Aperts to: 
•B^UoitS— , 


jagf i^M 13 = AstnssBML^Wriii 

first VJkmg CammiHty Trusts Seuby Assurance International LW. 

l&l?. StteorgeVSi,Oouto5,'-o-M- 0624 S015 pj). Box 32b, Handlton 5. Bermuda * V 

: — j 3.80 - Manaqed Fund. tsmwj zisei ..._ £.j-i£VZ g 

Srogpr A Friedfaader Ldn. Agents. -' ‘•T".*',; 
20.CamwnSL.EC4. .. " 01-248 9646; : - 

Stronghold Management Limited - 

P.O.Box 315, St HHier, Jersey. K34-71«68 
Commodity T«nL_ -(86.99 91571 ..._J - ] 

Sorinrast (Jersey) Ltd. (x) . 

Queens Hse. Oon Rd, SL Hettev-fcy. 0534 27349 
im American Ind-TtL — (£697 - 74a-<ua- +- 

.2-9? CopperTroa.. lam lpH+ara — 

a j«p Index TsL tSSM ■ 0.44 ' 

to? ISB’lWt Trust Managers [C.)J ii*L f 

Bagatelle FUL. SL Savtour, Jersey. '• 0»473494 - ' 

Jersey Fuwi --^.[49.0 ■ s 

; . .PrieKwfOefc^ Atert aife daf’ pet. Z 
fW TSS GW Ftnuf Managers (C.lj 4liL v . 
t7? BatoetoW, St, Stoour, Jersey. • .053*7949* 


■ Piltej on Ore. J3.;N« iylL dty Dre*T 
Tofcyu Pacific HoUfags H.V. i ';. - } 
iwfnds Management Co. f(.V^ Qaacao. 

NAV fire share. Dec. 11 JUS6484. 

Tokyo' Pffiific Htdgs- (Setooard) JtLVir. 
f minus- Manaomem Ca',«iV,. Caracas.-. 

- - . NAV per 

TyiidaS Griwp 

P O. fine Z2S6 HamUusa 5, Sermfe, 2-2760 


Anchor Gift Edge. 

Anchor Im Fd.*—— 

Andavin Jw.Tst_ 
Berry Poe 
Bary PacSlrig. ‘ 
G.T. Asia Fd. 

G^LAsiaSterito^: — 

G.T _Dir. (|arig.)'?ci| 

G. T Packer it.. .-. i.| 
G. T. Philippine Fd^, 


Gartmore Invest. Ud. Ldn. Agts. 

Z SL Mary Axe. London, EC3. 01^83 3531 

Gartmore Ft 

ar - * 1 

ICJJ Ltd. unfa) 


Fund(Jefsay)_l95J50 ' 100.01 -i 

Gartmore Fund MugLtFhr East) Ud UKb) 

1503 HrtcHum fhe, 10 Knxourt MJ H.Km 
HK&Pac. U. Ts t •— 3,%g*^ 

N AmencantsI^~B® J7 ll 4 S “"-J 

loll. Bond Fond— pOSmjB 10851— T 

Gartmrt Inveriravrt MnfL Ud. (a) 

P.0. Box 32, Douglas, taU. 

GortmoreTnU. I 
Gartmore hid. 

Ham bra Pacific Fond MgmL Ltd.' 

2110, Connangta. Centre; Kang Kong -' 

5S5WEH=*K - 

Hasdmra Bank (Guenuey) LtdJ 
Hambnw Fd^Mgrs. (C.UU& 

P.O. Box tev. Guernsey- 0481^26521 

mem Cb.-.itV,. Cwaeao.' • .■ V ; ?. ' : 

■ share Dee. 11. 

C.I. Fund 


on Ora 13. NextduKng 

Hraderson' Baring Fund Mgrs. Ltd. 

605, GanmatTWfex, Hnp Kong..- • ■„ - . 

EKtoto a»'to preftn. ctaiges. 

Wn-Stomdi 4, Co- {Guernsey} Ltd. 

8 LeFebvre SL.-SL Peter -Port, Guernsey C.l. 
Guernsey Tst . .. — —H515 1625^ +0.9f 3.66 

U"®fe Assurance COvesseas) 

P-O- Box 1388, Kanflnn SOL 
lnternl-Mngd. FiI_^_tJUS).96 ,. _ 

Uufia+-f UYesfmentJBtotffsclBift’ nrfrff 
Ptodarti 16767, 0 6800 Erarfitat.16. ' H .; -;j 

HI; ? 

- Brnuuda -.:: T 

-V-J V-*;-- 
Jraft.mhft'^-.'iVk 7 - V.'r „ ’ 

• .y. f *r. v. 

Ui J re m i 

HBI Samuel tuveL MgmL tirtnU 


DtiL IntiiL Mngnvrt (Cl,) J^ s ! .; ' /> < 

ffaSSfaP^'ilKJ)-: 133 is “"j r 5^1 

^ 4JuM;. sbtw v t-jV* • 

*~ - Aktrtnqer, Luxetet war v : iiX 

3 §NBk **;• J 

International Pacific Im. MgmL Ltd.- S. G.iMfiubafg A Co. *■ j'V-?: 'X: '. 

P-0. Box RZJ7,",56, Ptti SL, Sydney, • ' ^^SH- S ^ t r e R' ' ■ 7-'.01ia»555-,;'. 

Ja«HnEquitjTa,-|SA233 - Mf^QDU "-i 
UJE.T. Managers (Jersey^ Lid. ■ - 
p.o. Boy Channel House, Jeney. “053473673 


^Jardme Fln^ig-. 

AtefaFloor, CtowtfU-Cemre, 

-.-• ‘1 u *-.* *-OL 0 

i u^y 



* 1 kf ^ jr = -* • ■’ ' ; -•; v ■’* . '-; *■ 7 .' 


ay ibecemfeer. 1& 1978. 






V. * 








- v . ».- U.| 

‘ l“. 
: :i' 

ROLLING mills 

Sin x I2rax :101ft Wide variable speed- 
Four High-Mill.* • 

3 Jin x Sin x Wo wMe variable-speed . 

four Higir . . 

lOtn x Kin wide fixed speed Two High MID. 
lOin x I2ln wkte fixed speed Two High Milt. 

17ln x 30in wide fixed speed Two High Mill. 

24ln x 36in wide x 300 HP Two High Mill. 


STRAIGHTENlNGSi-Cot-to-Lengtb machine. 
1970 CliT-to-LENGTH mads capacity . 

I JOOO mm 2 mra x 7 tonnes coir fully 
overhauled and* in excellent condition.' 

by A.R.M. Max. capacity 750 mm x 3 mm. 
LENOTHUNE. Max.' capacity 1 Sin x 10 s.w* 
STRIP ROLLING LINE, LOin xSin rolls x 
75 hp per roll snnd. CdmpTete mth edglng.' . 
rolls, uirlc’n head, flaking and fixed recoiler, 
air gauging, aid Variable Ihie speed.' 

0/750 ft/mibWfl/iJOOTft/ihlh." . . 
SUTTING LINES 4*>30Q mm and 500 ram 
opacity. ; . 

DRAWING machine In excellent condition. 

■ 0/lOOQ ft/tnin variable speed .JO h.p. per. 
block- ( 19£8L 

by Farmer Nbrcori .C 7972). ' 

PACEMAKER SIX BLOCK (22ln x 25 Ji.p.) 
variable speed Wire Drawing Machine by 
Marshall Richards. ' 

5/100 ft/ mm with spoolers by Marshall 

9 DIE 1,750 ft/min SUP TYPE ROD DRAWING 
MACHINE. equipped with 3 speed 200 Jup. 
drive 20ln. Horizontal Draw Blocks. 22in 
Vertical Col lecciog Block and 1,000 lb 
Spooler. (Max. Inlet 9 mm finishing down 

to ! £ mm copper and. aluminium. J ; 

MACHINES. 20m. 36in. & 72in wide. ; 

Taylor & Challen— -virtually unused — fully 
automatic 160 s.p.m. x ^4 ram stroke. . 
by fielding and. Platt, 85 ton main ram 
pressure. : 

max. capacity I.ffiH) mm x 25 mm M.5. Plate, 
com piece' with full range of spares.. 

No. 1 FI CEP SHEAR, max. capacity -50 mm 
rounds. 75 mm x 35 mm bar. 400 mm x 10 mm 
fiats f spare shear' blades). 

CAYMAN ALLIGATOR SHEAR, max. capacity . 
90 mm nolinds, 300 tin x. 40 nun bar and . . 
600 mm x 16. mm flats (snare shear blades). 
capacity. complete withnnagnetic sheet 
supports arid motorised- bade scops. : 

by Noble &:Lund with- batch control. - 

pneumatic single blow. . 

COLE MOBILE YARD CRANE. 6-ton capacity 
lattice jib. ' 

0902 4254V/2/3 
. . Td«a? 33MM 
090J, 42541/2/3 
Telex 33M14 

0902 42541/2/3 
Telex 336414 
0902 42541/1/ 3 
Telex 3364M 
Telex' 336414 

0902 42541/2/3 
Telex 336414 
0902 42541/2/3 
Telex 3&Ft4 

0902' 42541/2/3 
Telex, J364 14. 
Telex. 336414 


Telex 3364 14 

Telex 336414 

0902 4254172/3 
Telex 33KHM 

0902 4254M2/3 
Telex ''536414 

0902 42541/2/3 

0902 42541/2/3 
Telex 336414 

0902 4254172/3 

0902 4254?/2/3 
Telex |36414 

Telex 3M414 

0902 42541/2/3 
Telex YJ6414 


‘Telex 336414 

0902 42541/2/3 
Telex 336434 

0902 42541/2/3 
Telex 3364)4 

capadty 160fn x 50in x 50tn. Almost new 

4.000 TON HYDRAUUC PRESS. Upstrbke 
between columns 92inx 52ip. davlieht 51in. 


4in dia; 750 tons upset pressure: • 

2.000 TON PRESS. Double action area l.32in x 

84in. . - . - •• •' - 

WICKMAN 21!n «SP AUTOMATICS 1961 and 1963 

WICKMAN 1 Jin- AUTOMATICS* 6 sp. Excellent 

WICKMAN l|i^ AUTOKWTICS.4^ itcellent : 



LINDNER JIG BORER, very accurate. .. 

SLOTTING MACHINE, i,4in stroke, excellent. . '-‘.j 

I!*. • • 


Telex 26.1771 
Telex 261771 
01-928 31,31 

..Telex 241771 

01-928 3131 
Telex 261771 
■Telex 4*1 77J. 

01-928 3132 
Telex 26)771- 

Telex J6 1771 

' 0IJ28 1131 
• Telex 261771 
JH-928 3131 
Telex 261771 
/ 01-928 3131 

Telex 261771 


. ...... «ti. 

- ■•■*-■ 

•.*r -.f - Vm 

Issued in respiect-df'shares of - . 



S. G. WARBURG & CO. LTD./ U DtpoJrpry, jKrraby gins nock* due 
tbs the Board of Directors w a M ittisj hald on 2Wi September, 1978 reiohed 
to create and ,’jauie 4-232,000 new:ftil|y-j»ld aharea of Ten 50 oacb, » « 
lit November,. 1978. 

These »hares will be' ilh>Kd to ShardtoWem regUreered op the booki of 
die Cbmpany at at J jun. (Tokyo Time) on 31at Cktoher; 1978. t,,# 

ratio of 0.05 new. share for every I sham alrtady Wd by- them. Fracdona 
will be sold and the proceeds paid In caih m Shar* holders m . proportion to 
tbalr enti dement. 

The new shares Issued by way of thh tom ofue ■will be end tied to any 
dividend that may be dedared for the 6 man tbs period ending 30th April, 1979. 

Holders of Bearer Depositary Receipts may now prnent Coupon No. 25 
at tha offices of the Depositary or any of The ' undermentioned Sub Depositaries 
iron) whom applies don form* can be obtained^ - 

- - . DETOSITABYi— ' 

, . . 'S. G. ’WARBURG * CO. LTD., 

• -Coupon Department, ' 

St. Albans Hoiise. Gdurmitb .Street, London EC2P 2DL . 


- Brussels. Belgium 
DumMorf. Germany 
Paris, France 
New York. USA. 

AJewpeue Bank Nederland N.Y., . . Amsterdam, Netherlands 
Banque Generaf de LiDtembours. SJL, ; • Unwmbour* 

Tampa tary Recelpra Uued for exchange Into oaw B«arer Depositary 
Receipt in ianiiaVy. 1979. [V . 

