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No. 27,746 

Thursday December 21 1978 is 

Timber, Building Materials. Healing and 
Plumbing Equipment for the Construction 
and Allied Trades. Northampton 52333 

cowneettAL 3EJ.i*#Gt*mc£S-~ ausjiua ScH-tt Belgium Fr 25; Denmark Kr 3.5; France Fr 3.0; Germany dm 2.0; ftaly l sqo: Netherlands fi z.o. Norway Kr 3.5; Portugal ew»; spain po no-. Sweden Kr ias: Switzerland Fr z.0: eire ibp 

French demands for Dfepu t? I Prime rate 

: rv . 



farm policy changes 

puts all . * -a 

BBC TV rise ^0 11 


may delay EM 

off air likely in U 

• k> 

By Pauline Clark. Labour Staff 




Police launched a huge man- 
hunt in south-east England after 
A . poJfce officer had bei-qshnt 
at from a car which' is believed 
to lie associated Urith the IRA 
bombings, : 

• THE P.T. - ordinary Index 
gained 2.1 to dose it WW in 
quiet pre-Christmas trading. 

9 GILTS were slightly earier 
: and unaffected by LLS. interest 

The introduction of the European Monetary System on January 1 could he 
delayed becanse of determined French efforts to pnsh through changes in the 
Common Agricultural Policy. 

France is demanding that CAP and. specifically, the use French electorate and his own 
Monetary Compensation of the new European Currency coalition. 

Amounts should be phased out Unit for common farm prices. The German Government is 

The '-white - Opel was spotted 
by a policeman in the. Fain ham 
irea of Surrey. He pursned it, 
the linv.-r turned into ^factory 
entrance, stopped and the pas- 
senger fired a shogun at the 
police car. 

The Opel — registration 
number- APU 827S — then drove 
off. The area was immediately 
saturated with' police checking 
every bujlding fc Toail blpckswere 
set up and police helicopters 
circled overhead., 

Bombs ... exploded in five 
Ulster ItotelS last night. In one 
blast, at- -Duugannon. eight 
people were slightly burL 

F.T. Gwcrnsa^l 
I A I Securities 

bv a given date. MCA's are sulj- EEC heads of Government, heavily con: routed to the intro- 
sidies and levies paid by the al dieir Brussels summit in duetion of EX'S. rhe French 

Community on intra-EEC trade ear >y December, had instructed appear to behrvo that they are 

to offset the fact that German lht-lr Agriculture Ministers to in a strong-, r bargaining posi- 

fann prices are 10 per cent c,car rht ‘ wa J' for 1,10 ECU to tion now m/.n they would be 

above the theoretical common ^ * or common pricing * ts jn?r c ‘ i:rl ‘ on ; . 

price level as a result of cur- ' r01 u January 1, thru is, nurr.edi- The nppifaiun of the 

rcncy fluctuation, and French alel l r u P* ,n ihe inimduL-lion of Comraissiov. and most other 

EEC govermi.-.-ois to the rapid 

prices 10 per cent below lhe EMSL Er.C sovernii..-o;s lo the rapid 

f . ** . The present yardstick fur phasing on; MCAs means the 

l»n Monday France quietly calculating common prices, the French have little chance of 
reserved its position on introduc- ut m of account linked to the getting all they ore. demanding, 
non of the EMs until the agn- central rates of the snalic uhe It is sug;ev.?d. however, that 
cultural problems are solved. j^ ur0 pean joint float i, is to be they may be prepared to settle 
Tnc changes desired by_ France abandoned. for a firm commitment to t3ke 

would raise farm prices 

for a firm commitment to take 

The French resent the sire some actir.n towards dismantiine 

France and the UK. and cul M f the subsidies paid to German MCAs in C.i- next farm price 

jul aug sep ocr mr otc 

those in West Germany. 

Herr Josef Ertl, German Agri 

(fanners. Their move to phase review. 

nerr josei, uerman Agn- 0 ul MCAs is an attempt lo However, any attempt to do 
cultural Minister, bluntly re- force lower farm prices on the this is likely v, bring strong 
fused to consider the French unwilling Carmans, v.-liilc rats- apposition irom other EEC 
demand, ana was supported by jn S their own. Although the government.- such as Britain, 
tne EEC Commission. The Com- French action appears to have . for whom the elimination of 
mission maintains that changes taken other EEC Governments MCAs wouM br rg a 27 per cent 
in the monetary system associ- jjy surprise, it is widely re- rise in farm prices, 
ated with the agricultural trade garded in Brussels ax a bluff. Mr. Johr $>’k';n. A grin/1 fure 

i Israei-Egypt 
-'talks soon 

rate 'fears. The Government 
Securities Index closed^ OJLi 
down at 68.49. • 

Israeli Foreign Minister Moabe 
Dayan . and Egypt's Prime' 
Minister Mu staph a Khalil are to 
meet in' Brussels this weekend 

- in an. attempt to . break the iip- 

.- passe on peace talks, according 
. to a report, cm Israeli radio. Back 
..Page • •• 

- Lebanon’s southern . port of 
^Tyra was bombed 7 and strafed 

by Israeli aircraft in. a reprisal 
raid Against Palestin i ans follow- . 
'.ing the. two bombs . that have 
been placed in Jerusalem in the 
' past week.- Page s , \ :• . 

ft STERLING gained -10 joints 
to close at $2.0110 with itsftade- 
weighted index unchanged at 
G3-3. The dollar’s trade-weighted 
depreciation widened to 9# per 
cent (9-5). •>'• 

• WALL STREET riosej^SW 
up at 793.66 on a further 
modest rally, ' ' 

in the monetary system associ- jjy surprise, it is widely re- rise in farm prices, 
nted with the agricultural trade garded in Brussels as a bluff. Mr. Johr 5. 'kin. A grin/1 firm 
should only be made during the Bl|t President Giscard Minister. s:u<j y eS ‘< rday; "There 
annual farm price renew. d’Estaing of France is under can he no question of uur agree- 

The talks were broken off considerable pressure from the mg to phase mil MCAs while 

yesterday morning without the French farm lobby, ft is also lb** common price remains so 

issue being solved. felt that he needs con:*-: if ions Continued on Back Page 

ALL BBC television pro- 
grammes were blacked out last 
night as members of the cor- 
poration's biggest union went on 
strike in a row over the use of 
freelance filming units. 

The Association of Broadcast- 
ing Staff called its first major 
indefinite stoppage in spite of 
several hours of talks with man- 

Mr. Tony Hearn, general sec- 
retary, said afterwards that 
there was little prospect of l 
either BBC-1 or BBC-2 pro- : 
grammes being resumed while 
the deadlock continued, and no 
talks had been fixed for today. 

Transmission of all 
programmes stopped at 5.45 pm. 
A BBC announcement was 
shown, saying that the cor- ; 
po ration regretted that no pro- 
grammes would be transmitted 
last night because of industrial 
action by riie ABS. and that ser- 
vice would resume as soon as 

Earlier, news was read with- 
out film after ABS members 
refused to process a freelance 
film of the previous night's 
London to Brighton train crash. 
The film processors were sus- 
pended, and the ABS called out 
the rest of its members in 

But President Giscard Minister, said yes* onlay: "There 
d’Estaing of Franco is under can be no que-Tion of our agree- 


issue being solved. 

Continued on Back Page 

The talks bad concerned the on the agricultural front to What it moons for farm trade 

application of the EMS to the make E.MS palatable to the 

?agc 31 

ffi GOLD was steadier-, in 
London to dose $f ■. towet -at 
$2151-216. In New York- the 
Conic* December settlemeidywas 
S2 15.10 <$220.80)-: 

Inquiry; probes 

■ y *- .Txaf&pwt- Secretary . William 
““ Budget^, announce^ a publics 
- ; la»iny i»o the town, crash near 
yBrFgfitanott Tuesday nighi. in 
r' : dj&‘. whidi three people- were killed 
v«n tf seven injured. ... 

” ^r-^Tbe crash, in which. one train 
into the back of another, 
" the wake of a series of 

" r on the : LoBdon-Brightoh 

:■ 'o.Vliqe. 

-7 -JlBie ffriyer of: the Belfast- 
-jy ifimlm express died when it 
•• : '• pl^ughed into .a stationary- train 

• NATIONAL Coal B^ard 
pension fund is holing- t|lks 
to .make its first j?rop<rty 
investment 'fu . the 
Tiurrha.f*' c.i'Ftrst' 
of Atlanta’s -41-storey - Kead- 
Warters in Atlanta; . Georgia., 
Back. Page 

Thousands riot in protest 
at Mrs. Gandhi’s atrest 


been given . . Government 
approval to start .developing the 
Msgaus . field in., the North Sea, 
the deepest yet drilled there 
Back. Page V- 

Slrah scandal 

• - DAIRY- FARM profits 
improved sharply last year, 
according ta a MHk Marketing 
Board survey. Page 31. Sir 
Henry Pliwhb, retiring National 
Farmers^. Union president, bas 
Joined .hoard of Fisons. Page 9 

.r^>. .flIore- • than 100 ’ prominent 
• Uyaniana, indudnSg /two Ro^ai 

priirees' and several . relations of 
the : Shab. liave been hamed by 
the pubHc prosecutor as having 
illegally transferred large sums 
of money abroad in -'recent 

• BUILDING construction 
orders.; in. October rose for the 
third month running, to £861m; 
according to Department of the 
Enyi/oament provisional figures. 
Page 6 

THOUSANDS of supporters of 
Mrs. 7 ?.In^ra Gandhi were 
arrested 'throughout India 
yesterday \ 4 after violent 
demonstratioiLs v including an 
airliner hijacking. They were 
protesting against Parliament's 
decision to jiil the former 
Prime Min ister. 

'Two men armed with guns 
and hand grenades hijacked a 
Bering 737 carrying 132 people 
on ' a.' domestic flight, and 
demanded Mrs. Gandhi’s 
release. Throughout the country 
tens of thousands of demonstra- 
ting clashed with police, went on 
strike;- burned buses and 
derailed a train. 

, -months.:. Page S ■ 

PM*s warning:. 

German steel 

TMr. . James Callaghan made It 
. i ' Clear .to Labour’s National 
• r'.'[[pu . Executive that he would, not 
'^Tolerate; any Ministers:. disseht- 
.. iihg from -Cabinet policy -in talks' 
over the next etection manifesto! 

' Back Page 

strike spreads 

- .Pope censored 

Polish authorities have censored 
■a Christmas letter of greetings 
' jsenf. by Pope John Paul- II 
. to his former diocese in Cracow. 
References to Poland’s patron 
Saint were cut reducing chances 
J of a Papal visit' next; May- to 
-. celebrate the saint's feast day. 

A I G MET ALL, the West 
German -trade union, plans to 
-widen its' strike in the country's 
steel industry now in its fourth 
week. The decision follows the 
breakdown of mediation efforts 
by the North Rhine-Westphalia 1 
Labour Ministerl Page 2 • 

One Bombay policeman was 
detained in hospital after he was 
doused with petrol, and his 
clothes set on fire. Police recom- 
mended the calling-off of the 
second test match with the West 
Indies because of the violence. 
Font people were reported dead 
after the riot 

On Tuesday, the Lower House 
of Parliament jailed Mrs. 
Gandhi for the rest of the par- 
liamentary session after finding 
her guilty of a breach of privi- 
lege. She was also expelled from 
membership of the House. 

Mr. Moraji Desai, the Prime 
Minister, who is already having 
to cope with a serious split in 
his ruling Janata Party, yester- 
day faced the backlash as 
crowds of Mrs. Gandhi's 
Congress Party supporters took 
to the streets, urged by their 
party to “ fill the jails." 

The protests were more effec- 
tive in the south of India where 
Mrs. Gandhi draws most of 'her 
support. In Bangalore, capital 
of Karnataka. widespread 
violence involved teargas 
attacks by police. 

In the north, the Congress 
Party call for a general strike 
in Bombay and Poona was 
virtually ignored but there were 
large demonstrations. 

Mrs Gandhi meanwhile spent 
a quiet night in a heated room 
equipped with a television set 
at Tihar Jail in Delhi. 

Janata party leaders feel that 
tile demonstrations were largely 
orchestrated, and could not be 

During the das r . Congress 
members prevented the Upper 
House of Parliament from carry- 
ing out any business. The Con- \ 
gress majority in the House . 
wants a debate on a motion 
alleging corruption charges 
against the son of Mr. Desai. 

The move could delay other ‘ 
important business, in particu- 1 
lar. the Bill which would estab- 1 
lish a special court, to try Mrs. 
Gandhi and her suporters on 
charges arising out of the Shah 
Commission’s report on 
'•excesses” during Mrs. Gandhi's 

An extension of the session, 
which is due to end in a few 
days, would mean longer im- 
prisonment for Mrs. Gandhi. 

The probiem arose out of the 
technicians’ overtime ban im- , 
posed by the union because of I 
frustration at lack of progress 
over a pay claim. 

Because the ban allows only 
42 hours of work a week and 
not more than 12 hours a day. 
the BBC's staff was not avail- 
able to film the crash during the 

The EBC claimed that it was 
following normal procedure by 
using freelances at the scene of 
a news event The union in- 
sisted that it was an attempt 
to defeat the overtime ban. 

Trouoles over BBC pay have 
mounted since September when 
programmes started to be dis- 
rupted by overtime bans. 

Apart from the battle with 
the BBC over a pay claim, said 
to be in excess of the Govern- 
ment's 5 per cent limit frustra- 
tion has mounted over discrep- 
ancies in pay between the BBC 
and independent television 

• Late night Christmas pro- 
grammes are already threatened 
by the overtime ban. 

NEW YORK — Another gen- 
eral increase in ihe cost of 
money in the U.S. was set in 
motion yesterday as Mr. Michael 
Blumenthal. the Treasury 

Secretary. said that the economy 
had been expanding more 
strongly in the final three 
months of the year than 

The clearest sign of rising 
interest rales came from one of 
Now York’s largest commercial 
banks. Chemical Bank, which 
it was increasing its prime 
rate — the rale it charges its 
best customers — from 111 per 
cent to 11J- per cent. Other 
bankers said they expected the 
rise to spread rapidly through 
the industry. 

But there were also suspicions 
in the money markets that the 
Federal Reserve Board is again 
moving more aggressively to try 
to dampen inflation and support 
the dollar. 

On Tuesday dealers concluded 
from the Fed's open market 
operations that the central bank 
had raised its average target 
rate In the key federal funds 
market from about 91 per cent 
to 10 per cent. Yesterday the 
Fed again drained reserves 
from the banking system, with 
federal funds trading at 912. 

While this move undoubtedly 
confirms that the Fed’s target 
for the average funds rate is at 
least 10 per cent, some analysts 
arc confident that the central 
bank is aiming higher, perhaps 
at 10J per cent 

They argue that the central 
bank is acting firmly partly 

* 8JS Prime 
ii2- Rates 



because i( is .nn:;ioiis to provide 
what support it cj:i fur the 
dollar, which has been under 
pressure since Uie 14.5 per cert 
oil price increase announced by 
the Organisation of Petroleum 
Exporting Countries at the 
weekend, and also because of 
the continued strength of the 
domestic economy. 

Mr. Blumenthal told reporters 
at a breakfast meeting yesterday 
that he expected fourth quarter 
real gross national product to 
expand by about 5 per cent, 
almost twice the revised 2.6 per 
cent recorded in the third quar- 
ter. according to a Commerce 
Department announcement. 

With the economy showing 
such unexpected strength the 
Federal Reserve can more 
Contioned on Back Page 
Blumenthal interview Page 4 
Lex, Back Page 

Dollar recovers some 

of its early losses 


THE DOLLAR came under 
further pressure In. exchange 
market dealings yesterday 
morning following the sharp 
falls in its valne during the 
first two day s of this week; 

Later in the day. however, 
the pressure on the dollar 
slackened, and in quiet trad- 
ing ahead of the Christmas 
holiday it recovered some of 
its earlier losses. 

£ in New Tort 

Spot S2.0010 0125 S2.0160 0170 
1 month 0.29-0.23 dia : 0.20-0. 14 dis 
3 months 0.67-0.59 dis " 0.56-0.49 dig I 
12 months 2.35-2.20 dis ; 2.45-2.25 dis {. 

The improvement was 
helped by continued inter- 
vention to support the dollar 
by European central banks 
and later by the U.S. authori- 
ties in New York, as well as 
by the upward trend in U.S. 
interest rates. 

The average value of the 
dollar against other leading 
currencies, as measured by 

the Bank of England Index, 
remained unchanged at 83.1. 
At this level, the dollar had 
dropped by nearly 1.7 per cent 
sinee Friday as a result of the 
selling pressure which fol- 
lowed OPEC’s weekend deri- 
sion to raise oil prices. 

The quieter exchange mar- 
ket trading was reflected in 
the gold market, where after 
the sharp rises earlier in the 
week and the successful U.S. 
gold auction, the price closed 
in London with a loss of at 
$215£ an onnee. 

The pound rose in early 
dealings, touching $2.0310, but 
came back later to close in 
London with a gain of 10 
points at $2.0110. Sterling’s 
trade-weighted index moved 
up to 63.5 in the morning bat 
closed unchanged at 63.3. 

Pay deal price pledge by Ford 

awe 0> 

Fast bowling 

As England's, cricketers, went 
two-up in the Test series against 
Australia, the Sydney Daily 
Telegraph devoted the top half 
of its front - page to a mock 
advertisement for . batsmen 
under- the heading: Positions 
vacant— men and' boys: . .. 

• GROWTH RATE of British 
exports to West Germany slowed 
considerably during the first 10 
months' of' this year, at 15.1 per 
cent up on the 1977 figure, 
figures from the Federal Statis; 
tical Office show. At the same 
time. West German exports to 
the UK -rose by 16.2 per cent 
Page 4 


Briefly . . . 

U.S. and the Soviet Unibn began 
■ the hew round , of. ,;Strategie 
Arms Limitation Talks .(SALT) 
in Geneva. JPage 2 ' . 


nounced a decline in final- 
quarter- pre-tax profits from 
£21.8m to %t7.7m, leaving the 
full-year figure to September 30 
lower at £66.5m, compared with 
the previous year’s peak £S2.2m. 
Sales advanced from £0.67bn to 
£1.2bn. Page 24 and Lex 

Gayane police clashed With 
demonstrators demanding an. 
inquiry into the. Jonestown 

-.Carmen Franco.^Oofy. daughter 
. Tof tbe late, dictator, was fined 
• Ptas. 6.8m (about £47,000) for 
•; smuggling, jewels;, ; . 

\ West German Cabinet approved 
- a draft law giving mothers six- 
months paid holiday after 
giving birth. 

a SCOTTISH and Newcastle 
..Breweries reported a downturn 
in pre-tax profits from £22. 1m 
■ to £21. 5 Tin for the six months, to 
end October. This was in spite of 
higher . - turnover — £207-5m 
against. £194.47m. Page 25 . 

FORD HAS given a formal 
undertaking to tbe Price Com- 
mission that it will not pass on 
inVprice increases more than 5 
per cent of the recent 17 per 
cent pay award. 

.Tbe commission said last 
1 night this constituted “ a respon- 
sible approach to setting prices 

> giving a clear hint about how 
it will treat companies which 
move outside the Government’s 
5 per cent pay guidelines,, the 
commission added it expected 
Others “to follow the Ford 
^cample." _ 

V; Tbe commission has decided 
not. to. intervene to prevent 
Fords going .ahead, with a 4.92 
:pfer emit price increase for cars, 
trucks and tractors next month. 

The costs claimed by Ford in 
support of this increase did not 
contain any element arising 
from the recent industrial dis- 
pute or the pay award which 
followed it. 

The Commission said: “ In 
reviewing the grounds for the 
proposed increase, the commis- 
sion was satisfied that Ford 
would have been able to estab- 
lish legal entitlement to the full 
amount of the increase under 
the regulations safeguarding 
basic • profits. 

■ “Therefore, the increase 
could not have been blocked 
by any action of the commis- 

Ford added Sir Terence 
Beckett, its chairman had said 
last month dtat. if all went well, 
the pay increase would mainly 

be self-financing and that the 
group would not pass on more 
than 5 per cent, during the 
period of the current wage 

The new prices take effect 
on January 2. Examples of 
changes are: Fiesta 950 up 
from £2,260 to £2,361: Escort 
Popular tvo-door HOOce up 
from £2253 to £2,363; Cortina 
four-door 1600cc L up from 
£3.242 to £3,388; Capri 1300L 
up from £3,180 to £3,335 and 
Granada 2.S automatic up from 
£6,254 to £6,536. 

• Government figures sbow 
half of recent pay settlements 
are within 5 per cent while 
CBI says there is little pres- 
sure for big rises. Back Page. 
Public sector rises are likely 
to bend the limit. Page 7 



• NATIONAL .Mutual Life 
Assurance'... Society reached 
-record 'levels- of ' life assurance 
and pensions business. New 
annual -premium business as a 
.whole rose . by . '6R :per. cent to 
£4.85 m, against £2B8m. Page 24 

European news 

.American news 

Overseas news 

‘World trade news ... 
. UK news — general ... 
•- — labour 

Technical page 10 

Marketing page 11 

Arts page 13 

Leader page 14 

UK Companies 24-25 

Mining ... 25 

Inti. Companies 27-29 

Enromarkets 28-29 

Money and Exchanges ... 26 

World markets 30 

Farming, raw materials ... 31 
UK stock market 32 



(Priees in pence unless otherwise 

4 B. Electronic ... 164 + 9 . 
Bank of Ireland -417 ’+ 10 

Blue Circle 265- -h 5 

Cut’s Milling . 6S * . 2. . 


Christies lad. '151'.+ 5 
Clifford XC.Y 11£ + 4 

Eteetroeomptments-, 335 + 5 
Harris <P. j . ‘ 80 + 4 
Mffletts Leisure ... 123 + .3. . * 
Mills and Allen. IntL~232 + 4 
.Nova (Jersey) ....... 40 +■ 2 

r Rank.Org f ;.'..; :> . - 

Record. Jtldgway: ... 

Sotheby P. B 

Standard .. Chartered 

Thorn Elect .1 

Tube Lm. 

Conzinc Riotinto ... 


M.LM: Holdings ... 

Clark fM.) 

Edbro - 

Edwards (L. C.) • ... 
Scottish Newcastle 

336 + 6 

438 + 6 
365 + .5 

3S1 + '5. 
*274 +16 

442 + 11 
193 + 5 

The . reasons why Taiwan 
Will survive 14 

Economic Viewpoint: 

"■ Newsppak: a Christmas 

report 23 

Brazil: A dlabolieal answer 

. ’to urban iUs 4 

Easiness and the courts: 

W. German lockout battle 12 
Britain’s best advertising 
agency? 11 

Hard times for foreign 

. banks in S. Korea 2? 

Quebec to expropriate 
Asbestos Corp 27 

Van Doorne Transmissie: 

Development frontier ... 28 
Tokyo round table talks: 
Farm exports pact plan 31 


Airports and services 15-22 

201 - 23 
24 - 2 . 
: 61 2 

Appointment* ... 
Appoints. Advts. 
.Bialnm Oppt*. 


Eeoa- indicator* 
■ Entertain. Gotta 

FT-Acluarids ,... H 32 

Letter* 23 

In* 36 

Lombard 12 

Men and Matters 14 

12 Share Information 34-35 

Today’s Events ... 23 

TV and Radio ... 12 

Unit Trusts ■. 33 

Weather 36 

SeoL N'castle Bs. 24 


Angli Amer. Cpn. 14 

BOC InU. ........ 25 

Leeds Bldg. Soc. 
Lend. Mont, fftvBt. 
Base Lend. Rates 

For Infest Share Index 'phone 01-246 8026 

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be carried out with carp, 
concern and the meticulous 
application ol I hose skills 
developed through decades 
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Thus, reputations are built, 
institutions lounded, and 
integrity acquired. 
Goddard and Sinil h, in the 
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the acquisition «d prupei iv 
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Finaadal Times 

■"■“v • .;>• 

Metall plans Italy 

confrontation ovei* pay 

'’» ■ ■' - 'W .. \— • - 

• -.'Xt-i.' \'r 

- •■ - •s' ■ 


ROME — The Italian Govern- for. higher growth. 


meat and the trade unions 
appear set for a confrontation 

• The fundamental guidelines 
of the three-year recovery pro- 

over the imminent renewal of gramme are a reduction in the 
a series of national three-year public sector borrowing require* 


labour contracts involving some 
10m workers in both the public 
and private sectors. 

At the southern city of Bari. 
1,400 delegates of the key 

meat (PSBR) and the intro- 
duction of an incomes policy to 
prevent any real increases in 

•• In a conversation, the 

EONN — The West German reached. 

trade union IG-Metall an- So far nearly 40,000 workers 
nounced yesterday it planned to have been on strike 
widen the strike in the country's November 28. in the 

steel industry, which is now in Rhine-Westpbalia, Brem 
its fourth week. The union did Osnabrueck regions. I 
not specify when or where it 40,000 have been locked 
would take the step, but said it total of 200,000 are eii 
would act soon. * n steel sector 

The announcement follows the areas - 
breakdown on Tuesday of media- The employers have 
lion efforts by Herr Friedhelra said that if the strike v 
Farthmann. the Labour Minister into the New Year th 
of the state oE North Rhine- industry- would lose ma 
Westphalia. At the weekend, DM 500m (£13Dm). T1 
both employers and trade union that several domestic cu 
representatives appeared to now looking abroad fo 
have moved closer to a settle- are likely to agree lo: 

Engineering and Metalworkers Treasury Minister said the 
Union (FLM) are currenly Government was now coming to 

have been on strike since finalising their platform, which 
November 28 in the North has traditionally set the broad 
Rhine -Westphalia, Bremen and pattern of wages in Italy. Their 

grips with the country’s ever- 
expanding PSBS which will 

Community inflation average. Government's ' medium-term complete the details 
uideiine 5 according to Sig. Pandolfi, would economic plan were to be met year economic plan by the ena 
,-ery pro- clearly put the lira at consider- For their part, the unions, of this month. The pian^to oe 
able risk in the new -snake like the Communist Party, have debated early ^ new year 
despite the wider 6 per cent expressed irritation over -toe by the parties directly sippprc-. 
margin or 12 per cent band Government's decision to take tog the minority , cnnscan 
granted to the Italian currency. Italy immediately into toe new Democrat Administration oosig. 

To this end, the Government “snake" on January L In an Uiulio Andreotn, is vna ea jezr 
is pressing the unions to interview Sig. Luciano Lama, pected to represent a crpuai 
moderate new wage claims. But - the head of the Communist- test for the survival of the; 
the L30.000 monthly increases dominared and large^ Ifallai GoveremenL I . •- 

demanded by the metalworkers. Labour Confederation, CGIL,' ~ Following the totter 
exceed the Governments pro- warned toe Government .toe' ‘Over ItaMan EMS 
posed ceiling to avoid any real unions would not have their between the CtoBtxan 

kZtJZy* l&l 



CApaiJUfUg .WLLILil WJIi LCiliUfi hV AY fc V*U mwvw wwu « • 

total L33.600bn (£20hn) this- rise in wages during toe next bargaining powers conditioned . ;toe CommumsiBarai 

40,000 have been locked out A ^hire investment policies. 

three years. ' 
The unions 

as .a consequence of Italy’s : ists. which ail ftwm 

st«l sector in these {S^CmTSSSB. for^e fSSSA fsKn) Su.1 £ 

according' to ™6b! 

S£2£j£jS?£ “SSET Si? 

^ ft£VSS pi 

next three years. 

These demands, according to 

L6,100bn (£3.6bn) of public 

already “hasty" entry into the EMS. .. PartiamentaiY 
•uld pn The onions are also concerned are h 

1=8£ ** ** .™j msy prove sn 

Oc-iahru^ck reetons Another demands Include a greater say in year, accounting for some 16.5 three years. ' as a consequence of Itoly!s -b». wuen * 

4 f» ono have been locked out. A future investment policies, a per cent of gross domestic pro- The unions have already “hasty" entry into the EMS. . AnA . 

total of 200000 are emnloved shorter working week, and wage duct (GDP). The PSBR is to be - made it clear they would pn The unions are also concerned are 

iEl the steel sector to these increases averaging ■ some contained next year to no account accept any major that the EMS may prove tt'-SjKJEaE, 

areas L30.000 (£18) a month for the L37.620bo f£22.5bu) or 15.7 per changes in Italy’s automatic obstacle to the Governments '--SSL* 1 * 11 

T-h® pmni nwrc haw -rTmariv next three years. cent of GDP, through some system of wage indexation, declared intention, to promote a - TMteknwiaHe there 

sa^that^^^swi? \rent*on These demands, according to L6,100bn (£3.6bn) of public which currently covers up to series ofambitious jofrereating amenarirj’revira 

f«o toe New yS? thin tS S ^' ™PP« Maria Pmdolfl. the expenditure cuts. 85 per cent of lie eroding mvestments, parUcotoly in the:. 

industry would Jose more than Treaeur y Minister, are incom- However, this was only part effects of inflation on toe depressed south, and toincrease resian of the i 

SrSLSVi? TW Jv patible with the Government's of the exercise to maintain the salaries of workers in industry, growth from the low levels ^ toteiof 17 ter 

that several domestic awtomere ™ of reducing inflation rate of inflation, running this In the absence of any averaging barely 2 per cent, dur- ^gauw; factories 1 

“ Zf “52J through a medium-terra year at about 12.5 per cent, with- thorough revision of the present mg the last two years to . ah Swings have taka 

n0 f n economic programme to enable in a level of no more than five indexation system, Sig. Pandolfi annual rate of 4 per cent next -the last 24 hours. ] 

I Social* 
k of Ihe 
y how 
eminent ' 

DM 500m (£135m). They say 
that several domestic customers 

effects of inflation on toe depressed south, and to increase 
salaries of workers in industry, growth from the low levels ■ 

- Meanwhile, there, pas also been 
a menacing revival of political 
.terrorism, especially sn the north- 
ern region of the veoeto, where 
total of 17 terrorist attacks 

BARCELONA- — • “.When. SEAT , 

moves, Barcelona trembles*” 

. is a local proverb dtod.toy 
both unions xmd employers io_ 
express., toe industrial muscle 
. of the workforce of ^Spain’s 
largest car. manufacturer.TSrith j 
factories in end - near- Bar- l 
ceiona, as well as-xtbe old i. 
Leyland plant in ' Pamplona, i 
. SEAT is the countraSs, largest 
■ indu'd rial employer?- . « 

men ton the key issue — progres- contracts — meaning some bosi- 
sive introduction of a 35-hour ness may be lost for good to 

now looking abroad for steel through a medium-term 
are likely to agree long-term econo^c pro^mme to enable 

.mnoninn coma tll0 112^ tO rCDiaiD 1115100 UlG 

working week. But draft com- 
promise proposals, involving 
more holidays and free shifts, 
were then rejected by the 
union’s key decision-making 

Herr Kurt Herb, one of the 
union's leading negotiators, who 
announced the planned exten- 
sion of the strike ; said the 
employers had only themselves 
to blame if the strike went on 
into the Christmas period. A 
further improvement of the 
offer to the union was essential 
if a compromise we re tn be 

But draft com- the West German industry, 
sals, involving Further, several West German 
ind free shifts, vehicle builders have made 
jected bv the clear that they will be unable 
decision-making to guarantee full production 
after mid*January if toe strike 
*rb, one of the continues that long. One of 
legotiators. who these, BMW. said yesterday it 
planned exten- had no immediate plans for 
trike, said the short time work, 
nnly ' themselves Meanwhile, the union is esti- 

strike went on mated to be paying out about 
nas period. A DM 15m a week in strike pay — 
ement nf the one of the factors which pre- 
,n was essential viously suggested an extension 
ie were t» be of the strike was unlikely. 

new European Monetary System the European Community. Any 
(EMS) while laying the base larger divergence . from the 

Ul IUC CACiuat IV uirtiiiiOJU uic “ • jT *vn ^ tOBol QT U LoTTK/lltfii L 

rate of inflation, running this In the absence of any averaging barely 2 per factorfea and public 

year at about 12.5 per cent, with- thorough revision of the present mg the last two years to. .ah - HnihMjig s have taken ntoce tiucHoe 
in a level of no more than five indexation system, Sig Pandolfi annual rate of 4 per cent next .-^e last 24 hours. In Naples^ ex- 
points over the average rate of claimed new monthly wage year. '* - taremists wounded a pobce officer 

the European Community. Any increases could not exceed The Treasury Minister said , during a terrorist raid at . the 
larger divergence . from the L10.000 if the guidelines of the toe Government proposed to' rity's m ain airfield. 

EEC and 
closing gap 

Brezhnev takes conciliatory line Swedes cut 

on Washington— Peking accord 




•oeto. where industrial employ^-:*'. . t 
cist attacks Current tremors, -however,, *re , 
and public Ukely to -be Xeit:«5©el'^ond . ' 
place iduisag Barcelona. .V.-; . ■> 
Naples, ex* An estimated 3.8m-, workers are 1. 
lottce officer due to settle ^tige 

raW at the agreements hrfoie toe } end'^f ; 

this months wtol e etopkiyers . . 
are refusing to open.^egisti^ , 
tions Otitil a acw.^f^itlcaiT^id ) 
Ailt - economic package ^ls-:«greed ; * 
V'U.I. - .witir.' the ' G.c^eijiniest^aBd 
unions."-, r ; 

i This would rep^cb thfeiKbh^ii . 

Pact guidelines, ..Agreed ^n 

■ n^r- 

Gaullist party suspends 
Peyrefitte’s membership 


PARIS — The Gaul list party 

machine yesterday hit back at 
M. Alain PeyrefiUe, the Justice 
Minister and one of the leading 
critics of 1.1. Jacques Chirac, the 
party leader, by temporarily- 
excluding him from party 

Subject to a final derision by 
tile cenlral cumiuittee of the 
RPR. M. Peyrefitte. the senior 
GauJIist minister in the Cabinet 
and himself a former secretary- 
general of the party, will be sus- 
pended from party membership 
for six months. 

The move, adopted by a Targe 
majority of the departmental 
federation of M. Peyrefitle's 
constituency, marks a dramatic 
escalation uf the internal party- 
row. originally sparked off by 
31. Chirac's virulent attack on 
President Giscard d’Estaing's 
foreigQ and, particularly, bis 
European policies. 

M. Chirac, still in hospital 
following a t-ar accident, is 
dearly going all out to 
re-establish his authority over 
the party, which has been 
undermined by the sharp 
criticism of his leadership by 
the old Gauliist “ barons." 

The latter consider that 
if. Chirac is more interested in 
feathering his own nest, iu 
anticipation of the next presi- 
dential election in 19S1, than in 

giving the party a genuine 
political strategy. 

The immediate cause for M. 
Peyrefitte's temporary exclusion 
was his description of M. 
Chirac’s attack on the Presi- 
dent's -foreign policies as 
“excessive" and his accusation 
that the Gauliist movement was 
in practice being run by a 
group of " four occult political 

M. Chirac took these state- 
ments as a personal affront and, 
judging by various declarations 
made by the Ga uliis t parlia- 
mentary . group and depart- 
mental federations, he has a 
great deal more grass roots 
support than his critics inside 
the party. 

M. Peyrefitte said after the 
decision to suspend his party 
membership, that he was asked 
to write a letter of “excuses 
and mortification ” retracting his 
criticisms of M. Chirac. “ I burst 
out laughing and said that this 
was out of the question." 

He said he had never in- 
tended to insult M/ Chirac. His 
letter to Gauliist Members of 
Parliament had been intended 
merely to remind them of one 
of the fundamental principles 
which General de Gaulle had | 
bequeathed the party, namely 1 
respect for the institutions of 
the Fifth Republic. 

Union rivalry hits strike 


PARIS — Policy differences 
between France's two main 
union groups threaten the effec- 
tiveness of the national demon- 
stration which the Communist- 
ied CGT has called for today. 

The rival CFDT has refused 
lo support the strike call, which 
was provoked by the Govern- 
ment's recently - announced 
higher social security provisions, 
and by redundancies which 
already have led to bitter 
demonstrations in the steel- 
making areas of eastern France. 

The action was further 
weakened by the CGT's decision 
not to call out workers in the 
public electricity service on the 
grounds that consumers 
suffered enough from Tuesday's 
involuntary four-hour power 

The strike’s main effects are 
likely to be felt sm the railways, 
in the postal services and in the 
daily newspaper industry, which 
is expected to be shut com- 

Construction, armaments and 
engineering companies will also 
be affected with disputes lasting 
from a token 60 minutes (at 
Renault) to 24 hours. 

The handling of the demon- 
stration has highlighted the rift 
between the CGT and CFDT. 
Rather than support the strike, 
which it has dismissed as 
“ unrealistic," the CFDT has 
been urging its workers to seek 
higher wages to compensate for 
higher social security contribu- 
tions and to take local action 
against redundancies. 

By Guy de Jonquieres 

the Greek Government 
appeared late yesterday eve- 
ning to be moving towards an 
agreement on the final terms 
of the arrangements for 
Greece's admission as the 
tenth member of the Common 

But after more than 12 
hours of intensive negotia- 
tions, during which both sides 
made concessions on the 
crucial issues of agriculture 
and the treatment of migrant 
workers. It was still unclear 
whether a conclusive deal 
could be sewn op at this 

There were suggestions that 
a further round of talks might 
be needed on Friday if the 
EEC were to fulfil its pledge 
of “ breaking the. hack " of 
the negotiations by the end 
of this month. 

At- issue was the speed at 
which Greece would be per- 
mitted to align itself with 
EEC policies after entry. The 
Athens Government is seek- 
ing the shortest possible tran- 
sition periods, but France and 
Italy want Greek agriculture 
to be integrated only slowly, 
while West Germany U 
Insisting that the principle of 
free labour movement be 
applied to Greek workers 

The Greek delegation, led 
by Mr. George Raids., the 
Foreign Minister, was yester- 
day evening considering an 
EEC compromise offer, nnder 
which the maximum transi- 
tion period for agriculture 
would be seven years instead 
of the eight years previously 
sought by France and Italy. 

The EEC was also prepared 
to shorten to five years the 
transition period for several 
key products, notably wine, 
lemons and mandarins, while 
also offering Greece financial 
assistance for its cotton crop. 

The West German delega- 
tion, which had previously 
insisted that Greek migrant 
workers should not be allowed 
full aecess to EEC labour 
markets until eight years 
after entry, also softened its 
position,. demanding only that 
the transition period be no 
shorter than the maximum 
period granted to other 

The Greek negotiators, who 
bad originally sought a maxi- 
mum transition period of five 
years for all sectors, appeared 
ready to agree to extend this 
to six years for agriculture 
and migrant workers, leaving 
a relatively narrow gap to be 
bridged between the two 

THE PERSONAL message from _ _ 

Mr. Leonid Brezhnev, the Soviet know they cannot change, how- — to underscore their oft-avowed STOCKHOLM—Tbe " Swedish jnicalijr fall-is^toiir 'thht'^inirt i 
President, to President Carter, ever, and deeply concerned to commitment to peace and closer p ar iiament has passed a Bill' - in toe aBsefice.;of Tiew $niae-"4 
which reportedly termed U.S. make gestures of goodwill relations with the U.S. ... providin'* for a 20. per cent ^lines. .• . '• . y : ' 

recognition of China a contri- toward the U.S. as a new SALT Mr. Andrei Gromyko, toe eduction in large shipyard The Government, however,- jai^“] 

bution to peace, probably re- treaty pears completion, they Soviet Foreign Minister, capacity over the next two years. Visages wa ge. in creases. ' for ! 

fleets the sober Soviet realise- apparently chose a diplomatic arrived in Geheva yesterday for Bul through a compromise by next year.^ nn more- than, j 

tion that the U.S. cannot be and conciliatory approach. SALT talks with Mr.' Cyrus w hirh rhe minority Liberal 12-13 'per Cem; ^wi3fie-:neg&.^' 

Faced with a situation they through Mr. Brezhnev's message I . . WtHiam Du! [force 

know they cannot change, how- 

President, to President Carter, ever, and deeply concerned to 

which reportedly termed U.S. 



recognition of China a contri- toward the U.S. as a new SALT 
bution to peace, probably re- treaty pears completion, they 

Cd UdLIlV ' The wage ceiling estabtished by f 

vupuvn; . - the Moncloa ^ I ' 

B, Willie D.nwc ! . 

STOCKHOLM— The ' Swedish jnicaliy- faU-_witohr toht’^inif£: ; -.1 
Parliament bas passed a Bill' in toe 

providing for a 20 per cent " lines. *•.. 

tion that the U.S. cannot be 
pressured over the issue. 

and conciliatory approach. 

Tbe greatest concern of the 

The text of Mr. Brezhnev's Soviet leadership appears to be 
message has not been published not that the U.5. and China now 
in the Soviet Press but Mr. have closer ties but rather that 

Carter said it was very positive those ties may enable China to 
in tone, a sign that the Soviet create problems between the 

not that the U.5. and China now 41 David Buchan adds fra m 
have closer ties but rather tha t Washington: The Administra- 

Vance, tbe U.S. Secretary of ca biD et won the Social Demo- 
State. " -crats’ votes for toer Bill the 

• David Buchan adds fram employees affected . will he 

3ugh a compromise by next year'. ^ noV more/than . I 

the minority Liberal _ 12-13 'per 

won the Social Demo- ; \tjations op a j 

leader decided to go beyond a Soviet Union and U.S. 
simple bow to the inevitable in Pravda. the Communist Party 
his messsage to President Carter newspaper, today quoted Rude 
about China especially on the Pravo, the Czechoslovak party 

Soviet Union and U.S. delight to President Brezhnev's 

Pravda. the Communist Party personal assurance to Mr. Carter 

tion has reacted with a tinge of aud 1980. - 

Under a second compromise 
delight to President Brezhnev's ^ sroall and medium shipyards 

crats’ votes for the Bill the - viract- betweett-j-umotifrfjdhdVj 
employees affected . will, be '-'employers have— ^caGapsed^ ( 
guaranteed work during- 1979; -j-with litile prosperi-.;pf;flgr8e^-: 

.J tnon ' Tnnnl. i\ntnTa‘ naM u 

id 1980. - - : . . ment before' . neTrt^yearr.";;-^- V { 

Under a second compromise t 

eve of the latest round of SALT daily, as saying that China was 

talks which open in Geneva 

Pravda. the communist Party personal assurance ro jht. <-arter f0 be % ept toted until their 
newspaper, today quoted Rude that the new American-Chiaese prob i eins have been investigated 
Pravo, the Czechoslovak party diplomatic ties will not damage {. p pPW f . nT n mi<rg k>r .' 
daily, as saying that China was relations between Washington The Bill in its final shape was 
"aiming to create an unfavour- end Moscow. ■*• 

decided- to, press { 

the new collective hstgaicdjig - \ 

able atmosphere for detente and 


harshly criticised by the former 

the new coUectrve haxgaiciiig - 
. agreements’ arid- 
works, councilha^set the. pace 
with' arbktim vl7/pen:pen£. 
- which in the; ijmjooV 'Yiqav 

It is virtually certain, how- sharpen contradictions between interview: *• I can say without 

ever. that whatever Mr. 
Brezhnev may have said to show 
his commitment to peace the 
Soviet? take no real satisfaction 
from the new, closer ties be- 
tween . their . most . powerful 
international adversary and 
their most implacable one. 

the U.S. and the USSR.” 

It is this prospect which must 

any doubt that our relationship 
with China will not put any 

Minister of Industiy; Mr, Nils] . 

Aasling. who was responsible I. tihely rate cu - tofepiQn . v > 
for the creation of Svenskk Varv. , 

have been uppermost in the additional obstacles in the wiy 

real satisfaction minds of the Soviet leaders who 
closer ties he- were presented with the ex- 
most powerful pected but still unwelcome U.S. 
adversary and recognition of China and took 
acable one. advantage of the situation — 

of a successful SALT agreement 

the state shipbuilding company 
which controls tour of the five 
big Swedish yards . The fifths, 

w a,SD riLTh radaI, ,r «“ r Kot'kum^ is also now in pro“<£ 
wit w,th ®*5r of being taken over by the sfate* 

SOV^et Union. _ ... . Ttia tr. 

The : unions -- which - 'Control' 
Barcetona'i . iadtotpal. 1 belt— \ 

principally tbev'-Gommunisf-. . ; 

.led • Workers* ssiori^ ; . " 

Editorial Comment, Page 14 

Gromyko dampens SALT hopes 

of being taken over bytoe stator w 

- The guarantee to redundant - i tee .beg^ ^a vpha^d cam- ^ , • 
workers was a dangerous pre? - PmgH ;oF-..actto^ was . . 

-cedent. .It opened up lie 'V"'- ' ' ' 

prospect of a completely static . b^es; toe.*i_]ted - Sqaare ■ «... . 
labour market instead of /.the' '..ajongadn^ v-SEATs. . mMii 
greater mobility among woricers, 

top redoction ln state interven- Tius ^ duc to^be ^foflow^ by ; f .-. . 

ticSand the greater reiiance on -. 24-bour^stnkea. af ter^ Chnst- i 
market forces.. -,wbicTi; v .tot % 

Liberals, professed to believe. ia^ - Y^ ^jf necteMiy, nmun ^ 

Mr. Aasjing said. - - - : leadera say. by stnkes pf ua- :: 

The -Bffl would also ti'e'up-m -^definite ..duration, .£ ■?. ■ • ' . : [|i, _ „ 


GENEv'A — Mr. Andrei 
Gromyko, the Russian Foreign 
Minister, yesterday poured cold 

reports from Washington over 
the last few days have suggested 
that tbe meeting here would 

market forces,., .whicli - tbc 
conclusion of an agreement in. Liberals, professed to believe. in, 
the next two days was “too Mr. Aasjing said. . - 

water on suggestions that the finally pave the way for signa- 
U.S. and the USSR would com-, tore of the new treaty at a sum- speculation here that Moscow I billions of kronor whidu coniff 
plete the • negofiatiou of a new mft metins between President might not want to appear tool have been used for offensive^ 

much to hope for." 

His remarks led to immediate 

if* ' 

The Bill would also tie up-in 

strategic arms, limitation treaty 
iS.'LT 2; in Geneva this week. 

'1 do not foresee the conclu- New Year. 

Carter and Mr. Leonid Brezh- 
nev. the Soviet leader, in the 

a Lie iuiu w-vtuve us up'au . __ z ■ .;».T •• h- 

state spending and guarantees, ^1* • campm^.- ha s^d tawn in 
billions of kronor whidi- coulff ’ pf 'Bax^qtms^. lai^e 

have been used for offensive - .. stgiueeraag compapK, to- 
investments in. other branches : .dfadrag Motor Iberica, E egaso< 

sion of ;>n accord at this time." 
he said ir. an official statement 
on arri.-al at Geneva airport. 

Mr. Gromvko is here for two 
days of talks, startiug today, 
•■-•irh Ttir. Cyrus Vance, the U.S. 

Mr. Gromyko confirmed that 
i be Soviet Union wanted an 
aerreement “as soon 2 s possible. - * 
adding the hope that this week’s 
meeting "can take us consider- 
ably nearer to the realisation of 

enthusiastic about strengthen- investments in. other, branches V.widiag.fitotor Ib«ica,.KeEasa l i 

ing U.S. -Soviet relations so soon of industry. • ' J,. ■ '. mspano- .Ofivetti, Mid . Hyny. ^ :j f 

after Washington’s decision to The non-socialist The ^maimi national ;• • 

s __ -u. nui o ~ sectors which wtil he. affected ' 

Secretao - of State. Optimistic this goal." But. he said, final 

after Washington’s decision to 
recognise the Chinese Govern- 
ment in Peking. Another possi- 
bility is that Mr. Gromyko wants 
to leave the prestige of conclud- 
ing the final deal to President 

Anns talks. Page 4 

Romania urges defence cutback 


ROMANIA, in a move ing. It maintainei 
which is likely to deepen its expenditure sbo: 
isolation within the Warsaw to “ rational 
Pact, has announced that it will thus effectively 
use defence funds to finance an differences with 
increase in child allowances. It Union and other 
has also called on countries hit The political e 

ing. It maintained that military overall effect on Romania’s 
expenditure should be kept defence effort, which, by War- 

which Mr, Aasltogiwas mlmstex, 
proposed in June to reduce the 
number employed In Swedish 
shipbuilding by some 9,00Q 6ver 
three years.; The new Act will 
affect about 4,000 jobs. 

Under the earlief . proposal 
two of the four big yards would 
stop building ships And switch 
to^ other, heavy engineering jpror 
ducts: : The new Act allows all. 
four yards to continue producing 
ships, Jt also raises the limit 
for state credit guarantees. ~to 
SKr ' 17bn (£1.95bn). . Offers 

are toe car todustry.-banking, | ■ r ; ~. 
railways and oommunicati ons, - ] v 

. railways and communications/- v 
aiad toe -capital ;■ ^goods-! and • - 

; - electronics industries." - .. -~-~~ 

A- similar last year, ' ^ .. 

hefote ■■ ifae^ signtiig^ of 
• Mondoia Pad; - was solved- by : . 

inserting. ;a.i;:;ietrpactivit 3 r . 

. clause. In otiier 'Words, vra®e - 
■- agreements itod^riegotiatiait " 

before the jw^age v/as agreed . 

•--.were -made..^ .retrospectively . { v 

’ svdiject to th& Zl pet cent : : 

: giiidelinei. '.-; ;.i .; \ v - 

by the OPEC price rise to offset niittee. 

to " rational limits,” and 
thus effectively widened its 
differences with the Soviet 
Union and other allies. 

The political executive corn- 


saw Pact standards, is run on a 
shoestring. Yesterday’s com- 
munique said that the move 
“will not affect the adequate 
endowment of the armed 
forces," but there will clearly 

SKr S.78bn in state support for This caused friction, but less 

?— — . — - __*Ji _ __ — ■ ff* iiiinlit TV naira jVhnA rnizvo . 

the economic effects by trim- policy-making body, agreed to have to be retrenchments in 

ming their defence budgets. raise family allowances by up to some sectors, a fuel-saving cam- 
The announcement reported 500m lei (£20m) next year- paign is already under way in 
by the official Agerpress agency, apparently to compensate for tbe vital ordinance branch of 
is the first indication that price increases in children’s the Romanian army. 

Romania intends to stand by its clothing. The allowances were to Agerpress also condemned the 

some sectors. A fuel-saving cam- 
paign is already under way in 

pledge not 

Agerpress also condemned the 

raise military be partly financed from the OPEC price rise and said 

shipowners .placing orders with •. than tt might-have done since • 
the yards, and sets up a SKr'ibn higher^ - settlements . -went •• * 

development fund. . . t : .through" togi er . -the ; .cover, of 

. ^produEtiv^-^onusesi '-or "by ! 

aubp^cting . einplpyere' social 

tv iV,'*. ‘ , . - security: contributions from . 

L/UlCll DnDGS Claim the overall dam on which r in- ] 

Papers Sieging thot-a senior CTe ^ s 
Dutch airiine official too* bribes ' ei ^ ag cashr-settie- ^ 

from McDonnell Dou^aSy toe j 

U.S. aircraft manufacturer, -have 

been .sent, to toe Amsterdam - 15 " re !P g A t ™ - experience, j 

Dutch bribes claim 


' Papers alleging toat-a. senipr 
Dutch aMine official took bribes 

expenditure in line with its military budget which, as passed would hit developing countries 

Warsaw Pact allies. At a pact by the Romanian 

summit in Moscow last month, last month, called for 12.4bn lei 
Romania rejected proposals for expenditure in 1979. 

an increase in defence spend- It is difficult to estimate the 

Parliament hardest of all. To offset the 
: 12.4bn lei damage. military spending 
should be the first area to be 
itimate the cut. it said. 

Public Prosecutor by the- Minis- 
try of Transport, writes 'ChaxleS ■ 
Batchelor in Amsterdam. The; 
unnamed official -is alleged to' 
have received $200,000 to 1969- 
1976 . . .. . 

Herr Walter Scheel has criticised bluntly his countrymen’s attitude to unpopular views, writes Jonathan Carr from Bonn. 

West Germany given a lecture in democracy 

WEST GERMANS have just re- 
ceived a tough lecture from an 
unexpected source about the 
defects of thaLr democracy. They 
have been told that too few of 
them are ready to defend un- 
popular positions, that -they are 
too rarely .prepared to examine 
the differing opinions of others, 
and that the most important con- 
crete issues facing the nation are 
being handled ever less by Par- 

On the contrary, according to 
this criticism, -the main argu- 

But rarely bas he been so —goes far to support the case 
forthright as in Ms speech last . he made. 

had announced a change of tac- 

in turn brought 

week at Bonn University where 
he appeared -to choose the 

The radicals decree has been 
a source of bitter argument in 

tics and said they planned to increasing sense of outrage, 

arhipoa tVioir aime hi- « “ Inn* in the rarant etatamani 

entirely between two camps — 
one Insisting that those who 

achieve their aims by a “ long typified in the recent statement support toe Radicals Decree are 

But that will mean both sides 
most swiaHow some .of their 
principles which will prove 

march " through the state’s insti- by the Mayor of Hamburg. Herr not true democrats, the other much harder rafter three weeks 

West German public life for tutions. And that threat brought Alfred Klose, that he would arguing 

lie debate, not just of this or 
that individual political issue. 

more than six years. One of the 
slogans used to describe it by 


its fiercest critics-** Berufsvef- that 

mans go about trying to deal with 
all issues. 

hack vivid memories of the col- rather see 20 Communists in decree toe democratic state can- 
lapse of the Weimar Republic — public service than 20,000 young not be maintained. Running a 
that *■ most democratic of people intimidated into fear and very poor third were those who 

of strike action -and mutual, 
public recrimination. 

.-They argue that wage claims, 
last, . year ; outstripped .- the. 
'growth in the money supply 
by at least 5 per, cent As a . 
'result,'; they''; say,: mbney in 
; nu-iCuJritlon lias increased by : 

- arbund'50 per. cent in- the 12 
months' since toe -Honcfea 
•Pact was signed, wh^ : dre<fits.: 

. . 4o* indhstiy are. up hy only.10 . • 

• ;• per cent '-.h . ■ ■ -. r ;: 

They are going along with toe 
Government’s^'- attempt . 'to 
^reverse; toe, syuatkm .-. tori' 
year '^' by: u wage ,-ceiling .of . 
_ - 12-;3 per cent and: limitation, 
'iff the. ntoney . supply to 
; 15 - per'Tit'st — r . 

will resist .union -attempts to 
. , push * through, higher : : settle-' 

*. 'meats before tori package" is:'* 
-agreed. - - * .. . - '.• y, 




*".ias s 

even been taken up abroad and 
Herr Scheet said that Germans used on the assumption that it 
anaged to turn discussion of correctly describes the function 

(employment ban) — has democracies" as one of its ill- political inaction 

meats occur with-rather than W ould relinquish 
.-■rthin— Parliament and other 

managed to turn discussion of 
every problem, however small, 
into an argument over principles 
which, of course, neither side 



it — which functioning of the decree. 

not De maintained. Running a Such examples , can be' 
very poor third were those who extended well- beyond the list 
suggested Chat in theory both mentioned -by Herr Scheel. A 

tolerant towards Over the last month or two. 

those determined to use it for the Federal Government and its 

coalition parties have tried to 

sides were correct but tbe prac- 
tice had to be improved. 

recent panel; discussion In Bonn: 
oh toe - causes and possible 

coalition parties have tried to cause a dispute over such a 
produce clearer guidelines: for topic to be particularly heated 

Clearly reasons of history cures, /of ..domestic. . .nnemploy- 
hise a dispute over such a ment proved .. fruitful for the 

example, limiting the extent to in West Germany. But the argu 

state bodies. When the discussion Thus the arguments led ever 

becomes lough, the state organs further away from solutions. The 

retreat from the fray Doling that 
they alone have the constitutional 
competence to decide on the mat* dispute. 

Many West Germans have be- 

people. he declared, were bored 
with months-long discussions 
in Parliament over which party 
was more opposed to terrorism 
or which most supported 

The “decree on radicals/' also known as the 
“ employment ban,” has been interpreted in so 
perfectionist a way that even engine drivers and 
municipal gardeners have been questioned about 
their views. 

which public authorities have to ment about a 35-hour working 

check with toe Federal Office week — at the core of the current employers, the 

(a, D.a,aa«-Ah n£ it,. PA.-ilfii j. A aW j > T ' . 

audience— but apparently, much 
less so for the main speakers, 
Representatives of Government,: 

Wide dB^uptioair^; 7 ; ' 

The prospects^ are .nq^Jiflgbt 
on .either '6ifle. unions ■ c: - 

Hon- pf tbe >pehdJiig-: wage . ] I 

- -;.j >; r . : 

refuse v Vdperi'-n^gatiatioas .. =.../>' •- 

untS Jhe -TBaioos-^gijgetotoe^.- ^ j r..“ 

. ! GoVeranient , s' l . , >;;- : sttiB£e$,xed ' J 

for Protection of the Constitu- strike in the steel industry— 
tion when applicants present has proceeded on similar lines. 

Office 7 and academic 

ie fkeri'SboS- - Retina, toere-^fitwmg 

themselves for a post. 

Further, the questioning of 

The issue has been before the 
public here for at least two 

them-tooto and nail against .one I • 

a candidate must be in reason- years now— with employers and 

hearing freedom. 

criticism of -their -democracy both 
from -abroad and from a minority 
bl home whose confessed aim is 
to install another system, by 
force if necessary. But the -new 

able relationship to the job he 
wishes to take up. And member- 

The English had successfully 
maintained the traditions of the 
monarchy but filled them with 
democratic content. “We fight 

wage, agreemeafe^are 'al&Wad' 
occur to toem that their viewsJ t 

ship of a party whose aims are in with technical reports on the 
hostile to the constitution impact on employment and costs 

were pat mutually exclusive— 
that a. synthesis, would have- 
brought much ? light ob an 

of the decree. The original their own purposes, then eradi* 

, - f r 'J nUTXr so long and hard for the outward 
stotetures come from none other . f 

intention of the measure, agreed cate it. 

should not in future auto- 
matically rule out a candidate 
for a public service post. The 

than the Federal President, Herr jjattUy havellme^ and^nergy left Willy Brandt and the Prirm 
* al £ r S S?Sr to for democratic* content!"^Ierr Ministers of the Laender (th. 

tog the end of bis fi 5 st T a ° d , pos ‘ Scheel said There were those federal states), was to proven 

5 those fundamentally opposed t; 

nmee a^rriSiSbewmere. ho was being somewhat too nega- the -free, democratic order 
nnwnpd for speaking out MunUv tive about German democracy. fr o m obtaining jobs in PublK 
Sn ^ve^r 8 SeS But the public disputes over two service and undermining the 
always to the liking of trie Social issues mentioned by Herr Scheel system from within, 
Democrat-Liberal coalition Gov- —the “ decree on radicals," and. At the time, it seemed to manj 
ernment in Bonn, of which he the current demands for moves that such a measure was needed 

for democratic content," Herr Ministers of the Laender (the in some parts of the country 

^ 1 . 1 . • .1 mi etotoc \ ume tn nTAVonl' 4 hnn • ws ntKow > 4 >n iiinrct 

Scheel said. There were those federal states), was to prevent than to others. At its worst. 

in 1972 by the then Chancellor But since 1972 the decree has judgment must be made on a 

Willy Brandt and the Prime been applied more stringently case by case basis. 

e al.- t . 1 - *d,.«. : «. : - c.. £ 

employee organisations, and were pat mutually exdusivS- . - 

economic institutes ay weighing that -a. synthesis, would ’hav* - ! 

in with technical reports on the brought much ' light ob in ■ ' 

impact on employment and costs apparently intractable problem. The St ’ V 

of such a move But the upshot . « would he absifrd tn mAr"- v 

“ ’ 4re „? t ? el “WT been -thet tfie .Germans ere 47^' " " 
Lfw P ISl0n 0Ver ^u, nn ^ pIes ones to demonstrate lidT- tf . woirlSb^SviS^ NaaS- 

f0rce flexamty, Bbtit WOUld he.Jurt /guard in tlfe 

But it is far from dear that 
the opposition parties at federal 

,/vMean frKjLtcatibp 

hPh^ 0 iS ‘ On ■ 0V6r one * ’^5 ' demonstrate jicFNS .^AT 

betereen an irresistible force flextoitity. But it would.lie ^uft /guard Jn tHe Span£Sfe , 'l 2 ®bar 

^Thl n ? “ wrong to deny Herr. ScbeeL ? 'Ynbjmm'ent. 

I™ 011 ® 1 ? SISt ttat tough points about his v -;owfr , ’ pany - itself w 
ine nrst step must 'be taken countrvmeai^e President 


-i-. , 

as wrong to deny Hera SdteeT^ ? 'Ynby%m'eto. 

his tough points about- his v -;owh . ' pany.- itself- w '^er 

cquntrymeai 3 iie President tsfls >;third^ wmeffttSgB;; 

used to be a' member. 

towards a 35-hour working Week not least since extremist groups their views. 

—have been questioned about result? Herr Scheel nates that hour week not explicitly spelt such &n^rttitode can be l iW/rrrX'^sa^. 

t'hft rllonntA Yioe Woati ilrvwwt «vuf 4 m ttm fw pti wl nj . A- _ i . ■ • V • •• r . 1 * 1 DH" "JUntmtl ■' Rwnrmrf. 

if am amp/ 




V J. •• ^- ■; J* ■' 3* ■■ ? -i '-'^- - • '■ ■*;, ■•: •■.'■'■}'•' ' i- •“'■ '■ ".' .' ,' ' , "_.' 

v '• /. " Sfeffl 2 ^ r psfe^^feirsday Deceiaber 21 1978 

Sk gjffi — 

Vi 5ft- ; 

_ _.j. _ 



aircraft attack 
in Lebanon 







; TEL AVIV— -Israeli. aircraft 
attacked Palestinian guerrilla 
bases, in Lebanon today; in 
retaliation "imp -series _ot bomb 
attacks Uf feraei 'daring the 
past mouth which leftfour dead 
and 67 iniured/an Army, spokes- 
man bos announced. 

Six people 1 were’ Injured yes- 
terday morning When - &-- bomb 
exploded in the old city of 
Jerusalem. Earlier: this week, 
22 -were injured when ^ bomb 
exploded on- an Israeli bos in. 
the city. . :- 

The Army '.spokesman —said 
today the. air s&ike agaiaSt Jhe. 
training basis ^ lasted " 15 
minutes, : axRT that' “ good' bits " 
were reported- The" bases were 
near Debar. El Bourg. Kasamiya 
and Bourg El ShimaJia. he said. 

Thsan' ' Hljazf adds Pom. 
Beirut: ‘ The aircraft attacked 
Palestinian positions in and 
around the port of ' TVre. 45 
miles south of Beirut . .There 
were no immediate reports of 
casualties, but guerrillas opened 
fire on Israeli gunboats. 

This Is Israel's first strike in 

Lebanon since September, when 
“Israeli’ gunbhats '- bombarded 
Beirut - in retaliation >for a 

guerrilla attempt to attack Jhe 
Israeli port of EiT ' 

Ciiat, oir’tbe. Red 
Sea'.' . .V;, ... 

The jets also flew orer Sidon, 
about ^J miles nnrtlf of lyre- 

Tbe raid coincided with a 
partial ■ Lebanese' * Cabinet re- 
shuffle, in which army, com- 
mander ; - Maj. Gen. : .Victor 
KBaury, the Army commander, 
was- appointed - Minister of 
Defence, in place of Mr, ;Fuad 
Butros/ who retains Ms/post as 
Foreign Minister.) “:,7 

Meanwhile, Israel has stuped 
withdrawing -military > equip- 
ment from occupied- Snail,- be- 
cause of the stalemate .in; the 
peace negotiations with. Egypt. 

"The Army began transferring 
stores from Sinai *p [Israel a 
few weeks ago; . expecting that 
a peace treaty would, be signed 
by mid-December. 

The, failure last week erf the 
U.S. mediation missioned to 
calls in Parliament for-* sus- 

pension of the unilateral 
evacuation of equipment 
Mr. Ezer Weizman, the 
Defence Minister, ordered the 

withdrawal to stop two days 

ago. after Israel had rejected 
Egypt's new proposals for over- 
coming the crisis in the talks. 

But the Army Is continuing 
to construct bases behind the 
proposed interim withdrawal 
line in the Sinai peninsula, as 
well as behind the international 
border to which Israel pledged 
to withdraw three years after 
signing a peace treaty. 

Israel started these projects 
before a peace agreement was 
signed to ease the pressure on 
its Transport Command when 
the withdrawal moved into top 

Mr. Moshe Dayan, the Foreign 
Minister, was due to leave for 
Brussels today to meet Common 
Market Ministers. He plans to 
explain Israel's reasons for 
rejecting Egypt's proposals, as 
well as to seek preferential 
terms for exports of Israeli 
produce to the EEC. 

Problems delay Egyptian budget 


• m c< t 

-CAIRO — The." -difficulties 
being experienced by .the Egyp- 
tian Government in drawing up 
the budget, for 1970 surfaced 
yesterday with, the announce- 
ment that the final, draft would 
not be p ublished until .well into' 
January;; -. 

Following tafcbetweeh Presi- 
dent Anwar Sadat, Prime Minis- 
ter Mustapha RhaKI and senior 
economic ministers, it was stated 
that the. 1978 budgerary period 
was being; extended for another 
month in order to provide time 
for a series of essentially poli- 
tical consultations. 

On January 1 the Government 
is due to increase interest rates 
by another 1 per cent, - making 
the centra] bank disebuht rate 
9 per cent and the rate charged 
by the commercial hanks. 10-11 
per cent. Savings. v4?d time 
deposits will be increased to 
8 per cent. ■' .'l-.- - 

The Government’s task has 
been complicated by what is 
understood to be a significant 
increase in the forecast budget 
deficit for this year, under- 
spending by some $600m bn 
investment projects, and by the 
need to, keep within the fiscal 
ceilings agreed with the IMF. 
At the same thne the Govern- 
ment is pledged to undertake 
the first measures in a thrqe- 
year programme of structural 
reform which includes final 
action to unify the- country’s 
two-tier exchange rate mid bring 
domestic interest rates- more 
into Rue' with • fpterhatibnal 
l^ete. • . ' 

However, the immediate task 
for the Government’ 1 lis ■ to 
control the growth of current 
expenditure and particularly 
the bank-financed element of 
the budget deficit. Dttrtog a 
series of meetings over the past 
few days ministers haverbeen 
concentrating on - a/ politically 
sensitive area . of '^subsidies 
which take a substantiiF.part 
of the budget, methods of 
improving the efficiency af the 
vast public sector, .measures to 
check the . widespread .- tax 
evasion, areas in which revenue 
could be increased via! direct 
taxes, the servicing of external 
debt and ways ef .increasing 
domestic savings. -T.-V v . 

Although’ the' list Js.very 
familiar, there are some 1 indica- 
tions that the Government is 
aware that any further d#ay 
in * Implementing • s&uctdo*’ 
reforms and: checking thb'cwv 
summer boom, conld sootf be^it^ 

to have damaging effect on the 
country's improved external 
payments situation. Mr. Sadat 
has decided that he will chair 
a special meeting of the parlia- 
mentary members of the 
National Democratic Parry in 
order to discuss “ basic issues 
and a fixed policy for economic 

As a result there will uot be 
a budget statement to Parlia- 
ment until perhaps the middle 
of January, and this could be 
further delayed if during dis- 
cussions of specialist committees 
there is serious political concern 
over the possible impact of pro- 
posed measures. Any changes to 
Egypt’s highly complex pricing 
system is bound to be seen as 
inflationary by some sections of 
the public 

There are no precise figures 
for inflation, but it is often put 
at between 20 and 35 per cent 
and varies considerably between 
different income groups. 

President Sadat left Cairo 
yesterday for another of his 
regional tours during which he 
is concentrating on building up 
public support and explaining 
to local, governors .his plan, for 
giving them greater powers of 
decision in a number nr areas, 
including that of investment. 

Bhutto hits back at his accuser 


t RAWALPINDI — On'- bis 
third day before the seven 
Supreme Court judges hearing 
his appeal against the death 
sentence, Mir. Zulfikar Ali 
Bhutto, . Pakistan's former 
Prune Minister yesterday said 
he thought he had now satisfied 
the Bench had no. motive, 
and was involved in no- con- 
spiracy to murder Mr. Ahmed 
Baza • Kasuri. . an alleged 
political opponent of lus r . 

Mr. -'-Bhutto, , who- was 
sentenced to death last" March 
by the Lahore High Court for 

ordering the -elimination of Mr. 
Kasuri. yeste^rday turned to a 
key. link in the chain of con- 
fessions, from those involved in 
the incident in 1974 in which 
Mr. Kasqri’s father died by 
mistake. ? The confessions led 
to Mr*'' Bhutto's arrest two 
months after he was deposed 
Picking on Mr. Masood 
Mahmud., the ex-bead of the 
Federal Security Force who said 
he directed the murder attempt 
on /Mr. Bhutto's orders, the 
forpier -Prime Minister said the 
man's statements to the 

-authorities vtere a “tissue of 
•lies” which \bad been made 

under pressure. 

Mi 5 . Mahmud was 

. He said 
unreliable, guilty of contempt 
and a self-confessed liar and 
v.Mr, .Bhutto appears for the 
last time today, when he is 
expected to make further sub- 
missions on the trial and also, 
as he warned in his summary 
tire* first day, on the conditions 
prevailing in the country both 
under his rule and under the 
present military government. 

./. v 

Inquiry into Iran casfr flight 


TEHRAN— A Commission of 
Inquiry in Iran is now seriously 
investigating the cases of 102 
prom bient Iranians' alleged to 
have transferred. money abroad 

Last -month 178 people; in- 
cluding close relatives of the 
Shah, senior generals, former 

ministers .'and top officials were 
.accused, of sending a total of 
£1bn abroad in an eight week 
period prior to martial law. The 
accusations were made in an 
anonymous document circulated 
in Tehran -by strikers at tbe 
central bank. : .. 

Yesterday Tehran radio said 

....has a Super King Air tiffbo-prbp 
corporate aircraft at its beckand call 

Mote and more go-ahead 
companies are seeing -the . 

Jight about executive .travel : 
and certainty once a. ' 
management team has felt ! ’• 
the benefits of a corporate 
aircraft facility it does not look 
back. Just think about the 
“difference between arriving pt 
your business destination, 
after all the hassle-arid 
frustration of normal travel 
aiid.the ability to.step out of 
_ the company ’sown fast. _■ 
comfortable, fully .pressurised 
executive ai r craft jin which • 
you were able to work in 
comfort) with just a short car . 
journey, to go from any of the , 
one-thousand-plus airfields- 
throughout Europe. 

The latest model In the 
renowned Beech era ft range of 
Super King Airs' is the. 2D0Cr- 
the C stands for convertible— 
and it-has'the facility to he . 

. .used either as a comfortable 
1 2 seater commuter or as a 

.&B sear "ffying jsoardroorn” . 

S As with ati models In the' King 
Air range safe. : 
reliable, economical to acquire 

and easy to maintain — it's a 
great favourite with air-crew 
and with financial controllers; 
and of course with the -* 
executives who return from ■' 
. negotiation and decision 
"making appointments just as 
fresh as-wfien they left the 
office. ’ - 

To find out more about the 
economics -and practicality of 
applying-one ol today’s most 
valuable business jbols to 
your enterprise, and the 
wealth of ancillary and back- 
up services. available,- you 
haw oily to -contact Neil 
- Harrison at Eagle. . • 

Gefyonr tBanagementteam 
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Watford Heos,WD278Y 
Tel {09273) 79811 Telex 281602 

102 -people bad been- transf ering 
fttijds and the Commission of 
-Bupiiry was investigating fur- 
ther,. bur the commission says 
because it is having difficulty in 
its' work the list is incomplete. 
Sometimes only family names 
.are given, it says, aod so it . is 
.asking the individuals named to 
gome forward to assist its in- 

•: More recently another list 
has sterted circulating claiming 
.to. name individuals transferrin*? 
money.' abroad despite newly 
Imposed foreign exchange con- 
trols. Both lists are seen as 
reflections' of leading Iranian’s 
lack of confidence in their future 
If V;- anti-Shah demonstrations 
continue and. no alternative 
Government emerges. 

.-A .farther underground docu- 
ment concerning the Phahlavi 
Foundation, the trust fund con- 
trolled by the Shah, has been 
Officially, challenged.' The docu- 
ment. alleged .-that favoured 
students sent abroad for studies 
bad been' .handed out 33.200 oer 
.month as Rving expenses. Yes- 
terday the radio said that no 
student had received more than 
3»00 per month • above tbe 
tuition -fee. 

V Meanwhile, Dr. Gholain Hos- 
sejn Sadiqi. the veteran pol'i- 
.tidiaq. from tbe 1950s believed 
to be prepared to become 
Prime Minister, yesterday cbn- 
tihtled to search for potential 
members of a - Cabinet to re- 
place that led by General 

.“■However, the National Front 
leader, Dr. Sanjabi, whose pqli- 
tical weight would be useful in 
a' . new - Administration, is 
believed to have written to Dr. 
Sadiqi warning him against 
forming a government at this 
stage.- *' 

"rA. basic demand of the opposi- 
tion leaders who are prepared 
meet the Shah halfway is 
.said to be .control of .the Army, 
the.nolice. the secret police arid 
Uie' budget Negotiations on the 
new .Cabinet are not expected 
to be conceded for a week or 
twd-. ■, - T ' 

back in 

Beirut port 

By Hum Hijazl 

BEIRUT — The port of Beirut, 
vital for the Lebanese economy, 
has resumed partial activity after 
five months closure. Five 
freighters have unloaded goods 
for Lebanese merchants and 
more are expected to arrive with- 
in the next few days. 

The reopening of tbe harbour, 
oocc the busiest in tbe Arab 
world, follows new security 
measures aod the removal of 
gunmen from tWs area of the 
capital The fpoant is controlled by 
Christian militias but borders on 
an area iheid by their adversaries, 
tiie Syrian troops of the Arab 
peacekeeping force. 

Tbe closure of the harbour had 
contributed t» a sharp rise in im- 
ports and increased smuggling. 
During the fighting last Septem- 
ber ships had to unload In Cyprus 
and Piraeus at a heavy cost for 
for Lebanese Importers. 

Some docked at the Lebanese 
ports of SmJoq in the south and 
Tripoli in the north, but mer- 
chants were reluctant to depend 
on these outlets because of un- 
stable security. 

For five months, many of 
Lebanon’s needs were imported 
via tbe Syrian Mediterranean 
port of Lattakia, and then 
brought to Lebanon overland by 
truck. The extra cost has con- 
tributed to an inflation rate of 
20 per cent during the period. 

Urgent requirements are 
imported by air. The latest item 
is Christmas trees, which have 
been flown from Austria. TTie 
smallest tree now sells here at 
Lebanese £100 (nearly £17). The 
same kind of tree cost about £5 
sterling last year. 

Namibia assembly discusses UN poll 


WINDHOEK — The inter- 
nationally unrecognised con- 
stituent assembly in Namibia 
(South West Africa), elected in 
a poll organised by the South 
African Government, met far 
the first time yesterday to 
decide whether or not to go 
ahead with a second round of 
UN-supervised elections. 

Faced with a boycott by the 
principal black nationalist move- 
ments in the territory and 
ignored by the UN and the 
Western members of the 
Security Council, the assembly 
immediately decided to lay 
down the conditions under 
which it would agree to another 

“We are no puppets of the 
South African Government, and 
we would not like to be seen as 
such,” Mr. Dirk Mudge, chair- 
man of tiie Democratic Turn* 

halle Alliance (BTA) which con- 
trols 42 of the 50 seats, told its 
members. His colleagues in- 
sisted that the 80 per cent poll 
in the elections earlier this 
month proved that they were 
true representatives 

The assembly faces a meeting 
today with Mr. P. W. Botha, 
the South African Prime Minis- 
ter, and Mr. Pik Botha, the 
Foreign Minister to hear the 
South African attitude towards 
farther elections. Mr. Botha 
has promised the five Western 
members of the UN Security 
Council to “use his best offices” 
to persuade the assembly to opt 
for an internationally accept- 
able settlement — That is the UN 
plan for elections. 

But both Judge Marthinos 
Steyn, the South African 
Administrator-General in the 
territory, and leaders of the 

DTA made it dear yesterday 
that a second election would be 
subject to as yet unspecified 
conditions which could cut 
across the UN plan already en- 
dorsed by the Security Council. 

“ Tbe DTA is not prepared to 
seek international recognition at 
all costs,” Dr. Ben Africa, a 
Vice-President of the organis- 
ation. which represents tradi- 
tional leaders of the major 
tribal and national groups . in 
tJie territory, said. There were 
certain guidelines which could 
he spelt out before the South 
African Government had met 
them, he said. 

Judge Steyn said that the 
assembly could ensure that a 
second election "can be held on 
generally acceptable terms.” He 
said that the high turn-out in 
the poll this month showed that 
he international community 

must recognise the fact of the 
election and tbe fact of tbe ex- 
istence of the assembly, even if 
it did cot recognise its validity. 
He said tbe assembly would 
spell out the conditions it 
attached to acceptance of a fur- 
ther round of elections. 

There are two conditions 
which have ben mentioned by 
DTA leaders as possible pre- 
conditions to a further roupd of 
elections. They are an abandon- 
ment by tbe UN of its unique 
recognition of the South West 
Africa People’s Organisation 
iSWAPO) as tbe sole authentic 
representative of the Namibian 
people; and an insistence thgt 
elections should go ahead on a 
specified date, even if South 
African troops have not with- 
drawn from the territory by that 
date, because of a continuation 
of hostilities 

Rhodesia counts cost of 

six-year guerrilla war 


NZ bank strike 

By Dai Hayward 

WELLINGTON— -New Zealand 
bonk staff begin a 12-<lay strike 
today. Bank officers defied last 
minute appeal ntul efforts by 
tbe newly appointed Minister 
of Labour Jim Bolger to call 
off the strike. 

There was a rush on banks 
as business houses and mem- 
bers of the public si:-mpedcd 
to draw sufficient cash for the 
holiday period. The Reserve 
Bank had to pump ao extra 
NZ S20m lnt<> the banking 
for cash to more than $d for 
every person in New Zealand. 

SALISBURY — More than 
12,000 people have died inside 
Rhodesia in the guerrilla war 
which started exactly six years 
ago today. 

Official casualty figures pro- 
tided by the Rhodesian Govern- 
ment show that during 1978 
5,320 people lost their lives in 
the w^ar — more than 44 per cent 
of the total number of casualties 
incurred since hostilities started 
in 1972 with a guerrilla raid on 
an isolated farmhouse in North 
East Rhodesia. In 1973 less than 
300 people died in the war, 
whereas this year the monthly 
average has been 44 5. 

This year too, the guerrillas 
achieved their three most publi- 
cised attacks. These were the 
brutal murder of 13 white mis- 
sionaries and their families at 
EUra mission near Umtali in 
eastern Rhodesia, the shooting 
down of the Air Rhodesia Vis- 
count in early September 
together with the subsequent 
massacre of injured survivors, 
and last week's daring attack on 
the Salisbury oil storage depot. 

In a statement to Parliament 
yesterday. Mr. David Smith, the 
Finance Minister, declined to 
give details of the cost to the 
economy of the oil depot attack, 
which in foreign exchange terms 

is estimated at more than £10m. 
zBut he told MPs that lessons 
had been learned from the fire 
which would be put to good use. 
The minister said that some 
estimates of tbe cost of the fire 
that were being mentioned 
were “ absurdly high.” A useful 
amount of fuel woold be 
recovered from tbe 28 buret-out 
tanks. He said many other in- 
cidents during the war bad been 
as costly Jn foreign exchange 
terms although not so spectacu- 

Official casualty figures for 
the war show that the guerrillas 
have lost 8,150 men in the fight- 
ing inside' Rhodesia, of whom 
2.459 died during 1978. This 
excludes guerrilla casualties in 
trans-border ‘raids put at more 
than 3.000, as well as the 1.340 
guerrillas recruits and “col- 
laborators ” killed in hostilities. 

Black civilian deaths total 
3.4S4 (1.677 this year) while 
there have been 294 white 
civilian casualties (173 in 197S). 

The Rhodesian security ffirces 
have lost a total of 774 men in 
the war so far (2S2 this year) to 
give a guerrilla /security’ force 
kill ratio of eight to one in the 
six year war and of nearly nine 
to one in 197S. 