. S. C. WARBURG * CC- LTD., 

18th December. 1978 « Depositary 

The. Bank -of Tokyo," Led.i • ' ■ -- 
The Baqk of"Tokyo, : Ltd,,' ■’ \ " 
.The., Bank . of rTokyo . Ltd., 

The -Bank oF Tol^o -Trtnt Company, 




CHILEAN 7^"^ LOAN 1922 
Drawlna "of Bonds -of tho above toan 
took Place on Bth December - TJ7B. 
-attended bv Mr. -'elfit Francis Croft 
Baker of Ike firm .of John Vcnn fc .Som- 
1 Notary Public, whan the toitowrto bo ruts 
- .. were drawn (hr redemption at par .on 

1 j 1st January, 1079. from which date all 
Interest thereon wHi cease;— - - 
! 5 Bonds of £1.000 Nominal Cjpttaf each 
. .. • 18 27 171 200 470 

-6 Bonds of £500 jeomlnaf CapIttL wen 

• . 510 595 GT1 791 1038 ISM 

- *7 Bonds of £10& Nominal Capital each 
1553 1580 IBSa- TBOO 205V . 2107 

2148 -sni.-ata zas7 sas sw 

* 2931 3001 U3S 3X21' 3466 3596 

=683 am a 392s ' mss *i»o. ami 

: 8872 8692.- 4381 5058 “g 1 ' 

..1 5824 S8B4 5910 6067 6281 6800 

- • 6553 6712 . 6*U 7125 . 7263 75 BO 

;. 7592 7655 77DS 7888 _ 7OT5 , 

58 Bonds amoun t ing- to £12,700 nominal 

. . rxnltal. . • 

■ <T* witness: X. F. C. BAKER. 

.?*. Notary Public. 

<t- . Each of the above- bond* when ore- 

... sented at the office or Sh. M.- Rothschild 
. !•*-' & Sons Limited tor redemption must bear 

. the coupon dated 1st July. 1979; and all 
subsequent coubons. otherwise. the amount 
. • ,< of the mining coupons will toe deducted 
j> iron; the principal to be. repaid. • . 

•-r The usual Interval of tour Clear davs 

*'■ . Hilt be required lor ’enminatlon. 

New. Court, 

St- Swnhln's Lane. 

London BC4P 4DU. 

IStta December. 1978. 




Equirv Side _ . . 






Creditors of the above-named ttom- 
pany are required on or before March -15. 
1979. tor Ihn purpose Of proilbO their 

dews or claim and of eataWuhlnv weft 

»o post dknfr names-and addr«sas .and 
the particulars gi their debts, or eta On 
appropriate form, copies of which form 
may be pMMned from the OllRiid LlaTjWm- 
« Companyl lo Hi*. «»«ltia| 
the said company at tbq 
Marwick. MIKbeli A Co.1 

Jnra.of the safe 

UeuidatbK -ef t 

offices of Peat.' ..... _ _... 

Building. P,0- Bp* F^5. ftwaport. 
Grand Saftaraa. Bahamas. - - - 

. Ff Hare at ut y crwHtor to send or 
dBiiw.-ewb particulars by- way ot PronJ 
aeprennote- lonw ' ta tbe . 
UuidBtorcius^r -before March 15. 1979. 
will result In sech cretfltor be) ito excluded 

5”" »«r : dtatrtbfftien -m«fo batore sueb 

sss LSK-iMsT,' 1 - 

n - I ^ Ss ?Ur®S!fc'. 



Pinal dividend of US 1261 .20 -net par 
IDR inn: series) and a ■■ prorate 
tempons '* dividend -,of- 115976.80 net 
per IDR i&econd series). I" J' eap f c 3 
ol the period ended JO til SeplombJT 
1978. Is payable on or artcr l«th 
December 1975. upon 
of coupon No. B tor the fi rat series 
and. coupon No. 1 for the s«onu 
series aT the ■ oificts pf Morpa" 
Guaranty Trust Company of New York 

^BnisSett — 35. .avemre del Arts 
London — 33. .Lombard Street Lan- 

NeSr^Vorf^lG. Broad .Street. NY 

representing Brass dividend ol 78 nm- 
rent crursiro share IHrst series) a no 
of 31. per cent ciezmro share (.second 
serial} leas wltbhaidbjfl tei pMS pw 
cent and okpenaes of USSD-503 per 
IDR ifrrst and second series) - 


8DNDS 1368 

S. G. WARBURG. « lCO. LTD., announce 
-that- the tm annual Instalment of 
hoods to 1 ' nominal value of 
-U.SJ1 J250.000 have: been .puKfatoed 
for redemption on 13th January. 1979. 

U.5.S1 1.250. OHO nominal amount ol 
bends. will remain outstanding on IStii 
January,. 1S79. ... 

3D Gresham Street. - . .- 
London EC2P 2EB. - 

Iflth December, 1978. 






Dec. 27— Jan. 7 
Dec. 2B— Jan. 7 

Jan. 3 — 14 

Jan. 4— >13 

Jan. s 

Jan. • 6—14 

! Jan. 7—10 

Jan, 7—11......... 

Jan. 13—17 

Jan. 14—17 

Jan. 16—18 

Jan. 16—18 

Jan. 23— 23 

Jan. 28— Feb. 1;.. 
Jan. 30— Feb. 1... 


Boys' and Girls' Exhibition (021-643 92$i) 

Holiday 79 Camping Outdoor Holiday Exhibition 
and Motor Cura van Show (01*262 2SS61 
London International Boat Sbow 
( We y bridge 54511) 

Model Engineer Exbn. (Hemel Hempstead 63841) 
BCS 79 — Living with Computing (01-637 0471) 

Racing and Sporting Motorcycle Show (01-226 7901) 
BFM Furniture Show (01-724 0851} 

New Year Gifts, Jewellery and Leathergoods Trade 
Fair (061-969 3103) 

International Toy Fair (01-226 6653) 

Stationery Industry Exhibition — STAT1NDEX 
(01-580 9256) 

Micro-Electronics for the TV Industry — TV-MEX 
(01-486 1951) 

International Domestic Electric Appliances Esbn. 
—IDEA (01-486 1951) 

Amusement Trades Exhibition (01-228 4107) 
Ligbtshow 79 (0248-88 396) 

Fancy Goods and Gift Trade Fair (041 334 9249) 


Bingley Hall, Birmingham 
Earls Court 

Earls Court 

Wembley Conference Centre 
Bloomsbury Centre Hotel. 


Horticultural Halls, SW1 
National Exhibition Centre, 
Belle Vue, Manchester 

Exhibition Centre, Harrogate 
Grosvenor House, W1 

National Exhibition Centre, 

National Exhibition Centre, 
Alexandra Palace, N22 

Cumberland Hotel, W1 


Jan 8—11,. Hotel and Restaurant Industry Fair— HORECAVA Amsterdam 

v (01-228 2880) 

Jan. 10 — 14 Home Furnishing Textile Fair (01-734 0543) Frankfurt 

Jaa. 11 — 22 International Boat Show Paris 

Jan. 18 — 21 Inti. Trade Fair. Motor Workshop and Gasoline SaJzburg 

Station Equipment — AUTO-ZUM 

Jan. 20—28 International Boat Show— BOOT CQM09 0956) Dusseldorf 

Jan. 22 — 27 International Audiovisual & Communications Show Paris 

Jan. 22—28 Tourism and Recreation Fair— VAKANTIE Utrecht 

(01-486 1951) 

Jan. 26 — Feb. 4... International Green Week (01-540 1101) Berlin 

Jan. 30 — Feb. 4... Holiday and Leisure Fair (Dublin 763385) Dublin 



Dec. 19—20 

Jan. 2 — 5 

Jan. 3 — 5 

Jan. 4—6 
Jan. 7—12 

Jan. 8—9 

Jan. 8 — 9" 

Jan. 8— Feb. 2 

Jan. 10—11 

Jan. 10—12 

Jan. 11 

Jan. ll 

Jan. 12 

Jan. 14—19 

Jan. 14—19 

Jan. 14—19 

Jan. 14—19 

Jan. 15—18 

Jan. 16 .... 
Jan. 16 .... 

Jan. 16-17 
Jan. 17—18. 
Jan. 30—31 

BI0SS: What is Organisation Development? 

(Uxbridge 56461) (until December 19) 
LAMS AC: Project Co-ordination (Basic) Seminar 
(01-828 2333) 

Reading University: Science Teachers’ Conference 
(Reading 85123) 

CALUS: Shopping Centre Management (Reading 

BCS: Living with Computing (01-637 0471) 

BACIE: Producing Training Packages (01-636 5351) 

Leeds University: Traffic Data Collection (Leeds 

Reading University: Small scale energy for 
developing countries (Reading 85123) 

Urwick Management: Management for the Young 
Executive (Slough 34111) 

IPM: The Secretary in Personnel Management 
(01-387 2844) 

Management Centre Europe: Seminar on Electronic 

AGB: Detection Devices (01-353 36511 

C and CA: Concrete in Hot Climates- Admixtures 
and Curing (Fi'lmcr 2727) 

Leeds University: Transport aud the Inner City 
(Leeds 35036) 

RRG: Risk Management in Practice— Study Course 
(01-236 2175) 

LPM; Advanced Interviewing and Assessment 
Skills (01-387 2S44) 

Bradford University: Group and Personal Effective- 
ness; Skill with People (Bradford 42299) 
Bradford University: Managing Management 
Development (Bradford 42299) 

Philip Thorn Associates: Legal and Banking En- 
vironment for Foreign Banks in U.S. (Guild- 
ford 71986) 

IPS: Industrial Fasteners— How to get value for 
money (Assot 23711) 

ESC: The requirement to notify hazardous instalL' 1 - 
tions— a checklist for action (Uppingham 

Frost and Sullivan: Marketing of Foods and 
Beverages in the U.S. market (01-486 S377» 
ASM: Network Analysis Techniques for Planning 
and Controlling Projects. (01-385 1992) 

FT Conference: Business in the Gulf (01-236 4388) 

Brunei University. Uxbridge 
London Graduate School of 
Business Studies. NW1 

Reading University 

New College, Oxford 
Bloomsbury Centre HoleJ.WCl 
Sbillingford Bridge Hotel, 


Leeds University 
Reading University 

Urwick Menage ment Centre 
Whites Hotel. W2 


London venue disclosed when 

Fulmer. Slough 

Leeds University 

Tower Hotel. El 
Highgate House. Crealnn. 


Management Centre, Bradford 

Heaton Mount. Bradford 

Cafe Royal. W1 

Kensington Close Hotel, W8 

Cavendish Conference 
Centre. W1 

Mayfair Hotel, W1 

Piccadilly Hotel. WI 
Grosvenor House Hotel. Wl 


The following is a record of the principal business and financial engagements during the week. 
The: Board meetings are mainly for the purpose of considering dividends and official indications are 
not. always available whether dividends concerned are interims or finals. The subdivisions shown 
below are based mainly on last year’s timetable. 



Bolton Torino Mtf. Wlmnener House. 
-ICO,. Old Bread MreM.-EC. IS 
Banter. Mid Stlwn. Stockholders Tit.. Win- 
chester Houb*. loo. Old Broad StrerL 

ec. , 12 . 4 * 

Cambrian- and Gen. Sees.. 44. Bloomsbury 
“ Square. WC. 3.30 

Drayton Cons. Tsx., 117. Old Broad Street 

F&«*e?2nd I ltd. Tst. Atiercora Room. 
Greet Eastern Hotel. tC. 12 
taoUn Praq. Tsl. Winchester House. IDO. 
.Old Brood Street. EC. 11 
Scort.ih Natl. Tst.. Ashley House. IM- 
I IBS. West Georg: Street. Glasoow, 12 
, SwedmU Gear Case. Tame Read, whioo, 

I Blrnrinoham. 12 


. T lMh; . 

Jackson (J. and H. B.} 
yarn Bnt. Steel 
wbeby -Parke Berne i 
VUM and Baplm. 

m3o-Aiimrlcai* As Shall 
rtu Sasn Specialities 
Chf Jtv - Bnji. 

Crown House 
petoe Inv. Tst 
Monk. HA.) 

SteffC' Gortnan 


fe a frS^ P B r So 

_ Caveat laijpc "fieth Ssk. 1M0 
Homey (Andrew RJ 0.0lU7p 


Jfodfor. (Andrew RJ 0. 

GATX Cpn. 4 Sets. 

Hamoroi in». Tit. Up 

Honevwell Inc. 5 Sets. ■ 

-Lead -Gees. Inv. Tst. 0.05772P. rSupp. 

year ended 31-3-7B) Do. 1 Jo 
:PJwr- me. aoets. _ 

PhptMc (E-Dnaoni 1 . 2 p 
WtPP-i. Partners hips _ 

Tero-Consulate 1.7 So 



Baldwin («. J.), Winchester Moose. 100. 
■ Dir) Broad Street. EC. 11.30 
Of da Blowers. LltlnsstorsB Street, Clyde- 
!ank,..Dunti«rtoniiiir#, 11 
iforxlky Baird. Winchester -House, loo. 
.OM Broad Street. EC, 2.30 u . „ „ 

Jews and CanelT, Part Hall Hotel. Gold- 
. .thorn. Park, Wolverhampton. 12.15 
Moran Tea, Tea Brokers Assn.. Sir John 
. J.»n. House. Hlnh Timber Street, EC. 

i sau ! Duncan Lawrie. 12. Carlos Place, 

STOCK . — 

In prepsrotlon .fm- the payment « «• 
It* IT -yearly Interest due February 1. 
on the 'aba* Stock, the Trawtor Boom 
will be cloud ar 3JSO pan. on January 
12 ana-will be rewnwnad on* January- a n^l 

ta ^ 9 ‘ ■ W. E., RE EV E. 

- - Assistant Secretary. 

30. FfoabofY Square, 

LODdoo., EC2A - WR" 

Decernbhr 18. 1«78-. - 

fortite Baird, wine 
Ofo Broad street. 1 
enqs and Caste if, Pa 
foam,- Perk. Wotvert 

Coran Tam, Tee Brol 

Lyon. House. High Timber Street. EC" 12 
Mgriand Reg. Ofcce. Oek Street. Ablnn- 
pdtoiwilre. 12.30 _ „ . 

Yorkshire and Lancashire inv. Tst.. Bank 
’House. Charlotte Street. Manchester. 12 


-Flneisi • 


WaxKDii* (Scarborough) 

j -W wttwrn oun Brake and Signal 

country aim District Props. 

Efec.end Gen, low.r 

• mte — 

SST* ^ 

S’^SteSS' " n ’- 

OLRP in*. Ts*u 1JP 
' Cambrian end Gen. Secs.. 2.375P 
powntobree 0 .73o 
.toud Mog MM 01 -So 

PortsraSrth and Sondertand. Nawupers 
-0.9359S2SP - ISllPP. (tot- Of 

2.SP. BpcPf. 2-Tpc 

WJ 7%> 



, 37 Upper Grosv en or Street. 


E^w i M- TsL. New Court. St. Swhhln-1 
SB-B8. Maisham Street. 

. Lmift-'anff Hwmbly, Winchester Hooae. .100. 
-O ld Bro aq Street. EC. 1UO 
■Nortinuu ■ Ind. • improvament Tst. . Bine . 
ttocse. WasMngton. Tyne and Wear. 

SWMsb-c«« inv. Tu_ Winchester Houie. 

OW Broao Street. EC. 12 _ 

Welle o. Roygi weflnUMter Hotel, 49. 
^BudUntom .PalaceRcad, sw. 11 ' 

Wemru lw, «, MeTvttto Crescent. Edln- 
_ borjjh^ .12 

®bAiw; a teertNes— 

jm^s&iS 1 F lfe h^ss 

.ffl. 01t 629 6176.- DftAWINGS FOR 

■ Mon -.W. TTuirt. until 7-00- 

!S5*SS8 « 

fn *- Tn - 


Radiant Metal Finishing 
Scottish and Newcastle Breweries 

Heath Ilntn!.* 1-SU7SO 
BrentWkOd i-M bos. Red. i20-1£>7SJ 


CNa I..VS. SOrts. 

Cullens Slcri.a AD'd. 0.75P 
Davcntrv 7 -ipc Bds. Red. CO- 12-75) 


Duplay 7 -p: Bds. Red. 120-1 2-7Ei £4.0024 
Edlnouroh 7 UPC Bos. Red. 120-1 i-7*j 

Essea Water Db. 1 077-78 Jpc. Da. 1S80- 
1 **3 1 1 a. 2. 2<z. 2>j. 1982 
19J7-7S 2 ! ;pc. 198E-91 2':PC. .1981- 

1983 2 - 3 pc. 1986-8'.- it. 3. ; pe. 
1987-89 3>JPC 3’i. 4. 5 5 'jP£ ,or ind. l4pcUns.Ln. 1BE3 7nc 

H £* C OO^I 7 '* PC Bfl! “ R * a " 

Hounslow 7 jjpt Bos. Red. '20-12-Thi 


Leeds 7 -Woe Bds. Red. <20-12-781 £4.8024 
Lender, Prudential fnv. Tjl. T.So 
Maidstone 7^pe Bds. Red. (20-13.73) 


Niweastle upon Tyne 7 Voc Bds. Red. 
22-12-731 £4-0024 

N. Dedlcrdshlre 7 I»bc Bds. Red. (20-1Z-73' 

N. Cornwall 7to Bds. Red. 120-12-78) 

P=Cle 7'vTC BdS. Red. i20-12-7E> £4.0024 
Porto Alegre Gtd. SpcGoldBda. 1-EOOo 
7T- MW 

Sanord. 7 idle Bds. Red. <2«-i2-7ff) 

Strathclyde 7fe>c Bds. Red. 1 20-1 2-7 2 1 

Thurrock 7S,pc Bds. Red. (20-12-78) 

Wans heck 7J*pc Bds. Red. <20-1 2-78) 


Wicht Construction 2.7Bp 
Windsor and Maidenhead 7^oc Bds. Red. 
I20-12-7BI £4.0024 

YenlcShlre and Lancashire Inv. Tst l.OSp 


Aberdeen Tst.. TO. Queen’s Terrace. Abrr. 


Brttl 1 Msett Tst- 1. Charlotte Square. 
ConcSmtrS. ' PenRsP Hah Hotel. Waknley. 
FunSrHrMt, 0l ?7^ old Broad Si reel, EC. 

Fourth City and Com ml. Inv. Tst.. 14. St. 
John's Read. Tunbridge Weils. Kent; 

GH Hldgs.. Chartered Accsurants Hall. 

Moerqate Place. EC. 12 
Greenceat Props., Connaught Rooms. Great 
Quiton Street. Wc. 12 .. , , 

Hartley lnd. Tst.. Midland Hotel. Man- 

Kimftfc. ' Wertmor eland Hotel. 18. Lodge 

Kvoorti and J G.). rtia Bank Mills. 

Kofffi. Banffshire. JJ.M _ 

Land an and Montrose inv. Tst. BucHoj- 
borv House. 83. Cannon Street, BC. 

Mob/ Eng.. Shenstone HoH. Great North 
Road. Shenstone. LlcMeld. 2 
Peters Stores. Holiday Inn, Seaton Burn. 

Noweaetle-upon-Tyne 12 
Scottish and Mercantile Inv,. Winchester 
Howe. 100. Old Broad Street. EC. 12 
Stocktake. Wine ho iter House. 100. (Xd 
Broad Street. EC. 11 

Srnioet Bahru Rubber Ests.. Reg. Office 
1-4. Great Tower Street, EC. 12 
Yarrow and Co.. Gharhig Cross Tower, 
Glasgow. 3 


Finals! ' 

Horn frav 

laien^f 1 Yorkshire 
Dnamkandt Rubber Eats. 

Form foster 
Lindustelec . 

Psterao n >R.) 

Trustees Cpa. 



Alnwick 9-hoc Bds. Red. IW-S-T91 4 hoc. 

□ a. 8 toc Bds. Red. il9-12-i73J 4’ikOC 
Bate Var. Rate Bds. Red. M5-6-83i 

Bolton Var. Rate Bds. Red. 116-12-81) 
£5.4608 1 

Bristol 9 J ,pc BUS. Red. (7-6-79) 4>PC 
Chelmsford- Bto Bds. Red. (17-12- B0) 

Chortor 1 1pe Bds. Rto. tv 1-4-BO) 5bnc 
Conglolon B-nPC BdS. Rad- (19-12-791 
4 r Hi IK 

CottwoW 9»(pc Bds.. Red. (27-6-79) «\pe 
Cumbemald ana KRsvth 9fe>c Bds. Red. 
(27-6-79) 4to 

Darttorri lOJtpe Bds- Red. fIS- 12-82) 

Derwantslde 9Lpe Bds. Red. (27-6-79) 

E. D"»nn var. Rate Bds- Rad- (15-12-82) 
65 -14191 

Equity Inc. Tst. 743g 

l-aiq.rk 11W Bds.'Red. H7-S-B1) 5»i*pc 

Fife 9 Joe Bds. Red- t2J7-6-79) 4 Vpc 
C l eves 1>75p 

Haelnw 9><« Bds. Red. (77-6-791 4 "«pc 
H ammersmith Sfoc Bds. Red. G 7-6-79) 

Harborough 9-Upc Bds. Red. (27-6-79) 

4 ' 

Hirtlrr Ind Tst. 0.B7p 
■Clrt-ta.'dv S'.cc Bds. Red. >27-6-79) 4 T «pc 
i.f.nj'V. »*.pe Bds. Rea. (27.6-79> 4'.pc 
L.l-y Valley 9fe>c Bos. Bed. <27-6-7 9l 

4 ific 

Mai. shew 5 < 4 pc Bds. Red. G7-6-79) 4'i.pc 
n i" Forest BA.dc Bds. Red. '27-5-79) 


N.E. ntc 9A.SC SOI- R«. (27^-791 4‘,pc 
lamps NV Fi. o.«o 

Psrtsnicut/i 9Voc Bds. Red. <27-6-79) 

RKn.Tiara.upcn-Tnaines Var, Rate Bds. 

P*>ti. '15-S-2D £5.6951 
Rurn-rrcue 9 'a PC B*. Red. <27-6-79) 
4 >?- 

RusnilIHe a%pc Bds. Red. a 9-1 2-79 
9 .pc Bos. Red. <17-12-801 

p i, - : 

Sal'srj S.’.r; SSI. Red. -27-6-79) 4V 
S:tti.-,n i>no More. ln». AC-d. 2.3E739p 
SLs:f ..i Clues Inv. Tst. AOrd. 6.5 p 
S. St.Clord' 9MK Bds. R-a. 127-6-79 

S Ycrkshire 8‘spc Bos. Fed. 119-12-79) 

Sdcat J. W.) 0.7187p i5upp. dal. Ol 
0 CTSTp) 

r--»ll -ke Ord. 2 . 11 T«n 

Sufroil Var. Rate Bds. Red. <15-B-B3> 

rs SV51 

T»-ne-id> Var. Rale Bds. Red. (15-6-83) 
55 3751 

T«|. : r-rid;c 8 : ipc BdS. Red. '19-12-791 

Thane: , 3 l »pc Bds. Red. >1S-6-iT3) 6’'»pc 
Ter:ri.1-:e and Mailing Var. Rg!e Bds. Red. 
•15-C-82' L5.4ES8 

Unlevrr NV O-d. Sub F». 2.C4. On Cert* 
*Br.l "FI. 1 000' FI. 170. Do. Certs. IBr.- 
•F». ' rtlji Ft 17 

WithcH »*jRC BUT- Red. <27-6-791 4-jnc 
W*<r VaHey Itiwc Bds. Red. <17-6-61) 

w[_ Lanrsahlre 9A.PC Bds. Red. (27-6-7B< 



Bart an Transport. Chamber pf Commerce. 
395. Mansbeia Road, Notuncham, 11 



Bluemei Bros 


Conllnuivs Stationery 


Abercoen Tst. 3.6p _ , 

Bcoli. J'-nire 12 UPC Bds. Red. ilS-6-EbJ 

Eo.en-v il’apc Bos. Red. (ZC-6-79) 5 ’vpt 
Bri:. I 'O ar.d Gen. inv. Tst. Did. 2.3p 
Bril. Pr.rtlnu Csn. Das. S’* 3rt j-"* 4'B>c. 

Lc. -ns- 41, 4 U >|J|pc 
Cte>e)a»a 15‘iPt BOS. Red. 1 16-6-02) 
6',. C 

Dera, 12'N>: Bdi- Reo. OB-6-CD) 6>itPC 
GUS A 4 A4o 

Grlrrsc-/ 1 1 *sPt Bds. Red. <20-6-79t 
Sli|»p:. Do. IZlgpe BdS. Red. HB-6-EO) 

Hammersmith lZHpc Bds. Red. flB-6-80) 

IpSMich 1 2%pc Bds. Red. lia-E-GD) 64<ePC 
Kyncch iG. and G.l Ip 
Lothian 1 1 <m Bds. Red. (20-6-79) 
ffllwBC _ 

Pyramid Grp. Pubttmors 0J52o 
Rcthsch ld Inv. Tst. 2p 
S. Kami. 12<aPC Bos. Red. (16-6^01 6'j«pc 
Thurrock 13'apc Bds. Red. 01G-G-&2) 

Unilever 5.2o 0.1 Ip. Do. iSupp. dlSL lor 
ftnal div.l 

W. Norfalk li<*pc Bds. Red. UO-Q-79) 


Rautaruukkl Or Ironworks 6i«nc15-yr.Eirt. 
Ln. 1964 

Sthrn. Malayan Tin Dreading (M.i Berhad 

AgncuUural Mart. Cpn. iz<ipc Bds. Red. 
•27-6-M' 6UPC 

Discount Bank Inv. Cpn. Ord. 400.001- 
£27.606 £TB. Da. Ord. 600.000- 
16,360.124 £0.90. Do. iBr.) £0.90 
Manchester OpcCoas.lTTd. 2»e. Do. Soe 
Red.Cons. 1928 J-«ipe 
Met. Water Bd. (Kent WW) IpcOb. 1 ijpe 

Mining show 

exhibition will, be held in 
Istanbul nest September, organ- 
ised by Brintex Exhibitions, 
London, in conjunction with the 
tenth World Mining congress. 
The exhibition will cover at I 
types of mining operations, with 
an emphasis on exploration and 


IMPS Boards’ changes 

Ur. A. 1VL Reid, at present 
managing director of IMPERIAL 
TOBACCO, will succeed Mr. R. A. 
Garrett as chairman of that com- 
pany after Mr. Garrett's retire: 
ment on March 22. Mr. A. H. 
Davies at present managing 
director of IMPERIAL FOODS 
will become chief executive of 
Chat company from January 1. 
and will succeed Sir AJex 
Alexander as chairman on 
March 22, when Sir Alex retires. 