Giscard arrives in Guinea 

to enthusiastic welcome 

CONAKRY — M. Valery 
Giscard D’Estaing, the French 
President, was paraded 
triumphantly through town yes- 
terday, ending two decades of 
chill between this socialist 
African republic and its one- 
time colonial master. 

M. Giscard rode with 
M. Ahmed Secou Toure, Presi- 
dent of Guinea, in an ageing 
white Cadillac convertable past 
crowds chanting “ Valery. 
Valtty " Youngsters fluttered 
flags and danced as the beaming 
president passed. 

At Gcbessia airport, Guinean 
officials sfa red in a we as 
the President’s ' Concorde 
landed. “ Fantastic, fantastic.” 
murmured one party leader, 
"It’s good to see the French 
back again." 

The French President drove 
through the tumble-down capi- 
ta]. largely unchanged since 
independence, to start a three- 
day official visit. The last 
French President to visit was 
Charles do Gaulle in 1958. on a 
tour of colonies which were 
about to be granted indepen- 

President Se®u Toure said at 
the time that his people would 
rather be rid of all colonial 
ties, even if it meant poverty. 

Guinea, alone among the color 
nies, voted no in a referendum- 
on whether to keep economic 
links with France. The French 
pulled out immediately, ripping 
telephones from the wall and 
removing instruction plates 
from machinery. 

Guinea sought help from the 
Soviet Union and other socialist 
nations, but its economy bas all 
but collapsed. Much of its 
bauxite goes to the Soviet 
Union at 40 per cent of the 
price paid by Western nations, 
economists say. Foreign debts 
are estimated at SI bn. 

France and Guinea restored 
diplomatic relations in 1975. but 
slogans decrying imperialism, 
colonialism and neo-colonialism 
still abound in the country. 
Soviet technical and military 
advisers has been reduced, but 
diplomatic sources say there are 
still more than 1,000. 

President Giscard was guest 
of honour last night at a banquet 
in the Palace of the People, one 
of the few new buildings built 
since independence. Tomorrow 
he will visit the eastern town of 
Kankar and Mr. Sekou Toure's 
birthplace, Faranab. Jn the 
evening the two presidents will 
address a public rally. 


These bonds have been sold outside the United States of America. This announcement appears as a matter of record only. 

NEW ISSUE December 21, 1978 


DM 200,000,000. 

6M Bearer Bonds of 1979/1987 

Issue Price: 100% 








Algemene Bank Nederland N.)£ 

A. E Ames & Co. Limited 
Arnhold'and S.Bleichroeder,1nc 
Julius Baer International Limited 
Banot Comrnerriaie ItaJiana 
Banca:del Gottardo 
Banca Nazionale del Lavoro 
Banca della Svizzera Italiana 
Banco di Roma 

Banco Urquijo Hispano Americano 

Bonk of America In temafionaf Limited 
Bank fur Gemeinwirtschaft 
Bank Leu International lid. 

Bank Mees & Hope NV 
Bank of New Zealand 
Banque Bruxelles Lambert S.A. , 

Banque Fran false du Commerce Ex(6rieur 
Banque de 1'lndochine et de Suez 
Banque Internationale & Luxembourg S.A, 
Banque Nationale de Paris 
Banque de Paris et des Pays-Bas 
Banque de Paris et des Pays-Bas (Suisse) SJL 
Banque Populaire Suisse SA. Luxembourg 
Banque Priv6e SA. 

Banque Rothschild 

Banque de laSotitft Finantifcre Europtenne 
■ SFECroup 

Banque de I'Union Europgenne 
Banque Worms 
Baring Brothers & Co., limited 
Bayerische Hypotheken- und Wedtsel-Bank 
Bayerische Landes bank GirozentraJe 
Bayerische Vereinsbank 
Joh. Berenbeig, Gossler & Co. 

Berliner Bank Aktiengesellschaft 
Berliner Handels* und Frankfurter Bank 
Bahkhaus Geb ruder Bethmann 
Biyth Eastman Dillon & Co. 

International Limited 
Caissedes D6pdts et Consignations 
Citicorp International Group . 
Commerzbank International SA. 

Copenhagen Handelsbank .. .. 


Credit Chimique - - 

Cr&dit Commercial de France 
Credit Industriel et Commercial 
Credito Italiano (Underwriters) SA. 

Credit Suisse First Boston Limited 
Daiwa Europe N.V. 


Den Danske Bank af 1871 
Den norske Credit bank 
Deutsche Girozentraie 

- Deutsche Kommunalbarilc - 

DC Bank Deutsche Genossenschaftsbank - 
Dillon, Read Overseas Corporation 
Dresdner Bank Aktiengesellschaft 
Effecten ban k-Warb u rg Aktiengesellschaft 
Europartners Securities Corporation 
European Banking Company limited 
Robert Fleming & Co. Limited 
Girozentraie und Bank 
der osterreichischen Sparkassen 
Goldman Sachs International Corp. 
Groupement des Banquiers Priv4s 

Hambros Bank Limited 
Hamburgische Landesbank 

- Girozentraie - 
Georg Hauck & Sohn 

Hessische Landesbank r* Girozentraie - 
Hill Samuel & Co. Limited 
Industriebank von Japan (Deutschland) - 
Klein wort, Benson Limited 
KredietbankN.V. . 

Kredietbank S. A. Luxembourgeoise 
Kuhn Loeb Lehmann Brothers 

Landesbank Rheinland-Pfalz 

- Girozentraie - 

Lazard Brothers & Co. Limited 
Lazard Fr&res et Cie 
Lloyds Bank International Limited 
Loeb Rhoades Hornblower International 

Manufacturers Hanover Limited 
Merck, Finck&Co. 

Merrill Lynch International & Co. 

. B. MetzIer seel. Sohn & Co. 

Morgan Crenfell & Co. Limited 
Morgan Stanley International Limited 
The National Bank of New Zealand Ltd. 
Nederlandsche Middenstandsbank N.V. 
The Nikko Securities Co., (Europe) Ltd. 
Nippon European Bank S.A. 

Nomura Europe N.V. 

Norddeutsche Landesbank Girozentraie 
Osterreichische Landerbank 
SaLOppenheim jr. & Cie. 

Orion Bank Limited 

Pierson, Heldring & Pierson N.V 


Privatbanken Aktieselskab 

N.M. Rothschild & Sons Limited 
J. Henry Schroder Wagg & Co. Limited 
Schroder, Munch meyer, Hengst & Co. 

J. & A. Scrimgeour Limited 
Skandinaviska Enskilda Ban ken 
Smith Barney, Harris Upham & Co. 

Sodete G&nerale 
Soci6t£ Gene rale de Banque S.A. 

Svenska Handelsbanken 
Swiss Bank Corporation (Overseas) 

Trinkaus & Burkhardt 
Union Bank of Finland Ud. 

Union Bank of Switzerland (Securities) 

- Union de Banques Arabes et Europ6ennes 
‘ — U.BA.E.Soci6ti§Anonyme-. 

Verband Schweizerischer Kantonalbanken 
Vereins- und Westbank 


Warburg Paribas Becker Inc. 

Westdeutsche Landesbank Girozentraie 
Westfalenbank Aktiengesellschaft 
Wood Gundy Limited 
Yamaichi International (Europe) Limited 




. - F^tapcdai 


Pay restraint 



MPs told 

Blumenthal sees strong 
growth in fourth quarter 

Britain wins t hird W( 
on textile • , • 

crucial m 


■ • ■ ■ >*.■ • . . 


By Victor Mackie 

OTTAWA — Hr. Pierre 
Trudeau, the Canadian Prime 
Minister, told the Commons 
yesterday that workers’ wages 
were not keeping up with 
inflation, but urged Cauadians 
lo exercise restraint so that 
his Government would not 
have to re-impose wage and 
price controls. 

His comments came after 
the Opposition attacked the 
Government over continued 
increases in the cost at living. 
Statistics issued this * week 
showed that the annual rate 
of inflation had climbed to 

5.8 per cent in November. 

Earlier in the day the 

privately - sponsored Con- 
ference Board in Canada 
issued a forecast that the 
economy, battered by depress- 
ing Influences would register 
a growth of only 3.3 per rent, 
down from a forecast made 
two months ago. 

The expected slowdown of 
fhe U.S. economy next year 
would have a major impact 
on Canada. The expansionary 
effect of the November 
Budget offset the impact or 
spending cats announced by 
Mr. Trudeau in August, and 
the effect on prices of a sales 
tax reduction offset the 
inflationary effects of the 
Canadian dollar, said the 

The result would he a 
growth in real GNP of 3.4 per 
cent in 1979. the Board said. 
Inflation was expected to be 

7.8 per cent, and unemploy- 
ment 8.8 per cent. 

The pattern of growth next . 
year would be different from 
that or 1977 and 1978, the fore- 
cast said. For those years the 
domestic economy as measured 
:by the growth in real final 
domestic demand was weak. 

The external sector would 
provide only a small contri- 
bution to growth in 1979, said 
the board. The domestic sec- 
tor. led by business invest- 
ment in machinery, equipment 
and consumption, would pro- 
vide the only significant 
source or growth. 

The board said : “While we 
are confident about our assess- 
ment of the outlook for 1979, 
the Canadian economy is on 
a knife-edge as far as 1980 is 
concerned. If there is an 
acceleration in wages of the 
nature we forecast, with con- 
sequent acceleration of prices 
in 198041. the competitive 
advantage gained by depreda- 
tion of the dollar will be 

i economy grew at an annual rate 
of 2.6 per cent in the third 
quarter of 1978, less than 
originally estimated by the Com- 
merce Department. 

But Hr. Michael Blumenthal, 
the Treasury Secretary, reacted 
quickly to the revised third- 
quarter gross national product 
figures issued yesterday by the 
Commerce Department, saying: 
“We expect a very strong fourth 
quarter." He said real growth 
in the last three months of this 
year would be 4.5 per cent or 
more, at an annual rate. 

The Treasury Secretary 
scoffed at private economists’ 
predictions that the U.S. faces 
a recession next year. U.S. 
growth has been unusually 
erratic this year. Freezing 
weather and a national coal 
strike led to a slight decline 
in GNP in the first quarter, 
while between April and June, 
it rebounded at an annual 
growth rate of 8.7 per cent 
However, a slowdown in 
growth next year will not be 

totally unwelcome to the U.S. 
Administration, if that in itself 
helps curb inflation . and 
America's propensity for large 
. volumes of imports, particu- 
larly of oil. 

Mr. Blumenthal also made the 
first public concession by the 
Administration that inflation 
next year would be of the order 
of seven per cent or more. In 
announcing the anti-inflation 
programme in October, the 
Administration had set its 
sights on bringing price rises 
next year down to an annual 
6-6,5 per cent. 

Inflation, according to the 
figures released yesterday by 
the Commerce Department, was 
6.9 per cent at an annual rate 
in the third quarter. Mr.. 
Blumenthal said his new 
estimate was based on OPEC's 
decision to raise the price -of 
oil next year by 14.5 per cent, 
which, according to government 
estimates, will add a half 
percentage point to U.S. 

The political, consequence of 
a U.S. inflation rate of more 
than 7 per cent bears on the 
Carter Administration's pro- 
posal to offer a tax rebate to 
workers who . settle within the 
7 per cent wage guideline next 
year. It now seems that money 
for this so-called “real wage in- 
surance scheme, "..which needs 
Congressional approval, will 
have to be included in next 
year's budget. President Carter 
is making the final decisions- 
this week on the 1979-80 budget, 
which he will present to Con- 
gress next month. Money for 
the tax rebate will presumably 
mean less for other Government 

In addition to revising real 
GNP growth in the third 
quarter down from 3.4 per cent 
to 2.6 per cent, the Commerce 
Department also revised its 
estimate of after-tax corporate 
profits in the same period, to 
show a 1.1 per cent decline, 
compared to the original esti- 
mate of a 1.2 per cent rise. 

By Giles Merritt BY REGINALD DALE, EUROPEAN EDITOR' . ‘ T-* V -' ] 

BRUSSELS - The Eurooean GENEVA - Reconciliation of their industrial structures^ in such preferences to be ac cused 
isku&mua ine European conflicting interests of areas in 'which they wete’ losing in •- GATT, tlo Mi accept . : &at 

Commission is to take a tougher a^lcping advantage to the developing country teve a 

line in its negotiations with counts has emerged as -one., developing .countries, , 1 legal ..Tight -tq firefei^nces xw - 

Mediterranean textile producers of the major outstanding proW.'/The proposal still at an early , that - the 4 preferences -are . iA- 
on 1979 levels of trade following lems In the final" stages., of the stage, could’ .surface rodte. matter . :■ fir negoti&uqn^ - - . ' 

a determined stand by Britain Tokyo Round of international ; -formally • at next. \,A; second^ 

- av t?-i ? n «-> tradp talks here • - UNCTAD V meeting in Manila. 1 issue for. the future -of-.. ther- . 

in the EEC qounciLo. Ministers, ^aoe^ 5ev elopi ^; countries'. : bound to te; strongly < trading; : -syst^;ii :Say- ‘ 

In a bid to ensure stronger wbo werg pr 5nJj| Bl i “special .resisted by the industrialised coaDter-ptoposal by the influx. 

enforcement of new and. .more' [ and differential treatment icountries for both social and trialised coyhtries ttatdSYe&fc/ 
acceptable levels of textile when the round was officially v political reasons. , .ing:. countries inust in 
imports info the EEC. BritaihJ opened in 1973. are complain/'/More - immediately. „ , t°ugn accept the. principle of/ gEaaog^ 

had initially blocked the Com- ] tog that, the industrialised negotiations are. • continuing uonl” i.: r . ' V- ^ , ’ : j-v^' - ' 
caQ nnn-Msa uic yvm t ■ * uraot nn nmnosalS- Th e -means : that .advinCBi- - 

mission's nLoTZs with’ the Sonlteve not taken su&cient fibre this- week on . proposals- This : means : that^-ad^,. 
™ ! 0 .? negotiations with toe acc0UQt Qf their interests in the^ ;by~; developing .countries _ : to . “ developing ”-; county, sh^ld. 

eight Mediterranean countries pRCkaSe deai of trade reforms ^change GATT rotes- In their, progressively aceept^i^Hr-- 
concerned. that the developed .countries ; favour in the Tokyo Round’s national obligatkms:<tf-.IIre/Hch .; 

This would have meant that hope to complete in toe Ne.w swatted Framework’ Group. - countries, .‘and ■ suttemtepjr#K;7 - 
from January 1 the EEC flood- Year. ' - :t -The ■ developing countries ; privileges of the.poor^^.,^:.- 

gates would technically have One consequence .. Is - ’that.; Want the • generalised -.prefer- : -Some - deve loping . . 
been opened' for uncontrolled developing nations are ■ now. ■ eiices granted to - them by. such .*£• Brazil have - 

sales of textile products from toying' with the idea -of propqs- Industrialised countries -to be aci^tajttofc'ne6d,f^aTlB^ih> 
Portugal. Spain, Greece. Cyprus, ing a new international code ol /acknowledged as pari!' of- the r . tion to be drawn' betwe^’^the? 
Malta Turkev Morocco' and conduct, in addition to the hsU-.- JGATT system, rather J than. more, a&d,; less ••advmtt«P.s‘-ifel.-. 

Third World arms 
talks in the balance 


WASHINGTON — Prospects 
for a Soriet-Amerlcan agree- 
ment to limit the sale or 
transfer of conventional 
weapons to the Third World 
appear sharply diminished, 
following a fight within the 
Carter Administration whicb 
upset talks ending in Mexico 
City Tast week. 

The negotiations were 
initiated last year by the 
U.S. as an attempt to get the 
Soviet Union to respond to 
President Jimmy Carter's 
unilateral commitment to cut 
back U.S. arms supplies to 
countries with which the U.S. 

has no forma] treaty ties. 
Both sides had agreed 


Growth slackens at AT and T; 
Quarterly profit at Great 
Atlantic and Pacific first since 
1977: Sharp rise in Dean 
Witter earnings — Page 28. 

Both sides haa agreed that 
their December 5-15 session in 
Mexico City should focus 
primarily on regions where, 
for lack of vital strategic 
interests, such mutual arms 
restraint might be more easily 
agreed: Latin America, and 
possibly Africa. 

But the Russians also made 
it clear they wanted to discos 
U.S. arms sales to areas closer 
to home for them: Iran. Korea 
and China, (the U.S..dnes not 
sell weapons to Peking, but has 
a major voice in whether its 
NATO allies do so). At the 
insistence of Mr. Zbigniew 
Brzezinski, the National 
Security Adviser, the U.S. 
team in Mexico City was 
instructed to tell the Russians 

they would walk out if these 
topics were raised. 

This soured the atmosphere 
in Mexico City, and was com- 
pounded by Mr. Brzezinski’s 
further insistence that the 
question of limiting naval forces 
in the Indian Ocean, previously 
a negotiating topic with Moscow, 
effectively be taken off the 

The dispute points up the 
differences between Mr. 
Brzezinski's refusal to brook 
any Russian interference in the 
currently sensitive American 
diplomacy in Iran and in the 
Far East, and the less hardline 
State Depatmeat view that the 
conventional arms negotiations 
with the Soviet Union should 

It also again brought to the 
surface the recently dormant 
differences between Mr. 
Brezezlnski and Mr. Cyrus 
Vance, the Secretary of State, 
on U.S. foreign policy. At one 
point, the National Security 
Adviser tried to bring about the 
recall of the State Department 
head of the U.S. delegation to 
the Mexico City talks on. the 
grounds that -the latter '• had 
ignored instructions — a charge 
refuted by Mr. Vance. 

President Carter has made 
many future cutbacks in U.S. 

Swiss study 

tion, for tnese countries nave aujustmem puucies*. ; -xme iuauou.«w»cv. ^ suu .lurrejeui.- 

either associate or preferential The aim would be to oblige -while agreeing that the : rules of the principle 

status with the Common Market, developed countries to - adapt .- epuid be changed, to. k e.aame here! despite : strong -jhs^tofiasV 

But last-minute negotiations ‘ ■ - . ' 

SSS U.S. accordpmouiieea.-'^ia^^gfV: 

the new voluntary textile agree- GENEVA— The U.S.- -fester- iTnally concluded early -next year.- ijg 1 ” ggf > toto'iw ^ ; '• " 

ments, have resulted m a day announced agrement with .. Both the U.S. and Japm. the.. ' 

British Government decision to Austria and Switzerland to talks-, first two major participant^ to 

lift its reserve at this morning’s here for freer v. 0 rid trade. This - tondude bargaining . oh--. trade - 

energy council. fo ll GWS a “ comprehensive concessions with each btterHro :■ 

rru A n l 1 finHapctoridinn 11 with Tarton. * tlwi QQ.ti a Hnn TlPffntiBtlOnS. Slill . “ 1 • r ■ - !■ ■ - . 


energy counciL follows a 

The official British decision to understanding ’ 
accept a series of assurances three days ago. 
from the Commission was, how- U.S. chief n< 

follows a “ comprehensive - concessions with eacn -other -in *.+ . -^ 7T 

understanding” with Japan tlie 99, nation negotiations, sllU - ^ ioirfWr:. * 

three days ago. -have to reach agreement- with v 

U.S. chief negotiator Alonzo the EEC- ‘ ^ 

L. McDonald described; the :. Deleeation sources' «ridT that . 

iim i 

ever, taken only - after pro- ! L. McDonald described; toe Delegation soorces ^ddT that .^f p gy. a r^ ' 'j n - ^ - - ^i c tnim : - ~ 
tracted discu&sion between LTC ( accord with Austria as^ a major bargaining between the U.S. and stances wjthoiit' prior ^ ' 

in 1979-80 and beyond, con- 
ditional on equal retrain! 

By John Wicks 

ZURICH — The Swiss 
National Bank is studying the 
report drawn up for Citibank 
on the New York bank's 
European money-trading acti- 
vities. A National Bank 
spokesman said yesterday that 
interest is concentrated on the 
operations of the Zurich 
branch, particularly in the 
light of Swiss currency pro- 
tection measures and the good- 
conduct declaration given by 
all foreign banks working in 

At the same time, the Swiss 
federal tax administration In 
Berne has disclosed that it is 
“ Interested " in the Citibank 
case, while Investigations are 
also being carried out by the 
Zurich cantonal tax authori- 
ties. It is understood that the 
Swiss Banking Commission is 
also considering allegations of 
improper transfers for tax 
avoidance purposes. 

The Citibank management 
in Zurich would not comment, 
but it seems likely that the 
possible back taxes which the 
New York headquarters con- 
firmed were the subject of 
negotiations in Switzerland 
include cantonal Income tax, 
federal defence tax and pos- 
sibly. also negative-interest 

tracrea discussion Detween ujv , accora wun -iuauia ** « majui -bargaining between toe u.s. ana stances without^ ^ prior -cansilHa^ 
officials to Brussels and Mr. ) element in our negotiations-.-^ ^ QD reductions; .tion. But it stilI.daes.:not; - 

The EC Commission is known , SSSrlal cSd agricultural pro- next yem-. The delay is largely negotiations: here, the ^erolpp- ..;.. 
to have virtually completed its SjS major e!Sort toterert“ due to U.S. withdrawal, under mg: eountnes^ ^ .ate to-. 

neont atinne wiri. Cm in Crow OUCIR Oi majur fxpuu miereai. «uv : The »ndu&^ 

The EC Commission is known , aaricultural pro- next year. The- delay is largely negotiations: here, the igvetop-.;, 

to have virtually completed its major e!Sort toterert“ due to U.S. withdrawal, under mg: eountnes^ ^ .ate to- 

negotiations with Spain. Greece I - e3cporr . : ” h^vy pressure from domestic . criticise iL bitterly. ; The .Kiflubr 

and Morocco, while those with joint Swlss-US statement 1 todustrv. of proposed tariff cuts -triahstsd , ; countries, < 

Portugal. Cyprus and Tunisia ^ m chemical; steel 

are due to be completed JJ n “rJement* emereine from t&tile items. . . - J veloping countries: as . posatyd-. 

between Christmnf and the New Negotiations wotod bc for- ’ ^iter ' ' . U;\.into toe final agreement:; v 

between Christina? and the New “ 

Year. tlie ne ? otl3 

Britain is understood to have 
received firm assurances from B bh" 

EEC Trade Commissioner Herr Bi ffi 

Wilhelm • Haferkamp, that JL-JA-* 

Portuguese textile imports will 
in future be spread more evenly BY OUf 
throughout the Nine. At present 
Portugal accounts for about I U£ * W1! * VA 
£I00m of the £160m Mediter- struggling . 

? negotiations would be for-' Reuter ... *te final agreemenL.. , . 

EEC dispute over PO eontraets 

jn future be spread more evenly I BY OUR EUROPEAN EDITOR . V 

throughout the Nine. At present _ The uK’ i.-OSie other eight Cimnminity'. Instead of induding .tte Po^ 

Portugal accounts for about LENEX A ine ua b Gdvemments are prepared^ how-. Office in . the -new code, the UK 

£100m of the £160m Medtter- struggling . to exempt the Post ^ include P non-telecom- h^ offered to dhlp : in civil con- 

ranean textile sales to the EEl. Office from moves to open up' ions P()$t tract?' for defence purchases to; 

a™! -Britain receives about two- pa blic contracts to international tracts, such . as those fOr: vaus - aq. equivalent .valoe. It is far 

j sa | es- . competition currently' under. ' mail processing equipment.-. - from certain,. However, that- it 
The ? w textile des ire aim negot i a tion here. ’ ■{. ?BrUain t • 

^ e fn e r d «f?i<4p? e nrofpdi^M and’ The aim * to. agree on a new, about toe practical e fleets ; of> .More generally, the 

raore liberal- -code of conduct; opening up such con tract s . to-.ment is also .unbappy-at- the low 
tiwfSoJfa trade ceilTn^s teto" Government procurement as-fdreign bidders. leveltof : tfie. 'proposed- toxeshol d 

a trade ceM * n “ ls l#em ° one of the main elements of the' fes concern Is Ithat the mbye, above; whSch many ^pubhc con- 
TokTO Round. 1: ^ a. precedent -fot ffih«f.. tracts seaaffl.ltove tpJw-afferaS. 


“nn hp nn „f Tok-yo Round- . . ; ^ight. ^et a. precedent for axhe^ tracts 

where ^Brtiato has f already Post Office, purchases of tele-; ^mi-ittd^ntent-PtifilicJioflra.; to Tte 
imSJLd *!£!uar£ to hSt communications- equipment The Rrit& EEC anff toe' U.S. irave reached 

Silf imnS FPr nffir-HK would not be affected, as the less closely control! ea by; Hie proyiaonal agreement on T.level 

textile imports, EEC officials 
suggest that no date for new 
negotiations is in sight 


chemical plant 

Niue EEC countries are not yet Governmeni\than postal Services qf .150,000 . special * .drawing 
ready to open up this sector, in the' otheri^C cQitotries^ . yTights.; - ; ; v a- :; , V - 

Fresh start for Sao Paulo 

Bjr Leslie Coiitt 

BERLIN — The Berliner 
Chemieanlagenbau, a joint sub- 
sidiary of Uhde in Dorunund 

UK export 


FRANKFURT — The growth 

In contrast, -West Germap ^x- Federal " Republic.; Non-oil 

and toe City of West Berlin rate of British exports to West Ports to the UK rest by lK2._ exports, went up by only 12;3 • 

«A«u UiC V. 11 JT Ml T»C 31 utuiu . . nor ' mint tn -T 1 WT 5 Khn «Of Annt'tn TIM ft 77 hn WinirturpH- 


THE PROBLEMS affecting many 
of Latin America's mushrooming 
cities have a dreary, familiar 
ring. There is sprawling, chaotic 
growth, wiih the permanent 
influx of rural migrants and 
riotous land speculation as a 
privileged elite reap extraordi- 
nary profits from the rocketing 
prices in real estate. Asphixiat- 
iog pollution from factories set 
up with little concern for en- 
vironmental damage combines 
with exhaust fumes from long 
traffic jams as a result of the 
excessive use of the private car. 
Sau Paulo and its surrounding 
suburbs, which form Latin 
America's largest industrial belt, 
are a graphic illustration of 
these woes. 

Paulo Salim Maluf, who Is to 
become governor of Sao Paulo 
next March, is offering an origi- 
nal remedy for these ills: move 
the state capital into the interior 
where a fresh start can be made. 
Maluf says that, by 1983 when 
oe leaves office, he will have set 
up an attractive new administra- 
tive state capital at an estimated 
:ost of £100m. 

His announcement has pro- 
voked a flurry of critical retorts. 
The present city mayor. Olavo 
5e tubal, replied firmly: “There 
.s no economic, social or geo- 
political justification for moving 
:be capital." Ex-banker Laudo 
Mutel. who was all set to become 
governor for the second time 
before Malufs surprise victory 
u the Arena party convention in 
Tune, quipped: “We need to take 
rapital investment, not the capi- 
jl city, into the interior." 

The strongest denunciation, 
lowever, came from the ex- 
lerienced urban planner, Jorge 
^ilbeim who is present state 
■ecrctary^- for planning, who 
ounter-attacked: “ The plan is 
liabolical in the original mean- 
ng of the word. It is a seductive 
emptation, leading to damna- 
ion Apart from slating the 
tropasal in urbanistic terms, he 
ras also referring to alleged 
uicy electoral pay-offs that 
daluf is reaping in the interior, 
rith his promises of an immense 
nflux of money and jobs and his 
nsinuations to voters from all 
•ver the state that the. new 
apital will be localised in their 
egion. For the dispirited Arena 
arty, which is facing the pros- 
ect of a resounding defeat in 
,ao Paulo in the November 
■lections, the proposal has pro- 
dded a considerable fillip- When 
uestioned about the dubious 
mure of this electoral 
lanocuvre, Maluf grinned back 
ikp a mischievous schoolboy, 
nmmenting: “Only the quick- 
ened get on in politics. And 
m an ambitious man for the 

20 years of political life left in 

If the plan goes ahead after 
the elections, which many poli- 
tical commentators doubt (but 
is not unlikely given Malufs 
undisguised relish for epoch- 
making projects! he will face an 
awesome barrage of opposition 
from the city's established elite 
which regards him as on upstart 
and unscrupulous opportunist. 



Rio De Janeiro I 

^0 Mites 500 

Maluf. who is the son of Leba- 
nese immigrant parents, has had 
an astonishingly rapid and lucra- 
tive career. Part of his fortune 
comes from his involvement in 
what has become known as the 
“ Lutfafla scandal " in which a 
small textile firm obtained extra- 
ordinarily large government 
loans before shutting its .doors 
in what many suspect was 
fraudulent bankruptcy. 

After a prolonged public out- 
cry. particularly vehement as 
very high government officials 
were alleged to be involved, the 
Government started an inquiry 
which culminated inconclusively 
earlier this year with the con- 
fiscation - of the assets of the 
Lutfalla group. With elections 
now imminent the investigations 

have ground to a standstill. 

Traditional Brazilian business- 
men, feeling great repugnance 
for' Malufs openly amoral atti- 
tude towards business and poli- 
tics, have not been slow to point 
out that Maluf could never have 
reached a comparable position 
in a democratically run country. 

Paradoxically, Malufs success 
in the party convention was 
partly the result of the present 
climate of rebellion in which the 
hold that the traditional banking 
elite exercises over the state — 
and national— governments is 
being challenged. The revolt 
has been so infectious that even 
Arena, the sedate pro-Govem- 
ment party, chose a populist, 
charismatic outsider as its can- 
didate, rather than the staid 
conformist that the Government 

was pushing on them. Such an 
act of defiance would have been 
unthinkable four years ago. 

Yet it is doubtful whether 
Malufs gimmicky, vote-catching 
proposal will solve any prob- 
lems, except improving Arena's 
electoral chances. Many urban 
planners arc seriously concerned 
that it will entail a heavy outlay 
of scarce resources that could be 
better used to tackle existing 
problems, for, with or without 
“Malufopolis," Greater Sao Paulo 
with its 11m inhabitants will 
continue to exist. 

Gradually some of the city’s 
problems are being faced. A 
colossal project, Sanegran. which 
involves an investment of £450m 
during its first stage upto 1983, 
is to put in 5,400 kms of drains 
by then, benefitting half a 
million residences. At present, 
only 40 per cent of the popula- 
tion of Greater Sao Paulo is on 
a central sewerage system. The 
project also entails the construc- 
tion of various sewage treatment 
stations. Today just 1.5 per cent 
of sewage is processed, while 
the rest is discharged, untreated, 
into the foul-smelling Pinheiros 
and Tiete rivers, which have to 
be constantly dredged so that 
they do not clog up. The rivers 
flow into Billings reservoir, feed-, 
ing Cubatdo hydroelectric power 
station, where the waters have 
to be sprayed to kill the 
unbearable stench. 

Another huge project, Pianasa, 
is increasing the supply of piped 
water. Now S7 per cent of the 
population is on a central water 
system, compared with 60 per 
cent in 1975. This improvement 
has been reflected in infant 
mortality rates, whicb, after 
increasing rapidly since ' 1962, 
are now finally failing. The 
present rate of 70 deaths per 
1.000 live births is still extremely 

After a ten year delay, during 
which time the problem aggra- 
vated to a crtical level, pollution 

control is now finally tightening. 
Multinational companies, in- 
cluding Hoechst, Rhone -Poulenc, 
Caterpillar and Perkins, have 
had new projects turned down 
b; Cetesb, the state's agency for 
environmental protection. And 
fines will soon, begin to really 

However, there is one highly 
crtical aspect of urban develop- 
ment that is still not being 
tackled by the authorities: land 
speculation. No less than balf 
of Sao Pauio's housing estates 
were set up illegally, with 
landowners refusing to comply 
with the city council's regula- 
tions concerning size and basic 
infrastructure. The council has 
done nothing except impose 
trivia! fines, which in any case 
the landowner often passes on 

to toe families purchasing toe 
plot of land. The city has 
expanded in disorderly and 
chaotic fashion with the shame- 
less exploitation of poor 
migrant families by profit- 
hungry landowners. Any visitor 
to the extensive suburbs to the 
east of toe city; where millions 
of poor families live in simple 
brick houses that they them- 
selves have built, will hear 
denunciations of double-dealing 
and trickery against toe 

Olavo Setdbal claims in 
desperate fashion that the 
council's hands are tied until 
it is endowed with adequate legal 
powers. Earlier this year, a 
Sao Paula Arena senator, Otto 
Lebman. tried to push through 
Congress a new law that would 
give the city council power to 
imprison landowners setting up 
illegal estates and would allow 
tenants to withhold monthly 
payments until the estate was 
legalized. Lehman's failure to 
obtain a majority for his law is 
an eloquent re dec tion of the 
continued strength of the land- 
owner class among Brazil's 
political parties today. 

The city council has also bees 
pushing unsuccessfully for a new 
progressive' tax on unoccupied 
plots of land within the city's 
boundaries and for a capital 
gains tax on profits from toe sale 
of unoccupied urban plots. It is 
remarkable that neither tax yet 
exists. In -this way. councillors 
believe that they could curb the 
unbridled land speculation that 
has taken place with astute land- 
owners leaving part of their land 
unoccupied so that it will shoot 
up in value with the eventual 
expansion of a basic urban infra- 
structure to these areas. Urban 
land prices in the state of Sao 
Paulo rocketed by a startling 
1,410 per cent from I960 to 1876. 
These large empty areas, of in- 
calculable social value in a city 
struggling to absorb 500,000 new 
inhabitants each year, are an 
embarrassing eyesore for any 
urban pLanner. 

Members of MDB, the only 
lega lopposition party, agree that 
legal reforms are urgently 
required, but claim that the 
council is justifying its own 
inertia by putting alt the blame 
on legal shortcomings. Marco 
Aurelio Ribeiro. a voung MDB 
lawyer running for depub', com- 
mented; “Tf the council only put 
into practice the present law on 
housing estates, which dates from 
1937 when the city was a tenth 
of its present size, the position 
of the urban poor would be 
vastly improved. The council 
has the legal power to enforce 
this law. What Is lacking is the 
political will to do so.” 

has signed a contract here with Germany slowed dramatically 74h ^ nt : - N 'T° onjJrJK JitH-rfM- 1 ? SThn in° th « 

r ing r, h 10 raonths of s&sv*?. 1 tho s - 10 

fficli' We I t Ge™. “uC« gJJ*' *"£88' ^ Natur.Hr, the Wide Sirpl 0S 

cH»Vi»(v nvpr n&r Slim /fUmi German penetration of. . the in :Wegt Germany’s «favonr-r- - 

slightly over DM 50m (£14m) show* t*, d«toto subSantial 3" maSet* l£3L**gZ 

The plant is to produce inter- nurchases of North Sea oil. the ZhSZ iuWTnr* «V. Vi ™¥cta grow ev«d*Me n British 

The plant is to produce inter- purcha5es of North Sea oil. the whtfc ite UK’s penetritton of ‘ w ^ lch ft W ev^^heh British 

mediate products with the Fec i e ral Republic’s exports in the market here K flagging,' exports wure expanding .faster 

know-how to be prowded by Britain went up at a faster rale At Ihe end of October* West- than’:" those:. vof -the: -Federal—. •. 

Sent are^to be n; provided by ^ * n th<? Germany heid5.92 per cent-of Republic to^ihe has - - . 

West Berlin companies to the h„ -W* ^ su^ant]W]>. : .>to' the . 


larges f > 'd«**sreV” possible "while n researched by the ket. This com pares’' with '5.31 ! 

.1 . British Embassy in Bonn from oer cent* at the saihe point in - wprrf . 

the Soviets will do the construc- 
tion and assembly operation 

British tmoassy in Bonn from per cent- at toe saihe point : in .went up from"DM'5^Sba'daring - 
returns produced by toe Federal 1977 ^. . Britain, on the other toe comparable pinW Of 1977 
Statistical Office in Wiesbaden, hand, held some 4:9 per cent to DM 4.$2bTt. " - r 

■wiuvn j 

Chinese ( 

Kawasaki wins 
Iraq order 

amwKw wire in v*«r S oaae:i, hand, belti some per cent to DM 4.02bTi. • -- 

show that British exports to r>{ West Ge'Miany’a imports mar- Admittedly, . ’ British -trade 

th* 13 w? 1 at me - e ° d of October against statistics, expressed lii. pounds' 
1(} _ _ p f JDth s totalled DM9.8Jbn 4:8 oer cent year previously: as- against " i^buharmAnttriv 

t - B oer pent -a y.ear previously: as- against ’ fastrappreclatins 

t£2.66bn)— lo.l per cent up on what is even more worrying : Deotschemarks, sbow^ British - 

the comparable figure for 19, , , f or British trade officials is tjiat exports' ro West Gerajanv grow- 

J“ tag at a ftster rsttthaf lhe‘. 

TOKYO — Kawasaki Steel an- growth rate recorded for last providing the main impetus for _ .F«lera I Republic’s statistics 
trounced yesterday it had re- year as a whole. export -expansion with the indicate.- •• 

cetved an order for 100.000 tons • i-;. 

of oil pipes from Iraq's national • - • - ■ 

petroleum planning corpora- 

A Kawasaki spokesman said 
delivery of the pipes, valued at 
about $40m. would begin early 
next year and be completed by 

Iraq will use the pipes to 
transport oil from oilfields to 
pumping stations, according to 
the spokesman. Kawasaki won 
the order in an international 
bidding held last September. 
Giant Japanese steel makers 
Nippon, Nippon Kokan K. K. 
and Sumitomo Metal partici- 

Industry officials noted that 
the four steel producers usually 
join forces to win an interna- 
tional order and that it ls 
unusual that one of them alone 
received such a large order. 
The four won an order from 
China for 250.000 metric tons 
of seamiess steel pipes earlier 
this month. 


Toshiba to manufacture 
TV sets in Singapore 


gas project 

.By Paul Betts . 

SINGAPORE — Toshiba of 
Japan plans ro set up .a 20m 
Singapore dollar (£4.6ui) plant 
in Singapore to manufacture 
television sets for export to the 
U.S., the EEC. West Asia and 

• Production, which will be 
undertaken by its whnlly_ owned 
subsidiary, Toshiba Singapore, 
to rented premises, will com- 
mence in February next year on 
a six-month trial period. 

However, Toshiba has plans 
to construct its own .factory 
building in the housing 'and 
industrial estate of Ang Mo Kio. 

The six-month trial period is 
to see whether toe Singapore- 

made products can. meet the 
stringent . . ^quality. • control, 
requirements qf the Company^ 
Upon successful completion 6f 
the trial period. Toshiba vrill go; 
ahead^ith. its plans. . 

Initially, it-' will - .produe*. 
colour. television sets -.without 
the picture' tube aid. cabinet., 
At a later, stage, ir raay add 
other product lutes -such as 
audio products/ and black, and 
white lelewsion sets. . 

Production of /-colour. ; -tele- ; 
vision vsats. if all goes : well; "wifi 
eventually reach 400.000 - &ts 

annually jvrto sales' at * 
(£2i;7ra): The sets will be from 
50cm .to KHkan- in; Soften size. 

• ROME-. — CTIK an-Ttalian 
engineering company wholly 
controlled ' by > lito/ Rome-based 
Bastogi finahcikl.griiup, has .wan" 
a S20m contract to-snpply elght 
Natural gas, .treating wants to 
China.- •/•;.' .. - v .v_ _ 

; v -The plants, have. been, commis- 
rioned by- the - China' National 
Technical • Import Corporatrop 
(GNTIC) and ■are to be built in: 
the north-east ' • 

- The Italian [company ’-sani i 
would supply all - jsngjnBering 1 
services/ as well as K M n 

equipment, and. provide ^S£con- 
structlon supervision and' I'start-- 
up...: sejrvices^ . - for- - ZiB&'tom 
instellatidns. ' r '.^ V . ,1 

Saudi steel works 

Korl Stahl is negotiating a 
contract to build a steel works 
in -Saudi Arabia with an annual 
production capacity of 800,000 
tonnes, a company spokesman 
said yesterday. Reuter reports 
from Baden-Baden. Industry 
sources said the plant will pro- 
duce steel billets and will be 
constructed at Ya-bail. Equity 
in the project will he held by 
Korf, Saudi Arabian Basic In- 
dustries Corporation iSABIC) 
and Deutsche Gesellschaft fur 
W.irtschaftiiche Zusamrnenar- 

Africa defends IATA 




Russian cars for NZ 

The Russian designed Lada 
cars may he assembled in New 
Zealand by early 1980. Dai Hay. 
ward reports from Wellington. 

NAIROBI — The African Air- 
lines Association fAFRAA) in 
a protest against the U.S. Civil 
Aeronautics Board’s attack on 
the IATA traffic conference 
system, said yesterday that the 
African nations needed "a con- 
tinuing regulatory umbrella 
that will protect the small from 
the competitive might of the - 
powerful in the world, of civil 
air transport." The African Air- 
lines Association' represents 27 

The deadline for .the sub- 
mission to the U.S. Civil Aero- 
nautics Board of “ show cause " 

arguments- why tbe '.-CAB'S MR: JOHN 'SJiWT^ tte 
tentative' finding that IATA's rotary' oC; State idr Trade: k v to 
fare-making ! madtinery ‘is' visit [Stogapore, ijalmix and : 

orrntn«4 . • •*** * - - ** • 

against , the' world’s. Tnibltc 
interests - should not he made' 
find .•■ expired^ -yesterday,- V • ;V 
In a ; statement ; yesterday.- 
aeraA. iaid-ir was in' 'The pti*-; 
cess of strengthening itself. by; 
seeking ■' African governments' . 
support/: to.: /imdertake /.toe- 
funtiph . -that -’would- 
African countries ito'Cagree eit- 
tariffs, at. least, ^wltmrr Afriev 
arid to .-evolve- Contmoa Bronte 
with respect i:p -tarifls- between-- 
Africa and otiier .'’continents * 



.MU i' 1 . . : r . 

■■ •': 


at % 



British car makers New voice l Company to invest £10m at Kent 

: Jr -v i - 

; ■ . ' j -vK 

J r.=3;. « 


• '.W; BRITAIN IS utwrfiraly bz the 233 per cent Both t»ff -hoped 

• iS. junior league oT ear producers, for 27 per-cent ■ ‘ v : 

Production this year at iJSTSm . Mr. X«cey asks'. - “ W&o must 
■*; : .>• will bent the lowest level, apart give way within the carmarket 

from ^- vif BL is to achieve its 

is ‘ -.Mr. M. "W,Xacey. ‘diTector of desperately needed recovery ? 

' "Ca?.- Glass’s Guide serefcesr. praty ; : Vanrhail and Chrysler were 
v f-. r forward this- view in Credit, the boto looking for: better results 
v- -?s * Finance Houses Assdci*ticsj?s-nefrtyear. The. foreign ahareof 
v. quarterly iournaL He. points out new car sales cocM beexpeeted 

that the UK output respreseoted to be very. dose to the, 49 per 
JN\ only fffi per cent * <*f -the -pealc ? cent achieved this year.- - The 
&'■'</ 1321m achieved to 1972> < three strongest Continental: con- 

. -Vt ia compariStm -France wOTld ‘ t?nders, Fiat, Renault ascf VW- 
■ : >: produce :3m eafsthis-year' Wes& Audi would " he looking; for 

Germany J woctd ma aufac t tt r e greater penetration. :*■;" 

" •."VV 3.75mandJapan 5.4ba. “So even if the Japanese 

t ;=V -Mr. Lacey ; was not particularly, percentage share xenuiiBS-.hyich 
- .*• - optimistic about 197®. : The.- UK as before, the pressureifor sales 

/» if* industry ."would -do '• weU-20 : wffl not be relaxed, inthemarhet 
r;V* produce 13m. carv - • as a whole. : - ' 

^ UK cot exports tois year: M At the start of 1978, the BL 

: >; 'c. would total 450,W0i the lowest- production was ; 819,000 
figure since 196L This repre- cars. The butcom&.wm have 
•' seated 35.3 per cent of produc- been . neater ;■ :660ft00. - Every 
tion. and. was only 58 per cent British taxpayer will he pleased 
of the 772,000 cars exported m to see BL do well in- 1979: the 
-• -i* 1969. . ,, % 7” figures set toe scene in realities. 

7; 'Hiv ‘ Ford was-likfily to finish the • Mr. Lacey .also 1 : discussed 
- ■ : y(?aT w j^j, abo Ut 249 per cent of • car prices, subject in ^wfuch 

the UK market, and BL-with Glass's has much,, esptertise. 

For the first time for many 
years, the money gap involved 
in changi n g a used car for a 
new -one, on a like for like 
basis, had ceased to widen. 

“This is a most significant 
factor, since it was the frighten- 
ing escalation of he ' new-used 
price gap over the last few years 
that was one of the biggest 
deterrents to fleet renewal.” 

After annual rises of between 
20 and 25 per cent in the three 
years to last year, the new ear 
price of an average 1300 cc 
model had risen by only 12 per 
cent this year. 

Meanwhile, second-hand car 
values had continued to hold up 
well. A typical two-year-old 
1300 cc model with around 
24,000 on the clock was likely 
to be selling for about £1300 
next March. This -was about 59 
per cent Of the original price of 
£3.025 in March, 1977. 

Glass’s research suggested 
that retail sales of used cars 
rose -by between 5 and 7 per 
cent this year, with more active 
dealers achieving 10 per cent. 

neb puts noage irroup given 

two-way consumer credit 
radio group licence approval 

By Andrew Taylor 

PO coBta 

• 1 1 ;■ -Tf. 

ance i; 

THE - NATIONAL Enterprise 
Board is to’ move into the two* 
way radio business. If is to in- 
vest £510,000 in the loss-making 
Burndepi Electronics — a sub- 
sidiary. of the Beree Group, 
which runs . the ' Ever Beady 
battery concern. : 

The NEB. is fo acquire a 51' 
per .cent stake rn Bnmdept, 
which makes two-way 'radio 
equipment used by most UK 
police forces, and other indus- 
trial and commercial, customers. 

In the past years, Burn- 
dept has incurred losses total- 
ling £Lm. Beree is to retain a 
49 per cent, stake in the busi- 
ness, which it feels will benefit 
from the NEB's experience in 
electronics. .". . . . . "V 

It is tile , NEB’s long-term 
policy to take strategic stakes in 
the electronics field but, until 
recently,' these, hare largely; 
been in companies jna kirig. com- 
puter-related ‘ - - pi^ducts^ .and. 
systems.' . 

. Berac says jt ’wishes to con- 
centMte on its main business. 
Of manufacturing Ever Ready 
dry cell batteries. 

It plans to speiid between 
£35m and £4Qm over the next 
two. to three^years.mostiy «n 
developing,'' tts batiery business. 
Cash raisedfrbm the Bumdept 
disposal would assist this expan- 

•Earlier this year Berac sold 
its C. M.. Cburchoose lifting 
and communications conceim to 
Crompton Barfanson— a. sub- 
sidiary of -Hawker Siddeley— 
for' about £1.4m cash. 


TWO YEARS of donbt over the 
future, of the Hodge Gzpi^. con- 
sumer finance business . was 
.ended yesterday when ;' Mr. 
Gordon Borrie. Director General 
of Fair Trading, accepted its 
.applications for consumer credit 
licences. ’ > -.* * :-o" 

The Hodge companies, jimt of 
Sir Julian Hodge’s financial 
, empire bought by. Standard 
i Chartered Bank for £42m in 
1974, were warned in August 
that Mr. Borrie vras ^jttmded 
to refuse ” their ' Consumer 
I Credit licences. ■ 

Only 17 of the 82,OOO applica- 
1 tions -received by the Office have 
been, refused to date. But such 
a refusal would have ^forced 
Julian S. Hodge and Hodge 
Finance to stop ' arranging 
personal loans through their 
300 .High Street offices, ; And 
it would have made a'sigmjl-, 
cant dent in the . I^odg subsi- 
diaries £Sm profits contribution 
to Standard Chartered,’ 5 

Mr. Borrie said yesterday that 
he was taking “an exceptional 
course and making a statement ” 
on his decision. This is the 
first time the director general 
has publicly^ commented on any 
of the 62,697* consumer credit 
licences isued hy bis office since; 
August 19767 

Mr. Bortie has instructed his 
Office to issue licences because 
“ a significant part of the con- 
duct which bad been subject to 
complaint had occurred before 
Febmary 1974. when Standard . 

Machine tool 
industry seeks 
Chinese orders 

Laker asks to sell 

t . ; ■ . • 

tickets in advance 


Hnantial limes Reporter 

THE. MACHINE tool industry, 
is hoping that orders worth 
between £l0m and £20m will 
be placed by. China as a res.ult 
of the visit to Britain by.a 

Chinese industry delegation. 

. .A- section -of lie. aviation 
. industry delegation, led by Mr.' 
Ln Tui®, Minister of Machine 
Budding, visited - the London 
offices of the . Machine Tool 
Tirades Association yesterday. 

\ Trade between the countries 
in. machine, - tools- has been 
negligible, but; this is" ejected 
to change as manufacture of the 
.Spey -engine trover licence from ’ 
Rolls-Royce -gets under way in 
Oiina. -. ’ : 

• The Cranfield Institute of i 
Technology is especting to start ; 
tr aining . Chinese personnel as 
aeronautical teachers -next 

. Up do.- 40 . Chinese men and. 
Women, will. be. . trained to 
become advanced teachers in. 
the aviation institutes of Peking 
and Nanking; ft -was.- disclosed 
during a visit to tite institute by 
the Chinese mission. , .—..'.V, ’. 


well sunk 

■ 4 ^ 

THE British ; National Oil 
Corporation has drilled the first 
exploration weH in. the - ' UK 
sector of .. the Western 
Approaches. *' ' 

The well, - 'on -'Block 72/10 
about 175 miles South- West of 
Lands End, has. been i drilled by " 
a semi-submertible. - rig ' -on 
charter to- the corporation 
which has a 100 per cent 
Interest, in the block, -awarded, 
to it in April. -'- • 

New committee to take 
over docks decisions 


Petrol priority 
for doctors 

A WINDSCREEN label to give 
priority at petrol . pumps to 
doctors . who incur •; emergency 
medical commitments, is being 
distributed 'by. the British 
Medici Association ' -to its 
members because of the strike 
threat pg tanlmr. drivers^ 

The. label ha s. been produced 
with • the agreement . ^ the 
Motor A geg^ Am naatjon, 

A STREAMLINED committee 
with .executive decision-making 
powers is to take over responsi- 
bility :f©r redeveloping London’s- 
derelict docUands. 

The Docklands Joint Commit- 
tee'last night voted to band oyer 
the; right to .make day-to-day 
decisions to an executive com- 
mittee composed of the leader 
; of the 1 .. Greater London Council/ 
! and. lenders of the five London, 
boroughs involved in the dock- 
lands strategy. 

The derision will still leave 
overall policy deciskHwnaking 
to the -full committee. 

. Critics of the new scheme see 

the executive committee as an 
attempt to turn thefull commit- 
tee into a mere talking-shop. It 
is • likely, however, that the 
executive committee may go 
; some way towards overcoming 
toe problem of delays caused by 
toe need for consultations over 
eveay decision. . 

A report to toe committee 
yesterday emphasised that toe 
full committee was well suited 
-te prijducing a strategic plan, 
but was far less able to deal 
with Its implementation. 

■\ Chairman of the new execu- 
tive committee will be Sir Hugh 
’Wilson, who is also chairman 
of toe fall committee. 

on Post 




Chartered Bank took control of 
the Hodge companies.” Control 
exercised by -the bank has 
“become Increasingly effective 
during the past three yeaTS." 

Mr. Borrie also considered the 
point that the business of Julian 
S. Hodge is to be transferred to 
its parent bank “as soon’ as 
possible" end toe fact that 
“ considerable changes had 
taken place in toe boards of the 
Hodge Group.” 

Sir Julian Hodge, 74. and ten 
fellow directors stepped down 
from the Boards of Hodge Group 
companies in October. 

Hodge Group's chequered past 
performance in toe second mort- 
gage business is believed to have 
been a major stumbling block 
in its application for a licence. 
Mr. Borrie notes that bis deci- 
sion was influenced by Standard 
Chartered’s, move to end all 
secopd-mortgage lending. 

. ’ He said “It is expected that 
existing l £greements of this type 
would come to au end by 1982." 

Other Changes in Hodge 
Group business practice that 
Mr. Borria studied were the 
steps being! “taken to reduce 
substantia] ly whe area at opera- 
t tions in which applicant com- 
panies accepted business 

through agents, business 

associates or \ other inter- 
mediaries who had no direct 
relationship with toe borrower” 
and the withdrawal of contract 
.forms which were void under 
. toe Consumer Credit Act 

member of the national execu- 
tive council of toe Post Office 
Engineering Union, has been 
appointed as a part-time mem- 
ber of the Post Office Board. 

He succeeds Mr. Arthur Sim- 
per, one of the union’s two 
original appointees to the Board, 
who died tihs summer. Mr. Wil- 
lett was elected to the Board by 
the union at a special con- 
ference more than three months 

He said last night that the 
last year had been critical for 
bis union and for the Post 
Office, largely because of the 
progressive introduction of new 
technology. The union had felt 
it necessary to ward off some of 
toe effects of that technology by 
a shorter working week. 

There would be a continua- 
tion of toe pressures after the 
adoption of microelectronic tech- 
nology and the union would face 
a challenging time. 

There are seven union repre- 
sentatives on the board, which 
also contains seven management 
members and five part-time inde- 
pendent members. The indepen- 
dents have been re-appointed for 
a second year. 

They are Mrs. Janet Walsh 
and Lord Winstanley. who repre- 
sent consumer interests. Mr. 
Derek Gladwin, a regional secre- 
tary of toe General and Munici- 
pal Workers Union; Professor 
Michael Posner, who takes over 
the chairmanship of the Social 
Science Research Council next 
month, and Mr. Peter Walters, 
chairman of BP Chemicals. 

returns to 
back bench 

SIR FREDDIE LAKER, chair- . . On the other, British Airways 
man of Laker Airways, yester- and British Caledonian Airways 
day asked toe Civil Aviation are resisting the bid, because 
Authority for permission to sell they fear that it will put Sky- 
tickets-on his low-fare Skytrain -train into more direct competi- 
services to New York and Los . tion with themselves. 

Angeles in advance to prevent - The authority’s hearing eon- 
a repetition of the summer dimes tomorrow, but a decision 
queues for cheap seats. . .. Js not expected until toe New 
Hitherto, Skytrain has been ^ Year, 
able to sell tickets only on the • Two more domestic airlines 
day of departure. The big . have asked toe Civil Aviation 
demand for these cheap flights c Authority for permission to 
— £59 single between Gatwick -raise fares on internal routes 
and New York — resulted in from April 1, to meet rising 
several hundred would-be pas-, costs. . . . 
senders <jueuelng in the rain British Island Airways is seek- 
outside Victoria Station, London, icg rises between S and 12 per 
Laker Airways argues that, if -cent, but the airline has also 
it is allowed to sell Skytrain- -asked for * permission to intro- 
seats in' advance, it can cut the ; duce cheaper Advanced Pur- 
queues. It is. not asking for -a debase Excursion (Apex) fares, 
foil advance^ - reservations, ' Intra Airways has asked for 
system, such as the major . rises' of between 5 and 13 per 
scheduled airlines operate, but cent on itB main routes. It also 
it wants the right to sell seats- wants to introduce a senior 
on flig hts as far ahead as may - citizens’ fare for people over 65, 
be necessary to meet immediate ' for : round-trip journeys on toe 
rTemarufsl Channel Island routes at con- 

; . Laker’s plans bave split the siderable discounts, 
aviation business in this. ' - These - applications follow 
country. On toe one hand, they , those announced in the autumn 
are supported by the British by several’ UK airlines, indud- 
Airports Authority and West-, ing British Airways. The latter 
minster" City Comudl, who had ; ’.is seeking rises of between 5 
to, bear the brunt of toe queues.. ' and Si per cent 

Stone bow 



microcircuit production plant 

By Richard Evans, Lobby Editor 

servative spokesman on 
Treasury and economic affairs, 
has decided to return to the 
back benches in order to speak 
on a wider range of subjects. 

Mr. Tapsell, MP for Horn- 
castJe since 1966. has been an 
articulate and outspoken front- 
bencher who disagreed with the 
more extreme economic policies 
advocated by some Right- 
wingers, but his resignation has 
not resulted "from policy 
differences with the leadership. 

He stressed yesterday in a 
letter to Mrs. Thatcher that he 
would continue to give his full 

He considers that he would 
make a greater contribution to 
the Party’s future from toe back 
benches, “where I would be 
freer to speak on a number of 
subjects, particularly in the 
fields of foreign affairs and 

In a warm response, Mrs. 
Thatcher said that his services 
had been “of immense value” 
and the leadership would miss 
his advice and debating skills. 
She hoped Mr. Tapsell, a stock- 
broker, would one day rejoin the 
front bench. 

Safety warning 
to night clubs 

NEARLY 100 London night 
dubs, restaurants, pubs, hotels, 
theatres, cinemas and other 
premises have been warned by 
toe Greater London Council 
that unless they fully satisfy the 
Council on toe safety of their 
premises by toe end of this 
month their annual entertain- 
ment licences will not be 


and Telegraph .(ITT) has 
dedded to concentrate its 
investment in advanced elec- 
tronic microcircuit production 
in a UK centre, it was 
announced yesterday. 

With British Government 
help, it Is to spend £10m at its 
plant in Foots Cray, Kent, on 
developing and producing new 
microelectronic circuits using 
the 'latest metal oxide semi- 
conductor (MOS> techniques. 

One of toe most important of 
these products will be a 65,000- 
element computer random 
access memory chip (64k RAM). 

This is toe product which is 
expected to form the basis of 
the National Enterprise Board's 
£50m venture into semi- 
conductor manufacture in its 
new subsidiary, lnmos. 

The 64k RAM is also likely 
to be made in a new plant in the 
UK to be set up as a joint ven- 
ture between General Electric 
and Fairchild, of Palo Alto, 
California. This venture will also 
be helped with Government 

TTTs decision to concentrate 
its UOS technology development 
in Britain may have been 
influenced by the Government’s 
£70m aid scheme for the 
industry. But Dr. Gerry Thomas, 
general manager of ITT Semi- 
conductors (UK), said that the 
Footscray plant had already 
become the company’s world 

centre for the production of 
computer memories. 

In the four years since it 
started memory production, tbe 
plant has produced 4m devices, 
and is now making the high- 
density 4.000-element (4k) and 
16,000-element RAM components 
at toe rate of 600,000 a month. 

Dr. Thomas said that the ITT 

Demand for computer 
courses leaps 48% 


AN INCREASE of 48 per cent 
in the rate of applications for 
next year’s umversitay under- 
graduate courses in com- 
puting, was reported yester- 
day by toe Universities 
Central Council on Admis- 

The council’s latest count — 
taken on Decembe' 1 when 
two-thirds of total appli- 
cations are usually in — also 
showed a 3.5 per cent rise, to 

99,853. in the number of 
British candidates for univer- 
sity courses in generaL 
Foreign applications were 
8.3 per cent up, at 11,756. But 
further Increases in tbe 
admission of overseas students 
is being discouraged by the 
Government. which has 
threatened to reduce univer- 
sities’ financing if they exceed 
their M quota*’ of foreign 

plant was the leading memory 
producer in Europe, with about 
10 per cent of the world's mar- , 
ket for the 4k device. 

Production of computer 
memories was technologically 
the most challenging part of ' 
the microcircuit industry, - 
because toe very high density 
of components being achieved 
tested a company's capability to' 
the limit. 

The price of the 4k RAMs on 
the world market had fallen by 
about 40 per cent this year. Any 
company wishing to stay in tbe 
market must increase its 
efficiency by a similar amount 
It must achieve this by constant 
technical innovation to reduce 
wastage and increase through- 

ITT had chosen the UK for 
future development partly ' 

because of the availability of 
excellent engineering talent in " 
the country. He said the com- 
pany's plant at Foots Cray had 
also proved an attractive loca- 
tion for engineers coming to 
the UK from America and els*, 
where, said Dr. Thomas. 

EEC in £l.Ibn technology boost 


EEC COUNTRIES have com- 
mitted about £l.lbn in support 
of microelectronic technology 
and its appliances, Mr. Kep 
Simpson, director of corporate 
development for consultants 
PA International, said yester- 

PA International has been 
appointed to help the UK 
Government plan a programme 
to increase awareness in in- 
dustry of the applications for 
microelectronics. The contract 
for the initial plan, due to be 
completed by January 24, is 

worth £50,000 while the " aware- 
ness programme ” will run over 
a three-year period. 

The amount to be spent by 
each EEC country is still not 
known although it is likely that 
the UK. with a committed ex- 
penditure of up to £400m. leads 
the way. Frvnce has committed 
between £250ra and £300rh. 
West Germany a lower figure. 

The budget for the three-year 
awareness programme has not 
been allocated, but it will be 
drawn from toe £55m com- 
mitted to the Microelectronics 

Applications Programme, an- 
nounced earlier this year. 

The Department of Industry 
said yesterday that toe f> overall 
objective is to secure full 
understanding amoDg decision- 
makers in industry and the 
trade unions of the pace of the 
technology and the breadth of 
its applications in product de- 
sign and in production 

A crash programme of con- 
ferences and seminars will be 
held next year in a bid to over- 
come the barriers which the 

Government believes exist Jn 
the minds tof many executives, . 
and to encourage senior . 
management to think of pos- ; 
sible applications for micro- 
processors in their own, 
products and companies. 

Mr. James Cooke, project 
director of tbe PA team, said . 
he thought the awareness . 
scheme would have two parts: . 
first, a general presentation to - 
the estimated 50.000 decision-.^ 
makers in UK industry, and 
second, a sector by sector - 
approach, using more specialised « 
information. ■ ; 

CHRISTIE’S ended its autumn 
season yesterday with a parting 
shot: A German stone bow from ( 
the early 17th century sold for . 
£26,000, plus the 10 per cent 
buyer’s premium, in . a sale of 
antique arms and armour which 
totalled £127,519. ■ 

A pair of French mounted ] 
silver flintlock pistols by 
Maaetier of Paris sold for £7,800 
and a late 16th century German 
wheel lock pistol was bought for j 
£7,500 by Collectors Guns. 1 
Sotheby's Belgravia collectors' 1 
sale produced some exceptional 
prices. A German buyer paid 

£2,400 for a Marklin tinplate , 
steam yacht which bad been ! 
estimated at £250-£400. A New 1 
York buyer gave £2,000 for an 
elephant and howdah cast iron 
money box of the late ldth .cen- | 
tury, and an English bidder ! 
£1,200 for a Mickey Mouse tin- j 
plate organ grinder. The lowest 
price was £4 for a 1935 Holt- 
zapffel jigsaw puzzle. I 

At Christie’s South Reusing- | 
ton, a coin-in-slot polyphon 
made £3,200. In a picture sale, 1 
a sea scene by Samuel Walters . 
sold for £6,200, doable its fore- 

New Issue 
December 21, 1978 



DM 150.000.000 

Thisadvertisement appears 
.as a matter of record only 

TA% Deutsche Mark Bearer Bonds of 1979/1987 ■££& 

Offering Fries: 100% . 

Interest . TAIo p. 8-, payable annually on January 1 

Nteturity; ' January 1.1987 

Listing: Frankfurt am Main 

• • -• 
»«. 7^1 ■ ’ 

Deutsche Bank 


Banca Com mere iale Italians 

\Banque de Parts et des Pays-Bas 
Union Bank of Switzerland (Securities) 


Banco do Briasil SJL . 

Merrill Lynch international &Co. 

Westdeutsche Landes bank 

Alahfi Bank of Kuwait [KJLC.) 

Algomena BankNadsrland N.UL 

Amatardam- Ro ttaiT U m Bank MV& 

Amhold andS. Blejcfroedw, Inc. 

Banca Noriomle dal Lavoto 

Banco <S Roma 

A.E. Ainas AGo. 


Atlantic Capital 


Bank off America In ternati o nal 

limited . . . 

Bank JuHus Baer International 

Bank Maes & Hope NV 



The Bank of Tokyo (Holland) N.ML 

BankGdtrwittor, Kin% Banoatw (Overseas) 


Bankers Tiust In t er na ti onal 

Banqua Arabs et Internationals 
d'lnvestssement (BJUi.) 

Banque GCndrale du Luxembourg SA. 
Banque National o de Paris 
Banqua Rothschild 
Baring Brothers & Co, 

Banque BnowOes Lambert SA. 

Banque Frarapaiso du Commerce Extdrieur 

Banque derindoctrine at de Suez .. 
Banque da NeufUze. ScMumbergar,ffaDeC 
Banque de ttinfon EuropOenna 
H. Albert de Bary & Co. IlLV. 

Banque Int e rnationale k Luxembourg SA. 
Banque Populmro Suisse SA. Luxembourg 
Banque Worms 

Bayerisctie Hypotriafceo- und 

Bayerisehe Laodesbank 

Bayerisehe Vsreintfbank 

Joh. Berenbetg, Gassier &Co. 

Bergen Bank 

Bediner Bank 

BerKner Hand sis- und FhmfcftBtar Bank 

des Depots et Consignations 


Chemical Banklntsmatioiwl Group 

CMcorp Int er n a t ion al Group 

Copenhagen HandeWbenk 
Credit Industrial et Co mm erc i al 
Credit Suisse Fust Boston 


AOKnq w ud bcl i aft 

Credit Commercial de Banco 
Crddit Lyo nn a i s 

Compagnie Mondgasquo de Banque 

Cridlt Industrial cTAbace at de Lorraine 
Credit du Nord 
Crodito Italia [TO 

Dahwa Europe N.VL 


Den Danska Bank 

PenticB SQiliaMriltanhche Bank 


Richard Daus &Co«Bankiere 

Deutsche Gkeientmle 
- Deutsche Kommunatoank*- 

Pewaay & Assoadi In te r nat ional 

DG Bank 

Osutsshs 6 m — aM ISal 


Dillon. Read Overseas C or por atio n 
Ecmunerica Hnanzbrla Mamazianrie S.piA. 

EunxoobBisre SqrA. . 

European Banking Company 


European Brazilian Rank Limited 

Robert Renting SCo. 

Geflna International 

. Goldman Sachs International Corp» 

KendefcbankfiW. (Oversees) 

E.F. Hatton lot N.V. 

GnapsBMntdes Benquiete Priv6s Qenevols 
Georg Heuck & Sofia 

Girozantrale und Baakder 

Han ifama Bank 


HH1 Samuel ACo. 


Iboro-AroerBra Bank 

Industriebank von Japan {Deutschland) 

bitamatfexiale Genossenscbaftsbank AG 

Istituto Bsncario San Paolo diTorino 

Kidder, Peabody In t m nati onal 


KMmwort Bento# 



Kradiatbank SA. Luxembewgeotae 

Kuhn Loeb Lehman Brothers Intemational 

Kuw^t Internationa] lnvestmemCoM.k 

Lazard Brothers 4 Col, 

Lazard FrirasstCSe 


Uoyda Bank IntematlBnal 

Unund- *- 

Mflmrfeconws Hanover 

Merck F2 k* 4 Co. 


Samuel Montagu ft Co. 

TtaeJBcto Securities Co, (Europe) Ltd. 

Morgan Granf# ftCa. 

Morgan Stanley IMeimfional 


Nomura Europe MX 

Pe n oui aft eOei i t bB ids 
Heonn, Haklring ftHeieon N. V 




N. M. RuthscMd ftSons 


Norddeutsche Landeab anfc 


Orion Bank 


Rea Brothers 

Salomon B i others Intemedon e l 

J. Henry Schroder Whgg ft Co. 

Schrfider, Mdriohmeyer, Hengst ft On. 

Sl a nd b M v Wa EnskBda Bmken 

Sndth Barney, Herds Uphem ftCo. 

Sbdltl fil idw fe 
Svenske Hendrisbankaa 

SocMtd Gdndrala de AnqueSA. 
Swiss Bonk CnpoBfion (Overseas) 



Society Ftnemterie Asateurativa 
(RAS Group) 

Strauss, Turnbull ft Co. 

Trade Development Bank 

TriMkausft Bmkhaidt 



H. M. HHMftMnMb Watt* Co. 


VVtestfa ten bank 

Wood Bandy Undtad 

Yamafchi Intomafioml (Etsope) 



is— — easaeieaeo— seeae— — —s seas— aaaae— saaeatans ss— us ia fe—ts— i 


NOTICE IS HEREBY GIVEN that at a Drawing on the 22nd November.. 1978. at Williams & Gljm's Bank Limited. 67. Lombard 
Street, London, E.C 3 , the following URUGUAY BONDS of 1891 were drawn for repayment at par on the 1st February, 1979, 
after which date interest thereon will cease. 

Bonds of £1,000 each 


1 34 



. 244 






; 431 










83Z . 



054 ‘ 







J SO* 


151 1 












= 459 














SI 01 

31 14 










8Q- .Bonds of £1,000 each amounting to £80,000 

-■.I, ■ —2' JVi V 1 • . " J 

•. V ii -a_ - - A -■ * \ At.- .fTAmVj V- 


v. Fmanaai Tnhe^ T&insdi^^ -f 

CBI members vote 
for Centre Point 


Bonds of £500 each 







■ 7289 

1 3590 

276 Bonds of £500 each amounting to £138.000 

















































"3359 8 






















3661 5 















37 504 















3851 S 



























4 OS 54 





407 82 





















- 42568 

















4331 8 







4 5411 


4 3738 






















































4667 9 






*7 003 




47 544 





4*1 39 


»:• o 

































501 BO 


SOI 95 














51 009 






Si 324 


SI 506 

51 509 


51 527 

51 836 

51 837 



SI 922 





5221 9 
















5331 8 

























5-137 8 

54 379 












SS1 14 

SSI 22 



S51 30 


SSI 57 



5521 7 





















561 21 


























571 10 - 


57 1 2 0 ' 





57 1 68 


























5 8589 

5661 4 















534 07 










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SOT 69 

















bl 1 97 ■ 














617 58 




















































63937 . 










6 4606 

6462 0 





547 20 


647 30 


















651 27 











653 35 




654 06 


654 33 

















































3548 Bonds amounting to a total of £5004100 

DRAWN BONDS with coupon number 349 due 1st May. 1979 and subsequent attached should be presented for payment at 
for examination. 


Officiating Notary Public:— Mr. P. Freeman of 


123/127 Cannon Street. London, EC4N SAX. 

NEARLY 300 leading industrial- 
ists voted overwhelmingly last 
night that the Confederation of 
British Industry should try to 
become tiie first major tenant of 
Centre Point London’s most con- 
troversial office Wocfc, In spite 
of a likely bill of £2.5m for con* 
verting the premises. 

They brushed aside any wor- 
ries that the bad image of the 
building might barm the Con- 
federation’s prestige. Director 
general Sir John Methven said 
that he did not believe the 
more would be interpreted as 
“ capitalism propping up capi- 

Centre Point was built in 
1965 as an architectural show- 
piece by Oldham Estates, headed 
by Ur. Harry Hyams, and is now 
controlled by the Co-operative 
Insurance Society. It has never 
had a major tenant. 

Sir John said last night: “ The 
image of the building is no 
problem for os. Once we’ve 
moved in, it will be known as 
the CBFs headquarters and we 
are negotiating for it because 
it meets our requirements.” 

The Confederation was ^nofc; 
looking for a gin palaee.” 

The decision to go ahead with r 
negotiations on the move was - 
taken at the Confederation’s 
monthly council meeting which, 
for the first time in its history,^ 
held a vote. This partly re- 
flected growing demands from. . 
some member companies, . espe^ r 
dally smaller concerns, - f or; 
more votes on key issues. 

But the Confederation^ 
leaders also wanted to ensure, 
that they had the full hacking 
for their negotiations, which are.’ 
being conducted subject to plan- 
ning permission by the London* 
Borough of Camden for major’-' 
conversion work. • . . : — 

Rent reviews / . : T 

So few- council member*- 
voted against the move that Sir - • 
John was not prepared to'xe*; 
lease the figures in case they s' 
might impair the Confedera- 
tion's negotiating position with; 
Mr. Hyams. 

The Confederation wants a- ' 
lease of about 50 years with- 

Tent reviews every eight years. ; 
It would start by paying under 
£8 a -sq .ft. for abottt haU the 
• 30-storey office block -and- may 
encourage other -trade . and 
employers’ associations Jo move 
. into some of the other floors. 
The Housing Corporation ^ is 
also believed to he dis cussin g' 
taking some floors^- •; 

The Confederation needs to 

find new offices for its 400 staff - 
because ' its present head- 
quarters hi TothaH Street near' 
-Parliament Square are old and. 
in urgent need ’ «£ re buildin g^ 
■or modernisation. - 

It is interested in. . Centre-' 
Point because the : bufl&nff -is 
the only one it has found that 
■ i*an provide committee zooms 
plus a council chamber' tc 
house 300 to 400 people. ' 

: It has asked Camden Council 
; for planning permission to con- 
vert a showroom to 'toe' tower 
block's podium into the council 
chamber and is budgeting for 
'total building work costing 
about £2.5m which would 
include special .' security/ 
Arrangements. - •' 

\f By; JofcvHunt, MfWSqtaijr - 
.- Corrwpomisnt . V ■ : : =/ 

THE GCiVEKN5£F2^T is^depfc-V 
ing -$ -confident^ hot- pragmatic 
approach to Britain's futur^hc 
tho EEC r according to Dri David f 
Owen, the Foreign Secreteg^Sef 

rm im rr» Mil 1.4 * < i 1 » > 1 ' -j 1 .• 1 -j ^ ; , 1 n v 

of the Community, & xun&a^Sit&tz 

of - ate, :fbr 

British society^ . ir^uflj^fedi^ 

triaHsts, trade 

fiktl IlII Vt? *7b :■ 

| m I 

V i * * 


t i>MtK?j?MTS5si5iT5 

trf^VvTv iTm 

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institutions i Cement makers seek 





















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81 554 


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834 72 








Financial Times Reporter 

power of the financial institu- 
tions was squeezing private 
investors from the stock market, 
said Mr. Edgar Palamountain, 
chairman of the Unit Trust 
Association, yesterday. 

He was presenting the second 
stage of the association’s 
evidence to Sir Harold Wilson’s 
Committee on the workings of 
the City. 

“ The supply of ordinary 
shares has not risen to match 
the inevitable demand of the 
pension funds; in fact the stock 
of equities has bardly changed 
in the last twelve years.” said 
Mr. Palamountain. 

Demand , 

As a result “ institutional ! 
demand has been met from the | 
enforced selling by private 
investors, squeezed by inflation 
and clobbered by penal taxes.” 

He gave a warning of another 
critical effect of “ our con- 
fiscatory tax system.” 

In an open attack on British 
management he said that execu- 
tive directors of companies 
“ may well be less interested in 
earnings and dividends than in 
company expansion or fringe 
benefits.” As a result the 
association “ stresses that every 
substantial pubUc company 
should have an appropriate 
number of non-executive 

More sensitive 

These non-executive Board 
members “ are likely to be more 
sensitive to shareholders’ 
requirements than to purely 
managerial interests.” 

Although the association was 
worried about the “progressive 
institutionalisation ’’ of the 
equity market and the eclipse 
of the private investor, “the 
idea that a handful of invest- 
ment managers in the City of 
London are about to storm the 
.commanding heights of the 
economy only has to be put in 
these terms for anybody with 
the smallest experience of the 
City to appreciate how absurd 
it is." 

Fears of undue economic 
power under institutional con- 
trol should be dispelled by the 
sight of regulatory controls pre- 
venting individual funds from 
taking control of public com- 
panies; inter-fund competition; 
and the fact that fund managers 
“ have neither the time nor the 
training to interfere actively in 
the affairs of industrial 

11% price increase 


rtTvTiTLSi 1 v-uT'-j i * i 


CEMENT PRICE increases 
averaging 11 per cent are be_tog 
sought by the manufacturers: 1 . 

The Cement Makers’ Federa- ■ 
tion has notified the Price Com- 
mission of its intention to raise 
prices from January 22 if.the 
Commission agrees. 

It says that the increases will- 
enable the industry to do little 
more than recover the estimated 
rise in costs since the - last 
increase a year ago. ■ ; N - 

Changes in the cement indus* 
try’s pricing structure, nrged : in- 
June in a Price Commission 
report on Associated Portland 
Cement Manufacturers (now 
Blue Circle Industries) are also 
being implemented. 

The report recommended that 
the company — the UK's largest 
cement manufacturer— ^should 
endeavour to make changes 'to' 
its pricing system and- that' pro- 
gress in this respect should have 
been made by the-timathe next 
application was submitted. 

The Federation said lastrnigbt 
that the industry’s existing, sysv 
tern was being restructured with 
the effect that the closer custo- 
mers were to works, .the less i 
prices would rise — furthers way j 
from a recommendation in last ] 
yea r*s report ' - . ; -'■ . . . r. . 

Previously, distribution -costs 
were crosfrsubsidiBed and so 
spread equally .over, customers. 

lull* i 1. f w 1 r -i 1 1 ‘ i Td? .; 

H ■ ) ■> > <4 1 ) 4 1* 1 ' * aft ,•< • 1 * l • W j , ^ 

mm > r ( > ‘ r*7ri i r mm 

i & ° -T TT QTT } 

' He also promises that on the, 
Europeas 'Monetary \ System^ 
Which begins in January whb- 
oht British .participation, the 
UK -attitude wai Tje construe-; 
five and- not' mie of opposition:' 

Building orders 17% 
up on last 


ONSTRUCTION ORDERS in Pubhc. qon-housiag nrders iii 
ctober rose for the third the AugustJOctober period were : 

1 11 i iB.v'A- 1 il 

October rose for the third 
month running, according to 
provisional figures from the 
Department of the Environ- 

The department, estimates 
that the current price value of 
all new orders won by con- 
tractors during October reached 
£851m, against £S41m in 
September. A year earlier 
orders were valued at £596m. 

Expressed in constant price 
terms, total new orders for the 
August-October period were 12 
per cent higher than in the 
previous quarter and 17 per 
cent up on the same period last 

New orders in the public 
housing sector in the quarter 
under review were 3 per cent 
down on the previous three 
months and 1 per cent lower on 
a year earlier. 

I*rivate housing orders 
showed an 11 per cent rise on 
the May-July period and an 
increase of 19 per cent on the 
same period last year. 

the AugustfOctober period were! 
23 per cent-tip on May-July and.' 
10 per cent higher , than a'year: 
before. Private? indti&rial build- 
ing orderswerp 18 rpericent: 
higher than In the preceedlngL 
quarter and 35 per cent op -on a 
year, .before.. . .. ■ •• -\- V: 

. Private . commercial -^drdere. 
were . also , more buoyant,' show- . 
ing a 2 per cent increase?; ever 
May-July and a rise -of -3$ per- 
cent over the same quartet last 
year-'.-. . 'V>: 

It looks. as though the total 
value of construction output 
this year will show a 6 per cent 
rise .over the previous twelve; 
months, although half of this' 
will have been accounted for by. 
repairs and maintenance work 
rather than new building out- 
put It will, nevertheless, be the 
first annual rise in : output 
recorded since 1973. . “ 

Forecasts suggest that the in- 
dustry has .reached a plateau in 
terms of workload and that 
marginal reductions ifi output 
will be recorded next year and 
in 1980. - - . . , 

Tories plan 
more power 
for Auditor 

gj *•! t) C f:-):" ; VlfcV 

i * . * ‘Tfca * 



J iVt f.U.-*TrVivi i 


Spending curbs could 
be on way, says bank 


have to be curbed in, or even 
before, the main Budget next 
spring according to an analysis 
of the UK economic prospects, 
in the first issue of Lloyd's 
Bank’s monthly Economic 

Mr. Christopher Johnson, the 
economic adviser of Lloyd’s 
Bank, says that if real incomes 
look like suffering because of 
low wage awards, the Budget 

may include tax cuts. " " 

But if,. as seemed likely,; real 
incomes went on rising sharply 
there might -be an - increase- in 
Value Added, Tax, excise duly 

or. income tax. . J ■ 

Mr. Johnson spys the --UK> 
cannot --continue -indefinitely- to. 
consume T^ore thairit jpsndnce^ 
without rruUzfiug -the. ftw&Tdia- 
tin(k;;bift-'-mterlink^ x risks'bf' 
accelerating inflation^ aird returii 
to baknee of payments defidL: 

CBI giyes warning on high pay deals 

A WARNING that the risk of 
high pay settlements makes it 
even more essential for the 
Government to keep public 
expenditure under “strict con- 
trol” was issued last night by 
the Confederation of British 

The Confederation gives its 
views in a memorandum to the 
Chancellor on his Public 
Expenditure White Paper, due 
to be published next month. 
“Excessive pay claims threaten 
both to lead to accelerating 
inflation and to limit the scope 
in the Budget for reducing 
income-tax. It is even possible 
that because of concern about 
inflation, a contractionary 
Budget will be needed. 

“Against this background it 
is even more important than 
ever that Government expendi- 
ture is kept under strict con- 
trol if room is to be found for 
the cuts In Income tax that are 

central to, CBI economic policy' 
and are so vital for the recovery 
of the UK economy.” 

Total Government expendi- 
ture in 1979-80 must' be limited 
in real cost terms to the level 
of 1970/77 and the current year. 

“ This objective can be 
achieved by a combination o£ 
strict cash limits, a drive against 
waste and inefficiency, and 
policy changes,” the CBI 


When presenting its public 
spending plans, the Government 
should give a full account of the 
implications for the tax burden 
and Government borrowing. 
Expenditure, taxation, and 
borrowings could, then be . 
debated together and so linked 
together “ in the public’s 

The CBFs proposals are based 

on its Britain Means Business- 
1978-poQcy document, approved 
at Its national conference last- 
month, > ..... , 

It^ays that the.flbnto £LSbn\ 
increase in public spending for - 
1978*430, 7 indicated by .; the 
Government’s present! plans; : 
should not be implemented. 

. -The- savings needed cmzld : 
come, first, from -strief enforce-, 
'merit Of ^ 

should*- “ not be relaxed to re- 
imburse spending authorities’ 
for .Any increase in Inflation of 
theirrpay pr other rosts>V v ,'';\ 

Seamdly^ ■ there should 7 -^' 
further, attacks on waste ^ 
inefficiency,^ barfly, by eliminatv 
Ihg overtopping of fimctio&s ' 
between different tiers b£ 3bcaIJ 
Government.- ^ 

Third,^ policychahges;dioiild : ' 
include the pjuiang burnt «lee- 
tiveafd to 'industry and a redaitr; 
tiorrzin.the roto of the National 


that , 

Government’s. tu toise 

: to® “^board's;— 


: - natio nalised indn^ries sh qfcTd 

1 -he ■ 

. aai> 

- r social; 


-lieceniber 2i 197S 

D* yt v&mm : ^ labour 



.\J '■■••; : Cm' 


.; _ "-SSj 


•' !a 

% 'll 

•-T .. v vho 
y ;| -.? 

THE CHAN§IX£iOR ". -has 
privately admitted', to union 
leaders that pa? rtstes for L5m 
public service -workers, who are 
threatening industrial ., actiorr 
from next month, could exceed 
the 5 per cem laid : down fay 
Government pay ; policy. 

But Mr. Denjs Healey warned 
that- if the deals were more 
than '5 per cent, -they might 
have to be phased over inore 
than - a year like . the special 
settlements for Bremen/ potfce 
university ; v lecturers .j and,, the 
armed forceslaSt 5 jearr . : .-••■. r 

This ftnther evidenoe yester- 
day a£ Gavctvnxnt readiaeiiS to 
avert a «ldSh with the unions : 
which would be painful for the 
public, suggests that the. 5 per 
cent is now a policy in name 
only. LastWeek, after a “Com- 
mons defeat, -the Prime 
Minister . dropped sanctions 
against private companies 
which break the limit: All 
sections of. the: public sector 

now look likely to -bend. If not 
break, the limit; too'. - 

The efforts of TOC-lead ers. 
inch os- Mr. David' Basftett of 
the General amL,- -Municipal 
Workers, lo work’-qat * formula 
based on some: as yet<undefifaed 
comparability studbf ; for, 'public 
; services- were the cause . of con- 
siderable resentment inside- the 
TUC general co use jl. yesterday 
When Tt faeard a report of Tues- 
day’s meeting- , of Ministers jand 
the TOC economic committee. 

. . .Nationalised industry unions 
-were angry at what they saw 
as. a divisive ploy and special 
pleading to get a few .* uu&a$ off 
the hook. Nonetheless,', groups 
like the. miners, power- workers 
and railwayman are clearly hot 
going to rest content., with- a 
simple 5 per. cent .rise;.'. / 

The miners are expected to 
push hard for a four-day week 
even if they- 'do hot reach, the 
20-40 per cent rises - set out -In 
their ejaim The .ame. pressure 

is coming from the Iron and 
Steel Trades Confederation, 
which is determined to get 
shorter hours and a more 
modest 8 per cent pay and pro- 
ductivity deal. 

Mr. Alan Fisher, general sec- 
retary rjf the National Union 
of Public Employees, said the 
union wanted “something that 
is quite clear and quite sharp'* 
before it could consider calling 
off Industrial action. With 
some anniversary dates already 
passed, his members would not 
wait for a long job evaluation 

Mr. Len Murray, TUC general 
secretary, .said after the general 
council meeting that the unions 
had opened up new avenues with 
their demand for some pay com- 
parability investigations. Asked 
if a rise of more than 5 per 
cent had been conceded in 
advance by the Government be 
said that the - Government bad 
made ''a. sensible decision," 




fk tJr 

claims journalists’ union 


: THE - NATIONAL Union of 
:-T/ : Journalists -told the Court of 
: -V Appeal yesterday .that Mr. 

Justice Lawson, who ; last week 
. *■' ^granted. a High Court injunction 
> against the union which the 
TUC considers, will severely 
: -vr- restrict trade union, sympathy 
~ -paction, had ."erred- in- law" on 
nine, counts hi his. judgment 4 
r; l:'- The - union . was appealing 
i . -'' before Lord Denning, Master of 
r .V- the Rolls, against the injunction 
: /' granted to Express Newspapers 
~ -. ordering the union to lift its 

instruction to Express group 
: i r ?.' journalists to black copy from 



Xthe Press Association news 
.2“' agency. t . . 

Express ' group’ .journalists 
;;. °fhave refused to lift the blacking 
-./'-/and other NUJ members are 
v-stfll. under the instruction. 

Mr. Justice- Lawson granted 
the injunction, because the 
blacking of PA copy was not 
■ -.“in ■ furtherance " of a trade 
• ■-.dispute. The uni on was tbere- 
J/fare not protected by '"the 
-/.“sympathy action.” clauses c?f 
."-.'the Trade Union • and Labour 
..Relations Act 1974. v ! ' 

7 . v. ■ The NUI said : that ifae, judge 

was wrong that it was more 
likely than not that the^uaion 
would fail to establish a defence 
that the action was in) further- 
ance of a trade dispute. V' 
Having found that the! union 
had acted solely to further the 
admitted trade dispute'l>efween 
the. NUJ . and the _ provincial 
newspaper employers; -the judge 
“erred in. Jaw" by considering 
the probable effectiveness of; the 
action in furthering the dispute. 

And the judge erred . in saying 
that action designed to promote 
the solidarity of members Of a 
trade union oh strike and/atf to 
encourage those members; to 
remain or join a strike could 
not be in furtherance. " 

The judge was wrong, on six 
further points in the judgment, 
the union said. . . . 

. Mr. .John Melville Williams, 
QC, for the NUJ. said tlmt-it 
was not for the court to inquire 
as. to the .effectiveness of Indus- 
trial action: ... is 

; National newspaper -journalists 
; had been instructed to Hack TA 
copy. “to reinforce the resolve 
of those who were already oft 
strike at . the PA‘ arid to* 

suade those who were not to 
join the strike." The NUJ was 
not strong enough to achieve a 
complete stoppage of the PA 
service. By virtue of its weak- 
ness the union, was exposed to 
the argument that it was ineffec- 
tive and so outside the 1974 Act 

Express Newspapers rejected 
the judge's finding that the 
union's intention was lo further 
a trade dispute and that by the 

balance of convenience " the 
company was entitled to its in- 

Mr. Denis Henry, QC. for the 
Express group, said that the 
instruction to black. PA copy 
was “simply too remote from 
the dispute in question to come 
under the protection of the 

Lord Denning said that the 
questions of the balance of con- 
venience and the defence of 
likelihood at a trial were not 
applicable. If the union 
honestly believed on reasonable 
grounds that its instruction and 
the action was in furtherance of 
a .trade dispute that sufficed. 

Bjd to lift 



By Alan- Pike, 

Labour Correspondent 

AN ATTEMPT by the biggest 
union, at Times Newspapers lo 
lift dismissal notices sent iu its 
members at the weekend failed 

Mr. Owen O'Brien, general 
Secretary of the National Society 
of Operative Printers, Graphical 
and Media Personnel, said that 
after consulting his union’s rep- 
resentatives at Times News- 
papers be had attempted to 
a range a meeting with Mr. Duka 
Hussey, chief executive. 

Thu idea had been tu propose 
that where negotiations between 
chapels (office union sections) 
and management were proceed- 
ing the notices issued to 
NATSOPA members would not 
become effective. But, said Mr. 
O'Brien, "in line with their 
policy of confrontation." Times 
Newspapers management would 
not give these Assurances and 
the idea of a meeting was aban- 


< The -Bearing continues today. 

s') » ■ • 


Times Newspapers,, which 
suspended ad publication on 
November 30, sent out dismissal 
notices to more than 3,000 staff. 
The management’s decision to 
go ahead with the notice** led 
to union leaders refusing to 
take part in negotiations which 
Mr. Albert Booth, Employment 
Secretary, attempted to arrange 
last week. 

Staff who have signed new 
agrements with the company — 
Including journalists on both 
The Times and the Sunday 
Times — have been told that they 
will not' receive notices. The 
National Union of Journalists 
said yesterday that “ because of 
contradictory statements made 
by management " there was now 
some doubt over whether this 
was still the case. The com- 
pany said last night, however, 
that it would stand by the 
agreements which it had made. 

The NUJ held a national rally 
in Nottingham yesterday in sup- 
port of the strike by provincial 
journalists, now in its third 

Mr. Denis McShane, presi- 
dent, said that the union was 
not prepared to accept an 
employers' demand that the 
strike should be called off before 
negotiations resume. “ The 
profits are up in provincial 
papers; if Fleet Street could 
have .profits like those, the 
journalists there would be on 
£15.000 to £20,000 a year," he 
said. ' 

Ambulancemen turn 
down £2.73 offer 


leaders yesterday rejected a 5 
per cent pay offer for 1S.000 
ambulancemen, and predicted 
an “ explosion of militancy ” 
throughout the health service 
over the Government's pay 
policy in the New Year. 

The offer of a £2.73 a week 
rise to qualified ambulancemen 
was the second to a major 
group of workers in the National 
Health Service in the present 
wage round to be dismissed 
immediately by unions as “ deri- 

A 5 per cent offer to 250,000 
hospital ancillary workers this 
month angered unions because 
it fell far short of their 40 per 
cent claim and gave no increase 
in basic rates. Rises ranging 
from £2.10 a week to £6.46 were 
proposed as supplemental pay- 

The health service unions 
have also been stung recently 
by what they regard as the 
Oovemment’s virtual rejection 
of their claim for a special case 

to be made of Britain's 420,000 
nurses and midwives. 

Ambulancemen want to be 
made a special case because of 
the phased awards to police and 
firemen in Phase Three. 

A research document drawn 
up by the Confederation of 
Health Service Employees points 
out that, in a year, ambulance- 
men could find themselves deal- 
ing with the same accident as 
policemen on £7,705 and firemen 
on £5,711 a year, while they will 
be receiving only £2,97L ■ 

In line with the TUC policy 
on low pay. the unions have 
asked for a £65-a-week basic 
wage for sitting case ambulance 
drivers, £74 a week for qualified 
ambulancemen and a 35-bour 
week for all with no loss of pay. 

The new offer gives basic in- 
creases from £1.94 a week for 
trainees at the lowest level to 
£3.11 at the top. The average 
qualified ambulanceman would 
receive a £54.53 basic rate, in- 
cluding a £7 supplement which 
means an increase of 5J27 per 

Port chiefs seek help 
to raise severance pay 


yesterday by port employers to 
provide extra money to boost 
maximum under the national 
dock severance scheme. 

Officials of the National Asso- 
ciation of Port Employers told 
Mr. Albert Booth. Employment 
Secretary, that the recently 
agreed increases in m axim um 
severance payments for London 
dockers had had a severe effect 
on other pom. 

Dockers outside London, who 

would normalyl be expected to 
take severance, were refusing to 
unless their terms were also 

The national scheme provides 
a scale of payments up to £7,000. 
The Port of London Authority 
scheme includes a differential of 
£1,500 that takes the limit to 
£8,500 for some groups of 

The London payment was 
agreed by employers and the 
Government as a special case. 

BR pay rifts at Derby 

inevitable unless measures are 
taken to solve pay differential 
problems at British Rail's Derby 
technical centre, the National 
Union of Ratiwaymen said yes- 

Some technical officers at the 
centre earn £9 per week less 
than craftsmen employed by 
British Rail Engineering accord- 
ing to the NUR. 

'To addition, relativities 
within the professional and 
technical structure itself have 
been distorted. There is now a 
difference of £1,000 between a 

technical officer and a senior 
technical officer at the top of 
the salary’ range, as compared 
with less than £400 in 1970.” 

Unofficial stoppages had 
already drawn attention to the 
tremendous dissatisfaction with 
the pay structure at the centre. 

Staff shortages had already 
put in jeopardy important 
research projects, including the 
advanced passenger train.' If in- 
dustrial action went ahead, the 
NUR would ask members in the 
two British Rail Engineering 
works at Derby not to fill 
vacancies at the technical centre. 



FEBRUARY 19 1979 

will be published on 
February 19 1979 


Please contact: 

Robert Murrell 
Group Head 
Financial Times 
Bracken House 
10 Cannon Street 
London EC4P 4BY 

Tel: 01-248 8000 Ext. 246 
Telex 885033 FINT1M G 



The content size and publication dates of Surveys in the 
Financial Times are subject to change at the discretion of 
the Editor. 




■ j 


HQW r shouId you . / 

PROTECT your organisation ; 
AGAINST terrorist or. criminal attack by 

Book a place now .fory ourself and your chief 
security administrator: at ihe International 

Seminar in London on March $ or June 14, 1979. 

Write to Box Gi3089 f 'Financial Ttnies, 10, Cannon 
Street, EC4P 4BY, for full derails of this intensive 
one-day briefing for key , executives by internation- 
ally admowledged British expert^— or telephone 

'. -01-549 0358 




Public company will- buy mart-- 
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Whitfield and Bob Tanner 

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have £2,000,000 to invest in: 

Q Managing directors wishing to buy their 
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, • Companies wishing to expand 

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After, haunt A weekends 0824 25115 


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. - Telex: 8814552 


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Experienced, reputable U.S. manufacturer of special and 
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Langley Metal Products Limited 

One of the foremost sheetmetal companies in the UK is able 
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and with offices in London, and 
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Credit Aid Limited 

4 New Bridge Sireet London EC4 V to A A. Tel: 01-353 7723. 



Arr you obtaining the best urice lor 
vour low-mileage prestige moior-car ’ 
We urgently require Rolls-Royce. 

Mercedes. Daimler. Jaguar. Vanden 

- ». Fei - - - 

Pies. BMW. Porsche. Ferrari Mascrati. 
Laiuborghinl. Jensen Canvert.ble. 
Romr. Triumph and VoUo cars. 

Open- 7 days a week. 
Collection Anywhere in U.K. Cash 
or Bank a re’ draft available. Tele- 
phone us lor ■ firm price or our 
buyer will call. 

Brookwood (04867) 4567 


form* an introductory link 
between the 

Importer (Overseas) and 
Nigerian exporters 
of primary peadjes and vice versa of 
manulKtured goods ( household. 
Personal, etc.) 

Interested parties should write to: 
Damol Commercial & Industrial, 
■238 Heroerz Macaulay iireet 
Yabi, Lagos, Nigeria 


95% paid by return 
on approved accounts 

Phone Bolton 10104) 693311 
Telex 63415 
Silverbum Finance (U.K.) Ltd. 


Additional posi as part-time, non- 
executive. or nominee director 
sought Wide experienace in USA. 
UK. turope, bc-th in lino manage- 
ment and consultancy. Technical 
strengths in DP. marketing, strategy 
and new ventures, ro bock up 
sound judgment and independent, 
objective approach 
Write Bex G.J0S7, Financial Times, 
JO. Cannon Street. ECAP ABY. 




An excellent company with large proprietary film library, 
marketing to international education, training, and television. 
Sales in mid-six figures and profitable. Long-term Beverly 
Hills office lease. Capable staff. Package includes beautiful 
residence with 3 bedrooms. 3 baths, pool, complete security 
system, short walk to ocean. Excellent price to qualified 
foreign buyer. 

Write or call President: P.O. Box 5001, Beverly Hills, 
California 1213) 27S4996. 


Company seeking to diversify 
into other activities wishes to 
dispose of landscaping interests 
with sound management in Lon- 
don and Glasgow. Capable of 
earning £100000 pa.. 

Write do* u.jjjjj, ruuiicmi < imes. 

10. Cannon Street. EC4P ABY. 



specialising in the hire of large 
Dump-trucks, wish to open negotia- 
tions to. discuss the possible sold 
of pan or whole of fltis coiriphny. 
Reason for sele family problems. 
For further details wme Box GJIOS'’. 
Financial Times. ID Cannon Street. 

AGREE0 TAX LOSSES £230000- Building I 
end Property Company lor Sale.. Wr.ic [ 
Needham Wiuombe £ Co.. Chartered » 
Account anti 28a London Road, Biver- 
iiead. Sevcnoahs., TNI 3 2DE. 





Approximately 19.000 square 
feet, 14 machines, good order 
books. Reply in stricc confid- 
ence, marking envelope Private 
and Confidential to Company 
Secretary Box G.3082, Financial 
Times, 10. Cannon Street, 
EC4P 4BY, 




lea Estate 

A major International group requires a 
_qugl{fi§£ aop commercially experienced 
' acbou'niamfqrhsteaandcoffeeestatesin 
Malawi. The estates employ some 5,000 
people and haver a turnover dose to £3' 

Reporting to the Managing Director, the 
person appointed will control all the 
normal financial functions, review systems 
and Implement improvements, carry out 
the duties of Company Secretary and take 
on an increasing rote in administration, 
including crop marketing. 

In addition to having the necessary skills 
to cany out these duties, applicants shodd 
enjoy an involvement in the training of 
both expatriate and local staff. 

An attractive salary package will indude 
generous overseas leave, education allow- 
ance, free fully furnished accommodation, 
a company , car, free -medical treatment 
and a tax free gratuity. The appointment 
would be based on a 24 — 30 month con-: 
tract and there are good prospects for 
long term employment within the group. 

Replies will be opened and acknowledged 
and forwarded direct to our client, unless 
reference is made to. any company to 
which your application may not be sent. 

Please write to AC. Crompton quoting 

reference 764/FT on both envelope and 


— —Management Consultants’ 

i128 Queen Victoria Street, London EC4P4JX. 

A small team of executives (two or three men and women in their 
late 20’s or early 30's) is being formed as a business development 
project team for a national retailing group based in London; the project 
team will be accountable, through their Managing Director, to the 
Group Chairman. 

The purpose of the project team is to examine and recommend 
developments in the areas of food-related mass merchandising and 
distribution. A secondary objective is to investigate and set up new 
enterprises in the field of multiple retailing.This will involve practical 
research, planning entry into new market sectors, pilot operations and 
the establishment and expansion of new businesses which may be based 
on limited acquisitions. These enterprises will either operate 
independently within the main Group or serve to develop distinct-new 
formats for the existing four operating divisions in the Group. It is 
intended that members of the business development team should, 
within three years, become integrated with the top operating management' 
boards with a view to succeeding as Chief Executives of one or other of 
the businesses in a venturesome and dynamic organisation. 

Candidates with skills in marketing, finance and administration are 
required whose ambition is to enter general management at Chief 
Executive level at an early age. 

These posts offer a unique combination of entrepreneurial freedom 
and the assurance of excellent salaries (starting at £ 10 , 000 - £15,000) • 

and the otherbenefits associated with membership of a large 

organisation. . ^ „ £ 

Please write comprehensively for the personal attention of: 

Pascal Ricketts, Chairman, 

International Stores Limited, International House, 

Mitre Square, London EC3P 3BP. 

A member of the BAT Group 


( ref. E. 13.131 

Otrr client Is a leading company in tha Oil trading field 
with extensive international operations. • - 

We seek an Oil Specialist with 8 - ID years experience in 
Crude Oil Management to be in charge of purchasing selling- 
and exchange (annual trade up to 10 million tans). 

The successful applicant will be a university gradume (Oil 
or Economics) and be fluent in English. Knowledge of 
another European language will be a plus. 

The position, based in LONDON, wilf require frequent 
travel and offers praticaJly unlimited salary and benefits. 

Junior Candidates with less Oil experience could qualify 
for an opening in the Oil Products Department as : 


.; w * . (rif.E. 13.132 

to work in direct relation with tha Department Head in 
his buying and selling dirties. The position is also London 
based with frequent travel, and provides an attractive salary 
and benefits. 

Apply in Strictest confidence quoting reference chosen.. 
'CONTESSfe PUBLlCITE 20, av. Opfira 75040 Paris Cedex 01 


A major California-based company has several 
vacancies for experienced mining engineers at 
various levels. 

Appointments" carry attractive salaries and 
fringe benefits. 

Initial assignment will be on the west coast of 
.U.S.A. . 

Please reply in writing with full details of age, 
experience, education and qualifications to 
Box A.65S2, Financial Times, 

10, Cannon Street, EC4P4BY. 




The F.T. Business Information Ltd... a subsidiary of The 
Financial Times Group Ltd., requires a qualified ACMA or 
AGCA to be responsible to the Group Management 
Accountant for all the Management Accounting require- 
ments of Urn subsidiary. 

Applicants, aged 2S-25 years, should have had extensive 
experience with a major industrial or commercial enterprise 
with knowledge of computerised accounting a useful asset. 
F.T. Business Information Ltd. is an important and expand- 
ing area of the Group which markets business information 
through its comprenhesive library service, publishes a wide 
range of newsletters as well as the syndication of articles 
appearing in the Financial Times. 

The job entails the preparation of monthly management 
accounts and to assist with the preparation of annual 
accounts, the budget and forecasts. 

In addition the successful applicant will, in liaison with the 
in the development of projects, analysis costing exercises. 
Managing Director and Group Management Accountant assist 
capital expenditure assesments and other related activities. 
Prospects are good for a person with drive and personality 
who can work on their own initiative. 

The final salary will be according to age and experience, 
with the usual company benefits. 

Please write with full c.v. to Personnel Department The 
Financial Times Limited. Bracken House. 10, Cannon Street, 
EC4P 4BY. 

Management Centre 

Applications are invited for the 
above post; (ha duties involve 
reaching on tha postgraduate Mb* 
programme and on the rapidly 
expanding undergraduate Finance 
programme. Salary within range 
r J .S83 to £7.754 p.a. (under re- 
view). Further particjiars/applica- 
tion form fto be returned asap) 
obtainable from the Registrar, Post 
Ref. MA/L/37/H 'FT. University of 
Bradford, West Yorkshire. BD7 1DP. 
Informal enquiries to Prof. T. VV. 
McRae, Bradford (0274 » 42299. 


has vacancies for experienced 
The Deputy Editor, Mr. K. Romaic, will be in 
London from January 3rd to January 6th. 

To arrange an interview please contact reception 
at Grosvenor House Flats, tel: 01-499 6363 ext. 743, 
and ask for Mrs. King. 





To start early 1979 for small but developing com- 
pany d ealin g in wide range of products. Situated 
in North London area. Knowledge of food dis- 
tributing trade would be an advantage but not 
essential. This post would suit very active person 
who has retired early or become redundant Age 
no bar. Part time considered. 

. Replies, treated in strictest confidence, to 

Box A.6577, Financial Times, • ' - 

1 0, Cannon Street, EC4P 4BY. 

74% 1973/1988 $US 20,000,000 

Notice is hereby gives to Bondholders of the above Joan that 
the amount redeemable on February 15, 1979, i.e. $US 1,000,000, 
was bought in the market 

Amount outstanding: SUS 17,000,000 
Luxembourg, December 21, 1978. 

S A, Luxembourg eoise 


BVB. 189. Regent Street 754 9582. A la 
Carte or Alt-in Menu. Three Swtoailir 
Floor Shows 10-45. 12.45 end 1.45 and 
musk of Johnny Hawkcswortii & Friends- 

GARGOYLE. 69. Dean Street. London. W.J. 

11-3.30 am. Show at Midnight and 1 am. 
Mon.-Frl. Closed Saturdavi. 01-437 64SS. 




JANUARY, 1979 


■gad 25/39 years wilh sound Indus- 
trial experience preferably in tha 
engineering and/ar chemical _ In- 
dustry, able to work on own Initia- 
tive and prepared to travel. Required 
by National firm of Chartered Loss 
Adjusters to anayiae and cost finan- 
cial losses arising (ram plant break- 
down end other Incidents in all 
types of industry. Plea so reply 
stating age. experience and quali- 
fications .to: 

Bo* 46580 . Financial Times 
ID Cannon Street, EC4P 4BY 








Commercial & Industrial 



Residential Property 






Business & investment 
CorporaTTon Loans, 
Production Capacity. 
Businesses for Sets/ 



Education.- Motors. 
Contracts fli Tenders, 
Personal. Gardening 



Hotels end Travel 



Book Publishers 



n vimutti M Hiui-www 

(Minimum size 40 column con.) 
El .50 per single column cm. extra 
For farther details write to: 

Classified Advertisement 

. Finan cial Times, 

10, Cannon Street, EC4P 4BY 









Conference? Seminar? 
Company Meeting? Reception? 
Rim Preview? 
Advertising Presentation? 

There's no need to hunt around the West 

End for a suitable venue or viewing theatre. 

The FT Cinema, here in the City, offers seating 
in comfort for 5CH- people. Full 16mm film 
projection facilities. National Panasonic y h H colour 
video tape and Philips 1501M video cassette 
viewing. Electrosonic 3601 slide presentation 
system. And luxurious private dining rooms with 
extensive catering facilities. 


All enquiries to: E. J. Dorrer, Cinema Manager, 

The Financial Times, Bracken House, 10 Cannon Street, 
London EC4P 4B'CTd: 01-248 8000 (ext 670). 









i..’ Management Consultants - y* - 
-• Shefley House. Noble Street.Lomlori«.EC2V 7DQ 

No. 004016 of 1S78 
Chancery Division Companies Court. In 
the Matter ol BATEMAN ALWARD 
Matter of The Companies Act. 1S48. 
Petition for the Winding up of the 
above-named Company by the High 
Court of Justice was on die 15th day 
of December 1978. presented to tha 
LIMITED whose Registered Office is 
situate at Popham Close, Hanworth. 
Faltham, Middlesex, Plant Hirers, and 
that the said Petition 19 directed to 
be heard before the Court sitting at 
the Royal Courts of Justice, Strand. 
London WC2A 2LL on the 22nd day 
of January 1979, and any creditor or 
contributory of the said Company 
desirous to support or oppose in a 
making of an Order on tha said Petition 
may appear at tha time of hearing, 
in person or by his counsel, for that 
purpose: and s copy of the Petition 
will be famished by the undersigned 
to any creditor or contributory of 
the said Company requiring such copy 
on payment of the regulated charge 
for the same. 


9 Lincoln's Inn Fields, 

London WC2A- 3DW. 

Agents for Coole & Haddock. 

5 The Steyne. 

Worthing. West Sussex. 

Solicitors For the Petitioner. 

NOTE.— Any person who inrands to 
appear on the hearing of the said 
Petition must serve on, or send by post 
to. the above-named notice in writing 
of his intention so to do. The notice 
must state the name and address of 
the person, or, if a Arm, the name and 
address of the firm and must be signed 
by the person or firm, or hie- or their 
solicitor (if any) and must be served, 
or. il posted, must bo sent by post in 
'irfficient time to reach the above- 
named not lator than four o'clock in 
the afternoon of the T9th day of 
January 1979. 

creditor* at the above- named Company, 
which is being voluntarily wound up. are 
recurred, on or before the 23rd day ol - 
January. 1979. to send In their full 
Christian and . surnames, their addresses 
and description*, full particulars ol their 
debts or claims, and. the names and 
addresses ol their Solicitors at artyi, to 
the pndcrsloned Philip Monlack. FCA, or 
3/4 Bentmck Street. London. W1A 3BA 
the Uenldator ol the said Company, and, 
If so required by notice In writing tram 
the said Liquidator, are. personally or 
by tIKMr Solicitors, to come in and prove 
their debts or claims at luch Tims and 
place as, shall be speeded in such notice, 
or in default thereof they will be excluded 
from the benefit of any distribution made 
before such debts are proved. 

Dated this IZtti day ol December, 197B. 



section 293 ol the Companies Act 1948 
that a Mowing or the Creditors nf tlw 
above-named Company will be held at the 

olhces of Leonard Curtis A Co., situated 
at 3 '4 B co 11 nek Street. London W1A 3 BA 
on Tuesday, the 9th day ol January 
1979. at ‘ 12 o'clock midday, tor the 
pentoses mentioned In sections 254 and 
295 of the said Art. an0 

Doted tMa 13th day of December 1373 
By Order of the Board. 

O. BARKER. Director 


NOTICE 15 HEREBY- GIVEN, pursuant to 
section 293 of the Companies Art 194& 
that a MavtfnB of the .Creditors or the 
above-named Comoeny will be held at Uie 
otltccs of Leonard Curtis 8 Co.. 3 floated 
at 3i4 Sentinels Street. London WIA 3 &A, 
on Wednesday the 3rd day ol January 
1979. at if o'clock midday, for 5m 
purposes mentioned In sections 294 and 
Z9S of the said Act. - “ 

■\ No. 00«P4df- 1978 
Chancery Division Companies Cap it,'- fn. 
the Manor, ^of .. .ORANGE - BUILDING 
SERVICES LIGHTED and hi Tho Matwr. 
of The Companies Acg, 1948. •: •' 

Petition, for. the Winding ap.„e>f ,-tjiB 
above-named Company by ' thfl .'JOgh. 
Court of Justice was on the f 4th day . 
of December .1978, prose mod: to thtr : 
LIMITED whose' Raglan red Office'- is; 
situate at Phoenix House, Manor .Way,. 
Now Road. Relnhem. Essex. Wood 
Preservation and Damp Proof Cotiriifng 
'Specialists, and that- tha said petition 
is directed, to! be heard before tha 
Court sitting at tha Royal Courts of! 
Justice. Strand. London. WC2A" 3LL, 
on the 22rtd day. of January 1973, and 
any creditor -or Contributory, of The; said . 
Company desirous 10 support or oppose 
the making, of- an Order on . the ;.aai0 
Petition, may nppaoT at the -time of 
hearing, in person or by his counsel, 
for that purpose: and - a copy of the' 
Petition, win btr furnished by 'the under-, 
signed to any creditor or contributory 
of the said . Company, requiring such 
copy ; on payment .or tha regulated 
charge for the same. - - - 

BRABY & WALLER. . . r • 
2J3, Hind Court. - 

EC4A 3D5. 

. . Rot P/TTH. Tel: 01-583 -8511. 

Solicitors fqr the Petitioner. 

NOTE.^-Any parson who intends'. to 
appear on - the hearing of 7 the said 
Petition rriust serve on. or -send by post 
to... die. above-named -notice -H l writing 
of his intention so to do. The notice 
must sure, the name and address of 
the parson,- dr, ff a. firm, the name’ and 
address dl-.tiia firm and must signed 
by tba person or firm, or his or their 
■‘Olleftor'fir-onrV and must be' served, 
or. If posted, -must be sent by poor In 
sufficient time to reach the above- 
named' nox later than four o'clock in 
the. .afternoon, .of the 19th day. of 
JabU*iy^f979r. - _ - - -"r — ~ 1 

Dated Mi' 1 4 fh day of December 13715. 
8v Order or the Boars 

£. WISE. Director, j a Her n am i of ! tha -lOtt-dir-of-- 

Jnniiarv 4973. - - 


udoDoif ^nosj 





B^seiiwi 21 1978 




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■.— ‘■*■•4 ,>*-*. ».i*. fy- 

vSlr vHeary -dumb, retiring 

- president nt tfce National Fajro- 
. - ere' TJaiesL-lus joined the 'Board 

■ of .FTSQNST fertiliser com-' 

■ paBy, -as . a aas-exectaive 'direc- 
tor. .SirHeWTii-Vfe®: 1 raves:, tbb 
NFU feartp-4»w:?yeaii‘ Is ’ also . 

». - fcdDvnj-^o be .jafihfeg -AGSteat , in 
the direcily-eleoed ; European 
. - Parliament. ‘ He;, was elected 

- leader of the .occoir qine years 
ago and ■ Is arpasl president of 

the- Roya I ; A grietd tuial . Sea eiy 

- of England, -and' the Common 
. Market '. farmers' ; ■ organisation, 

• COPAT. . : . ■*■ ; i - ). ■'■•: '■}... ' ■ ■ ■ ' ■.: 

Sir. ,Roy. ; D; Tfcomas, who' 
joined Fisons last year as. finance 
director apd/ao 'associate mem- 
ber of. the main Board, has he- . 
come -a -: /jifr: director. He rwiU - 
continue to he responsible for 
eohtroOmg the ‘group’s global 
financial resources. '. 

if; ■■' -7'. ' ; ■/' V 

lffr. F. B, Dmde. : is /to ‘-W 
apnoinfetj to- .the ' Board "of 
January lv-:'He is ateq to-become 
chairman and cfcief.tttecutwe of 

Pliimifi Joins Fisons 

Members of the board of 
Lloyds Bank UK Management 
will be : Sir . Jeremy Morse 
f chairman). Sir Repaid 
Verdon-Smtth. Sir Michael 

Changes at 

Mr. Verner Wylie iiecnmps an 

Clapham, Sir Michael Wilson, additional deputy chairman of 
The Marquess of Aliercavenny, LAZARD BROTHERS AND CO.. 
Lord Aldington, Mr. R. R. .Amos, which announced the followin'? 
Sir Ivor Baker. Viscount appointments from January 1. 
Rears ted. Lord Beeching, Mr. Mr. Michael Baugh an, Mr. James 
Roland A. Cookson. Mr. F. W. R. S. Bryant. Mr. Peter R. 
Crawley, Mr. A. J. Davis, Sir Godwin, Mr. Neil D. M. Mackny 
Arnold Hall, -Sir Patrick and Mr. Ronald N. dc Grey 
Hamilton, Mr. A- B. Haranlon, Skip worth hecome o.ectirlve 
Mr. S. James L. Rill. Mr. T. J. directors, and Mr. Per Michael 
II otves, Mr. G. C. Kent, Lord Hansson, the company's repre- 
Kenyon, Lord Lloyd. Sir Peter semative in Oslo, becomes a 
Matthews, The Earl of Motley, director. 

Sir Daniel Pettit. Mr. R. O. Sleel 
and Mr. George ML Williams. 


Mr. Peter M. Archer, Mr. 
Robert D. Clegg. Mr. Alan C. 
Jeans, and Mr. Alan C. Wrigley 

Sir Henry Pi nWh - 

Mr. Bernard Adler _ho« been wil* become assistant directors, 
promoted to finance direclor at Mr. Michael d'Arcy Benson, 
MOTHER CARE. Tie joined the Mr. James A. Cave. Mr. Stewart 
company in 1976 as financial 1. Mlllmon, and Mr. Anthony 
controller. Pnckrldge become directors of 

* Lazard Securities, and Mr Ian 

Mr. n. T. A si ley will relinquish Wiseman becomes a director nf 
"hit appointment as chief execti- Lazard Leasing, 
live and monnqinn dirt-ctor of * 

the en^ei^^Isioiv formed Mr-B^^on is EIJVSTIC RAIL SPIKE COM- KEYSER ULLM ANN has made 

by a merger rOf the fluid engin- Sl r «^ J^ P r PANY on December 51. He will Mr. T. K. Day a director, 

eering and .^neraf- engmeenng g}™*- T22S u <jSSi2? r el he succeeded i.y Mr. Bryan * 

divisions. - - W1 88tns Teapo (Belgium) SA cioticb. Mr. AsVw will h p m- u» n * j i t K«»n 

■2f Bl ta2a ?* Clough. Mr! Mr. Han, J. Lang has been 

AI AUTOMOTIVE PRODUCTS 5SSlf. ¥fi. 'i™ % t WLSS, ggl 

I ' OTr -u,. hM . subsidiary of Charter Con- based Pritchard Corporation. 

tbe Leamington Spa-based • . - . j 

specialists in vehicle brakes and ■■, AJbter Mailland has been solidated. 

tranEmisdons, Mr. John, T. Panks T f“S»r^^2SS l *L® S f 

becomes chairman AUSTRALIA AND NEW ZEA- 

This U.S. company is a subsidiary 
of Keang Nam Enterprises, a 

becomes chairman -from- January fa-Sn nSomf' v ™ ■ Sip Nicholas Cayzer, has Korean construction firm. 

3. and conti'niqes as. chief execu- LAND BANKINl* GRut^ in retired as chairman and director * 

live. Mr.j;B.,Emmbtt. theretir- awesnon to Mr. Goz«mi Bruns of LONDON AND GAR’i’MORE The Industry Secretary has 
ing chairman, 1 continues the who 18 retiring in the : New Year. lNTV^ESTMENT TRUST. Mr J. E. appointed Mr. Leonard A. Willett 

Boyd has been appointed as a part-time member of the 

. family connection with the Board 
•• by accepting life presidency of 

Mr. Bernard Ji-jCriftps has chairman. 

the company and wili remain a bron apJ»mied managing dlrec- 
m ember of the board-in a non- * or - a °^ Sir. .Brian JW... Herring, 

nom' nateri by the Post Office 

member of the board -in a non- * or - a °° Sir. Brian : W._ Herring, Mr. Nigel Lee becomes Ef.g.neirrine Union as part of a 
executive capacity. Mr. Jack man *B , ae dTector of LEE ’wo -year experiment in industrial 

Emmott succeeded his fethcr. AND SONS' (CON 

Hr. .Willie EimaotL the original TRACTORS). 

• founder ol tiie company, * T .. 

-■’* Mr. Bjorn Matlsson, : head of 

STEEL STRIP f"om January 1. a drnioei'acy. The .if»po:n*n«?n! will 
subsidiary of Arthur Lee and run until December "t. 1579. Mr. 
Sons. Varley n!.=o aonnunced that the j 

★ foRov/in" will fur another. 

. The BCrRJWAH OIL COMPANY fbc infemational d^nartment Mr. E. C. Hanrock. sales o i ;h P Bnurcf- 3ir. Derek 

•;-has agreed to release Me. P. G. since May 1. 197?.' and, deputy director,. THE FALCON PIPE Giadwin. Professor 11 chael 
- Simonis from his -Board appoint* general manager from June, has CROUP is to retire on December Ppmi.-t. Mrs. J. E. Walsh, Mr. 
' merits within the Burmah Group t^en over the deputy ' general 31- Mr Johu E.' Bolton, previ- Peter Waller* and Lord Wiu- 
frora February^o that he can mi ntanagership of SKANDIA busly marketing services *lanley. 

eeed Sir Alan PuUlnker as' cha<r- MiTSMRaNCE with respohsih'tifv manager, is appnln.ed marketin 
man of the .'HA DEN CARRIER for international operations from and sales manager. 

GROUP. Mr. Cam d bell AntW- Mr - Bengt Becker who 1ms left * 

s«a, the director resoonsible for the comnany for- health'-Teasons. Mr. John C. Wheatley wil 

id sales manager. Mr. R. D. lVnitby, rha'rmun. 

* retires front L-1LLETT 

Mr. John C. Wheatley will BROTHERS DISCOUNT COM- 

shipping and special projects at Mr. Becker has also Retired as retire from the Board of TPT PA V.’ on Januar 1 :a pursue 

the Burmah .Group's head- chairman of Skandia UK Insur- pn December 31 through other intcri-sis. Mr. Ia» Logie 

quarters, will take over from Mr. auc®- Mr. MaTtsson takes his ill-health. He will also retire as wit*: •mwed the rhalmr.n and 

Simopis resporisibilitv for the Place on January 1, 'while Mr. managing director of TPT Mr. James Kflpatr-cN. the orcsent 

Grouo's industrial companies end A. R. Lefort succeeds Mr E. H. subsidiary Wheatley Davies. rl»:.u:y chairman, will heconi' 

■activities. Mr.- R. .& Tfaddow, Fmrfou as director and secretary. West Bromwich, printed canon rh'-f executive. Mr. Lng*e vho 

president -of Bumtah Oil Tankers. Mr. L. J. Grl£5n also becomes a manufacturer, nn the same date, will remain dep'.s:‘.’ j:’a •e'eing 

-who was appointed to the oarent director. There will. Tic no + . . £ ; ~ :rr P r r^nkm- 

Board iiri January 2S. 1978. wiM change in the eomposilion<of th- Mr. A. K. G«ll and Mr. J. V. Company will take »hi* role of 
carry overall resntinsibnity for R?ar*J nf Shnndia Insurance (UK WfJk.nsim, divisional managing ton-c\ccut:v u c h ::..-m:in .v, Gii- 
' Bumah’s shilpping. terininal and' Contect Office) and : Mr. :Bcck»*r directors of Joseph Lucas Uh»* lens. 

-liquified natural gas transporta- remains as chairman of 'that management Board of the grou a » * 

lion interests. company. . - have he-?n apuo nted directors of Prcf. J. L G. ■.'ailqj.aii. Fc-Le* 

• - - *• 


Mr,- A.- P. de Gens, regional E - HEATH anniUBiCes the Hoard, 
co-ordinator - Africa and South appointoenls^m tis INDUS^FinS— *ho main P.oii'-nv o' i.n-:; nic CngniFi-v 
Hoard. a; ,h3 Univers !y of E.1:nbu*'e!i. 

★ !rs , 'e;n jopu: lie: ch ; ef 

^ e |?n?TT p0! was appointed an assstant »nw Company of Canada lias r.EN’r?E, Troin Aiivss:. Pro- 
a r f pt^TROT F I ™ rnu director of . C. . E. Heatfe. and a,njnfm*d Mr. R. H A. Wain Tcisor raduq^n has been tnn- 

Company (International): oo avsten! general manager fur suhen: to the BP Cryua fot 16 

rAwy. jronr January i, . Deremher 1. M«v G. ^L AddJsccll i.vr UK Jamiorv 1. rca-s. 

' Mr. Patrick. Best, chairman „ E - „ ^ 5 °. ni ? f 

subsidiarfes: Sir. R. Chisholm The IMPERIAL LIFE At sur* s^'m ’’*■!. 


• designate of Wiggins Teaoe. and ^ rect0 “ 

Mr. George Whittaker, ^-director b i* 

R s«r% pf 

. M:non-«,cui!y. 


EC.ONOSUC ACmiTY—In dices of industrial production, manu- 
Xacniring output 11975=1001: engineering crd?re n&7n = .M.0»; 
retail sales volume, retail sales value (1971=100): re/zstir-.-d 
uns npluyment (excluding school leavers) an3 unfilled vacancies 

output order 

. ... 1 , while Mr. K. I* Penson takas “- ,es volume, re tan sales vame (t9,i 

• Wrector* '• ‘ appointed • 'to «P assent Rector JggjJhjMrtool levers) an, 

WIGGINS TEAPE fthe principal the . •“* company on < PD - g) A am seasona.l v aaju steti. 

-UK v dper8tlng company of the January -L .* • \ Indl. Mfg. Eng. Retail -Ret 

-WifiSlus Teapfr... Group) from *. - .. \. prod, output order vol. vali 

January 2 are Mr. John Berry. cun T n A v 1977 \ 

deputy group personnel director, deputy-director, wrj! succeed Mr. 3 rf i qtr. \nS2 103.3 106 104.3 23 

Mr. v Al«t Hamriay, general Dean Delamont as motpr s^nrt 4th qir. 105.9 102 J 107 104.4 23 

' rrmnager. Ttrrt WilHam Miti. and director for/ the R^C on his i»T8 \ 

JGr.. Ias ; Kehuedy, divjsiotiai retfwnent at the March _ist etr. irtf.l 102 ^ 110 105.3 241 

fteneral Tuanager of the UK Mr. Delamont retains his interest 2nd qtr. llU 105.0 106 108.0 25- 

printings and wrttihgv division. m mo tor sport -by taking over 3rd qtr. . llflifi 1<HJI 110.8 26 

They replace Mr. S. Burroughs, adminKttwtUm of the Motor j une 103.9 99 108.7 25' 

Mr, J.ChumrOw and ' Mr. E. Jui - V Ml* 105-3 109 111.4 261 

. Bnutagton -who have resigned Autn-Ovrle Union ' August 111.4 105.6 110 111.8 271 

from the Board of fhe TJK com- to train ( newromere to the sport. $g pt- 110.4 104.5 109 j 26i 

pgny.' Mr. - Burroughs and Mr. including marshals and other. 0cl 109.3 103.3 109.6 28' 

- CJraimw are-directors of The. officials. y oy 109.5 

WfgBinsiTeaoe.Grouo, the parent - * . . .. . Dec. 

- - • As an rnunced yesterday, 

LLOYDS BANK will fcc restruc- •' OUTPUT — By market sector: con.fumer goods 
r ctFARRinr nrRprrnn turiiM: Its Board on January 1. interraediaie goods (materials ami fuels): pi 

.. .aiuMAAn uins. ivn including the formation of a new • metal manufacture, textiles, leather and clot 

wholly owned management com- housing starts (000s, monthly average). 

: ' iSS.!.!r:f!U «“ «S S’. 9B Si ■£ 

Wfggins;Teaoe.Grouo, the parent 



































L3CD . 






OUTPUT — By market sector: consumer goods investment goods, 
intermediate goods (materials ami fuels): engineering outiiuL 
metal manufacture, textiles, leather and clothing (1975=100); 
housing starts (000s, monthly average). 



Aldington, Sir Lindsay - 

Alexander, Sir Ivor Baker, YIs- 
comtt Bears led, Lord Beeching, 
Vlscotmt Caldecott Mr. Roland 

A. Codkson, Mr. A. J. Davis. Sir 
Erie Faulkner, Sir Arnold Halt, 
Sir Patrick Hamilton, Mr. N. TV. 
Jones,- Tx>rd Lloyd, Sir Peter 
Matthews, Mr. B. H. Piper, Mr,' 

B. F. W. Scott and Mr. E. Y. ] 

Whittle. . ! 






Textile Hoti*g. 

• 1977 








3rd qtr. 








. 4th 

1 1)4.9 







1st .qtr. 








2nd qir. 








3rd qtr. 
















































EXTERNAL TRADE — Indices of export and import volume 
(1975 = 100); visible balance; current balance; oil balance; terms 
of trade (1975=100): exchange reserves. 








Current Oil 
balance balance 

Terms Rpsv. 
trade USSbn* 

:;3rd citr. 



+ 31 





4tH qtr. 



- 5 





let qtr. 







2nd qtr. 




+ 128 




rSrd qtr. 

• 125.3 



- 26 








- 47 







+ 45 

+ 152 

- 9S 












. . 127.4 


+ 97 

+ 217 








- 72 




.’"•FINANCLAJj — Money supply Ml and sterling M3, hank advances 
in aterting to the private sector (three months’ growth at annual 
rate): domestic credit expansion f£m>: hu tiding societies’ net 
; inflow;. -HP. new credit: all seasonally adjusted. Minimum 
lending rate (end period). 

:. s.a.r.L ; 


■ . mediuiri'terin loan 


American Express Bank 

; InternatibnalGroiq) 

■ V. • ctndproyided by ... 

Amex Bank : litmt^ GScardBank 

' Ml 



advances DCE 




. -1977 
3rd ntr. 























; IKS 
Tstotr. . 




+ 1.791 




2nd qtr. 







3rd qtr. 












+ 104 





















' 18 a, 











+ 106 



INFLATION — Indices of 

earnings (Jan. 1.978 

= 100): 


materials and fuels, wholesale prices. of manufactured products 
.'.(.1975 = 100): retail prices and food prices (1974 = 100): FT 
commodity index (July 1952 = 100); trade weighted value of 
sterling (Dec. 1971 = 100). 

3rd qtr. 



. Ba-ric 





Foods* comdty. 









4th nt>*. 








1978 •- 

l*t qtr.. ‘ 








2nd qtE. 





203 £ 



3rd qtr. 








July • 
















Sept . . 
















Nbv. -• 









Anglo American Corporation Group 

Extracts from the reviews by the chairmen of the Orange Free State 
gold mining companies fortheyearended30September1978 

Gold market 

During the year under review the price of gold ser at the 
London fixings increased by 40 per cent from SI 55 an ounce on 
October 3 1 977 10 $217 on September 29 1 978. Since the end of 
the financial year the price rose sharply to reach a peak of $243.65. 
This latter increase was largely caused by the continuing weakness 
of the dollar. On November 1 1978 Presidenr Carter announced a 
$30 billion support operation and at the same time the United 
States Treasury increased the amount of gold to be sold ar its 
monthly auction to 1 .5 million ounces as from December. This had 
the immediate effect of strengthening the dollar and in reaction 
gold fell to $208.25 an ounce in the space o: eight fixings. Since 
then the price has fluctuated in a downward trend to SI 94 in a 
cautious market awaiting the December Treasury auction. Only 
time will show if the actions of the US Government will restore the 
world's confidence in this currency. In any case it is our view that 
gold will continue to play a major role in world finance. 

It is most encouraging that despite the substantia! increase 
in the gold price during the year, industrial demand has not 
declined. This has resulted in a more soundly based market than 
was the case in 1975/76 when there had been an equally strong 
rise in the price of gold. The position has been aided by the fact 
that, while the gold price increased substantially in dollar terms, 
the same was not true in many other currencies. 

The second amendment to the Articles of the International 
Monetary Fund, in terms of which central banks are permitted to 
trade in gold, came into effect on April 1 this year. This enabled the 
South African Government to alter hs gold payment procedures 
and the mines are now receiving a market -related price for their 
gold immediately rt is sold to the South African Reserve Bank. In 
addition, the mines received a once -off boost to revenue in the 
June quarter arising from the final reconciliation of account 
between the Reserve Bank and the mines on the change-over to 
the now system of payment. 

The IMF continues to be a large supplier to the market with 
fts monthly auctions. The quantity on otier was reduced in June 
1978 to 470 000 ounces, the balance being reserved for those 
developing countries whp wished to take their share of the auction 
in gold rather than money. The developing countries have elected 
the gold alternative to a far greater extent that was foreseen and 
the 55 000 ounces set aside appear inadequate. 

On May 23 the first of a new series of gold auctions was 
* conducted on behalf of the US Treasury, in an effort to bolster the 
dollar, foreign governments and central banks being dissuaded from 
bidding. Since then 1 .8 million ounces have been sold in the series 
of si* auctions which ended in October. In November the quantity 
on offer was increased to 750 000 ounces which the market 
absorbed with relative ease. As already mentioned, from December 
197S the quantity on offer will be increased to 1.5 million ounces 
a month for an undefined period. In the first eleven months of 1978 
the combined sales of the IMF and the US Treasury, excluding the 
IMF sales to developing countries, amounted to 3 million ounces, 
fn the unlikely event that Treasury sales continue ar a level nf 1.5 
million ounces a month throughout 1979, there will be some 
pressure on the gold price. The reaction of the price to this pressure 
will cvpend to a great extent on the levels to which demand for 
goid wil rise next year 

The strong interest shown in gold during the year is also 
reflec-ad in the increased volume of Krugerrand sales which is 
expected to reach a record level of around 6 million coins by the 
end o: 1S78, absorbing approximately a quarter of the South 
African production. This compares with 3.3 million during the 
wtv?'e or 1977. Kruger and sales have fluctuated over the last six 
Vters. bur comparing 1 972 with 1 973. sales have grown from 
5s 4 000 coins in that year to the projected level of 6 million this 
year. Industrial demand, as I have mentioned, remains high and 
offtake by this sector should again be in the region of 1 200 tons 
which is more than both South Africa's annual production of 
atound 700 tons and that of the USSR estimated at some 400 tons. 

International Gold Corporation Limited, the gold mining 
industry's marketing organisation, will very shortly open an office 
in Hong Kong and is stepping up its efforts in the US. There are 
now offices in Johannesburg. Geneva, London. Paris. Munich, 
Milan, Barcelona and New York. 

Uranium » 

The spot uranium price rose rapidly from S6 a pound in 1 973 
to $40 in 1976. The price is currently standing at about $43 with 
no indication of any further movement in real terms in the near 
future owing to the possible impact of new t reduction primarily 
from Australia anen, Canada and slippage in nuclear energy 
programmes in a nutpher of countries. However, delays in the 
building of not only nocle3r but also conventional power stations 
cannot be allowed to continue without the nsk ot industrial growth 
generally being inhibited) Another significant oil price increase or 
disruption of supply as a result of political unrest could also act as a 
stimulus to shelved nuclear energy programmes. 


Since January the turnover of black mine workers has steadily 
decreased, partly as a result of high unemployment levels in 
southern Africa and also the higher wage structure in the mining 
industry. The rapid increase in earnings over the Iasi few years is 
now making the mining industry more competitive and it will be 
possible, with further improvements, to move towards establishing 
a workforce comprising largely career min ©workers. The benefits 
of such stabilisation, with the accumulated experience and 
training, will lead ultimately to improved productivity. 

Good progress is being made by the Group gold mines in the 
Orange Free Stare with housing programmes la provide increasing 
numbers of key black workers with family accommodation in the 
township of Thaborg, near WeJkont. 

During the year the gold mines embarked on a project to 
provide additional social services to the black employees housed 
in the single men's hostels. These services are being designed to 
provide tor the particular needs of migrant workers who are a way 
from their fa milies ior much of the year. 

For the second successive year the annual wage award to 
white mineworkers of less than seven per cent —substantially less 
than the rise in the Consumer Price Index — demonstrated the 
employee associations’ and unions' willingness to join in the 
efforts to contain inflation. The award to the mack mineworkers 
averaged 12 per cent. The higher percentage increase should be 
viewed in relation to the lower average earnings of the unskilled 
labour force and the impact of continued inflation on this wage 
group. We are appreciative cf the acceptance or The policy of 
o'ifferenual awards by the white workers. 

The Franszen Commission appointed by the Government to 
examine the feasibility of a five-day working week, also reported 

it tin to 
}i v V --nrs 

b CTI 

:h b'i m.oeri 
• |-i.r.*r had 
/. .rg ;& ;he 
;.f ins o! 

on the effects of The eleven-shift fortnight arrangements which 
have been :n effect since April 1 977. If found that wnile production 
in the mining industry has increased bv 2.4 per cent ewing to 
freely available black labour, the productivity of black labour 
decreased by six tc seven por cent with an accompanying increase 
in working and capital costs cf R2S.5 million and R7.3 million 
respectively. The white labour force increased by 8.5 per cent, and 
the black by 8 2 per cent. 

The Commission pointed out thar. over the period covered by 
its study, the additional revenue flowing from the higher gold 
price had been used to a significant exivni 10 finance escalating 
costs. In the light at experience gamed of the eleven-shift fortnight, 
the Commission warned that the most recent rise n :iie gold price 
should not be used as a justification for the introduction ol a 
system which would further increase costs. 

Although the affects of the eleven-shift fortnight arrange- 
ments on producuon and ccsts cannot bo ignored, th* Commission 
has recommended that it should continue until technology and/or 
work procedure can be adapted to the extent mat a five-day 
working week could be introduced on a rostered basis without 
prejudicing production, working costs or saf.-ty. Meanwhile, 
management and labour should devot* their jiitnnon to over- 
coming the problems associated with the eleven - shift fortnight. 

Working costs 

Shareholders have long been aware cf the sen: us escalation 
of costs m the gold mining indus; ry ar.o the fsc; :hat :hey have 
been increasing at a rate far higher tha.i the nereiat level of 
inflation in South Africa, i feel tn?.: cn .in. mi.-- of some ot the 
factors which have can [rift ulfd tc trvp ocmliOr: would i<?oi interest 

Dunng Hie -ears uJ fi\?d gold cr:ct anJ eroding profit 
.margins, financial lesources which co-jM •;-? r^'iin ii*. „*ci :o enicring 
the longer- ts-rm future of rtv: irunas were -im tea and. :n iac.. more 
and more needed Stole a:- -..stir. re to cur iv*. Howevr* o' er 
the period 1S72to 197£t.ia a»cc.c • me •‘tt -J '-vtlie Orange 
Free Stare mines has inerrns? ri f om '4; 1 7.2 T. :'2 f. > >ic gram 
oran appro ' 1 m?te ,iv.=ra^9 grov. th r. i V • •• • - p ■.■.»* This 

has obvious. - ; had a inja - n ; -i . : - 1 . ■ . ■- - r J o ■ - ei tins 

relatively snort urn* ep «n bat a/jnc-. ■' c .1 • ■ of: I ng 

the life of the gdei mine;. 

The late-c! ’iiiflit-g l' ih - . 0 . ...1 7 ■ •= • .••u< - • t-tfie 

same period incited bfi5vi:.i . •; 1 n; 2.4 

per cent a year. However, o- 1 : v* • . ..c- ; • ■ n s "i.nrj. *ne 

mosi meaningful rvjaaureof •jry?ir v . 0 :.. dnc.W:.' bv 

13 percent «ind 'julo f..xiL.iicn d.j - . p:-: :e::i f . 1:1 

averege annual unslinn of ;i - ;‘ r !;• •: 1 : •:» V- 'u - . cies 
quite clearly the iiend in i in-, js; y> .-.r.inrj ;.:c-kurly 
unpayahlc ore and supp'^me.’.'Tiij urn' i-.i-ui.i c e v..' 
washed from cur-en: wastr .nd r face c l :•?. 

MoM of thr mines .n In - Orc'ige F - t.i> v - f t in to 

producuon in the caiiv ISrv--. 1 /c: •'■ • rz. ii ■. --nrs 

much of the mcr.: ear-iiy ccc trsi'c e i* - : m v b. cri 
mined end curr=»'tlv nore ;■! ;Jv - ?r»i..-p • . :h rr.ned 

from pillars ns well rs rerr rinr.:-- y.-l ■■-. a. ! hi ci.r.*r had 
previously proved uneccr.omL. Libmj- vradi::.;.. - :/. ,rg ;& ;be 
difficulties assoi ; attd u i’h p.i'ai r.iir'r.?. is lo.v.- ;ne ».csv. o! 
re-equipp,r.g these area* ar: h.-pr. .n rcovr-r. rr ■.i.y 
tonnage. Sinca 1972 th • ton.-.^gn r.-nsd tr.n ff.-v.r-on.: ;n mr 
mines has sieadil*' increased ;o fiir. point v.vsu'. ai .-rinr. of the 
older shafts, over he!; th-j tonnage -s won am 2 ^ rie.‘ious.y 
mined. The difficulties Essociated with ".■ rh^so remn.rir. 
result in an increase in sloping wtciih and rtilut:.-» - i of :ba ore w*tn a 
consequent decrease oi grade. \Vi:n opvr.-nion.. moving pro- 
gressively further from the shaft, havelfing time- f?: both roan and 
materials are continually increasing n-.J g-ve rise 1 . a drerease in 
available t.nie ar the werk lace. Under three citcumsU-ncM. the 
effective use oi manpower is an on -going problem foi manage- 

Power' consumption over this same period has increassd 
from. 481 .8 K’.vhr/eentare mined in 1572 to 793.2 IvAhr centare 
mined in 1978 This very significant power mcrecie has been 
caused almost entirely by increased ventilation and refrigeration 
requirements in lha more extensive undergiound w-ir lungs of the 
mines. At the same time the unit cost of power has increased from 
55c/Kwhr to 1 47c/Kwhr or by 1 67 per cent. 

Another of the major contributory factors is the rise in the 
cost of stores. The mines utilise large tonnages of steel in cne form 
or another and the price of steel has been used to illustrate the 
problem. The delivered cost of steel plate, far instance, over the 
period 1 972 to 1 978 has increased by 257 pei cent. 

Over the same period average black wages have increased by 
approximately 400 per cent a no now constitute ova: a quarter c*f 
the working costs compared with approximately 20 per cent in 
1 972. in the past it was felt that the rates paid to black woikets 
need only be adequate to attract sufficient workers into the 
industry and this policy was applied until 1971 when, with the 
imDrovement in the price of gold, a positive decision was taken to 
increase the black wages so thatthe general standard oi living of 
the workers and their families could be improved and at the same 
time attract a higher calibre of worker into the industry. 

Associated with the increase in wages, more emphasis on 
training and development has raised costs in an area which wilt 
have long-term rewards. A further factor which has impacted on 
employment costs is the general improvement m living conditions 
of the workers in the hostels and services associated with 

Two other areas where completely different levels of activity 
pertain in 1978 as compared with 1972 are research and develop- 
ment and gold promotion and marketing through Inteiqcld. 

This company contributes to the expenditure incurred on 
research and development by both the Chamber of Mines and the 
Anglo American Corporation Group. The levels of expenditure in 
this field have risen from a total of approximately R4 million to 
R24.6 million. The research expenditure noneiheless remains low 
in relation to turnover of the industry and also relative to lha 
possible future problem which the industry could face in attracting 
mtin to work at greater depths under more difficult physical 

As mentioned previously, Intergold is now operating world- 
wide and total expenditure has grown from an insignificant sum 
in 1972 to R24.5 million in 197S. Part of this expenditure is 
financed by the jewellery trade and the rest by the gold mines of 
the industry. 

I have highlighted some of the more significant areas where 
factors beyond the normal escalation have had an impact on 
production costs. Management faces a growing challenge to 
improve productivity, particularly with regard to labour if the older 
mines are to remain profitable, and to continue 10 give the 
shareholders a reasonable return on their investment. 

Summary of operations 

Gold production on Anglo American Corporation's Orange Free State mines 

President Brand Gold Mining Company Limited 
Chairman : Mr D. A. Etheredge 



President Steyn Gold Mining Company Limited 

1978 | 

. Chairman : Mr D. A. Etheredge 

1977 | 

Free State Saaipfaas Gold Mining Company Limited 


Chairman : Mr D. A. Etheredge 


Free State Geduld Limited 


Chairman : Mr G. Langton 


Western Holdings Limited 


Chairman : Mr G. Langton 


Welkom Gold Mining Company Limited 


Chairman : Mr G. Y. Nisbet 


Working j Gold 

Profit Tons- [produced 

ROOD’S milled (kg; 

82 949 3146 000 

54 064 3 093 000 

Cost Profit 

per ton per ion 
milled milled 

R25.21 R16.24 

R23.G5 R8.49 

R 22.05 (R2.56) 


R19.03 Rb.15 

R 22.56 R34.65 

R19.74 I R24.05 

R23.56 R9.31 

P.20.21 R3.57 

The annual general meetings of these companies, all of which are incorporated in the Republic of South Africa, 
will be held at 44, Main Street, Johannesburg, South Africa, on 25 January, 1979. Full copies of each of the 
Chairmen's reviews together with the annual reports of all the companies may be obtained from rheir London office 
at 40, Holbgm Viaduct, EC1P 1AJ, or from the office of the United Kingdom Transfer Secretaries, Charter 
Consolidated Limited, P.0. Box 1 02, Charter House, Park Street, Ashford, KentTN24 8EQ. 

"Not seasonally adjusted. 

•.-'VX";/*: V 

y*.-. " 

Financial Times Thursday December 21 1&78 . 


ielos glasshouse heat itself 

e materials 





i r&Vi 

jUJZ. i 

•'■V i.h ? most powerful eom- 
« -vrvi units in the world 
• or’CJ'jiiy upmcd on the Bath 
“ e.'-nt^us yesterday by 

?‘ofessor Se!-ert Churchhousc. 

v o: the Computer 

Board for Universities and 
i- -.a.-’* 

An TCL 298». ti was formally 
c- »n netted so the system linking 
the cornpiv. ■'?. :*t Both. Bristol 
.-•mi Eve‘?r U riversides. Univ-r- 
<jt;- Coilece Cardiff ;*rid the 
University of W..!es. institute of 
Science nnd Technology. 

In e'Teet. the universities in 
•.he South V/o c » hnvc succeeded 
ir. creating a riant computer out 
of their ;l-. c wptrate comp uters 

which will. provide much Im- 
proved facilities to aid univer- 
sity research, and at the same 
time save a great deal of public 

Central to the system are 12 
disc stores, each of which hoids 
20ra characters, for a total 
of 2,400m characters to 
which there is immediate, 
instantaneous access. 

The computer network works 
at kauri i and is highly 

am r mated. Data fed into the 
cfmpur'T cf any of the member 
universities can be automatic- 
nil;- mv'-c-sed by the University 
v.h’ich holds the appropriate 
program tu solve the problem. 


A GREENHOUSE which largely 
manages its own heat supply is 
intended to make a drastic re- 
duction in the fossil Riel con- 
sumption in horticulture. 

About 3.4m litres of fuel oil 
is expended annually in ’Vo stem 
Germany on keeping glass- 
houses at the correct tempera- 
ture. or almost 2 per cent of the 
overall oil consumption. 

Scientists at Hanover 
Technical University’s Institute 
of Technology in Horticulture 
and Agriculture have developed 
a simple system enab’-ins. roiar 
energy to ha used Tor heating 

Fundamentally, a ^asshnusi 

is nothing more or less than a 
sort of collector which traps the 
sun’s heat: it allows short-wave 
solar radiation In pass through 
its panes and retains the heat 
by absorbing part oF the con- 
verted Inna-wave radiation. This 
is the effect which raises the 
temperature in a glasshouse. 

When the sun’s rays in- 
tense, however, the tempera- 

ture often rises so steeply that 
the building has to bo ventilated 
to protect the plants from harm. 
To use this surplus heat instead, 
of simply releasing it into toe 
atmosphere, as has been the 
case hitherto, is the aim of the 
ne;v beating system, upon 
which the Hanover scientists re- 
cently read a paper at a status- 
seminar entitled " The Rational 
Use of Energy” held by -he 
Federal Ilinistry of Resear« ft 
.and Technology at Berlin 
Technical University. 

For their project, which was 
funded by the Ministry, the 
scientists used a glasshouse 
which tu all its essentials was of 
conventional design. hut double- 
glazed, especially ‘veil insulated, 
and equipped with particularly 
large panes. The usual ventila- 
tion panes were lackinr. A 
regulated forced draught 
ensures That ths plants receive 
the quantity of carbon dioxide 
they require for photosynthesis 
to build up bio mars. 

When solar radiation drives 
the temperature in this glass- 

house up higher than necessary 
or than is good for the plants, 
two devices, used as bear ex- 
changers and filled with water 
from a cold water tank, go into 
action. They suck in the air 
heated by the glasshouse effect 
and return it to the glasshouse 
via perforated foil hoses. Dur- 
ing the hours of darkness, the 
greenhouse is he3ted by the 
same devices. For this purpose 
they need hot water, which is 
taken from another tank. 

A heat pump between the 
two tanks ensures that the cool- 
ing water is adequately cold and 
the heating water adequately 
hot by cooling the sun-heated 
water during the hours of day- 
light and heating the water for 
use during the hours of dark- 

In this manner, from about 
the end of March to the begin- 
ning of October and during the 
night, when the thermometer 
druns. or during periods of poor 
weather, a glasshouse can be 
heated without any form of 
auxiliary heating, simply by 

making use of the solar radia- 
tion absorbed and stored. 

Another advantage is that the 
auxiliary winter heating system 
can be designed smaller than 
has been the case hitherto. Up 
to the present boilers have 
always had to be designed to 
meet the lowest conceivable 
temperatures, so that they are 
only partially used during the 
rest of the year. Where there 
is a storage unit, however, it 
can be heated during the hours 
of daylight by the auxiliary 
beating, when solar power is 
inadequate. Peak requirements 
can then be taken from the 
storage unit on very cold 

Theoretically, it would be pos- 
sible to use the surplus energy 
provided during the summer 
months to heat the greenhouse 
during the winter entirely, to 
the exclusion of the auxiliary 
heating. However, the size of 
the cooling and storage units 
required make such a process 
uneconomical at present. 

sc: entire and '.■du;al! 0 "»i:l en- 
viron p-.rrvs r •- vpe.’LO"! for 
the Harris P; I-: v 53C0 and 
Sr, 70 mse-’i iro«. <■ ^;' jp- 
vrrd compaHo’i' extension? of 
the company's Series 10:.i 
com pi: ore. 

Supporting 4* or fi-r iit:rrs> 
irv rcrm'-T.’Is re^pecti'-v;; . the 

machines operating 

systom* enablir.r them to per- 
form concurrent t!":?*!:i7. 

irulti-rtre.-T) h-’toh. rem*'- .xh 
entr" or.d teal tip.*.*' ot.c •sj-l.v:. 
Virtual memory 'ecimi;?;.* .*> 

Tv.-.? .n .'Chines, each of which 
use of the same Series 
o “0 c?'l processor, are able 
;•! directly address main 

memory which is expandable 
up to 3072k bytes, and a 6k 
b; cache memory with 70 

nanosecond access time. 

Software includes a virtual 
memory manager, interactive 
: n liter, support libraries 

a-'.ii Urvj’j r-.ce processors. 

H-jrr!« S- -terns is at Box 27. 
Nu r-irc ; --ini Ronri. Slough.!;-'blr.' I Slough 346661. 

7 Mer used in experimental battery 


A NOVEL primary battery using 
aluminium and air a; rotes 
and fca-water as rlie elvefrolyie, 
and which furmsan ' per: system 
with the sea-water. so to «neak. 
has been developed by Pr.j.essor 
Wnlf Violstich of Ennn Univer- 
sity's Institute of Physical 

It« capacity i= hieh. Th? h*«t 

pr-:Pi T,, .-d?.y funn-rechargeahle i 
primary ba*ter:?s yield betvcea 
3oo and *?0.o -.vatt-hours per I:is*»- 
??4S!!?.e: the new battery, in its 
“ open system." yields between 
9fH> and 1.300. Admittedly, if 
th? si's tern is closed, so that only 
the ri-qiiisltc quantity <. P 3 P-'r 
c.-nt seawater is added, this 
figure is reduced to someth ins 

between 200 and 4C0 watt-hours 


Voltaae produced is a little 
hotter than half a volt per cell. 
The air electrode consists of a 
special porous system, and the 
aluminium of the other 
electrode dissolves, as the 
chemical process progresses, into 
hydroxide or 
argillaceous earth. 

The difficulty in practice is 
that these batteries, as “ open 
systems.” are very sensitive to 
any change in position, so that, 
fundamentally, the object of the 
first demonstration of the 
battery, a mode! boat, was not 
seaworthy. Practical applica- 
tions are likely to be in 
stationary plant. 

BY EMPLOYING better pig- 
ments anti resins Inmont has 
been able to bring out an im- 
proved version of its Super-Max 
acrylic enaiueL 

Calied Super-Max 2K the 
product is suitable for low bake, 
air divine or force drying 
applications find is claimed to 
be able to hold both colour and 
gloss for longer periods— re- 
sprayed areas on vehicles are 
less likely to weather differently 
to the remainder. 

The product is being made in 
Trance in SO base colours for 
use- on the Inmont mixing 
machine: ir can be mixed using 
existing company formulae to 
produce 30.1 AO car coiours. 

Curing takes half an hour at 
60 deg. C low bake: using the 
company's rapid hardener air 
diving 'takes three hours at 
■ 20 deg. C. The coat is dust- 
proof after 10 to 15 minutes. 

The fast curing properties 
.also result in good petrol 
resistance, polishabiiity and 

More from Well Lace, 
Wednesfield. Wolverhampton. 
Staffordshire WV11 1XR (0902 



BIVAR is a dry metallised film 
capacitor for application bn 
roost low voltage networks and, 
Bryce -Capacitors (BICC) says, 
it is the first reliable dry metal- 
lised film power capacitor. 1 
thanks to the use of advanced 
dielectric materials and 

metallisation. i 

Tests have shown that the » 
use of a low-loss electrical grade 
polypropylene dielectric means 
that power losses in Bivar capa- 
citors are extremely -low, 
amounting to 20 per cent of a 
conventional impregnated paper 
dielectric capacitor. Substan- 
tial savings on running costs 
are possible. 

BICC. POB 1, Precot Mersey- 
side L34 552. (051 426 6571). ‘ 


Solvent recovery plant 




the perfect way to buy perfection 

tighter £110: ISct gold ’Ceinfiire' watch £1050; 'Ceinture' pearf grey clock £150: 'Gondote' photo frame £60; goW-pJated stylo £88; oval lacquer lighter £16/; Ifict gold Itendome' watch £930: Must de Cartier watch £275. (UKR.S.P. only.) 

Les Must de Cartier - a name 1 Cartier Ltd. Bond Street 

synonymous with beautiful gifts. 

Unique, inimitable, exclusively 

the real thing. And, naturally, 

Les Must de Carter SKSi™. 

concessionaires welcome the biwiw* 

Amencan Express Card. Unique, 
inimitable - exclusively the real tiling. 07 

The one Card that lets you shop I Fori num ana Mason 

in style, entertain in style, travel in LambS&Butier 

, , . r> - J j ,i i j London Ctuinty Jewellers 

style, in Bntain and around the world. London H.uonjeweners 

| Les Must de Cartier Harrods North test 

H Stain 

A Touch or Gold 


Windsor' Yamato 

West End 
Arthur A Berman 
Peter Burrows 

Diamond Gallery 

De Marsac 
Montague Jay 
The Pot Shoo 
Sell ridges 
Sullivan & Poweii 




Brent Cross 


David Smith 


Richard Paul 



Emile Jacques 
Frank Joseph 
Sanford Bios 
Leonard Dews 




D H Edmonds 
Jules Henri 
John Stevenson 
A C Pailthorpe 
Jewellery Sales 



Hancock end Sons 
Mappm and VJebb 
Davidson's The Jewellers 
Steftan Jewellers 
Richmond Surrey 
Anthony Lodge 

K eddies 


Nottingham and Walsh 

Mappm and tebb 
J W Cassidy 


Apropos -Cardiff 
Howells - Haverfordwest 


Le Collier Jewellers -Aberdeen 

Laing the Jeweller - Glasgow 


L A Karfcer- Belfast 


Weir and Sons - Dublm 


The Jewellers and Silversmiths -Guernsey 
Bond Street Jewellers -Jersey 
Rimeur Newman- Jersey 


The American Express Card is warmly welcomed by Les Must de Cartier. 

LOW COST solvent recovery 
plant with a fan-cooled, closed- 
circuit water saving section has 
been developed by Ail Puipose 
Machines and Plant, in conjunc- 
I lion with Uniroyal for use with 
its new " Flex Light ” printing 

Similar to its standard plant, 
which can reclaim \tsed solvents 
such as acetone, toluene, 
ethanol, methanol, trichloro- 
ethylene and others, this plant 
reclaims perch lorop thy lent* con- 
taminated with 5 per cent 

Novel aspects of this particu- 
lar unit inciude the closed- 

circuit water cooler, which 
recirculates the. coding water 
from the distillation unit; a fail- 
safe air-operated ventilation 
system which evacuates vapours 
away from the operator when 
the flask is opened: and a fail- 
safe flask filling valve. 

Designed for batch process, 
this plant can process approxi- 
mately 25 litres per hour, the 
solid waste and sludge being 
discharged from the flask drain 

Ail Purpose, Victoria Works, 
Barton Road. Victoria Estate, 
Duokinfieid, Cheshire SK 164 
US (061-330 3S60). 

High-speed stoving 

DRAMATIC reductions in the 
time token to stove powder 
coatings is reported with elec- 
trical medium wave iDirared 
heating, following trials carried 
out under full production con- 
ditions at a stoving machinery 

According to initial tests 
carried out in November, this 
type of heating offers advan- 
tages in terms of reduced 
stoving time v/hen compared 
with either short- or long-wave 
electric heating. There can be 
as much as a 40 per cent reduc- 

Such savings in terms of 
stoving time and oven lengths 
are important advantages that 
can be realised on many types 
of substrates over more conven- 
tional ovens. 

Use of this nev/ method of 

curing is most suitable for 
items up to 3-4-incb in width, 
either flat or cylindrical. If is 
of particular benefit for com- 
ponents which are heavy in ■ 
weight, because when using | 
medium-wave infrared it is not 
necessary to treat the whole ctf | 
the mass of metal to cure out 
the powder, thus giving con- I 
siderable savings in energy and I 
process lime. . 

Already . an order has been j 
placed for a Wallace Knight 
infrared stoving oven which, it 
is thought, will be the first of 
this type in the UK to be used 
in conjunction with an electro- 1 
static powder application 

Wallace Knight, 515 Ipswich 
Road Trading Estate, Slough, j 
Berks SLI 4EP. 0753 2815L I 


Heat costs kept down 

termittently occupied buildings, 
th at maintain internal temp- 
eratures regardless of ambient 
conditions, save energy by cut- 
ting down early morning con- 
I sumption and reduce fuel bilb 
by up to 25 per cent 

T»>iriington Industrial Equip- 
ments calls the unit “Tberma- 
tfcrift 2." It offers automatic 
start-up and frost protection in 
any commercial, industrial or 
institutional establishment It 
can be used to control any heat 
source, pumps or zone valves in 
conjunction, if necessary, with 
weather compensators, pro- 
grammers and time clocks. 

A room thermostat controls 
space temperature on a 24 hour 
nro gramme, and a low tempera- 
ture switch provides either 
frost or condensation protec- 

tion. I£ zone control is required* 
an extra switch can be incor- 
porated to control a valve. 

Maximum energy economy is 
ensured by minimal periods of 
operation, the unit's thermal 
system constantly- monitoring 
space temperature in order to 
establish the latest start-up 
time for pre-heat, provide low 
temperature protection, and 
maintain constant temperature 
during occupancy. This is 
achieved by an hydraulic 
thermal expansion . system 
which advances or retards the 
starting point of the pre-heat 
period according to tempera- 
ture variations and in relation 
to a cam driven by a clock 
motor. - 

Teddington is at Windmill 
Road. Sunbury-on-Thames, 
Middx. 76 85500. 

j r- ? .. 

i i - vj— • £ 

* r K 




& considered disciplined, practical, well-managed. It also gathers in new advertising 
\ j0idcp^tsQike:a; combine harvester, so that it is on the brink of becoming Britain's biggest-billing agency, 
y ' \ . LjX'V Profile by Michael Thompson-Noel 

Time for a 

return to wit 


Miljiilt one, the bright one 


-i.-: » -v 


S! “ 

L?" 5 - 

‘■<t *: 

a >• « ‘ 

y,,: : 


-• r ..z r -^ 

^'"|N _ ^ 



. *iv 

’ :.T* 

;V* Sl 

-- .'l 72 *: 5 *- 

-- . 

•:i v”*»V 

LIKE THE hrandstbey promote, 
advertisin^ ( «gejxaes sometimes 
Acquire, rep Ulatic hs^ttih t - ore;, at ' 
odds reality., Some .are 
thought out bf touchi-some .too-:: 
fmn tfcAlIy <m the buttom : Some*- 
are . dubbed son? .anfe dance;* 
shops, others scorn dd for Jack* . 
or pace, It ls a^ETbuf^'.then^.tQ^- 
the" akill With' which McCann- - *. 
Erickson ha?. SpfettlQned . itself ‘ 
inlie -market TfwtiJt enjoys 
reputation ‘.tipt fs corroborated 
St. : all' levels- of .inquiry. lt is 
a I’&oaMy; : the. : best-run agency ■ 
-i it Britain. : Jr. is considered, 
disciplined, - practical,-';- well- - 
managed-sahbve _ all, business- ! 
like. It gatbers in new accoonts - 
like.: - a ^combine . harvester, 
sheaves . them- .carefully, then- - 
works night' and day to ; protect : 
them from changes da’ nterfcet 
climate orthe-fl artery of preda- 
tors. ■ it moves well, -pooches ■ 
harcL McCann is street-wise, if 
not streetmean. -No wonder it - 
is about , to become Britain’s 
biggest-billing - agency. 

Even, the, negatives are posi- 
tive. - “Mechanical' ■ McCann." > • 
says a rival; adding that by that 
he really: means its . ability. to 
perceive and - help solve the 
marketing problems of clients 
as diverse, as Tesco and Leri 
Strauss, Lyons Tetley, and Esso, 
Carreras . Rothmans, / Bass . 
Cbarrmgton and the the Milk 
Marketing . Board. “ Hatchet- 
men, 1 ?’- says . another, admitting 
that he .wished- he could woo a 
£ractien v of - McCann’s higher 
management “Cowboys." says 
a tMrd, "wishing lm-. could win 
a fraction of its business. 