Mr. Douglas Smith will retire 
on December 31 from all his 
executive positions in the 
BRIDON group after 42 years 
service in the rone and cordage 
industries. He will however re- 
main on the Bridon main board 
nnd on the boards of Bridon 
Fibres and Plastics and Ashtnw 
Steel and Engineering Company 
in a nonexecutive capacity. Mr. 
J. W. Naylor, a group managine 
director of Bridon. will succeed 
Mr. Smith as chairman of 
Bridon Fibres and Plastics. 


Nordic Bank. London, an- 
nounces that Mr. Martin Han bey 
.loins the bank as manager of 
the corporate finance department 
and Mr. John Thomson joins as 
financial controller today. 


Miller Weblift a subsidiary of 
Marling Industries, has estab- 
lished a new company, MULOX 
IBC. to co-ordinate the world- 
wide manufacture and marketing 
of the " Mulox *' intermediate 
hulk container. Air. Charles 5. 
Futerman has been appointed 
managing director of the new 


Air. David Marshall has been 
appointed marketing director of 

Dennis Taylor, managing director 
of Hewlett-Packard from 1969-78, 
has joined Sinclair as a non* 
executive director. 


Air. Freddy Crisp, since 1974 
manager of Lyons branch of 
International Westminster Bank, 
wholly owned subsidiary of 
National Westminster Bank, has 
been appointed NAT WEST'S 
Moscow representative. He suc- 
ceeds Mr. Bill Creswell. who is 
taking up a UK appointment 
following completion of his tour 
of duty abroad. 


Mr. Michael Hirst and Mr. 
David Thomas have been 
appointed joint assistant manag- 
ing directors, and Mr. John Wil- 
son is to be personnel director 
HOLIDAYS. Mr. Christopher 
Ripper and Mr. John Haronooff 
become directors of Ladup, a 
subsidiary of the Ladbroke 
Group. Mr. Roger Withers is to 
be made a director of Ladbroke 
Lottery Management. 


Mr. Robert Brown, managing 
director of Baumann Hinde and 
Co.. the Liverpool cotton 
merchants has been elected 
president of the Liverpool Cotton 


Following completion of the 
merger with The McKee Corpora- 
tion of Cleveland, Ohio, Davy 
Corporation Limited announced 
that the following replace retir- 
ing directors on the board of 
McKee Corporation; 

Sir John Buckley, Chairman. 
Davy Corporation: R- J- Withers, 
Managing Director. Davy Cor- 
poration; G. L. Carswell, Finance 

Director, Davy Corporation; 
A. N. Whiting, Director. Davy 
Corporation; Alan Thomas, 
Secretary. Davy Corporation; 

I. E. Phillips, President, Davy 
Powergas: R. M. Young. Presi- 
dent Arthur G. McKee and Cn. 

Completing the board arc R. G. 
U'iriman, President and Chair- 
man, McKee Corporation: \V. F. 
Richards, Executive Vice-presi- 
dent-Operations. McKee: \V. B. 
Hudson. Executive Vive -Presi- 
dent-Planning and Development. 
McKee; and B. G. Thacker, 
President and Chief Executive 
Officer. Dresser Engineering 
Company, a McKee subsidiary. 

Mr. -A. K. Gill and Mr. J. V. 
Wilkinson, divisional managing 
directors of Josenh Lucas ithe 
management Board of the Group) 
have been appointed directors of 
LUCAS IN’ DUSTRLES — i he main 


Mr. R. W. Bcviit becomes 
solicitor to the PEARL ASSUR- 
ANCE COMPANY on February l 
in succession to Mr. E. T. Blythe 
who remains a non-executive 
d'recror. Mr. A. V. Good er ham. 
senior nc'isrant solicitor retires on 
January 31. 


The Board or RICHARDS 
(TFICESTERi announces the 
follwini! appointments from The 
hei^nnin*? of the vear. Mr. Gordon 

J. . Rnmah hemrnes an additional 
rt'rectnr. while Mr. F^-derick 
C_ B. Du vi« is made :in additional 
director nF Richards Foundries 
and R'charils Structural Steel 


Mr. \V<H(am Oele has been 
annointed mnnaninc director of 
a member of the McCleery L'Araie 

The Distillers 
Company Limited presents 
the following unaudited report 
of Group profit for the half-year 
ended 30th September 1 978. 

TURNOVER (note!) 

(note 2) 

Income from investments 

Financial charges (note 3} 

Share of profit of associated company 
Translation-differences on exchange 
Taxation (note 4) 

Minority shareholders' interests 

Extraordinary items (note,5) - 


(1) Turnover 

Sales excluding duty- United Kingdom 
- Other markets 



Half-year ended 

£ million £ million 
444 A 







Half-year ended 

£ million E million 




(0.7 ) 



(0-1 ) 




1 5-94 p 

£ million 





1 4,66 p 

£ million 






(2) Profit from trading operations is after charging 

Depreciation 4.2 

Conversion differences on exchange 0.2 

Following a review of the rates of annual depreciation applicable to particular types of plant 
& finings, a number of the rates were amended at 1 si April 1 978. The effect of the changes has 
been to reduce the depreciation charge for the half year by £0.3 million. 

(3) Financial charges 

interest charges on loans 
Income earned on liquid funds 
Interest relief grants 

(4) Taxation- 

Taxation is based on an estimate of the effective rate of tax which will be payable on the profit 
of the year, without providing for deferred UK tax except in relation to short term timing 
differences, if full provision had been made for deferred tax. The estimated charge lor taxation 
would have been £45.4 million (1 977 £40.2 million}. 

1978 1977 

(5) Extraordinary items £ million £ million 

Expendi rare and commitments relatin g to 

settlement of thalidomide claims (4.4) — 

Less attributable taxation 1.6 — 









{ 2 . 8 ) 

( 6 ) 

Earnings per share 

Earnings per share are based on the profit before extraordinary items. If full provision had been 
made for deferred tax (see note 4), the earnings would have been stated as 11.71p (1977 

Interim Dividend 

The Board has declared an interim dividend for the year ending 3 1 st March 1979 at 
the rate of 3.000p per shbre absorbing £10.9 million (last year 2.695p absorbing 
£9.S million), equivalent with the associated tax credit to 4-47761 p per share (lust vear 
4.08333p). The dividend is payable on 23rd February 1979 to shareholders on the 
register at 19th January 1979. 

Review of Trading 

As was to be expected the Group's shipments of Scotch whisky to the United States 
in the six months ended 30th September were considerably below the high figures 
recorded in the comparable period last year ahead of the dock strike in tha r country, 
but the shortfall was largely offset by increases to other markets. Exports of our 
brands of gin achieved a reasonable 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 although the market share 
of our Scotch whisky brands has inevitably been impaired by the action taken ut die 
turn of the year to comply with the EEC ruling on dual pricing. 

The rise in trading profit resulted in the main from higher selling margins on the 
increased sales to overseas markets other than the United States. However, it should 
be borne in mind that the impart of annual price increases effective early in the 
calendar year is relatively greater in the first half of the ensuing financial vear than in 
the second because the selling margins tend to be eroded by increases in the cost of 
sales as the year progresses. 

Future Prospects 

The shortfall in shipments to die United States in the first six months has now been 
recovered and, provided there is no serious disruption of our activities by industrial 
action either in our own plants or in service industries, we expect a moderate increase 
in the Croup's results for the year as a whole. Scorch whisky export price increases 
announced earlier this week are likely to have a beneficial but not a major effect on 
profits prior to 3 1 st March. 

0T The Distillers Company Limited 



’Financial Whites ^ 

'coftnV n GR6GEtit^S^^&^' : : v • 



j Pta I - «* * _ .- 

"A<- , C . • ■ 


BANKS & HP— Continued 

Price [list Dn S JM. 
£ I d Grass Yidi 

P** I id I Rtf |CV|«rt|lVEI 

Henry Boot Construction Limited 
London 01-373 8494 Shelf ield 0246 410111 



bL | Hit 

May 1 Hung. *24 ASS 47 

30J 31 D Iceland 6 jpcTB-SB 68 

10J IOJ Irefaid 7izpc ’21-03. 80‘* 

1M IS Do V4BC '91-W . 77 

1J ID Japan 4pc '10 Ass 355 

301 31D Do 6pc '83-88 67 

1A 10 Peru Asi3pc ....... 140 

30J 31 D S.G.I.Wjpc 1900 75 

Marl Turin 9pe 1991 ... S94 

15A ISO Turin feline 198*. DM91 

1F.MJLN. If ruguar 3*3* 95 

47*i 23 
6sm 27 11J 
80>**d 12J 
77 15.8 

3554 LIZ 
fe7 A| 
140 Ufl 

S94>2 2$ 

41 2 ffe.Ol 
- 12.80 
71 2 1321 
- 1352 

May No* Klelmooit B L .. 9* 

Aug. Apr. Lloyds £1 286 

Jan. Sept Majion fin. 20o . 45 
Sept. Mercury Secs ... 113 

14.18 - bM ~ Aug. Feb. Won. Welch 50p. 
1923 4 8 4.865 Dec. May HoechaDM5. 
352 11 11 .7] U5 June Dec. DufamFoUisUr. 

3.79 — 5.0j — Apr. Nov. Irrgi. Chem. £1 

114 97 43 .6.2] 5.7 f e b. Aug. Do. 5%Pf. £1 
Aug. im. Palm 

Apr Midland £1 362 7! 114 97 43 6-2 5.7 ftb 

June Do HA 83-93 £8H a 1331 07lj% 21.1 f?J — Feb. 

Dee 00.101*% 93-98. £82l a 1311 01fc,S 211 1!3« - July 

July Minsier Assets.. 59 1331 M3.S 25 9.6 6.7 jan 

Dec. NatEk.Auy.SAl 194 2731 OlSe 0 *.8 4 Hm. 

“Shorts” (Lives up to Five Years) 

9M|Treasu(7 11‘iPC 79# J 9*a 3 8j U51| ll.B 
I 17!UTreasury3pC’79#...j 95,1 UN 315 H® 
I rtyElectrieAJ-K '74-74 ■ 7lria«f 9.44 

IN TreasurylOljpc "79#.. 

15N Electric 3ljpc 76-79 
35 Treasury 9pc 1980# 

1<M Treasury 9* 2 pc '00# 

15j Treasny 3>jpc '77-60.. 

15J Funding 5^pc '78-9 Jit 
25N Exchequer 13 pc 1TO# 

15Ja Treasury il^C 1981# . 99, « id 

3 5A Treasury J ■<* 147181 . 88% 

1A Treasury 9»4pc 1981#. 95 

lSJEedi. flijpclOBl. — . 92 

■JAE«di.9iipel961 93,1 

21A Etch. 3pc 1981 85'; 

17N Treas Variable '81f<... 96*j 

23H Zrvti. Z2>*fK. 2981ft 102 

15Js 7n»as8*2pc '80-82# . ' 90jnl 
15F Treasury 3pc '82# 83*3 
InM Treasury 14pc '82#. lCKPp 

15 J Treat. Variable ‘82$J ... 95,1 

5Ju T reasury 8**pc '82 88H0 

22S Each. 9>4PC 1982 90i* 

5J Each. 84,pc 1983 — 8*M 

21F Etch 3pc '83...— 

17M Treasury 12pe 1983#_ . 

18Ju T reasury 9*apc '83 .... 

12D|Exch. lOpc 1983- 

Five to Fifteen Years 

15Jai Funding 5i?oc 82-84# 

22U Etch. 12>4PC 1985* . 
lDJu Treasure dijpt '84-flb# . 

1M Funding 613* '85-87# . 

2Ma Treasury 71oc '85-88# . 
lJu Transport 3pc '78-88 
150 Treasury 5pc '66-89.. 

153a Treasury Upc 1940#. 

15J Treasury B** 87 40# 
lOJa Treasury llfipc 1991... 

5A Funding 5 >*xe '87-91 # 

22Ja Treasury 12? 4 pc 72# .. 