The professionals: ^-IffcCann-ErJckson chairman Nigel Grandfield (left) and vice-eh airman Barry Day. According to their 
credo: “We dotft eay we know all about advertising. There is no one way to handle a client’s business. When a client 

-arrives we cluster him with a team specially selected to respond to him and his market. We go to enormous lengths to keep 
on. top of his market situation and to adapt onr work to his requirements. We get our casting right and do our ho mewor k.^ 

j*!®* 5; : 


n :: S'Sv’*:"- 

a ssn 
■ & 
-'Sat'S: • 

i. ns;’ 1 
“ -• CS?r' 

.Which explains why McCann- 
\ Erktobn iirthe Agency of the 
' .yearrperhaps of any other. In 
recent times it has -added more 
growth to a “bigger turnover 
base than has been, achieved in 
.Britain before. In 1968. MCann 
billed approximately £?m. By- 
1974, - baling were f25.ini, 
-fractionally in. excess of 4 per 
cent of all expenditure through 
IPA agencies. This year, total 
group billings should reach 
£75m-— £59m ' hanetted by the 
main agency; -the -rest via its 
- Harrison McCann and Universal 
McCann satellites. 

.-••3 -05£'. 

r.L’ a» ?■’ 

: f-Tsrai.. 

'.a io 
: mas-' 


■ jv» £e 

• rss; 


- ^3 ;iE^. 
' .'.'I - B -ji u5. 

. . ■■ r-'j 

•' 3S--. 

New-.busJness gre^h, as the-: 
Sunday Times so -accurately 
explained before jts unfortunate 
suspension, -Js ' the lifehiood ofv 
aay^AveztMBg agency, whffli Ij: 
- wity-.-the . McGinn? group 1 - at . 
present is* suffii&d with haemo- 

- Ini-1977, TtteCann-Ericksoh 
r .- gained.- an annualised £10.8m, 

■' .bedding only £492,000. This . 

yehlr-it- has added oh £10.15m, 

‘ againM’ : estimated -.losses . ME 
ES55 hu: HarrisOQ McCann has 
' added’ on £3J8m, losing £1.45m, ' 
and UcftgrsaT McCaiw is show- - 
ihg gains of £1.6m, losses of 
£250^00- - 

The group's 1978 gains sound 
■ like a- roll, call of commerce, 
Including Kodak (a £3m account 
on ceremoniously placked'but of . 
- 1. - Walter Thompson), the 
-• launch', of the .Daily Star . for 
Express Newspapers, Kentucky 

Fried Chicken’s £L 2 fla;:-T Asso- 
ciated Weavers, Pyres and.' Pork 
Farms, plus numerous .new 
appointments such ^-as - Bubbli- 
cious chewing gum for .Warner 
Lambert, Tesco’s . Home: - r N’ 
■Wear, the COl’s Job- . Centres, 
Bass ‘ Charrington's . “Stone’s 
Bitter. Ale and Tennenf S-'Iager, 
and DiinhiU Mild Inte : r&ati(mal. 
On the debit side are chunks 
of Ladbroke, Johnson's War and 
Thomas Cook (resigned).^;" 

.Like two other Lohdaif- agen- 
cies, Wasey CamphelT jEwald 
add now Lintas, McCann, impart 
of the vast Interpublic. -.fold. 
With total, billings: thifi-.year 
expected to. reach ?l-$bn, Inter- the largest ad- agegey 
comple^-.ip the- world..; Of, -that 
total, . •• . McCahn-Erickson .» ’ this* 
year -expects to handle approxi- 
mately ?l-2bn, includingf'$600in- 
in Europe and 5350nv in the- 
U.S. That makes MfiCann the 
third largest individual agency 
network in the wprtd ar, d by 
far the largest outside the U.S. 

Tampax, Lufthansa. Colgate, 
Nestle, Gillette. Unilever. Roth- 
mans and Martini and Rossi. 

McCann’s really began to take 
off in London in 1970, when 
billings were £10.1m. Today it 
handles an extraordinarily wide 
range of clients and brands. 
The ten biggest are Rothmans 
and Tesco leach thought to be 
worth not far short of £7m). 
Van den Berghs and Jurgens, 
the Milk Marketing Board, 
Martini, Nestle, Esso, Bass 
Charrington. the Eggs Autho- 
rity and Beech am Proprietaries. 

The ; London WB.ce opened in 
1927 .when -.Harry McCann 
decided “to Extend his U.S.' 
agency into flu rope. Initially to ■ 
service Esso {in 1970 Esso was • 
still accounting for. a third of- 
McCann's 'London billings) . By 
the mid-1950s McCann had - 
become' “ a genuinely, iater- 
natkra&l network, representing 
clieirf5 such as General Motors, 
Coca-jpola, Del Monte, Henkel,- 

Although McCann has 
steadily increased the number 
of clients foe whom It works, 
a major part (almost 70 per 
cent) of its growth over the 
past three years has come via 
the addition of new business 
from existing clients. McCann's 
business Is very well balanced. 
More thamhalf its London bill- 
ings come \ from domestic UK 
clients. Buft around 10 per cent 
of business ty accounted for by 
European multi-nationals and 
more than a third by UJS.-based 
multi-nationals', such as Coke, 
General Motorsi and Esso. 

; Unlike some agencies, it is by 
no* means dependent on the 
generosity of a few big clients. 
The main McCann agency at 
present has 26 clients billing 
ip' excess of £lm. But it also 
has eight billing in the £150,000 
to- £250,000 range, such as 

Noilly Prat and Victoria Wine, 
and a further 15 spending less 
than £150.000, including Anglia 
Television, Arsenal F.C. and the 
National Playing Fields Associa- 

If Its rivals in Adland envy 
McCann's ability to win new 
clients, they are almost sick 
with covetousness at its ability 
to hang on to them. Beecham 
Proprietaries, for example, 
appointed McCann In 1964, giv- 
ing it a start-up sum. for 
Bodymist, of less than £100,000. 
Today Beecham is spending 
£1.75m on five brands via 
McCann. Rothmans joined the 
fold in 1970, billing £680,000. 
The agency now handles seven 
Rothmans brands, plus five in 
development. Nabisco signed 
up in 1958. giving McCann 
£200.000 for Shredded Wheat 
Today’s scare: eight Nabisco 
brands and £1.7m in billings. 
Martini and Rossi ? They 
arrived in 1970, billing £600.000. 
This year’s figure Is approxi- 
mately £3. 6m, plus assignments 
in 30 other countries. 

This sort of business perform- 
ance leaves a sour taste in the 
mouths of some of .McCann's 
rivals. According to the head , 
of one such agency, speaking 
this week: “Around town, their 
work is thought not to be 
brilliant — above average, admit- 
tedly, but only mildly creative. 
What they're known within the 
business for is their acumen . , 

They're sharp. They’re practical 
and they're expedient. They use 
their satellite agencies to vast 
effect, .shuffling business 
between ihera with great 
appiomb. We admire McCann's 
more as a superb business 
machine than as n producer of 
great advertising.** 

Ian MecLaurin, managing 
director of Tesco, is in no two 
minds about what he thinks. 
"We were particularly fortunate 
in choosing them because they 
are very much like us in 
management terms. The first 
person we met was their chairs 
man, Nigel Grandfield. He made 
a great impression, but so did 
the rest of his team. They've 
got a very big think tank at 
McCann’s. They're totally pro- 
fessional, totally dedicated, with 
a vast capacity for hard work. 
They quickly • climbed right 
inside our business. 

** They're not the ivory tower 
sort of agency that comes tip 
with lofty ideas that are bloody 
useless. Like us, thf*y're highly 

Martini (now a £7 8m brand) 
makes identical noises. So does 
Beecham Proprietaries and 
Lloyds Bank and all the other 
McCann clients I spoke to — all 
of them, Mr. Grandfield will be 
delighted to know, enthusing 
about precisely the qualities 
that he and his vice-chai rman , 
Barry Day. say they look for in 
the handling of clients' busi- 

According to the Grandfield/ 
Day approach: “We don't say 
we know all about advert ising. 
There is no one way to handle 
a client’s business. When a 
client arrives we cluster him 
with a team specially selected 
to respond to him and his 
market. We go to enormous 
lengths to understand him and 
his problems. Then we go to 
enormous lengths to keep on 
top of bis market situation and 
adapt our work to his require- 
ments. We get our casting right 
and do our homework." 

They make it sound easy. Easy 
it’s not. What Messrs Grandfield 
and Day are renowned for 
(Barry Day is also group execu- 
tive creative director) is an 
ability to delegate, which is why 
the management team they have 
assembled is the highest-priced 
line-up of its kind in Europe. 
(Both Grandfield and Day are 
on the McCann network's inter- 
national executive committee — 
this week they were in Tokyo.) 

"I may be the quarterback 
who throws the ball,” says 
Nigel Grandfield. “but it’s the 
rest of the team who run, 
carch and score. There's absolu- 
tely no type of business thin 
group can’t handle.” 

Has the time come for a 
pause. consolidation? "I 
wouldn't say that. Over the last 
three years we've been 
extremely selective about 
growth, turning down as much 
new business as we've taken on. 
We're ready. We can go into a 
major presentation on any sub- 
ject. any market, within 48 

Where next? Mr. Grandfield 
declines to look too closely into 
the muddy glass ball of next 
year, though he puts group 
billings, via natural growth, 
at a minimum of at least £90m. 
It is a measure of the man that 
when I asked him whether he 
planned to lay off new business 
acquisitions for the remaining 
hours of 1978 and give rival 
agencies a chance, be actually 
winced in instinctive remember- 
ance of two accounts McCann's 
failed to grab this year: 
"British Rail Sealink and New 
Zealand meat. By all that's 
right they should have been 

advertising agency, of the year 
(see story left) then Roy 
Hattersley, the Secretary of 
State for Prices and Consumer 
Protection, is at Jeasr arguably 
the marketing community’s Man 
of the Year — Man of the Year in 
the decidedly technical, totally 
unseasonal, sense that he, more 
than anyone, has been 
responsible this year for pro- 
voking the advertising and mar- 
keting businesses into profitable 
contemplation of precisely what 
it is they arc doing and exactly 
what they stand for. 

Mr. Hattersley. of course, has 
achieved this effect by harping 
on what he sees as the unaccept- 
able face of marketing: its 
occasional, ability, as he sees it,' 
to exploit unwanted . wants 
among the poor and the vulner- 
able and to prop up products 
and markets (to date blissfully 
unspecified) via the unadul- 
terated use of advertising 

Yesterday, Mr. Hattersley was 
due to meet the high-ups of the 
Advertising Association for a 
face-to-face exploration of some 
of the issues dividing them. Un- 
fortunately, the Prices Minis ter 
was ill, so the meeting has been 
postponed until January. 

This side of Christmas, the 
best way to fathom the indig- 
nation he has stirred within 
marketing circles is to read the 
account, in Admap, of a speech 
made this autumn by Jeremy 
B ull m ore, chairman of the JWT 

Mr. Bull mo re is known to 
choose his words carefully. 
Discussing the current vocabu- 
lary with which marketing is 
discussed, he said: 

“ Persuasion, open persuasion, 
competitive persuasion, truth- 
ful persuasion, seems to me a 
wholly admirable and healthy 
activity to be eugaged in. The 

simple principles that apply to 
the making of advertising should 
also, 1 believe, apply to discus- 
sions and debate about advertis- 

“ In the making of advertising 
we are indulging m self-pro- 
claimed competitive advocacy. 
We try (though not always suc- 
cessfully. I fear) to do it with- 
out boring people: to do it rele- 
vantly and engagingly and 

Prices Minister Roy Hattersley 

where appropriate with wit and 

“ Marketing. freedom of 
choice, jobs, the creation of 
wealth are all important — all 
serious. But is it really necessary 
for serious and important sub- 
jects always to be debated and 
discussed in such a constipated I y. 
polysyllabically. anaesthetics! ly 
boring way? May not a little 
wit, a little perspective, a little 
gaiety return to discussions of 
our agreeable, necessary, not 
vastly important, almost wholly- 
innocuous, business?" 

Mr. Eullmore always hits the 
bull’s eye. 

IPC spends £2.5m 


IPC MAGAZINES is spending 
£2.5 m on spring promotions — 
the biggest budget yet. The 
project includes four new 
launches. The four major IPC 
women's weeklies will take 
£1.2m of the spend. Their 
circulations have held up well 
despite union trouble in the 

• BATES has won the £2.5m 
Thomas Cook account . 

• THE FILM JAWS 2 has a 
£350.000 budget behind iL 
Agency: Lonsdale Osborne. 

9 BEGINNING ON December 
25. Cussons’ Imperial Leather 
soap is getting a £250,000 
national TV campaign for five 

TION” and redesigned packag- 
ing go with the relaunch of 
Spillers Foods Kennomeat dog 
food starting on January 8. The 
canned dog food market is cur- 
rently estimated to be worth 
f 14 5 in at retail prices. 

O JOHNSON WAX is spending 
£108,600 on a four-week TV 
campaign for Shout stain re- 
mover, starting the first week of 


• LYONS BAKERY Is to launch 
Chocolate Caprice cake slices 
nationally in the New Year. 

McCormick Richards as art 

in November was £3fl.7m. 

ilia ill fS 1 



Teieord ring shake-up for books 

■ wr*niL 


pri '.'f - 

. * - 

•- -- r; uK 

. ■ ■ ■ 

BOOKS, LIKE ? many other 
jrodnete, MS their seasonal^ ^pealr 
it. Christmas. ; But ^booksellers, 
borer than most other retaflere^, 

- aavo difficulty in supplying their 
customers . -with ' ^xartly what 
they want, wheif they want it 
The -problem js . the notorious , 
tengih; of -time it. takes for shops 
obtain- thd books, they have 
>rdered_or nwirdered -from, the 
publishers. •' 

: Something, the trade has been 
raying for a long time, must be 

done, and now- something is 
going to be done: A scheme has 
just been agreed upon under 
which, -Starting next- month, com- 
puterised teleordering is to be 
introduced. Eventually it . is- 
hoped all publishers and book- 
sellers in the co\pitry will be 
linked together through an elec- ; 
tronlc network which will not. 
only speed deliveries but relieve ■ 
retailers of much of their 
present clerical: drudgery. 

The system, which has obvious 

Wessons for other trades, includ- 
• iiig gramophone records, is to be 
/operated by a company called 
..Software Sciences Teleordering. 
SST is 60 per cent owned by the 
data processing firm Software 
•Sciences, which this month 
- became a subsidiary of British 
; Oxygen. The rest of the equity is 
‘ equally divided between W. H. 

■ 'Smith and Whitakers, which 
■ publishes the trade weekly The 
-Bookseller as well as the 
reference guide British Books in 

Print, which provides the data 
base for the system. 

Switzerland’s gift to tine world 

..-r ^ r'' 

Negotiations have been in 
progress since last spring 
between SST, op one side, and 
the Booksellers Association and 
Publishers Association on the 
other. There was a good deal of 
haggling over the fees to be 
charged to subscribers and the 
constraints on any future 
increase in those fees. Finally, 
however, the differences - have 
been ironed out, and field trials 
are now set to start early in 
Jauuary. In February the system 
is to go live and start' bringing 
in subscribers at a rate of five a 


k«-- .-r-t'S-'V.V.v.i.-- - , .. 


It will work like this. Each 
subscribing bookseler will have 
a tenmnal made, to SST’s spe- 
cifications, by Texas Instru- 
ments. (Terminals vary in capa- 
city, the cheapest costing 
around £2,000.) Orders will be 
keyed in, using the Interna- 
tional - Standard Book Number 
(ISBN) of each title wanted. 
Alternatively, since the system 
is alpha-numeric, the book can 
be ordered by title, author and 

Orders will be stored in the 
terminal's memory and trans- 
mitted at night, and at the 
cheap rate, to a computer 
switching centre which will for- 
ward them to the terminals of 
subscribing publishers. In the 
case of larger publishers, with 
computerised warehouses, there 
will be automatic input of | 
orders into their own com- : 
puters. I 



Orders for small publishers 
who do not subscribe to the sys- 
tem will be forwarded to them 
by post. Therein lies a possible 
weakness, since some publishers 
will be tempted to save money 
and remain non-subscribers 
even at the cost of slower de- 
livery times. 

Because Vehicle Leasing enables you to forecast 
transport costs more accurately, thus giving greater 
control over annual costs, whilst maintaining working 
capital. Facilities are flexible and you pay a fixed 
rental for your vehicles, which can aid cash flow. 

For more information contact: 
The Vehicle Leasing Manager, 
Lombard House, Curzon Street, 

London W1A1EU. 
Telephone: 01-499 4111 

A further advantage of the 
system is that, at a later stage, 
booksellers' terminals can be 
adapted to perform cash regis- 
ter. stock record and sales 
analysis functions. As SST 
says, that will enable the book- 
seller to concentrate on selling 
more books. 

We are the largest finance and leasing Company In 
the U.K. and our leasing facilities have been designed 
to suit your needs best - including Wheeiease for 
company cars. Trucldease for commercial vehicle 
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North Central 

Vehicle Leasing 

Further details of all our Credit and hire facilities are available without obligation free of charge upon request. 
Credit or hire terms are not available to persons under 18 years ot age. 



Sharing the luck 


' IF THE goodwill ot one group 
of Irishmen could counteract the 
malignity of another, no more 
bombs would explode in London 
this holiday. Irish brokers and 

• investors as just as delighted as 
might be imagined by tbe fact 

• that no British exchange controls 
are going to be imposed against 
the Irish market. London money 
has been tbe prop of the Dublin 
market in the last year or two, 
especially of tbe market in Irish 
gilts — some £400m of it or more 
in the last year, according to 
Dublin market estimates — and it 
would have been very sorely 
missed. Thanks to the Governor 
and the Chancellor, the Irish 
investment community is going 
to have a happy Christmas after 


Not Jong ago. when Jt still 
seemed that the Republic was 
going to stay out of the EMS, 
along with ourselves. I drew 
attention to the importance of 
this flow of British money to 
the Irish economy: and you 
might think that now that Ire- 
land is going to get soft German 

• Joans as well as unregulated 
British ones, they have orga- 
nised the best of all possible 
worlds for themselves. It does 
not seem likely to work at all 
like that. Membership of the 
EMS carries some serious obli- 
gations: and one of them is not 
running a borrowing require- 
ment of some 13 per cent of 
national income. 

What this means is that al- 
though Dublin will have access 
to more finance than ever, they 
will have to behave as if they 
hadn't. On the face of it. then, 
the fact that the Irish authori- 
ties will be borrowing less, and 
wiil be borrowing more of that 
smaller sum from Germany and 
various EEC funds, will offer re- 
lief mainly to the unacknow- 
ledged paymaster — the London 

The exchange markets arc 
another question. Up to January 
2. the British and the Irish 
balance of payments are one 
and the same thing so far as the 
markets are concerned: a deficit 
on either side of the Irish seas 
weakens sterling. After January 
2, the punt will be an indepen- 
dent unit, supported not by the 
demand for sterling in London, 
but by intervention in the EMS. 
The Irish economy may be small 
by comparison with the British, 
but its deficit, during the cheery 
growth experiment which has 
been going on in recent years. 

has been worthy of a bigger 
country. It was over £200m last 
year (the equivalent of say £3bn 
for the UK). 

You might think that with 
tighter domestic credit and 
slower growth, both expected for 
1979, and ail the surer since 
Ireland has joined the EM'S, the 
balance of payments would im- 
prove ,* but this is not likely. 
This is because of another 
British policy, or British- 
suppurted policy, which is rather 
Jess popular over there ; an 
expected near-freeze on EEC 

The result is that the sub- 
sidies Irish farmers get for sell- 
ing into the British market will 
fall: and a further devaluation 
of the green pound (the British 
CAP pound, not the Irish punt) 
will reduce it further. As a 
result Dublin forecasters expect 
the current balance to worsen to 
some £330m next year. This, by 
the way, will not show in the 
published trade figures, British 
investors should be warned: 
Irish farm exports are recorded 
at UK prices, and the subsidy 
from the EEC appears among 
the invisibles. The result is 
that the trade balance may well 
appear to he improving even 
when the balance of payments 
is getting worse, which is suit- 
ably Irish. 

You may think that any sum 
of money of less than 10 figures 
is of little significance in today’s 
markets, but I would beg to 
differ. Tf the British PSBR was 
£7Abn this year instead of £8bn. 
everyone would breathe more 
easily: but so far as the flow of 
funds is concerned, the removal 
•>t Irish borrowing to the tune 
of £400m has very much the 
same effect. A balance of pay- 
ments deficit of £330m is not 
difficult to finance in the late 
1970s, but is not an insignificant 
figure; the fact that the Irish 
deficit is now going to be 
financed by- others is the equiva- 
lent of wiping out two bad 
months in the 1979 trade figures 
and substituting good ones. 

It will be noticed. It Is of 
course because this financing 
will he more uf a problem for 
Ireland inside the EMS than it 
was as an uncontrolled borrower 
in London that the Irish are 
imposing exchange controls 
tight enough to satisfy the Bank 
of England that there is not 
likely to he any such thing as a 
Dublin Gap. and therefore to 
refrain from imposing more 
controls at our end. 

SOLIDARITY is a word 
generally taken to mean some- 
thing intrinsically good. -That 
explains why Mr. Justice 
Lawson was immediately 
accused of hostility to trade 
unionists helping each other 
when, last week, he rejected the 
argument . that a show of 
solidarity was necessarily an 
allowed “ furtherance of an 
industrial dispute. He - pro- 
hibited the blacking of Press 
Association copy . by the 
National Union of. Journalists. 
The question whether the black- 
ing of copy produced by Press 
Association ( whose journalists 
were ordered by tbe NUJ to 
strike in support of the pro- 
vincial' journalists’ pay claim) 
is or is not within the law is 
now before the Appeal Court In 
the meantime one should per- 
haps consider how the percep- 
tion of solidarity changes 
according to the purpose it 

For tbe best part of this yeax 
West German trade umonists 
have been fighting the solidarity 
of West German employers who 
have answered selective strikes 
with lockouts. Tbe trade unions 
caused their members to bring 
no fewer than 35,000 actions in 
German labour coutLs. demand- 
ing compensation for the wages 
lost during lockouts. They insist 
that lockouts are not a lawful 
means of wage bargaining, 
pointing out that such indus- 

trial action by employers is 
prohibited by law in France and 
Italy, and in practice do not 
occur in Austria, Switzerland 
and Norway. 

For the past 50. years lockouts 
have also been practically 
unknown on the British scene. 
The suspension of the publica- 
tion of The . limes could be' 
termed a lockout but was not 
motivated by. soUdarity with 
other enterprises exposed to 
strikes. Its legal aspects do not 
fall within . the \ (German 
definition of a lockout. 

German lockouts do not 
involve giving notice terminat- 
ing employment— tbe method 
adopted by The .Times — but 
merely a suspension of the 
employment contract. The 
locked-out employees are barred 
from entry into the works and 
receive no pay as long as the 
dispute lasts. As soon as dis- 
putes in the printing and metal- 
working industries were settled 
by tbe conclusion of new collec- 
tive agreements, the doors were 
re-opened and employees 
resumed their respective jobs. 

The first to use this type of 
industrial action in post-war 
Germany was Herr Hans Martin 
Schleyer— last year murdered 
by the Baader-Meinhof terrorists 
— who in 1963, when he was 
chairman of the Metal Working 
Federation of Baden-Wurtten- 
berg, answered a selective strike 
by a lockout. At that time 55,000 

workers went on strike and 
360,000 were locked out. The 
same tactics were used 15 years 
later when early in 1978 the 
printers' and compositors’ 
unions started a series of strikes 
for higher wages and against the 
consequences of technological 

depleted. Tbe printers* union, 
which had already spent 
DM 30m on strikes in 1976, had 
to. ask the Trade Union Federa- 
tion for a further DM 15m— 
about nine times the amount it 
normally accumulates each year 
from contributions of members. 


BY. A, H. HERMANN, Legal Correspondent 

change. To m inimi se the amount 
of strike money which they had 
to pay to their .members, the 
trade union decided to strike in 
a few printing works only. It 
could expect, in view of the 
national system of industrial 
bargaming, that pressure 
exercised on weaker firms 
unable to survive a long stop- 
page, would break the resistance 
of the entire national federation 
of employers. 

Tbe employers concluded 
that their only chance was to 
make the strike more costly for 
the trade unions by increasing 
■the number entitled to such 
pay. While 5,500 printers were 
on strike the employers locked 
out a further 70,000, of whom 
33,000 were trade unionists with 
a claim for support from trade 
union funds, accelerating 
dramatically the pace at which 
strike funds were being 

Similar events occurred 
almost simultaneously in ' the 
metal . .working- industry of 
Baden - Wuertemberg. In 
addition to a few large, com-: 
parties like Daimler-Benz and 
Bosch, the industry consists of 
some 300 small enterprises, each 
with less than 100 -employees. 
The union called out on strike 
some 80,000 workers - in com- 1 
parties or -departments selected, 
to ensure that the strike would 
have a crippling effect 'op' 
engineering production through- 
out Germany. -The employers 
answered by -lockout in -all enter- 
prises employing more than 
1,000 people. That added 120,000 
to the 80,000 people already sup- 
ported from strike funds and. 
increased the union expenditure 
from DM 48m to DM 128m. 
Though the disputes in the, 
printing, and metal-working in- 

dustries have been settle^some 
80,000 steel workers are affected 
by strikes and subsequent .lock- 
outs in Germany at present- 
: Not all of the 35,000 .cases 

-will be pursued— *nok. will .be- 

settled, as soon as the test cases 

■are decided. • . ‘r ' 

-. Tbe view — taken in a majority, 
of the cases so far decidea-^bat 
a defence lockout suspending, . 
"but not terminating, employ- 
ment is allowed byGennanlaw 
has been endorsed by the Stutt- 
gart Appeal Court Its decision 
■made it quite clear that 
employers may retaliate by such 
lockouts against strike . action • 
directed against other members 
tq£ the same federation of 
employers. - - 

The Stuttgart Appeal Court 
’-5 - well as the lower , courts 
which decided in favour of the 
employers followed the - 1955 
ind 1971 rulings of the Federal 
Labour Court, which tops file 
pyramid of German labour . 
courts. In 1955 ' . this . court . 
interpreted the German funda- . 
mental law in a way aUowfeg- 
Sbbth strikes and lockouts,- "rue . 
court said that in a system 
■wMch is based on the freedom 
; *Qf; industrial bargaining, -cm- : 
plojrers as well as employees 
;must be prepared for the 
possibility of an industrial 
’Stoppage in da ding strikes 'and 
lockouts. But in its next major 
decision the Federal 'Labour- 
Court, in 1971, considerably* 

■i ' 

■ y .a • i 

■•jsasa'v, J 1 


restricted' ie Jtte: t ^ 

employers'- to.- : 2odt _<HJt ’ . a 
plbyees: ; ' According • 'th \faaF 
decision ’ lockouts . term inati ng- 
employment were, to be. aHo^d';"''^ 
only- as a "defence' 
lawful striked Ifi 
situations • 

reinstated 'automatically, after ^ 
termination of 

court added that lockouts w^e : ; fc ? 
allowed only as a V - 

" These = rulings-., were ^ 

at by an 'interpretation -o£ £ 

constitutional guarantee y^... 

freedom of association. ‘Nefmgf : 
strikes ■ • nor . lockouts are;^^. 
expressly mentioned 1 • 

Federal Fundamental Ea£.*£fr' 

■West Ger 


Hesse, adopted earlier,. . . 

Fundamental Law.' off*- 
Federal^ Tt^rabUc^,-:pyqh. ^ : . 
lockouts explicitly, ; ^ 

question 7 whether this : prtmki«i^ 
is valid o r has been £npet£ec&^ ryu.> 
by the 1 Federal 

Law slnd the decisifms-^df^tfia'i?::^ 
Federal Labour- Cocft ... 
to be-hotly debated. /- f.~ 

■The . affected 

labour -Cbart' itt ajk"'"*** 
obtain a favourable x 

of its decision * Of. : 

not obtain , a pro^hilJon'oJ^;-!; 
Jocko uts in 

Lotus returns to racing green 
with Martini sponsorship 

LOTUS. 1978 Grand Prix motor 
racing champion, will return to 
the world s circuits next year in 
the British racing green livery 
it has not worn for more than 
a decade, under a two-year spon- 
sorship with Martini Rossi 
announced in London yesterday. 

The agreement, reached after 
less than a month of negotia- 
tions, provides the answer to one 
of the most talked-about 
questions in motor racing: what 
would happen to Lotus after the 
John Player tobacco organisa- 
tion's decision In October to 
withdraw from its 10-year-old 
association with Colin Chap- 
man's racing team ? 

John Player had suggested 
during the late summer that it 
would have to cut its estimated 
annual expenditure of £lm-£1.5m 
on sports sponsorship because 
of the fierce cut-price war which 
lias emerged among cigarette 
manufacturers. Its ties with the 
Lotus organisation were widely 
estimated to have accounted for 

half that budget. 

Martini Rossi the international 
drinks organisation which has 
long been associated with motor 
sport, thus picks up sponsorship 
of the world's most successful 
Grand Prix racing team over the 
last two years. 



Mario Andretti. &e team's 
leading driver, won the World 
Championship with ease this 
year in the distinctive- V ground 
effect" Lotus cars. Tbe innova- 
tive aerodynamic design sucked 
tbe car onto the circuit, and 
rivals such as Ferrari and Brab- 
ham could find no answer to it. 

Andretti's team-mate, Swede 
Bonnie Peterson, appeared cer- 
tain to be runner-up: in the 
championship until -his death 

from injuries received in a 
crash during the Italian Grand 
Prix. Carlos Reutemann, the 
Argentinian, formerly con- 
tracted to Ferrari, took Peter- 
son's place, and Andretti and 
Reutemann will again spear- 
head Lotus's attack on tbe 1979 
World Championship. 

Martini Rossi have a long- 
standing association with 
Porsche, at Le Mans and in 
other sports car racing events. 
But the company has been 
absent from the Grand Prix 
scene this year after ending its 
sponsorship of tbe Brabham 
marque in 1977. 

Martini's racing involvement 
is directly controlled by Count 
Gregorio Rossi, who also heads 
Martini Racing. 

The amount of money the 
company is spending on Lotus 
is not known. But the spon- 
sorship cost John Player an 
estimated £700,000 a year, so 
tbe figure is clearly substantial. 

BBC 1 and BBC 2 television 
! programmes may not be 
i screened owing to industrial ■ 
action, i 

BBC 1 

1 9.45 am Paddington. 9.50 
-Tackanory. 10.05 Why Don’t 
You . . . ? 10-10 Jackanory Play- 
house. *11.00 Buck Rogers. 
11.20 The Fantastic Journey. 
12J30 am Cartoon Time. 12.45 
News, Weather. LOO Pebble 
Mill. 1.45 Bagpuss. 2.00 "Poco." 
Film. 3.20 Tom and Jerry. 3.25 
Glas Y Dorian. 3.53 Regional 

News for England (except 
London). 3.55 Play School. 
4.2U Jackanory Writing Competi- 
tion. 4J30 Renlasanta. 5.10 Blue 

5.40 News. fc 

; 5.55 Nationwide (London and 
5 • South East only). 

' 6.20 Nationwide. 

7.00 Tomorrow's World. 

7.25 Top of the Pops. 

8.30 Mastermind. 

9.00 News. 

9.25 Perry Como’s Christmas in 

10.15 She Must Be Joking! 
11.05 Tonight 

11.45 Weatherman / Regional 

All Regional programmes as 


1 Make one’s mark and get it 
over (3. 6) 

6 Scour the undergrowth (5) 

9 Warning a learner member 

10 Space required for joint 
accommodation? (5-4) 

11 Oil container behind kitchen 
boiler could be beaten (10; 

12 Vessel for healing, with vol- 
canic associations (4) 

14 Strictly sly to accept sea-bird 

(5 Tied up in fidelity it's said 

17 Abandoned and not working 

(9 Instrument confusing orphan 

about learner (7) 

in The place for buns and chairs 


12 Account of school organisa- 
tion-giving chance of success 
to you and me (10) 

!5 Letting in and receiving con- 
fession 1 9) 

!G Choose one set apart (5) 

57 American city to avoid (5) 

58 Under-employed person could 
make him falter (4-5) 


1 Timber that's soft and thin 

2 Female betrayer putting 
characteristic soldiers on ship- 

3 Arrives holding raarriags 
certificate in elegant style 

4 Free time when anyone nay 
go to school |4, 3) 

5 Take away bus turning up on 
tube (7> 

6 Had sight of pole being cut 
up 14) 

7 Perch made of mangled roots 

8 Attack with questions on 
brass instrument (9| 

13 Periodical addition lithe 
people start taking (10) 

14 Agree with directors to make 
a piece of furniture (9) 

16 Brief definition of a tem- 
porary measure (54) 

18 Putting one vessel in another 
could be gloomy (7> 

19 Set up Janes to soldiers— the 
Gunners! (7) 

21 Victim I defend is somewhat 
faint-hearted (5) 

23 Cobbler or petitioner it's 
said (5) 

24 Land that is let endlessly (4) 

No. 3,853 

a U 0 E Q B- g. G 

s □ -a. -40.-0 








__ a 



BBC-1 except at the following 
times; — 

BBC . Wales — 5.55-6.20 pm 
Wales Today. 7.00-7.25 Heddiw. 
11.45 News and weather fur 

Scotland— 5.55-6.20 pm Report- 
ing Scotland. 11.05 Thursday* 
Night. 11.45 News and Weather 
for Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.55- 

6.20 Scene Around Six. 11.05 
The Fall and Rise of Reginald 
Perrin. 1125 News and Weather 
for Northern Ireland. 

England— 5.55-6.20 pm Look 
East (Norwich); Look North 
t Leeds, Manchester, Newcastle); 
Midlands Today (Birmingham t; 
Points West (Bristol); South 
Today (Southampton); Spotlight 
South West (Plymouth). 

BBC 2 

11.00 am Play School. 

5.35 pm' News. 

t5.40 Laurel and Hardy Show- 

6.00 Tammy Wyuelte. 

6.25 Beneath the Pennines. 

6.55 When the Boat Comes In. 
7-45 News. 

7.50 Newsweek. 

5.30 “Treasure of the Sierra 
Madre." starring Humph- 
rey Bogart. 

10.35 Accident. 

11.25 News. 

11.35 No Trouble. 


9.30 am Australian Snakes. 
9.50 Dynomutt. 10.15 Westside 
Medical. 11.05 Journey to the 
Centre of the Earth. 124)0 
.Toppers Tales. 12.10 pm Rain- 
bow. 12.30 Toycraft. 1.00 News, 
plus FT index. . 1J20 Thames 
News. 1410 Crown Court. 2.00 
After Neon. 2.25 Fallen Hero. 

3.20 Looks Familiar. 3.50 The 
Sullivans. 420 Rogue's of Sher- 
wood Forest. 

545 News. 

6.00 Thames at 6. 

6.35 Crossroads. 

7.00 The Bionic Woman. 

8.00 Georse and Mildred. 

8.30 TV Eye. 

9.00 The Sweeney. 

10.0ft News. 

10.30 Thames Report. 

11.00 Rafferty. 

12.00 What the Pa piers Say. 
12.15 am Christmas Pie. 

All IB A Regions as London 
except at the following times: — 


9.30 »m The Evergreen. aO.OO Take 
a Bow. 10.25 You Can Make It. JO.S 0 
Christmas Sweet. 11.15 fcord Tramp. 
11.40 Oscar. 11.55 The Sweet Sugar 
Doughnut. 1.25 pm Anglia News. 2.00 
Women Only. 4.20 Spidermen. 4.45 
The Beachcombers. 5.15 Emmerdale 
Form. 6.00 About Anglia. 5.20 Arena. 
7.00 Bygones. 7.30 Botanic Men. 10.30 
Police Surgeon. 11.00 A Christmas 
Carol. 12.00 Tha Christmas Story. 


9.35 ant The Tiny Tree. 10.00 Angling 
Today. 10.25 Darts. 10.55 Lord Tramp. 
11.20 Fiintstone Christmas. 1.20 pm 
ATV Newsdesk. 3.55 Captain Nemo. 
7.00 Emmerdale Farm. 730 Botanic 
Man. 10.30 Format V. 11.00 " Ghost 
Story." starring Anthony Bata and 
Marianne Faithful!. 


9.30 am Evergreen. 10.00 Take a 
Bow. 10.25 You Can Make It. 10.50 
Christmas Sweet. 11.15 Lord Tramp. 

11.40 Oscer. 11.55 The Sweet Sugar 
Doughnut, fl-20 pm Border News. 4.20 
Little House on the Prairie. 5.15 
Lave mg and Shirley. 6.00 Lookaround 
Thursday. 7.00 Emmerdale Farm. 7.30 
Botanic Man. 10.30 Sergio Mendes and 
Brazil '77. 11.30 Police Surgeon. 12.00 
Border News end Weather. ' 


1.18 pm Channel News. 4.20 The 
Little House on the Prairie. 5.15 DynO- 
muit 6-00 Channel News and Weather. 
G.10 Link Up. 10.28 Channel News. 
10.32 In Search ol. ... 11.00 McCloud. 

12.40 am News and Weather in French. 


9.Z5 am First Thing. 9.30 The Ever- 
green. 10.00 Take a Bow. 1025 You 
Can Make It. 10.50 Christmas' Sweet. 

11.15 Lord Tramp. 11.40 Oscar. 11.55 
The Sweet Sugar Doughnut. 120 pm 
Grampian Headlines. 420 The Little 
House on the Prairie. 5.15 'The Bob 
Nowharl Show. 6.00 Grampian' Today. 

7.00 Emergency. 10.30 Police News- 
room. 10.3S Sports call, n.15 Reflec- 
tions. 11.20 Grampian Headlines. 11.25 
The Practice. 


9.30 am Thursday Mali nee. 10.55 
Cartoon Time. 11.(6 History Around 
You. 11.20 Nobody's House. 11.46 
A Handtut of Songs. 1.20 pm Tins fa 
Your Right. 420 The Lila and Times 
of Grizzly Adams. 5.10 What's New. 

5.15 CrosBroeds. 6.00 Granada Reports. 
6.30 Emmerdale Farm. 10.30 What's On. 

11.00 What the Papers Say, 11.20 
Colorado C-One. 


9.35 am Beachcombers. 10.00 Taka 
ao Bow. 10.25 You Can Make It. 10.50 
The Rolf Harris Show. 11.15 Lord 
Tramp. 11.40 Oscar. 11.55 Swwtr 
Sugar Doughnuts. 1.20 pm Report West 
Headlines. 125 Report Walea Head- 
lines. 4.20 Little House on the Prairie. 
5.15 Jobline Newsdesk. 520 Cross- 
roads. 6.00 Report West. E.15 Report 
Wales. 6.X Christmas Sweet. 7.00 
5i» Million Dollar Man. 10.35 Gallery. 
11.05 The Thursday Film: " Tell Me 
Where it Hurts." 

HTV Wales — As HTV General Service 
except: 1.20-125 pm Penawdau Newyd- 
dion Y Dvdd. 4.2D Seren W }b. 4.45 

Raven. 5.15-5.20 Jobtmo— Wale*. 6.00- 

6.15 Y Dydd. 6.30-7.00 Sports Arena. 
1028 Image '78. 11.05 Breaking Point. 
12.05 am Mmd Your Language. 

HTV Wan— As HTV General Service 
except.' 1.20-1.30 Report West Head- 
lines. 6.15-6.30 Sport West. 


9.35 am The evergreen. 10.00 Take 
a Bow. 10.25 You Can Make It. 10.50 
Christmas Sweet. 11.15 Lord Tramp. 
11.40 Oscar. 11.55 The Sweet Sugar 
Daughnur. 1.25 pm News and Roed and 
Weather. 2.00 Women Only. 4.20 Lmle 
House on the Prairie. 5.15 Christmas 
Cal). 5.20 Crossroads. 6.00 Scotland 
Today. 620 Gernoek Way. 7.00 The 
Botanic Man. 7.30 Sale ol the Century. 
1020 From the Tap. 11.00 Feature 
Film: " Don't Be Afraid of the Dark." 


9.30 am The Evergreen. 10.00 Take 
a Bow. 10.25 You Can Make It. 10.50 
Christmas Swaei. 11.15 Lord Tramp. 
11.40 Oacar. 11.55 Th« Sweet Sugar 
Doughnut. 1.20 pm Southern News 
and Weather. 2.00 Women Only. 420 
Lassie. 4.46 Beachcombers. 5.15 Cap- 
tain Nemo. 5.20 Crossroads. 6.00 Day 
by Day. 6.30 University Challenge. 7.00 
Emmerdale Farm. 7.30 Botanic Man. 

10.30 Southern News Extra. 10.35 
People Rule! 11.05 Bamaby Jones. 
12.05 am What the Papers 5ay. 


9.25 am The Good Word. 9.30 The 
Evergreen. 10.00 Take a Bow. 1025 
Villey ol the Dinosaurs. 10.50 Christ- 
mas Sweet 11.15 Lord Tramp. 11.40 
Oscar. 11.55 Tho Swaet Sugar Dough- 
nut. 1.20 pm North East News. 2.00 
Women Only. 4.20 Thursday Matinee: 
" The Smallest Snow on Earth." 6.00 
Northern Life. 7.00 Emmerdale Farm. 

7.30 The Botanic Man. 10'.30 Northern 

Scene. 11.00 Richie Brockleman. 12.00 
The Bob Newhart Show. 122S am 


9.30 am Tha Everg f ®*n. 10.00 Take 
a Bow. 10.25 You Can Make It. 1020 
Christmas Sweet. 11.15 Lord Tramp. 
11.40 Oscar. 11.55 The Sweat Sugar 
Doughnut. 1.20 pm Lunchtime. 3.50 
The Sullivans. 4.18 Ulster News Head- 
lines. 420 The Beachcombers. 4.45 
Friends of Men. 5.15 Cartoon. 5.20 
Crossroads. 6.00 Reports. 6.25 Police 
.Six. 6.35 Happy Days. 7.00 EmmerdBlo 
Farm. 7.30 Botanic Man. 1020 Counter- 
point. 11.00 The Practice. 112S Bed- 


9.20 am In Praise of Christmas. 9.30 
The Evergreen. 10.00 Taka a Bow. 1025 
You Can Make It. 10.50 Christmas 
Sweet. 11.15 Lord Tramp. 11.40 Oscar. 
11.55 The Sweet Sugar Doughnut. 
12.27 pm Gus Honeybun's Birthdays. 

I. 2D Westward Headlines. 420 The 
Little House an the Prairie. 5.15 Dyno- 
mutt. 6.00 Westward Diary. 10.26 
Westward News. 10.30 Preview West. 

II. 00 McCloud. 12.40 am in Praise of 


9.30 am Friends of Man. 10.00 The 
Mad Dag Gang. 11.10 Record Makers. 
1.20 pm Calender News. 3.60 The 
Sullivans. 4.20 Jabberiaw. 4.45 Little 
House on the Prairie. 6.00 Calendar 
(Emley Moor end Belmont editions]. 
7.00 Emmerdale Farm. 7.30 Botanic 
Men. 10.30 The Love Boat. 11.30 Carol 

j BBG Radio Hew Wavelengths 1 

BBC Radis London: 

2458kHz, 2Mm & M.9yttf 

4 1053k Hi/ 285m 


■ lfa»Hz,2Bm 

0 1215k Hz /247m 

Capital Radio: 

& 90-923vbr Etereo 

1548kHz. 194m ft VLsvM 

n M3ft Hz,'C33m 
^ 90% Hz/ 336m 
& 8E-91vhf narco 

A 2D0kHz/1500m 
^ A 92-95vhf 

London Broadcasting; 
jqorifc v »«e iH«fn 


(S) Stereophonic Broadcast 
5.00 am As RddiP 2. 7-00 Dave Lee 
Travis. 9.00 Simon Bates. 11.31 Paul 
Burnett including 12.30 pm Newsbeat. 

2.00 pm Tony Blackburn. 4.31 K'd 
Jtnsen inrludinq 5.30 Newabsat. 6.00 
The New Album Chart. 7.30-1Q-Q0 As 
Radio 2. 10.00 John Peel (S). 12.00- 

5.00 am As Radio 3. 

VHF Radios 1 and' 2—5.00 am With 
Radio 2. 10.00 pm With Radio 1. 1Z.0Q- 
5.00 am With Radio 2. 


5.00 am News Summary. 5.03 David 
Allan (5) including 6.15 Peusc for 
Thought 7.32 Terry Wogan (S) Includ- 
ing 8 27 Recrnq Bui let. n 8.45 Pause lor 
Thought. 10.03 Jimmy Young (S). 
12.15 pm Waggoners' Walk. 12.30 
Har.-y Rnwell's Open House (S) includ- 
ing 1.45 Sports Desk with racing 
results. 2.30 David Hamilton IS) 
including 245 and 3.45 Sports Desk. 
4.30 Waggoners' Walk. 4.45 Sports 

Desk. 4.47 John Dunn (S) Including 
5.48 Sports Desk. 6.4S Snorts Desk 
with racing results. 7.02 Country* Club 
9.02 Folkweave (3). 9.55 Sports 
Desk 10.02 Roy Castle. 1020 Star 
Sound Emra. 11.02 Brian Matthew 
introduces Round Midnight.- Including 

12.00 News 2.02-5.00 am You and 
the Night and the Music tS). 


G.55 am Weather. 7.00 News. 7-05 
Overture (5). 3,00 News. 8.05 Morning 
Concert iS). 9-00 News. 9.05 This 
Week's Composer: Tehaikevaky 4S|. 

10.00 Holiday Special (S). 10.20 Scuols 
Di Chiese (5). 11.10 Qfcapin cello and 
piano recital (S). 12.05 pm .Cheltenham 
Festival 1973: Rosami. Maw (S). 1.00 
News. T.05 Cheltenham Festive! 1978, 
part 2: Schubert (S). 1.56 The Poet's 

. Echo; 2.05 The Magic Flute (S) 3-20 

Talk. 3.30 The Magic Flute," Act I. 
5-00 Scottish Baroque Ensemble: Arnold 
Goehr (S). 5.45 Homeward Bound IS). 
6.30 News. 6.35 At Home — Guido Can- 
telii conducts Tchaikovsky's Siyih Sym- 
phony. 7-30 Drama Now: " Tell it the 

Way it is." 825 Rozhdestvensky and 
the 8BC SO (Si- 9.15 John Mackintosh 
1929-1978. 9.3S The Ana Worldwide. 
10.35 The Trio-Sonata (S). 11.40-11.55 
Toniqht'a Schubert Songs (S). 11.45 


6.00 am News Briefing. 6.10 Farming 
Today. 6.25 Shipping forecast. 6J0 
Today, including 6.4b Prayer lor tha 
Dey. 7.00 and 8.00 Today's News, 720 
end 8.30 News Headlines, 748 Thought 
for the Day. 6.45 Serial Reading. 9X0 
News. 9.05 Mid-Week with Deamond 
Wilcox. 10,00 News. 10.05 The Christ- 
mas Robin. 10.30 Daily Service. 10.4S 
Morning Story. 11.00 Analysis. 11X5 
. Listen with Mother. 12.00 News. 

12.02 pm You and Yours. 122) The 
27-Ysar Itch (S). 12.55 Weather. 1.00 
The World at One. 1.40 The Archers. 
1.55 Shipping forecast. 2.00 News. 

2.02 Woman's Hour. 3.00 News. 3.05 
The Remittance Man. 325 Afternoon 
Theatre: " The Browning Version.'* 4.35 
Story Time; "The Thirty-nine Step*.” 
5.00 PM: News magazine. 5.50 Shipping 
forecast. 5.55 Weather: programme 
news. 6.00 News. 620 Tap oi the Form 
■7.00 News. 7.06 The Archers. 7.20 Time 

for Verse. 7.30 Christmas Carol Con- 
cert (SJ. 8.20 The Importance of Being 
Irish. 8.40 Christmas Carol Concert, 
part 2 (Sj. 9.30 Kaleidoscope. 9J59 
Weather. 10.00 The World Tonight; 
News including 1025 Market Trends. 
10.30 Any Answers? 11.00 A Book at 
Bedtime. 11.15 The Meaning of Christ- 
mas. 1120 The Unforgettable*. 12.00 
News. 12.16 am Shipping forecast. 


: ... riL'i . .-^i< <-■ ^ • 

- V 'J': 


COLISEUM. Credit cards. 01-240 5258.. 
Reservations o-j-036 3161. 

Winners 1978 SWET Award. OBtsumPng 
Achievement m Ooera. TorUpht ' 7.00.. 
Jonathan Miller's orad. The Marriage ot 
Figaro. ''Immensely successful & enfor- 
abie." Gdn. Tenor. 7.00 Der Rosen- 
kavalier. Next peri. Dec. ZB. 7 MO The 
Adventures of Mr. Broneek. 104 balcony 
seats avail, for all peris from 10.00 on 
day of n erf. 

COVENT GARDEN. CC- 240 1069. 

(Gandencharqe Credit Cards 836 6903 L 
T-Itt. and Wed. 7.30. Un hallo 4n 
masdiera tSardiiwa replaces Wlxell). Fri. 
7.00 and Taas. 2.00. Die Ftateraaui. 
65 Ampul' seats avail, lor all peris, 
from ip am on day at pert. 

Children's Opera by Peter Maxwell Davies' 
Family Entertainment. Jeannetu 
Cochrane Theatre. Sec. 27, 25 5 pm; 
Dec. 29. 30. Jan. 1-6 2.30 and 5 sun.. 
Tickets £1.50 from Royal Opera House.' 
Tel. 01-240 1066. Credit cards 01-836. 
6903 or Iran Dec. 27 tt am-6.30 pm 
at Jeannetta Cochrane Theatre. 

Dec. 26 to Jan. 6 dally 3 and 7 -3D. 
Jan. 8 to 13. Eros. 7.30. Mats. Sat. 3. 

Ave~ EC1. 837 1 672. UmH Feb. 24 
VAN. Evas- 7.30. Mats. Sots. 3 Dec. 27, 
2.30. Until Dec. 33 THE PIRATES OF 

.■ TtAYM ARKET. 01-930 8839. 

8J». Wed. 2.30. SaL 4.30 & 8.00. 




and IAN OQLVY in 
BOXING DAY at 4.30 8 B.OO- ■: 

HER MAJESTY'S CC. - 01-930.. 6806. ; 
< Eves. 7.00. Mats, Weds, and Sat 3410. 


BARM ITZV AH ROY , . . . .. 

••“This stunning production -uniquely tn- 
1 arable." F. Times. "The furniUst. 
if musical around bar none."., f. Mirror- 


- From Dec. 18. Dally 10-30. 2JSO A4UTO_ 


f • P ONT DREAM IT. SEE li; . . • 

■ LYRIC THEATRE. CC. 01-437 S666- 

EM. 8.00. Thun. 3.00- Sat- 5.00. BJSO^. 


. ' • FILUMEJ4A- , 

. by Eduardo de Flllopa ■ ‘ 

Directed by FRANCa Z&flREtLI 7. 

■ society ol West End Tbeithe Asrards . 

*■ TOTAL TRIUMPH." Ey. News.." AN., 

YEARS," Sunday Time*. .. -. 

' - Until Jan. 6. Dly. 1020. 2.0, 4,0. 


— - - V-.’ «:* V--.»‘?--..^wX> : '-V ■ '? 

" ■ ■ S ' V -i. - t+f* : " 

ni'un. -iruiu seed P »MlW ii-lg.tHK^r J 

STRAND, OV-83&.2S60--.EI 
Mat. Than- s-oCKSxu. 




-ST. MARTIN'S. CC- 836 1443. : 

Mats. Tue "2.45. Sats^ A Pec. 


THE -MtKESanvMr. .tv - 

f ALK OF THE TOWN CC;- at*734=4gS't£’ ^ ^ 

- AW-cmdttP««Kfc'. -From^JlW^'gn&B r «^ 

. . " □anclaH « 3Q-' SUPER REWg; - ^ _ 

HAZZl F- OA2ZLE £ ■ 

~ T -Rt t t T^ANKTE -YAOS4AW- - 

'• TaLd'eVILLE. . ;cc- ' bliB36.'- , f9&^.' 

; -Era. 8.00: Wod. mat i.45 -Sot 5-Oa. 8JJO.-- 

- , . THOMAS . 

mmwTHe*. c'V .) T?* 



IMED. with. SO much- 
good HUMOUR." s 




Times, r **DEUafmiU.Y4 
REWARDING; " • "-.O. Mir. ?- “PURE.. . 
DELIGHT,". The People,. - '"ABecDadsttr-' •1* 
fed: funny.? Gd/L?'-.' 

t . Jr'." 

VtCTORTA PALACE. CC. 01-628 -*735-6. * 
.:. ai^fi34-13T7: ’■■vi 

- Era 7.30.' Mm. Wed. and Sab 2-4B 

- -lORD JOHNS .. ■ --■■‘•a-- 


- ' -XNNIC I' - ’ 

: - -C" BLOCKBUSTING-^ . . 

SMASH' HIT MUSICAL," D. Mall. . . 

i-e. - : 


ADELPHI THEATRE. CC. 01-8^-7611.' 
Eremnss at 7 .SO. 

■J&SitiS: : 

An Encha ^^5 , 0 jJp" Musical 

.The Times. 

Evening News 

Evening News. , 


Daily Telegraph. 

Credit Card bookings 01-836 7611. 

-MAY FAIR. 629 8036. ^Green-Pk.-Tube). 

•Sw. 8.00. Wed. Mat. 3.0 Pel. S^-6r1S-^-®N«gt^0P¥ Pf»«iB3r:-BS08. Royal. ._ 

-I Erl an Thomas's cxnnle mostarplece- : ■ gytms^OS -.K iigw-. -• 

■> Season mjtrt end Dec._ 30. -til ' ' ‘ 

s. "*r. 

ALBERT. Frcm 0.30 am. 836 3878. CC. 
Bleys. 836 1071-3. Party rates. 

Eras- 7.4S. Thar, and sat. 4.30 and 8.00. 

"Ml RACULOU5 MUSICAL," Fin.. Times. 

with ROY HUDD 

Extra Christinas peris, tomor.. Wed. Dec. 
28. 29. Jan. 2. 3. 4. and 9 at 4.30 and B. 


_ e^TPitL.imd- -i -- 


COTTfeSLOE (smalt, auditorium!: Tgn't* _ ’ : '• ^foUWH grIat^EAR 9 ’ ' ' . 
Tomor. S HEROD . new pfay by Paul . . Christmas -show wizard OF O*,- Daliy - 
Mills, music hY Harrison. Blrtwlsfcle . 2,15 d.m. Sat. .11 jjn. and 2.15 p.m, - \i 

Dominic Muldawnev. i. . • •-!■' r— ^ — - . ■ ■ , — — ii * ■ I . 

Many excellent cheap sea Is air 3- theacres.. WHITEHALL. CC -V01-930 77*5*Jt’.‘ 

day of Pert. Car . porta. Res^auran?-.92B .. - Mon.- Frt. 2.1-S-o ju. . . . - 

2033. Credit card hofaEmgs 93B 3052. - Sat. s 11-30 a.m.-and LlSfl.n, '. ,V-f- • 

V . ' - — .. •; ..‘i.-.j .-.I.’ . jtgAJtO OF OZ • \ •- 

■9Z* r 7CT 6.-:. .— jpj- 'Thmb^ li c^)tSs TOTnar -; “ 

Draw.- ^ c • 


-<t - 




Last 2 Peril, Frl_ sat. 7*^30 'Anthony r 

ninoMiUi ™eatw.; _gc. 01^37 03iz. 

■to miss Mr. Quayle's ' Lew/-' -F. Thms- 

ALDWYCH. 836 6404. Info. 836 5332. 
Box Other Owed Dec. 23 8 25. Re- 
opens 26. 3.3 d. 

repertoire. Tonight 7.00. Tomor. 7.30. 
Bronscn Howard's comedr SARATOGA 
■ no peris. Sal 23. Mon. 23 Dec.}. 
With Middleton S Rowley's THE 
CHANGELING (nevt pert. 28 Dec. I. 
RSC also at THE WAREHOUSE (see under 
W). _ 

OLD VIC. CC. 01-929 7616. Back again 
for a special Christmas season 
Until January . 13 MATS .ONLY \ 

Dly. at 2.00.- -Extra* oerfs." Dec. 2JL:2JL r.. 
30 & Jan. '5. 6. 13 at 5.00. also Jan., fl- 
at 10.30 am. - v- 

.Sim. 6.00 and- 8.00- . 

PAUL RAYMOND present* _ ' - » 
_=■ Z • ' RIP OFF 1 . ■ 


1 " TOkes^to unprecedented ■ - limits UUwOls '*->3 
p wmisstiiie - « - o»r- stage*.''- . News.-. j : 




"A triumph . worth travelhno miles . wvunuiu-o, ,,, -> 

to- see." BBC Radio. -. Y*YNQKAM» From ajp am. 636 SOZBi . i ' . 

— Credit' card bfcgs. 836 T071-3. firs, 8-00. . X 

'■ ttrr -sece ’ ' S.1S. B.30., Tuesday 4^16. 6.00. 

,un. B. ,387^6969. " "ENORMOUSLY RICH . 

.. - VERY • FUNNY." Evenfna News. 

Gdn. Fascjnadnp a,.. . ONCE A CATHOLIC 

SFACE- TUes^Sc . . 



Brecht's RESP 
” Sheer delight." 

th nroupMy ':enterUJ nine." 

No Peris Dec. 24 to 26 : 

F r 
and 31.' 

AMBASSADORS. CC 01 -836 1171. 
Evs. 8.00. Tues. 2 AS. Sat 5.00. 8.00. 
"A superb performance. F.T. 

APOLLO. CC. 01-437 2663. Evs. B.OO. 
Mats. Thurs. 3.00. Sat.. 5.00 and 8.00. 
very hinny, great . entertainment." Now. 

PALACE. -CC. ' 01.437 6834. 

Mon.-Thura. .-■• JFrl. Bf Sat. 6.00 6.8.40. 

by Tim Rice . and Andrew Lloyd-Webber. 

PALLADIUM. CC. 01-437 7373. Telit, 
and Frl. 7-30. Sow. daHv 2.45 and 7.30. 
.. DAhmY LA RUE 
as. WM ow Twankle fa •. 



’ "Sure-ftre comedy 

DJ.-. ■'MAKES . 


on sax. anil r*|lB(on." 
Gdn. - . 

ARTS THEATRE. 01-836 2132. 


■' Hilarious ... see It." 5undar Times. 
Monday to Thursday 8 30. Friday and 
Saturdays 7.00 and 3.15. 

PICCADILLY. From 8-30. am. 437. 4506. 
Credit card Megs. 836 1071. ' 

Mon.-Frl. at 8-00. -Sat. 5.TS and 8.15. ^ 

and a handful of cobDere 

WEMBLEY .ARENA. Opens Dec -21.. 

■ The- bio- Christmas ' Show -for all the 
family. Dec- 21 -ar 7.30 then -Daci* 22 
to Jan. 5 dally 3.0a and s.oo. Sat. Dec. 
-30 and subsequent. .Bats. 2.00. 5JMI. 8.00. 
FROM JAN. 7 SUNS. 3.00. 6-00- Tues. 
to Fn. 7.4ET. Mat, Wed. and Thur. 3JJ0. 
Children and Senior Citizens half-price 
most peris. a t-Wj. 1234k - 


• *-0<L 4"8 -8-00. Sals. 2.30 and 5.30. 

by Tim Rice and An drew Lloyd Webber. 

- £ 2 . 



Ho&d- 734 4291 -43S 8031. Mon-Thors. 
B pm. Frl. and Sat. 6.00 and B.4S. 

Group bookings 01-437 3BE8. 

CAMBRIDGE. CC. 01-836 60S*. 
Evas. 8.0. Mats. Thurs. & Sat. 3.0. 
A new musical starting 
"The Best British production ol a musical 
since ' Camelot ' ” Brenda Marshall, 
Capital Rama- 


COLLEGIATE. 01-B3S 6056. 

International stars In great family show. 
Ja n. 1-6. 3.00 and 7.30. Book Now. 

COMEDY ' CC. 01-930 2S7B. 

Evs. 8:00. Thur. 3.00 and 8.00. Sat. 

The Delmeble^Rftr^EKLAND 
in a sizzling new comedy 

Starring die I] no I y noon I ar 


PICCADILLY. 4S7 8503. 836 3962. 

Credit ard bookings 836 1071. 
Richard Goo Idem Tan Talbot ln. : - . 

Dally 2 pm. Seta.. 11 am and 2 pm. 

PRINCE EDWARD. CC. 01-437 6877." 
Evenings B.OO. Mats. Thors.. Sat. 3.00. 

by Tim Rice and Andrew Uovd-Webber 
Olrected by Harold Prince. 

Prince of walk. 01 -930 8681. Credit, 
card boo Id nos 930 0846. Mon. to Thur.. 
8.00. Frt- -and Set. G.00 and-SA5. 
ALAN AYCKBOURN’S ariHsA-hK comedy 

“ If you don*r lamrh. sue me." □. Exp. 

. A National Theatre production. 

YOUNG VIC^ BZB 6363. . EVE. 7 AS. 

■ Sat. Mat. 3.00 PhlT'Woods' adaptatton of 
CANTERBURY YALES. From next week 
daltv 11.00 am and 3J)0 p m HIAWATHA 
for 6-12 year olds. 

YOUNG VIC STUDIO. 92 B 6363. This 
Wwk.Chrtttnws Festival. Ton’s :B. BALA- 
Office for . further details], 


CRITERION. From 8 JO am. 930 321 G. 
CC bkgs. 836 1 071-3. Mon. to Thurs. a. 
S-r I and 1 Sat. S.45 and 8.30. Tuesday 
PLAY FOR YEARS." Financial Times. ■ 

A Michael Kitting* 

urn os stroke after stroke 
of chutzpa demolishes Briush OAdaidom. 
Blissfully funny.” Wardle. Tlnres. 




. MAGICAL.** Timex. Lit. Sup- . . 

PHOENIX -THEATRE. / Cfc- 1)1-836 22S^/ ■% CHAf ® MA eIac- V “ f * 


*K.1 > Z.„SHAfTES8URY- AVE. B36 
8861. _Sw. Perfl. ALL SEATS BKBLE. 

1- SUPERMAN fA). Wk,- A Sun. 2.00. 
S-OO. a-10. Late Show PrL. A SaL 11.10. 

2- DEATH ON- THE -NILE LA). Wk. & 

Sun. 2JJ0. - 6.00 . 8.00. . 

Camden * Town 
« 5 , 2*43 . THE BOB DYLAN 
"£*F*ALDO A CLARA” CAA) with 
4 IN 4 TRACK. 

STEREO.. Progs.-- 7-Go 6. 7.30 Dally. 
: -Mua end Jan* to. • " ,,T ' 

CL A SS IC .1^ 2, 3, 4, Oxford • Street topp. 

Rd. Tubei. 536 0310. 
U *"d A^ PTOPa. Children half-price, 
nil JtfqWW'P DOWN 

. wvtfr ^erBoohonlc souml.^Pj^ 

Evga. a.OO. Wed. 3.00. "Sat- S-OO * 8^0. ^ pm.... .. : , Bf tX-taCJ’n .00 
DLANA^RJCG^OlUV THAW . : 7 2. [ CllfiC ^Eg atwoBd'-BVERY Wiucu wav- 

A New Play " 

■ Directed 

DRURY LANE. CC. 0.1-B3G 8108. Man. 
to sat. B.OO. Mats. wed. and Sat. 3 00. 

’’ A rare, devastating, lovous. astonishing 
stunner." S- Times. 3rd GREAT YEAR. 

fT AMD DAY. -- . .... .. BUT LOOSE (AA3. Proov.IJn 7 - VtV 

by TOM STOPPARD. : S.5<L:^8,05. LOte^show ^Ton 1 sS' J ' 3S ‘ 

by PETER WOOD . ■ ... XNItk Molt, OOGtoUHERS (SS- P, 

— : — r? ■ v.. Irio. 3JS. ,6^0. -■8 js.. Lai* shew J 

rERAJZ. CC. 01-7X4 JS93- " ■ . 

At 7.00. B.OO.- ii .do pm. 'Open Sint. 
PAUL R^rMOND.^repente 


DUCHESS. S36 8242. MOn. to Thurs. 
Evenings 8-00. Fn . Sat. 6.T5 and 9.00. 
9th sensational. Year 
•’ The nudity is stunning.” Dally Mall. 


ulr-oond Irionou • • 
EC. 24 and 23. 

DUKE OF YORK'S. CC. 01-836 5122. 
Evenings B pm, Frf and Sat- 5.30 & 8.30 



. -7 IS BLISS." Obsarver. 

Dally Telegraph. 

FORTUNE. 826 2238. Evgs. B.OO. Men. 
Thurs. 3. Sat. Tue. & Wed. SAB. 
MURIEL PAVLOW as Min Mamie in 

Tonight 7 JO ’ — 

Prog. fee. i 
- Beathoran; 

Frogs. •• ’ 


aas 1 ^ 1 -*AL. pgt riJtS.- 7 

7^45. L^te fhpw VQ^LS- pm.: \ _ . . 

■ Weet. V y.-T.v~ a gfr 3737:. - 

' riT-iy* cirantor tn Orer - . ’ 

jfr -SeMMeO. Vogt.*' . < 

J KA.RL.BOHM'.coddurts LSo' ' STOiRE|fNEATRE. SL30 S2S2. /. 

Schbo yrtr -Symp bonv - No.- S. ■ A, ' Hohhenr (AAjl .? 

ovens Stvnptidnr. NO. 7, froto-. Com a Wk*. i^o, 5.00. B^O. LMe- ... ■ ■ 

ROYAL ALBERT HALL,.' fQ 1-580 .8212J. 
14 2 Jan. JJff. Xeadon. SraphooY 
CERTS a different programmes!. Coo- 
dug ml^ from the vleBn. By- John GtarsincHs. 

we .Lata bookhteT^r , . • . ; 

'EfeniHflsar Boo. 

• Mfd • 

HayvnarkeL. (930 2T3 8^2771-1. 

. «0* Sep. proas. My. 

GARRICK. CC 01-836 4601. Evs- 3.00 
(sharpi. Wed. 3.00. Sit. 5 30 and 8.30. 
New Thrilier 

" THREE CHEERS for two hours of 

VERY EXCITING.” Fl„. Times. 

^ SSSJS1 MjK: 

... By Alan* Brown .>*••* -*\; . ODEUM. Leicester Soaare. '9M 61-11, 

, Funny - but. nag mrtoundty -disturb- Furt»18 Front Nnarone CAL St*>. broas. 

.Best M«fW^r.l87J , • :/ • ' ' Vufc. aibu 

GLOBK THEATRE. CC., 01-437 159^ 
Eros- 8.15. Wad. 3.00. Sat 6.00, B-Ul 

“ Tills must be the happlert laughter- 
maker In London," -D- Tel. ‘'An lircsi»ihi r 
enjoyable evening." Sundsv Times. 

Book by teiephooe forjhe entfritHimiiy?: - " .- 


je-tfLa^S* 1 *'.'- 

l!V'- ? ,‘ 4^ r 0avf^ ,w F rf ' * Sa^O-SR Oowd ■ .? 

Eril. B.M. Mats. sets. S.OO. SEE HOW 
THEY RUN A farce by Philip King. "An 
e venin g cf unadulterated laughter." P.r. 
EXTRA FOR- KIDS, Toni Arthur <PI«y, 
away)., Geoffrey Haras I Geoff of Rainbow) 

<<5 ®' Saturdays 11. 00 

and 2.15. 


- - Credit Carqg- 


•• , _____ . 

by BrS? cIotlT~»^ 3 -& .jui 3300 

urge* you, -fpi see 1 l*~ *Gaw- ^ vSSmSjm.APj. . P RAT** ON. THE 

Mat*, wed,. 3.00,;. ^eST-5 ^SToS.-. BiSsS" ajOO. iSJBO. 

j -'3=-jHl’* CtaySorou.' 

irafcyis AN 

^^rSaL II.PQ. Seats- arirfe! 
Also Bate* In. . Paul 


' .i-:\ >A 


«“ »*V ' **■7 T. » .■ ■; V'lfca i JV \ \\- a . /. . - 

ri£_k=3- 1 .• - -j n -um'.-.'' -«•• • . 

^fecemt«ff>21“ 1978 


."' " i . •'■' «*„■ : ; J ”v. 


R€5T«W; : ' ; 

" **-.;.* "?;»%!? - : V v \ ' '••' - : ■ ■ 

.. " c *,.. a - a i.* 

: v*.'*5 X!? ^ 



■Ottf' "ffl jWtc: :, VjSjfir'.;' Iti’ckfns 

■*; la#*?; 

£3.95. Banieti .and OPlckwlck 
With. Bob 7 S*Wyer*& Party and 
. The - SlgnalftnaL- ;23>SW"709/ 10. 
£73Q.Sikes and' Nancy with. 
The Bastille Bcisoner.' ZDSW 
m/12. «t«90: a 7i ; “ v - ; r .- 
Rtettaxtf B »twu A Personal 
Antiml&gy, - Argo * ZDSW.' ?;4, 
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tBadiiita and Chenchikova 

by the '* 

to writs t$ Uppe&'jt i&e festiya 
season. Site first of them was A 
Christmas Carol ,' '.and -when in. 
1353 he began to'give public 
readings for charity -at Christ- 

- snaErtimehe alwaysluriudedthe 
Carol' fa ifa e ~pr o grarame. In 1S5S 
he started to’ gve-readhigs for 
his . own profit? also- to ^satisfy : 
his growing hunger for the -his-: 
triopic; again in camptiiag the 
pro gramme he drew heavily on 
bis ' Christmas 'Books. Last year 
Argo refe&sed ft-iwc&f set of 

• BBy Dotrice readii^- A Christ- 
mas Carol (ZSW 5S4/5) the sue- . 
cess 7 of which has; encouraged 
them' to give . .us _more of the 
stiae. ? ; ” . • ':. - - " ’ ' / 

. These reeords are not only de- 
. lightful 'SimgS'topossess for the 

- brilliant virtuosity of .Dotrice's 


perfonnacce. They also have'an 
historical interesfheing .chn«y 
‘'Based on.theJ%WiJc3L&sdings- 
• Dickens prepared his'fexts ; with 
great care and sfeill- Itrwas hot 
just ai. matter of. takiQg a chunk 
from a book and ‘readitB 
aloud. Be deleted, he .transposed 
sections, from previous chapters, 
he edited,, he re-wrote, aod' tbus 
achieved miracles of compres- 
sion. In., the reading .7 from 
Dasid Cerpperfield, for- instance, 
he; went* from David’s chSahood 
memories bribe. Peggoty family, 
to: the. abduction' of little Emife 
by Steerforth. to Davtd’S Own 
marriage to Dora, to the rtorm 
at 'Yarmouth and the death 'Of 
Steerforth. It is all spokealWith 
appropriate voices for ;each 

character on two LPs by'Datnce 
who is what the .Victorians 
called a great soloist ; . 

Sometimes the reading, tests 
differ in minor ways from those 
of the published novels.- In the 
murder of Nancy, by Bin Sikes 
which was a great favourite with 
Dickens’s public on bath. Sides 
of ' the Atlantic, and which 
Dotrice reads, I guess., as ter- 
rifyingly as Dickens*. 7 , the 
novelist ended the episode With 
the pursuit of Sikes, by; 7 the 
. police and his capture, all coin- 
pressed into a. few minutes of 
reading'time. Sikes, i^-whom 
Dotrice gives a IethaByrmarcmc 
growl, seeks a refine.; in-^he 
dwelling of a fellow^ef who 

■ tells him: “You may stop if 
you think it, safe. But what man 
ever escaped the men who are 
after youl” This resonant 

Richard Burton 

remark does not appear in 
Oliver Tioist. 

Dickens's prompt-copies for 
his readings are fascinating 
documents containing a moss of 
revelatory ■ underlinings and 
directions to himself as a per- 
former. They are happily pre- 
served in places like the Berg 
Collection in the New York 
Public Library; even more hap- 
pily from the point of view of 

the general reader they were all 
collated and re-printed by Pro- 
fessor Philip Collins, with an 
introductory history of Dickens's 
performances, in a superb one- 
volume edition, Charles 
Dickens: The Public Readings 
(Oxford, 1975). It is this edition 
which has been used by Evdoros 
Demetrlou and Harley Usill as 
the basis for the Dotrice LPs. 
Thus, in addition to such popu- 
lar favourites as Bardell and 
Pickwick, the records include 
some or the lesser known Christ- 
mas stories which were a part 
Dickens’s repertory. One of 
these, was Dr. Marigold, the 
tear-jerking story of a travel- 
ling Cockney cheapjack with a 
deaf and dumb child. Dotrice 
has. to sustain a single 
character-voice throughout this 
single LP. 

Another Christinas story, 
coupled here with Bob Sawyer’s 
Party on the flip-side of Pick- 
wick, is The Signalman, a creepy 
tale from the early railway era. 
with a nice contrast between an 
educated observer and a 
working-man protagonist. By 
all accounts Dickens put great 
passion into these readings and 
moved his audience to heigbts 
of emotion: Dotrice’s cool, cry- 
stalline, deeply characterised 
approach is ideally suited to our 
more sceptical age. 

Richard Burton is another fine 
reader with great depth of 

utterance and an intelligent 
grasp of whatever it is he is 
reading. He has a love of 
English poetry cultivated at 
Oxford by his tutor, Nevill 
pgMH, and on his latest poetry 
LP, Richard Burton: a Personal 
Anthology , the choice of poems 
is as revealing as the subjective 
style in which tbey are read. 
Religious poetry dominates with 
love poetry second plus a tinc- 
ture of dry humour from Betje- 
man and others. 

Burton does well by Donne, 
both secular and divine, and 1 1 
was glad to hear an extract ! 
from. Bishop Henry King's j 
“ Exequy.” Both Edward j 
Thomas and R. S. Thomas are 1 
among the nature poets read, , 
while from the Principality 
there is the Rev. Eli Jenkins 
out of Milk Wood and Robert 
Graves's witty “Welsh Incident" 

Burton's most severe test 
comes, however, in two poems 
about the pursuit and protection 
of man by God, Gerard Manley 
Hopkins’s “The Leaden Echo 
and the Golden Echo ’’ and 
Francis Thompson’s “ The 
Hound of Heaven." Both are 
short on pauses, indeed their 
continuous, complex rhyme- 
patterns present the reader with 
a -veritable verba] assault 
course: Burton fills his lungs 
to capacity and charges across 
them at a splendidly fluent 

John Waets and Kim Braden 



by B . A . YOUNG 

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• The second programme pre- 
- seated, by the Karov Ballet had 
something'of a “gems Dorn the 
classics^ air about it; but the 
gems were of fipe quality, and 
they were shown off.lovingly by 
; the company. ■ T^e taping of 
music for. this ■ triple bin— Les 
SyfpJrides, S«wn Lake Act 2, and 
- Paquita— -combined the. splen- 
dours r of ” the Kirov 'musicians 
playing 7 the ‘scores as if they be- 
lieved, in them with the some- 
time miseries of tempi which 
amid not yieldt to the individual 
requirements, of .the ; daqcers. 
Yet the Kirov' artists coped well, 
as ..they did with a- permanent 
setting of. dubiously Louis XIV 
columns and a white door; From 
this the light bounced glaringly 
up and made the entire evening : 
seem aS if k were , on. ice: thus, 
no Jpoonlitmystery ixrSylphides;. jperfunetpry- air - to '-the 7 
swaps "lafis. Tlie evening, ' in- 
deed^ insisted .upon dancing at 
the-e^epse of any other theatri- 
cal consideration, but when a 
company, dances, as does the 
Kirov, the loss- of other aids to 
illusion is: negligible. 

The- programme; whidi l saw 
•twice*.’ was giv^i over . almost 
entirely to' the- women of the 
company. There was no evidence 
of a.male ccmtingent to stir us 
as once, did Solovyov, Sokolov 
and 'their colleagues in Taro* 
Bulba; ; Boris .Blankov was a 
polite ‘ poet in Sylphides, and 
Konstantin/*--' Zaklihsky and 
Sergey Beredmoy were dutiful 
porteurs in Swan- Lake and 
Faquito (id which the man’s 
«j1o. waa/^siipprassed);- -Male 
honours were upheld only by 
Vafi., ihilyayev,-:;'izi . :a " : clean 
account of the boy’s variation in 
the Paqufto pas de trois. 

/The : jiylphidies was. . .the 
Vaganova * version . of Fokine’s 
Petersburg- .Choppiiana, discon- 
certing- at ‘times as to text, but" 
inade. memorable • by -the assur- 
ance of - the -dancing, by-, the 
Kjov artisis'. comma nd of tbe 
air and of the Romantic impulse 

Theatre Upstairs. ; - 

of the. tiie choreography-'; Olga 
Likhovskaya drifted gently 
through the Prelude, and Alla 
Sizavt made a ravishing appear- 
ance as the ballerina of the noc- 
turne and the mazurka. Hero 
was an interpretation -whlfcb 
would surely have - pleased 
Fokine, no advocate of /the 
mopey, downward drooping 
manner for this homage: V-to 
Romantic flight Sizbva ^as 
divinely positive in her dances. 
She sprang and soared through 
the mazurka, joyously 1 taking 1 to 
the air, conveying a delight^ 
the movement - which brought 
the ballet to life. In the “noc- 
turne, her eyes— which sbe uaed 
to point every moment of tbe 
choreography— gazed upwards 
as her body moved in flight, and 
Sylphides’ . imagery \ ‘beeaxhb 
'clear.' Her identification .with/ 
the spirit of the work was total. 
' : ' In Swan Lake Galini Jfezdpt, . 
sova presented an Odette ^justi- 
fied by training and physique 
rather than "by any emotional in- 
volvement She showed^ us the 
regality of the role H not its 
tragedy, yet on the$e terms it 
was distinguished;.'' elegant in ■ 
means, dignified in' presence. In 
matter . of technical command 
there were, great, rewards in • 
Mezentsova's ,7 authority; the 
choreography bad a grand in- 
evitability and the flow of the 
dance, fine-textured and even- 
toned, was 'Impressive. From tire 
attendant 7 swans, of course, 
unanimity of excellence in a 
style . both light and open in 
image, one which spoke with and 
through, the music. 

. The/ crown of the evening 
came with the Paquita diver- 
tis&eynent. This is a compendium 
of glittering . moments from a 
Spanish extravaganza re staged 
by__ Petipa in Petersburg in.. 
1847, later revised with an 
added Minkus grand pas, and 
honoured since then as an occa- 
sion for any amount of pyro- 
technics and flaunting. It com- 
prises entrees for quartets and 
duets of girls, a splendid pas 

de deux, coruscating solos, and 
it included for this season a 
celebrated pas de trois. All are 
imbued with the feeling that 
Spanish jinks have never been 
higher, and the Kirov alone 
know how to dance the piece. 
Many another company could 
roar into action and bluster and 
fudge a way through these 
exuberant and surprisingly 
authentic-looking Petipa num- 
bers. The difference is that the 
Kirov restrain any vulgarity, 
controlling technique by aristo- 
cracy of manner. Thus, through- 
out a cascade of bravura steps 
there was not one tinselled, 
cheap moment. The distinction 
of the dancers’ style, their 
seriousness . in interpreting 
something light-hearted, showed 
the choreography as a worthy 
example of. the 19th century 
ballet. The prodigioes. demands 
.Off the, variations were appre- 
ciated as ^ testing ground for 
artistry quite as much as for 
technique. It was a joy to see 
Alla Sizova buoyant In one solo, 
followed by. Lyubov Kunakova 
beguiling us m a pretty valsc 
lente (surely py Drigo), and 
then to find Tirana Terekhova 
flashing across the stage in huge 
jumps and topping them with 
nhrtiple and -impeccable pirou- 
ettes— virtuosity and elegance 

' Best of all was the appear- 
ance -of Olga Chenchikova, who 
is destined I believe for great- 
ness.’ She graduated from the 
Perm Ballet, school four years 
ago/ mad entered the Leningrad 
troupe. last year. She is, I sup- 
pose, -in her. early 20s; tall, very 
lovely, and quite irresistible. I 
have; rarely - seen such radiant 
assurance and so warming a 
personality in a young bal- 
lerina. The impression is of a 
youthful divinity who dances to 
please us because it is the thing 
she- likes best in the world: In 
I’aguita she creates an image 
of/- absolute happiness. Her 
dancing is lustrously easy: 
pirouettes and steps of bravura 

seem as natural an expression 
of her nature as song is to a 
bird. In an early pas de deux 
she was all happy finesse; in the 
final variation and coda she was 
a prodigy of amused assurance, 
almost flirting with the difficul- 
ties of the choreography, her 
charm quite as impressive as 
her technical exactness. In the 
coda sbe attempted, and slightly 
muffed through first night 
nerves, a sequence of multiple 
pirouettes and fouettds which 
defy description. And at every 
moment the delicious warmth 
of her personality and style 
shone through the most arduous 
steps. She has feet that are 
delicate and strong, and a grace 
that -seems both physical and 
spiritual. Sbe is a treasure. 

On the following evening sbe 
appeared as Odette, revealing 
the same exceptional serenity 
of technique. She is too young 
and inexperienced to surmount 
the rather perfunctory nature 
of this touring production; in 
Zaklinsky she had a partner 
who is secure, but one offering 
little emotional support Her 

performance was thus sustained 
by the eloquence of her dancing 
but not of the choreography, 
which at a second viewing looks 
less than cooperative, and in 
the case of two high lifts in the 
pas de deux, grotesquely vulgar. 
Chencbikova’s way with the 
text was marked by innocence 
and purity of style. This Odette 
was resigned to her fate and 
told us so through her exqui- 
site line. Temperamentally she 
promises to be a natural 
Aurora, a role to which her 
rich . gifts will naturally suit 
her. Like Lyudmila Semeuyaka, 
another Kirov artist and now 
witir the Bolshoy company. 
Chenchikova seems a symbol of 
the. continuing power of the 
traditional academic dance in 
the late 20th-century. 

But this is. for me, the great 
i virtue <rf the.- Kirov Ballet. 
"While the company’s School 
continues to produce dancers 
having such artistry, and the 
theatre continues to guard its 
heritage with such sensitivity, 
the academic dance is/aiive and 
well. And living in Leningrad. 

The hero of Troubadour is 
called Lupus, which is the name 
of a skin-disease. Luckily he is 
usually addressed as Would-Be, 
because he would be a trouba- 
dour at the court of Ermen- 
garde. Viscountess of Narbon. 
His motives are mixed; he says 
he comes in God’s name, but his 
first object is to teach the Nar- 
bonnais to hit their women in- 
stead of kneeling to them, 
though Ermengarde has made it 
a law that men must always do 
what their women want While 
be is in training for troubadour- 
hood, a favour he is granted 
against all the rules, he secures 
leave to join a Crusade, in 
which he distinguishes himself 
by preventing King Richard IT 
from killing women and 

Two subplots: the Count of 
Toulouse aims by underhand 
means to compel Ermengarde 
to marry him; and Peire- 
Manrique proves himself man 
enough (at the Crusade) to take 
his place as Ermengarde’s heir 
while sbe retires to a nunnery. 

. Michael Lombardi, author and 
lyricist of this show, and also 

Albert Hall 

reported to have invested 
£ 300.000 in it. is apparently an 
expert on troubadours. He even 
includes a song in the Langue 
D’Oc which, as Gilbert said. I 
rather think was clever, for I 
couldn't understand it. He is 
apparently not such an expert 
in English. Here are some of 
his lines: 

Thrown on the dossheap 
of life. 

Abandoned by a mother. 

The only love I was given 

Was given by another. 

Then there is: 

Would-Be. you must be 
celestially favoured 

To be given the chance for 
which you’ve laboured. 

Perhaps best of all: 

1 must do the one deed 

That will make me no 
longer reprehensible. 

As he has chosen to frame 
most of the dialogue in verse of 
this quality, as weU as the 
lyrics, he can hardly hope to be 
celestially favoured himself. All 
the same, his most successful 
line of the evening is prose. 
Would-Be's wife believes that 

her husband has been to lied 
with Ermengarde. " You have 
betrayed me." she says. “I’m 
going to be a nun." 

The plot, with which I will 
not bother you, is monumentally 
silly; Ray Holder's music is 
evanescent. There is a notable 
duet for Richard II and Saladin, 
Michael G. Jones and Andrew C. 
Wadsworth, who prove to have 
the best voices in the company. 
The dancing, which relies a 
good deal on classical ballet 
movements. David Drew, the 
choreographer, being a member 
of the Royal Ballet, is active 
and well-danced but curiously 
inapt: the "Onward to Jerusa- 
lem” bit looks as if it belongs 
in ll'esi Side Sloru. There is an 
extravagant set by Tim Good- 
child, discreetly lit by David 
Hersey, that often looks fine. 
Some pretty costumes too: I 
loved the rich colours of the 

John Watts seemed to me un- 
happy as Lupus, and Kim 
Braden has little opportunity to 
show off whatever talents she 
may have in other circum- 
stances. Oh, I have suffered with 
those that I saw suffer. 


Hong Kong Festival 

The Prospect -Theatre Com- soprano, pianist Youri Egorov, 
pany and the Chichester Festival cellist Miscba Maisky, violinist 
Theatre lead the drama pro- Shlomo Mintz and others. Hong 

it,- BBvanth TTrmcr KODg S OWn Philharmonic Will’ 

gramme . in the seventh Hong gf ve three concerts, and the 
Kong Festival, running this year j ea n-Francois Paillard Orchestra 
from February 4 to March 11. from Paris four. 

Prospect will take two of their Sweden’s Cullbert Ballet will 
small-scale productions, The give four evenings, at one of 
Grand Tour and The Lunatic, which there will be a world pre- 
the Lover and the Pool, with miere of -a new work; and the 
Derek Jacobi, Timothy West, Salzburg Marionettes will give 
lsia Blair and Julian Glover, their performance of The Magic 
Chichester has its Julius Caesar Flute. 

and a double bill of short plays Lighter entertainment will 
by Christopher Fry, .4 Phoenix come from the Teddy Wilson 
too Frequent and A Sleep o/ Trio and from Marian 

Prisoners . 



The Rotterdam Philharmonic Rodney Bennett. There will also 
Orchestra, under Edo de Waart be performances by the Chiu 
and David Zinman, will play chow Opera, Cantonese Opera 
programmes based on Mozart and tbe Soocbow Lyric Theatre, 
and Mahler, with Felicity Lott, B. A YOUNG 

Perhaps Karl Bohm does not 
like it emphasised (it was 
omitted from his biography in 
the printed programme) but tbe 
fact that he is 84 is not 
unimportant. Tbe public has a 
legitimate curiosity in seeing 
such a veteran, and indeed finds 
something unusual to see. 
B5hm conducts from a chair (as 
did Klemperer in his late years) 
but frequently rises to impart 
some strong motion of command. 
It seqmed on Tuesday that his 
abundant left-hand gestures 
when seated must have been too 
low for most of the orchestral 
players to follow. 

His recently released record- 
ing of Don Giowmni, taken 
“ live ” from his Salzburg Festi- 
val performances, testified to 
BOhm’s vigorous, decisive con- 
trol from the rostrum, yielding 
an interpretation of strong in- 
dividuality. This London con- 
cert was — for whatever reason — 
musically much less remarkable. 
Weber’s Freischiitz overture and 
Schubert’s Fifth Symphony 
came over in rather tame per- 

formances. The marked slow- 
ing-down at the end of 
Schubert’s slow movement 
seemed merely to drag the 
music, not to caress it 

The London Symphony 
Orchestra, who in today’s 
resourceful nomenclature have 
made Eugen Jochum their “ con- 
ductor laureate" but Bohm their 
" president,” did not offer their 
visitor their most spruce 
ensemble. But there was some 
admirable smooth pianissimo, 
sufficient to make a good con- 
trast to the more exhilarating 
parts of Beethoven’s Seventh 
Symphony. Yet even here I 
could not help feeling that the 
players were largely drawing 
on tbeir experience in order to 
play vifh Biihm. rather than 
responding to a special inspira- 

The printed credits in the pro- 
gramme may serve to re-heat 
the simmering quarrel between 
the Arts Council and the Asso- 
ciation for Business Sponsorship 
in the Arts. •• The Arts Council 
had one line of acknowledge- 

ment, Wilkinson Match (sponsor 
of this concert) a whole page, 
with the surely unprecedented 
description oF the firm’s activi- 
ties appearing over the signa- 
ture of the orchestra’s chairman 
and principal oboe, Anthoty 
Camden. Cheerfully, it must be 
supposed, the sponsor paid for 
three trumpets where Beet- 
hoven himself required only 
two — and for quadruple wood- 
wind as welL 



Leonard Bernstein's series of 
six lectures on music will be re- 
peated on BBC 2 television over 
the Christmas period — on the 
afternoons of December 22. 23, 
24. 29. 30 and 31. 

To coincide with the series, 
previously shown in January 
and February 1976. Harvard 
Cniversity Press is publishing 
the lectures at £12.75 under the 
title of The Unanswered Ques- 
tion — Six Talks r.t Harvard. 

All of these securities having been so Id, this advertisement appears os a matter of record only. 

Blame it on the boogie 

by r/tflCH AEli :$QYENE Y 

$ 50 , 000,000 

; •• ' /} : - 

, 4 .„ 

••• 5 : 

*„ , *• .t 

. . • ■ . ^ 

* 9 *• 

... *• ^ 

' 'f*. 

. .*5 *.'«*. 

.-V f-t*. 


s** . :: r . 

- • •' • 

. - The Young Peoples Theatre 
Scheme at the, Royal; Court has 
an honourable 'tradition: 'dating 
from .the guys ,of Pam Brighton 
and Joan Mills. Now,' under that 
umbrella, the Activists, -a con- 
glomeration of amateur thespian 

youth , in the Greater London- 
area, have come- up with a stun-, 
rung discotheque fable scripted 
by G illy Fraser and directed by 
John Dale and Les Waters. 

The scene is a Dagenham bell- 
room from which the shades o£ 

Victor Silvester are rudely 
u'sberad. by- the incursion of 
gc^o girls, a Miss Teenage 
Dageqbam competition and the 
raw gnd irresistible conversation 
of disco dancers, a punk rocker 
band who. have come to com- 

:r Diana Judd, T«ny Westropc and Damrfla Gontila: 

plete the evening with a live per- 
formance (of a very good song 
by Rick Jones of Meal Ticket) 
and a pushy suburban Eric 
Morley figure, Li one L 

.No need to dilute one’s criti- 
cal vocabulary when confronted 
with work so honest, powerful 
and movingly performed. The 
kids are naturals and the frame- 
work imposed by Miss Fraser 
on their language of aspirations, 
sexual outlook and social seasi- , 
bility skilfully contrived. Dance 1 
floor boogie (the play’s title is J 
taken from a catchily repulsive 
Jackson Brothers hit) is frozen | 
for close contact confrontation 
between, a wide and fascinating i 
variety of twosomes: the gay ! 
relationship threatened by disco | 
decorum; the black couple split 
by misunderstanding and per- j 
baps deceit; two immigrant boys 
(one German,- one Pakistani) 
arguing the merits of West Ham 
and Spurs; the teeny hopper in 
pink frills with beauty queen 
ambitions end the confident j 
butch girl into sex and, especi- 
ally, cool drummers. 

The whole thing is 'beautifully 
organised and Miss Fraser gives 
further evidence' of a hard bead 
and soft touch with dialogue.! 
Perhaps it is a little forced to 
have ‘an unspectacular black 
girl who just happens to be a 
nurse Win the beauty competi- 
tion. hut it is worth it for her 
off-roreropbone speech about 
women and immigrants doing all 
the dirty work-in hospitals. The 
East End topography is exactly 
suggested, and the show brings 
the year in Sloane Square to a 
glorious conclusion. 

The Southland Corporati 

9%% Sinking Fund Debentures due December 15, 

Goldman, Sachs & Co. 

Merrill lynch White Weld Capital Markets Gronp 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 

Ranscher Pierce Refsnes, Inc. 

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\ ? •• • ' '• vjj •- 



Telegrams: Finantiico, London PS4. Teles 886841/2, 883897 
Telephone; 0f-24S 8000 

Thursday December 21 1978 

Soviet President, faced with the accompli of normalisation 
nf relations between the U-S. 
and China, has put on a brave 
face and, in his message to 
President Jimmy Carter, has 
called the decision "a contribu- 
tion to world peace." What is 
more, he made ir clear that the 
decision will not be allowed to 
stand in the way of negotiations 
for a SALT 2 agreement or the 
effort lo maintain good relations 
with the United States. 

Eat Hr. Brezhnev's message 
do?s not mc:»n that the Soviet 
Union is nc; deeply worried 
by ••.•jin?, it s. as the possible 
emergence of a h«fti!e tri-pa rtite 
pjlirr.:? of CninaJanan-U.S. 
ILav::vz accented with the best 
y. c. - - » F i : rrii.e t:v Sinc-Ameri- 
,.an deri Mr. Brezhnev and 
the Sovir; leadership appear lo 
have i'.ec:d?d that the best it 
•can c.-j now ! .s to urge the 
United Str'-cs and the West in 
general to u e their newly 
established diplomatic and 
economic links to moderate the 
Cfi’nes? anti-Soviet line and 
partUulorlv ths military aspect 
v.*f the “four modernisations." 


This is likely lo mean in the 
Sr«t instance that the Soviet 
Union wril step up its diplomatic 
efforts to persuade the U.S. and 
its allies not, lor example, to 
sell Harrier jets and other sensi- 
tive military material to Cbiaa. 
An authoritative article in yes- 
terday's Government newspaper 
Tzvestia reiterated the Soviet 
line that modernising China 
militarily could well re-bound 
i?z the long run not only against 
the Soviet Union but against 
those who are short sighted 
enough to arm her now. “ After 
being armed China may turn its 
eyes net only to the North, but. 
let us say. to the West or East. 
That is to the regions of Asia 
where Britain ard France have 
extensive interests." 

Whatever the eventual 
Western response to this line of 
argument, and at the moment 
tiie Western view appears to be 
that it would take decades be- 
fore China came anywhere near 
matching the 44 well armed divi- 
sions which the Soviet Union 
maintains on its border with 
China, it is clear that the Soviet 
Union will now he watching 
with the closest possible atten- 
tion fur indications that the 
IVest is sensitive to its fears 
about China. 

The Soviet Union is also 
acutely aware th3t to a consider- 
able extent China is In competi- 
tion with it for precisely the 

land of technology and Western' 
finance which the Soviet Union 
and its allies in Comecon them- 
selves need for their own 
economic development. The 
Soviet leaders are particularly 
anxious to improve trade and 
economic relations with the U.S. 
This message was spelled out 
un equivocally earlier this month 
when Mr. Brezhnev and other 
top Soviet leaders personally 
met a high-level delegation of 
400 U.S. businessmen in 

What all this amounts to Is 
a situation fraught with dan- 
gers. hut also pregnant with 
opportunities. The main danger 
is that the Soviet Union might 
turn its back on the policy of 
detente and retreat into a 
dangerous. brooding isola- 
tionism. There are hints of this 
in the interview which Mr. 
Georgi Arbatov. Director of the 
U.S. A. Institute in Moscow, gave 
to the Observer newspaper 

The alternative, which would 
require statesmanship of a high 
order on both sides, would be 
to mere forward from the nar- 
row definition of detente as 
practised over the last five 
years or so towards a more 
genuinely co-operatfve relation- 
ship. It would be foolhardy to 
underestimate the difficulties. 
But there have been some small 
conciliatory gestures from the 
Soviet side in recent months 
like the relaxation of restric- 
tions on Jewish emigration and 
the Soviet concessions in the 
numbers gome being played out 
in the 2XFBR talks in Vienna. 

What is now required is a 
mutually satisfactory SALT 
agreement which would spill 
over into a commitment to real 
progress in Vienna and greater 
efforts to tone down those 
aspects of great power rivalry 
which bedevil the situation in 
Asia. Africa and the Middle 


The re-alignment of great 
power relations which has 
taken nla:.e with the re-emer- 
gence of China onto the world 
scene must not be used to 
frighten the Soviet Union hut 
to create the conditions for a 
genuine relaxation of tensions. 
So far as Europe is concerned 
this will require the closest 
possible consultations between 
the U-S. and its European allies. 
The SALT 3 talks, in particular 
will intimately involve Europe. 
The forthcoming summit con- 
ference at Guadeloupe in the 
New Year must take all this 
into account 

A code on steel 

HE DISPUTE over the role 
f national aids and subsidies 
i the EEC steel industry which 
ad threatened to prevent the 
encwal for a further year of 
he Davignon system of mini- 
mum sale* prices and negotiated 
[nuts on import; from non-EEC 
uppliers has been temporarily 
esolved. The Council of 
•misters agreed earlier this 
reek lo the adoption of a 
oluntary code governing the 
?e of subsidies which would 
jst until the end or March 
,-hils? negotiations are held on 
tandatory controls. 

A breathing space has thus 
it»en gained. But it could be a 
uistake to imagine that, just 
iccaurc the West German steel 
ireducers are as interested in 
larfcet stability as anyone else, 
he Bonn Government — which, 
rith the backing of the EEC 
Commission and other member 
ountries. has been pressing 
ardest Fi-r subsidies to be 
emulated— will be any less 
nsistent when the matter is 
alien up again in the New Year. 

3 radical 

Up to a point, the dispute 
effects the widely differing 
ttiludes to the role and form 
if industrial policy in the met- 
ier countries. Some countries, 
rotablv West Germany, 
impnasise the need for rapid 
idjustment to market forces, 
i-itli lhe least possible inter- 
vention by governments. Others, 
lotably the UK under the 
, a hour Government, see a 
arger rule for subsidies and 
ither forms of assistance to 
ushion the effects of market 
orces. But the issues which 
lave given rise to the dispute 
re practical as well as philo- 

The Davigunn measures, to- 
:etber with the very consider- 
bli.* restraint which has been 
xercised by Japanese steel 
xpnrters and the trigger price 
raechanism instituted earlier 
his year by the U.S. Govern- 
ment" tu limit imports of low- 
est steel into the U.S., have 
irmisht about some improve* 
iiem in the markets of the 
/Grid's traditional steel-pro- 
iucinc nations. But the purpose 
f the Bavignon programme is 
o stabilise the market in ihe 
bori-torm in order to create 
ondition.? in which the essen- 
lai re-structuring of the EEC 

steel industry can take place. 

This re-structuring has been 
made necessary not only by the 
recession in demand but by the 
rapid growth of steel exporting 
capacity in the non-traditional 
steel-making countries of the 
third world. The West Germans 
fear that, because of the pre- 
valence of subsidies in other 
European countries, re-structur- 
ing will be delayed and obsolete 
plants will be kept running 
indefinitely at the expense of 
more efficient EEC producers. 

For the British Steed Cor- 
poration, the controversy has 
arisen at a doubly awkward 
time. The collapse of the steel 
market came when it was in the 
midst of one of the biggest 
re-equipment programmes ever 
seen. By bringing forward the 
closure -of the " Beswick 
review" plants and by other 
cost reduction measures, it has 
managed to reduce its rate of 
loss to £1 51m. in the latest 
half-year. But though BSC has 
put off commissioning some 
new plants and is hoping to 
recapture some of the home 
market sales it has lost to other 
EEC producers, it is unlikely to 
be able to achieve its target of 
viability in two years’ time with- 
out persuading the steel trade 
unions to accept further 
closures of older plant and 
further substantial reductions 
in manpower. 


In the meantime BSC is draw- 
ing substantial funds from the 
Exchequer (in the form of new 
capital and regional develop- 
ment grants') to finance its 
negative cash flow. A further 
complication is the continuing 
postponement of the corpora- 
tion’s financial reconstruction 
on the grounds that it is too 
soon to judge which assets 
should be written off and what 
the future earning capacity of 
the business is likely to be. 

So long as the UK Govern- 
ment allows this situation to 
persist other EEC members are 
bound to express concern. Past 
experience in other industries 
has shown -that subsidies pro- 
vided in the name of adjust- 
ment assistance too often have 
the effect of delaying adjust- 
ment and, as a consequence, 
creating unfair competition for 
producers in other countries. 

Financial Times 


By CHARLES SMITH, Far East Editor, in Taipei 

Taiwan now that the 
Americans are leaving? 
Will it struggle on for a few 
more years ‘ in increasing 
isolation from the rest of the 
world? Or will the Nationalist 
regime which has claimed since 
1949 that it represents the 
legitimate Government of China 
finally throw in its hand and sue 
for terms from Peking? 

The answer as seen from 
Taipei is neither. Taiwan will 
not talk to Peking for at least as 
long as the psesent Government 
of President Chiang Ching-kuo 
remains in power. It will not 
struggle on in isolation from 
the rest of the world because, in 
spite of diplomatic appearances, 
and in spite of the burst of 
wrath which greeted last 
Friday’s announcement from 
President -Carter that he was 
withdrawing recognition. Taipei 
does not really believe that the 
Americans arc going. Why it 
does not think so and why it 
could in a sense be right is 
explained in the following 
series of questions and answers. 

Was Taiwan expecting the 
more and Is it resigned to it 
now that it has happened? 

The answer to the first part of 
the question is: yes. but not 
now. The answer to the second 
part is : definitely not. The 
Nationalist Government knew of 
President Carter's commitment 
to normalise relations with 
Peking during his first term of 
office as President and therefore 
assumed that the switch would 
have to be made before the start 
of primaries for the 1980 presi- 
dential election (that is by 
autumn 1979 at the latest). The 
Nationalists did not. apparently 
sense that Washington would try 

to settle the issue a whole year 
before the U.S. domestic political 
timetable required. 

The explanations being .offered 
in Taipei for President Carter’s 
“haste" are: 

( 1 ) The President did not 
want to have to consult Con- 
gress (except after the - event)' 
-which he would certainlytoave 
had to do if he had waited even 
until the beginning of next year. 

(2) He was under pressure 
from U.S. business interests 
(especially banks and oil com- 
panies) to ‘‘open the door" to 
the China market by recognising 

(3) U.S. foreign policy has had 
few results to fibow in other 
areas recently whereas the 
Soviet Union has been making 
some worrying progress in 
countries such as Afghanistan 
and Ethiopia. As Taipei’s 
Washincton-watchers see it, 
president Carter hoped that a 
breakthrough in relations with 
China would help restore the 

Taioei feels it has a right to 
he annoyed at the abruptness 
with which Mr. Carter's decision 
was thrust upon them, but they 
are definitely not going to cut 
off their noses to spite their 
faces. In other words, the 
Nationalist regime will not do 
anything that might prejudice 
the chances of salvaging what 
is left of the American relation- 
ship. That explains why the 
Taipei police acted promptly 
last Saturday to control the anti- 
American rioting which broke 
out after the news was 

What will the American 
presence in Taipei look like 
after the Embassy has been 
transferred to Peking ? 

The U.S. will probably follow 
Japan’s example in setting up 
a “non-governmental body" to 
handle commercial and cultural 
relations with Taipei. It will be 
giysn a name such as “ Asian 
American Services Corpora- 
tion," and will occupy the build- 
ing of the- existing embassy. 

■The U.S. will thus retain 
something suspiciously close to 
official representation in Taiwan 
even after it has set up 
diplomatic shop in Peking. 
There will be no U.S. military 
presence on the island once 
normalisation has been put 
fully into effect, but . that will 
not involve much change from 
the prevailing situation. The 
U.S. closed down most o£ its 
Taiwan bases, including one 
very large air base, after the 
end of the Vietnam wax. At 
present there are an estimated 
1,000 U.S. military personnel on 
the island of whpm fewer than 
500 are combat troops. 

W’hat happens to the various 
treaties and bilateral agreements 
linking Washington and Taipei? 

The mutual security pact 
under which the U.S: was. in 
effect, committed to protecting 
Taiwan against attack from the 
mainland will expire on January- 
1. 1980. after a 12-month period 
of notice. The U.S. will continue 
to sell arms to the Nationalists, 
although Taipei officials claim 
not to be certain whether they 
will be available in the same 
quantities as before. All other 
treaties are to continue or to be 
replaced by “effective substi- 
tutes ” according to U.S. 

The chief areas covered by 
these other treaties and agree- 
ments are: U.S. assistance for 
the development of peaceful 

Demonstrators outside toe U.S. embassy in Tain?; on Sunday protesting against V/ashington’s 
decision lo establish dipic nnlie. relations with Peking. 

nuclear power and U-S. Expori- 
Import Bank loans 'to Taiwaak 
borrowers. That is a sensitive 
issue given that the Ex-Im Bank 
will become a big lender to 
China now that the U.S. is. 
establishing itself in Peking: A' 
third scarcely less important 
area is U.S: official insurance of 
American private investments lit 
Taiwan industries. 

The Americans say that the 
Overseas Private Divestment 
Corporation (OPIC), the U-S. 
institution that looks after these, 
matters, will continue to provide- 
20-year cover for U.S. companies: 
wishing to set up factories ^in 
Taiwan, after the normalisation' 
of relations with China. There is 
the shag that OPIC is supposed 
to offer its services only in 
countries whose per capita GNP 
is less than $1,000, Taiwan is 
approaching this celling very 
rapidly — all the more so as its 
currency, the new Taiwan dollar, 
is appreciating in value against 
the U.S. dollar. 

If the U.S. honours its pro- 
mises to maintain the treaties . 
how will Taiwan actually be 

The main change in its posi- 
tion will be a theoretically 
increased exposure to the 
•danger of invasion from the 
mainland — theoretical because 
almost everyone agrees that 
China will not invade at present 
for a variety of political and 
strategic reasons, not least the 
risk of upsetting its new friends 
in Washington. Because of the 
alleged security risk Taiwan 
will start increasing defence 
expenditure in 1979, possibly 
raising the defence budget - to- 
as much as S3bn from the 1978 
level of around S2bn. There, is 
an outside chance that the- 
Natio nalis ts might withdraw 
from the Nuclear Non-prolifera- 
tion Treaty and give themselves' 
the option to go. nuclear. The 
foreign ministry however says 
that, "for the time being "the 
commitment to forgo unclear 
weapons will be honoured.. 

The changes in .Taiwan's 
economic position look - less 
alarming. A flight of capital, 
from the island is generally 
ruled out. on the grounds that- 
foreign exchange controls are 
tight enough and effectively 
enough administered. Capital- 
inflow could falter, but the con- 
sensus is that the fall 
kept within reasonable bounds. 
Taiwan estimates the 1978 in- 
flow of direct investment from, 
overseas at about S200m, 25 pet 
cent more than last year's in- 
flow and by. far the largest 
amount recorded since the oil 

U.S.. European and Japanese 
cociDanies that have been 
Dutting money, into the island 
this year can be assumed to 
have known that normalisation 
between Washington and 
Peking was on the cards 
before choosing Taiwan as the 
'site for their investment This 
should mean that companies 
already on'the island will wish 
to expand their operations as 
the economy grows, even if 
some newcomers hesitate. One 
company which quite obviously 
sets things in this way is Ford 
Motor whose Taiwan joint ven- 
ture announced a major expan- 
sion plan three days after 

- President Chlang Cfiing-kno under. a picture, ttfjbfe . .. 

Generalissimo Chiang Kai-shek, wbo reeeverecl Ch&ia 3in»i. .-_ 

the Japanese and lost it , lo the 

President Carter broke the example, and try to switch Ifceii 
news of normalisation. - . embassies .1 toV- Peking. ^^Other 
. Those who believe . that nations. tfhich. already jeco&ifse 
foreign investment wiU ' con- .. Pelting" and. has?, iberely yj^fle 
tinue to flow into Taiwan with, prosenc^- inyTaipei ^s: node: at 
or without normalisation cite other-bandr be 

two more arguments- against:- enepdraget -ter 
panicking: ' . • - file^sotnewhat. - The; -'Atistriffian 

1 — Taiwan has surmounted -Department '.of' Externa ^ jffia - 
similar, if less serious, threats- tions^is said .to- have'iconSldeiecL 
to its confidence before; fpr setting " up. a ..private; level 
example, when Japan withdrew mission in Taipei comparable to- 
recognition from the . Chinese the nne Japan now has and toe 
Nationalists’ regime .in 1972: - ■U.S.wllbe estabUshing : C A 

2 — When all is said and done,'-- similar move '■ appears. to have 
the economic credentials -. of been discussed In -Canada jas 
Taiwan are impressive enough : "well. ' .. .“'V.. ' 

to compensate for . ;a certain There, are' -suggestions, that a 
amount of doubt about its .long-., number, of: foreign banks mighty 
range • survival prospects .-as] a . shortly pluck up^tourage and. : 
nation. . ' V esutblisli jheaisdyeg; alongside, 

The economy is : expected, to- the' big U.S. banks (which, from 
reach a 12B per - cent ^ "growth '‘ now on- will presumably become 
rate in 1978, with inflation ruzi<. heavy lenders to both Peking 
ning at just over' .6 .per cent. ,and ..Taipei) I ; The, U.S-. banks. 
Exports, with the U.S.. admit- -led byJ.CitSbank and the Bank 
tedly by far .the mai.n. market, . of America, currently have oyer 
were up 38 per cent during the $2bn worth -of loans: outstand- 
first 10 months of the year to ing'fb TaTwan borTOWers," about 
S10.2bn, while imports rose;by h^lf 'of 'whldti are 'to official 
28 per cent to S&.Sbn. ' ’ • organisations. One of the; many 

The reason why Taiwan has Jegal probleins which ‘will crop 
had a spectacularly successful up wflT be Ito^devise a formula 
trading year in 3 978 is 4bat the acceptable io the TTJJ.- judiciary 
revaluation of the. Japanese yen' M>-the\gUarimtefe df: loans by a 
has- diverted demand dor. goods- Government -which ihe-U:S. no 
such ax consumer electronics longer recognises, 
products away from Japanese. What happens in the end? 
factories to more reasonably - That depends partly on when 
priced sources, in. Taiwan. The the end comes: Assuming, as 
growth of hpth ' exports, and: most people in Taipei ao, that 
imports during the year has put it will- not come for many years, 
the value oT Tai wan’s foreign the most probable -guess would 
trade marginally ahead of . seem to be that some kind of 
China’s, although the former has bargain will emerge under 
a ! population of only 17m .and. which, sovereignty over Taiwan 
the latter one of over SOOm. . ... is /transferred to Peking while 
What will ether * non- thex; Chinese -Nationalists -'(or 
Communist states do obont their successors) continue - to 
Taiwan now that the run things in their own way on 
Americans are palling out? the. island. - Pending ‘such a 

Several of the remaining 21 bargain -the. propaganda war- 
goverrunenis t mostly ..of small, fare.: between - Peking' , and 
Latin American countries) that Taipei can be expected to- con- 
still recognise Taipei vjill ua- tinue. But the . icai=gccent will 
doUbtedly follow the " U.S. •: be bri. business as usisaL V..-— ; . 



i ■■■, 

■l f- 

l •• 
i - ■ . 

I . 



Sharpening ths 
Cutler St knives 

The Cutler Street warehouses 
in the Port of Loodon are not 
on every tourist’s itinerary. But 
to judge from the controversy 
surrounding their impending 
partial destruction they should 
be. “Pari of all our lives" is 
how Sir John Betjeman waxes 
on the 18th century buildings 
with their Henry Holland 
facade. And Professor Raimond 
LeMaire, president of the Inter- 
national Council on Monuments 
and Sites, uses adjectives such 
as “ outstanding ’* and “ unique." 

These two are among those 
whose thoughts are flying today 
to Edinburgh along with' a 
delegation which is trying to 
persuade Standard Life to alter 
its over £50m redevelopment 

They face a bard task. George 
Philip, deputy general manager 
of the company, tells me: 
•* We’re quite proud of what we 
are doing, upgrading a slum 
area." He says that thb 4i- 
acre site is enclosed by a brick 
wall and inside it one can hear 
the birds sing. " It is most excit- 
ing. creating an atmosphere, 
almost building a city within the 

The firm’s architects are R. 
Seifert and Partners, known for 
Centre Point and the new Nat- 
West building in the City. But 
the Royal Fine Arts Conunission 
considers its designs “ insensi- 
tive aind unworthy of their pre- 
decessors.” It has joined Save 
Britain’s Heritage in asking 
Peter Shore, Secretary of State 
for the Environment, to step in. 
SBH is particularly keen to stop 
Standard Life destroying the 
Middlesex Street facade behind 
which demolition work has 
already started. 

Philip is unsympathetic to 
such efforts but the Department 
of Environment states that 
Seifert has apparently changed 
his plans and that the new ones 
require the demolition of further 
buildings on which listed build- 
ing consent- is required. The 
necessary consent was obtained 
for the first plans but now the 
plan appears to involve demoli- 

SV3S3C5S pS2 

§ p 3 

lion, of the site's listed Clock 
Building. It is h. i re that Shore 
could intervene, as happened 
over the planned demolition of 
the Liverpool Lyceum, if that is. 
Cutler Street begins to appear 
on more maps. 

Reef not 

Is the Royal Thames Yacht 
Club sailing in shallow water? 
“No more so or less so than 
any other club." says its 
•Rear Conrmodore. Stephen 
James. The question was 
inevitable given the announce- 
ment that the haven of ocean 
racers is disposing of its Club 
House at Warsasli on the edge 
of the Hamble. •• We are selling 
it reluctantly as ir is not being 
sufficiently used to justify toe 
overheads.” Janies says. 

He was not able to tell me 
whether the club’s membership 
was rising or falling since it 
has some ten different- classes 
of members. But he rejected 
any suggestion that the Club 
was reefing ils sails. It is “very 
actively looking” for another 
si-te on the South Coast, he says. 
As for its Knightsbridge head- 
quarters this remains in as good 
a shape as its reputation as one 
of the world's two top yacht 
clubs, even if It has now reached 
an agreement allowing members 
of the Anglo-Bclgian Club to 
make use of its premises, 


While loyal Chinese are airing 
their views on -the 'street 
posters of Peking, in Eastern 
Europe they have been moving 
more discreetly. A colleague 
who has just visited one 
Chinese embassy found himself 
carefully directed towards a 
massive photographic display. 
This showed numerous shots 
from the funeral of the late 
Chinese premier Chou En-lai, 
and of mourning thousands. But 
Mao Tse-tung, where was he? 
Out of sight and out of mind. 
It seems that in- this new ver- 
sion of political in-figbtms any 
wall will do. Perhaps we should 






wants shorter calls during the 
business hours when SO per cent 
of calls are made. Moreover, 
they say that when they men- 
tioned this to Avon’s press 
officer he first professed ignor- 
ance and then asked if the PO 
wanted the poster withdrawn. 
“ No,” was its reply, even if this 
meant abandoning Buzby to the 

“Now that's what I call 

keep an eye on Hadrian's Wall 
for the next clues on Mao's 

For the birds 

“Bash Buzby and make Avon 
happy,” is the slogan which the 
rubber company has been 
chirping to its employees, 
though at the expense of a 
storm in a birdcage with the 
Post Office. 

Worried at the £50.000 per 
year telephone bill at its head- 
quarters in Melksham. Wilt- 
shire, the company put up 200 
posters inside its buildings 
showing the PO’s feathered 
friend reeling backwards from 
a punch with a giant boxing 
glove. ” Keep phone calls short ” 
was the message and advertising 
manager Geoff Fry says un- 
repentantly: “ I think Buzby is 
a rather nauseous little canary.” 
But he adds: “ As Christinas is 
coming we are quite prepared 
to send Buzby a sack of canary 
seed as a peace offering.” 

Avon says that the poster has 
not amused the Post Office 
which has asked the company 
to withdraw it. ' But the Post 
Office version is rather different 
They argue that Buzby is mis- 
represented since the PO too 

By any other name 

Purists can be thankful their 
sensibilities have not yet been 
assaulted by a fresh definition 
of ” banana.” I quote it as used 
in its new meaning: “ The 
danger of a serious banana is 
increased t£ we do not faring 
the inflation rate down.” 

These are the mysterious^ 
words of Alfred Kahn, chairman 
of the U.S. Council on Wage 
and Price Stability. He explains 
that the White House does not 
like the more conventional 
expression: “ From now on 
you’ll never hear the word 
1 depression ’ from me.” Politics 
conducted in such terms would 
at least be colourful, if a trifle 
confusing to outsiders like the 

Faute de mieux 

A Berkshire reader went to in- 
vestigate an ear-splitting noise 
in her small son’s nursery and 
found him beating two sauce- 
pans and a tin tray with a ham- 
mer while her au pair girl 
looked on unconcernedly. 
“ Wbat on earth is going on ?” 
she demanded. - ” Madam;” the 
au pair said, smiling sweetly, 
” this is the only way I can. 
keep him quiet." 

Timely warning 

Sign seen on a stall in a London 
market: " Victorian mantel 
clock. Goes for a year without 1 
winding. Do not ask how long 
it goes if you wind." 





{both incorporated in the Republic of South Africa) . - 


At the separatemeettog-of members'of Afp rod, r otber thaa 
Amic and its subsidiaries', held on 20 December 1978 a resolu- 
tion was passed agreeing to the jipposals submitted to too- 
general meeting referred to below. • • • . 

The general meeting'-of ail members of Afprod heldjoh 
the same day approved the resolutions -In terms whereof:-^-- 

0) . Afprod will dispose of its undertaktog and all its assete 
• with the exception of its innn'ovaWe property; its Sharex 
in and loans to .its subsidiaries; cash. and certain non-. 

. transferable assets to -a wholly-owned -subsidiary of Anile, 
for a consideration of R1A163 418 r ' " ‘ • 

<U) Provision is made for conversion of the 2: .781 328 issued 
ordinary shares of R1 each m Afprod held J>y members 
other than Amic and ils subsidiaries Into" redeemable 
preference shares and for their redemption' against the 
payment of: - •* 

; — a capital payment of 1 02tT cents- a share (alternative 

A), or - * . *- - 

— a special dividend, paym erit of 400 . cents a . share 
plus a capital payment of fi$7 .cents, a share .making • 
a total of 967 cents a share ''(alternative $} ' . 

(in) ' 2781326 ordinary shares of' Rl. each lit Afprod *will be - ' 
Issued to Amic: at a premium to-enablg: Afprod -to "effect-- - 
- redemption- of the -redeemable preference^shgres 

a new issue of ordinary shares. ; ''' 

-. It As confirmed that the date on-’Whicht&c propotofe ah OuW • 
become operative will be 27 3>eceihber. l97&- The lart^daor for. 
Afprod -shareholders to register for purposes ^ toe^rropqpals - 
will be 22 December 1978. Affcrod^itffi accept didyTcomplpfed - 
documents for the registration .ofVtran^eis^ sfc^ 
capital .until the close of btistoc^ hh ^-Deccmb^r l978T- ?or 
this purpose duly completed .documents encli*8bd-i^ , :«h': 
envelope postmarked with: a dato ndt Tster- than 22, Depemher V 
1978 will be accepted by Afprod. 'provided toey ate "received 
by hot later than 27 December 1978. . . .. " .r-yv/vt;:; Tj-..;. : 

_ . Afprod shareholders whb-wisfa.Lio eject"- alterzatjve B are^ 
required to send in election'- Jwms. together with th'eitibire 
certificates or other documents of title by' noflater tharrlfiOQ'" 
hours on 22 December 1978. Shareholders who 3a&.tb send In " 
election forms by leGOtooura^on th^ ddte^ 
capital payment; -of - i 020 - cents ’ .a? jdtarft iunder jdteniattne; A- : ; 
In order to enable such sharehel dert [id reddve pSy&ehttoeyv 
should surrender- their share certificates or -other documents 
bf title . as .soorf. as' possible' to- Afprod’s transfer 'secretaires, • 
■AJT.C. 'Registrars Ihinited,:7l Fox Street. Johazm'esburg/jHHHT 
(P.O. Box 62308, Marshalltown ^107). For- to^ puy?^.^ ^ ; . 


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documents trf title prior to toe toi aritive dataf 



ber 21 1978 

Airoort Services 

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Most major airports throughout the world are now being improved and expanded, at 
^considerable expense, to ease the strains already being caused by the recovery of 
pr travel, and to prepare them for the expected further traffic growth of the 1980s. 
Numerous developments are planned, especially in the Third World, but in many 
places environmental and financial constraints remain major problems. 

’ Dome : 


RECOVERY in world air 
?.ltt^yel. ; ;in..tlie past year or two 
r .jfcfefr $eeii ■ astonishingly ' rapid, 
%^k^ .d^;&'i&e;.5£iiimlus of 
:;;di^Kr;Jfe|reS;Jfct‘;al’sD to the 
'.‘release 'of a pent-ftp; demand for 
travel to ouwy countries after 
• the recession .‘of the early, to . 
, mid-T970s. The average annual - 
1 expansion ’ in world passenger 
k traffic op to 1983 is forecast at 
'•? 8.7- per- cent ;with further 
' growth expected beyond that. In 

- some, regions "this growth is 
-expected to .be even greater,' 
Amounting to - as much as 14.8 

'-pgr wnt a year to and from the, 

- Mtddte East, lor. example, or 

- about 12 per cent to -and from 

- Air. cargo is also- projected to 
\ grbw-at a rate of 11 to 12 per 
‘ centra' year world-wide through 
v-to tiiejnid-1980s, with a growth 
of about 7 per cent a year 
•- thereafter to the end of the 
: century. 

These forecasts indicate that 
the air transport industry is now 
. ; moving- . swiftly., but. of- the 
doldrums of the; mid-1970s, and 
that short of some unforeseen 
international upset, the present 
;level of 600m passengers a year 
on' scheduled services world-, 
wide should double by the early 
to mid-1980s, and double again 
by 1990.; r . 

. To meet this anticipated traffic .-. 
growth, thiB world’s major air- 
’ liner .. manufacturer^ ; ire lore-: 
caking ' ; ^aies^; : o ve r ■ V£40bn- 

worth of new airliners by the 
• mid-1980s, and' several new 
types of airliner, such as the 
Boeing 757 and . 767 twin- 
engined short-haul jets and the 
rival European A-310 version of 
the Airbus, together ’with the 
smaller British Aerospace 146 
feeder-liner, have. "all been 

launched this yearim a bid to 
capture a share etthis.inarket. 

- This expansion wiflralso have 
a significant impaet r upon air- 
ports throughout " the world. 
Despite the period of slack 
traffic growth of recent, years, 
which offered at least some 
chance for the ground", infra- 
structure of world civil: aviation 
to catch up, it is still in some 
respects lagging behind the 
developments that are.; taking 
place in the air. lathe indus- 
trial areas of the world, such as 
Western Europe, tbe.U-S. and 
Japan, where air transport is 
already highly developed, air- 
ports are already becoming con- 
gested, and very large sums are 
.either already committed, or 
will have to be, to ensure that 
this congestion does not become 
worse in the l»80s. : ' 

In some other parts of the 
world, especially in the rapidly 
developing countries, this 
ground infrastructure 1 fbrmvil 
aviation either does notexist at 
all. or. apart from a few notable 
exceptions, is comparatively 
rudimentary— not only so far 
as airports are concerned,- but 
also including such things as 
air traffic control and en -route 
navigation aids. In these coun- 
tries, too, substantial sums, are 
being, or will have to be. spent, * 
to -ensure' that those countries* 

can keep pace with what is 
happening elsewhere. 

Already many of the govern- 
ments of the developing 
countries have recognised that 
civil aviation offers a rapid 
means of stimulating economic 
growth, and in those countries 
it is already possible to identify 
over 100 new airport develop- 
ments, or expansion pro- 
grammes involving existing 
airports, that will cost in ail an 
estimated £10bn to complete by 
the early to mid-1980s. There 
are undoubtedly many others 
already in the conceptual plan- 
ning stages, which will emerge 
soon, so that well before the end 
of tiie 1980s, several times that 
sum will have been spent on 
airport developments world- 
wide, ranging from improve- 
ments to terminal buildings 
through to the most expensive 
and ambitious programmes such 
as siting new airports offshore 
on reclaimed land. 


The development of airports 
world-wide, however, is being 
influenced by several major 
constraints. One of these is the 
growth of environmental objec- 
tions to civil aviation on the 
grounds of noise and pollution, 
more generally the former. It 
is difficult for anyone connected 
with aviation not to have con- 
siderable sympathy for these 
who live and work round air- 
ports. There is no doubt that 
the early post-war development 
of civil aviation, and par- 
ticularly the early development 
of tije jet engine, paid, little 
heed -jo environmental and 

pollution issues, wilh the result 
that the world air transport 
system is now paying the price 
in terms of objections, amount- 
ing in some Western European 
and North American cities to 
outright hostility. 

The growth of these environ- 
mental lobbies has made it 
virtually impossible for any 
government or civil aviation 
authority to contemplate the 
development of a new airport, 
even the expansion of an exist- 
ing one, without paying con- 
siderable attention to the 
environmental problems of 
m»ise and pollution. These are 
now highly significant factors 
in the development of all civil 
ovkuiion. governing not only 
where new airports are to be 
sated, and even if they are to 
be built at alt, but also just 
what can be done to improve 
existing airports to enable 
them to carry’ more traffic and, 
in 'the eyes of many environ- 
mentalists, to generate more 


The environmental objections 
to civil avia-lion have increased 
at such a rate over the past few 
years that they liave resulted 
in new noise legislation in 
many countries that will effec- 
tively put out of service by 
the mid-1980s many of the pre- 
sent “ older generation " of 
jets, such os Boeing 707s, DC-8s, 
VC-lOs, Tridents and One- 
Elevens. At the same time, 
these moves have already 
encouraged the development of 
a quieter and cleaner “new 
generation ” of airliners, such 
as Boeing 757s, 767s, European 


A-3D0 and A-310 airbuses, 
Lockheed TnStaTS. McDonnell 
Douglas DC-lOs and Boeing 
747s. Environmental objections 
have played a large part in 
restricting ihe development of 
supersonic civil aviation, with 

But the environmental prob- 
lem has also imposed other 
constraints on airport develop- 
ments. For example. It is now 
difficult, if not in some cases 
impossible, fur many airports 
to spread beyond rheir existing 
boundaries. This means that 
any expansion has to be con- 
fined -to the development of 
terminal buildings and other 
facilities inside existing peri- 
meters. and it virtually rules 
out the development of new 
runways at most airports. 
Where new airports are 
required — and several of them 
will be needed in the 1980s in 
various pans of the world— 
they will have to be sited 
further away from city centres 
than most airports are at pre- 
sent, thereby creating problems 
and greater expense in the pro- 
vision of road and rail access 

At the same time, these 
environmental pressures have 
obliged many governments 
virtually to close their airports 
during the night hours to jet 
airliners, thereby not only 
reducing the economic potential 
of those airports, but also 
creating problems of the 
scheduling of long-distance 
flights, for the airlines them- 
selves. ' Alport authorities have 
been obliged' to study a wide 

range of new techniques to 
spread the increasing burden of 
air traffic more evenly through 
the remaining hours of the work- 
ing day — such as incentives in 
the form of cheaper landing fees 
for off-peak travel — so as to 
ease congestion during the peak 


It is dear that as world civil 
aviation is poised on the edge 
of another major era of expan- 
sion in the 1980s, these 
environmental pressures will in- 
crease rather than slacken. As 
a result, it will become in- 
creasingly necessary for airport 
authorities to pay more 
attention to them at the 
earliest stages of airport con- 
ceptual planning, if only to avoid 
having their development or 
expansion plans overthrown or 
delayed at a later stage by un- 
expected objections. In the UK, 
this problem has been 
recognised, and the Government 
has established the Airports 
Policy Advisory Council, repre- 
sentative of all interest In civil 
aviation, together with local 
authorities, environmental 
groups, trades unions and other 
bodies, with the task of work- 
ing nut airport plans several 
years in advance so as to take 
account of all possible 
objections thereby hopefully 
preventing any delays in the 
eventual implementation of 
those plans. 

Just how far these environ- 
mental pressures will influence 
the future course of civil aviation 
remains to be seen. But they 
do create something, of a 
dilemma for governments and 

airport authorities — how to 
strike a balance between the 
growth of civil aviation and the 
environmental implications of 
that expansion. 

As Mr. Stanley Clinton Davis, 
Parliamentary Under Secretary 
responsible for civil aviation in 
ibe UK has said, no one has yet 
discovered an accounting 
system which can measure the 
costs of airports iu terms of en- 
vironmental disturbance against 
the benefits derived from civil 
aviation. Nor is there a pre- 
determined formula to maxi- 
mise the amenities provided by 
an important airport and at the 
same unie minimise the environ- 
mental disturbance. The UK 
Government, in trying to solve 
this dilemma, "will -not be look- 
ing for the impossible, but it 
will hope lo arrive at the best 
combination of factors. 1 ’ 

The UK Government's 
strategy, outlined in its White 
Paper on Airports Policy last 
February, has already aroused 
criticism, but its proposals for 
coping with the anticipated 
traffic growth in London and the 
South-East, up to 199U, do 
represent an effort to come to 
grips with a difficult problem. 
But it is significant that the 
White Paper keeps the UK's 
options open for new airport 
developments m the South-East 
beyond 1990, if traffic demand 

In this debate on civil avia- 
tion versus the environment, it 
has sometimes been suggested 
that there should be some limit 
placed on the expansion of air 
travel in some countries (such 
as the UKj, and that some 

Individual airports should have 
“ceilings” of maximum traffic 
imposed upon them (such as 
at Heathrow). While it is not 
impossible to restrict the growth 
of individual airports, where 
there are others available to 
take the overspill (as in the 
UK), it is essential to remem- 
ber lhat air transport is no 
longer a luxury for tbe better- 
off members of any community, 
but an integral pan of the entire 
economic life of any country. 
This is why the countries in the 
Third World are all so eager 
to develop their own airlines 
and airports, and (o integral? 
themselves into ihe growing 
world air transport system as a 

They have recognised that to 
cut oneself off from the expan- 
sion of world civil aviation is 
likely to prove one of the 
quickest ways to economic stag- 
nation in the last two decades 
of this century'- It is thus im- 
perative that all countries find 
their own ways of accommodat- 
ing the anticipated growth uf 
air transport. Tf this involves 
spending more money on new 
airport developments— say. on 
quieter off-shore airports — then 
those suras are likely to prove 
eventually to have been well 
spent. For the alternative — 
missing the economic benefits 
of air travel growth in the 
future — could well prove to be 
in the Jong term even more 

This whole question of cost is 
another of the growing problems 
confronting the world air trans- 
purt industry. As already sug- 
gested, the bills for new airport 
developments through the 1980s 
are likely to amount to many 
billions of pounds. Coming on 
top of the bills in other direc- 
tions. such as those for buying 
new airliners, improving safety 
and navigation and communica- 
tions systems, the overall cost of 
providing the world with a com- 
plex, up-to-date air transport 
system through to the end of 
this century will be formidable. 
While in many countries much 
of this cost will continue to be 
borne by governments who 





Heathrow and Gatwick are London’s 

Together they handle 34 million 
passengers a year with more international 
departures than any other city. 

Briti sh Airports has recently spent over 
£75 million at Heathrow to modernise the 


eip it cope with the surge of new 
resulting from cheaper air fares, 
twick we’ve spent £100 million 

on passengers a year. 

Now the airports have been joined by 

Europe’s first scheduled inter-airport 
helicopter link. 

Together they make London the major 
international point for air travellers. 

It’s the British Airports’ job to maintain 
this position. 

Vfe support the Government’s policy of 
transfers of traffic to Gatwick. 

Vfe have asked for a fourth terminal at 
Heathrow to keep pace with traffic growth. 

Even so, we shall need further airport 
capacity in the South-East 

Heathrow Gatwick Stansted Glasgow 
Ednburgh Prestwick Aberdeen 

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Aviation and Communications 
Systems and Services - worldwide 

THE MAJOR problem now 
facing the Government and the 
airports authorities in this 
country' is that, with -the rapid 
recovery in the growth of air 
traffic, following the slack 
period of the mid-1970s result- 
ing from the oil crisis of 1973. 
available airport capacity is 
likely to come under increasing 
strain. The ability of the 
authorities to meet this growth 
by expanding the available 
facilities, however, is itself 
under immense pressure from 
environmental and other groups 
who seek to impose planning 
constraints yn all new airport 
developments, with the result 
that those developments are 
either severely delayed or re- 
jected entirely. The pace of air- 
port expansion is not now keep- 
ing nact* w 1 1 Si ihe growth nf 
traffic, and is likely to fall even 
further behind, with the result 
«ha( at snme airports congestion 
is likely to get worse and satur- 
aliun in the early to re;d-1980s 
becomes a real pussibililv. 

This is particularly the case 
with Heathrow, in the South- 
East. where the strain is already 
beg inning to show! as virtually 
every passenger' who uses the 
airport knows nniy too well. 
Currently capable of. handling 
up to about 30m passengers a 
year. Hoa throw actually handles 
about 25m, so that unless new 
facilities come into' rise by the 
early 1930s. congestion at that 
airport will inevitably grow, 
with saturation occurring by 
about 1982-83. 

The solution to the' immedi- 
ate problem at Heathruw lies 
in the provision of a fourth 
passenger terminal ' on the 
southern side of the airport, 
capable of handling up lo 8m 
passengers a year. This new- 
terminal has already been 
sought by the British Airports 
Authority, but its development 
is held up pending the outcome 
of a major Public Planning 
Inquiry, ordered by the Govern- 
ment. through the Department 
of the Environment, as 'a result 
of environmental pressures 
from local communities round 
the airport At this stage, it is 

an open question whether the 
building of the fourth terminal 
will be permitted. If it is, it will 
only give Heathrow a brief 
respite until the mid- to iate- 
1980 s, for at the present anti- 
cipated annual growth rate even 
the additional 8m capacity will 
have been filled by that time. 

If it is not permitted, for 
environmental reasons, the 
Government and the British Air- 
ports Authority will be faced 
immediately with a major pro- 
blem of what to do about coping 
with traffic growth. Several 
solutions already exist, bat for 
various reasons they might not 
work. One solution would . be 
immediately to oblige airlines 
to channel more oi their services 
into Gatwiek. south of London, 
where a IlOUm modernisation 
scheme (with additional sums 
still being spent) has raised the 
available capacity 'to 16iu 
passengers a year, 2gainst the 
present actual annual total of 
about 7m. Beyond that, plans 
enist tu expand the available 
capacity at Gatwiek still further, 
to 25m passengers a year, by 
building another major terminal 
at the airport. 

But already, the efforts by the 
Airports Authority and the 
Department of Trade to en- 
courage airlines to move to the 
comparative peace and quiet at 
Gatwiek. away from the increas- 
ing congestion at Heathrow, 
have met with an extraordinary 
amount of resistance. Foreign 
scheduled airlines who have 
been at Heathrow for many 
years — some of them almost 
since it first opened after 
World War Two — do not want 
to move because,' they claim, 
they will be deprived of the sub- 
stantial volume of inter-airline 
connecting traffic that is avail- 
able through more than 50 air- 
lines using Heathrow. 

Also, some of them argue that 
they have invested substantial 
sums in facilities at Heathrow 
which would be rendered use- 
less by 2ny move to Gatwiek, 
while many of their staff live 
locally to Heathrow so that the 
upheaval caused by any move 
would also be socially un- 
desirable. While it is difficult 
not to have some sympathy with 
those airlines, the hard facts of 
civil aviation life in the UK are 
that if they want to avoid con- 
gestion at Heathrow, they will 
have to move to Gatwiek. 

. But the other major problem, 
that confronts the authorities is 
that any planning application to 
build the second passenger 
terminal at Gatwiek is certain 
to run into the same kind of 
environmental and other objec- 
tions that currently are holding 
up the fourth terminal at Heath- 

This will inevitably delay the 
development of any new ter- 
minal at Gatwiek, even on the 
assumption that it is eventually 
approved. Even if the relevant 
initial planning application is 
submitted this winter, there- 
fore. any new terminal at Gat- 
wick would be unlikely to be 
in service much before 1983-84, 
even if it is permitted at all. 

The third possible solution 
to the problem, the further 
development of Stansted. north 
of London in Essex, from its 
present capacity of about lm 
passengers a year to 4in. has 
already hegun to arouse the 
hostility nF local environmental 
groups, although it must be 
stressed that so far this is only 
an idea, and has not yet been 
embodies in a formal proposal. 
But the rumblings now being 
heard from the rural fastnesses 
around Stansted are an indica- 
tion that any further develop- 
ment or that airport will involve 
a considerable battle, and 
inevitable delays. 

Tthe furtner development of 
Luton i owned by the local 
municipality) to about 5m 
passengers a year from the 
present 3m is another solution, 
but not uric that is likely to 
provide any significant allevia- 
tion of the overall London air- 
ports problems, since that 
expansion is almost certainly 

Forecast Demand and Airport Capacity 
- South East Airports • : > ; 

;y k 

Passenger Throughput - Millions 

80 A 
- 70*f 
40 -j 

J Current Airport 
Capacity Including 
Heathrow Terminal 4 



White Paper - Capacity Forecast 

Passenger Demand - 
BAA Mid-point 
20-1 Forecast 

- V. •; '-V - 

i 'Srt^B^T^taURPiOers^ " 


1977 78 

79 80 


1 i ** r ~ 
82' 83 

— i " ■ —r? 
84 85 

— r- 

ST • . 88- ; 89 790 r 9ti1993T- 1 

going to occur at Luton anyway 
as a result of the steady growth 
in holiday charter traffic over 
the years ahead. 

These proposals — die further 
development of Heathrow to. 
38m passengers a year, and the 
development of Gatwiek to 25m, 
Stansted to 4m and Luton to 
5m— would give a theoretical 
capacity of 72m passengers a 
year for the London area. But 
the growth of traffic in London . 
and the South-East through' to 
the late 1980s will result in 
total by then of somewhere - 
between 66m and 89m pas- 
sengers a year. Even if ail the. : 
development proposals ore_ 
approved — and this must be a 
dubious assumption — they wiUj 
only provide capacity marginally 
in excess of the lowest forecast 
growth, and well below the level 
of demand should growth reach 
the upper forecast leveL 

If any of the proposed expan- 
sion plans at any of the font 
airports is denied, on environ- 
mental or other grounds, the 
available capacity in the 
London and South-East by the 
mid to late 1980s will fall far 
short of what is required to 
meet the volume of traffic 
growth. In fact, it only heeds 
one development plan to be 
rejected, for the problem to 
start showing immediately, 
creating a domino effect of con- 
gestion and difficulty that will 
grow as traffic itself continues 
to grow. If the fourth terminal 
at Heathrow, for example, is 
rejected, the British Airports 
Authority will have no alter- 
native bul to press for the 
second terminal at Gatwiek 
immediately, but the anti- 
airport lobbies will have gained 
considerable strength from the 
one victory to encourage them 
to seek another elsewhere. 

delays can at least be mini- itseLt. '• -The: British-’ •; AitgOttS; £ : ■ 
nused. if not elimmated.'and & Atftiotity.;, his-aliesdy: v 

Smooth, well-orderrid; long-term that ^ if - > traffic-: growth; ; 

plan for airports development a ccel erate$ . In? : the immediate 
laid down. - future, it is. ^possible 

That such a plan is essential"' piressures oh ’ the -sLexufon:. 3jrid> -- * 

is indicated by the uncertainties . ;&ratiM5ast . /Airports VwiH-.; r^k-. : 3 y - 

about air traffic growth. All the cre^ae^ai -aiTcmcfi fasteh^te^^p ; Jy _ _ 


Jt is to try to prevent this 
situation that the British Air- 
ports Authority suggested, over 
a year ago, the creation of a 
new Airports Policy Advisory 
Council, comprising representa- 
tives not only of the BAA, but 
also of the Department of 
Trade, Environment and 
Industry in the Government, 
the local authorities around air- 
ports, the trades unions, and 
other interested bodies. This 
organisation was, in fact, set 
up this summer, and has 
already begun its work. Its 
prime objective is to identify 
tbe long-term airports problems 
in this country, even before 
they begin to emerge publicly, 
and to. try to find solutions to 
them that will obviate the 
dangers inherent in delays 
stemming from planning objec- 
tions and other difficulties, such 
as a shortage of cash and other 
resources for airport develop- 
mnet. By seeking to gain agree- 
ment from all interested parties 
well in advance as to what the 
precise airports development ■ 
priorities are. and how 
they can be handled, it is .hoped 
that the dangers of last-minute 

current problemsin Londoiiand jBS&. gpj^iXpe . of J;ib$s3 .ttdjgfc-. K -. 
the South-East stem from the term ,- riirilQns might become"; j 
iorecast of traffic growth that^ necessary. much T : idrlier_:fhmi- ’ ; 
will create a total of between 1990. ' •. . 

66m and 89m passengers a year . The ^point that emerges^ xririgt;. . 
.In the region by the. late 1930s. dearly ; from any : stu dy of tbe ' ' V 
If the rate of growth expen- euireht; 1 .’ airports piobierii.'.'utV ■ * 
ehced over the past year is London and the ^cpth-Eaaf ' is / r 
continued, not only is it likely that it is dtie entirely’^ -the' ' 7 " 
that the upper level - of the Governih^bt .' Itself - failing, - 

forecast demand • will- be grasp, the '{nettle' and take .* 
reached, but also might ,wfifl be .^necessary -^Ui.decisiaos “ewly "; 
even exceeded. Most aviation enough; and stick to them. .’"By 
economists and " observers : are, firmly dptingf for -the develop? . - ■ 
agreed that only another major me nt of in the awKfr.V-. 

: o2 crisis or an ; international and' sticking -to - that- decisioriv ..V 
economic recession is likely to th at-, airport is now avail able as= , 
-cut the rate of growth substan- gja expansion chamber** "for .at' *•.' 
■Gaily, and they can point' to the - least- some of. the overspill from 
j^act that even duringthelast “Heathrow. But if earlier critics, 
recession, air. traffic .continued Tnf Yfo twfifo- asiT'-a' , 
vto rise albeit at a much slower. Elephant '^had been^ Jfistened_to, * 
rite. ’ • " •* and its developraeit 'plait, earn-' " 

. . ; But the other major problem celled, the-JJlC would now be in 
fha\ must also be faced -is-- what a parlous position .to; cope w&h- . ■- 
to . do about ariy furiher traffic /air treffie groyrth. 7 ^^ becoming - ' 
growth beyond, the late 1980s. inseasujglr dear r 'Vtii*t , had 
This must be one of tbe major Map! in , not been .cancelled in 
questions confronting the' new 1974 r it would by noW. ba hear- 
Airports , Policy - Advisory Ing compleUonV wift one run-' 
Council. For it is clear that :way,; becoming operational by . 
the growth in trriffic is noHikely- aimut 3B80^1— ^and none df the 
to come to a halt theTIate horrent problehK; and tfiffied- ' ' 
19S0& Even af it continues at l? ties over- Ibng-tetmr. options,.; . 
slower rate,; it ; wifib- be/ oil-; K would have arisen.' • 

continually broadening base, sb - MapMh, as an airport built .on 1 
that in terms of actual -numbers land . reclaimed ' from; the sea, - : 
of passengers • the * annual 'offered almost the iddapsolation^ . 
increase will be bigger . and to the airports '.dUemma ’ of ** 
bigger. ; - London' and t^ South-attt^ ; iii ^ 

The Government has already that it ^onld - have provided 
indicated that it is aware of diis almost, infinite capabQtty. for - ■! 
possibility. In its .White . Paper . long-tenn . expansion ; to meet .1 
on Airports Policy, published - traffic •/ -growihv- ’ while- •’.fts . . . : ; 
earlier this year, in. addition ,tp assodated developments Would ' 
the proposed developments’ : at . have proyided-aot pnlyla rieW ■ 
the four . main r airports In' port for London,; but alspdpne;' 
London and the . Soutii-East -it- mpeh ; for.. . . £be ;&sdnomie? * 
foresaw in the period from 1 1990 regeneration -of. Soutlv 'fesaejC - . 

But Maplih was cancelled^n -the ■ ; 
wake of ihe oil criaU -^m jub?. - : f- 
sequerit Jndustrial^ .recWfawr, .i; ' 
when pressures On. UKL resources •*. : 
in other dirbctioa$ .wel« : sey!6i^ t - -- 
and no one^ ^ could be. sure where. - 




onwards the possible need -for 
additional airport capacity being 
met in any one of three ways: 

1 — The further major deve- 
lopment at Stansted, to perhaps 
10m passengers a year or more; 

2— The -development of an - air transport was going, l ; 

existing military airfield as a V The questdn now.arises,, how- 
civil airport: or ever, that if air> traffic -cotf 

3— The construction of * new- tinues to rise to thie extent that 
arport on .^virgin site. • •. ■'.& major new airport develop? , 

The' very mention of sudi '.' merit will ;be necessary in tho ; 
possibilities is probably enough,1990s, will Maplfn, or something, 
to fill environmentalists wllfaV iflre, '■ fe .be ^ ' re su rrected? ;\ It 
horror, .but unpalatable, though.-; seems possfisle- will. 

it may . be, the fact most' be 
faced that one or another of 
these developments may become 
necessary in. the early-1990s. It 
takes almost ten to J2 years .to 

because ' . the .1 three ; options 
mentioned,' .,tw6'- at .least '.are-' 
Inland ” ojftionB~-jUta-.‘ major 
development of Stahsted and - 
co aversion of a military: airfield. 

develop any big new airports -"-and almost' no -one/ wo rild- 

from initial conception, through 
choice of ' site, and all the 
planning and design stages, and 
then through construction to 
final passenger use, so that work 

wapt to see an entirely new 
airport being- .developed -_oir '-aji- 

inlan d.- site. * . : ’/ • ‘ ■ > 

■ ' Depending on . what- happens- 
to Air tfaffi^Vgrowthi therefore,-; 

on any major new airport f or ' the; UK' could .wd.I 'be -m Xor.V- 
the early-1990s will have to . . another ^niaior debate on .Where 
be started some time. .In. tite-r.te. ; put-. its ne^ -major airport : 
earJy-lSSOs. This means in turn for London and the- South-East 
that tbe identification of the ; of-Englsm<J. ; ' ' " ■ *' '■ ' 

likely site will h&, verto .be under- ; ■ - Vj '' V « ^ 

taken earlier— “say, around . 1980^ : - iVllCR^et jblOIlfle ; 

Air traffic 


regard aviation as an integral 
part oT their economic growth, 
in oilier countries there is an 
increasing degree of resentment 
lhai ihe iaxpoyer at large should 
finance a development that is, 
after all, still used only by a 
comparatively small proportion 
of the population, for all that air 
traffic is measured in millions 
of people travelling each year. 
Thus, in future, in some 
countries passengers may well 
find an increasing element in 
their fares allocated to pay fur 
the construction, development 
and maintenance of air trans- 
port facilities. Already, in the 
UK. for example, security has 
been nv^de a charge un the pas- 
senger. collected Trom the air- 
lines by I he British Airports 
Authority winch in turn pays the 
rash to the Government, while 
there are also pressures to pass 
«n u* ihe passengers more of the 

cost of such things as en route 
navigation and other aids. Thus, 
at a time of increasing pressures 
for substantially cheaper fares, 
to cater for the mass travel of 
the future, the governments, air- 
port authorities and airlines will 
have to strike a balance between 
the increasing costs of providing 
the system, and the need to cut 
fares to encourage more and 
more people to use it This 
.'equation may became increas- 
ingly difficult to calculate, as 
more of the costs are passed on 
directly to the ultimate users, 
the passengers, who in turn are 
likely to become more 
.vociferous in their demands for 
cheaper fares. 

But even while this debate Is 
taking place, the pace of 
development or airports them- 
selves in many parts of the 
world is quickening, as subse- 
quent articles in this survey 

demonstrate Whether, these .... J t.-muM. be anfiprttiiiatA’.to-: 
developments will toe adequate^ .the^leaBt, i£lhe ^nK£asiff^ 
to cope with the -anticipated Plaried :< m: shea* 
growth^f traffic remains to toe pasi waiio i)ecome ssramped'in; : ' 
seen. They are not without , ftituze oh .the- need Xv process' : 
their own problems. One:^ 'polort 

attention to passengers’ needs,, and thelpress^es^it 

the. emphasis is , increasingly;-- ppoi .iipa'rts.'aiid-.rtlfeecM^- : 7>..‘ 
" """ — ” ' ‘ ‘ " ‘ ' 

ie wtmi . tr 

senger. This is perhaps -.loeitiff- k 

m + 

■ Arc 

o (i j*. - jr -wc - OOeraK 

traveller th^W'.say,. road 'or Tail’ ■ ^nsuro- ;. jhsd:. •*«. .. 

travel has in many - co untiles.' - f uture-does iiot ; ; '■*' 

Certainly, iri.ithe.UKi with : ;=- 

are cleaner, bnghtet arid-.aitih -defaiis * 

■ . - v. ^ ^andaf -fines'' ThHrsd^f'becembei' 21 1978 


. ^.*355" 

:: ©c 

---J e 
.. . 



Third World 

p MANY* OF the hew airport tfio International Development 
l r . developments now in progress Atfqtiat ion.' lend tasi* to dripl-. 
h or ^planned are io be found in d pi n p countries foe'.iiew airport 
I the- developing 1 countries of the programmers. and these or»am- 
Third World. Th'is is. not just saiions are currently, involved 
f a matter;.;. Of., national .‘pride, in helping lo nnaut'C.such pm 


£ a matter;; . of . national pride, in helping to firiaul'C-such pm Cu untry 
; * allhotigSfcJtneWiably' there is an grammes in U> countries. m. Botswana 
t eiemebtwt this ad; the desire of eluding ColontbiZi : . Bolivia. Colombia 
, many of;th(^ have Kenya,' Jahi:uca.~jjf«dcd. Niger, 
^impre&sivjai'aebal .-gateways.' T It. Panama, Senegal, . Sudan am! Bolivia 
is more directly 'the result of; a. .Vcneaieb. involving more than 
• -growing "-'TfecbRnititin' \liiar thb : la these ..cases, tiie 

^ —quickest- way. to economic expan- countries, themselves, are n*. Egypt 
L Slon lies in developing a reliable quireef to put up some or the Hong Kong 
system of communications both rash, hiit the loans, arc made Iraq 
inlemally and with the rest of 011 reasonably genorons term? Ivory Coast 
\ Ihe- world; and that because of —spread oyer 20 years at Jamaica 
the severe difficulties and cost Interest rates between 7 per 
■ of developing internal surface ««t and 8.5 per cent for recent Jordan 
transport systems where none WorI d Bank ventures, while the 
have existed before, air traps- ro **« ser.-iug poorer couni ries, Kenya 
port is the only alternative. issues .interest-free, credits re- Kuwait 
-The aeroplane, in fact te Payable over a 40-year period • 

? beTag used increasingly as a ginning 10 years after the Libya 

- means, of. .industrial, economic *9 an . ** nia de, - Maldives 

and even political and socio- Cash is also available in the Malaysia 
i logical growth in many countries form of aid from Western 
(r throughout the world, in much Govern menu* to the developing Mexiro 
[ the same. way that roads and countries, and many «r ihe 
[- the -railways were used m banks and other lending insli- 
Y JWestcrtL. : Europe and- Nort h tuMqns in the -West are pro- ^[*P aI 
[ America in the 19th century. Jn Pared to consider ' loans if. Nigeria 
v countries where roads and rail- - governments lor pro- Niger 

{ ways either do not exist, or are Krammps which show promise Manama 

Type of work (with estimated com where known) 
Extension of Gaberones airport planned 
Replacement of Medellin, and expansion of 
Bogota and Cartagena (VJflm) 

Replacement airports at Bihcralta. San Rnrja. 
Santa Ana: improvement of Tarija; design of 
Cochabamba <$39.5m) 

Improvements at Cairo International 
Replacement for Kai Tak planned 
Expansion at Baghdad 

-Improvement at Ahldjan-Port Bouet (£.V>m> 
Expansion 'of Manley and Sangster Airports 
( $2.Sm ) 

New Queen Alya International airport. Amman 

Expansion of Nairobi Internal Innal (SSftni) 
Expansion, including new hangars, at Kuwait 

Improvements at Scbha 
New runway at liulule 

Improvement at Kuala Lumpur (Suhang Inti.) 

New regional airports at Vilahennosa. Tnxtla 
Guitierrez. Minniitlan. Poza Rica, Los Mocbis 
and Tapaclmla (S71m) 

Modernisation of Kalmaudim-Trihhiivan 
Improvements at Lagos 
Expansion of Niamey International (SS.Iiml 
Expansion of Tocumcn International ($77in) 

on a limited scale, the aeroplane of eventually being seif- Sa|| dl Arabia Over .70 programmes under way, including new 
is often the only means of trans- supporting and profitable. . airports at Jeddah anil Riyadh (over ffiWlm) 

. L poil: -between '.isolated com-- ^ Senegal Improvements at Dakar and new airports at 

' munltfeS. What begins as a CniTlIlPtitinn • Zigulnchor and St. Louis 

rudimentary link, with a crude V/V,u r l,llllw “ Singapore New airport under way at Changl (S.'itlOm) 

; airstrip, :sqoo becomes of such Such fa' the competition in South Korea New airport planned at Cheju <$l{>‘4m) 

’ -importance' to the. communities business of providing air- Swaziland New airport planned nf Mpaka 

concerned that more elaborate pQrt£ - morenver, that' many »f Thailand. New site for international airport for Bangkok 
airfields are required?— although groups who offer their cun- _. . . sought 

even these are still a far cry *ulUncjr. design and develop- Un,,e ^ Arab Extensions and improvements at Abu Dhabi 
! from the vast expanses of cori- P 2811 * * erv *re* are also able to Emirates 

crbfe required at major inter- “V ,p lhe Prospective custome r ' cnczlJcla Expansion of Simon Bolivar. Caracas <$238m) 

national airports for major J owart fa getting the necessary Za,rc Improvements at six airports 

towns and cities; funds. There are probably few * 111 — — ... 

This rapid expansion pf the ca * cs * n recent years, if any, 

ground infrastructure air trans-. Jf . e r® a Third World count ry aver £ltWm a year, representing for Hong Kong’s Kai Tak, and 

port In these.-countries-is likely unnble to wet -the ca sh a five-fold increase over the is installing and implementing 

.to-* .continue,- because -.this is 11 for its plaos. ,.. pasi 10 years. the air traffic management 


Improvements at Dakar and new airports at 
Zigulnchor and St. Louis 
New airport under way at Changl (S.'iUOm) 

New airport planned at Cheju ($Hi4m) 

New airport planned at Mpaka 
New site for international airport for Bangkok 

Extensions and Improvements at Abu Dhabi 

Expansion of Simon Bolivar. Caracas ($238m) 
Improvements at six airports 

a five-fold increase over the is installing and implementing 

pasi 10 years. 

air traffic management 

vdiere much, of the growth of The problems of developing Also deeply involved in the s - vslem for Angola, covering 
tbe. world's air passenger and airports in countries of the provision of facilities for air- sevcn primary and three 
cargo traffic, is. likely to. occur. Third World, however, are cun- ports overseas, especially in the s ^rtindary airports. In a master 
EstinMh»pubUshedearUer this siderable. In the first instance, developing countries of the p]an and development report 
year by the- International Air many of the countries involved Third World, is Cable and Wire- for a . neu ’ international airport 
Transport-Association show that are unable to provide much, if less of the UK. The company's ' n JP* Eastern Province of 
between now 'and 1983; the any, assistance from their 1 own Airport Sendees Division was Saudi Arabia, Boeing was chier 
big^t .expansion in, air travel resources in terms, oru&tiled set up in 1971, and now pro- uutsidc consultant to the 
iS- Ukeijf occur ; between manpower. s or equipment. r *iaml vidcs:* : cnnsultancy. system ", apanes * ar enitects, Minoru 
-Europe and the Middle East, often they have only a 'alight design and engineering, installa- 1 D ( S“ tl ' s ‘ ' will grow at ail average knowledge nr precisely what tion. • iyd maintenance of a- rman -'’ 11,8 '■erman Ai i craft | 
iMniial rate of .143. per cent; nc ^ d - The airports them- wide range of com muni canons. 8I ). °J I <; 3 

clOsely followed by a growth of selves -generally require “ total radar and radio navigational l J r , nrl L r l Tn.-ir.J 

T2i per cent between Europe development.” from select inn of aids for airports world-wide, as T ™, a ' „ ri TTJU.!, 

of Africa. ^ UShttn# ' ,0r air 

Growth ihcre .a™ C0IltraCtS ^ on receru new 

■ tv>. 17.. ■ reason, there have . . J .c. lininn dpvplnnmonlc ' in rhp 

n manpower. ; or equipment, '-and vidcs:- ; consultancy. system i, apanej> .®. artf iitL>cts, Minoru 

t t often they have uriiy a>slfcht design and engineering- installa- Yamasaki Associates. In We.^t 

e - knowledge of precisely what tion. ■ dpd maintenance of a- J5 ennan y« Ib f German Aircraft 

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iwrr-nlant‘ luc-a-c handlin" a,r P° rt Planning and develop- 


Gnntraolc traff,c serriMS 

vvuuavii? Chie.uf the most recent new 

Another major group in the airport developments in the 

i t j. Between Europe aniT the Far emerged in several countries Another major group in the airpon developments m the m, a O/ AfU. ^ 

. r -f i East, passenger traffic is notahlv West Europe, the U$f’ UK is Plessey, whose constituent Thl ^ Wor ! d 15 completion g 

:L:: f . expected to rise at an average Japan ‘and Brazil, several majw ' organisations, Flessey Navaids nf the new £30m airport for UvUllIC vuSi IW Vw/o ll! E I QW 

-r-. L annjial - rate nf ahnuf Bfi TM»r . j and PIpsSpv AirfiplH Svctnmc Nairobi. Situated about a mile ■ ® 

B n 

annual, rate ofabmit 9.6 per group?of eon^ltatns and indos-;- PlesSey Airfield Systems, ^EmLk^t 

cent. These -growth rates com- ti-ial organisation who are able have alrt^dy been awarded or so * rom the old Lmbaka/.i 

pare with estimates of about to -Providp these conic lete “ air- -® BVera l major contracts, especi- airp'irt, the semi-circular tive- 

'7.5 per cent; for the North po jt packages'’ to meet the • in Africa, for example in storey passenger and cargo 
■ Atlantic, widely regarded aS the widely varvin" nnpds of rhp ; - Zaire, Gabon. Ivory Coast, Libya terminal is unique in Africa, 

most highly developed and developing countries and Egypt, involving in all with an 18-storey control tower, 

sophisticated route of all. In the UK thev include the -' * 5re than 25 airports - Of these, «» horseshoe-shaped apron is 

' It is'estimated that there are recentlv-creat’ed 'British Air- ‘ Probably the largest Plcssey capable of handling up to 10 

probably more than .100 major „btts International which cpDtract on hand involves a five- Boeing i47s or 13 Boeing 707s j 

! . airport programmes of all kinds brings to-ether the expertise irr ‘ year P*'os ram ^ r ° r the major at ‘ , 

• ! either piknned or. in various airpSt^ ^design and mana'-enierit' expansion and modernisation of The Kenya ^Government s 

stages of development through- 0 f the British Airport? Authority vi d;|aT !' P 4 rt f Bouer t , l nler ' 1 v^^ran.dfv 

:■ out the Third- World, and prob- (drobablv the bie-est single - hational- Airport on the Ivory that Nairobi was rapidlj 

■ ably as many more programmes airport owner m the world), and ^ 05iSf - is Intended to make developing as a crossroads for 
' • again -of smaller value (those that of International Aeradio " , !"« ne . of ^ “ ost modem air- businessmen, diplomats and 

i' involving simply new buildings t h e airtipe-owned organisation ' T?/ 1 * in Africa - Plessey has officials visitors in Africa. The 

| such as Terminals or hangars, that already provides extensivi^ " ^ al 'management responsibility ™* w airpnrt has been built. 

h*Y the; updating of Ii S hU«, & Xon m^^°^V l,bS ^ ti ? 1 a prosper b T 

• \ communications,- navigation ment j Q many countries, but worth about £50m, and developing nation as a kcj 

- ."aids -and other equipment j, notably the Middle East. '<£** dcs, ® n studies for further ^Jrtor m its development 

f With, a collective, total value on Th e • British Airports .r ageS ' . ; ; ... 

1 completion of about £10bn. This Authority- is currently helping-' - But the competition from over- . .. ne , airport win ne 

j; figure can- only be tentative, to revise* the master-plan for seas is formidable and intcosi- ,mporta "t to Kenya s 

! because some of the program- Baghdad Airport, and is making fying- fn Western Europe, the « to Sli n 

■/; me* are in the earliest stages traffic forecasts for Mosul and Afcroport de Paris has estab- ^1* ' '** ir 

of- planning 'and have not yet Erbil airfields, with a general - Hahed itself as a major airport ^* r .f ^5! 