21F Treasury lOpc 1992- 
25A Each. 12 W* '92 

U.S. 5 & DM prices exclude iiw. S preirium 


... - . 1331 M3.3 25 

25] i 953 June Dec. NatBk.AiKt.SA3. 194 2731 Q15c 0 *-8 0 

ifclffl 6> 2 8.45 Jan. July Nat Com. Grp- 79«d 1132 2« 4.8 5 6 S.i 

Lll] 3*a 4-QQ Aug. Mar Nat WesL£l_. 286 7 £ Tll.66 4JZ 63 5.' 

».S premum May Nov. Schroder? £1.... 390 IM 11.72 - 4-5 - 
Jan. July SeccartH MC £1 210 27.11 1U34 — «-6 - 

S Nw. June SrmffiSt Aub_ 04 30.20 5.04 - 90 - 

Jan. Aug. Sumfd Chart £3 . 430 117 119.64 14 7.0 5j 

Last I Ob. | jYTd June Trade De». 5150 SHUi 315 055c 32 5.2 6.1 
* Gms Cvr firis Sept. Mar. Union Disc £1._ 317- 24 7 hlEOS — < 6 — 

' M __ — U.D.T.. _.... 41 074 - - - 4J 

51-001 - 3.2 J a. Jy. 0. Wells Farg<TS5. Q7* 26.4 JL40 - 4.5 - 

— M.8 Nov. Marcli]Wininisl20p_.. 69 2731] 3.08 - 6-7 — 

- 4-P Hire Purchase, etc. 

1 UD 

- 2.0 Feb- Aug. Cattle s iHdgsilOp 35> 2 | 2L8tbdL 

_ 1.5 May Cie B'CrtFr.lOQ. £721, | IS 

_ 36 — Credit Data lOp 8tf 

— 52 Aug. Jan. Llflyds & Seot2to. 112 
— 3 6 Feu. June Lnd.ScotFin.lup 2& 

_ 3.0 — MoorgateMwtlOp 12 

„ 3.6 Oct Mar. Prov. Financial. 97 
— L7 Mar. Sept S trig. Credit lOp. 25 
„ 00 — Sturta Hldp. 10p 12 

_ 3.9 Apr. Oct Wagon Finance 40 


Tija Apr. Oct ASA 

1172 Settember AMF5%Ct»v. 87.. 

7H MaJu5e.De. AmaxSl 

b q Je.Apjy.O, American Express... 
12 05 April Amer. M«Ac. Im. 
1706 December Asareo Inc...... — 

pJ5 N0.Fe.U2A>. Baker Intnl. Con>- SI 
12 24 NrJi. S. D. Bames Grp. Sfe2j . 
t 53| D.MrJmSP. BentSx Corp. S .. 
12‘S MJe.s.D. Beth. Steel S8.._. 

“■** l-t An V. fl D Cj— -Its. 

JaJtpJy.O. [Brown 'g Fer. clbM 
1952 F.MyJtu.NJBnirtwick Corpn.||_| 

13521 r i"y-*u.KJBnii6wiwLajrpn.ii- 

j2_3j|Ap Jy.OJa. jBurrougtS Corp. S5. 

Tp t o MrJuSeDc CBS $230 

JApJy.o. C.P.C.Sta 

1240 F.MyJku.N. Caterpillar'll 

12 4Ql r ■myJ'U.n. luaierpiiiani 1 

1370 F-MrtuM. Chase M1nii5125. 

T3« MrJe5.D. CheseOrdughSl... 
Mr Jn5.D. Chrysler 

12 §L Uy.Au.N.F. Ctttcorp$4 

MyJm-N.F. City Inv. 51^5 .... 
t5'2s MyAuN.F. Do. Cm. PH. RSI. 

F.MyJkiLN. Coigate-P.Sl 

MaJu.Se.De. Cod Inds. SI - 

MyJLN.Fb. Corn. Illinois S10. 
MrJe.S.O. Cont 011 $5 

~ H Sept Mar. Allied Brews. ... 82 

— Feb. Sept Antal. OlstPrJOp. 30 

, c Jan. July Bass Char'gton . 173 

10 41 Ap Jy.OJa. C rown Zell. 55 [ 

1340 MJn.S.D. Culler-Hammer S5 J 

10 04 n 62 F.MAN. Ea'.on Crp HL50. 

858 1100 J -A J.O Esmark 

9 95 1L75 MrJhi.S.D. Exxon II 

4 82 8 98 J-ApJy-O. Rrestone Tire H _ 

7^80 I 10.661 AP^/ D-Ja. First Chicago, — 

14Ju Treasury 12ljpc’93±t . 

15 M 15S| Funding fepc 1993#. | 

Over Fifteen Years 

23M 23N Treasury 15t*pc 199% 

IM IS Treasury lAljpc 'W#_ 

22F Z2A Erch. 124pc 1994 .... 

17M 17N Treasury 9pc '94# ... 

25Ju 25Ja Treasury 12pc ’95,.._ 

IN JMGas3pcW« 

21 Ja 21 J Exch. 10>4PC 1995 .... 

L5M 15N Treasury lZVpc '95#.. 

15S 15M Treasury 9pc '92.'%#- 

3N 3M Treasury 15'apc '96#- 

15 N 15M E«hequerl3>4p£ %#.. 

1A 10 RedempUM Jpc 198696 

22J 22Ja Treasury 13Lpc '97#- 

21A 21 F Exchequer IQiipc 1997 

IM IS Treasury Stipe 1997#. 

IN IM Treasury Mipc'95-9B#. 

30M 30S Treas. lSl^pc ‘98# .. 

20 M 20N Exch. 12pc 1998 

15J 15Ja Treasury 9Upc 1999#. 

1°N 19M Treasury ll» 2 DC 1999.- 

12.95 12.9S J- *»>• Jy- 0 FTuor Corp. 

10 691 13-96 Mr Je.SJ>. Ford M«or $2..„ 

12 70 13 01 MrJn^.D. GATX 

tt'm Apr. Oct Gen. Elect$21 2 ... 

1315 Mr.Ju.S_D. Gillette $1,.., 

12.89 MrJuS.D. Honeywell $L50. 

1 ^1 1 MJSD Hutton E.F 

13 09 Mr JeSajJfc. I.8.M. Corp. 85~ 
1L76 Mr-h3.D. inger-oluR S2 

MrJe5JL I.U.Inttnuthxialll. 

F.MyAuN. Kaiser Al. $tj ..._. 
1332 ApJuOJa Manf. Han. USS750 
1335 Ju.ApJy.O. Morgan UP) US$25 
1322 N. F. My. Au. Norun Smnlne.Sl- 
1249 MJni.D. Owens- IIL $3325 

1 reasury uujDCiTiy.- 
221 22Ja Exch. 12pc '99432 .... 
KJ 14Ju Funding 3i^pc ‘99-04 
21M 21N Tr«12ljjX VyK E««M 

50 Treasury 8pc ‘02 -06#- 
1 OS Treasury Si-pcTB- 12# ‘ 
12DlExch. 12pc'13-'17... 


lA C onsets 4pc 

ID War Loan 3iipc# ._.. 

10 Com. 3>2pc ‘61 Aft. .. 

5A SO Treasury 3pcbfe Ah.. 

5JaJUu.O. Consols 2>2pc 2 

10 Treasury 21 ipe 

c -j reo. at 
69 Jan- J 

i LA°»_-* 

39 May D 
Jan. J 
li Aug. F 
Jan. J 

if r«* » 

32 u _. — . 

June Bell Arthur 50(1 17 (a 
Bekoten Brewery 41 

Dec. Boddingtons 88 

July Border Brew's.. 76 
Feb. Brown (Matthew) 116s 
July Buddey's Brew, , 47a 

Aug BulmertH.P.i... 150 
U Burionwood 174 
ig.N« City Lon. Def.... 62 

Oct CM* (Matthew). 356 

Oct Distillers 50p 204 

Gordon <L) 10p_ 22 
July Gough Bros 20p.. 50 

23ts 28.1 
323g! 2D.« 

13161 Ju.0tJ.A. 

Quaker Oats US$5 J 
Reliance $0-25._71 
Rep. M.Y. Corp. S5i 

F.MyAuN. jRexnonf $5 

U.61 S.D.MrJu. Richdsn.-Mrr!l51‘« 
1331 MrJu.S.D. Saul (B. F.) $1 

1320 MrJe3.D. Shell Oil SI 

9.80 Mr Je.S.Dec. Singer ($10) 

1328 Au.N.F.My. Sperry Rand $050 . 
12.98 ClaJu3e.DK. TRWIiulSIL.— 

1213 12.64 FfOKyAu Not Tenneco 

3139 1232 June Dec. Bo. 10% la SlL 91-95.. 
13.65 1351 J- Ap. J*. 0. ToarePt USSLU Jj. 

13.05 1314 MrJe.SJD. Texaco $625 

32.61 MrJu.S.D. Time Inc. 

12.97 Ja-ApJu.o.. TransamericaSl . 

1321 MarJnSpOc Utd. Tech. $US5 . 

1124 MrJe.S.O. U.S. Steel SI 

1313 MrJe.S.O. Wooiworths $3ia- 

1258 ■ ApJy.OJ. Xerox Coip. $1 

12J1 — Xonks tat 10c 

July Gough Bros 20p.. 50 
Feh. GreeeallWMtJey. 118 

Feb. Greene King 300 

Feb. Guinness 162 

July HighTd DfeL 20p . 82x 
Oct Invergordtxi..-. 163 
Feb. Irish Distillers.. 192i 
New. Macallan, Glen . 410 
Oct MarMnlhtwDWU 83 
Jan. Moriand£l, — 580 

June Sandeman 62 

Aug. ScoU & New 20p. 64 

Apr.lTcmatin 1 132 

Aug. Vaux 131 

July Whitbread 'A’_ 105 

June Wolv. Dudley 224 

Juf.rMmBf*»'A‘5fe. 165 



22 J""* 


5.4 *6- 
(75 Feb. 
_ reb. 

y.|VowgSre>‘A , 5ap.]165 |27jj] t323 


$250-61 ,/« 
5150 — 2.7 May 
$LOO — 4.7 J«t 

- 4.0 *2* 

- 52 F *6. 

- 2.8 May 

- 0.6 Mar. 

- 2.0 Aug. 

S.E. List Premliim 345*% (based on USSL9782 per £) 

Conversion factor 0.7404 (0J332] n?’ 

12311 — Xonks tat 10c._ 

12571 0Ja.ApJy. |Zapata Corp. 25c. 
13.061 cr im Premium 34$.% 

52.00 — : 
SL60 - 
XL 40 — 
$2.00 — I 

S& = 

77 1 June No*.l Aberdeen Const 

Aberthaw Cem. 
'Allied Plant lOp 
Armitage Shnks 

reb. Aug. BPB Inds. 50p 

6J February Baggendge B*. 
2,7 May Dec. Bailey Ben lOp 
4 7 Jan. Aug. Bambergers _. 

4 q May Det Barr att Dev. lOp. 
55 Feb. - Aug. Beechwood lOp 

Benlox jffljp 

32 U 26.61 13.01 
29 ',i 2510 11.81 
35is 25 6 1028 
Z37, L6 12.89 
20i«ri 322 13 35 
in 251 12.93 


Ma.SJ.D. BIcMontreaJ $2— 
F.My.Au.N, Bk. Nova Scot. _. 
A Jy.OJa. Bell Canada $25.. 

May Nor Bow ValleyU 

Oct BrascanH 

F.MyAuN. Can. Imp. Bk. $2 — 
July Jan. Can. Pacific $5..._ 


rtrval $2„ 1<M* I30JW $124 — 

raScot 13A 220 5104 - 

nada$25.. 37xd 1122 $456 - 

illeyll 12Vc 1721 hlOc — 

iH 927 b 29LS $3.0 - 

p.Bk.SZ- 16-J 29.1 SL48 — 
ciflcSS...- . 14is 28.6 97c — 

15F , 15A.|5pc Slock 77-82 | Slh I 77| 622| 1127 ^ \ 3M 


lA.IBirm'ham 9 I «pe 7981. 
IN Bristol 7)«pc 79-61.. 

IN Bristol 7>«pc 79-61.. 
25N G.LC.12«jpc '8i .... 

10F 3 Cl Aug. Do. 12i2pc 1983 

15My 11N Glasgow 9>4PC '80-82... 

22M 22N Herts. 5 2 4PC 78-80... 

15M 15N Liverpool 9\pc -80-84 . 

1JAJ.0. Dj. 3tjpc lrred._ 

35J 15J Lon. Cp.Wjpc '80-82.. 

1A 10. Do. 9t«pc '84-85 

15M 15S L.C.C. Sijpc 77-81... 

15J 15J Do 5>2pc '82-84 

11 J HD Do5i*x:'85fl7 

10J 10J Do 66»pc '88-90 

1M.J5.D. Do. 3pc '2D Aft — 
15M 15S Middx. y*K 1980.... 