: been costed, or The details have fofecgsl ' for ' air transport Planning and development s exiept aiffee. The 

.i. not been published; But on the development through Iraq- • organisation on over SO projects “JJ airppn handicrt 

- t basis that- a major new airport International Aeradio Group ™ “any countries, especially * a 5 , n ™ 

i can cost as much as £25Gm.or has for long provided aviation , id' Africa and Asia, while the ,a .■ '” le: nc, j ? ^. to hand, e 

' even more from initial concep- and -communications technical : J’rankfurt Airport Authority ^P art 'Pj7 an d the same number 
"1 tion to -completion, depending services; -equipment and\.i5;“") is also exten- arriV]1 io passengers e\er)' 

1 upon the. size '-.and scope in- systems" world-wide. Formed T .^ively active and is now engaged nD “f\ 

; volved (MapHn, for:example, on 'soon after World War Two by tit a -major contract for the .^ nai ? ce tPe 2f n w !IIJ 

. reclaimed land off the UK Essex a group of major airlines. IAI/s Netherlands Antilles Govern- J.^Trrih^ B whiu h fhr 

; .Coast, was originally expected aviation- capability has grown ment- for the long-term develop- r. 

. to cost considerably more than substantially in recent years,- ment of fhe Juliana airport on J?® 

• that).' the JHObn estimate is and now includes the provision' JJ e ' Caribbean island of St - ?_ e rlhh 

; probkbly -conservative, and is pf personnel and the supply S&arten. " Jnd Partners . Africa” and iSe 

almost certainly gorag to be- and" installation of equipment .Italian and Brazilian consult- ma in .-notraftnr wat *ho Ttaiian 
exceeded through the. laSOs. for the . management, operation ; ing^roups are also active, while romDanv q Q L P Threr hundi-cd 
The - accoir^iiying table, lists and maintenance of airports, air the UJ3. has several groups in mi] p to y thp‘'’sndth at Mombaca 

• . .some major . programmes . to traffic control services, aero- .'the field, in'some cases includ- centr( , nf KenvaV hnlidav 

• developing countries, but is far nautical telecommunications. - ing major aerospace engineer- another new ‘international air- 

• from being exhaustive. . . ‘ radio, and radar aids to naviga- mg companies such as Boeing Dort w rP c Cn tiv onened cost. 

Where is all this money to tion. security, systems, metcoro^. and Northrop, who are also j n c fl'im it take? Rnoinv “47«; 

. come -from? In the first in- logical, .fire and rescue services working independently on’ some anr} R ‘ 7n7 . mnvt .A[ nm 
rtance^ much of it will be cash - and other -associated activities, other airport contracts. Boeing, napkapp-trtiiri^t*: rrnm 

Renerated internally by the Currently,' IAL. with 4.000 for v.vamplc, has supplied and \Vest EuroDe ** 
developing . countries, them- employees working in over 50 installed one of’ the world's v 

selves. For the tr governments, countries^/Jias a turnover o’f largest cargo handling systems . ■ lVI.LI. 

.'- recognising -the. growingf.Jraporr i;-.. ' 

.* tahee of civil Aviation and tlie 
: urgent need to . beyoine estab- 
■- Ushed in the world air transport 
. 1 system, are prepared to give top £ 
j priority; to, and. spend . substan- ^ . 

] tial sums on, - these, develop- 
1 ments. But for many, of, the 1 
! smaller countries, . the large 
1 sums- .required to - establish a 
j civil, aviation. . - ground ■ infra- 
j . structure are. prohibitive, and 

• they. need help from outside. 

!’ -This ‘is available fyo™ a 
, variety of sources. The Inter- 
. national- Civil' Aviation Organi-. 

sation, - the . aviation technical 
; agency of . the ; United " Nations, 

, provides cash and technical 
< assistance ■ . to _ emerging . eouft- 
tries; It is helping with 'airport. 

• Sri^Ska^and Vieinam^rS Concorde at Dubai international airport, built and .subsequently extended by 

’ Worid Bank and its -affiliate, Britain's Costain International. 

Ml A- Manchester International Airport is today one of 
the most modem and efficient airports in Europe. 

In progressive development over ihe last 50 years. 
Manchester's growth has been of such a seals that it now ranks 
as Britain's premier airport outside London and is still 

Manchester International operates a wide range and 
frequency of intercontinental flights and an extensive network 
of domestic services. Over thirty oi the Wald's major Airlines 
are represented in Manchester and. there are direct services to 
major European cities and to Nortn America. 

The Airport is also directly linked to Northern and 
Central England through the motorway system and in addition 
to the immediate availability of the industrial and commercial 
North West, other business centres -the West Riding. 

Birmingham, the North East and Clydeside are only a few hours 
Pavel away. Over 50 c, a of British manufacturing activities are 
carried out within 100 miles radius of Manchester and there are 
almost 400 overseas companies using this area as a base to 
service British and European markets. 

Manchester International has a comprehensive freight 
handling capability th^i is continuously augmented by capital 
investment programmes cai ried cut by the Airport Authority and 
the International Gamers using the Airport's facilities. 

The earners and agents at ihe Airport offer a.collec tion 
and delivery service to manufacturers in all the major cargo 
generating areas and have the facilities and expertise to support 
those of any company's export department. 

Fly via MIA, it's the-gateway to the world from the heart 
cf Britain. 

/? MSB* 

Concorde at Dubai international airport, built mid subsequently extended by 

Britain's Costain International . 

«• . * 

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There' ’s a comprehensive choice to suit every 
requirement. Wove sold over 6.000 since we oegan. 

This shows what the right ideas, coupled with 
attention to detail and an absolute commitment to 
\ quality and reliability can do. 

Lead Worldwide 

Simon Engineering Dudley Limited 
Dudley, W«l Midlands D'.'l 2HA. 

. ' x Telephone'. Brwrtey Hill 701SQ.Telo;: 338568 



w— ®os 





airports and airport 

- , Financial Times Thursday 


The passenger and his needs 

JL. ven nw* 'is clumsy* and j pgffid snt handling ■ 


ic designed, ana to ue mi -«■ -■ — . * f„ii canse of the word, one in Derure ueu 15 ™ some airports air paaseusvio — - . 

the aiiport authorities and the ^adequate. ^ Terminal Two and fee other along the spur into _the one . 0 f the world, and course, is .that they W* not 

SS sslil £&§£§!§ §§l§ii: 

mm mMM mim mm mme* mmm 

»L.“on n the Win ggcitedgt sample. ZT° rX ,«. be big . and ^ 

Semnther than for the people the prospect of their two-weeks ^ BAA also does make an s ^ itbe thrown the. simplest systems 1 are the crenti^ ^^ial -bOdy. V: 

Sf“„ r i ,hem vacation in the sun, usually do cffort to cope with the to re-ular airport passen- best Thus, there are “53; jSfoinaU? set up to help the f 

h ’ to he a harsh not notice ^ deficiencies. But passe nger’s basic desire to pass P® ^ mov j n g^ from the innovations that nngM. with ^U Aviation Authoritr in 'ito - 

This may seem to be a “ arsh when ^ey ^ required to wait Uuou-h tlie airport as quickly | QUt “ and south-west? Is it benefit be introauced at Heath- Civd Anauo^^ lt is -al,w?ys ' 

judgment, and it certainly in the airport for several hours ^ possible, but efforts at u essential for the Customs row and other major TIK * n( t w Qiing to listefc th' 

not apply to many of the oa ^ w out at the end of the achieving swift and efficient ™^ or ities to have such a ports. One is the UA domwtic X ^ mm r^: y 

ports and , ai 5 Un «L °I holiday, those deficiencies tend flows are being hamstrung by stranglebob j upon it? What is .air travel system of comp ^ travelling TWhCft ftJs.' 

Europe and the U.S. But n t0 emer o e in their glaring inexorable growth in traffic, • 8 10 happen, for example, check-in. which for short-haul from . that is open^dfefly ” 

theless. there can be few horror. Some of the ambience requiring constant structural .. d when the proposed passengers is often a. DQ * a K J!!^ efn f^rshin''o'ff'a'wide T 

travellers who would disagree Qf ^ Mediterranean sun-spot modifications, as well as by J our th Annina l at Heathrow is savine boon, and one which to pubhc mem. ^ P. 

with it. having at some i tirne or lhen evapora tcs. and much of erte mal factors beyond any- builL w ith a large proportion appears to work well. It sc ^®* oassen gers might, vrefl' 

another suffered the feeling of peace engendered one - s control-such as the fear Qf ^ ^ pass engers a year 4<y much at Terminal One. for /J 1 ® p ,^ from-thai pifots’v, 

frustration 211(1 e '“ d .f p Jf by two weeks' vacation is of terrorism, requiring stnet ug - it ^eiy to need inter- example, to reduce the queues take a 1 ^^^ \ ■ 

at the delays and * ne ®“® oc th wrecked by the frustrations and secu rlty checks and even body h a A „ facilities with the air- at eheck-in desks inside the boo^. • ^ Pilots* rjiMfld* 1 - V 

that seem to >ceo»p>»y the delays the passetlger see ms marches. tin« usinrth'e Central Area? terminaUwhy is it that British .tio^ofAir^ne T 

running of some al £J“ r * s * obliged to undergo as part of wffl t0 moV e all the Airways never seems to have tions (IFAI^A) 

the more that air travel grows, of getting home. n 0 ln V c ^ rnunrf the perimeter road, everv place at every, desk on a star sy«e^*^D»g: T « :% .... 

the more the ground segment For - t ta one of the facts of UGl^yS causing congestion there, or manned during peak periods?), is given to ^v ^ 

appears to be faUin behind the civil aviation today that the A lso, the Airports Authority wtiftifey ^ aUowed to use the Also, the “ Shuttle ” system ' ' 

progress m tiie air and the pace of development in the air is subject to the normal Govern- ca reo trnmeL or channeUed Into between Heathrow and Glas T ^ \ 

more the frustrations ana . t matched hv that ^.einmc .mi immigration “® . , „b tha .mrior. Trdinhnrsh is a great -port- is one t“ a > 

goiu» UK u . 6 on the grouna. rne nunuMo- requirements, which tena at CTOUnd railway that hopefully convenience, ouu wny. un 'wik 

ccompany it turers are producing ever-bigger best t0 si ow down the speed at =« ^ be bu n t between the mtemal routes where traffie-is in :^J S - . 

_ , , airliners, designed to carry vhich passengers can be passed CeTltral Area and Terminal insufficient tn justify a Shuttle; hazard 1 

ReauirementS passengers more economically through, and at worst to create Four? - ■ c^ot the same system of £ 0 « 

1VC " UllC . (which seems often also to mean bottlenecks at some times of the Rritish ■ Airports -ticket-purchase at. the gate or sports 

Ml that any passenger wants more unC 0 m f 0 rtably>. The air- day {such ^ ear ] y morning) aboard the aircraft, be intro- many 

the world, is that it should be bers and fly them t0 more an d Baggage handling delays at Heatiirow ooci r q appRRr t0 ^ ‘.Tate: the- ; Wg* 

clean, comfortable, conveniently places, whose Govern- Heathrow are aisu a constant totatiy new ^stem of A1 m Vcniplaints to V)* ’ 

located and easy of access, safe ments P and local authorities ca use of complaint especially In airport owners. 26. aipiort^ - 

and pleasant to use. and. most S(?em to he only too keen \n - m inioal Three. There are also to «jj» r ^ f 11 th ® ?JL rjHeq arrt ^ Government world it considers^ 

important of all, swift to pass Tec<?ive them. But no govern- faulls wil h the long-term car chared hi w h ntAfor^ JJe Srtm«nts not only intheUK'; airports, lnclntfing^Sev^l^B,. 

through, with the minimum of nient or airport authority any- par king system: the courtesy pnytiege 0 g » o Pa - j ewberei But they Colombia, four iapr?. 

: formalities and bottlenecks. It wbere \ n the world spends any- buscs are too small, and there °^ am tu ”" e * thp p er ,tral Area. all noints which have. (Boston,; 

1 is not a formidable list of un- thing j^e as much .on its air- seem tu be insufficient numbers spend in ibe iCe • -J uersohal expert- Thomas in the Virgin 

attainable requirements. But it and associated ground of them, so that waits of up to tm % £S S ^ * a * k ' ™ 

is probably true to say that no ^v St e m s as it does on its airlines 20 mmules for a bus at peak ^niSbvensur- SSiPnrlv corroborated ' by three- ih ',.Atfctfttalia, 

single airport anywhere in the and its aircraft This is iust as per i 0 d s are not uncommon. On gestmnwillbe a 0 - b oi ^ d “ rs 0 f this newspaper They Greece. (Corfu, find- 
worid fulfils all of them all of ^ in u.S. ana Western [ h e homeward journey, the pick- mg that only thatnamberot.rwders ofthisnew^p^iney tWff inmaonestiutwo fn Esg •.. 
I the time. The sad fact is that ^rope as it is in the countries up points are not sufficientiy c«^whtehperta ? B riots «e_ Je P»«ejger^. ^ bid A«*ero>; -W * - 

single airport anywnere w ^ an d its aircrau. mis is iu«i » periods are not uncommon. n „*ber of nf this newsnaper They Greece . tupna; ««**■ . 

worid fulfils all of them all of ^ in u.S. ana Western [ he homeward journey, ihe pick- mg that oniy that number or .Traders of this new^p^ iney tWff ^ mdonesin.' two inMy; .. 

the time. The sad fact is that ™ ope M it is in the countries up points are not sufficiently TMminl and Algtero); -tme; te . r 

too many airports do not even of ^ Third World, despite the clearly displayed, the tele- available will be allmved. •« ffitimate consumer m mr^a^. ^ ^ ^ 

try to meet some of the most man y major new airport phones to summon the buses anytime. SJLi'itv nf treatment that- be others in Malaysia, Tonga sudj; 

elementary items in the list, developments that are taking are hidden too far away - X«a*r^es no matter what level . Japans > - y 

and often only comply with one p i ace world-wide and the accept- (they S h 0 uld be actually at OliCStlOIl • of fare he mav be paying. More- The. World's J air . pfeseng^ r.-~ 

at the expense of another. ance by more and more govern- ^ pick . up points), and ^ .. is e ven- ■ over the v tend to confirm the-- if only enough' bf^ -tii«n ‘cxa&t; 

Not all of the world's air tra- ments that to clvti an ra- ^ere is no attempt made ^“^^ducetfremaiiis to be ^ suspicion'that has been-grewllig together. mi^^wdl . eonsi^ - 

vellers are businessmen. Many ton is one of the to ensure orderly qneuein 0 tual . necessary in the minds of many frequent establishing a bW ^ 

of U.em ore tet-Bme air tra- of onsurin® eranomic growth. (why carmotqueueins barriers “Snore that tS who rim to mder&tea simUar graam* 

vellers. often holiday-makers Some of the Wn«««n>^ be built at the pick-up points, if the foimh termini Govern . aMines and 5 ^^ are, pw- of. the world's jatports accorf '- V 

who have paid verv low fares, owners in the world, SULh aS as they are for taxi queues at tually capacity bans unwittingly, : allowing the "ing to a basic list df passenger 

But ihts^s no reason for them the British Airports Authority some major UK and foreign roti- “ e ^: l ■iS*S*I to ^quirementir- imdi;. as= clea^; 

fo be treated as second-class do make a conscious effort to way stat ions?). The Central is pegged at Mm ^ p^ngers^ growm ^Snoi»-“wW« a hne^. comfort, convenience q£ 

citizens, as they often are at study the P““ e ”J®F Area car parV* u-^hrmv are ycai S? bSSS-’ hiring ofstendArds of service.^ ^ acceis, and swiitae^ easejnd 

airports round the world. There needs. But it is .P * inadequate: has anyone thought ^ authority) But it 'This is not only unnecessary and courtesy' of service. ’It--^uH 

can hardly be a British package- to find fauJts At H^row, for of buUdmg downwards into the Aw*>«* sh?w that the ^desirable. But also a waste of probahly ^e a j^ejiuml^ 

tour holidaymaker who has not example, the biggest inter gr0 und, rather than upwards? ^ s hn !L ^ conscious of the valuable resources. For - no. of coraplacent alr^rir ^auth.- T 

some horror-story to tell of the national 1 * B . U the K Sv Sn-Mhe®^' wta proffiem^and of the passengers’- matter how much like a pilaee orities Jafound tje- "‘SLS 1 
airport at his Mediterranean or the toilet facilities lnaiiinree gr0 u n d, why can t the car parks, promem ana * f df -chromium /steel and' plate discover' W,what.thc.niilUma., ; 

other sun-spot. Hastily construe terminals « ^ too? “J ” it is’ L dbrighers make ; ^bflpa^ffhgere^ 

ted. sometimes in a most unsuit- especially hj Term nai nvo There are other problems at ”^.?-Tp. ,e devisi ^ e wavs of meet- -tiietermlnal, it -la wasted if the is in some cased the morfe appro- 
able Place from the air safety There are Heathrow, especially with get- actively devising ways of meet ttw ^ for “the , OTOrti, 

aspect, in order to cash in on restaurants of good quality- t|l|JJ int0 and out 0 f the air- **}*™i_ k frostrated •: and - really- JMnk of them; ’ . 

— ariSSrsH g|; : ; MJ >- 


major shake-up 

, , ; . 

ft . : i 

- ■ ; 

THE ENORMOUS publicity 
given to the current deregula- 
tion of the U.S. airline industry 
has concentrated quite rightly, 
on what it means for the airlines 
themselves. But an equally im- 
portant question is, how will the 
country’s 629 scheduled service 
airports cope with what is cer- 
tain to be the biggest shake up 
in the industry's history? 

A hint of tlie trouble ahead 
was indicated recently by the 
head of the Federal Aviation 
Administration. Mr. Langbome 
M. Bond, warning that sheer 
lack of airport facilities could 
undercut whatever benefits de- 
regulation brings to the airlines. 
His remarks came only a few 
days after a Pacific Southwest 
Airlines jet collided with a light 
aircraft over San Diego, causing 
over 150 deaths in the worst 
disaster in U.S. aviation history. 


Designed to provide an independent,unique!y experienced 
capability for airport planning, management andoperations, together 
with extensive training support programmes. 

UriiMi Airports Inl.-m.iiiniinl capitalises on Jho exten- 
1 M pcdalisi iv>' ■ui | ,, v ..r two nf Britain's leading 
i,,„ ,.ns.nis.,iiuns. II -Hits la ^vemmente and 
.,v i.„j„i, aeu-nck-H «..rl.l« II lull range uTseniLO, 

CONSldTANCV H>r airpori pn.-jects of any sue or 
o imploxily and covering avial ion ojjerntions of a!I kinds. 

PKRSONNIX Short nr long tenn secondment of fully 
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TRAINING A comprehensive range of UK or overseas- 
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ineiit and opcTations. 

CONSTRUCTION Designing and constructing new or 
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Brili^h Ain^rls IlUfnKilioMMl [..imitcilisa joint wntlin; 

l„v mu,e.l ..n an equal bas.s by (he BnUsli 
\in-«,ris Authi.rily an. I 1AL. The tn.. ,.r K aa,sat,ons 
. thf entire ranse of airport mfraslructure, IAL 
pr. ivifiingexperli^.- particularly ill the fieldsof air traffic 

control and relocommuni-iii ions, while BAA provides 
ainiort planning and forecast imi skills plus accoun- 
tancy, management and specialist engineering ai h 
Tlie company is already handling major contracts in 
Baghdad and Iceland and htis been invited to submit 
lenders for a number of other important airport projects 
throughout the world. . 

British Airports International is complementary to 
rather than in competition with the private sector. And it 
has the backing ofthe British Government 
Kor further details write to: Trevor Wilson, General 
Manager, at the address below; 

L.U| - 



i.V^ 0> -6* 

Mr. Bond's point was that 
even if deregulation increases 
competition among airlines and, 
hopefuly improves services and 
cuts fares, the country's major 
airports are already so con- 
gested that aircraft will have 
difficulty getting in and out of 
them, and even when they do 
they may not land near a gate 
to take on or discharge 

This year alone, passenger 
traffic has grown by IB-20 per 
cent, double last year’s rate of 
growth. And though this hectic 
pace is unlikely to be sustained, 
it gives a good idea of the size 

of the problem. 

These fears apply mainly to 
the country’s dozen largest air- 
ports which either by virtue of 
the towns they serve or their 
convenient location as hubs for 
interchanges, handle over 10m 
passengers a year. Chicago’s 
O’Hare airport, for instance, 
serving a town of 3m, expects 
to handle over 44m people this 
year, while Atlanta (population 
430,000) the country’s busiest in- 
■ terchange airport— will handle 
over 35m. 

The pressure on space is 
graphically illustrated by the 
fact that all 104 gates at the 

I giant new terminal that 
Atlanta is building for the 19S0s 
have already been leased out, in 

some cases for 30 years. Any 
airlines now wanting space will 
now have to sublease. 

According to the Airport 
Operators Council International 
(AOCI), the Washington-based 
trade group, four major airports, 
have reached the limit of 
expansion. These are New 
York's Kennedy and La 
Guardia, Chicago's O’Hare and 
Washington’s National airport. 
In each of these cities, the air- 
lines share out “slots” among 
themselves on a quota basis. 
And though some improvements 
to access roads, and passenger 
and freight terminals are 
planned, any large increase in 
traffic would have to be 
absorbed either by brand new 
airports, or by expansion of 
others nearby. 

In New York's case, part of 
the load could be shouldered by 
the city’s third airport, 
Newark, where a third terminal 
is ready for completion when 
demand justifies it. The trouble 
15 that Newark is out of the way 
for most travellers and the pros- 
pects of it becoming as busy 
as the other two are remote,. 
Another alternative, proposed 
by the Tri-State Regional Com- 
mission, was the development of 
existing community airports, 
like Westchester’s White Plains, 
but this is fiercely resisted by 
local residents. 

In the face of an impasse, 
local planners are pinning their 
hopes on the wide-bodled jet 
era easing the access problem 
by packing in more passengers 
without -increasing aircraft 
movement But this still poses 
the problem of ground handling 
wbere a whole new technology 
based on ideas like ^people- 
movers” is growing. - , - 
Atlanta is the - leading, 
example of established airports 
wbere growth is possible, though 
it has been predicted that the 
new terminal will be operating 
flat out within three years. Los 
Angeles has just launched a 
project to double, its inter* 
national terminal . capacity 
within two years. Denver, an 
important hub, is also growing: 
so is Baltimore-Washington In- 
ternational which . should 
eventually take . some of the 
pressure off Washington's 
National airport 
But the. picture is not wholly 
l bleak. Dallas-Fort Worth, the 

giant airport in northern Texas, 
has set a patterti, for airports' 
of .the future ty ' emphasising.. 

generous; capacity and all the 
latest in ground-handling tech-;; 
nology. A liew super airport is 
also planned' for -Palmdale out- 
side Los Angeles, Rut;. though- 
others may 'follow, it is prot 
abiv .too Jtefe for itfpre than .a 
handful ..of .{cities - to 'prepare 
such grandiose schemes/ Space 
is limited, and environmental 
opposition "fierce. 

Nevertheless, established air- 
ports can always expand: theit 
capacity by more efficimit 
handling. Travolators and high 
capacity ' baggage handling 
equipment are fast becoming 
essential. "And already, funda- 
mentally. new ideas, are- being 
applied- . ' • • 


One of the most striking is 
that encountered at places like 
Washington's,.. Dulles Interna-, 
tibnal. Contrary to" the trend to^ 
wards’ gates which offer instant : 
dis- and ’ embarkation, . ; Dulles 
has gone back to buses', but of 
a different TdniL 1 They: travel - 
high off the ground . on stilts , 
and pull up .right .'against the ; 
aircraft’s., door.' .enabling pas- 
sengers: to embark directly as if 
they were .walking off a gate 
ramp." The advantage" of this 
system is that it does, away with 
tlie need to pull aircraft up to 
the terminal buildings. This in 
turn eliminates those intermin- 
able corridors connecting the 
terminal with the gates, and tt 

enables airports to make - the 
fullest use of their, parking 
areas. • • V- --^ 

But the irony -behind .:ti>e 
trend towards super airparis .ls 
that; many second tier, and- local- 
airports are actually suffering a' 
decline in business: -some ..even 
face losing ' scheduled' . services 
altogether, or' at test an eod. to; 
non-step services to important 
destinations.;.- j 1 . 

THis'.';. is because : airlines 
naturally go for ..the: busiest 
routes, neglecting the;, short 
bops to outlying places; ! r Dfi: 
'regulation^ m .'likely Ao hasten, 
this, trtnd as. airUnesf-are 
relieved "dC obligations ' toserv.O 
less profitable .routes'- as a con 
dition for 'rights to thglncrati 
. ones. •- . 

. AOCI, is : fighting the. proposal 

by the Civil Aeronautics Board 
to replace the present practice 
of awarding routes to airlines 
administratively “with * system 
of public auction. 7 This . is 
because -it believes the^a^mes 
- will .-only bid -for high ^density ; 
routes,- so the -hub-, wifl get 
bigger and the ' smaller airporfs 1 
will be forced into . playing ^a ; 
feeder role. . ; 

The downgrading ot com- 7 
munity airports wodld also^Tw 
financially- warteful- since many 
of them Were .built as local 
prestige projects, and. are well 
equipped;' ' ^ : 'y; T .7 

Although. AOGTs' interest-, 
principally '.the. commercial one; 
of keeping airpeuis bdsy,. its 
views are .shared" by those who 
feat the social consequences', of 
;a big upheaval in air traffic 
'patterns", which would ; leave 
isolated' communities without 
transport, an argument which . 
echoes long-Stending debates 
.about. train and. rural services. 

: .Th e net effect pf dere gulatib n 
' Is -therefeire lik^ to he a shift 
: of airiine^traffic -nwayirpin: tile 
: smallerVairports which need ser-^ 
vice to. tfie big aixports whieh, 
-’-in most "cases,, will ‘.be hard 
pressed .to absorb more 
passengers. The’ illogicality of 
this has not been Inst on those 
' vibo operate and regulate- tiie 
airline business. 'bue it-is viewed 
as partof Ihe’^ ' wfcidb {needs 
to be paid to a ehieve- the higher 
goal of .leaving the auiines td 
get -on by themselvesl The, CAB 
does; howevnr. hayet- the. right 
to u reylew route , allocations^ it 
feels 'smaller comnnuuri^ 
Congressional interyehtiop 'c?n- 
. not be ruled out altog£lbeiy ^ -. 






.financial Times Thursday beCembet 21 , 1.978 


e % 

-r- • *°a£i 

■ ■ • 1-*"'*$ 
-*■■;-? it* 

.. - ■-. »•- *^S, • 

* • r->N j 

'*l£ • 

: -v 
■■ • 


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• ■:'.■•« Fik 


•- ••• 

... i ,.s.\ 



Problems of regional development 

: ’ ‘ •'■'"S' 

.; 17 
• -*■•'•/ » 

■- ’!£>. 

. i. 

._■ • 

i:1 ?** 
S ' T "* fcl 
■•*■ ! *5lt 

: IN THE U.K., tfiere are now 44 
I airports— that is, places with 
' -regularly scheduled:' passenger 
transport - sendees, - either 
domestic -or international or 
both. These'- are distinct from 
“ aerodromes, ** of which there 
are -many more, hut which are 
! ' largely confined . - either, to 
. military operations or aircraft 
; manufacturers* purposes, or to 
; private, leisure or sporting 
; flying of various types Cindud- 
ing gliding, --.-for example). 

> Wh He some, of these aerodromes . 
are used occasjonaliy for.puhlic 

■ transport purposes, such asbusi- 
ncss flights by company-owned 
aircraft, facilities such .. - as 
Customs and immigration have 
to be laid on specially, therefore 
they are not generally regarded, 
as airports as such. 

Apart' from the airports 
owned by the British Airports 
Authority (Heathrow, Gat wick. 
Stansted, - Prestwick, .Glasgow, 

: Edinburgh, Aberdeen), and the 
. “Highlands and- Islands” air- 
; ports owned- by the Civil 
i Aviation Authority, the rest are 
: owned and run largely-, by local 
! authorities, and only. in a few 
; instances by private organisa- 
[ _ Lions. , '. . . 

■ Of the 44 listed as airports by 
! the CAA, the biggest is Heath- 

> row, which in the, year to last 
i March. 31, handled close to 

23.6m passengers. Next, is 
Gatwick. which handled 6.76m; 
followed by Manchester, with 
. 2.84m, Luton, - with . close on 
‘.2m. Glasgow,, with 1.78m and 
Birmingham, Belfast and Edin- 
burgh'. all- with just over 1m. All 
the rest' in - the year to last 
March: 31 had less than lm 
_ passengers; although some only 
just narrowly missed this figure, 
such as Aberdeen, with 997,000 



•y ;*» ;*£ 


• r":a; 

■ o.rqc 


But, as a result of the growth 
in air travel over the past year 
or so, most of these airports are 
becoming busier— the only 
exceptions 1 .being some of the 
very small : Highlands and 
Islands airfields which experi- 
enced some fall;- in traffic last 
year; .' Collectively, the 44 air- 
ports last yea? handled. 1.37^.000 
aircraft . movements, nf which 
785,000 were- transport aircraft 
movements, arid over 47m 
passengers. The ‘fact. that last 
year the. strike. of air traffic con- 
troJ^assistants severely cut the 
number of 'aircraft movements 
tfrom 2,895,000 in the previous 
year)) but did. not affect the 
number of passengers, was a 
reflection of the big growth that 
was' liking place in- passenger 
movements '.hr the earlier 
months of the year, offsetting 
any declines in traffic during the 
period of thfe industrial dispute. 

The Government’s While 
Paper on Airports Policy, issued 
earlier this rcar. saw an increas- 
ing role’ for these regional air- 
ports outside' London and the 
South-East in the years ahead, 
as traffic grows and congestion 
increases at Heathrow, requir- 
ing more traffic moving, out' of 
that airport into Gatwick, and 
perhaps also to Stansted and 
Luton, but certainly also . to 
regional' ''.airports. The Govern- 
ment's argument that ai pre- 
sent the regional "airports suffer 
from overcapacity,, with only a 
limited range of scheduled air 
services, spread over, a large 
numbeT of airports. “The tSov: 
ernment's main objective, there- 
fore, iii the long' term, is In 
encourage the. -growth of traffic 
at the principal regional air- 
ports, while- avoiding , the pro- 
vision of excessive new capacity. 
The Government's view. is that 
this policy . “should help -to - 
develop air. transport on-a firmer 
base throughout ..the-UK- and, by 
providing a wider range of ser- . 
vices and more .frequent con- 
nections. tn attract international 
traffic d/reclly to the regions, 
where an important expansion 

in tourism ■ is taking' place.’’ 

Just what The Government 
regards as “ a wider range of 
services ’’ has not been spelled 
out in detail. But there is no 
doubt at -all that maxiyi people 
in the regions are deeply un- 
happy not only ' about the 
Government's policy., as- out- 
' lined in the White- Paper, but 
also about the way in i which 
the Government through the 
Department of Trade ^nd CAA, 
Is implementing its- policy of 
encouraging regional air' traffic. 

Most foreign airlines' serving 
the UK not only insist that 
London is their focal point but 
also that in the area they prefer, 
even insist upon. Heathrow 
rather even than Gatwick. It 
would appear, therefore, that if 
the Government wishes to see 
more international services by 
foreign airlines at regional air- 
ports it will have to stimulate 
such developments by making 
it either financially attractive 
for them to move to those air- 
ports, or develop through its 
various inter national bilateral 
air agreements a policy of seek- 
ing mnre air services to and- 
from the regions, in the same 
way that it is now • trying 
through bilateral discussions in 
get a greater foreign airlines’ 
use i»f Gatwick as opposed tn 
Heal brow. Some foreign airlines 
already use the major regional 
airports, but they . will only 
expand their operations when 
the traffic itself is demonstrably 
there, and not the other way 

One of (he basic problems 
that has bedevilled the develop- 
ment of regional air services in 
the UK. both domestic . and 
international, lias been lack of 
traffic to sustain regular 
scheduled operations - by 
medium to large aircraft. 
Frequently in the past, an 
ostensibly economic service 
between a UK regional airport 
and an airport on the Continent 
lias been started, but has 
foundered because the antici- 
pated volume of traffic did not 
materialise. What now appears 
to be happening, however, is 
that airlines .ire starting 
services with the- smaller, more 
economic and less ambitious 
types of aircraft that are becom- 
ing available, very often six to 
Ifi-seaiers such as Piper Nayaho 
Chieftains or Erabrner . Baadei- 
rantes, and building up -from 
there. growing in aircraft and- 
fleet size as the traffic grows, 
rather than starting with air- 
craft that arc much too .large in 
the hope that the traffic will 
expand to fil1 llie aircraft. 

In this way, it is hoped that 

a substantial network of 
regional air services will evolve 
in the years ahead, taking some 
at least of the strain off airports 
in London and the South-East. 
But the other major problem 
remains lack of capital for the 
s’ art of such operations, and the 
Association of British 
Chambers of Commerce 
recently suggested that the 
Government, as part of its 
overall airports policy, should 
encourage such services by in- 
troducing a subsidy scheme for 
new air services. 

This financial aid would be 
given to small airlines specific- 
ally starting operations from 
regional airports. The aid would 
be of strictly limited duration, 
as the intention is not to pro- 
vide permanently uneconomic 
air services but aid for airlines 
in the difficult and expensive 
start-up phase. Clearly, in order 
to qualify for aid. airline 
operators would have to demon- 
strate their competence, and it 
is envisaged that (he scheme 
would be operated in conjunc- 
tion with civil air licensing 
policy. The association argues 
that it might even be cheaper 
in 1 lie long run to have such a 
scheme, than to embark upon 
ihe development of a major new 

In other pans of the UK, the 
Government’s While Paper has 
come under fire for nut going 
far enough to provide for future 
airport development in the re- 
gions. and there are some con- 
siderable differences of view 
within the regions on what 
needs to be done. In Yorkshire 
and Humberside, for example, 
there are considerable pres- 
sures for the further develop- 
ment of the existing Leeds/ 
Bradford airport, with an ex- 
tension of the runway, at a cost 
of over £9m. Bui the Yorkshire 
and Humberside Airport De- 
velopment Association contests 
this plan, and believes that a 
major new regional airport 
should be developed at Goole 
Moor, in the centre of the area 
hounded by Hull. Doncaster. 
Leeds and York. The cost of 
such a development is esti- 
mated (at 1977 prices) to be 
about £50m. but the association 
claims this is comparable with 
the aggregate investment pro- 
posed at Manchester for streng- 
thening of the existing runway, 
the construction of a second 
runway, and the development of 
the East Midlands airport at 
Leeds/Bradford, including the 
proposed runway extension at 
the latter.' The association 
believes thai^ the 4 ini popula- 
tion of Yorkshire and Humber- 

side should have a regional 
airport of their own. and thai 
” any national airport policy 
should encompass a major 
national or gateway airport east 
of the Pennines.” 

Similarly, there has been con- 
siderable disappointment on 
Merseyside at the recent de- 
cision of the CAA to reject 
applications from British Mid- 
land Airways for licences to fly 
direct services from Liverpool 
< Speke) airport to Paris and 
Amsterdam. BMA took over 
services at Speke from British 
Airways earlier this year, in a 
bid to reactivate the airport, 
which is currently running at a 
loss. The CAA ruled that 
adequate international' services 
are available from Manchester. 
The feeling in Liverpool at this 
decision epitomises the general 
feeling abouL the Government’s 
attitude towards regional air- 
port development — Lhat if there 
is a genuine will in the regions 
to develop international air ser- 
vices and so take the .strain off 
London and the South-East, it 
should be encouraged, not re- 
huffed by ihe arbitrary rejec- 
tion of licence applications. 


But the most important re- 
gional airp nrt them ail is 
Manchester. This has been 
designated in the Government’s 
Wh:ie Paper as the major inter- 
national air gateway fur the 
UK outside London and (he 
South-East. At present, the air- 
port handles about 2.9m pas- 
sengers and some 47,000 air- 
craft movements a year, but like 
other major airports is faced 
with the problem of improve- 
ment and expansion to cope 
with forecast traffic growth. 

Fur some time, Manchester 
has been wrestling with the 
question of how in cope with 
this — either to build a second 
runway, or to extend the exist- 
ing runway, or both. The de- 
decision now taken is to shelve 
for the time being the plan to 
build a second runway, and tn 
press on with the .strengthening 
and lengthening of the existing 
runway. This work will start 
next spring, and will be under- 
taken during the summer 
months at night, so as to ensure 
that the airport remains fully 
operational during the day. It 
will continue into 1980.. until 
completed. On completion, the 
existing runway will be 10.UUO 
ft long, capable of accepting the 
biggest and heaviest jet air- 
liners expected to be flying 
through the 1980s. The second 

■try -tT’*'— 


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main runway i«. still regarded 
as a long-term probability, how- 
ever. and it it envisaged that, 
subject to planning and other 
consents when the time comes, 
work on it cmltl begin some 
time in the mid-1980s, so that 
it could be available fur use by 
the late 19S0s nr early 1990s, 
depending entirely upon traffic 
demand. This second runway 
would he only ahmi t 9.000 ft 
loug. instead ««f the 10,500 ft 
envisaged originally. 

But various other improve- 
ments to the airport are also 
envisaged in the period 
immediately ahead, including 
the provision uf airbridges and 
waiting lounges, the const ruc- 
tion of additional aircraft park- 
ing stands, together with the 
possible development of a new 
cargo terminal, the eventual de- 
velopment of a new passenger 
terminal, and additional aircraft 
stands and hangars and other 
buildings. Dictating those de- 
velopments will be the growing 
importance uf Manchester to 
international civil* aviation. At 
present, the catchment area of 
the airport <s ihe whole nf 
Central and Northern England, 
including some 25 per cent of 
the total population. This 
means that dfim people live 
within three hours’ drive of the 
airport, and nearly 3m live 
within Greater Manchester. 

In Scutiand. airports develop- 
ment has several facets. First, 
there is the big expansion at 
places such as Aberdeen and 
Sumburgh, it* meet the demands 
of the North Sea oil and gas 
develop men:, and production. 

Secondly, there are the 
various "Highland and Island" 
aerodromes, which have fnr 
years been kept open purely as 
a social service for the small 
popu>LaiUon5 in the areas they 
serve, and which t apart from 
Sum burgh, which is nmv 
virtually in a class apart), are 
likely to go un being supported i 
in this way. since the expan- 
sion anticipated in the years 
ahead is unlikely tu enable 
them t« reach economic self- 
sufficiency. These are the air- 
ports at Benliecula. Inverness, 
lslav (Puri Ellen), Kirkwall. 
Stornoway. Tiree and Wick. 
Collectively, these aerodromes 
t including Sumburghi. handled 
99.205 passengers in 1977-7S. a 
rise <*l 1 6.6 -per cent over the 
previous year, hut of this total. 
Sumburgh alone accounted for 
more than 27.00B. a rise of 61.2 
per cent, while in five of them 
(Benbecula. Kirkwall. Storno- 
way, Tiree and Wick) traffic 

4 ..V 

actually declined last year. 

Thirdly, there are the three 
big ** Lowlands Airports.” of 
Glasgow*. Edinburgh and Prest- 
wick. which have special 
development problems of their 
own. partly stemming from the 
actual and anticipated traffic 
growth. and partly from 
internal Scottish pressures for 
a change in the distribution of 
traffic between them. His- 
torically. Glasgow and Edin- 
burgh have been short-haul 
domestic and international air- 
ports. with the long-haul 
scheduled and charter traffic, 
primarily across the North 
Atlantic, being handled by 

Now, there is pressure for 
change, with many people living 
in and around Glasgow and 
Edinburgh, and especially the 
latter, anxious to have trans- 
atlantic flights to and from their 
nwn cities, so as to avoid the 
long journey to Prestwick. The 
BAA which owns all three air- 
ports. i) aware of these pres- 
sures. and has already spelled 
out the options, as it sees them. 
These arc 

1 — Tu maintain the present 
position, which would be the 
cheapen, involving expenditure 
of only about £ 12.5m at Prest- 
wick tu ensure that its facilities 
can keep pace with traffic 

2 — To shut Prestwick for trans- 
atlantic flving. keeping it open 
only as an airfield Tor private 
flying, and for the Scottish Avia- 

tion factory to British Aero- 
space. transferring all the 
scheduled and charter trans- 
atlantic flights ro Glasgow and 
Edinburgh. This wuuld result 
in ihe luss of some g.5uu joiis ..t 
presrwick. but also the expendi- 
ture of some £5lmi at Glasgow 
and Edinburgh to bring up to 
the standards uf transatlantic 

3 — Tn keep Prestwick open fur 
scheduled transatlantic tlighis. 
but redistribute its extensive 
lung-haul charter operations tu 
Glasgow and Edinburgh, which 
would involve spending some 
£37 in new facilities at the two 
Jailer airports. 


Although Die BAA has sought 
a consensus of opinion on the 
best of ihese options, it seems 
likely lhat the matter v.iJI 
remain open until the proposed 
Scottish Assembly, to be created 
when devolution occurs. Iris 
been given an opportunity tn 
consider the issue, as it is hound 
to want to do. But. here again, 
the decisions cannot be left too 
long. Tor the shc.or pressures 
of traffic growth will require the 
outlay of substantial sums in 
Ihe years immediately ahead on 
new developments, especially at 
Glasgow Airport, and ihe pre- 
cise nature of the traffic distri- 
bution between the three 
airports will need tu be set tied 
before such outlays art- 

One of the newest airport 

developments m the TT\ bis 
been dial at >c,it.-ta. in Hu- 
Shetland Maud.-, the moil 
northerly airport mi the country. 
On July in. thi- yi-ar. the first 
service took oit /rum the 
redot eloped airpurl — .in old 
wartime RAF field — carrying 
personnel from the a roving oil 
treimnal at nearby Sulloiu Vue. 
B:ni.-h Petroleum. wIijcIi is 
responsible to Hi - oil iudu-nry 
for the development cm the 
Siill-uii Vue terminal, fijsl put 
tin- work m hand around a year 

In the ensutcig period, under 1 
the control uf Sir Fi t-d crick 
Snow and Partner*, the con- lilt- 
ing engineers on the project, a 
new main runway has been 
created out uT tilt* old wartime 
RAF field, together with a new 
terminal budding and contiol 
tower, fir** station, generator 
room ami a workshop buildings 
for Dan-Air. All the buildings 
have a low profile to *:i:t the 
environment, and are capable 
of swift expansion. 

The airfield is primarily u.-cd 
by US-748 a i reran of Dun-Aii 
serving the Sullmu V*ie ter- 
minal. and it is ex pet red that 
Scatsta ^Hi relieve the lo:.i! or: 
Sumburgh to the south. It n 
possible that evenin'. Hy as 
Sul tom Vue gr«»vs. the traffic 
at Sea L«i a might ini-rctro.- !•> 
equal that of Sumburgh. Tie: 
weather -hnulri help in tin*, for 
the records show that Scal'd a 
stifle: > le»i from fog than Sum- 


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IN TERMS of total air traffic, 
Western Europe is one of the 
busiest and most congested air 
transport regions of the world, 
ranking with the North-Eastern 
corner of ilie U.S. and the 
Chicago area. It is same of the 
busiest air mutes in the world, 
such as Lnndon-Paris, and in 
Heathrow it has the busiest 
international airport in the 

Although some U.S. airports 
outranked Heathrow in 1977 in 
terms of total passenger traffic 
handled — such as Chicago 
O'Hare with 43.4m. Atlanta. 
Georgia, with 30m. and Los 
Angeles at 28.4m, compared with 
Heathrow’s 23.4m — this was 
snlelv because of the heavy 
volume of purely U.S. domestic 
air traffic they handled. 

When measured strictly in. 
terms of international passen- 
gers. Heathrow’s position is 
dominant at 20.6m in 1977, and 
it is closely followed by several 
other major European airports. 
In the " top 10" list of airports 
handling international traffic in 
1977. Kennedy, New York, fol- 
lowed Heathrow, with 10.7m 
i nut of a total of 22.5m). and succeeded in turn by Frank- 
Hirt (9mj. Washington Dubes 
1 8.6m i . Amsterdam 1 8.4m ) . 
Paris Charles de Gaulle (7.6m), 
Paris Orly (7.5m), Copenhagen 
f6.Sm>. Rome Finmiclnn (6.4m) 
and London Gaiwick 15.8m). 


Another important factor to 
he remembered when comparing 
European air traffic with that 
nf the U.S.. is thp relatively high 
proportion in Europe of ** true 
terminating traffic" — that is, 
passengers actually starting or 
ending their imirnevs at ? given 
airoort. rather than " inter- 
lining.'’ that is. connecting with 
other airlines for onward 
journevs. At Heathrow. 85 per 
rent of all passengers are ** true 
terminating” passengers, .*nni- 

pared with 75 per cent at Ken- 
nerlv and Paris Charles de 
Gaulle. 70 per cent at Rome, 
between 60 and 65 per cent at 
Frankfurt. Zurich and Copen- 
hagen. and only 50 per cent at 
Chicago O’Hare and 30 per cent 
at Atlanta. 

The point about these 
statistics is that they illustrate 
dearly the measure of the prob- 

lem faced by airport authorities 
in Western Europe — a heavy 
volume of high-density inter- 
national short-haul terminating 
traffic, seeking to move at peak 
hours of the day which are often 
also the times at which many 
long-haul flights, arrive at Euro- 
pean destinations. It is in the 
sh”rt-haul field that much of the 
future air traffic growth is ex- 
pected to occur, as fares are 
steadily reduced. The pressures 
on airport capacity are already 
acute and are bound to worsen 
as the current traffic expansion 
rate of about 8 per cent a year 
continues into the 1980s. 

There is no doubt that many 
of the improvements now being 
planned or made to the struc- 
tures and facilities of Western 
European airports are neces- 
sary. for many of those airports 
were first built soon after 
World War Two. They have 
served- the development of civil 
air transport well for 30 years 
or mure, and now have tu be 
brought up to the standards re- 
quired to cope with a new gen- 
eration of first-time air passen- 
gers in the era of mass air 
travel that lies ahead. 

But there are considerable 
difficulties. In Western Europe, 
populations are denser, cities 
and towns are bigger and closer 
together, and airports have 
historically evolved much closer 
t«i city-centres than has in many 
cases subsequently proved desir- 
able for environmental reasons 
of noise and pollution. Often, 
airports that were originally 
deliberately sited well away 
from cities have subsequently 
become surrounded by the un- 
controlled growth of residential 
and industrial areas; 

This has had two main conse- 
quences. The first is that the 
environmental pressures on air- 
port authorities have been much 
more severe than in other parts 
of the world (outside North 
America). It is largely from 
the densely-populated urban 
areas of Western Europe and 
North America that the greatest 
hostility to airports and air 
transport in general has been 
generated, as a -result of which 
political constraints have been, 
and are still being, imposed on 
the siting, sizing and opera- 
tional capacities of airports, and 
op the noise and pollution emis- 
sions of each new generation of 


These constraints are having 
a substantial impact upon many 
airports. Throughout Western 
Europe, many of them are shut 
at night to jet airliners, render- 
ing unusable or severely limit- 
ing the use of resources that 
have cost in some cases several 
hundred millions of pounds to 
construct Af the same time, 
many millions of pounds are 
having to be spent additionally 
ou noise-reduction and anti-pol- 
lution activities of various kinds, 
thereby adding to the overall 
expense of operating the air- 

The second main consequence 
is that many airports are now 
physically unable to expand 
beyond fheir existing bound- 
aries, so that all the new 
facilities required to take ac- 
count of the anticipated expan- 
sion in traffic through the 1980s 
and beyond are haring to be 
contained within existing air- 
port perimeters. This in turn 
is resulting in developments 
being concentrated upon im- 
proving and enlarging terminal 
buildings, improving access to 
and from city centres, and in 
the enlargement of aprons and 
in the improvement of landing 
and ground-movement aids, 
rather than in the provision vf 
additional runways or even of 
runway extensions. It is signifi- 
cant that in the few cases in 
Western Europe where new air- 
ports. or additional runways at 
existing airports, are either 
being undertaken or planned, 
they are all subject to intensive 
political and environmental 
debate, placing considerable 
further constraints upon airport 
authorities and airlines alike. 

A particular example of this 
is the cinrent situation in the 
UK. where the need to expand 
facilities at airports iD London 
and the South-East of England 
to take account of anticipated 
traffic growth in the 1980s is 
he mg delayed by the Govern- 
ment — initiated Public Planning 
Inquiry into the proposed fourth 
passenger terminal for Heath- 
row. with the possibility that 
any further expansion planned 
at other airports, such as Gat- 
tyick and Stansted. will also be 
subject to similar planning 
objections and subsequent pub- 
lic debate. 

In view of all these con- 
straints, the airports authorities 

of Western Europe are con: 
stantly seeking ways of improv- 
ing the operational capabilities 
of their airports without resort- 
ing to expensive new building 
programmes. With the intro- 
duction of night curiews against 
jet airliner movements, which 
can effectively cut as much as 
one-third off the 24-hour opera- 
tional day at' many airports, 
more attention is being paid to 
inducing airlines to fly more, jets 
in the middle of the morning 
and afternoon, avoiding the 
peak hours. For short-haul air-, 
liners this is not too severe a 
problem, especially on those 
densely used routes where 
several flights a day can be 
made in each direction, and 
where turn-round times can be 

increased iraffie without requyr- jriuch.; to - if 5 prove -V- 

ing the expenditure of vast sums. . fiqws' through _a3rppr^ > - 

on new terminal and other,. time.: * f 'SSC. 
facilities. , .: . imposed, restraints 

• But airport authorities could Traced 

. vAmnro in fithftT 'direc- many airports by at .ksast ^ x ,r 


To improve plainer :, flows rettmmmg twp-thlffe - Ami , 

St ,i SS"S s »: 

prise most of Western European “J* 
air travel more like catching a l^y . 

. commuter train than preparing passengers will LlStilSiSv?'? 
for an expedition into the especiaHy if the : ’ 

wilderness. At - present the . to c«ne down RtM;. 
comparatively brief flyipg. time. presen t the - f.\ 

of about one hour or so between involved In travelBhg^fejaihgh.'- 
cities like London and Paris, some' : ailTortSr— . 
Prussels or Amsterdam, -them from city ^cente^-^^ jl. .* . 

an experience lasting fintOng - Whcre^ tO: ’^OTtee" <$se-:: '- - 


But for long-haul operations, 
where an airliner has to plan a 
flight through a number of air- 
ports several thousands of miles 
apart, each of which has its own 
curfew, made more complicated 
by the inevitable time-zone 
changes involved in the journey, 
the problem of scheduling can 
become almost a nightmare. 
This is why increasingly long- 
distance flights are leaving, say, 
Heathrow, in the middle of the 
afternoon, or arriving there at 
other inconvenient hours. In 
the UK; the British Airports 
Authority has been offering for 
some time a system of differen- 
tial landing fees, to encourage' 
airlines to make more use of. 
the off-peak periods, so as to 
improve runway utilisation a ad 
to spread the operational bur- 
den of air traffic control and 
handling more evenly through 
the available boars of the: 
working day. ■ __ • 

. It is quite clear that as traffic- 
expands in the 1980s, even with 
the introduction of bigger air? ; 
liners carrying more passengers 
per flight, this kind of technique 
will have to ,be used increasr' 
ingly to ease the strain not only 
on runways but also on terminal 
buildings and other facilities, ft, 
is probable that, if adopted 
widely throughout Wesienr- 
Europe, this technique ' of 
spreading the burden more 
evenly throughout the day could 
enable airports to cope with a 
substantial proportion of the 

because oi me rune ir-umn iu '. journey-, HjO^S 
check-in and pass through dete KTiraiig: 

security and other procedures, from fn'jdaxig ^ 

security ana orner procedures, jrom maxing 
Airline reporting times for pa^ aH v - ;'i :■ 
sengers- are frequently earlier - :But-^eWL' 

sengers- are frequently earlier ; Bu •' : 
than they need be. resulting In . whil e/ ; irant/Af Ahe /. 

passengers being kept, waiting- menis ■ 
in gate-lounges whecutbey couldv inadq' ;ta 
be “ trickle-Io aded ", into a i t- i ' fac Arties'; bf 
craft. ' ' ' 

The experience with-_ the 
British Airways Londoh-Glasgow sutistantifll.- ' siHL-;;^bf r 
Shuttle has shown that infer-city. Much‘ S 

travelling times c^n be re^iicedr irom 'GoveftimSf^-'wbn " 

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Worldwide demand for 

the aviation requirements 
of the ^^irlih^tburc^peratOT, 
passengerand industriaBst 

airport development 

AS THE MODEST civil engineer 
from Costain put it : “There's 
really nothing difficult about 
airport construction. -Ml you 
have tu do is bring your 
resources to where they are 
needed from the nearest pos- 
sible point and plan well enough 
ahead for them to arrive at the 
right time." 

In essence, his remarks are 
correct, although any of the 
major civil engineering con- 
tractors who make up the inter- 
national league of airport con- 
struction specialists will be 
quick to add that rarely do 
events work out quite so per- 

The construction or addi- 
tional development of an airport 
requires huge resources in 
terms of finance and manpower 
and some of the largest UK 
contractors and consulting 
engineering practices can today 
provide a sendee which involves 
the complete package, from 
preliminary studies and feasi- 
bility reports through design 
and construction to advice on 
operation and rh-rvlopment. 

Their skills can be required 
to construct a desert airstrip nr 
u new multi-million pound 
international complex and the 
successful completion of a job 
often represents the end of a 
major civil engineering chal- 
lenge in which the elements and 
a lack of lucai raw materials 
can represent major problems. 

r.riiisTi cmi tract nrs and con- 
■>11 Hants have, as in other 
branches uf civil engineering. 

established for themselves a a 
excellent reputation for high 
standards and on-schedule com- 
pletion of airport facilities 
around the world. 

British companies have been 
involved in many of the major 
airport developments in recent 
years, from Hong Kong to 
Khartoum. Singapore to the 
Seychelles, the Middle East and 
South America. The contracts 
have involved the removing of 
mountains, the construction of 
artificial promontories and the 
ueed to work in searing tem- 
peratures or torrential rain 
f li rests. 

Construction of an airport 
complex forms only a part of 
the overall project. Consultants 
comprising a team of airport 
planners, architects, economists, 
operational specialists and 
mechanical and electrical en- 
gineers are brought in to 
mastermind complete projects 
and underrake studies on every 
aspect of their operation, pro- 
viding forecasts of aircraft, 
passenger and freight move- 
ments. land use master plans, 
proposals lor additional facili- 
ties and regional planning 

The airport contractor can 
face rwu fundamental types of 
problem; the creation of an 
entirely new complex — invari- 
ably involving extensive ground 
works in difficult conditions— 
or the expansion and moderni- 
sation id existing facilities. 
Wheiher the projects involve 
the reclamation of swampland 

or the extension of a busy run- 
way, both can create organisa- 
tional and technical problems 
of the same magnitude. 

From the very beginning oF 
an airport project, the design 
and construction team is under 
pressure to perform well and 
complete on time, for an airport, 
as much as any other major civil 
engineering project, is a reflec- 
tion of the economic strength- 
an aspirations of a country *jr 
reginn. The decision to con- 
struct or expand air terminal 
facilities represents too a major 
item of economic and social 
planning and it is inevitable 
ih3t any such development be- 
comes a matter of prestige f «r 
the client 


■ maintaining a spotless runway throughout tha 

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which, it left, nuv costly. aircraft damage. or even a fatal accident. No Road Sweeper, or adapted Road 

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P pxSU'O* 

The sheer logistics of an 
airport development can be 
astonishing. Millions of cubic 
metres of rock may have to be 
removed or acres of mud re- 
placed with concrete. Invariably, 
few of the essential raw 
materials are located close in 
site and have to be transported 
substantial distances before they 
can be used. Rarely can sup- 
plies be neatly ordered by tele- 
phone and often the contractor 
must allocate as much time and 
as many resources to securing 
suitable materials as to uiy 
other aspect of the project. 

Communications to site can 
be poor or non-existent and 
often the contractor is involved 
in laying down at least a propor- 
tion of the basic infrastructure 
required to link a new air ter- 
minal with surrounding centres. 

In the past decade, much of 
the airport construction 
business has been centred, 
naturally enough, on the Middle 
East where new wealth has 
generated large and growing 
volumes of passenger and 
freight traffic and where re- 
gional political considerations 
have ranked alongside economic 
necessity as a reason for several 
airport terminal developments. 

UK contractors and consul- 
tants have been to the forefront 
of this type of work in the 
region although fhe volume of 
business has now begun to de- 
cline as major airport com- 
plexes are completed and the 
competition for the work avail- 
able becomes more intense.. 
Certainly, many uf the UK air- 
port specialists are currently 
handling a fraction of the work 
nn their bonks five years ago. 

Major contracts are still 
coining forward, however, like 
the project t«* build a new 

£1.5bn international complex at 
Riyadh in Saudi Arabia, or th? 
£110m plan to construct four new 
airporrs in the same country for 
the royal family. The fact that 
the latter was won by an Aus- 
tralian contractor gives some 
indication of the strength of 
current international competi- 
tion for such work. 

While work on new airports 
in Saudi progresses — complexes 
equal in size to that at Riyadh 
are planned for -leddah and for 
a new location between Dhahran 
and .fubail -iu the eastern pro- ’ 
vince — Saudi is also spending 
another £1.5bn on improving its ! 
existing major international air 1 

Elsewhere in the Middle East, 
a new international airporl is 
being built in Iran, siouth we&t 
of Tehran, at a cost of over 
£500m. The complex was due 
to open next year but there have 
been delays. 

A new airport is also being 
built in Baghdad to serve Iraq 
and modernisation and expan- 
sinn works at other air terminals 
within the country' are now 
being carried out. In nearby 
Kuwait, reconstruction work at 
the country’s major inter- 
national airport is almost com- 
plete and due to open soon. 

Duplication of airports is 
notorious in the United Arab 
Emirates, which has provided 
large volumes of aviation associ- 
ated work fr»r international con- 
tractors ami design teams, many 
from the UK. There are now 
four major airporls within the 
Emirates— at Abu Dhabi. Dubai. 
Sharjah and Ras al Khaimah. 

A new airport is planned For 
Abu Dhabi and confrarts worth 
over £45m have already been 
let. Yet a further airport may 
be built inland at Al-Ain. A 
second international airport is 
also likely in Dubai. 

A new terminal has recently 
been completed and opened in 
Sharjah, work is almost com- 
pleted on a new complex at 
Damascus in Syria and new 
facilities in Jordan near Amman 
should he open next year. 

As with "other types of con- 
struction; the Gulf has provided 
more than its fair share of air- 
port development work i n the 
past seven or eight years. 

, For the future, a growing 
percentage nf contracts seem 
likely in involve the tricky task 
uf expansion to existing facili- 
ties and competition to secure 
this type of work is set to 
become even more intense. { 

Michael Cassell 

Building Corre^onileu l j 

Encpjrries further , 

.infbrrria^h;ftbiior'---;. • 

Tlr^^yrpbrOiriscft^ v- . 

UjtoriA^ort I V?’: 

Luton LU 29 LY J . ^ W 
Tetephone 058236061 


*2 £25- . 

Air Anglia, Britain's fast-expanding airline, now serves 
a network of 17 airport^in tfie U.K. anti Europe:. 








Leeds/Bradford Stavanger 
London (Heathrow) Swansea 
Newcastle Tees-side 

Newquay , .{and Jets 

Norwich ; . . A in somme 
Paris (Orfyl f V : - ; - -5 : . 
Stansted •. : : //{Ju . . - ; _ v . 

(and Jersey; 
in summer! 

. a '"% . r 


Reservations: Norwich <06031 44288’ 
or your local travel agent; ' . 

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; ; ^na:ior 


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. ^ ■ A'. . :.v 

b ns 

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Give; air traffic controller* tha ibecfibrofovlcat- data, they- ■' 

co make the right- dcdsionL: . - - _• 

-VAIS ALA b -a-' leading. -naihe 1 h v m eceo'rolbg igA: electpohk^ ! 
offer automatic weather, stations .for airport use, fS«V:iiStrc(ns 
feature: ;■ - v V.. T ; 

• a wide, variety of semofs - " ~ 1 ..." • 

• completely automatic data collection; 

distribution and logginl-. r ' • V- - 

• fast operation.. • ■ _ '• ’'I-"-. 

• . suitability for severe vcwiditiohV ". 

compact, highly^mpduhri consctti'ctlon;. . 


X? - 

mfl.,, , 1 • •• 

uy Or- 


i.iwr ,■ 


Baseif on these ^ stadon^.^iffevt ' developed' 

automation of meteorploEUal-; observatiptre ’ . 

large-size airports.. ' r v . ;• - J ji: j 

- • . For lawii inferinadfn r ''iirTit* tc - ^ •" *^ v ' ■ 

; v.»gBc: :mm \vswaW. ^ ^ £ z&z f . . 


_ l ; \ : * - .-.r<.'> '/ * .-W ; .- 


. LS> 

pierce eompeti ti o n for new contract 


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;; -C *►: 
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feELUNCT. lTHE. _ nserilsd ‘ for.; traffic would grow fay. 72 -per 
assigning and managing the <*m_ during (he next decade,- to 

Eg 31 ’Vag? 'SS’S&Sr 

iarporls M now oDe of-JJw oratt £ ™ vtll w()Uld m „-*» well, 
competitive ana potentially established existing -routes, 

of electronic equipment and 
passenger facilities, may still 
fall ouLsidc tlieir capabilities. 
This is the gap which the 
advanced nations so eagerly 
seek tD fiJL 

profitable areas of the aero-- there would also be consider- 

space industry. . -[/ . ' .able growth. to and from; third 

The competition around the .™”? d . _ li^ni •pin 

world to w*n iheViuaJor. orders „ 

rniur limbi' ' ^rii:1rfaraHnn. - k'. n ¥* ! ^- Upgraded- jirpjrtS, 


tries as the People's RejnibSc 

" -» ; v; 
■■ • 

tries as the People’*. Re^Sc- 'Mg?? iSSriraSltt# 

2JI2?* — ■ -i , *• While some of these counties 

nations. . ;■ :■ tjaye the 1 necessary capabilities 

The United technical' and the resources to carry 1 out 

agency, tbe lofcriiational Civil the civil engineering operations 


. ■" l hfi t 

Aviation Organisation, ■ said . iq needed for a new airport .the 
a report, published earlier this planning of the airport, and tba- 
year- that world ear - passenger analysis of future needs interns 

Over £ 10 bn is expected to be 
spt'Ri on airport design, develop- 
ment, construction, and equip- 
ment and maintenance over the 
next decade. The European 
and some Asian and Pacific 
markets have been largely 
developed to maturity, while 
spending in North America is 
expected to be confined to 
modifications, expansion and 
maintenance of existing air- 

One of the major areas of 

expenditure nn airport con- 
struction is likely to be spent 
in continental Africa. Nigeria 
seems likely to dominate 
development in airports on that 
continent, with projects worth 
over a quarter of all those 
envisaged by the United 
Nations. Zaire has up to 30 
projects planned and max- 
account fnr 14 per cent nf 
world projects. South Africa 
will have a similar proportion 
of the total, with seven schemes. 
North Africa has a further 14 
per cent uf the forecast protects, 
with cast and west Africa 
accounting for over a fifth. 

A high proportion of the ex- 
penditure will go towards the 
initial design and consultancy 
services. A number of major 
organisations in Britain provide 



the expertise leading to the final 
definition in terms of suse, 
facilities and passenger 
throughput, - of a new airport. 
One of the latest consultancy 
organisations was farmed last 
spring, when the British Air- 
ports Authority formed a joint 
venture with the London-based 
International Aemdio aviation 
and communications services 

The joint company. British 
Airports Intcmationnl. BAI. was 
set up to provide airport plan- 
ning and operational services 
throughout the world. The com- 
pany has the expertise to advise 
on the establishment equipping, 
installation, maintenance, and 
operation of airports, heliports 
and their associated facilities. 
It will also plan, design, con- 
struct and manage airport 
systems, equipment and services. 
Socialised personnel from BAI 
air available for seconding to 
developing airport authorities. 

The growing success of 
Government-backed overseas 
consortia in the field of airport 
consultancy was the catalyst 
for the formation of the BAI. 
3\Ir. John Mulkern. managing 
director of the British Airports 
Authority, said there had pre- 
viously been a fragmentation 
of British consultancy elTon 
m the airport sector, which had 

resulted in work from tradi- 
tional areas of British influence 
going overseas. 

When the group was formed, 
Mr. J. Utterson. deputy chair- 
man and managing director of 
the IAL group, said the new 
company would attempt to 
complement rather than com- 
pete with the private equip- 
ment and consultancy sector. 
Successes in overseas contracts 
may lead to British equipment 
being chosen for a new airport. 

The BAI group has won a 
number of contracts since its 
formation, including a complete 
review of the plans to develop 
a new terminal at Reykjavik 
Airport. Iceland. Another paper 
study awarded to BAJ came 
from the Aslan Development 
Bank for proposals for a finan- 
cial structure for the Civil 
Aviation Directorate of Nepal. 
Other contracts include an 
aviation training programme 
starting in January for the 
Government oF Jordan, and the 
group is tendering for a con- 
tract to develop a conceptual 
plan for the new Hong Kong air- 
port. One of the group's largest 
contracts lies come from 
Baghdad for two projects to 
modernise and extend the inter- 
national airport. The final con- 
tract value will run into tens 
of millions of pounds. 

In the private sector, the 
Plessey Group, through its 
various constituent companies, 
is able to provide a wide range 
of airport consultancy, develop- 
ment and equipment manu- 
facturing services. These range 
from the design and construc- 
tion of airports, through to the 
provision of equipment. All 
types of radars, including 
meteorological systems and 
instrument landing systems, are 
available from the company's 
factories, but the company is 
also willing to pul out to tender 
the design and construction 
work even though this may not 
initially mean much work for 
the company's own manufactur- 
ing operations. 


In West Germany one of the 
country's largest airports is 
closely linked with an interna- 
tional consultancy service. The 
Frankfurt/Main AG Aimmsult 
organisation is an independent 
consultancy organisation, hut is 
pari of I ho Flughafcri Frank- 
furt/M.’iin AG airport company, 
owned by the Federal Republic 
of Germany, the State of Hessen 
nod the City of Frankfurt am 

The Airconsult group has 

worked with the French A*ro- 
porl de Paris airport group, 
and the Greek engineering com- 
pany ADK, on silos for the new 
Athens International Airport. 
Tbe consultants studied almost 
20 possible sites for the new 
airport before selecting the most 
suitable. The contract is cur- 
rently one of the largest avail- 
able in Europe. 

The final multi-million pound 
contracts for airport equipment, 
including radar, passenger and 
cargo handling equipment nnd 
oilier vital ground equipment, 
ore likely to go to ihosc coun- 
tries which played the biggest 
part in designing the airport. 

In this case. West German 
and French airport equipment 
manufacturers can be expected 
to win contracts, with British 
companies playing a secondary 
role in supplying equipment. 

Although many consultancies 
have only distant links wiih 
manufacturing companies, the 
importance to national manu- 
facturing industries of success is 
so great that bidding and back- 
ground campaigning for inicrna- 
lional airport contracts almost 
always now involves extensive 
day-to-day help from ambassa- 
dors. high commissioners and 
cen ira 1 Governing; 1 1 d epa rt- 

Lvnton ?*IcLain 



; l : Ai London, a £100m mad&Msatirm scheme (with additional sums still being 

j .S-J.wU.nEH spent^ias'^mis^: the airport’s available capacU^ to 10m passengers a gear— and plans exist to 
H r eej'^rt ' • further expand capabn^fo] 25m passengers a year. 

governments, notably the UK. 
to pass the cost of providing 
air transport facilities on ta the 
ultimate consumer, tbe air 
passenger. As a result, charges 
can be expected to rise for 
many of the ground facilities 
the passenger enjoys, even 
although the fares that he may 
pay are being reduced. 

In- some cases, the increased 
charges for ground facilities 
may be consolidated in the fare 
(in the UK. security charges 
are now payable by the passen- 
ger, and already are incor- 
porated into the ticket price, 
with the airlines paying over 
the levies collectively to the 
British ■ Airports Authority 
which in turn pays it to the 
Government). The British Air- 
ports Authority, which has been 
consistently profitable since its 
creation in 1966, already 
generates internally all the 

money it needs to pay for its 
expansion programmes, and as 
such is not a charge on the 
central Exchequer. The BAA's 
own capital expenditure plans 
at its seven airports ffteathrow, 
Gatwick. Stansted, Prestwick, 
Glasgow, Edinburgh and Aber- 
deen) are estimated to amount 
to £243m over the next five 
years. Of this, the biggest 
slncle item of £33m is ear- 
marked foT initial work on the 
proposed fourth passenger 
terminal at Heathrow, but the 
rest comprises comparatively 
small sums for the detailed 
improvement of various facili- 
ties. such as terminal buildings, 
aprons, roads, cargo areas, and 
other items. 

There is now hardly an air- 
port in Western Europe that has 
not either already been 
improved in the past year or so, 
or is not lined up for improve- 

ments of some kind, in prepara- 
tion for the growth of traffic in 
the 1980s. Some of the major 
programmes now envisaged or 
under way include plans by the 
Aeroport de Paris to construct 
another major new passenger 
terminal at Charles de Gaulle 
airpnrt, to become operational 
in the early 1980s, with a big 
327-room hotel also planned. 


In West Germany, tbere has 
-been much discussion on the 
possibility of redeveloping 
Frankfurt airport, at a cost of 
over £40m, involving realigning 
the two existing runways and 
constructing a third, but this 
project appears to be bogged in 
legal complications. A new air- 
port is under consideration for 
Munich, to replace the existing 
Riem Airport, while improved 

passenger facilities at Stuttgart 
are being planned. In Geneva, 
where the airport handled in 
per cent more traffic last year, 
various improvements in the 
passenger terminal have just 
been completed. In Copenhagen, 
the long debate on whether or 
nnt to build a new airport on the 
island nf Salt holm appears to 
have been shelved, at le»*t for 
the present, in favour of further 
development of the existing 
airport at Kastrup. 

Pnrtugal has some major air- 
port plans in hand. Funchal, on 
Madeira, is to be expanded, 
while it is also intended to 
improve and expand the airports 
in the Azores, a new airport is 
envisaged for Lisbon on the 
south bank of the Tagus, and 
further development of Oporto 
is planned. 


Automatic Termin i Announcer Syst 

lets your fingers do the announcing 

Aseasyas dialing a telephone number, you can make 
'multi-language arrival and boarding announcements 
• over yovir: existing public address system using -.the 
Sundstrand Automatic Terminal Announcer System. 
; The/system offers pre-recorded announcements .that 
are sharper* clearer, and more uniformity professional 
than a live announcement system in any airport 
v _ terminal. _ . . j 

Passenger traffic is. visibly improved when the “voice” 
arrives. Passengers suddenly find they can understand 

the words, even above crowd noises. They therefore 
move through the terminal with more confidence and 
greater efficiency. 

- .j • 

.. "';i •- 

All you heed operate are seven numbered switches end 
one pushbutton. Out will come the announcement of 
- arrival; preliminary boarding, boarding, or final boarding 
at any gate arid for any flight you wish . A single person at 
a central location is capable of controlling 
■ announcements for as many as ijgoo flights using. up to 
UlOOgates. ' r - 

The System Grows As 
You Grow 

In its basic, simplest form, the Model ATA-J1 system 
consists physically of three units: the Announcement 
Selector, a Control Unit, and a Tape Transport. 


:The identical announcement can be made from any. 
iilriumber-pf different locations, such as ticket counters, 
desks, or gate stations; and in as-many 
languagOs^as may. be required. System eiecfipnics, 
housed irr a concealed location, automatically sort put 
instructions from different locations and arrange them 
feriannbuncement inproper order. vrV • 

You can expand its capacity by simply adding Selector 
Units and Tape Transport (the more announcements 
you wish to choose from, the more tapes you’ll need). 

Provision has been made in the design of the units for 
expanding announcement functions to other areas as 

the need arises by simply adding to the system — you 
M hniH nn ” vnu don't reolace. Your investment is thus 

. . r s 5> 

One Professional Voice 

“build on,” you don't replace. Your investment is 
secure and ready for growth into tomorrow. 


Does It Ail 

Install It In Place Of Your 


Your announcements can. have the quality of TY. ahd 
“-radio broadcasting becausethey are-all pre-recorded in 
one or more languages under controlled conditions m a 
professional sound studio by a professional voice.. 
Afterthat;1he ‘Voice” is yours, working for you as Often 
as you wish to activate it, day or night, from one location 
or a hundred. .. 


If you now have a microphone input to the public 
address svstem. vou need onlv dIuq in the ATA-ll 

address system, you need only plug in the ATA-ll 
automatic terminal announcer in its place. The ATA-ll 
system is capable of activation from a central location or 
from any of numerous gate locations. 


immmm, mmsSks^ 

Direct inquiries to: 

Trans Com 

Trans Com. 

Division of Sundstrand Aerospace Europe 
Bath Hoad, West Drayton- 
Middlesex, England UB70DE 
Attn. B. Payton, Mpr..- 

3100 Pullman St. 

Costa Mesa. California, USA 92626 

Attn. X. A Campagna; Sales Mgr., A-V Systems 


>v. V -r.. •' 


’ - V-'tV-’H -i.. 


Our claim to fame isn’t our size, or even the number of 
international connections we offer 

In fact, we actually specialise in being second to Manchester’s 

Ring way Airport. 

Because we are, we can afford to give more time and attention 
to our ‘customers’. The kind of attention that is impossible 
when dealing with thousands of people each day. 

On the other hand, we do provide an essential daily domestic 
service to most parts of the U.K. including five flights each day 

to and from Londop. 

If youVe got business in or around Merseyside— make it your 
business to fly through Liverpool Airport, you’ll be amazed by 
the difference being number two can make! 


unem oti onal Airport 




The Financial Times is planning to publish a number of Surveys 
in 1979 on the Aviation and Aviation-related Industries. - 

The titles are listed below: 











A Survey on BUSINESS & LIGHT AIRCRAFT may be added to coincide 

with the Cranfield Show. 

A full list of Surveys for 1979 is available on request. 

Brief editorial descriptions of these Surveys are available if required; 
full editorial synopsis will be available three months before 


For further information and details of advertising rates please contact 

Neil Ryder, 

Financial Times. Braken House, 10, Cannon Street, 

London EC4P 4BY 
Tel: 01-248 8000 Ext 520 



The content, size and publication dates of Surveys in the Financial Times 
are subject to change at the discretion of the Editor. 


. Financial Times Thursday ; De«snl>er 


5 ■cJ' , /Vs ■fj'F* 

yx-n&t f- 

- y: 



in export 

THE FIRST tentative step 
towards' a British national 
policy for developing the export 
potential of airport equipment 
manufacturers was taken by the 
National Economic Development 
Council last month. 


The potential prize is enor- 
mous. There are over 40 major 
airport development pro- 
grammes now under way in the 
world outside Africa, which is 
accepted as one of the largest 
and fastest growing markets. 

The total world airport de- 
velopment programme for the 
next decade is estimated to be 
worth £30bo in civil engineer- 
ing work and all the associated 
electrical, mechanical and elec- 
tronic work for a total of up to 
60 airports. Airport equipment 
accounts for up to a quarter of 
the total development costs of 
an international airport 

The British Airport Equip- 
ment group was formed in July 
two years ago to capture a por- 
tion of this market by pooling 
the services and capabilities of 
a range of suppliers. 

The corporate members of 
the group are deliberately 
chosen to be complementary, 
rather than competitive, and 
Mr. Alan Buckley, chairman of 
the BAE Group said that there 
were no overlaps of 'manufac- 
turing interests, unlike organi- 
sations in West Germany and 
France where more than one 
representative of a manufactur- 
ing sector is represented in 
similar airport equipment 

The BAE group has 11 mem- 
bers, with individual company 
turnovers ranging from £500,000 
to £65m. The total turnover last 
year was £100m. with most of 
the business won in overseas 

Mr. Buckley said the exist- 
ence of the group as a central 
marketing organisation aimed at 
capturing package contracts 
from overseas had attracted 
£2m worth of business, so far, 
a small proportion of total turn- 
over, but business which would 
not have been won without t be 
group approach. 

Companies which contribute 
to the range of equipment 
offered by the group include 
Albar Engineering of Keighley, 
which supplies baggage and 
freight trailers and stairs for 
aircraft. Briton Handling 
Systems of Aylesbury operates 
an overseas maintenance and 
spares service for aircraft, 
vehicles and airport mechanical 
handling systems; Reliance- 
Mercury of Halifax supplies 
aircraft tugs and baggage 
tractors; Sorting Systems of 
London manufactures passenger 
and baggage check-in, departure 
and arrivals handling systems 
and Weldwork Cargo Systems 
of Hounslow makes static cargo 
systems, mobile equipment, con- 
tainer dollies, pallet trailers, 
slave pallets, contour gauges, 
mobile weighing equipment and 

Terminal Apron Planning 
Associated of Wargrave, Berk- 
shire, provides the group with 
its main consultancy work in 
airport and ground support 
equipment planning. 

The group has so far con- 
centrated on the markets of the 
developing nations, where much 

. : i’ •. •' . 

_ «... 

r-:i. t. 

A meeting of manufacturers 
with airport interests, under the 
chairmanship of Sir Raymond 
Brown, was held at NEDO to . 
develop a proposal far a national 
catalogue of British airport 
products. Sir Raymond has been 
studying f° r some time the 
scope for closer co-operation 
between nationalised industries 
and their suppliers in develop- 
ing export markets. 

His latest work, with Britain’s 
airport equipment suppliers, was 
prompted by a report on 
" Design and Export *’ from the 
Civil Engineering Economic 
Development Committee, part of 
NEDO, which was published in 

The report outlined the 
potential importance of overseas 
airport contracts for Britain’s 
civil engineers, but it was left 
to Sir Raymond to develop the 
theme with and on behalf of 
the equipment suppliers. 

The work on the national 
catalogue is still very much at 
an early stage, but the broad 
issues involved have now 
reached a stage where it must 
be decided which national body 
should take the catalogue pro- 
posal further. 

NEDO may invite the Trade 
Department to prepare the air- 
port equipment catalogue and 
further developments may be 
expected in the New Year. 

A •• B Cal ” DC-10 jet at the new intermtwml 
setond runway was 

In the meantime. Britain's air- 
port equipment companies have 
already taken steps to organise. 
rationalise and unify their 
attempts at winning export mar- 
kets through a central grouping 
of interested manufacturers. 

of the work involves upgrading 
airport hardware to cope witiai 
larger aircraft The greatest- 
successes have come from the. 
Commonwealth, where there are 
traditional commercial ties/Jit. 
Europe and -the U.S., competik- 
tion is fierce and British equip 1 -- 
ment-makers have tended to opt 
for markets where success ;.is, 
more assured. 

There are exceptions, how-, 
ever, and Reliance-Mercury, has 
won trial orders for four bag-_ 
gage tractors for use by TWA^; 
Pan Am and North Central Ait 
lines' in the U.S. . ; : . 

work for new airports;. in the' 
■ same period..- . . 

The figure for air traffic con-, 
trol equipment includes- only h- 
third of the estimated ;£l^bn' 
forecast for full imidMnentation, 
of the new microwave landing 
systems, to a ..U.S_ design, . over;, 
the period. / / 

The main reason for.the short- ; 
fall is that many airpo rts w ill 
continue to rely on- existing-: 
equipment, inducting ' instra-. 
ment landing. --systems'; well, 
beyond 1988. • - - -• - : i 

But mechanical handling ’ 
equipment, one of the BAETa 
main areas of interest, 'is only 
a part of the catalogue of 
advanced hardware needed for. 
new airports. */ 

The International Civil 
Aviation Organisation has pro- 
duced a document on the civil 
aviation market io the next 
decade. It lists 10 categories 
where there is a potential for 

Apart from aircraft, their 
maintenance and fuel require- 
ments, the main sectors are 
airport construction, air traffic 
control systems, ground 
handling systems, training pro- 
grammes. and general aviation 
requirements covering light 
passenger aircraft. The handling 
systems are expected to be 
worth £2.4bn over the next 

The value of air traffic con- 
trol systems likely to be needed 
by 1988 is estimated hy ICAO to 
be over £5.5hn, not far short of 
the estimated £6.3bn likely to 
be spent on civil engineering 


One. of. Britain’s traditional 
suppliers' in the airport com-, 
muri [cations field ^isT Cable., and _ 
Wireless. The company formed/ 
,a specialised^ Airpbrt .^Services-. 
Division in ,1971 and has .been 
successful in a range, of. over- 
seas contracts, tnduding. yan 
order for . equipment to expand - 
the computerised aircraft- - 
departure control ' system- - at 
Hong Kong's Kiii Tak- -Inter-', 
national airport. The contract, 
was place.d with., the . company • 
in partnership with - Cathay : 
Pacific Airways, and, involved, 
the EOPAC load optimisation 1 
and passenger acceptance Con- 
trol system, .. - 1- 

The equipment is designed to- 
speed up passenger and "cargo 
handling and to ensure that ‘^heP- 
aircraft 'are correctly balanced 
and load limits not exceeded. . 

Radar finks, using microwaves; • 
or co-axial cables, radio navi- 
gation aids, public address: 
systems, and Closed "circuit tele- 
vision systems are also- supplied 
by British /airport equipment 


' W “■ y; 

. lattichedi a new. spe^m pi'ppess- 
■ -ing ■ and ’ control- ; 

/for: fcmdtjBg/ up to 
five radio-channels And frve:tel©r 
phpue lines Sim ul t aim otglr,-/: : 

■ others equipment vital i for 
International "aaSporia.r^acSudes 
X-ray security ... ! infection 
systems. Pahtak ( EMI) ' jts ; one 
of tfce growr^ bind 1 'of /com- 
panies- entering . tins . field/ The 
companywas set /iip 4b develop 
the market' fqr: /radh^nyphlc = 
equipment / and _ 
1 p>TOb(Sype ; systems : for linage 
add y ^go-y issjxtpon - were , 
tested by the Defence Ministry ' 
-five years aga The first exports 4 
of . tiie Pantak: ■„ equipment for 
airports Were soid to- . Chiba fin 
1974/- i "---' • ' » ' ■. • 

. - Sihce then Ittee company has 
worked - with': ^International 
Aeradio, another major. British 
’ airport - equipmeitt supplier and 
consultant; oniheajqfiicatian of . 
X-ray/ technology to; -conveyor 
'systejris. ■ \ . 

• " The move Is “typical of -others . 
- in- mdustiy assodpt^fwith the 
growing automatloiiand accete- 
,'tion • .of afl - aspects;;of': airport 

put/ will become . an essential 
part of-flurport-'deveiopin^dt, as 
airlines / step-up/. re-equipment 
programBies - involving ; / over 
ZTBq/newjairccaft over thenext 
/decade/ Almost three-quarters 
of these he.used to 

■provide ^rtxa. capaeity/to ' meet - 
growth itxxy the Their 

existence ' 

prosperity ,/and -co^ripetitibn» for 
-Britain’s. ^eqnfpin'etit companies: 

l.v X^toiiLMciiiui . 

■fi , ^ 

«orn \ 


rv._ . .. 

//</- - 

y* 1: 


So bankonthename 


Nothing Is more vital than accuracy and . 
dependability when weighing for a in After fifty 
years of weighing passengers' bags. cargoes and 
aeroplaneswe know thatonly too weti. . - 

So we design and biaid our airport weighers to be 
more than jud ordinary run-of-the mill scatesi.", - 

Electronic or mechanical our baggage q/eighiBiSs; * 
transit-shed scales, weighbridges. sd^sor42t : - 
weighers are custom-engineered to meet the : 
toughest airport duty and still weigh to pinpointing • 
accuracy every time - time after time -wfthout feiL 
This is the performance that hasmadeAvezy - - 
weighers standard equipment in the worid’s T ■ 
airports. You can see them at workianearly all the 
majorakports in the UK and in: 

Accra ■ Amman ■ AucWandMBenghazf ■ 

Cairo ■ Calcutta ■ ColcvnboB - - 

Dacca VDelhlM-EntebbeM r - 
- Havana ■ Hong KongM Jakarta MJeddafaB 
Johannesburg ■ Karachi M Kingston M Knal* >?•* 
Lumpur B Kuwait B LagosB L^akaB - .“ :/ f 
■ Mauritius B Montreal B Nairobi B Nassairt(KPbrt-: 
Moresby B Pot qt Spain ■ RangbonBRQdqcfvik: 1 

■ DirrMlLBI C L.n.-M-r-/ '- «a 

weighing; probiem&-Yaawi3 besurpri^cd^fef>/-- 
vanety of electronic and meth^iicalsakcioj^ •/ 

the nwneyou know ybucan trust; ; : v /v - X 


„V J ^ 

Smethwidi, WarT^West MkUands B66 2LI^(02MI»IU^ , 2I6IJ// / 

.. afteKales brancb«‘|nIJtC:/ : ^ ! f / 

• i y. 

avery exported 3 

od ' di^riiwfeto.ttw^iout fijd. uiodd. /-' /" „.// \df.~r -■V'’* t 
" " ■■■ 1 — r -/ ■ ■> Vi -C*t 

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• " j • ^ 

•fy . 

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Vi , 

■■ ■> ■ 'X v . 

a/ " 

' i J , - 

:C ' 

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: ./•*■ - r i' - * 

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'‘• 5S 

V V> H -r\, 

•vlfiru •/ 

" - -‘J - ^ 


1 ' “ j,7" '■■ 


: a Christmas report 


•v-. V 

- ST WHAT WQJ7L0 George Orwell 

■ Bf think of the world with just 
£ over fire ;ears- to .go to 1984? 
s On many subjects we' can only 

• |£ guess. But on "One we are on 
. solid ground. Is the. appendix 
: K to bis book- bef outlined, the 
.'£ principles of Newspeak, .-“the 

■ g official language which had been 
P- deviled , to meet the 'needs of 

. jh Ingsoc, or-Engiisfi Socialism." 
5- In osr. progress towards! New- 
jt speak, be would sorely have said 
p that we were well - ahead of 
|v scheduler. . _ " V ; 

f:L- People wb»: read; .‘M984.” 
^ Some time ago often-forged yiqf 
I? ’ Orwell did not gxpcctrNeVggpg a k 
i > ta have ^fronDy superseded 
. Oldspeak-fw .StimdardEngltsh. 

" as we sbouIdoall H) uhtil about , 
t ^ihe ^y^ x2i)S0.” j He himself 
l ' wrotei i" lo-the-year -1984 there 
i: was not as yet anyone who used 
^Newspeak j asbis eolemeans of 
pk- copurmofcatiog, either in ^>eech' 
;arln witting." ...He sad& under-' 

. ' ; ,e^mated the pace of evenis. 

- - > Atfe- are to understand 

' - what has happened, we must go 

-.back; a bit for the language of 
. i> In^oc -hsid. » ^conservative pre* 
r - ' d ecesssnk Outlined in a guide for 
[• the. young -academic, politician 
- ^ftrst-jnibhstoed ih_19Q8. Entitled 
. J -; , - MicTOC'osrjiogrophia Academira. 

. h .‘.It was writteniyjF. 11 Comford 
i y-. i£~jn warning to the-' young 
;&> ; 4nehd =Ms Ways. Tf 
is; * primer; on Ingsoc, ; 

'j ^Stcrocarmogrctpfda _ Academica 
. ^V^recently reissued byBowes and 
ean be regarded $s a 
j.:. primer on 41 Ingccrn." Comford 

f. “4 »■ 
1 is * - 

s, -*aa*. 

- • 'p*.,. ■ 

t- — ^ . 

' " ‘-'J® i 

. ' ’K . 

■ * •H"atr 
r -■3 S£"* : 

• . -=: ■? 

r r;;i« • 

:; i -'-^s 

- •- L&KSjh 

'•• Tiiisr', 

■ ■ . ~ fcia- 

• -• nm' - 

ius . 
? rqpx 

- :7!X.'~~ ’ 

• : "-..afy '■ 

fN^xpUfijs patiently. to ; hisirender-. 

" Yon -didnk 1 (do you not?) 

ymi^have only to state, a . 
f>-!;tMSonabIe case, -and ! people 
most ■ listen to reason and act at once. It is just this 
conviction that makes you so 
' unpleasant There is little hope 
of di&uading you; but has it 
; ; occurred to . you - that nothing 
^iSeifver done until every one is 
. ' .ttmvtnq^.that.rt ought to he 
- - done, and has -been convinced 

for so long that it.ii nbw time 
to do. somethu^c else?; And are 
you not awhre that; conviction 
has never yet been ^produced by 
an appeal to reason, which only 
'makes people uncomfortable? If 
- you want -to move them, you 
.must address your arguments to 
prejudice . and . the- - political 
motive." v.-... 

The rest. of ComfQTd’s ’book 
furnishes the readfet with argu- 
ments, for doing nothing— and 
thereby being on tne-winnins 
side. 1 : * 

__ ,To persuade ._ cdhenC-to do 
nothhsg; some rherottaU de- 
vices are- handy. ‘ One- example 
-■ isL the principle 6$ the dangerous 
J precedent' “ Every public- action 
which is not customary either is 
wrong, or if it is right is a 
dangerous- precedent JrJbllows 
that nothing should ever be done 
for the first time.” ; Thls'; should 
he enough to Stifle n. -proposal; 
but tf necessary tb<? /cnr ,fi-irtl 
argument can, be dhfroduced. 
° Give the present. systerfl a fair 
trial." If pressed farther one can 
always appeal, to' the principle 
of. unripe.' trme —^‘ the tfmc is 
hot ripe” for ufly apparemly 
sensible change.' : '' 

Bnf even i? rcfortp ; has to be 
Considered, the battle is far from 
lost. Thu Ingco'n statesman cun 
take r ieaf out - of . the . . radical 
book.; and. say; ‘ "The .present 
meoa-ure will blocfc- the ;way for 
a more sweeping jit form.” Or 
he con use the opposite objection 
and say: “ If wc grant . this, it 
■will be impossible to stop short 
of .somethin? more' sweeping.” 
Takfrn together these alternative 
arguments are known as the 
wedne. driven into your 
opponent's esse. The ’point is 
that either way you .win.' 

After all this formidable 
armoury it is hardly necessary 
for Cumford to explain the use 
of ** it is far better that all 
reform should come from with- 
in.” ’ or rhs moving . of an 
aliematii't: proposal;, let alone 
■prer erica tiov . calling- your 

opponents' schemes "wildcat" or 
“talking slowly and indistinctly, 
at a little distance from the 
point.” But i£ ali else fails 
there is squaring, best carried 
on at lunch. 

The author of Microcostno- 
ffraphia Acadcmica had his 
tongue in his' 'cheek, simply 
wanting the young rebel " to 
acquire just enough worldly 
wisdom to save other people's 
toes." But his handbook was 
at once seized upon with delight 
by the devotees of Ingcon who 
were Introduced to it. Indeed, 
a former chairman of the Bow 
Group, told me that Cornford's 
little volume had been his only 
handbook in the conduct of 
meetings, and it had never let 
him down. 

A ‘non-person’ 

It is here that the parallel 
with Orwell’s Newspeak lies. 
Both were meant as warnings. 
Both have actually been seized 
upon quite without irony as a 
practical guide to action. The 
difference is that the acRdcmic 
politics of Cornford required 
merely a ■ stretching of the 
English language, while Orwell's 
system required a new vocabu- 

But If you think I am 
exaggerating, when f say that 
tilt* words and thoughts of 
New speak arc nowadays 

accepted gleefully, read ihe 
words of Mr. Leslie Moody, iho 
general secretary of tile Civil 
Service Union about Professor 
David Donuisoo. the chairman 
of the Supplementary Benefits 
Commission, who he said has 
become *' a fully registered non- 
nerson, grade one." His crime 
v-as to suggest an investigation 
of charges of brutality in a 
reception centre for the home- 
less. thereby offending simul- - 
laneously Inesoc and Ingcon. 

Many people who talk loosely 
about Newspeak have not 
grasped its basic principle set 

out very very clearly on p.241 
of the Penguin edition of - ‘iyS4": 
to make all modes of thought 
(other than Ingsoc) impossible. 
Once Newspeak has entirely 
replaced Oldspeak a heretical 
thought would be “literally 
unthinkable, at least so far us 
thought is depicted in words." 

For tills purpose the reduc- 
tion of vocabulary is a main 
step. There are three vocuba- 
Jaries in Newspeak. the A one 
for everyday life, the B one of 
words deliberately constructed 
for political purposes and C one 
of technical and scientific words. 
The C list does not appear very 
novel; the main thing is that 
it was split so that a scientific 
worker in one field would know 
very little of the words in 
another. “ There was no 
vocabulary expressing rhe func- 
tion of science as a habit of 
mind, or a method of thought, 
irrespective of its particular 

One big change in the B list 
of everyday words wag the com- 
plete interchangeability of any 
part of speech. But even Orwell 
did not guess that fairly low 
level U.S. political aides would 
by ihe 1970s be talking of the 
need “ to lough it uul." British 
journalists have been following 
Orwell more slavishly. Long 
before 1984, let alone 2050, 
headline writers bad abolished 
the word " eut " in favour of 
"knife,” were forming adjec- 
tives by addin? ” full " to noun- 
verhi, and adverbs by adding 
“wise.” exactly as recommended. 

Orwell quotes on page 34 the 
following internal departmental 
messages, not completely in 
Newspeak, but containing 
Newspeak words. 

“17.3.84 bb speech mal- 
reported africa rectify 
19.12.33 forecasts 3 yp 4th 
quarter 8S misprints verify 
current issue 

14.2.84 miniplenty malquoted 
chocolate rectify.” 

Letters to the Editor 


i trix 

• «■#: 

5 ;• f 

s- a'-' J 

Gloomy Moscow 

• V Froth EHsa&eth Young 

: Sir^r-Ahtijony Robinsoii's re- 

port" ; TCBMetnber 6),. “Soviet 
; ijpliimen jgpss their fingers and 
' hope- fo? ^growth,” refers to 
Mr . - Breriinfiy's speech to the 
’ ptehmy ^fssioh . of the CPSU 
- ^entral-cbminlttee on November 
. 27, trntf indeed '^uot« some of 
I the . things ; said. But Mr. 

f Robinson leaves Out some of the . 
r.- glbsmier-of Mr. Brezhnev's. 

. *.t VWN&i*- _ 

. . *J : ^ v When My. Brezhnev says that 
i ^.we jhave nor yet succeeded in 
7 storing rite process of dissipat- 
-/ v lngf- capital -nivestment on too 
'V msnty ipojects," he then went 
on, “the volume of uncompleted 
. .. . y^onstiTJCtipn . is growing; and 
. . 'upiristajlfid ' equipment - worth. 

. ^voral thousand million roubles 
\ lies uselessly in warehouses .” 

‘ J -He rfeferred to “the losses of 
" grain; potatoes,' vegetables and 
•. the fact th3t “many 

-“-'-tanners dp not yet have pig 
. vhrseding and dairy farms, and ' 
ftat their "number is, unfortu- 

■ ^natelyJ on the increase.” He 

• -../said that- none, of the new 
/.-_plaots-£nvisaged -in _the. ,p«»- 

= '. gramme adopted in 1973>, “in 
.!> anticipation, of the:, smaller 
•.- growth of manpower "resources 
. Jh ; the 1980s, for creating a 
f : rn a ftrinft .h u itrilng base for tile . 

v /purpose' of. greatly reducing 
. manual . labour ” . has yet been 
’ /put into operation.- How,'/he . 

asks. . '* arewe to -explain . the_ 
r fact that wtf have* been unable 
: - for a long time to eliminate the 
. 4\ bottlBheck8' : that- ; prevent us.- 
7;- advancing faster, more dynanne-: 
l/’aHyT v He goes on: “Hiere is 
,?- u :an increasingly keen, awareness 
f - of the need for. a deep, and 
/ •comprehensive analysis, bf the 

• main problems of the develop- 
: . ment- ol the national economy." 

I have been reading the 

• 'verbatim reports of Soviet 
-.' speeches in the BBCs summary’ 

of world broadcasts; -for many 
years, but" this. is certainly the> 
most despairing and. un-- 
'varnished -of. -'all those on 
economic maxfers that T have 
’ - ever read coming from the top- 
most brass. 

Mr.' Brezhnev also said in the 
Same speech that M the country's 
defence capabilities are being 
. maintained at the proper level.” 

' Must we not. suppose that the . 

, bulk ef Soviet management and 
technological talent is going into 
defence? And. if so, does this 
' not . have- implications - for. 
.Western arms control policy, -as 
well as for Western economic 
policy - towards the .-.Soviet. 
Union? ■ .. ., . 

; One of the great dis- 
appointments vnf Mr. Carter’s 
first 1 , months came , when his 
- . Administration lost its collective 

• nerve over the atms cdntrol and. 
disarmament = prc^iosals Mr. 

, Vance took to Moscow in March 
1977 (and . which indeed Mr. 
Carter himself had repeated at 

• the ■ United Nations . General 
Assembly in October of that 

.year). Both the United- States 
and the . Soviet Union, need, for ; 
economic reasons, to reduce - 
their government -spending, 
particularly on such . unpro- 
-ductive expenditures . as. 
, weapons which the other side 
will take care to more than 
match. It is clear that- -SALT. IF- 
is going to be the . occasion 
rather for expanding arma- 
ments in fields not- covered by 
the ^agreement than; for 
reductions in ' those . covered. 
Arms control by bits and pieces. 

■ which we have been having for 
. the last decade and a half, has 

• been— -has . it" - not? 11 -:-* ' ■ -total - 

failtrr-?. Js there .'my point in 
Sir. Carter ami Mr. -Brezhnev 
raeetin? to sign anything as 
insignificant ■ as a SALT II 
agreement? Can they not take 
the opportunity of their meei- 
ing to announce that they will 
each meet again in six^tnonths’ 
time to announce “deep cuts, 
even (to quoie Mr. Carter) In 
50 per cent ,fm . in their .'arms 
budgets, procurements, and 
deployments, taking ,npte par- 
ticularly of which,, cf/ their 
Forces and weapons htosi-piarm 
tits rest of the world? H»ere 
8i*e Matirments by each ef them 
to the effect that they^ Would 
be v/ilUng to do this. / 

Is it not time that these 
statements. which unco- 
ordinated lead nowhere, were 
dovetailed into effective policy 
and brought before the world 

Elizabeth Young. 

100. Boysicater Rood. \V2. 

Constitution of 

From the Secretary General . 

- 'sir, — In your editorial n£, 
December 19. you said concern-' 
ing the recent Presidental elec- 
tions in Zambia that “ the Party' 
(UNIP) rushed through amend- 
jnents to its constitution ” which 
prevented certain candidates- 
from challenging President 
Kenneth Kaubda. I have had 
occasion * to correct this 
deliberate misconception which 
appeared, in . -The Economist last- 

. May I repeat (if for records 
purposes only) that the 
amendments: : were proposed ■ 
before anyone' indicated that 
they would challenge President. 
Kaunda for leadership of the 
Baity. - '■ 

The Party's mistake (if it was 
a mistake) was that it did not. 

withdraw the amendments after ; 
Presidential aspirants came cn. 
the scene. ' President Kaunda . 
was for withdrawing the amend- 
ments to give opponents all; 
chance but the majority of the 
Party members felt that it was 
wrong to give special treatment - 
to opponents of a good leader 
and to go to the extent of with- 
drawing amendments to suit; 
them." The rest of the UNTP 
members • knew President 
Kaunda would win with or 
without amendments but they 
felt that provisions in the. con- 
stitution should be introduced 
without regard to the ambitions 
Of particular individuals. 

1 resent the frequent reports 
that UNTP rushed amendments 
to prevent Kaunda from being . 
opposed. The fantastic election, 
results in his favour have shown 
>hat the -partv did not need to 
resort to political manoeuvring- 
to keep Kaunda in his seat. ; 
M/Mainza Chona. 

U\ IP Building. 

Lusaka, Zambia. 

Jess than Mr. Rodgers would 
like on bus subsidies, is to be 
punished. On the other band. 
South Yorkshire is to suffer for 
failing To put bus- fares up. The 
authorities’ common fate will 
be a virtual ha]L to Government 
support for road building. ‘ 

The Government’s transport 
policy Inoks even less convinc- 
ing when set in the context of 
the main resource distributor 
from central to local govern- 
ment, the needs element of the 
rate support grant. This has 
consistently reduced the pro- 
portion of .total resources avail- 
able to rural areas since 1974. 
Oxfordshire will receive only 
20.296 per cent more needs 
element iti 1973-80 than in 1974- 
1975 — a major reduction in 
real terms.. Most other authori- 
ties have done very much 

. To insist on a particular use 
of comparatively small amounts 
of money — in 1979-80 TSG was 
.-3.6 per cent of total RSG — whiie 
rapidly reducing the real value 
of the authority's RSG al lo- 
cation is a clear example of the 
Government’s desire for central 
-control instead of responsive 
local administration. 

Tony Travers. 

North East London Polytechnic, 
Holbrook Road, E.lo 





From Mr. T. Travers 

Sir, — - Central government's 
desire to take over local 
authority transport powers was 
exposed in the Financial Times 
of December 16. Authorities 
which do not do what Mr: 
Rodgers wants are to'have the ir 
transport supplementary grant 

Needless, to say, a delightfully 
contradictory pattern -of pres- 
surising local authorities has 
been evolved. Oxfordshire, for 
example, ' which is spending 

..From the Chairman . Industrial 
Council for Educational Train- 
ing and Technology ( 1CETT ) 

.~ r Sir,— We in ICETT have read 
. with interest Mr. John Lloyd's 
. report (November 29) of the 
statements made by Lord 
Wlnlerbottom and Mr. E. T. 
..Bell, my predecessor as chair- 
man, at the annual ICETT 
luncheon. The report made 
-reference to Lord WinTer- 
bottom’s plan for the establish- 
■; ment of a British Educational 
'Export Council and th e reser va- 
; tions expressed by ICETT. I 
Would seek the courtesy of 
; -further space hr your columns 
, to express the ICETT point of 
view . 

ICETT fully supports the idea 
of closer -collaboration between 
- the public sector and the private 
■sector in the promotion of 
exports and the development of 
. closer ties between the various 
interested parties. 

As Mr. Bell indicated, ICETT 
..has serious reservations about 
the . establishment of the pro- 
posed British Educational 
Export Council if there is anv 
risk of such a council dupli- 
cating the acti vities o f organisa- 
tions such ns ICETT. which are 
already very active in the exoort 
field. As yet there is no clear 
vindication, as to .the aims and 
organisation . of the proposed council/ or — perhaps most 
-Important of alt— how it is to 
be' financed. From various meet- 
ings attended -by ICETT reore- 
sentatives. however.- including 
myself, we have the impression 
: that ft is intended to establish' 
a council with a secretariat and 
a permanent staff, including a 
" director, possibly a 1 deputy, 
director and appropri ate se cre- 
tarial • assistance. ICETT Is 
nDPosed to such a nlan. believ- 
ing . that the funds involved 
cfmfd be nut *o better use bv 
P'ntiorfii’? the promotional 
efforts of erisfing bodies active 
. the export field. 

. We would also recommend 
the establishment in London of 
a permanent resource centre, 
designed to display to overseas 
visitors -the skill, knowledge and 

experience available in Britain 
in tiie field nf education — 
especially technical education — 
along with ihe relaied equip- 
ment. teaching systems and 

audio visual aids. . ’ 

On the other hand. ICETT 
would ■ welcome the. establish- 
ment of a council or committee 
designed .to. co-ordinate the 
activities of all concerned with 
exporting British technology in 
education and training. Under 
the chairmanship of someone so 
distinguished as Lord Winter 
hotioin. the council could meet, 
say. four times a year to pro- 
mote new ideas and encourage 
collaboration between the par- 
ties concerned— for example, tn 
promote the concept oF “ UK 
Limited ” for major tenders 1 
overseas— and equally impor- 1 
tj»nt to represent the interests 
of the Industry at GovernTnO"t 
level. The eri sting ti-d** 
advisory rroups of the POTS 
mi o ht. with suitable modifica- 
tions. he used ?s a model, ex- 
cept that the orientation wnulrt 
he towards a soccific industry j 
r-'ther than n poo.crnnhieal arc’. 
The main .Idea wo'tid be Tr * 
harness and m-onlinaTe the j 
efforts of the public and private | 
sectors. j 

We 1 ck>V- forward Ip hating 
further discussions on the sub- 

K. M. M. Ross. 


Leicester Hov**. 

S. Leicester' Street. WC2. 

Profit sharing 


From Mr. R. Cockmah •• 

Sir, — I was interested to read 
Mr.' Wallace Bell's letter 
(December 15) regarding some 
of the short comings of the 
legislation dealing with 
approved profit sharing 
schemes. - - - 

While I agree totally with 
Mr. Wallace Bell that the 
amendments he suggests in bis 
letter would improve the legis- 
lation I think it would be wroDg 
to assume that the non-intro- 
duction of such amendments in 
any way should act as a barrier 
to the establishment ‘ of 
schemes of this nature. 

There are far more funda- 
mental aspects which have to 
be decided upon by. a Board 
of directors when they .ar.e 
deciding whether or not to 
Introduce a scheme of this 
nature such as whether it can 
he an important aspect of em- 
ployee financial participation 
or as a means of enabling 
employees to Identify with their 
company's fortunes in the 
future. If the decision is a posi- 
tive one then relatively minor 
administrative details are likely 
to be considered no more than 
mechanistic problems which 
most ■successful companies are 
able to cope with admirably. 
The personnel and secretariat 
functions operated by com- 
panies which are likely to be 
attracted by these schemes arc 
I am sure fully capable of cop- 
ing with the problems that may 
arise as they have already 
proved in . recent years with 
regard' to pensions legislation. 

Thus while T repeat • -the 
changes Mf. Bell suggests would 
be sensible' and attractive I do 
not feel they will farm anything 
more than a. side issue .when 
a company which is seriously 
considering whether or not to 

introduce such a scheme takes 
its decision',' . 

Richard Chckman,. 

Cockman Copem&n and ; 
Partners. ' 

178. Temple Chambers. 

Temple Avenue, EC4. 

But such messages are appear- 
ing on Financial Times- tele- 
printers the whole time— five 
years ahead of schedule. 

Of course the pride of 
Newspeak was the B. political, 
vocabulary. The words in it 
were ali compound ones such as 
••crime think’’ or “though Ipol” 
(thought police). One had to 
have a good grounding in Ingsoc 
to appreciate a word such as 
“oldthink" and the ranges of 
words cancelled by its existence. 
Put simply. “ oldthink ” can- 
celled all thoughts connected 
with objectivity and rationality, 
while “crimethink” cancelled 
everything to do with liberty 
and equality. The only way of 
translating the Declaration of 
Independence into Newspeak 
was by the one word “crime- 

The most advanced student 
of Newspeak in Parliament is 
Mr. Roy HattersJey, wbo takes 
to it as a duck to water. He will 
have no truck with talk of 
sanctions and blacklists. When 
pressed in debate by 
Labour rebels to say what he 
called these weapons, his first 
attempt was “ discretionary 
action,” but the real Newspeak 
words, as he soon realised, 
were “ help for the lower paid ” 
and “counter-inflation." Orwell 
warned that we are still at an 
early stage where Newspeak 
may need more words than Old- 
speak. Mr. Hattersley illustrated 
this. When asked by Mr. 
Norman Atkinson when' he 
would support a return to col- 
lective bargaining. Instead of 
the Oldspeak " never," he had 
to resort to: 

“The orderly return to free 
collective bargaining of course 
remains our aspiration and 
remains the policy of the TUC, 
but I think that my Hon. 
Friend will agree with me that 
even the TITO believes that the 
return to free collective bar- 
gaining needs to be qualified. 
It is because he believes that. ! 


V.S. Secretary’ of State. Mr. 
Cyrus Vance, meets Mr. Andrei 
Gromyko, USSR Foreign Minis- 
ter, in Geneva for two days of 
talks on rhe Strategic Arms 
Limitation Treaty (SALT). 

EEC Energy Council meets in 

Meeting in Brussels between 
EEC and tiro African, Caribbean 
and Pact he group of countries 
(ACPj in renegotiate the Lome 

British Airways and three 
Scandinavian airlines meeting in 

suspect, that he raised this 
point during the passage of my 
speech on the lowest paid." 

Not yet real Newspeak, but 
well on the way. 

There are some political 
leaders who are full of the 
spirit of Newspeak. but cannot 
quite manage the vocabulary. A 
good instance is Mr. James 
Callaghan wbo has a special 

affection for doublethink, which 
is "The power of holding two 
contradictory beliefs in one’s 
mind simultaneously and 
accepting both of them ” — for 
instance that increased pro- 
ductivity and artificial job 
creation are Good Things. (In 
the Civil Service private edition 
of “ 19S4 ”, there is an indexed 
cross reference from .Industrial 
Strategy to doublethink.) 

Mr. Callaghan's trouble is that 
be makes Ingsoc sound like 
Ingcon. Sir Harold Wilson had 
a better feeling for the abbre- 
viated words required. He 
would certainly have renamed 
the War Ministry ftflnipar. if 
the Conservatives had not pre- 
viously merged it into a 
“ Ministry of Defence.” But he 
did invent Miutech which is not 
even In " 1984.” 

But these are the exceptions. 
The pioneers of Newspeak are 
officials, academics and pro- 
fessionals. Wbo outside White- 
hall could have invented the 
word " counterinflation " as a 
title for policies which do 
not mention money in any shape 
or form? Indeed the word has 
all the right Orwellian charac- 
teristics: the compound word, 
the ambiguity about whether 
“counter” is a verb or prepo- 
sition and above all the ability 
to commit all to the desired 
objective — pay controls — 
without explicitly mentioning 
them, yet implicitly denying oil 
possibility of their not being 
there (for example. “What are 
the Honourable Lady's Counter- 
inflation proposals?”). 

Economists have invented a 

The dust-jacket of Seeker & Warburg's 1966 edition of “1984.” 

few mottos breathing the spirit 
of Newspeak. For instance: never 
admit you don't know, but talk 
of “ long and variable lags." If 
your theory turns out to he 
hopeless when rested, simply 
talk of “ serious problems of 
serial correlation." But if you 
want to boast of your ability to 
fiddle the forecasts you need 
only talk of the different ways 
of “ dealing with the problem of 
residuals." And if anyone tries 
to answer back, you need only 
threaten that you might call him 
a “ sociologist " to bring him 
quickly to beeL 
By comparison most Parlia- 
mentary debates seem bogged 
down in Oldspeak tactics, such 
as excessive generality, not 
understanding your own case, 
missing the point and evasion. 
Frankly I doubt if Sir Geoffrey 
Howe will ever be really 
fluent in Newspeak. Fur 
instance when Mr. Em!-n 
Hooson asked him what he 
would advise the Government 

to do if collective bargaining 
turned out not to be 
“ responsible." he replied first: 
“ What the present Government 
s?t out to do in 1977,” and when 
asked again said. “It will be 
a lone and painful road to 
travel." This is just Oxford 
Union debating and not the 
Newspeak required to prevent 
the question from even arising. 

Perhaps the best defence 
against Newspeak is just to 
believe the opposite of what you 
2re told. This is the motto if 
the brokers Simon and Coates 
who found that 65 per cent of 
professional investors in a 
sample expected the next ‘50- 
point move by the FT Industrial 
Ordinary Average to be down- 
wards. They interpreted this as 
a bull signal, on the grounds 
that the crowd is usually wrong. 
Which is as good a note as any 
on which to wish you all a 
Happy Christmas. 

Samuel Britten 

Today’s Events 

Stockholm discuss routes and 
price structure agreement expir- 
ing at end of year. 

National Union of Agricultural 
and Allied Workers resume talks 
nn 100 per cent pay claim at 
Ministry of Agriculture. 

OECD 1978 world economy 
.report published in Paris. 

. Nov/ Zea'and bank officers 
threaten sirike over pay. 

U.S. Department of Agricul- 

ture report on estimated 1979 
wheat production. 

Princess Anne attends carol 
concert by Goldsmiths' Chora! 
Union at Royal Albert Hall in aid 
of Save the Children Fund. 

Department nf Industry 
releases figures on car and ■•nm- 
mercfal vehicle production 
(November, final!: capilal expen- 
diture by the manufacturing, 

distributive and service indus- 
tries (third quarter, revised); 
manufacturers' and distributors' 
stocks (third quarter, revised). 
Bricks and cement production 
figures from the Department of 
ihe Environment. 

Filial dividends: Charterhouse 
Group. Homfrav. Interim divl- 
dens: Sntley's nf Yorkshire. Lin- 
ds ist res. R.’ Paterson and Sons. 
Trusters Corporation, Unigate. 

See Company News on page 25. 

National Semiconductor 

is now entenng the 
computer market with a 
range of sophisticated 
system-level products. 
This step is not only natural 
and logical but inevitable. 

For the past decade, we’ve 
been a leader in creating the technology 
that makes computers work. 

Two years ago, we unveiled 
our first advanced system computer. 

To date, over 150 of these IBM 370 
compatible systems have been installed 
in fifteen countries. We are now shipping 
worldwide more IBM 370 compatible 
computers than all other competitors 

And, by applying current 
semiconductor technology and pro- 
duction expertise, we deliver better 
performance at a lower price than other 

By making software- 
compatible hardware, we protect a 
customer’s investment in standardized 

We are the world’s largest 
independent manufacturer of IBM 158 
and 168 addon memory and we have 
already starred to manufacture for 
303X Systems. 

If you would like to know 
more about our current product range 
please complete this coupon and return 
it to us. 

Sherwood House, 176 Northolt Road, 
South Harrow, Middx. HA2 0EB, U.K. 
Telephone: 01-422 5612 

i — 1 

* I would like more information on. * 

I IBM Compatible Systems tH 

I IBM Compatible Memory □ I 

* Name * 

Tide | 

I Company 

I Address i 

National Semiconductor Corporation 
Computer Products Europe 

" " -ott 


Companies and Markets 



I ■•',■ 


OC finishes at £66.5m after 
.lm fall in final quarter 



’* -■ •• V • • " . .J : ‘; j _ SZ'j i-$yz- . ', 


£ j' 

i:-‘ A DECLINE in final quarter 
pre-tax profits of BOC Inicr- 
national front £21. 8m to £17.7m 
[•I left the full year figure to 
September 30. 1978 lower at 
y. £ 66.5m, compared with the pre- 
r.‘: ’.ious year's peak £82.2 m. Sales 
K advanced from £U.67bn to £1.2bn. 
If' The directors explain that 
" r . profits were depressed hy the 
puur results of Airco’s ferro 
»} alloys business the continuation 
f- - nf production problems in Medi- 
r.v shield, and a cully strike in the 
.group's UK gases division in 
il October, 1977. 

£. During the year sterling 

f. '' strengthened against those 

currencies important to the 
.croup. particularly against 

g, the U.S. dollar, and the direc- 
tors say pre-tax profirs would 

f. have been some £5m higher if 
i? exchange rates ruling at 
t" September 30. 1977 had still 
j* aDDlied at the 1978 year-end. 
p The 1977-78 figures include a 
¥/ full 100 per cent contribution 
[>. from Airco. as a subsidiary, 
f; v nereas. in the previous year as 
[; an as«ociaie, group results in- 
g elude 34 per cent of Airco pre- 


/■.»= ■ . 1 

a •-• • . v,V ,*.* •. ' _ • • : 

: , * -JBmSvz ■» --= .. . . : .' . : VA v ' ' . . 

Vjr lax profit. 




p S.,l« ... . 



... . 1.196.1 


y Opei^tmc costs 



- D-prccalion 


35 7 

t Share ol essocs. 

piolit 3 6 

33 0 

J- FroRl 



1 Airco adjustment 

... . 18.4 


'■ Interest paid 

. ... 30 9 


L Profit belorc rax 



1 Ti>. . •• 

30 8 

35 I 

, r N;i profit 



ml^orltle^ . . 

.. . . 6 5 

7 7 

•• E-iraord. losses 

. . ?.9 

0 2 

; Avuiieble 

. ■ 3 

39 2 

: Pref. -JreidenOs . 



i Cd divdci'ids 



- Retained 



Share of associates' 


uniounied to 

£3.6m compared 

A FALL of £315,000 to £1,127,000 
in taxable profit it reported by 
Petbow Holdings, maker of gen- 
erator and welding sets, for the 
six months to' the end of Sep- - 

sales growth, did not materialise 
and turnover was maintained at 

port content dipping £0.49m to 

The lack of sales growth was 
caused by unexpected cancella- 
tions and a decline in orders re- 
ceived resulting from, the sudden, 
and .marked deterioration in sev- 
eral overseas markets. This re- 
versal, which occurred without 



* ftge CoL Company ... 

' * r T „ \ ' /-’* ■ " 


AGB Research 


2 London & Assoc lire. 

BOC Inti. 


1 . . Nova (Jersey) Knit 


.*.; a... 

Danks Gowerton 25 

■ .4 Pearce (C.H.) 


..... 3:., 



S Petbow Hides. 

; 24 • 

v.; .5 

Equity Consort 


' * Radiant Metal Finishing 

FPA Constn. 


} Scottish Inv. -Trust 


: .--4. . 

Harris (PhiQp) 


8 Scottish & Newcastle 


.-* *,T- 

Leeds Dyers 


.3* - Seafield Gentex 




r. 1 



•* *■ 

■PKOFECS THsfcareJ ta* .'bf v TlO^S. A:^. ‘ %Pr- . 

Sj vtheJ .aix mdaths 

i-.-A •: ■ 


ir*s: ( WeE;T 

of ; ^Mpninntn iguldt* 

•: Earnings . . 
to he up .from.:4J 
the intetitiT: 

ftb?7.T2piana " 
and . " is • 

^There is^dso -* 

warning towards the end of the economic problems have sharply - pessimistic statement from- the - 1 

half year, had an immediate intensified in recent months and 'compands chairman is -a little 

effect on shipments and will have remittances of foreign currency. ' surprising. Either.fee market an -'* 

a significant effect on sales for have become increasingly diffi- ' „ awa « 

the second half Mr. J. Bird, the cult. This has resulted- in'- das-' *;* a f B L,: n . . lnaitl , -np«iiir<fav “ 7 

chairman,' states. tributorsinNigeria having to call before trading closed . r -. Tfiraoy&r ; ■ six. - 

_ , u:. it i-V. if hail si1n»9rtV wiawr*n--'BlA ■ -- - r - -- ‘ - 


of .the comment?; tn ' ■■ <> . ■^> w ■ 

— , e Jf" -d -?2S I 5S‘ 

The second half has not be- a temporary halt in fee shipment' dr it had airea^r 

in welL although October is of goods to that country . -shares down in anticipatkm, . It £&5nL : > 


FrctWK- Mans field 

SIR LESLIE SMITH, chairman of BOC International seen with a background of Airco's largest 
industrial gases plant at Bethlehem. Pennsylvania. 

with £23 m. and there was an 
Airco adjustment of £18.4m this 
time, which eliminates that part 
of Airco’s trading profit attribut- 
able to minority holders in the 
period before Airco became a 

Profits, before ihe Airco ad- 
justment. and higher interest of 
£:j0.9m f £19.610 1 . rose from 
£ 101.8m to £1 15.5m. A geogra- 
phical analysis sbov/s — Europe. 
£26m t£39.5m»; Africa, f 15.5m 
(£16.7011: Americas £49. 1 m 

til 9. 9m): Asia, £4.1 in (£4.9in); 
Pacific £21.1m ( E20.8m I. Or the 
Americas profit. £47.Sm relates 
in Airco. 

Stated earnings per 25p share 
are lower at 9.4p (14.49p> on a 
nil distribution basis, and at 
S.45p (14.49pf on a net basis. A 
final dividend of l.S5075p lifts 
the total net payment from 
3.135p to 3.50Q75p. 

Depreciation charged for the 
period amounted to £84 .4 m 
i£35.7m). The -group’s policy 
includes revaluing assets on to 
a replacement cost basis and 
charging depreciation on the re- 
valued amounts. 

The practice has been extended 
progressively to cover further 
classes of assets (including those 
of Airco) so that most of 'the 
group’s assets are now shawm in 
the balance sheet on a revalued 

The depreciation arising from 
the revaluation of further classes 
of assets during 1977-7S (includ- 
ing those of Airco revalued at 
the date it became a subsidiary) 
was £5.9m. 

See Lex 

C. H. Pearce 
set to sustain 


Scottish & Newcastle 
Breweries Limited 



26 weeks ended October 29, 1978 

The Directors have declared an interim dividend of T45p {1977: 
1-35p) per ordinary share in respect of the year ending April 29, 1979. 
The dividend will be paid on April 9, 1979 to shareholders on the 

register at the close of business on March 14/1979. • 

The unaudited results for 26 weeks ended October 29, 1978 were as 


26 weeks 

26 weeks 

52 weeks 




October 29, 

October 30, 

April 30, 













Operating profit 




Associated companies 




Financial income 




Financial expenses 




Profit before taxation 








Earnings after taxation 




Preference dividend 




Earnings attributable to 

ordinary shareholders 




Interim dividend 




Final dividend 







Extraordinary item 







Earnings per share 




Sales of lager were up compared to the corresponding previous half 
year but sales of other beers were disappointing; total volume was 
down. It is unlikely that sales for the whole year will attain last year's 

Hotels and Managed Public Houses further improved their perfor- 
mance and are expected to maintain their progress. 

Wines and spirits performed well in the home market and this trend 
should continue for the full year. 

very much more appropriate 

development which the directors _ , ... , _ 

believed, in turn, would be more effectively held at 1.5p per lOp 

traditionally a poor' month and 
November bore all fee cost of fee 
redundancy programme. The un- 
certain sta.te of the market makes 
forecasting extremely difficult, 
but in the absence of any marked 
change in external circumstances 
indications are that the results 
for the second half will show no 
more than a modest profit he 

For 1977-78 the surplus was 
ahead from £2.79m to a best ever 
£3. 14m 

The net interim dividend is 

Iraq, an excellent market for at-, 
number of years, lias recently 
imposed a boycott on British, 
goods which has already resulted 
in fee loss of a substantial order. 

As soon as -fee effects -of the-f 
reduced order level were quaxitt'. 

of production should 

^duced and this ^ tafWES 

rim r-orinnrianro nmmmmp iT j -i.-i.ii 

fied, it was decided that fee rate. Nigeria, Iran and/ Iraq ^ are^'inr - - - 
c ™ .differing reasons, ; clbsed 'to; it- 

- -v -- r - ' 

r «. prugr 31 ®*®® liave been shipped is : going. "-A- J* ■' ’ 

announced m October The ;;. stocks and ; it tak ®^ ’ 1 

th> direct sales efforts to^ ower, fa Associated - 

SS:-.*ets. It takes evOT, Jphg^-to ; R j S e^lS,fl()O t<r£5D J 000fcfee 

u - u hinlH un new markets- to - a Size-.- v*' imAf 'c 

profitable than the one originally 
approved, he stated. 

Present management accounts 
at C. H. Pearce and Sons, builder, 
contractor, etc., point to fuli 
time profit for fee current year 
at least equal to that seen io 
1977/78 when the pre-tax surplus 
was a record £0.81m. 

Mr. Gordon Pearce, the chair- 
man. reporting this at the annual 
meeting, said feat he feared the 
coming year would not be a 
prosperous one for the construc- 
tion industry generally as, in 
order to prevent inflation, the 
Government would reduce public 
spending by cutting expenditure 
in the building industry. 

The group bad now received 
full planning permission for a 

share and, in the absence of un- 
foreseen circumstances the direc- 

Industrial developments at ™ r s expect to pay a final at the SSSFw m w 
Weston-super-Mare. Evesham, !/2? EHSff 

Brisrnfhad “2 ^S'compfetiS ^ Pnl. drviderrO 

by the company. In addition ^ owin _?_ In ra ^ Annbuabto 

directors are confident that the 
steps taken will , not impair 
group's ability to grow when 
market conditions improve: 








construction work was proceed- 

lowing fee change in fee rate 
of ACT. 

Nigeria has been fee group's 



hwo in all 

4U impact 
' 1,028 profits 

“ * . ' 47 " medium term. . . luiuciui . .i.u . . -rt-r-'i , . rrr.r™ - • 

os? accurately assess. Second: balf ^ .. ;.- c 

' f 87 profits will be “ modest"? buT los^/For fee %hole of last y ear - 

" dividend, adjusted fbc the sbafe . thfi-comp^^torii^m.pre^ -- 

based at Stoke- Gifford and the 
properties previously owned by 
fee group had all been sold, be 

Revenue rise 
forecast by 
Equity Consort 

Edbro ahead to £1.6m midway 

a I B -wA-..- ’ ■* "U r '■ intenih. statement,-. . ; - - . o ■ : 

warns of second-half 

. currency 

v r -. r c «,00Di igaiiista ;£12,000. iicnease. - ” 

■ ?•* - ■ ; -.This item -is not reflected ^* dhe j?; 
.-y ‘ *'.• inferim statem f“ 

AFTER holding pre-tax revenue 
at £220.845, against £226.985. in 
the six months to October 31, 
1978. Equity Consort Investment 
Trust is forecasting that total 
revenue will be greater than last 

On this basis the Board antici- 
pates being able to recommend 
an increase in the level of dis- 
tribution. At the halfway stage 
the dividend is lifted from l.98p 
to 2.01 p— fee total bst year was 
6.S375p net. 

Pre-tax revenue for the whole 
of last year stood at £435.000 on 
gross revenue of I4S2.000. 

Tax for fee half year is £78,098 
( £81,547) leaving net revenue 
down from £145.438 to £142.747. 
Net asset value per £1 share is 
189p (17Sp). 

WITH PRE-TAX profits up from have been calculated on -, fee lost in the first, half .of Jsfct.yjiar. 
£1.31m to £1.59m in the six 8.300,696 shares in issue, against' when shot! time working, indus^ 
months to September 30. 1978 8.205.635 <m September 30. 1977. disputes local Sufeority cnV 
Mr. L. V. D. Tindale. chairman The results for fee 1977 first- h k , +5e wbrlS trade' and 7 
of Edbro (Holdings) says fee half have been adjusted 

outlook for the second half has include those of Edbro (Scot- transport recession mstuptedfee 

cnmpuhal . Rn.r hp linril nnfl T^invtnn MachinRTv' SXOUP’S gTOWfe pattern. 'Mhcn Of- 

deteriorated somewhat But he land) and Longton Machinery group's growth pattern. ^fncR 
expects pre-tax profits for the Supplies. ■ the latest recovery is due srmpiy 

whole year to be similar to last Activities of fee gronp include' -to fee absence of internal, dis- 
year's £3.65m. fee manufacture and sale qf~'’pute8 although there has heeh : 

- - - - - * ■ r - 

Mr. Tindaie says feat turn- hydraulic tipping gears,, bodeis jonm increase in demahd-andJ 
oven— up from £12m to £16.47m and mechamcal-handhng eqmp- pnees in the UK. Ovenewk?alaS- '^ s ™ r 

half— is increasing ment f ? r commercial vehicles,: were, (also better but margins -are 
but margins are hydraulic pumps and' machine-, being squeezed, particularly i iri 
tools *■«-- 

in the first 
under severe pressure particu- 
larly in dollar related territories* 

He adds feat there has also 
been a delay on commissioning 
the new factory in Eire. Costs 
of moving fee warehouse opera- 
tion to the new premises at 
Wythensbawe and other con- 
sequential manufacturing 

changes will fall in this period. 

The interim dividend is raised 
from 2.03p net to 227p. The total 
for last year was 6.31p. Stated 
earnings per 25p share are 19.2p 

.Six months 
197S- 1977 


Trading profit 

Interest charges (net) 

Proflt before tax 


Profit aftar tax 

'Tax charges reflect group-policy on 
deferred taxation as revised during year 
ended March 31. 1978. Rate of tax 
used in the six months based on that 
exoectad for Year ending March 31, 








' 353 

North America and. fe 
East. .The sbftr&.tumbie&W 
200p after the news but edged up \ 
slightly to close at 201p. At-4fils 
level fee shares have^ a prospeo*:, 
tive fully taxed p/e.of WJassitfb 
ing that ' profits iriH 'be -of the ' 
order of last year and a yiefdTqf; 
5.2 per cent With prrospeets for . 
the current period and -b^Ohd; 
dependent upon such -tfagaries as 
fee movement of the -ILS. dbllar 


probably ad. optimistic jatmg: 

• 'J 'J'.-" 

: Ndfieeofftpa^pttbn- 

^oahtoE j^toe~aQ T JahuBry -* 

ny . ^ . ■* J ’ v ’,- m ‘ m •• , i 

txplah^ in the.t’rtwpoctns and, ‘ 

• woteidi:. purchases of 
Wat AtBount of TBdtea . 

1 The. *. 

r , ..;with 

^dfcfertrtict - ' 

. jUie . FtecaT : 

Trust Campai 

«* pmj IC - - 

latfoo,. tbr ; , 

CaodlUOitset Dbtin theErospectus has 

shown.-, otr 

+ T 

.= beftfttujV sod-no UDUhg Ittnd WflJ 

l ;Jjc Jaxnary-JS^ -i * 7 . 4 --.: . . 

■-y fewE jy BKtwsivluii fiusemis . 

this is. in the short tenn at IdhiL r' ; ; •- : f.'V' 

(15.99p) before tax and I2.08p Edbro managed to recover only 
(11.69pj after tax. The earnings about 60 per cent of fee ground 

Scottish Inv. takes cautious view 

The future is being faced with 
considerable caution by the 
directors of Scottish Investment 
Trust Company. It is prudent to 
be aware of the many economic 
and market changes which may 
still have to occur before a more 
predictable investment climate 
emerges, says Mr. Angus 
Grcssart, the chairman. 

In the UK, industrial invest- 
ment is poor and the prospects 
for growth in corporate profit- 
ability are not -good. As for the 
U.S.. recent moves could bring 
about a gradual correction of the 
adverse situation there, but the 
restoration of long-term inter- 

tenn bank loan was reduced and In 1977-78,' pre-tax profits 
by year end short-term bank totalled £436,000 from turnover of 
loans were equivalent to a total 

of S4.2m. including a loan of 
Y350rn for investment in Japan. 

Borrowings for overseas in- 
vestments therefore increased 
over fee year from 86.5m to 
S 17.7 m. 

Meeting, Edinburgh, on Janu- 
ary 25 at 11 am. . 

Finance and 

Sir Graham Rowlandson, chair- 

national confidence in the dollar man of Finance and Industrial 

may take some time, he com- 

On balance fee directors have 
concluded that they should main- 
tain the company's present level 
of investment in the U.S. 

-Japan and Germany, on the 

Trust, reported to the AGM that 
progress has been maintained. 
Satisfactory increases in rental 
income have been agreed and 
will be reflected in results over 
the next 12 months. 

On December 14 the company 

Turnover in timber and furni- 
ture has increased by nearly one- 
fifth compared wife fee corres- 
ponding half year of 1977, con- 
tributing materially to the group 
profit increase^ 

Textiles as a whole did not 
recover to the extent which had 
been anticipated and confidence 
still appears to be lacking in cer- 
tain markets. However, the in- 
vestment in new weaving plant 
at J. T. Wright (Trowmill) has 
been justified by increased profits. 

Tax of £79.000 is entirely de- 
ferred and directors foresee feat 
no liability is likely to arise. 



other band, have managed their agreed to acquire Gavingham 

economies well but fee relative 
strength of economic growth in 
both these countries can only 
partly offset any slowdown in the 
U.S.. he adds. 

At the year end October 31, 
1978. the company's £116ra 
(£114m0 assets were distributed, 
in percentages, as to UK 54.9 
(57.2i: US 28.4 (29.5;: Europe 3.4 
(3.9); Japan 6.1 (4.5): South-east 
Asia 6.7 (4.4) and elsewhere 0.5 

Property Company for a total 
consideration of £115,000. 

ANNUAL premium income of 
Schroder Life, fee wholly-owned 
life assurance subsidiary of 
Schraders, the banking and in- 

A large holder has disposed of vestment group, jumped from 

its holding and there is now far 
more trading in Die company’s 

Cawdaw ahead 
in first half 

£760,000 to £2ro in fee year to 
October 31, 1978. 

Single premium income 
amounted to £14. 27m, against 
£9229m the year before. 

Schroder Life’s market share 
has quadrupled over fee past 
four years. 

Sales of Cawdaw Industrial 

Taxable revenue for 19/ /-7S Holdings for the half _ year to 

was ahead to £4.62m (£4.Q3m) 
on income up at £5.36m (£4.45ml 
and net dividend is raised to 
3p (2.56p) — as reported Novem- 
ber 24. 

During the period fee com- 
pany borrowed U.S.$5.5m by 
means of a 10-year reciprocal 

September 30, 1979 improved 

from £5.81 m to £8 .24m and pre- 

Gillett Brothers 

11=2.000 gainst ch airman retiring 

£ 101,000 in fee same period 

Prospects for the second six 
months wilt depend largely on an 
upturn In the textile trade 
:enerally. but to date fee 

loan and concluded a 7-10-year traditional second half improve- 
currcncy exchange agreement for ment is being affected by the 
88m and the sterling equivalent, uncertain economic situation, the 
At the same time a 86.5m short- directors report. 











payment payment 




AGB Research 


Jan. 31 






Apr. 5 










Danks Gower Ion .. 

0.7 ' 






2 27 

Jan. 29 




Equity Consort .. 


Jan. 31 




Philip Harris 


Jan. 25 


— . 


Joljurg Cons 


Feb. 17 




Nova (Jersey) 


Feb. 13 



1 j 




Jan. 29 




Radiant Meta! 



Jan. 31 




Scottish & Newcastle int. 


Apr. 9 




Mr. David Whitby, chairman 
of the Gillett Brothers Discount 
concern, is to retire at the end 
of next month. He is to be' suc- 
ceeded by Mr. Ian Logie who 
also remains as deputy manag- 
ing director of European Bank- 
ing Company. 

Mr. Whitby, who had been 
chairman for ten years, said yes- 
terday feat he wished to pursue 
other interests. 

In 1974 Gillett made a £1.9m 
loss but since then has recovered 
wife profits of £lm last year. Mr. 
Whitby’s resignation is timed to 
coincide wife the end of the 
group's current financial year. 

Dividends shown pence per shire net except where otherwise stated. 

* Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues, t Plus additional 
0.045p now declared. § Additional 0.042675p. 1 South African 


Do you mod currant atfwnM pqn on 
Limited Companies, Inducting Balance 
Stuns, prepared in 5 days at a con of 
only £3£0? 

You needs* 

For mor* mignnxtien, write ’Slnip' an yeur 
(inline card and snxt U lb:— 

E.CLS. CMipwr [UKJ,Sh*> Hm* 
27 ffntWiy, Boday. Oxford. 

have tardy been out'ef thespod^ht^TtlT mftst bf - V v " 

bdpgbntbeinah :,: ^ — — - L - L ^ — 
demand quick! y. 

aBhJfee* ’ ' of cdnibiiMfioBof ‘ 

Tofelassets, . ; £2239m^4fiH8L3B9fr' ^ 

Recefijlsframinvestors . ; 

NewinvEstmertaaairris. > -3MXQEW'- s -imijerir $ ' -SSt. 

New mortgages granted :j i attnd^»i00flr.'g^w^cflafi X A 
Newbranches opened j,.-* 34 - / ■; : *' -- - -■ r 

’ " •’ ,J » . ■- v . vv" .. ^ * : -Vf .v , sw > 

: '-“z- v. - v . r* — v"i 

: 4.... -oranaieMiid Agcps&dfflWEfiDta - 

;• ■■ v ‘V-Vi > ■' •; ’.rT. / 

siianr M 
; fr in fir 


^ting s 


!-. ■’< •' 


. ' *■ v — . . 


r -2' 

21 :- 



^|f • December it 1978 

^ y i?8gp»fe*^ ~.^ XXfc C^O JVI3P ANY NEWS 





OT.Sniiii first six months 

. : r, *k in ^'ir. V Fj&maUGK TURNOVER was 

- -a-.*, *>frklk- V. •:. . Ugber Xt v£20t5m' - against 

. s. l. “ t- flB4.75m. S eotfishfamF N dwcastle 

'.-ii ■; ■& >-4;^ V jtiEWertes reportfra djuwntum in 

^SmSSSnSSSS board meetings 

lower interest of £22.000, com- 
pared with £27.000. 

First half 
for Danks 

OFS needs $200 gold to 

maintain profits 

From turnover 

£11 .29 m 


ONE OF ihe major post-war ■ i - ■■ m 

tlons, • they " anticipated " .act ■-.won. uni 
>: < f , Vjadttai*Jor the full year: / 

*n the previous fan. yeazri^T. 

lm proved 

“ ^ _ La« year full-time profit was gainst £9.l9m. profits before tax ~ e “ 5 in the min!n J g wnrld ^s 

7fa following eompaniM jiava doubled from £118,000 To £236,000 of Danks Gowerton improved the launching of South Africa’s 

g^?.. a s2* n 5^? , ^J*uil2g SSg, *9* of the peak from £347.854 to £408.918 in the high-grade Orange Free State 
. oq ig«n . -r .. dMd.'fox iha parposa of cpnB«J*f*no seen id 1971-72. The six months ended September 30, gold mines in the 19a0s. Over 

W 0 ™*"! tfwtfendi. official lodreacion* mart cuxectors said in July that though 1B7 o the past 25 years much of their 

At Hie August ann u al meeting, ovatjofaia b* to whather dJvMraM.*™ the company’s present trading 4 if ’ more easily accessible nnvahle 

^ jU reetore ^SSSiSir^- '.BSIMS'SS EUFjSSEXl P^itton m encouraging, ul Barnings per 2Sp share on "•.“JU* have been^fned 
tpect mud . improvement ^ in £Js£5i Wo •.... certauntles, especially in the Increased capital are shown at out and these days c -ood deal 

rst-balf results,, put provided today „-Vvr^' A fibres industry, mad© any mesa- 2fi9p (4.406). The interim divi- 0 f the ore tnnnn;<» has to be 

■JSHf!" BL5!!S3£i - 1 "■ mJSSf eSmJr forecast impossible. dend is 0.7p, against an equiva- Taken from remaining pillars 

Linduatxiea, Norton^ and _ lent 0.35p — last year’s total was and other remnants from areas 

tfriohx R. Pataraon, Trust*** Corpora- B aano flvaro equal to 1.31&P from pre-tax already mined. 

*%£!33m M - B»u* Com*., ' profits of £lm. This means lower productivity 

temfray. . ovnnofo First half tax charge Is because of the difficulties of 

"■ . ' H JTUHE PAl£i> vauCLIS £212,637 (£180,884) leaving net mining pillars; higher costs and 

:rSta? iT....... - ... 0*e-2S .1 i . profits at £196,281 against a dilution of ore grade; together 

inisHjd- Jm; 4 HOW flL lI T il £166.970. The group processes with productive time lost by 

Ann ^Eganan - Dm. 27 « steel and designs and mokes men who have to travel further 

ffllrtui'ataSS"" jR-S and SSLfiSifSS boilers ' *»««■ etc - TO ibe work faces. Fortunately. 

iwrtfnjTciMih^ D*cl« are no^^MterPto^auaf^tS Mr - A ’ J - Rowe ’ lhe chairman - these adverse factors are being 

«V ■ ' ■ s intense competition for a balanced * hqstar gold prices, 


I SOOijAH wn-iaa ” I l 1 

national stock and 9| per cent . 

Hunt International said that If- 
Sunshine directors uecept the 
offer, litigation between the two ;• 
companies will be held in abey- 
ance until the two companies .. • 
have reached a point in their - 
merger “where litigation may be.'-; 



The Consolidated Press group, .. 
— of Australia's cricket impres- 
sario. Mr. Kerry Packer — has 

art non. Unigote. . 

- .- RfU ta Ch anwftoira* GrauO; Ctofliu, 


fagful forecast impossible. 

Leeds Dyers 




were uacnangeu at ; 

• ^v c .^ cl S^es of lager were . up erom- 
" ;\ pared with last yeai's first half. 

r -I hiit sales -of other beers, were 

I An j ' i disappointing, state the directors." 
^-wnrifih „ >* Total volume was down and-, they 
, ^ say 4t is unlikely that full" year 

A Cc _ . ©alas wHl . attain the previous 
' '■xS0('lQf«j y year’s volume. 

Nova (Jersey) 
Knit Improves 
at midterm 

share of the market for the as the chairman of the Anglo cast capital spending being 
group's products has had an effect American Corporation group’s Klim against K6m in the past 
on nrot margins. The additional OFS mines point out in the year". Weftom, with capital 

statement on P rot marsms. The addiuonal OFS mines point < 

Ac nn capacity available at the Oldbury latest annual reports. 

As reported on Nove mber 29. y/orks has enabled the group lo As far as the outlo 

spending ahead of B5m against 

pre-tax profits rose from 
£1.007^24 to £1.102.026, on 

, .K. _ raised its stake in Pacific Copper 

u,w y ■' of Sydney to 2S per cent from 

, 20 per cent by the purchase of 

A./ / I m -shares from Pacific Copper 

_J J Mines of Canada for an undis- 

A / nmi an 7 ” closed price. 
f \ j Pacific Copper, which has in- 

^ /J YEM teresls in tungsten, coal and the 

rNr' * . Cadia copper-gold prospect in 

•V New South Wales, is an affiliate 

of Pacific Copper Mines. 

Shareholders of Pacific Copper 
were told the news of Mr. 

- , Q7R — ‘ — — 1 — — Packer’s increased inrerest at the 

- 1977 \yfts annual meeting in Sydney by Mr. 

P. C. Gibb, the chairman. 

HTUVT RFVKW Mr - GJ bb also said that the 

* avc T U.C3 company was holding discussions 

SinV^WnVP 1 Jim witl1 several companies about the 1>UJ re-activation of the Cadia pro- 

The attempt of Hunt Inter- ject. Reserves at Cadia have been 


accept orders and accommodate 
Increased production, thereby 

As far as the outlook for eotd R3-57m. looks for a gold price The attempt of Hunt Inter- ject. Reserves at Cadia have been j r. 

Is concerned, the chairmen take of at S220; President Steyn which national Resources, controlled by P ut at 42.8m tonnes of ore grad- . 

a generally confident line. They reckons to raise gold output to Herbert and Bunker Hunt, to “£ °-‘2 per cent copper O.o : 

nnint nur that inrin«iriiil Hpmand 27^00 kilograms this year from grammes per tonne gold and 5.1 

iOCiatnJ ^ year’s voluiae. 

“UmI Hotels and- managed 

tummur nf (RMi, mucus™ ijiuuutviuu, “‘-““J a gUDCCUii} tuunutui HUE. lurj r — ouu iu 

the rear to Sotember 1978 mitigating the effect of reduced point out that industrial demand 2/ ,-00 kilograms jhis year from over Sunshine Mbring, the 

TlS rt?i«£>n fw margins, tliese orders being {his year should again be in the 25.622 kgs in 1977-7S can main-. , oroducerin the 

ne^eS S com^v Will hi obtained largely on the basis of region of 1^00 l tonnes which is tam earmngs at a price of above farthe? 

— 7 - ■ p-rj-mn .it Ko-ir „ AVt K - ooiaioea largely ou me uaaia ui region oi tonnes wnicn is ■ 

nnTiii<> Nova runnin^l^ n^w P ^ianT U a nri reputation for quality of product more than South Africa’s output $200. 

l w/m iSl S and delivery performance. of around 700 tonnes and that of Pn 

II n P 1 n A ifcouses further improved their (Jersey) Knit in the half year working hard to recover the 

r etltt lift] { performance and are expected to to September 30, 1378, foUdwmg business lost through the fire 

7* r- v v^Jy t maintain their progress, while the two years of loss seen an at Scott and Rhodes, in 

President Brand needs an 

+ _i_- ^iqiuuica ucr Luune uuiu kuili 

take over Sunshine Mhring, the | rammes J er lonne s ilver . 
largest silver producer in the Preliminary discussions are 
TLS., has moved a stage further also taking place with an un- 
with the submission to Sunshine named Australian company for a 
of a revised agreement and joint exploration venture in 
merger plan. south east Queensland coal. Last 

Shareholders are reminded the Soviet Union which is average price of about $210. In me „ er p ] an . . ^“11 "t Kensiand coal La« 

~ t^itatalntheir'progress, while the two years of loss seenin at Scott and Rhodes, in Jjl!! Furthermore ih^risem thTlJS iSnent* yea? is PC «roected to The proposal expires today and year Pacific Copper bought tha 

l ■■ ■ ri-fen f wines and spirits performed, well the mid-1970s. For the silt montiis November, 1977. Also, it will jjj* ^ a l finan^S? S vS? nri^for cold ha- not damLned advance to about R60 5m from offers Sunsh ine shareholders a Barix steaming coal propertj in 

■- the home -market -and this the surplus was ahead from no longer have the support of RSSnKl* demand S althoueh R^Sm oftiS combination of Hunt Inter- New South Wales. 

lottfUumiot fMMWM o rawra tjffl-iy m co^u«d.. i»« — J&??K£\35 !T2 US ^ 

-• ra Tim a a 77 m \ a£?inst -Ho™ 11 wU f fae f ? r exception. increased much in terms of the OFS joint metallurgical ______ I 

- company’s^ majorpiecobranch _ wUhlli stronger currencies. scheme and will be partially . 

believe this year will be an because the price has not latest figure is associated with 

iception. increased much in terms of the OFS joint metallurgical 

Prospects within the engineer- stronger currencies. scheme and will be partially 

g division for the current half On the subject of by-product financed by consumer loms. Gold 

pDBlffence dividends, . attri- emerged 0B7p higher at 2.58p to db more than break even and Prospects within the engineer- “ hvjiPftrtll „. financed by consumerio^Gbid 

U: ^ c- botable earnings for the period from which is paid a net interim this will throw a heavy burden lng division for the current half On the .ubject of by-product averaeed over S200 since 

■ : T -;^V^ W pedfeom£17.47m to£l8^5m. 0 f Ip <0.5p). A lp final was paid on its other units, he adds. Z**£ ^ E°od. with an order wutan. no 'further rise is toa*m** iscurrentS 

Stated. fi«t:half earnings per last time. On a current cost basis, book extending into next year thought hkely m lhe current Sepmoer M ana is currently 

duieu pu A ast Lime. uu a current cose oasis, tt ^ coirs 

:ri ^ ^SOp a&5» fell from 63p to 5.9 p sales by the group, Whose pre-tax profits are cut to after allowing the planned devcl- spot price of about S43 per 

‘ ^ /7-hut .the; interim -dividend is activities include the manufac- £901,000 (£823.000) for the year, opment of Oldbury sue to reach pound for ^ near-term because President Brands subsidiary. 

V- whiffled tp L45p _ (1.35p) net. ture and sales or double jersey- after adjustments for deprecia- 85 per cent of capacity by March, of the anticipated flow of new Free Slate Saaiplaas is facing 

: : - 'iv.'Av absoflfiag £t05m (£3.77m)— the knit fabric and supply of techni- tion, £201,000 (£180.000) cost of 1979 - supplies from Australia and capital spending of R41m in the 

^ 1977-78 final was 2-059I2p. cal services, rose from £2^8m. sales. £25,000 (£33,000), less Given reasonable trading con- Canada coupled with slippage in ^ nt year, compared with 

' See xex to £3^m. Profit was struck after gearing of £25.000 (£28,000). dkions, uniniterrupted by any "““r proflnmxn» But R i 0 .7m m 1977-78. The latter’s 

5 ■ 

further major upheaval in indus- »C « suggested that shelved - ' - ‘ f 

*-s-i nuclear encrep.’ Dmerammes tnaouity to meet lore cast 

trial relations in consumer nuciear eoorg>- programmes T.- , , — J I nA/M - , ■ II ± J 

durable industries, tbe prospects could be stimulated by the latest ducUon levels and to contain I R ( J [ nffim PTIH H I !]□ 
for the steel division are encour- increase in oil prices. costs has strained finances, and i ■ l-' L/ llllwl I iu uwi iwi 

agingly healthy. 

Meanwhile, all tbe mines with further funds will be needed 

The group expects to maintain the except of President Steyn,- early in 1979. Ways and means 

dllfmnrf FDA durable industries, tbe prospects could be stimulated by the latest duction levels and to contain 

L>asil SIlDuOlT IOi riA V^OnSirUCilOn forthe steel division are encour- increase m os I prices. costs has strained finances, and 

: ■. rT^jT^fTT*- . - agingly healthy. Meanwhile, all the mines with further funds will be needed 

■' :»?;■ -IS'St-’ 'jfdeqnate overdraft facflJties moreland Hotel. 18 Lodge ioad, .* A net interim dividend of 1.4p The group expects to maintain ^2?^ {2S&! £*25* o^vereo^e the^rosh^nrobteS 
-- : '--'^-h2Vete«J granted to FPA Con- NW, 1L30. G. and G. Rynoch, is declared for the current year Us level of results for the year, “ade Sd^Sd oVtoJt ?n the” Sre USTS^ied 
r - S&ff -GW. the housebuild- Isla Bank Mills, Keith, Banff- and represents about half tbe but any improvement depends ^-Vfoaoci: il S neit ° 

.‘■A;.- 'SSd^property concern which shire, 11.30. London andMon- maximum permitted totaL The upon a recovery m demand for g™”®? 1 ■ nc '* 1 >2? S f™,*- 

- \ ‘^■' ^ently aimounced a shock £lm trose Investment - Trust, interim last year was equal to steel and a period free of indus- f^ ,e ™ ber a b n« 8 SnSf Kn n?L° F J 

Zft***"* 1 * SS5^1?^S2BS VH^n P tf4p thet0ta,Wa5aneqU1 ' SS State 

Douglas- ing, Shensrone Hail, In the year to April 30, 197S, TYTA MONTI CTYI 11^ "^“price^a ew's*oi ST£ SS^Rto^^tt^cur^nt’yei? 

; Oliphant, detailing the sale of Road. Shenstone Lichfield/ Z pre-tax profits totalled a record DIAMOND STYLUS 5unce P Capuaf eie?ditSe is How^ver^“cS^rho5ds out 

" ■^-<'The . group. s principal; lossmaker Peters Stores. Holiday Inn, £1.37m the firat half ^ yesterday's report the net expected to remain at a high the prospect of reversing the 

Gs; V* RnmariiV-FPA- Finnegan in-'S: circular to Seaton Burn, Newcastle-upon- rise from £380,176 to £53_.661. profit of Diamond Stylus was in- level of R43m in 1978-79. past vear’s fall in mill grade 

f year enoeu «iune au. t . . . oireei, moss augiueer- 

v Th& chairman , Mr. Douglas' lng, Shenstone Hail. Great North 

Mtrci duu d pern uu iiit ui muua- 7 - .7 , — , — _ : . — e» v *“ w 

trial disputes affecting major ta „ J 0 the past year s record level had net capital spending of 
customers, the chairman says. working profits Free State R369.000 in the year to last Sep- 

Leduld will need an average tember, but forecasts a total of 
DIAMOND STYI IIS! s 0ld - a excels of §220 an some R4m in the current rear. 

o x a * ^ J ounce. Capital expenditure is However, the chairman holds out 

In yesterday's report the net expected to remain at a high the prospect of reversing the 

t fis; V* g] 

Airco became a wholly owned subsidiary m May 1979. In the results p 
lor lhe year to 30 September 1978 shown below. Airco has been ;j 
consolidated as from 1 October 1977. The results for the year are £ 
therefore on a different basis from that oi tha previous year when 1 
Airco was treated as an associated company. j 

Group profit, unaudited, for \ 

the year to 30 September, I 

/ sharehplders.' sayxthat the group Tyne, 12. Scottish and Mercan- 

profit of Diamond Stylus was in- level of R43m in 1978-79. 

h --buw«>i»<«i»i»v> -- — . — — . The interim results are to be correctly given. Figures should 

wiU not mak& a. profit m 1978 tile Investments, Winchester announced in January. have read £38,456 (£17,642). 

'xndh that any’ dividend for 1979 House, 100 Old Broad Street, 

mtei ifQjStely.’T ; " . ' • EC. 1L Sungei Bahnr Rubber _ 

" ; ; : He adds thaUtbeeristing main Estates,. 1 Great Tower Street;. T> | ■ \C? — J "BT^'C AT C 

^ trading snbsidiaries “wiU pro- EC, 32. Yarrow and Co^ Char- |» j B 3,110. M JB , / \ H 

past year's fall in mill grade 

For Western Holdings tbe with the mine’s pl ans to increase 
required gold price is 5210. fore- gold output in 1978-79. 

• - i t rading oihsidiaries "will pro- EC, 12. Yarrow and Co, Cha 

' duce their ownirowth and profit fag Cross Tower, Glasgow, 3: 

>iat MmnaHv riooal. - ' 

- - il‘ : F pattftnv'but the: property devel- 

- 'Isa/ ppment . company Will take early 

. hppommities tn dlspdse of assets 

■ ”-V- 'pS' fa order to- ftnpnjrt: the overall 
liqiadi^ -'’ :ftf .1. .The / f ^con tinning 
"• . “ fiomeijf these Bales - 

_ - : 3Ti,- tmdolaken below 

-•- s ^= book/^vfiues and a ditical. 
. ■- ■ -«.:»& -ippfaiK (/;^ of the disposal pros- 

pects-yffl be:' made prior to the 




/to,-. FORMS UK 
> •' SU 3 SK)IARY 

nominal consideration of £1 each Company, a Renault main dealer- 435, S. E. Littlechild 406, R. S. 

which approximates to their sbip and parts distribution Reynolds 180, J. A. Rooke, 1,170, 

asset value. centre dor Colchester and P. Whitehom 266 and J. A. Oliver 

For the 15 months to Septem- -districts. and Mrs. J. 1L Probitts 468. 

and Mrs. J. 1L Probitts 468. 

roonvorv > v ‘ The Continental Corporation, ber 30. 1978, the combined pre- Mr. Lancaster forecasts that These are all beneficial holdings. 

JlCLUYCIj a New York-based financial tax losses of the two companies the extra unit throughput with Non-beneficially J. A. Oliver “J" 

After reducing the deficit wmfaany. has set up a new UK totalled £240,000 and losses had increased activity in the account took up 4,645, J. A. 

nm WS4«0 tr» jm 9 t half subsidiary, Continental Insurance continued to accumulate since lucrative fleet market will boost Oliver "R” account took 10.676 

SiSi nLrZZ'^lrl* Company (UK). then. the group's turnover to around and W. A. Benson 64.713 shares. 

• ‘ - pohHoSi of ow Malta for from £264.769 to £91.400 at half- Sr„n^iUK) then <UUiflUU,e ftmce 

' ••• 'j 31. W78^. 1 "S? The Tew company, which has These disposals ore in accord- the £9m,mart 

••~i.iv \ sener £ authorised share capital of £5m. ance with the board's policy of 

’ ST 2 . «f*SSw2 fa?S»2 xw write non-tariff property restructuring Firiroy's trading DELTENNE 

i vs* rfi'.irirsnc,-2, ;1973; .al Winchester House, on info 1 i ea 5 and casualty insurance exclu- and financial base. 

«0 k« : Lbndott Wall, EC, to approve tbe to Septtunber 30. 1978. compared sive | y through brokers. 

• rale trf the Finnegan subsidiary wth £499,603 fpr the previous continental’s UK business was FURTHER 

the group's turnover to around and W. A. Benson 64.713 shares, 
the £9m.-mark. Elbar Industrial — Tanks Con- 

solidated Investments and its 
DELTENNE subsidiary companies have re- 

to Cfagston Holdings. 

12 months. 

previonsly bandied through 

: felHknf Mpfal sa^'tbrt C fa?mfafrfibre aJ SS SS^ester^The new wmpany BY MR. LACEY fa House Property Company of 

- Kaoiant MCt3l menrhas not yet resulted in any ^ expected to generate £3.5m fa Mr. Graham Ferguson Lacey has a Property investment 

; Innfhi* m fird marked improvement fa controls net written premiums in its first made three more investment represents 2 4 9 oer cent 

t lower 111 HTSl . ^ state trading year of operations. purchases this week of the rooiS 

■ ... • and third world countries. In Meanwhile Continental savs Birmingham and Midland Coun- OI ‘ ne ... . 

SIT months addiCon, state aids for the ix& plaI1B | 0 ' acquire a 20 per ties Trust, of which Mr. Lacey is . SjfsJSS^S^EinSsaPS S?500 

4. ^.J^UUIU^ . _ ^ totiie: -bdnrtry (ontinue fa cei/interest fa Harris and chairman* acquired 500.000 “J.S**! 1 of I i??': 5 n “ 

7 . Lower tower o* £328^32 several of the European coun- D ixon Insurance Brokers, one of ordinary shares (22.02 per cent) n 

. agamst : _J356,036 and: P«-fax tries, apart frona the UK. Never- the oldest broking firms at fa David Dixon and Sons Hold- P «f tS 

' down frora^ £S6*520 to _ theless. it is hoped that ira- Lloyds of London, will soon be ings, the Leeds woollen cloth n° f f t 

«e ftPOrteS bytte proveinents aLreadj- apparent madJfinaL and hosiery manufacturer. £L P iSSfi ^ *2 S«*i^SS 

• • Mtetal ^Fl pishing will continue throughout the BMCT also increased its hold- 


ment-has not yet resulted in any ^ expected' to generate £3.5m fa Mr. Graham Ferguson Lacey has a properTy inv “ m5eQl 

mrnked improvement m controls ne t written premiums in its first made three more investment Represents 24 9 oer cent 

- TSaSriSL—a. 

i report 

Deltenne Holdings announces cently increased their beneficial 
that subject to shareholders' interest to 1,947,792 shares (59.65 
approval, it has purchased from per cent). . 

Lynsal 249.000 ordinary shares Kuw and Shasm-^ir Erie 
fa House Property Company of *j nn , s 5 ?^ 32,000 Ordinary 
London, a property investment * eavm S a balance of 



Mr. J. 

EL Cartwright (Holdings) — 
J. C. .Vortham, a director, 

.- Company, for the first .half coming year. 
>.eDded August 31, -19Z8- - Before exti 

i..- - The mterinv; dtvli 

Before extraordinary debits ot 

v ^Tbe faterinvi divldeiid is held £575,776 (£596.687) the loss per 
7 at 0-55p--the-^ total m 1977-<8 2Sp share is shown at 0.23p (6.6p) 

J, j r, of the capital ^ norm am, a director, 

jmkts rfiSfeLfaspK h “ “ M 20 -°° 0 shar “- 

chairman* acquired 500.000 ^ Je issue to Lym»al of ^?f ' ' 5 ^ HONEYWELL/ 

sfsa s ssfts now'- as f b u,iy p $*S e appr r SIME DARBy/ 

logs, the Leeds woollen cloth v j* 1 of numbers of Deltenne to stme Darby Group and Honey- 
and hosiery manufacturer. the purchase and to the nece^ well Inc. announce tbe forraar 

BMCT also increased its hold- s ‘* ry mcrease m its authonsed tion of a jointly owned company 
tag in Bernard Wardle by 325,000 caP l J al ^ 2 e S0l ! 8b ! at .? Q in Singapore to act as distri- 

ordfaary shares, brining the EGM t0 be earI 7 m ^ e butor for Honeywell Industrial, 

tntai ctaic* »n s (ins non (1R7S npr new year. environmental and buildine 

^£toL^hia pre-tax.^ ^ ^ items “ a Vl^ K’t ^SKJS^SJli 

CTS BUYS MORE OF faff in Bernard Wardle by 325,000 
tn pr ppTROlVfr ordinary shares, bringing the 

■Zr SrV. total stake to 3.003,000 (16.75 per 

The CTS Corporation of the *. 

profits, were £166,000. . - . .. . e ... 

• Vax fa the half yearus^ ^£38^63 : ' m,e maior portion of extra- —*aagner and manufacturer of shares (212 per cent) fa 
(£44JB0) leaving net profits at Ordinary Rems concerns fae electric and electronic equipment national Carbonising. 

£35,597 compared with £41,530. ^Sses SectM ^e SZ ^«m l0fi per cent to just over JNaU0D UI *” 

'rrri: vr^_. - posal o£ Castl_eguard Textile 20 R P 5 S nnt in- ?NCHCAFE 


It was also announced that 


A3- Electronic Products Group BCMT now hoIds 2 ^m ordinary 

n w ‘ But CTS says it does not in- 

EZS^'iuXSlfZ* tend to further increase its stake 



20 per cent. INCHCAPE 

But CTS says it does not in- ppriPPRTV cat 
tend to further increase its stake iKUrrJU 1 0AU10 
—unless significant changes' were Inchcape Berhad Singapore, a 

new year. environmental and building 

.iTTAi/.Tm automation controls and systems 

AUIOMAltD in Singapore, Malaysia and 



ment to purchase E. Pfacott and 

rn a West Counlxv spmirftv “ cw company iouows sune 

?L a _ C ° UIltry seaatt * D^by's acquisition earlier this 

™ Share of assocs... 

'Aberdeen Trust, - 10 Queen’s niwra? 

Terrace, Aberdeen, 12. Bazaloni,. Donat b*fcn> tax.. 

Duncafa Lawrie, 12 Carlos Place, Nct dS'eV -!!!!!! 