30 Mr. 10S. Newcastle 9Lpc 78-80 
15M I5N Warwick 12* 2 % 1980. 

22N Herts. 5*4PC 78-80... 
15 N Liverpool 9^*8084. 

Ap Jy.OJa. Hawker Sid- CanJ.. 

F.MyAuN. Ho I Unger $5 

Apr. Oct Hudson's Bay || 

Jan. July Hud. B.OilG.$Z*2 

MrJe.JLD. Imperial 0011 

Jan. Ag J.O. Inca 

F.Myjktf.N. Ini. Nat Gas $1_ 

MrJe5.D. MasseyFerg.H 

June Det Pacific Pet $1._. 

— PUce Gas SI 

June Dec Rio Algexn 

MJe.iD. Royal Bk.Can. $2. 
SeDeMrJu Seagram Co. C$1 
F.MyAuN. Tor. Dom. Bk. $1. 
JJIpJy.O. ITrans Can. Pipe- 

$L14 — 
I 48C — 

90c - 
SI 60 — 
5100 - 
40c - 
80c - 

_560p lU77l - .1-1- 

ae ?, z “ e 

19 6.10 SL50 - 2.7 

m ci on 10 Jan - 

19 610 $L50 - 

213« 2520 $1.80 - 
17Lxd 2721 SU2 — 
125b uo 96c _ 
KRs 2M 103c - 

_ I S-E. List Premium 34%% (hosed on $23363 per £) 

ig. Jan. Burnett & 

Apr J Burt Boulton £1 
'C. Robey ‘A' lOp 
Cal'nderlGM) lOp 
Carr (John) 
Camm — 
Cement Roaihtene 

iv. JulyfCostaln R 

pi. AprJ Countryside 5p . 
Crouch <D.)20p 
Crouch Group _ 
Oct I Douglas Robt M 
iril OctlD'wning G.H. 50p 


F.PA Const' n 
J Oo.'A'10p_ 
1*. May Fed. Land A Bid 
Flrdan (John) IE 
Francis Pkr.lOp 
October lFrandslG-RHOp 
' ' French Ker 


U Aust 5*zPC 77-80.. _ 
10 Do. 5*2pc •81-82,— 

2BAN.Z.6pc 76-80 

15D Do. Tijpc '83-86 

IN Slh. Africa 9-pc79El 
lOSUi Rhod. 2^-ipc '65-70 
15J Do. 6pc '7S-81 

94*4id 130231 5.82 110! 
82*j I Jig 676 125; 

23.71 6.43 1L 

89% 219 10.71 1 14-39 to- 


Bmfladi I I JUstl Kv [ I YU I Feb. 

PUd | Stick | Price | d | Ket |c\r|Srt|P/E Mar. 


9.7B 1225 May 


Public Board and ind. 

iric. Ml. 5pc '5989 1 58xdl L13 

1J Agric. Ml. 5pc '5989 
31D Alcan IXJI31C '8994.. 

IS Met. Wtr. 3pc *B' 

31D U.S.M.C. 9pc 1962... 
31D Do. without Warrants 

SU132U 33-00 13.4 
274 I«1L15 IZi 

32 ad 1321 7.63 — 

88*d 13.11 1023 1321 

Jan. JulyjANZSAl 3M | 

Apr. July Alexanders D. El 250 

May Aug. Algemene F1200 023*2 
Oct Apr. Allen Harvey Q, 335 

Dec. June Allied Irish 195 

Det June Artxithnot L El 146 

July Jan. Bk. Ireland £1.. 393 

Mar. Sept Do. lOpc Com. - £182 
May Aug Bk. Leumi !£1. 12 

Aug. Feb. Bkleunl IUIOQ. 160 

Jao. Jut, Bk. N-S.W. $A1.. 267 

Nov. May Bank Scotland U 278 

A. J. 0. Ja Bankers N.Y510 £22 JJ 
Apr. Oct Barclays £1 — 370 
Jan. July Brown Shipley £1 226 

1161 Q20c 
10.71 1435 

4.9 1619.49 
1321 H8.0 
2721 1023 
13.11 102198 

78 7.47 1 
124 Qlfc 2 
230 tll.(J5 3. 
220M3JX) - 
7.10328 5.' 

7-2 M3 35,. 
3.6 10.8 Anr. 

5-5 S. 


30J 30J FFI 13pc 1981 

ISM 15N Do. 14pc 79 

20J 20D Da 14pc '83 

31 Mr 30 SICFC5*zPC Deb. 80-82 
3lMy . 30\ Da 6LpcD&. '81-64.. 
21 J 1U Da. 10*^K Uns.Ln. '86. 
11J 111 Do. llpc Uns.Ln. '8S 

12J llJDo.ll7«pcUr».Ln.'90. 

30 Je 31 D Do. 7LpcADeb. 'B992 . 
3lMr 30S Da. 7**pcA Ob. '91-94 .. 

31 Mr30S Do.9pc'A"91-94 

28F 31A Do.S^pcLn. '92-97 ... 

Jan. Ji 
May Ni 
Feb. Sej 

JuWCater Ryder £1. 
Nov. Clive Ds'nt 20p 
SepdCom'l Ai& ($Ail 

Com'dik DM10x. 

£16** 577 

U3J2B 5.7 
t9.41 - 
161737 — 
14.85 — 
Q16c 2.9 

July Oct Corinthian lOp . 32 

May Crei France F75 £21*# 577 

Jan- Apr. Danes (G. R.)_ 15 UUO 

- DcubdeBadOmO- £110 < 2 - 

-- F. C. Rnance.„ 70 1620 

— First Nat. 10p_ 6- 774 

— Da Writs. 75-83 2 - 

— Fraser Ans.lQp 13** 876 


NovJGWb (A.) 227 

last Ot, % 
d Grtts 

Amofagasta Rly., 
U Do. 5pc Pre! — 

IJ Chilean Mixed 

ID German Yng.4i2pc. 
IN Greek 7pc Ass — 
1A Dot 28 Slab. Ass. 
10 Do4pc Mi»«d Ass . 

23*-l 871| 
39 m) 113.11 

— 1320 Sept 
41, _ June 

3*. f7-20 J». 
6 1624 Feb. 

4 (523 June 

June Det Gerrard Natal... 190 

May Nov. Gibbs (A.1 49 

Mar. 227 
June Goode D-tMry5p 19 

Nov. Anri I Grindfays 128 

April Oct Guinness Peat .. 114 

Det July HambrtE 176 

Oec. July Hill Sarmiei 86 

— Do. Warrants.. 137 
Sept Mar. Hong Shng52j0 248 

June Nov. Jesse! Toyrtsee. 64 

Jan. June Jasesdi (Leo) £2_ 155 

Feb. Ad9 Keyser Ullmann 46 

June . Oec jfGng & Shax 20p 64 

70 1600 
6- 774 
2 - 
13** 876 



7.8} 1541 

19tj 17.4 0J3 
28 2U 279 
04 IE! h5.15 
.76 2721 19.76 
86 1321 14.97 

hQ5fc - 
g3.65 — 
3.74 - 

0.67 - 

3.44 - 


Telex: Editorial 886341/2, 883897. Advertisements: 885033. Telegrams: Finantiino, London PS4. 

Telephone: 01-248 8000. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 


Amsterdam: P.0. Box 129b, Amsierdam-C. 

Telex 12171 Tel: 240 555 
Birmingham: George House. George Road. 

Tele* 338650 Tel: 021-454 0922 
Bonn: Prwshaus 117104 Hevssallee 2-10. 

Me* 8369542 Tel: 210039 
Brussels: 39 Rue Ducale. 

Telex 23283 Tel: 512-9037 
Cairo: P.O. Bax 2040. 

Tel: 938510 

Dublin: 8 Filzwilllam Square. 

Telex 5414 Tel: 785321 
Edinburgh: 37 George Street 
Telex: 72484 Tel: 031-226 412D 
Frankfurt Frankenallee 71-81 6000 
Frankfurt am Main 1. 

Telex: 416052 Tel: 759B 234 
Johannesburg: P.O. Box ?J28 
Telex 8-6257 Tel: 838-7545 

Manchester Queen's House, Queen Street 
Telex 666813 Tel: 061-834 9381 

Lisbon; Praca de Alegria 58- ID, Lisbon 2. 
Tele. 12533 Tel; 362 50® 

Madrid: Espronceda 32, Madrid 3. 
Tel: 441 6772 

Moscow: Sadovo-Sam ol ed ma ya 12-24, Apt 15. 

. Telex 7900 Tel: 200 2748 
New York: 75 Rockefeller Plata, N.Y. 10019. 

Telex 66390 Tel: <2321 541 4625 
Paris- 36 Rue du Sender. 75002. 

Telex 220044 Tel: 23657.43 
Rio de Janeiro: Avrrrtda Pres. Vargas 4 IB- 10. 

Tel: 253 4848 

Rome: Via della Mercede 55. 

Telex 610032 Tel: 678 3314 
Stockholm: c/o Svensfca Dagbladet F&aiamhsvapen 7. 

Telex 17603 Tel: 50 60 88 
Tehran: P.O. Box 11-1879. 

Telex 213930 Tel: 682698 
Tofc-yo: 8th Floor, Nihon Kelzai Shimbun 
Building, 1-9-5 Otemachi, Chlyoda-ku. 

Telex J 27104 Tel: 241 2920 
Washington: 2nd Floor, 1325 £. Street 
N.W., Washington D.C. 20009 
Telex 440340 Tel: 1202) 347 8676 


Birmingham: George Houie, George Road. 
Telex 338650 Tel: 021-454 0922 

Manchester Queen's House. Queen Street 
Teler 666813 Tel: 061-834 9301 

Edinburgh- 37 George Street. New York: 75 Rockefeller Plaza, N.Y. 1QQI9 

Telex 72484 Tel: 031-226 4139 Telex 238409 Tel: (21 2) 489 8300 

Frankfurt: Frankenjllee 68-72 6000 Paris: 36 Rue du Sender. 75002. 

Frankfurt am Main 1. Telex 220044 Tel: £36.8601 

Telex 416193 Tel: 7598 221 Tokyo: Kasahara Bluffing, 1-6-10 Uchifctada. 

Leeds: Permanent House. The Headrow. Chlyoda-ku. Telex J 27104 Tel: 295 4050 

Tel: 0532 454969 

Overseas advertisement representatives In 
Central and South America, Africa, the Middle East. Asia and the Far East. 

For further details, nlease contact: 

Overseas Advertisement Department 

Financial Times, Bracken House, 10, Cannon Street,' London EC4P 4BY 


Copies obtainable from newsagents and bookstalls worldwide or on regular subscription from 
Subscription Department Financial Times, London 

Feb. dittos (Mj.) 10p 


Helical Bar 

5.4 5.7 April Sept 

— 4pr. Sept 

2 ? Feb. Aug. 

K Tl i 0 * Dk - 

53 66 Way. Nov 

4-2 Dec. 

2 ? r-_ Nov. 

H 53 J«t 

3J _ May Nor 

4313.4 % 

— — In 

— ~ Apr. Nov 

7, - -w 

7.2 — a 
6-8 - j£ 

W A - ** 

LO — Dei 

3-3 45 ^ Mar 

f 5 — fcu 

H “ Fel 

8-6 — Ma 

— S 

|-5 - Ocl 

I? — 

H — Ocl 

— no- 


The world’s finest 
umbrella frames 

Monday December 18 1978 

Fox— amember of the Raine Group, Sheffield 

Cows*, WeoMlfisfcfcT* CKM&tiS’nfaB 

extra 3p 

on beer 

By Our Consumer Affairs 



UK trade 

By Michael Cassell 

THE MOVE to establish normal 
relations between the U.S. and 
China will be greeted with 
mixed feelings by British 
industry. Although it should 
provide further impetus tu 
China’s policy of increasing the 
scale of her trade with the 
Western world generally, the 
full participation of the 
Americans will inevitably in- 
crease competition for Chinese 

The Department oF Trade 
would say last night only that 
it would consider the implica- 
tions of the move, but some 
officials are known to be con- 
cerned over its likely impact on 
British efforts to step up trade 

Enthusiasm over prospects 
for two-way trade between 
China and the UK has recently 
reached a new peak, with last 
month's outline agreement be- 
tween both govemraeuts that 
the volume of business in the 
nest seven years should become 
three or four times the present 

In the first nine months of 
this year, the UK exported 
goods worth £62m to Cbina. 
while Chinese imports reached 
£78 m. 

Trade between the two 
countries is altogether worth 
£ 2 00 m a year, but the recent 
top-level mission from Peking 
has paved the way for opening 
up sales in more than a dozen 
areas, from power generating 
steel, agricultural equipment 
and ships, to defence equipment, 
electronics and railways. 

The Americans are sure to 
prove tough competitors in 
many of those areas, although 
the recent UK- Chinese agree- 
ment, due to be signed soon, 
should at least guarantee sub- 
stantial volumes of business in 
the medium term. 

There has been no agreement 
that trade should balance and 
it seems likely that British 
exports will outweigh imports. 
The value of two-way trade 
between now and 1985 might 
reach £5bn. representing an 
annual rate as high as £700m. 

A Chinese mission headed by 
Mr. Lu Tung, who is respon- 
sible for aviation matters, 
is in the UK visiting the aero- 
space industry, which it is 
hoped will eventually win 
substantial orders from China. 

The Chinese have expressed 
a particular interest in the 
Harrier vertical-takeoff strike 
aircraft, although the British 
Government has not said 
whether it is prepared to 
sanction such a politically 
sensitive deal. 

Britain and Ireland again 

discuss exchange control 


PRICE RISES of 3p on a pint 
of beer on average are likely 
to be sought by the big 
brewers early in the New Year 
when the voluntary price freeze 
agreed with the Government 
earlier this year ends. 

The freeze had been agreed 
with the big brewers because 
of concern that beer prices — 
a politically emotive subject — 
had appeared n> rise every few 
months as the big brewers leap- 
frogged one another's increases. 

After the Pries Commission's 
probe last year into beer prices 
followed by top-level talks 
between brewers and Mr. Roy ! 
Hattersley. Secretary for Prices, 
a general measure of agree- 
ment was reached whereby the 
brewers would hold prices until 
early next month. 

The brewers are then ex- 
pected each to notify the Price 
Commission of Lheir intention 
of seeking a price rise to cover 
cost increases over the last 
year. Their case will rest on 
a 27 per cent Wages Council 
award for bar staff, adding lp 
to a pint, plus lp to cover 
extra costs of raw materials 
such as malting barley, and Ip 
extra for licensees increased 

The Price Commission will 
have to decide whether or not to 
investigate the proposed in- 
creases or to allow them to go 

Last year it took as a “ test- 
case ” the rises planned by 
Allied Ereweries. which was 
allowed to increase prices by an 
average 7.4 per cent, while 
allowing other brewers to put 
up nrices unchallenged. 

This year with the prosoect 
of a General Election, the Com- 
mission will be under pressure 
to carry out a further probe into 
the price increases even though 
there seems little doubt that the 
rises will be allowed. 

Afater agreeing to freeze 
prices for almost a year, 
brewers can justify the in- 
creases on the basis of extra 

THE UK authorities will hold 
further talks today with their 
Irish counterparts to examine 
the technical implications of 
Ireland’s decision to join the 
European Monetary System. 

The main issue is whether the 
UK Treasury will have to 
impose exchange controls on 
transactions with Ireland, end- 
ing the effective identity 
between the currencies of the 
two countries. 

In Friday's announcement of 
the move, the Irish Government 
indicated that it hoped to main- 
tain parity between the Irish 
pound and sterling, at least in 
the short term. 

This could be possible as long 
as the English pound remained 
within the permitted band of 
fluctuations in the EMS. 

But, at the same time. Ireland 
itself imposed vigorous ex- 
change controls on dealings 
with the UK, designed to pre- 
vent heavy flows of funds. 

The possibility of substantial 
speculative flows might force 
the UK authorities to take 
parallel action. 

The British authorities were 
prepared for the need to impose 

controls when the main dis- 
cussions on the EMS took place 
nearly a fortnight ago. It would 
not, in principle, present major 
problems to include transactions 
with Ireland in the battery of 
restrictions already in force. 

This would, however, have 
important implications for 
relationships between two econo- 
mies which have been, closely 
linked for centuries, and would 
create a number of practical 

Portfolio investment 

The controls, based on the 
1947 Exchange Control Act, 
impose restraints on invest- 
ments abroad in relation to 
purchases of foreign currency 
securities and direct investment 
by industry and commerce. 

One of the main areas of 
uncertainty will arise over 
portfolio investment and the 
dollar premium. Under the 
present rules. UK residents can 
invest in foreign currency 
securities effectively in only 
two ways. 

These are by borrowing the 

necessary foreign currency or 
by buying it through the pool 
of investment currency which, 
because of its limited size, 
commands a premium over the 
spot exchange rate for 

The conditions imposed mean 
that, in practice, for personal 
investors, the premium pool is 
the only method open. 

Problems could also arise 
because of the intimate commer- 
cial connections between the 
two countries which include, 
for example, the overlap of the 
banking systems.. . 

Stewart Dal by writes from 
Dublin: Ireland has been trying 
over the weekend to work out 
the implications of exchange 
controls against Britain. 

The smalt Irish stock ex- 
change is expected to be closed 
today, and although the banks 
will be functioning normally, 
foreign exchange dealings will' 
probably be circumscribed. 
Transactions will be allowed 
only for normal trading pur- 

Should Britain deride that ail 
investments in Irish gilts and 
equities must go through the 

dollar investment pool and pay 
premium, then it could cut off 
the flow of funds into these 


In the last few months more 
than £200 m has flooded in to 
the small markets in' expecta- 
tion that capital gains could be 
made if the break with sterling 
became effective. Whether exist- 
ing holders of Irish gilts will 
be able to sell at a premium 
remains to be resolved. Stock- 
brokers in Dublin will be seek- 
ing guidance today from, the 
central bank on whether per- 
mission will be given for insti- 
tutions to undertake portfolio 
investment They will - also he 
looking for clarification of yhat 
will happen in the cases of the 
12 Irish companies which have 
both London and Dublin quota- 
tions. ' 

Trade transactions should sot 
be affected. The amount of 
money available for deals with- 
out central bank permission has 
been raised from £2,000 to 
£ 10 , 000 . 

Benn’s NEC disclosure 
plan ‘too expensive’ 


forward by Mr. Anthony Wedg- 
wood Berm. Energy Secretary, 
to make all the minutes of the 
Labour Party’s National Execu- 
tive and all its committees 
available to constituency parties 
and affiliated trade unions, 
would cost the party a crippling 
£11.000 a year, according to Mr. 
Ron Hayward, general secretary. 

The proposal, made jointly by 
Mr. Berm and Mr. Frank Allaun. 
this year’s party chairman, has 
been accepted already by the 
organisation sub-committee and 
will go for final approval before 
the full National Executive on 

Critics have opposed the 
plan on the ground that mem- 
bers would be freer to state 
their views on sensitive issues 
in private, as in Cabinet, but 
become a decisive one in view 
the issue of cost could now 
of the party's dire financial 

Mr. Hayward's obvious horror 

at the proposal’s implications is 
contained in a letter sent 
yesterday to Mr. Leslie Huck- 
field, a new member of the 
NEC. wbo had complained 
about overcrowded agendas and 
the way crucial decisions were 
frequently taken “ on the nod ” 
because of lack of time. 

The general secretary, accept- 
ing the criticisms of the present 
chaotic state of party business, 
says that the volume of paper 
was increasing no matter b%w 
hard he tried to curb it, and it 
would increase considerably 
should the Benn /Allaun pro- 
posal be accepted. 

The circulation of all minutes 
would involve the sending of 
over 700 sets of documents a 
month at a cost of £987. It 
would also mean taking on more 
staff and machines, bringing the 
total to over £1,000 for each of 
the 11 months the Executive sat. 

Some members of the NEC 
are regarding the argument as 

a classic example of Mr. Benn's 
passionate and sincere advocacy 
of maximum disclosure and 
democracy without taking full 
account of the implications. 

The NEC’s main business on 
Wednesday will be & discussion 
of what amounts to a draft party 
manifesto, much of it very Left- 
wing in character, involving the 
nationalisation of large sections 
of industry including the banks, 
insurance companies and all 
development land. 

Mr. Callaghan’s prime con- 
cern will be to neutralise the 
Left by insisting that no mani- 
festo be drafted until shortly 
before a General Election. 

After the NEC meeting, there 
will be a joint meeting on 
Wednesday between repre- 
sentatives of the executive and 
seven senior Ministers to estab- 
lish “ areas where there is 
common agreement ” and to 
decide where further discus- 
sions on future policy need to 
take place. 

Applications for 46 sea oil 
blocks total nearly 100 


THE sixth round of UK offshore 
licensing will be an important 
test of the Government’s readi- 
ness to encourage the smaller 
British oil companies to develop 
greater expertise in offshore 

Applications for exploration 
licences for the 48 blocks 
offered were submitted to the 
Department of Energy last 
month. However, according to 
Mr. Anthony Wedgwood Benn, 
the Energy Secretary, it is 
likely to be Easter before any 
licences are granted. 

For the first time the Depart- 
ment has published a list of all 
companies bidding in an off- 
shore licensing round. They 
total nearly 100. 

The conditions under which 
companies are applying in this 
round have been complicated 
by the inclusion for the first 
time ' of various bidding 
elements. Oil companies may 
offer to carry all or part of the 
British National Oil Coipora- 
tion's exploration and appraisal 
costs. They may also offer the 
corporation more than its 
initial 51 per cent share in 
each licence. 

The blocks that have 
attracted most attention are in 
the Outer Moray Firth and 
Central North Sea areas. 

Several of the smaller British 

oil companies, such as Tricen- 
trol and. Cluff Oil. are thought 
to have tried hard to acquire 
that prime acreage in their 
attempts to become operators 
for the first time in the North 

However, they are facing 
competition from several im- 
portant established inter- 
national oil companies. It is 
thought that some of the 

smaller companies would be 
prepared to grant the corpora- 
tion a larger share in any 

licence award, up to 65 per 

cent, and some are also willing 
to give the corporation the 

option of buying crude oil pro- 
duction that might result from 
commercial discoveries. 

Few newcomers are in the 
Department's list of applicants, 
but among the first-time bidders 
is Albright and Wilson, the UK 
chemicals company that was 
taken over earlier this year by 

Tenneco. the U.S. oil and gas 
conglomerate. It is bidding as 
a one-third partner in a group 
with the parent company Ten- 
neco holding the other two 

The group has applied for two 
blocks, and Tenneco, which has 
a stake in the Heather Feld, is 
clearly trying to use its new 
UK subsidiary as a way of 
making its bid more attractive. 

Texaco of the U.S., which is 
developing the Tartan Field, is 
understood to have filed one of 
the most comprehensive applica- 
tions. Several of the blocks- on 
offer have no great prospects, 
but one or two companies have 
offered to explore them if in 
return they are also granted 
their first-choice acreage. 

Apart from Esso, the main 
absentee, several other com- 
panies with North Sea experi- 
ence are missing from this 

Mobil plant for Belgium 


MOBIL Chemical Europe, part 
Of the UB.-based Mobil oil 
group, is to build a 25,000-tons- 
a-year polypropylene film plant 
in Belgium. 

The new plant is due to come 

on stream in the middle of 
1980. Construction is to start 
immediately, Mobil Chemical 
Europe said yesterday. The cost 
of the new plant is not yet 

Marine insurers face big loss 


record loss if fears that the 
cargo ship Munchen sunk last 
week in the Atlantic storms 
prove correct. The vessel sent 
out an SOS on December 12, 
but so far there has been no 
sign of wreckage or of survivors 
among the 28 crew aboard. 

The ship’s hull and cargo to- 
gether are valued at £30m-£40m. 
The previous record loss was 
the tanker Olympic Bravery 
which cost insurers £25m when 
it went aground off Ushant 
(France) in 1976. 

Searches were still going on 
yesterday for the missing ship. 
Munchen. owned by Hapag- 
Lloyd, was on its way from 
Rotterdam to Savannah, in the 
U.S.. with a cargo of steel and 

steel products loaded on 83 
barges for onward shipment. 

The Institue of London Under- 
writers said: “The suspected 
Joss will affect both Lloyd’s and 
the UK insurance company 
market because the risk covered 
both hull and cargo, and was 
spread through direct cover and 
reinsurance into London. It 
will add further impact to a 
year in which there have 
already been many large ship- 
ping casualties." 

Estimates from Germany of 
the insurance cover are that the 
Munchen was valued at DM 64m 
for hull and equipment, plus 
DM 16m for ancillary costs, 
making a total of DM 80m 
(over £20m). 

The cargo of steel and steel 
products was worth between 

DM 35m-DM 40m. and the barges 
carrying it DM 70m. mating a 
total that may reach nearly 
DM 60m (£15m). 

Munchen was a special type of 
barge-carrying ship built in 
Belgium in 1972. if lost It will 
be the first big casualty in this 
class of vessel. 

Earlier this year marine in- 
surers in Europe were faced 
with losses of £25m, on a ship 
which caught fire while being 
built at Rotterdam, and £8.5m 
on the Pan tel is A. Lemos at 
about the time of the Amoco 
Cadiz incident, which cost £6m- 

There was a similar marine 
mystery in the Pacific three 
years ago when the tanker Berge 
Istra, costing £14m. vanished 
without trace until two sur- 
vivors were later picked up. 

vote on 


By Giles Merritt 

BRUSSELS— Belgium went to 
the polls yesterday in the 
General Election precipitated by 
the mid-October resignation 
from the premiership of M. Leo 
Tindemans over the perennial 
issue of the language divide 
between Dutch-speaking Flem- 
ings and French-speaking 

But it is unlikely that any 
new coalition Government will 
be formed to take over from the 
present caretaker administra- 
tion of M. Paul Vanden Boey- 
nants until at least the New 

The proportional representa- 
tion elections, in which voting 
is mandatory, are to the Belgian 
Parliament and the provincial 
councils: In the key votes to the 
Lower House, a slight rffrength- 
ening is expected of the Soria! 
Christians, Belgium’s equivalent 
of Christian Democrats. 

The party’s French-speaking 
PSC wing is led by M. Vanden 
Boeyn&nts and M. Tindemans 
, belongs to CVP, the Flemish 
side. It is nevertheless likely 
that a six-party coalition, com- 
parable to that formed by M. 
Tindemans in April last year, 
will be required. 


DRY. some rain later. 

London, SJE„ E. Anglia, Cent. 
S. England, S. Midlands, 
Channel I&, S.W. 

Dry, sunny periods. Max. 7C 

E. England, W. Midlands, S. 
Wales, N. Midlands 
Dry, becoming cloudy later. 
Max. 7C (45F). 

N. Wales, Lakes, NJE. and N.W. 

Bright at first, rain later. Max. 
8C (46F). 

Isle of Man. IL, S. and Cent. 
Scotland, Argyll, Scottish Is. 

Brigbt intervals, rain, clearing 
later. Max. 6-8C (43-46F). 
Highlands, N. Ireland 
Rain, showers in the after- 
noon. Max. 8C (46F). 

Outlook: Rain, then sunny 
intervals, Cold. 


Y'rlay , 




















1 Manehsv S 































, Montreal Sn 



Belgrade F 



















, Nwcastle R 







N. Yoric 




Brussels S 







Budapest F 







B. Aina $ 



















Reyfcjavk R 







Rio d J'O C 



Cologne S 











\ Slngport S 







1 Stckhlm 

S— 10 


Edinbrgh c 



S rrasbrn Sn 



Frankfurt S 



1 Sydney 








1 Tehran 




Glasgow S 



Tol Aviv S 



Helsinki Sn 







H. Kong S 




































Ajaccio F 



, Jersey 




Algiers C 



Las Pfms F 



Biarritz C 







Blckpool S 







Bordeaux C 


43 i 












Casblnca Tc 12 






CUpe T. R 







Corfu C 


63 1 





DubrvnV, F 







Faro C 







Florence F 







Punch af F 



Salzburg F 



Gibraltar Ts 13 






Guernsey S 







Innebrck F 







Irtvflrnss P 







1. of M. S 



Venice . 




Istanbul F 



S— Sunny. F — Fair. C— Cloudy < 
Fg — Peg. R — Rain. Sn—So ow. 
Ts — Thunderstorm. 



At least Irish coins will still, 
work 'British vending- machines. 
But a good deal else has now 
changed since the Irish Govern- 
ment's surprise derision last 
Friday to go into the EMS after 
all — and more consequences 
may follow within the next day 
or two. Certainly it emerges 
that last week's dummy foreign 
exchange run by Barclays was 
no wasted effort. For a few 
wild moments on Tuesday 
Bard ays was making a market 
in Irish pounds against the 
dollar. Very properly eschewing 
any judgments about a possible 
premium or discount relative 
to sterling, the dealers resorted 
to the classic ploy of the trader 
when faced with the unknown 
— a widening of the spreads. 
So while sterling was ’ then 
quoted at -$1,9705/20 the Irish 
pound hovered at $1.9700/25. 
This gave a punt/sterting cross 
rate of 99.90/100.10 — and this 
morning the banks will hare the 
opportunity to explore this 
market in earnest But this 
may not provide a true test for 
die foreign exchanges will be 
closed today in Ireland. , 

The fact that the Irish have 
imposed such tough exchange 
controls shows that they are 
deeply concerned at the diffi- 
culties which are likely to be 
involved in keeping up with the 
Deutsche Mark. Irish nationals 
are. for instance, to be cut off 
from the London stock market, 
as from all other international 
stock exchanges, and will have 
to repatriate the proceeds of- 
sales (though apparently institu-. 
turns will still be able to run. 
overseas. portfolios). Maybe the 
severity of this is transitional-' 
but in the meantime there is 
the supreme irony that, if these 
rules are applied strictly, Irish 
citizens will no longer be able 
to buy shares in Guinness. .. 

The currency wall erected- by 
the Irish makes life a lot easier 
for the British authorities. The : 
Irish move was not being re? 
garded yesterday by the Bank 
of England as something which 
called for emergency weekend 
decisions, and official meetings 
will take place today. There is 
no question of a flood of money- 
out from the UK to the rest 
of the EEC and beyond through 
any “Irish gap.” There are, 
however, some anomalies which 
need to be cleared up. • 

As of this morning, after all, 
Irish citizens living in Ireland 
are still UK -residents for UK 
foreign exchange purposes. And 
Irish shares and gilts have not 
yet been designated foreign cur- 
rency securities. There could 
still be speculative opportuni- 
ties if this confused situation is 
to be rationalised by applying 
normal foreign exchange con- 
trols to Ireland. Thus Irish in- 
vestors with foreign (non-UK) 

securities may consider selling 
through the stock market id 
.London and claiming the re- 
mi um on investment currency, 
before it is denied to them. And. 
British investors can stiH weigh 
up the chances ' of-' a •premium 
■windfall on. tosh securities., a 
horse on which £200xn of British 
money is already supposed to he 
riding in the Irish: gilts market: 

. For * some weeks the Irish 
dilemma has been having: a 
large influence upon the invest-; 
njent currency market'-'. Tie. 
likelier. Irish entry to the EMS- 
has seemed, the more. the pre- 
mium has been depressed by 
actual Irish precautionary: sell- 
ing and by the fear of potential 
profit-taking by UK: .investors 
after an enlargement of the 'prfr. 
mium currency po6L On Monday 
December 4 the ' premium' iBpri 
ped to an effective 31 i per cent, 
rose to 39 per cent over the 
next week following .-the* Bros-, 
seis breakdown, bat last Friday, 
was baric to under~35per. rent In 
very sensitive and confused con- 

■ The most recent- precedent 
for a change in the investment 
currency regulations 1 was the 
-abolition of the old premiutn- 
free overseas sterling area in 
June . 3972. Lucky investors 
avierpigbt gained, the premium, 
and the same has aoplied occa- 
.sionalJv since to; shareholders 
in individual comoanJes which 
have moved residence abroad 
rdike Thomson : Organisation- 
-earlier this year). ' But the.. 
‘ administration of the invest- 
ment currency rules has become 
much more sophisticated in-rthe 
post few years, not least because 
■of the need to cut down trend. . 

It is therefore’ now open’ to. the 
authorities to select some cutoff . 
date, such as, today's?' arid. re- 
strict the premium to invertors 
who can prove they bought Irish 
securities subsequently. '' 

V Meanwhile .the position of 
Irish investors becomes very' 
difficult There is ohly a ; hahdr. 
ful of large isized companies in 
Ireland, and few. -homes fgr 
money. By' accident or ; . design 
it should become easier tori -the ■ 
Irish Government to riphan off 
money Through sales of gilts. 
The Irish- market will he vul- 
nerable, however, if British 
holders get their premium wind-' 
fall and try to cash in. .. . 

If the premium gamble fails," 
the British investors will tie 
left to hope fdr l currency gainT; 
But fur the rorimem isterlihg- 
looks stable, and the tosh 
pound will have a ;6 per cent 
safety margin to move through 
before it is necessary to make 

the final break with sterling. ‘ 

. ,r. 

the next ^0-point move by the 
FT Industrial Ordinary Index 
will be downwards. -This infor- 
jndtion has been reye&ied by the 
'first. -Simon . jmd _ Coates pro-- 
fessional ./investors : Poll. .'. Beit ; 
according ,to tile mterp rotation 
V supplied byf-tHe .brokers .this -IS ' . 

. a bull, signal. Jf<rr: Wall; Street . 3 
much :PMre-;.experiencd -of .] 
sucti polk and -experiene^ haS r ■] 

been that wherr - ^a opto^on^ls -J 
held by' more tfc'ah 55 percent - ' 
of :. investors they.’becqme. .“The ; 

Crown.” The' lesson, .of history 
-is that “ The" Crowd ”. is4saal&, , . _• " 

wrong: ! -1 j .. • - • ' 

Th* ..‘evidence’' of 5 LmoriL\ and ' { - 

Coates' poLFto a Iittie ConftEm&- . - -■ • 

'however, because investors were ‘ : 
also " asked * their. vievv^V.-ji m . 
whether 1 the next 25-pomt';iod^ 

1300-point moves, would ■ be-itp 
Or down, and the beariBh. pro- 
portions were only 4L5 jowl3t ' 
per 'cent, respectively..; Sd'for 
the longer term investors arif. • 
quite bullish — thbu&fiVnbt. ’ 
enough to be really wofjying V 
because only when the;' bears - f . 
fall below 25 per cent dh.-tbe • - - 
bulls become “The Vfcjtowd*’ 
with correspondingly r&sfoaK- 
implications for •'.the* - 'share 
indices. ' f S 

This is claimed tojgejfficriuBtt . " !‘ V - 
widely based stock market 
ever undertaken in -|h e , UF<- jr, y 

with - 176 - respondeats.-A-BuL . ’ 0 ^ M 
Simon and Coates. iacUbetter. _ . 

. lo ok out; -. L. MesseLiha^ just ... . - 
Sent out a gilt-hedged . question:' • 
joaire ; to 650 . ' institutions ’ and ; : 
individuals. Perhaps the^theory 
is' that' if - clients /cannot J ^ 
induced to deal actiVefy over ' 

Christmas- they . cahatleast he 
persuaded to fill in forms* 
instead. : ' • ■ . 

'M IS 3- **■ * 1 

Of EG 

Opinion poR 

Some : 65 . per cent of : pro- 
fessional investors believe that 

Expectations about the extent 
of . fhe OEEC «rude dll price 
rise have fluctuated in recent 
weeks’ in- line • with the vagarTes- . .. . - 

of; Iranian production. In toe 
event the hawks appear to have 
had siigfitlyjt&e Jtoper : hatuT at- . : ^-2SLt 3?; » 
Aha Djiafw, wflh the- price set 
torrise a: total "of; 14j> peri cent 
aver:’ the.- next nine months. 

There is a .dsnger: that toe • 

OPEC nations .have misread the 
strength dfT.«hdeiiying demand 
thiS^autnmrL but toe phased 
increases.wiH havethe effect of . . .. 
^entbnrit^jg-'curtamers to: keep 
torir rubrics Ittgh: Among the stalks 
, tt«^-toilt^nipanies.‘. BP will _ . 
nj?t: conipmriv too- much, for it 

benefit both iii the . J --* 

North ^Sea^Fbrties field (especi- 
ally r.becrtise pf, toe extra - 
pretozum : h«Liig attaehed te light - 

crud^^dnd^totoW its 52 per j_ ; . 

cenristafee 'in SoBfo.-ih Alaska. 


price rises- could perye to give 
an artiffiaal: boo&MxT quarterly 
oit company- profits’, next year. 


. — "‘ 5 

A few words 

about Tokai Banks expanding '■ ■'Vi-.L 
international operations. 

As you might know, 

Tokai Bank is one of the 
. leading banks in the world 
with over 15,000 employees 
and 200 cffices established 
in Japan itself. 

It probably doesn't surprise 
you we’re modem, ' ’ ' 
progressive; and one af 
die first banks In the world . 
• to utilize on-line ■. 
computerization in our 

At present we hfye over 
20 offices and affiliates 
around the world, and we 
just opened a branch 
in Singapore. And 

Currently mete seruingr 
the world through bans 
And also lencbng 
something as valuable- 
asjmoney. Financial . 
odaloe gained through - 7 
.aver 100 years 
of banking 

a Japanese. Bank . 
Tfunk cf us as a . 
bank thatsarpes- - 

Jajrin andr.’. 

liEie (uc»kC : V"- 


■ ' *c» * ' 


-• ' : w-: , ::; - 

- V 

4 V. . . *' 

■ - 



Hnd OHicK- 21-24. Nisbild IWiotne, Nakrtu.- Nago**- Tek: 052^11- WL Gwnte W«»«efc'lfcS33S52S5 

SSo P^ia^Bris Tahren SYdnev & j Bkar «: (SoteJdiado) Toktf Ban* 

Asia Limited: (Affiliates & Associates} London^s.Stonko^ Hon» Kong* Sydney/. - . . : ’ 

3r>. . 

toe Qfffce. - itteted hr & csimenrs -Pwsi forajfl- _ 

Fimaaai Times Ltd., :Hmse, .QumfflVrSmet "