. W, ;12. British Assets Trust, Minormos — 

1 I Charlotte Square, Edinburgh, JgHjg-JfS!* 

:-TM0. concentric, 'Penns HaR AwbmiWe 

■'•Sf*i 1w 5S3L2(n» ra* *nn ™ *sr s“ ss^jsstt sssK nsn “s ss ^ 

Broad Street, EC, 12. Fourth iVVYO SCCS SSSif« ,l *i^S2S.n!!ru? t? tL ernun^Sd fae profit sin ^ e fi ivislon - This mov<? is chase price is being met by the 

City and Commercial Investment ^ arrangements to . AB. P a ffS ittweraS intended to strengthen the issue of 793,184 ordinary shares 

Trust 14 St John’s Road, Tun-.. SStlSlHCtOTV ESectromcs. nor “penally ect groups engineering activities and of 20p each in C. E. Heath and 

triage WeDs, Kent 11. . GR „ . . _ . J . FITTKOV nWF<CT ThVT in Kuala t0 assisI further develop- Company and the payment of 

first half ISjS ofktoots ment 

Management figures nf AGE The directors of Fltony Inrest- CATTERSON-SMIXH ASSOCIATE DEALS 

naught Rooms, Great. Queen-. Research indicate that the re- ment Company exchanged con- fetcheil Malavsian $4 7m The Monometer Manufacturing S. G. Warburg and C<k, as an 
Street, WC, 12. Hartley Indus-' suits for the half year to October tracts for the disposal of two * ? nrouertv was sold Company has acquired Catterson- associate of the General Electric 

triat . -Trust, Midland Hotel, -31/1978. are likely to be satlsfac- subsidiaries. National Gaivan- " Brunei subject for Smith. Monometer is thought Co. sold on behalf of discretion- 

alarm company. 

fa^Mte^fiara? 16 inVeSt ‘ ^Sl«iSBaSt Smsm' ' were Inchcape Berhad Singapore, a 'Maximum purttase considera- bustion^ ^‘Lnp^S 

ment fa tientex (1975). -ntawnwi at tho British sroun subsidiarv of Inchcape Corpora- tion for fae shares of fae r.ngiiieeru3g company 

1917-78 197^77 jSStcSd £t JSb^?S tion of^JL hassoTJ T far^ «m|»irb 215J00 tttopdd fa 

External sales 13.010,000 15,238.000 interests. perties fa Kuala Lumpur, cash subject to reduction in Honevw S n rJ55urt?fafae SS 

Trading . deficit — 60.634 520.928 Tr kav« that it reauires a 20 oer Malavsja and Kuala Belait respect of any short fall of rioneyweii proaucts m fae three 

fiaf . gg SS ^"SSSS&ZSSSt ?j£ BrS ’fo? V u r Singapore rental systems or rental income. countn« for the past 25 years. 

Deficit bsfora tax... 48.672 499,803 Electr oni cs results into its ac- S5.3m. 

.“n’v - 3% fi3.® counts and also to extend co- Inchcape said fae sale \lrtll give Bl 

• Net delicti — 8,7/4 th. turn «n avtnnrHingrv nrftfit in m . 



56.134 ■■ aa -> 

3s!oo 9 cent holding to consolidate AB. Brune 
^e.'aro Electronics results into its ac- $5 .3m. 
^!*|S counts and also to extend co- Inch 
6.845 operation between the two rise to 

536.687 groups. the c 

. Electronics ^_faer e ft)re ®i 7 ™* . . w . . . engineering and general CDgln- the issued share capital of 

SS'fSSTT’aSrart °pS? the pur- 

co- Inchcape said fae sale >Anll give 
two rise to an extraordinary profit in 
the current year of approxi- 



Booker McConnell’s 


C. E. Heath and Company has 
gained all official approvals for 
fluid its purchase of SO per cent of 

ragtime CTS is to extend relevent *%$*£^** sfa&e dfriston/' This move is 

hc^uig arrangements to .AB. affect fae gro u ps tradfag profit, int ^, ded t0 strengthen the issue of 793,184 ordinary' shares 
Electronics. nor materially affect its overall grQups engineerin g activities and of 20p each in C. E. Heath and 

FITZROY INVEST. ^TbTSro^Xiities fa Kuala de ’ e, ° P ‘ S?® Z^sJET* ° f 

SELLS OFFSHOOTS Lumpur which were sold to a ment * ^ 


1978, was: 

Year to 

Year to 



£ million 

£ million 

Group sales 



Operating costs 








Group share of associated com- 



panies' profits less losses 
























Less Airco adjustment (note 1) 





















Extraordinary losses, net. after tax 





39 2 

Dividends: Preference 



Ordinary — interim 



— proposed final 


6 8 



Profit retained 




39 2 

Earnings per share — nil distribution basis 9.40p 


— net basis (after ACT 

written off) 8.45p 


Condensed balance sheet, unaudited 

as at 30 September 1978 




30 9.7 

£ million 

£ millio 

Shareholders’ funds 



Minority shareholders' interests 



Deferred taxation 



Long term liabilities 


4 3 

Net borrowings and finance leases 




67 9.3 

Fixed assets 

Associated companies and 




Working capital (excluding bank 



balances and short term loans) 




619 1 


Monometer Manufacturing 

associate: deals 

S. G. Warburg and Co., as an 

Manchester, 12. Kunick, West- tory, fae directors report 

isers and Weldaforin for a ^ ^ J50 . 


Secretary and Manager— Investment Trust Services limited 

Brunei S633J50. id have paid around £250.000 for ary investment clients 2,500 

Payment for the Kuala Lumpur Catterson which manufactures ordinary shares nf GEC at 326p 

properties will be in three instal- electric-resistance heated fur- and 29,557 ordinary shares at 

ments with fae bulk of it to be naces. and builds furnaces for 325p. 

settled on effecive completion a wide variety of industries. S. G. Warburg and Co., as an 

of the sale. Payment for the ... 

Brunei property’ has been BOWATER SAIF tish sold on behalf of discre- 

received. lhe Bowater Corporation has tionary investment clients 400 

Inchcape said fae properties so jtj its interests in a joint ven- ordinary sbares of Lloyds and 
now house workshops, offices and f 0r the extraction of hard- Scottish at llOp. 

showrooms for fae group's motor woods from a concession in Rowe and Pitman. Hurst- 
companies and will be surplus to Indonesia for about US$5ra, a Brown, associates of Comfort 

S. G. Warburg and Co., as an 
association of Lloyds and Scot- 
tish sold on behalf of discre- 

Three year summary of results 

Gross Assets 

. Gross Ordinaiy share* (less current Net Asset 

Year ended Revenue Earned Paid 1 “Unities) Value per 

30th Sept. jTOOa '- per share per share £000* • Ord share 

1976 ’ S30 4A3p 4-S0p 20395 ’. 2D4p 

- 1977 956 ’ S-38p S35p 24266 ... 244p 

1978 ' 1D33 5.99p 5.90p .27316 * 276p 

The twenty largest equity :hc4djngA .deta«ed in the Report and Accounts equal 29.6 6 per cent of 
the portfolio. 

.In. Ms statement Sip Reginald Wilson raid: “Your Beard expect to declare in due course «i 
interim dividend of 2 pence per share for the current year, payable hi early April 1979, fad 
hope to’ follow this; with a seco nd interim dividend of not less than 4-45 pence pair thane.” 

_ ■ Copies of the Aomunts are ovollab/o from tho Registrars . 

.. PS Southwark Street, London SE1 OJA - 

j requirements when redevelop- figure in excess of book value. 

. ment of other of its properties • 
fa Petalfag Jay a, near Koala SHARE STAKES 
Lumpur and in Kuala Belait is KeTsey Industrles—Mr. J 
completed early next year. . hih nurchased 12D0Q Ordinal 

Hotels, International, on Decem- 
ber 15 bought for a discretionary 
investment client of an associate 
225.000 Comfort Hotel Inter- 

N«c Asset 
Value per 
Ord share 
• 276 p 



completed early next year. purchased 121)00 Ordinary national shares at 26 *p and : 

Mn ppnPF shares making total holding of 125,000 shares at 27p Also for a 

INU rKUDb 393 985 (10.3 per cent). Sold discretionary investment client 

Proposed acquisition by Hei> jo,ooo preference shares making 40,000 Comfort Hotels Inter- 
worth Ceramic Holdings of a tot al bolding of 23.000 (1.5 per national shares at 26p. 

certain assets of Thomas Wragg cent.). Rowe and Pitman, _ Hurst- j 

and Sons is not to be referred to Comfort Hotels International — 

tbemonopolies commission. Mr R s . cower., a director, has 

The acquisition by Hepworth deposed of 110,000 ordinary 

Ceramic (Holdings) of certain shared- 
assets of Thomas Wragg and Duoii 

Sons is not to be referred to fae yeates has acquired 50,000 OTdi- 

Monopolies Commission. nary shares and now bold 

x a vr 1 a cttcd rmirr 4,116,666 (10.01 per cent j. 
LANCAMLK UAKAOE Marshall’s Universal— The fol- 

PURCHASE lowing directors took up the re* 

Tbe Lancaster Garage group, a cent rights issue of the company 

cent.). Rowq and Pitman, Hurst- 

Comfort Hotels International— Brown, associates of Letraset 
Mr. R. S. Cower., a director, lias International on December 15 
disposed of 110,000 ordinary bought for an associate 5.000 
shares. shares of Stanley Gibbons Inter- 

Dupie International— W. S. national at 29Sp. 

Yeates has acquired 50.000 ordi- On December 15, S. G. 

and now bold Warburg and Co. *old on behalf 

of an associate 500 ordinary 

Marshall’s Universal— The fol- shares of General Electric Co. at 
lowing directors took up the re* 336p. 

The Lancaster Garage group, a cent rights issue of tbe company Joseph Sebag and Co. on 
private East Anglia company in the following amounts — R. L. December 15. sold on behalf ef 
owned by Mr. Ronald Lancaster, Doughty. 2,200 shares, J. A a discretionary client, 25,000 
has purchased fae entire share* Oliver, 1.012, W. a,, Benson, 479, English Property Corporation 
holding of the Colchester Motor F. J. Clarke. 81?, D. McGregor ordinary sbares at 38 ip. 


1 ) The results of Airco have been accounted for as follows: 


(a) For 1977/78. as a subsidiary company. Group sales and 
trading profit therefore include 100'* of Airco for the full 
year. Of the trading profit of tha Americas (£49.1 million), 
£48.7 million relares to Airco. 

(b) The Airco adjustment eliminates that part of Airco’s hading 
profit attributable to outside shareholders in lhe period beiora 
Airco became a subsidiary. 


(c) For 1976,97. as an associated company. Group results 
therefore include 34% of tha profit before ta < of Airco. . 

2) Trading profit for lhe year to 30 September 1978 was depressed 
by the poor resuns of the ferro alloys business of Airco. the con- 
tinuation of production problems in Medishield and a costly strike 
in the UK Gases Division in October 1977. 

3) During the year sterling strengthened against those currencies 
important to the Group, particularly against the US dollar. Group 
profit before tax would have bean higher o •/ approximately £5 
million if exchange rates ruling at 30 September 1977 had still 
applied at 30 September 197a. 

4) The Group's policy includes revaluing assets on lo a replacement 

cost basis and charging depreciation on the revalued amounts. 
The practice has been extended progressively to co-.^r further 
classes of assets (including those of Airco) co lh^t most of the 
Group's assets are now shown in the Balance She«L cm a revalued 
basis. The deprecianon arising from the re valuation of further 
classes of assets during 1977/73 (including mc-so o! Airco re- 
valued at the date it became a subsidiary! 9 million, 

whicn has been charged in arriving at u.c Group trading proln of 
£115.8 million. 

5) The directors recommend a final dividend ot 1.85075p net per 
26p ordinary share i1977- 1.785pj making a total ci 3 5Q075p 
for the year (1977: 3-135pj. This total is equivalent (o 5.226p 
inclusive of tax credit ( 1 977 : 4 75p>. 

6) Books close for the final dmdend and report and accounts lo 
shareholders 19 February, final dividend payable & April, share- 
holders' meeting 21 March. 

Further copies of thrs report may be obtained from the Secretary. 

BOC international Lid.. Hammersmith House. London W6 9DX 

Tel 01-7482020. 

This announcement appears as a matter of record only. 

City of Oslo 

(Kingdom of Norway) 

Kuwaiti Dinars 10,000,000 
7 % per cent. Bonds due 1990 

Kuwait International Investment Co. s.a.k. 

Merrill Lynch International & Co. 

Norse Securities A/S 

(A diristoii of Sparehanfceu Oslo Akershns) 

Abo Dbabi Investment Company Alahli Bank of Kuwait (K.S.C.) 

Algemene Bank Nederland N. V„ Bahrain Branch American Express Bank intenatimai Croup 

Andrescns iBank A/S Arab Bank limited (OBU) Bahrain Arab Finance Corporation S AX. 

The Arab Investment Company, S. A. A. (Riyadh) Arab Malaysian Development Bank Bertiad 

The Arab and Morgan Grenfell Finance Company Limited Arinfi limited B . A J X (Middle East) Inc. 

Bank of Bahrain and Kuwait B.S.C. Bankers Trust International limited Banqoe Nationale de Paris 

Bayeriscbe Vereinsbank International Bergen Bank Borgan Bank S.A.E. — Knwait 

CSFB AG (Credit Suisse First Boston) Chase Manhattan limited Christiania Bank og Kred i t k asse 
Citicorp International Group Commerzbank AktiengeseUschaft Credit Lyonnais 
Den Norske Crcditbank European Arab Bank Ltd. (Bahrain) Financial Group of Knwait JLS.C. 

First Chicago Limited The Gulf Bank K-S.C- Gulf International Bank B^.C 

Gulf Riyad Bank E.C The Industrial Bank of Kuwait KSC Kidder, Peabody International limited 

Kredietbank S.A. Luxeroboargeoise Kuhn Loeb Lehman Brothers International 

Kuwait Financial Centre SA.K. Knwait Foreign Trading Contracting & Investment Co. S^.K« ■ 
Kuwait International Finance Co. (KIFCO) Kuwait Investment Company SA.L 

Kuwait Real Estate Bank K.S.C. Loeb Rhoades, HomWower International Limited 
Manufacturers Hanover Limited National Bank of Abu Dbabi The National Bank of Kuwait SAL 

The Nikko Securities Co. (Europe) Ltd. J. Henry Schroder & Co. SLA.L. 

.Stan ding vkfca Fnsfcilda R an k en Union de Banqnes Arabes et Fransaises-U.B AJF, 

United Bank of Kuwait Ltd. V/estdcutsche Landesbank Girozentrale 

Al Saudi Banque Arab European Financial Management Co. SAK 
Arab Financial Consultants Company S.A.K. Arab Investments for Asia (Kuwait) K.S.C. 
Bancom International Limited Bank of America International Limited Banque Bruxelles Lambert SA. 

Baring Brothers & Co. Limited Byblos Arab Finance Bank (Belgium) SA 
Credit Commercial de France Dillon, Read Overseas Corporation European Banking Company Limited 
Euro-Kuwaiti Investment Company C.S.C. FRAB Bank International Gefinor Finance S.A.— Genera 
Greenshields Inc. Hill Samuel & Co. Limited Istituto Bancario San Paolo di Torino 
Internationa! Financial Advisers KSC International Finance and Banking Corporation 
Korea Kuwait Banking Corporation Lloyds Bank International Limited National Bank of Bahrain 
The National Commercial Bank (Saudi Arabia) Scandinavian Bank Limited 
Societe Arabe Internationale de Banque (S.A.I.B.) Societe GSnerale Sparbankernas Bank 
Svenska Handelsbanken Union de Banques Arabes et Europeennes — U.B.A.E., Societe Anonyme 

United International Bank Limited Wood Gundy Limited 

December, 1978 


Saudi Research & Investment Limited announces 
the opening in Jeddah of a service which puts 
Saudi Arabian investors, and expatriates, in 
round-the-clock contact for the first time with the 
London Stock Exchange and 2 ll key financial 

A direct two-way teleprinter link, via the London 
offices of Rowe Rudd & Co. Limited, enables 
buying and selling orders to be' transmitted all 
overthe world at any time. 

Other services include international investment 
advice; complete portfolio management; and 
dealings in gold, diamonds, fine art. commodities, 
and property. 

Contact Derek Dyer. Investment Manager 
Ground Floor. Binladin Building 
Medina Road, Jeddah. PO Box 6474 
Telephone; Jeddah 53906 

U.S. $25,000,000 Guaranteed 
Floating Rate Notes Due 1981 

For the six months 

21st December, 1978 to 21st June, 1979 

The Notes will carry an interest rate of 
12-1 per cent, per annum. 

The Notes are listed on The London Stock Exchange 
By: Credit Suisse, London 
Agent Bank 


U.S. $150,000,000 


Floating Rate Capital Notes 1990 

la accordance with the provisions of the Notes notice is 
hereby given that for the six months interest period from 
21st December, 1978 to 21st June, 1979 the Notes will 
carry an Interest Rate of 121% per annum. The interest 
payable on the relevant interest payment date, 21st June, 
1979 against Coupon No. 2 will be U.S. $63-19. 

By Morgan Guaranty Trust Company of New York, London, 

Agent Bank 



5/9 January 1979 

On January 9 the event will dose at 2 pm. 

at the Pavilion 30 (Piazza 6 Febbraio) 
in the Milan Fair grounds 

Sole and complete panorama ot the Italian lealherqood3 pro- 
duction. where afl the Kalian manufacturers meet twice a year 
With buyers trom all over ihe world. 

At ihe MIPEL are displayed: leather items for gifts, office articles, 
suitcases, travelling bags, handbags, bells, umbrellas, small 
leather items, wallets, coordinates, leather garments, skins and 
substitutes, fabrics, buckles and fasteners. leathergood3 acces- 
sories. lealhergoods machinery, sundry articles. The only special- 
ized markot-show reserved exclusively tor buvers. There will be 
displayed the novelty samples for Spring/ Summer 1373. 

MIPEL S-P 3--20122 Milano IllatyJ-Viale Beatrice d'Este.43 
7*1.(02)54 SOI 81 - S84S22 

14.5.76= 100% 

DM Bends 
HFl Bonds & Notes 
U.S. S Sin. Bonds 
Can. Dollar Bonds 

19.12.78 12.12.78 
104.39 104.44 

9785 98.29 

96.49 97.07 

96 17 96.24 

DM Bonds 
HrL Bonds & Notes 
U.S. S Slit. Bondi 
Con. -Dollar Bonds 

19.12.78 12.12.78 
G.678 6.661 

£.753 6.SS4 

9.437 9.322 

10.129 10130 

Weekly nei asset value 
^ on December 1 8th, 1 978 

i 1 Tokyo Pacific Holdings N.V. 

== U.S. $64.52 

Tokyo Pacific Holdings (Seaboard)N.V. 

U.S. $47.01 

Listed on the Amsterdam Stock Exchange 

Inform* cion: Pierson. Held ring & Pisnon NV Herengncht 214. Amsterdam 

1 Royal Exchange Ave., London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at December 19, 1978 (Base 100 on 14.1,77) 

Clive Fixed Interest Capital 129.92 

Clive Fixed Interest Income 114.30 

43 Comhill. London EC3V 3PB. TeL: 01-623 6314. 
Index Guide as at December 14, 1978 

Capital Fixed Interest Portfolio 100.17 

Income Fixed Interest Pcrtioi.n lliO.48 

Dollar steadies 
in thin trading 

the pouwa STOr, 

iPQT, .1. 


Pte.20 »t«j 

Close - 

, M . 

* *„ .v . 


Trading in yesterday’s foreign 
exchange market was not quite 
so active as earlier in the week, 
and despite a slight recovery by 
the US. dollar during the after- 
noon, it still finished just below 
Tuesday's closing levels. Using 
Morgan Guaranty figures at noon 
in New York, the dollar's trade 
weighted average' depreciation 
widened to 9.6 per cent from 95 
per cent On Bank of England 
figures, the dollar's index was 
unchanged, at S3.L 
Central bank intervention dur- 
ing the morning prevented the 
U.S. unit declining further, and 
with trading thinning out dur- 
ing the afternoon, the Fed con- 




tinued the support action to see 
the dollar finishing at around its 
best level for the day. 

Against the D-mark, the U.S. 
currency dipped to DM 1.8175 at 
one point, before recovering to 
DM 1.8410 at the close, slightly 
below Tuesday's level of DM 
1.8420. Similarly the Swiss franc 
rose to SwFr 1.6200 during the 
day, before finishing at SwFr 
1.64124, compared with SwFr. 
1.6420 previously. The Japanese 
yen showed a slightly weaker 
tendency at Y 194.25 from Y 193 JO, 
while the French franc strength- 
ened further to Fr 4.2100 against 
FrFr 4JJ225. 

Sterling showed little change 
overall, and its trade weighted 
index on Bank of England figures 
finished on changed at 63.3, al- 
though the morning calculation 

showed an improvement to 63.5 
before easing back to 63.2 at 
noon. Hie pound opened 2t 

S2D225 against the- dollar, anti 
touched Sg.0310 very early, on* 
before settling back to $2.0025. 
Trading for the rest of the. Ayr 
took place between $2J>lQO"aatd- 
S2.0123, and it ciospd at $£0100-; 
2.0120, a rise of just 10 points:.'; ; 

FIUNKFURT — The . dolliff 
was fixed at DM 1:8348 yester- 
day, down from Tuesday's fixing- 
of DM 1.8390, and the Bunder 
bank bought an estimated 
S25.75m in an effort to arrest 
the decline. Trading was initially: 
described as calm and . tbe^ 
Bundesbank's scale of assistance; 
was the lowest so far this weefc.. 1 
The market still appeared 
depressed by the OPEC’s decision . 
to raise oil prices by 144 P®r,' 

NEW YORK— In early irad&o& j 
the dollar showed a slightly i 
firmer, trend. with :UJ5. interest' 
rates continuing to firm, ;• The 1 
latter reflected the Federal 
authorities' determination : T 4p 
tighten credit in the domestic 
money market and Chemical 
Bank’s decision to increase ra»< 
prime rate to II J per cent .from. 
Hi per cent ’ The dollar was. 
quoted at $2.0155 against- the 
pound, unchanged from Tuesday, 
while the Swiss- franc eased 
slightly to SwFr 1.63624 against 
SwFr L6355.. j?' 

PARIS — The dollar con tinned 
to decline ' yesterday,';. ainT 
although some sources suggested 
that the U.S. unit had bottomed 
out, others pointed to the' 
continued switch into gold,’ -which 
could lead to a further decline 
in the dollar. The latter, was 
quoted at FFr. 4.1750 agafoSt 
FFr4.21 on Tuesday, having 
touched FFr 4J.650 in\ early' 

TOKYO — Compared J : with 
Tuesday’s close of Y1 83.35, the 
dollar fell to Y193.15 with no 
major news affecting the market 
other than the latest OPEC -Oil' 
increases. The U.S. currency 
opened at Y19280 and tonched 
Y193.70 during the morning.' 
before selling pressure pushed 
the rate back to Y 192. 90. In' the 
afternoon the dollar 'failed to 
recover in the absence qf any 
central bank intervention. 
Trading in the spot market 
totalled S488m with ' forward 
trading at S188m and swap, 
dealings accounting for 5747m. 

r * s pi, 2JU»gMJH19 { 2JnOBi8'!2B‘ inowHj.wy.vm 
>0** 2-27W-2^W®.2.S75&aj778 0J5-8.45c.pW,. 
K Bl?) - 5.W-4.02 4JtU.0V.: U«-Vc.TB f 

bSwV 6^ M.45-S8J5 . a) -a i 

DnSric I- I- 5.88^714 7 ft***«- - 

PorU&c. «' S2-B0-SS.W «UML«' 
iZT bS. 8- MDJfl-mSWUHhMVip wr-TSJe-dtf .. 

iais J.KMJ7U ■ it mCeoi-i- 

v^o.K. 7 10-04-10.15 U.WfrW.Mfr ' 

*r™4i¥r fliz 8MSM ' 3U-94&PW 

-sSShKr.: .Ivpjmjpr] 

“ 9>1 884^84- i-«ftS92»- .’fcSWJByiKa 

AnLtoSdL 4k 27J1W7.1B .WMStM-F gift: ' 

. Belgian n# ,l» 

Financial 'franc SMMA,-. 

.Ua-Vc-Tto } 

20-21 c,om: 1 






‘378 : ® 


Can ad at 




W. Gw. . 

Portugal : 








Swltz. - 

-- Day** 
.spread , 

84.33-84.47 " 


Z8J3-29.05 '- 



45.70-48 JO : 

70.07-70^4 . 








One immlh 


.jp-rkrtbrac. mumhi a 

S4A4-34.47 par-O.Kcpm 
.1 J90B-1 JSS- 0.13-0u09tpm OJB 

29 02-S.0S 3-1>2C pm- “ ’ _ n 

5.1006^.1030'TJS-1.7SOi«.dis - 
1 J420-in«30-1.T6-7.10pf poj. - 
46.00-46.20 4O-S0C dm . 
82S.BD-829J25 ZJ&^.O0f\r9 dle j; 
4-985Q-4-3870 O JOPte. pm-par 1 . 

4^1 -4 ^2 ■- - l.llHfc80c pm . 
4^032^3O4Z0.A04J-2Oote pro, 
1«.io-i9«ja:iJ6-iJ0ir-pi» v 
13.43-TXA4. A^0-3^Ogro pm 
1 J6«S^1 J45P.1.63-1^8c-|mv • 

- t U-S. tatix * per'Cenadiart 


Special European ' •' 

December 19 Diawtog -.Uiitt of - • Dejf p^ber 20 /^ 7 - 

• Rights ' Account L ~ : 

Sforling OJ4247U 

U.S. dollar 1129309 1. 3BS1 • 

Canadian dollar _ • 1 .5*178.- HJOfiR 

Adrian achilltog - ga-.3HS^ 

Bela is ft franc ...••« • -37-75W.' /39.fi88& ; -BcJjMad-. w? . .* 
Dafish kroner -.. -6-7O330 7.O3478, , Danlah^fcron* ^ 

Deutsche Marie — ' ZJ8903-'ZS£334 

Gullder 2-5S3Z4.-2 J1^5 r -:SWls£. trfcBfc 

ft^ch franc - 

Ura' .. 1076.62 tl32Jft -. fFretroh'tfWiC'- 

Yen 251414. 2S3.7S8-.- 

Norwegian krone - Van^Z^^.j^ 

Peseta 914975- 96J)«K y Sased'^m tracto.' 

Swedish krona 

Swiss franc 2-23B&5. tBe^fc Tjf &iglaw 


A r pen tin n Paso 

. Australia Dollar..'.. 
Finland Markka.-. 
Braril Cruzeiro.—.. 
Greek Drachma — . 
Hour Haag Dollar. 

Iran KW— 

Kuwait Dinar {KD) 
Luxembourg hue 
Malaysia- Dollar-..— 

New Zeeland Dollar 
Baadl Arabia EfyaL 
Snzgaporp Dollar—- 
South African Band 

■ -V* 1 



148.B&.15JU? . - ; 

0.54441.55^. 047188042 19S 
58.45-58JB : 

4 JEBSQ414000 ; ; 

1 8910-13019 irtwait awnte^i. 

• 6.86^.78"- ‘ 


Kata Khran -tat. Argentina la fMK .Mfe.~- 


I P-xind Stwino- 5. wo'inr j i leu L-vuemark] JapaiHRe'leD I Kreiu-u fra ml dwlro ftanu. i Dutch liuUHeri. tUiian Lata j Caowta Uoitar] bMpaa Fane 

<.uiH.1«tli D..ilar 

! 0.421 

~ 0.847' 


Fr*m- ICO 

1 1709 






-ST RA 1 


Piiunrl Sterling 
U.S. Hollar 

french fntn- l-J 
Swi.* franc 

I .:>.=43 

5 145 9.469 

4’*tf Gertnau |. ' ^ -rf'- 

iMarfc | -Raaarryrjtps; ^IpdfajLoa ~ 


12U-J2s 2 


*4 71- 

Tha following nommsl ntea were quoted for London dollar certificates of deposit: one month 11.10-100 per cent ^hrae months 11.80-11.90 per cent six months 
12^5-12.35 per cant: one year 11.70-11 80 per cent. j , ", . ' • . .- . . ' , 

long-term Eurodollar deposits: Two years I0’«-11 per cent: three years ICPa-ICf* par cent: four years 10V1(K» per cent; fryn. years lOVK^* per cent; nommal 
closing rates. Short-term rates ace call for sterling. U.S. dollars and Canadian dollars: two-day call for guilders and Swiss francs. Asian. rates are closing tines 
in Singapore. - ♦ • 


Further tightening by Fed 


Interest rates received a 
further tightening from the 
Federal Reserve in New York 
yesterday. With Federal funds 
at 915 per' cent, the authorities 
intervened to drain money from 
the market, by way of overnight 
reverse repurchase orders. Fed 
funds then moved up to 10-101 
per cent, which is presumed to 
be the new target rate set by 
the Federal Reserve. Earlier in 
the day Chemical Bank became 
the first major U.S. bank to lift 
its prime rate to 11 J per cent, 
from the previous common level 
of 111 per cent 

BRUSSELS — Deposit rates for 
the Belgian franc were firmer, 
with one-month rising to 9|-J0 
per cent from 9A-9|£ per cent; 
three-month to 9}-9S per cent 
from 9 i-9 1 per cent six-month 

to 8Z-9& per cent from 81-9 per 
cent: and 13-month to 8j-9 per 
cent from 81-81 per cent 

PARIS— Money market rates 
were unchanged at 6J per cent 
for day-to-day; 6W-6H per cent 
for one-raontb; 61-63 per cent 
for three-month; 6H-61H' per cent 
for six-month; and 7^-7* per 
cent for 12-month. 

MILAN — Call money was 
unchanged at 10H0? per cent; 
one-month at 11-114 per cent; 
two-month at 11-114 per cent; 
and three-month at 111-11? per 

FRANKFURT— The net cur- 
rency reserves of the West 
German Bundesbank fell by 
DM5 00m in the second week of 
December to DMlOO^bn (£27bn). 
Other reserve assets were un- 
changed at DM4.2bn (£f.lbn). 


Moderate assistance 

The fall was partly the result 
of support operations for the 
dollar by the . U.S. Federal 
Reserve. 'This is the fourth sne- 
.cessive- weekTin which the -mone- 
tary reserves have fatten. The 
declin&.so far this month totals 
DMLItgv compared with. ;x- net 
rise -of DMlbn in November. 

,Ca}l money fell to 2.95-3.0&per- 
cent from 3:36-3.45' per Cent; 
while one-month and three-month. 
wCTe-.-unchanged at 4 J.0-430' per 
cent. VSix-month funds'- "rose 
slightly to 4.154.25 per cent; and 
12-month -money was quoted at 
4J25-4J!0’per cent, compared with 
4.154F0 pep dent- -previously^ : r- 

HONG ■ 'KONG — -The money 
market, was ■ stable, with:, call 
money at £} per cent,, and over- 
nieht at -81 per cent : ! 

•••■ jr- 


: Gold showed a innclr steadier 
trend id: yesterday’s-IiOi»dbn bul- 
lion, iharke L. ahd it close d $f ah 
bounce. --ldwer . '?2i5i-S2i6. 1 -yin 
fairly, active . 4rading> the metal 
opened it" $215 1$220,‘- Which re-, 
presented the daysyhfelL'.and 
easeduta a- mpritingr fixing; level 
of: -8216.15; ,ThV^ern»to‘ifixin& 
showed littleT-'Change at $216.60, 
"withygold -feiliogyoff ^towards tile 
close .in reaction .to. -the dollar's 
firaaer trend ,-in late.- tradings . - 


Bank of England Minimum 
Lending Rate 121 Per cent 
(since November 9. 1978) 
Day-to-day credit was in 
slightly short supply in the 
London money market yesterday, 
and the authorities gave 2 
moderate amount of assistance by 
buying a moderate number of 
Treasury bills from the discount 
houses, and a small amount of 
local authority bills. 

There was a fairly large net. 


take-up of Treasury bills to 
finance, and the market was also 
facud with a slight excess of 
revenue payments to the 
Exchequer over Government dis- 
bursements, and a small rise in 
the note circulation. On the 
other band banks brought for- 
ward surplus balances, and mar- 
ket . sources suggested ' that 
money coming across the foreign 
exchange was another favourable 

Discount hdases • paid Ai^ES 
per cent fbr secured, call' loans 
. in the early;" part, and closing- 
balances, -were taken .at 10±-U} j 
per cent -., \ 

In tiie interbank market, over- 
,mght loans. opened at per ' 

cent, and .remained around 11-HJ 
per' cent for, most bf the day.' 
beforC rising sharply to 13-I4per' 
cent ip the ^ternoon, and closing ~ 
-at 12*121 per cent , -. r ? y -v 


K- - 1 -l- 1 Bltfffi* 

OTCmiglU ; — 

Sriayu notice.. — 

7 •l«r- ot — 

7 iiAJ-h nutu-v j — 

One- mnniii | 11 V.-llli 

Tnu muuLlK IB.Vl^c 

Three muntlu.... 12 t > IB ,V . 

monUm 12,;.-I2,t 

Sinu niwnrhs.. Yi- 11^ 

One y««r .... .. ., 12-1 13* yeere — 

- I 1158-IHb 
HU- lUa 111*-13 






msmmm mm 



r : 

1 liSniB 

noficvof Redemption 

< am til 




% . •■8^'GaOTateef ^uAhtf^I ^tti t jj i ^ Pw* January 15 , 19S2 

• : ;lByPCS' i$:fl £^S S&T G^^tf th&t,'puisauat ioibc provisions of the Fiscal Agency 
Agreements dated , as of January 15^:1970 upder -which the above described Debentures 
were lamd,-. First. National Caty. Bank,- (now: Citibank, N-A. ) aa Fiscal Agent, has 
iottalamptim on January IS, im/t&ftoggi the operation of the sinkin* 

aad Markets 



Why the boom times are over 

BY RICHARD C. HANSON, recently In Seoul 

THE BOOM times for foreign 
banks willing to open branches 
in Seoul, capital of South Korea, 
have been officially declared 
over by lhe finance ministry. 
The foreigners, while grumbling 
about restrictions being put on 
their activities, are having to 
adjust to changes in South 
Korean priorities and problems. 

Foreign bankers came to 
South Korea in droves during 
the past two years. More than 
half of the 30 banks authorised 
to set up branches entered dur- 
ing 1977 and 1978. 

They were lured by a tremen- 
dous surge of demand for 
foreign funds which made for 
quick profits soon after opening 
for business. The aggregate 
loans of foreign bank branches 
increased by an annual average 
rate of 65 per cent from 838m 
in 1971 to $845m in 1977. while 
1 total deposits grew from $lSm 
to $19Sm. 

Over the past two years, how- 
ever. the Government has grown 
much more concerned with the 
inflationary impact on the econ- 
omy of an unrestricted inflow of 

THE DECISION of the Quebec 
Government to introduce legis- 
lation giving it power to take 
control of Asbestos Corporation, 
the second largest asbestos pro- 
ducer in the Province and in 
Canada, would appear to repre- 
sent the final step in a pro- 
tracted debate between Quebec 
and .General Dynamics nl the 
U.S. That company holds 54.6 
per cent of Asbestos. 

The Government tabled a Bill 
to that effect in lhe National 
Assembly on Friday. There is 
little chance of it becoming law 
before the spring session opens 
in February. 

The Parti quebecois Govern- 
ment uf Premier Rene Levesque 
has said it is willing to pay 
SC40 lo $C42 per share !o 
General Dynamics. The U-S. 

short-term foreign capital. It 
has, as a result, imposed mea- 
sures to control it. 

The Finance Ministry declared 
a moratorium on allowing 
additional foreign banks to set 
up shop In Seoul where the 
foreigners already outnumber 
the 23 Korean deposit taking 
banks. Officials want to raise 
the sophistication and level of. 
international activities of the 
domestic bankers. They also 
rnm to foster a much more com- 
petitive banking atmosphere 
ultimately that could mean 
better terras for borrowers, 
probably at the expense of 
foreign bank profitability. 

In 1975 troubles with the 
balance of payments led to an 
unprecedented $200ru syndicated 
loan to the Bark of Korea by 
2S foreign banks headed by 
Citibank. The sharp rise of 
oil prices and worldwide reces- 
sion had threatened the 
economy. The Korean strategy 
to push ahead forcefully with 
exports — relying on heavy short- 
term borrowing at commercial 
rates — succeeded in both restor- 

ing economic growth and balanc- 
ing the current account of 1977. 

The finance ministry since 
1976 has been placing increas- 
ingly tight restrictions on the 
ability of foreign banks to swap 
foreign currencies into Korean 
Won (set officially at 484 Won 
per U.S. dollar) in order to 
curb the increase of lending 
and its effect on a ballooning 
money supply. For the newer 
banks arriving in 1977 this 
meant a set ceiling of SlOm 
each and a limit for the older 
established banks based on past 
performance and further cuts 
for 1978 generation banks. . In 
November, the finance ministry 
set a swap limit for all banks 
over the next five quarters 
(from October this year) of 
only S6m. Tighter limits have 
been placed on the amount of 
foreign currency lending 
related to the promotion of ex- 
ports the banks can do. They 
may be raised only if banks are 
willing to lend to Koreans with- 
out the luxury of guarantee by 
one of the local banks. 

Bankers say the new restric- 

tions hare exhausted some of 
their capability to lend. They 
clearly do not like the Govern- 
ment policy of giving ail of the 
foreign banks equal limits, but 
the finance ministry believes 
that this will enhance the com- 
petition to lend from the more 
desirable (for borrowers) and 
flexible unsecured loan pool. 

The swap facility last year 
enabled foreigners to lend a 
relatively high percentage of 
loans (38-2 per cent) in Won. 
There was some misdirected 
criticism by the local Press that 
high foreign bank profitability 
was a result of the favourable 
swap arrangement. The Bank 
of Korea, however, restricts the 
margin between the interest 
rate on Eurodollar borrowings 
and domestic Korean interest 
rates (now running at 18.5 per 
cent for prime borrowers) to 
about 1 percentage point to 1.5 
point by taking what amounts to 
a commission. 

The foreign bank share of the 
foreign currency loans was 66.4 
per cent in 1977, up dramatically 
from 21.0 per cent in 1976. This 

Quebec plays the expropriation 
card in the Asbestos dispute 

company is asking $0100 a 
share. Because the Government 
regards the gap as “irreconcil- 
able.” hurried legislation giving 
powers of expropriation was 
tabled. All opposition parties 
expressed their disagreement. 
Premier Levesque told the 
Assembly that if General 
Dynamics was willing to come 
down 2 bit on the asking price, 
"so much the belier,” But if 


not. Quebec would become the 
owner of Asbestos. Industry' 
sources do not believe that Mr. 
Levesque wants to use expro- 
priation powers unless political 
circumstances force him to. 1-Ie 
needs to maintain good relations 
with Wall Street, because of his 
Government’s heavy borrowing 
programme for the James Bay 
hydro project and the continu- 
ing needs of the Province for 
investment and jobs. 

Negotiations with General 
Dynamics will resume after 
Christmas. However if agree- 
ment cannot be reached, then a 
three man board would eventu- 
ally be set up under the Bill to 
fix a price at which the assets 
of Asbestos would be bought 
by the Province. General Dyna- 
mics would get its share of com- 
pensation and so would public 
shareholders on a per-share 
basis. The assets consist of large 

was largely the result of the cut 
in swap limits which made 
direct foreign currency lending 
as profitable as lending the 
swapped local currency. The 
foreign bank share of local 
currency loans was 5.1 per cent, 
up from 3.7 per cent in 1976. 

The future of the foreign 
banks may appear somewhat 
uncertain at the moment, par- 
ticularly for the newer banks 
which are having to take losses 
in the process of starting opera- 
tions under tight money condi- 
tions. (As a group, the foreign 
banks showed a pre-tax net 
profit last year of about S22m 
despite the late arrival losses.) 

A foreign bank in Seoul now 
finds that the costs involved in 
running the day to day opera- 
tion of the branch have risen 
to surprising levels, and may 
rival those of Tokyo. 

Despite the present problems, 
the banks appear determined to 
stay. The potential that Korea 
offers for the future is thought 
to be better than that of just 
about any other place in the 

tracts, of land in the Thetford 
area. 75 miles north east of 
Montreal, the most prolific 
asbestos-bearing region in the 
West, mining and milling facili- 
ties, mining rights, plus mining 
facilities and a mineral lease in 
the Ungava region of the far 
North of Quebec. The asbestos 
mining companies in most cases 
actually own the land in Quebec, 
besides holding the mining 
rights. The Asbestos Corpora- 
tion also controls a mill at Nor- 
denham in West Germany. 

General Dynamics would have 
the choice of taking its share 
of the compensation out of 
Canada or re-investing it. There 
are tax advantages io encour- 
age the latter course, and other 
types of mining nr the oil and 
gas industry would be possible 

We are ‘pleased to annoinice the election of 
; .. the following Directors of . 


: ; London 


effective January 1 , 1979 


December 18. 1978 - 

1SS1 Are. of the Americas, New York, New Y wfc 10020 

Every Saturday the Financial Times publishes 
a table giving details of Building Society Rates 
on offer to the public. 

For further details please i 

01-248 8000 Extn. 266 

What goes (Mi 
behind the 

Teachers back? 

The next time you're enjoying a 
Teacher's, turn the bottle round and look at 
the back of the labeL 

There you will see a picture of a malt 

Remember all blended brands 
contain grain whiskies and malt whiskies 
(which cost at least twice as muchas grain) 
But Teacher's contains more malt than 
other popular blends. 

And that's what gives you the 
distinctiveTeacher's taste, all the way down. 



tel: iai 


By Stewart Fleming 

XEW YORK — The Great 
Ai 1 jmif anti Pacific Tea Com- 
pany, the second largest U.S. 
grocery si ore chain, has 
rvLvi'dcd its first quarterly profit 
since the fourth quarter of 19 ■ *• 
Tilt- company, which has been 
st best nominally profitable 
si;:c? 11*71. nss reported that in 
its third fiscal quarter ended 
Nov-ruber 2o. it earned $l.5m 
or 0 cents a share on sales 
revenues of Si.S8bn. 

For The first nine months of 
the yocr A. ani P. says that it 
j r-s KJifcred a less cf $15.6ru on 
st ies of 95.5tibn. 

T'.e figures underline 

a^nin the •.■nnip'ny’s iVit inning 
d;. in trying to earn a 
sat!.*factory profit. Mr. Jonathan 
L. Scot l, the chairman, 
said th°t :!ie figures confirmed 
his eir'ter remarks that A and 
P v-m have »o take further 
con-elMr.tir.n steps in some 
ar»‘.<s. altltcugh ite noted that 
ti*r fir;.i*-es arc a significant 
improvement ^n the second 
quarter los-s nf SiJ&in which 

i'oM -d a first quarter deficit 
of 1 

Infer ay competition in the 
s»:r>»..-in.' , -ket field coupled with 
t ]:",ei’r :*c-? ; s and incre? v; eci 
Cfi..*-? or fin-ince as interest rates 
r : -.° :•■■■; pH '.■on m bating to A 
and n*-.iliems. 

In tV- } *••-■. fqw months two 
]:■ vn Vm.-rkvt chains Allied 
S’ in’:! - .'!- rl"»s> and Food Fair 
c j»rv' ho*:> for nro- 
ji.cfon under the bankruptcy 



NEW YORK — Sales and 
earnings at American Tele- 
phone and Telegraph continued 
to grow during the past three 
months, but at a slightly lower 
rate than the average for the 
12 months to date. The com- 
pany said the reported earning 
reflect a California Public 
Utilities Commission order 
affecting Pacific Telephone and 
Telegraph, which Dn December 
11 the U.S. Supreme Court de- 
clined to review. 

For the three months to 
November 30. share earnings 
improved from $1.74 to £1.07, 
on total net increased by IS 
per cent to Sl.Sfibn. Sales, at 
$J0.56bn were 12,2 per cent up. 

For the 12 months to the 
same date, the company re- 
ported gains in net earnings 
of 18.8 per cent to $5-24bn, and 

Id sales of 13 per cent to 

Despite the potential impact 
of the adverse decision in Cali- 
fornia, AT and T chairman. Mr. 
John D. Debutts, said it appears 
1978 will be “our finest year 

American . Telephone is 
America’s largest business cor- 
poration with assets of around 
S98bn. On August 31, earnings 
were showing a 20 per cent 
growth rare and Mr. Debutts 
was hopeful of maintaining that 
rate for the rest of the year. 

The 1977 results have been 
re-stated to reflect the Cali- 
fornia Commission's order. That 
order, currently in abeyance, 
would require Pacific Telephone 
to lower rates and refund sub- 
stantial revenues already 
collected. The order is based on 
a rate-making method that the 

Internal Revenue Service has 
ruled would make Pacific Tele- 
phone ineligible for the Federal 
Income Tax benefits of accele- 
rated depreciation and the 
investment tax credit. 

As a result, Bell System earn- 
ings have been re-stated for the 
applicable accounting periods 
although final determination of 
eligibility may not occur for 
several years. The earnings 
reflect the results as if the 
refunds had been made and the 
tax consequences realised even 
though the matters remain to 
be resolved. The cumulative 
effect is to lower Bell System 
net income by S71m for the 
latest 12-month period by 562m 
for the 12 . months ended 
November 30. 1977. and bv $80 m 
for the period 1974 to 
November 30, 1976. 

IBM pays more 

Top bank officer resigns 


NEW YORK — Policy disagree- 
ments at the top of European 
American Bank, one of the lead- 
ins foreign banks in the United 
Stales, has lead to the resigna- 
tion of i he second-rankinc offi- 
cer, the president, Mr. Klaus 

The reasons for his decision 
to quit have not been disclosed 
by the bank which stated only 
that the resignation would he 
effective December 31, and that 

a new president would be elec- 
ted shortly. 

A bank spokesmen said “ a 
series of little things culminated 
in the decision by Mr. Jacobs 
to resign ” Asked if one nf the 
areas o'? disagreement might be 
the company's retail branch 
network, the .spokesman said ho 
did not b°)ieve it was. but rather 
it was “ how the bank is run as 
a totality.” 

European American Bank is 

owned by six of Europe's larg- 
est commercial banks. Midland 
Bank of Great Britain. Deutsche 
Bank nf Germany, Amsterdam- 
Rotterdam Bank, Snciete 
Generate of France. Societe 
Generate de Banque S.A. of 
Belgium and Creditunstalt- 
Bankverein of Austria. 

Total assets of EAB at the 
end nf 1977 were S4.9bn and 
its net income in that year was 




factors affect trading activity 

DOLLAR straight market 

d in yearerday in 
.5\ ir.s cor. Jit ions. 

..r.::iov.s not to open 
P'j v.iiopa i i •:*•> re the y j nr 
grednviiy •li'pi.-r.'iiu for 
fme.-. < sivir activity as 
s-; puttihln. 

vr f . - ht rrJgp and yields 
F I.illnr interbank 
:.T; ;-ir.r i-«-t continued to 

rn, ;>»lov.-i'j? credit- 
•:ii-i ? n-n^sireji by the 
Re-M-e ai’.j Chor.ii:ol 

Bank's move to an 11J per cent 
prime rate. 

Eurodollar CD's issued by 
prime U.S. banks io the after- 
market were quoted at between 
12.10 nod '2.1n per c?nl — i'p 
around another 20 basis points. 

The European Coal and Steel 
Commurity's controversial 2')- 
year issue opened nt a striking 
diso-Mint r.ftcr Pllo-merts v-hteh 
■.-■ere. to soy theTeast. ge-erbuv 
S. G. V/-. rhnr«. t*’e U-aii rnrv*- 
•;nr. storied trading at a 

detersive 97 bid — n full two 
pri.:t utecouri from the issue 
pr:'rc — but quickly cut its quot i- 
tiu: -1 t'l 96J bid. At this level, it 
: <*eV in no more than the real 
p’vlc seders. 

The other issue which started 
trso'l-iiT yesterday was the SlOOm 
Fnrk fur Ge.neimvirtschrft 
lio-iler. Not le-st because of its 
re V- holy lore r.aiurity this had 
not “been vory popular and the 
nrcrv -f* > nl price uf 975 quickly 
fell to 97 C Pr.t'ei-s commented 

that the issue would probably 
have fallen further if it were not 
for the early January date of 
the first coupon fixing — the fact 
th:»t dealers expect further rises 
in interest rates meant that they 
were less inclined to sell. 

Final terms of the Brown 
Enverl U.S. dollar convertible 
were fixed last night. The 
coupon was cut to 41 per cent 
from the indicated 4i, with 
nrici-'g at par. 

| EDS steady 

This unihitaxcmen! appears as u uniter nf :-;e*nl wily. 


Floating Rate Loan 


The Sumitomo Bank, Limited 
Sumitomo Mutual Life Insurance Company 
Grindlays Bank Limited 


The Sumitomo Bank, Limited 
Sumitomo Mutual Life Insurance Company 
Grindlays Bank. Limited 
Banque Nationale de Paris 
Asahi Mutual Life Insurance Company 
The Bank of Tokyo, Ltd. 

The Bank of Yokohama, Ltd. 

Nissan Mutual Life Insurance Company 
Societe Generate 

The Sumitomo Trust & Banking Co., Ltd. 

Toho Mutual Life Insurance Co. 

The Yasuda Mutual Life Insurance Company 
The Chiyoda Mutual Life Insurance Company 
The Dai-ichi Mutual Life Insurance Company 
Nippon Dantai Life Insurance Co., Ltd. 

Nippon Life Insurance Company 
Tokyo Mutual Life Insurance Company 
Banco do Estado - de Sao Paulo S.A. 

The Kyoei Life Insurance Company ■ 

The Meiji Mutual Life Insurance Company 
The Taiyo Mutual' Life Insurance Company 


Electronic Data Systems 
expects second quarter earn- 
ings approximately equal to 
first quarter net earnings of 
S5.5P1 or 43 cents a share on 
re/l-nae of SS3.5;a, AP-DJ 
from Dallas. In the 
second quarter last year the 
company reported a net of 
51.8m. or 37 cents on revenae 
o’ S49.*Jm. The second quarter 
end : Dscenibe r 31. 

Carborundum option 

Carborundum Company, the 
Kcouecott Copper unit at the 
centre of the controversy 
between Kennerott and 
Curtins- Wright, could become 
an independent company 
again, report* Renters from 
Now York. This option and 
others will b.i considered by a 
tb re«*-man special committee 
on the Carborundum issue 
formed as part of the settle- 
ment between the two com- 

Basic agrees to bid 

Directors of Basic Incor- 
porated unanimously approved 
and recommended to share- 
holders, the agreement under 
which Basic Inc. will be 
a quired by Combustion 
Engineering, reports AP-DJ 
from Cleveland. 









1 1 ISji 


By Our Financial. Staff 

A GAIN of just over 50 per 
cent in net income is reported 
for the first quarter of this 
year by Dean Witter Reynolds 
Organisation, the ' major 
securities bouse. Revenue 
Increased by 115 per cent to 
$I30.lm In the same period. 

The company comments 
that the figures reflect the 
acquisition of Reynolds 
Securities, which took effect 
on January 3 this year and 
was accounted for by the 
purchase method. 


d* J i*J 


1 4 rr~m j ruvjR • ih \ 

_ . . . 

“I ft [ilTiTi gTVTiTw j mitS 


t : 1 1 M H ^ I - LVil gl *L|'. |lTI(~>*jWj 

International Business 

Machines, the world's lead- 
ing computer manufacturer, 
is in creasing Us quarterly 
cash dividend by 56 cents to 
53.44 a share and the board 
has voted to recommend a 
four-for-one share split. This 
would involve the issue of 
three additional shares for 
aeh share held a^ soon after 
May 10 as possible. 

Bid withdrawn 

CENTRAL and Eastern Trust 
Company has withdrawn its 
C$138 bid per sba r e for Credit 
Fourier Franco-Canadian. the 
Montreal mortgage company 
with assets of more than 
SCZbn, reports our Montreal 

Centra] and Eastern said 
it is convinced the Quebec 
Government would not allow 
it to acquire control of 
Credit Fonder. 

American Cyanamic 

American Cynamid expects 
1978 earnings to top the pre- 
vious yearly record of S3.24 
per share set in 1974, which 
included a 17 per cent gain 
from discontinued operations, 
reports Reuters from Boston. 
In 1H77. Cy nam'd earned 
S2.S2. Sates are expected to 
exceed $3.7!) a, iip more than 
12 par cent from the last 
year’s $2.4bn. 

t iTtW j . * 7-Tln ’X^.i J 

* L-i i ff < t j r, 

WMifjM' Bi 

increase m proms 


DECREASED profits for -this 
jrear and sales growth of at 
least a quarter in 1979-. are 
forecast by Messersrimritt- 
Boelkaw-Blohm (MBB), ;the 
Y.'est German aerospace group. 

Management board member 
Johannes Borschwitz fold- -a. 
press conference in Mumch 
that the company's net earnings 
for 1978 would “ improve’* on 
the DM in.lm (S5.5m) achieved 
d*aring i977. He added that 
«rorp turnover during the., cbm- 
inc year would rise to around 
DM 2.5bn whicli compares with 
soles projections of DM 3bn.' by 
’sfEB for 197S. 1- 

The group order book at . the 
cod of November had. expanded 
hy Home 14 per cent compared 
Id its level ten months earlier. 
■7nd-.\Dvemher orders totalled 
DTiI 4ba, whereas at the end of 

3977 they had stood at DM 
3.fibn. The upsurge largely, 
attributed to heavy 'demand/ for. 
mi 1 * tary equipment -'-G.':; " 
Management Board ctrairman: 
Gero Madelung said gnnip. 'in- 
vestments would total t)M3fi0m 
over the sis years between 1978 
and 1983.. A large part lof’ the; 
capital outlay will focus'fon 4b^ 
expansion of Airbus producifon^ 
Touching, on the negotiations 
aimed at a merger^ with. ihe 
German" arm of- the.'Dii'tch- 
Gerraan Fokker-VFW adrb. ’'space 
f’ronp, Jlerr Madetung sald the 
German branch m{rsrt ( fir^,;com-: 
ptete discussions tP separate it- 
self from its Dutch pruta&r: \ 
o Baverfsche Motoreiiwerke 
AG wB! reduce prodnetiem-ffpra 
mid-.7anuary , because. ' df.-.fhe 
three week {rid .steel, strike^ In. 
fh* 1 Ruhr area; Reuter, reports- 
from MunlehT - 

i u *;> . i- 1 u- * j p 

(i^ p7i l rn^iWJ* 7 1 |U- PY-l m j 0 1 .i . F: Tip? 

to 777, f rj, a .arvtH'Y, rprirw 

Li if 'iLrjfl 
IjTf^ v7tT‘ IS 

|3 HTiTfi 


fiS. ii rUfTO rtSB 

sales and earnings 

* * ' f '«• •- ' . ’ 

mitsnrn J . ; J 

03KRHA USEN — Higlier profits 
and sales for the year ended 
Seoieiaber 30 were unveiled 
yesterday by West German 
engineering company, Deutsche 
Babcock AG. 

Sales rose by 16 per cent to 
DU! 3.71bn during the year. But 
the company’s Press conference 
declined to spell out the actual 
level of earnings. However, a 
Deutsche Babcock spokesman 
later told Reuter the net profits 
last year were DM 9m higher 
than the DM 26m of 1976-77. 

The company described last 
year’s outcome as satisfactory, 
adding the company’s future 
depends above ail on foreign 
orders. The current year has 
begun with a *' satisfactory level 
of incoming orders to add to 
the already high order book. 

Exports increased their share 
of turnover to 50 per cent from 
35 per cent. Group order hook 
expanded to DM 8.40bn from 
DM 8.25bn with export orders 
forming 81 per cent of total, 
compared to 77 per cent a year 
earlier. Incoming orders toial- 
'ed DM 4.58bn last year, against 
DM 4.43bn in 1976-77. 

An unchanged dividend will 

be, proposed at:;- the -annual, 
meeting on March . 14- Due to 
the . corporation tax law: feffbc- ' 
tive since; fisca3 1977 domestic 
holders uf ordinary shares:; will 
be entitled to a DM 4v50,' -tak 
credit, making a totals effective, 
payout of DM- 12.50 per-stu^-.'- ; 
9 Gu tehoffn imgshuettfe. West 
Gennany's largest: medjamcal 
engineering group, announced a - 
rights issue aimed at- ■ raising 
DM.44:lin <?34m).- involves 
increasing the concent’s -DM 
425m ztomlnal capital -- by ; DM- 
20.7m. ... • r‘ ; : V ' 

Shareholders are being offered i 
the hewly created! shares oiii a.j 
one-to-20 basis,' and at- a price; 
of DM 100 per share. Yesterday,' 
the concern's DM 50 .nominal 
sharCs were ' trading at 
DM 23A20- '■ ■; ; 

Earlier this inontii, GHH said 
that group net profits had falleir 
by DMlbn to -DMi 12.4m : in thel 
year to June 30. with turnover: 
up 2.8 per. cent to DM12,4hn_Tt 
proposed an unchanged cash 
dividend of DM6 -per DM50 
share r ,’New orders In 'the'. 197778 
financial year showed tittle 
change, though the. actual back- 
log was 8.5 per - cent higher 

ras. __ w 

he whole satidf aetofy:” 1 Although ;• > j 
flte .Racfct^.cppmunique does not - 1 '! „ . _ , 
ntion - dividend, - it is: assumed' f l\| 

; this •wil^xem^a^at- ^wFr 550 ^ ; 
perv^are. «hce this sum has-^-i 

^already- Bern aimonneedior pay- . — — 

meat of the twinned- Sapac share. . 
for v.the: . tiobjtiogy .compariifs' . 
financial year 1977778. , ‘ .- • 

•'•By ;Olir Bnainciaf .Staffj.v-f'A'-. 

GiSLQ;^ Siemens ik:^epare4 ■ 
:t&vparti cipate .. in n icorapany,; 
ba§ed Iqn retaining the.iprodqc-: 
;tian. of Xhe Data Products opera- 
tions oftibe trembled ^Norwe^lan . 
electronics group, Tinb«rg 
Radio-Fabrikk, -• It qs pFJ* major 
importance to 'Sipmfiris'Ttii^fc a - 
contract between therJJataL.diyi- . 
sion' of Tanbergrand Siemeris is 
fulfilled^. or Siemens ;wdcttd_.'ba 
put at .a- lasting: ■ vantage;-^ 

the company. said.' ..’•■tv 

; Prime > Minister - Nordtf’ said - 
th e:G overiiiiieiH:"bas“if ostpoped: 
»f ■ . decision’ ■ whetHw?. Jta -Task - 
. parliament f:td ;"^ifppropriate 
NRr SOni i $l0m)vtd' set' upt «t ■; 
new- interim " compa.Viy,:.'whi eh'; 
should seeuxe ■ rontlhu eah Opera- " 

tioa ' of . profiauble spirts - of '• 

■Taridberg.. ; • . .. [J 

Reuter; , . .r ..u - . .. . 


The Sumitomo Bank, Limited 



'*• : '•-•'V:' 

■ ;_V T • • l_ J- . •:.! 

THE AGREE^tEWT between 
Fiat. Borg .Warner and the 
small Dutch company. Van 
Doorne Trartsmisrie. for the 
Italian and American com- 
panies to take shareholdings in 
Van Docme’s capital opens up 
interesting prospects for its 
“ transmatic ” gear bos. 

The finan ial links with a car 
manufacturer and with a pro- 
ducer of automatic transmissions 
gives Van Doorne substantial 
commercial support without an 
injecd-on of new capita-1 and the 
support that the two companies 
have promised the “transmatic" 
might have gone the way of 
many other good ideas which 
could not be preperly developed 
or marketed. Toe tie-up with 
Fia-t and 3crg-Warner has also 
led to the Dutch government- 
promising extra aid. 

The Italian car group and the 
UjS. concern, which manufac- 
tures air conditioning and build- 
ing products, chemicals and 
plastics, as well as car and 
truck components,, will each put 
up FI, 14.4m ($7.2ra) for a 24 
per cent shareholding in Van 
Doorne, whose share capital will 
he doubled to FI. 60m (830m). 
Trie Van Doorne family 
interests, represented by die 
Vado Holding Group, will raise 
FI. 1.2m of new capital but will 
see their stake, in percentage 
terms, reduced to 391 per cent 
from the existing 75 per cent 

The Government wiW also pro- 
vide about FI. 40m in the form 
of a subordinated loan 
FL 25m), a development credit 
(FI. I0.4m) and regional 
development aid. The regional 
funds are theoretically limited 
to FI. 4m but this sum can be 
increased, at the discretion of 
the economics minister. 

For their part Fiat and Borg- 
Warner are buying, for a fairly 
modest sum, into a project which 
could bring major changes in the 
vehicle transmissions market. 
The 11 Transmatic " is still some 
years away from mass produc- 
tion but it already has 12* years’ 
work behind it. Dutch interests 
retain a majority st 2 ke, however, 
and the exclusive rights to the 
know-how and patents are held 
by Van Doorne. 

New partners 

“The new partners 1 con- 
cluded, after a thorough invests 
gation, that the “Transmatic?. 
is the furthest developed con- 
tinuously variable transmission 
in the world. They are of the 
opinion could form the 
next generation of automatic 
transmissions," the Van Doorne- 
management has declared. 

The heart of the “trausmatlc* , . 
system is a steel belt similar to 
a flexibile metal watch strap, 
consisting of v-shaped links 

L > : VY Lilt-' *±L 

and . from systems using steeL by. avcoort vo^ ^ 

chains. ; which' ■ claimed .preferential 

The advantages claimed ■ for : Tight? ;.tb “ 1 this ^ tramsaaat^: )^ 
the , *Transma , tic , * are numerous'.'' "^iriue - of _its, holding jiv^DAK 
K is relatively cheap to mami-i ‘ After < 

. va^bobn 

is still working on further cofiti*- These. ^difieretices 
cutting measures. It is H^it and? - been set aside and IVan B d^ne 
-delivers a lot of power which; ,;lias> friendly reiationsMp^Sdth 

results in fuel- savings. - H is Volvo, Mr.-Hamstia sktdi ' 

compact and _sp ,cah. he built - J.: 

into most cars-.vdtbout requiring' - 
modifies tioiis to existing design. 

Its - fidsdbQity means it can be - The : appe a rances 
applied in,cars r heavy trucks and- !• Borg-Wara«r /on 
in stationary indu&trial applica- ..Van .. 'Doorne 
tiqns . such ; as machine tools, mkrors.tfie dCTL„. 

. fit ; has already been . sold /■ two ether ; branch^of ‘Van 
around, the world for industriai- -Doorne' empn»,/DAF.'X^Xfibw 
use j3ut the Fiat-Rorg-Wauajer ■ jVplytf' .Car ); 

. agreement should open up^ hew .' Volw has 
vehicle markets. . Van;/ Dabrne -in Volvo ~ ’ ~ - 

is . not restricted to -ihejse : two; ing^as.;; 
companies however, arid' it- has before 
. already established contact with: ledi'.ttf-.tbe 
■ most' vfehicJo manufacturers 'Hi! equ ' 

Europe, Mr. : E. Hamstra,- A 
-company's managiog ' director^ " owned by^-I _ 

'■said. . . . ■ . • . 

wow on tiie transmatic' of farin: equip^nf 
began in . 1966, reputedly in' the - Tracks. >' 

'.'gaifien shed of Dr. Huh.;Van : ^ -'In 
Doorne, : one - of the founding ::Traissnii^e,W fi^«v 
brothers of the family car ^d^ far^gmihterest ha^ 
tiuck ./businesses. . The^ first: •mtich-eariier'ii^agi 

transpianc.”- poweredT e&r Swas' ‘ ipaaiyV Ite^Agfei 
: -®b fhe :road in 1970 ■■a&it-S him- :'-dev el fi pjfi g - • TQjg^' 
years later Van 

caoifal ol FI 115m., 1 OriitinaEv “somevef^^.-r^, * 

■ 1 

'HR i 

I'IjTTvF) *(4kM < Wi/t i| ( /V,Tte i ! f. W» 

tM' b rwjT' > 1 fc U >) lUiTTijF? ggn 

• -V - ■ ‘ .’ •’■ ‘ .7 \ . - • 

: : 3P5£ffiaa0&&3^]|fe^:?l^ltn^a^:I>eceiD35fe 3L1978 . 


a & ftffiafe 

JrpTu ! q_» 

David Jones prepares to 

In $U4m investment I " takcovcrbid 


^Jltv'r /STOCKHOLM — Mr. Bo Xtydin, 
u ‘aj director <rik Svenska 

■_ ^f^iCaBalosa (SCA>, Sweden’s 
pulp - anipaper . cbnglo- 
: itinerate, has. suggest ed tbat the 

risk capital to help 
^ v Swedish, i piilp *■■ mills 

tfmodeniise;^^ pro- 

- lb? V: I'posals A»me a- few days, before 
Vt-'^.vjus board «D decide , -bn two 
iC-^irsEr 500m (3114m>'i«Yestments. 

‘^v ’ t+ ■ Que^codceros the ms t i glla f ion 
?iw V &£. a- fourth newsprint, machine 
* <s2l svflt the Ortvikoo nidi Vnrir Sund^ 
the other rite 're buildin g' 
! ew^of. the .270 f <KKHdhae;i«nip»»te 
a ’i^ tjpirip nail atyCtefftrand. near 

^ (C- Jimraa- i?w ne-rvpaper macuine, 

:Hij?ii 5J wbttld_iaia5:S&^Mn’& capacity 
!>vl ? J5nnn 390.000: Tom*es:to between 
And 59$Q0P tonnes a 

* £H*~ year- 7 1 ‘ _ . .;. 

Mr. "Rydixi ; proposes 7 the 
'-:v^ -^establishment of an * umbrella * 
'*. ^ ^company with hoth state, and 
*:«■ '^«i”wivate_ pulp, mflf ^participation 
*? y,,r£io provide the- ■ risk capital 
•i^tiJ^OTweded for the modernising and 
1 ^Restructuring: of Ste ; Swedish 
'\ n ivpolp industry. .'• 

: - r The pulp mills have .taken 

heavy losses over the past . two 
years as at result- of -a £aH in 
.prices. The market has.Jm- 
. proved . considerably this year 
and the pulp' prices set for the 
first quarter of next year should 
return most mills to profit.' -but 
they lack ' the- capital 
modernise .and keep up' with 
their North American competi- 
tors. - . ■■ ‘ 

' Mr. Rydfit's ’argument Js. that 
-the privately' owned companies 
-tan- take normal technical and 
commercial risks, but caimot .be 
expected to take the added.' risk 
-of. incalculable changes io -the 
exchange rate of the U.S. dollar. 
Market pulp prices are quoted 
in dollars and the decline in: the 
dollar has delayed the profit re- 
covery at the Swedish mitts* 

. At the eight-month stage this 
year SCA. reported a. drop: in 
group profit to SKr ~167m 
C$38.8nO from SKr 243m:in the 
corresponding ^period of 2877. 
Turnover was .up. by . SKr 180m 
to SKr 1.57bn ($365m). How- 
ever, the forest-based operations 
did better than expected apd 
did not turn in the expected 


SYDNEY — Persistent 
speculation that David Jones, 
the major department store 
retailers, will receive a take- 
over bid has promptod the 
directors to take action to 
try to retain the support or 
shareholders. In a special 
circular to shareholders. Mr. 
Charles XJoyd Jones, the 
chairman of the group, said 
that it was apparent to the 
board that the concept of a 
David Jones takeover had 
been proffered to the com- 
pany’s competitors and to 
other parties potentially 
interested in the break up of 
the group's assets. But, he 
said that the company had not 
been directly approached by 
any parties In relation to a 

Speculation over a bid has 
. increased and Mr. Lloyd 
Jones told shareholders that 
it derived from the recent 
poor trading performance of 
the group's Australian opera- 

tions. which had resulted in 
no dividend growth and a 
depressed share price. 

He saht the directors were 
aware of these problems and 
were trying to Improve the 
present "very low” return 
on assets, but it took time 
for improved profitability lo 
become apparent In a group 
with assets of A$27Gro 
(U.S.$317m) and a turnover 
of A$3S0m (U.S£436m). 

Mr. Lloyd Jones said the 
board would have a compre- 
hensive revaluation of its 
assets carried out in the new 
year to “ Improve shareholder 
awareness’ of IJip real value 
of their assets.” lie said it 
was clear the current asset 
backing of A$2.59 a share 
would be increased after the 

David Jones shares arc 
currently selling at A?U1. 
which values the company at 
close to A565m. The current 
asset backing values the com- 
pany at about A$130m. 

Japanese Government in 
higher bond issue plan 

vlngs | Borregaard forecasts 
g 4 ; f downturnin earnings 


0 SLO-*“-Nbrway’s Borregaard 

; - ; ' 0 SLO-*-Nbrways Borregaard Borregaard's liquidity enn- 

- group, which spans wood pro- -tinues satisfactory and’ The 

' 7 r : ' >'? j „ •/cesstogirtoetals, fats,' chemicals, market for cellulose, paper and 
7. - - 2 -n ^ ^textiles and foods expects net textile fibres has improved. For 
■'■'~H7f!ej3ternal‘- ; -sales -to reach cellulose there are signs *of a 
r, "-. ; i3iV^0?P?-2btt. _($840m) in ,1878, sellers* market developing.' : . 

TOKYO The Japanese 
Finance Ministry has told a syn- 
dicate of underwriters that it 
plans to issue Y16 trillion 
($%2.9bn) of national bonds in 
fiscal 1979 starting next April, 
compared with an estimated 
Yll trillion in the current fiscal 

The Ministry indicated, how- 

three-year interest hearing 
bonds and five-year discount 
bonds it is already issuing. 

The syndicate was asked by 
the Ministry io underwrite 
Yll. 50 trillion nut of the planned 
Y16 triMio-n total. 

Of the remainder Yt.5 trillion 
will be bought by the Ministry's 

ever, that the plan is tentative Trust Fund Bureau, which man- 

• A . L 

• • ’ “ tf 

.. hi .1878, sellers' market developing.: : . 
ire- Hum S / per cent up on • Dansk-Frarsk Shipping :Com- 
%■ f^f*?** rei> ' pany, one of Denmark's' oldest, 

the has ***** for the suspension .of 

jup -foresees: poorer results ^ - ™ ar * quotation on 72118 
3 year than in 1977, when it Copenhagen Stock Exchange 
de ' 'a • pre-tax. profit of only while a financial reconstruction 
r4MjOQO;-fbefore coctraordin- is undertaken, writes Hilary 
items, byt after ordinary Baines from Copenhagen. The 
f&iaHon .of NJcr 1 20.6m > . No company has 13 vessels, includ- 
dend- was paid for 1877. . ing bulk carriers, ferries and an 
his: yearisr. difficulties in- oil rig . operating ip the VK 

and may be changed following 
discussions between the Japa- 
nese Government and the rul- 
ing Liberal Democratic party. 

The Ministry also told the 
syndicate that it plans to issue 
two-year and four-year interest- 
bearing bonds in fiscal 1979 in 
addition to the 18-year and 

ages postal sawings, with Y3 tril- 
lion; 4>iaced through public 

Loral banking sources said the 
Y3 trillion for public tenders 
will include Y2 trillion of three 
year bonds and Y500 bn each 
of two year and four year bonds. 

■..:r :f ^wrident£' was paid for' 1977. . 
... 7~/^“<3>Tbis- year’sr difficulties in- 
/ K Mended • unfavourable' .currency 

Taiwan SE price ruling 

TAIPEI — • The Taiwan Stock 

: " in -priGcs. and a -delay in cut back on its actirities''and 

^ rHnff production at. a new sell some of its vessels. 

■ ; i^Sorwe^jin chlorine plant - in ■ Dansk-Fransk made a loss tiJ 
• : '~ l ^which . Borregaard , has a half DKr 3.9m ($760,000) before tax 
I Be tte r;" 'resalts . are ex- and allocations on a turnover 

of DKr 441m ($86:5m) in 1977. 

* : iri ^ ^ ^ 

cent in one day. after three days 
of sharp drops in the index 
totalling 61.65 points. 

26-poinl drops on Monday and 
Saturday. . 

The Taiwan Securities 
Exchange Commission ordered 
the price ruling, cutting the 
permitted variation in half. It 
was the first such change since 

The exchange index fell 9.65 June. 1974. when the limit was 

points on Friday, to 538.30, after 

• ' *• • sr*r-.- ’• 


-y^ v . - -- •- 

1 1 % ■ 't 1 1 ' __ 1 1 ..... ... . . ' 

::r,i .'V.-iRv--:;'-..- ■- ■ ’’ '• , 

■::: shows the 200 latest International bond issues for which an adequate secondary market 

’ IsTS; eritts. 'Pdr father- details of’ these or other bonds see the complete list of Eurobond prices published 

-‘ cn-the.^econd Monday of each month. 

Glosing prices on December 20 


SnUKHtS.' . 


Imnd BM Offer -diejr week YleH 

1 ; ^ LlOlAli:; An Akt- 25 

V. Awtrafle-Ms;®',; rts 

«.. swjSJ;> i *B«rtHa.Ht,«J.^;-u.~r 75 

. • - £?£%:>•*■ 

- : 25 

„.vcst=s a. 75 

• . : :=_--^DDmB» B^.-S5 L-. 258 


‘ V;.XWada*8Sv_ «80 

. » 

.. -tt?.C«tabir n ffl. i..: 70 

n Bridge .Co. a Sfl as 

. . .y v ffi ■. ss 

.V > rWwvr* 83 — ; in 

:: r ’.^Munj Si- mb 

. . ; .-.- 4 rt^« 8 apttiil 07S-1 vs •' S 

• 90.'. a - 

. .. .. i i.vC/Pa««. e a . ....... iw. 

^ : L'Mac Bloedel 9J 83 — So 
„ OCT-Tta. 8| S3 28 

— 's,? f Tt»t.W«U.W — . 75. 

M • « -« -M MJL2 

15i 9U -Oi -U 938 

m n. -K -U 935 

Vi *1.-8 * -11 M* 
Ml «i +0S ’9 9S2 ' 

«U 4H-. -H 93S- 

98k ' W -Oi- -U . 

MS Vt -« -1 9.45 

«tt «i 8 -Oi '• MZ 
931 • VI -0* -1! , 9.78 
92k - 92S -*k . 9.72 

97| 9« — tl -U 935 

9T| 91 -81 -It 9.75 

9U 95 -8S -U »-* 

93* 9H — 0 i -S 23J* 

94i 91 —W -K 9.71 

951 «k - 8 k -X 9.72 

MZ -9U -U.-U1IJ8 
99 951-01 -II MM 

94* 97 -61 -W 9S7 

911' 92 -01 -11 U32 

951 94 -U -li 9J4 

95k 9SI —61 -U 9 SO 

VI W —01 -1 , 9.98 

931 93» -OX -XL 9.79 


.■ Asian Dev. Bk. 51 SS 

BFCE .6.4 SO 

EnroSma BJ M V.i 

Norway 5.7 83 

SNCF fl.ti 90 

Sweden 6.3 88. <;... — .... 

Change on ' 

bsoed Bid Off or day week Yield 

. 25 












• 20 


















: M 



-8 -0* 
Ciuuige on 


OTHER STRAIGHTS ? lamed BM Offer day week Yield 
Rank 0/5 Hold. Ill AT:..' « 195 94 -01 +« U82 
Auto Cole Bam. 7 98 EOA 16 981 951 -fll -U 7J8 

Conenliaiion 7 93 EUA 38 94* ' 95k -01 -IS 7JS 

PTniand Ind. Bk. 7 83 EUA. 35 951 94* » -« 7M 

Komm. Inst. 71 93 EUA... .15 98 99 8 -W 7A7 

Panama 81 83 EUA 20 94| 971 +81 -01 L44 

SDR France 7 93 EUA J. ! . 22 B4t I7J -01 -84 7J2 

Alitemcne Bk. 61 83 FI ... 75 91* 914 0 8 8-43 

Brazil 7} 83 FI 75 93 * 9810 I Iff 

CFK Mexico 71 83 FI ’ .75 9K 971 -W -0k *51 

EIB-71 85 FI ... - .75 931 93* 0 +01 8S4 

Hcder. Mlddcnb. 61 83 FI , .1S 13 «1 « -«i »JI 

New Zealand a: 84 FI .i.i .75 931 921 +81 -0J SA4 

Norway 61 83 FI 388 921 93i +01 +01 L59 

OKB 61 85 FI 75 191 w; +01 - 0 | 

Ell AqatiaJne 82 88 FFt. l5» 981 984 0 +01 9.99 

EIB St 83 FFr -1 -208- «U 981 +01 +81 9.94 

Uralt-ver 10 S3 FFr 188 1661 1001 -81 +D| 9J9 

BAT b S 8 LuxFr 258 953 942 8 0 840 

Bayer Lnx. 8 86 LuxFr ^0 Hi W O ■ 9.75 

EIB 71 88 LuxFr "250 95 96 0 0 1.08 

Finland I. Fd. S 88 LnxFr 2» 953 965 o o 8.42 

Norway 7| « UntFr 258 941 971 0 8 9M 

Renauli 71 8 S LuxFr ...... '568 941 971 -01 -01 804 

So Way Fin. X S3 LuxFr ...‘ 588 UB 1 10 U 6 +01 7X5 

Swedish I. Bk. S 88 LuxFr 580 99 180 0 6 A 67 
Ceoenwr HW. BV.u . W 191-01+11 13 JM 

Whitbread 161 90 t 35 ESi 861 + 6 i 0 12.94 


NOTES ' • Spread Bid Offer Cdata Ccw Cjlld 

American Express 80 ..... k) 981 991 20/4 10* 10.72 

Arab lull. Bank U«S S3-'. MB 953 961 31/1 9* 9.78 

Banco El Salvador MS SS ' . 14 944 972 X2/4 1301 13.44 

Banco Nac. Arsew US 83 ;H 941 9U n/l 91 9.M 

Bank Handtowy US 89 : ..'. '. II. 97| 97i 29/31 12.94 33.29 

Bank of Tokyo USl 93 01 . . 943 971 M/a 101 1 AM 

JK. ; Dev, nn, 84 B5. ......... 39 Vi 931 -04 -1L 9.79 

TfaL-WBLJ ? 8 B 7S -9M 97* -01 -U 

JfrdbnntllaBd 91 90 58-' 941 97. -01 -li -9.72 

... +-Qf^rfijnnia*Bd 9J 90 5B-' 941 97. -81 -li 

i InvTek. 81 88 » « 95* -BJ -Il 

. r -«dfiKTQinini. 91 » 75 ‘ 941 97J -01 -1 

_ ,r>ffmk Hydro 9i Bi SO - 944 941 -M 

-' -Jtevay.Tl S3 251 9H » -0* -11 

. - ' ^-.^tJorwa* 8| 

^.^dev'oental M^S .... 

V— ^wbec Hydro 94 83 
Sweden Jf98 

*rmt84 as . 

! .,’ta-s* » l..., 

ir • * • 

— ^KpanscmsMARX 



: 75 


: 58 

^ 150 

97. -91 -li -9.72 
95* —81-11 9S8 
97* -01 -1 . 9.70 
941 -M . —M . 9.68 
93 -01 -11 9.98 

9« -M . -li 9.94 
924 -65 -11 16S1 
99: -0i -11 . 9S3 

97i .971 -0i -li 

Wi 971 
941 94 * 

-01 -li 9S8 
. 0 -OS - 9.75 
-04 -1 9.71 

S -II 934 

■ - DEUTSCHE. MARX ‘ . . . . Change on 

l^jSTRAlfiHTS. ■’/ fcsnud BM Offer day week Yield 

•— Arxemlim H SS' ISO 9S1 «4 -01 0 7J5 

. • .Adas' Develop. ' BK. 3* 88 1M 9»- 92k -OS -M 4Al 

I . AawalfaSM ,^—, 250 1W MU .-*« .+£1 S. 77 

| Aatna. « So :..s..:. n ..,:i58 94J +81. -«> . 

Cjf BaiAambrtea -U >B ,.158 - -19L. 99S 8 .-'+» SSI 

^ AISHle.t»-B5::. : .M«. 9U £7* -M 1ST 

I It -CECA 6 88 — -.15# 94S 97* ^0 -M 4A0 

Canada 41 8S : :. 408 981981 .0 - 8: 5J0 

- Qua Manhattan Q/S 693 .MB ' MH-lMj +81 -U 5A8 
-raCpnroteriiMmfc InL. wwvl 1M IBM 164 -ot -81. .344 
- jCimineratmnk: Int. XW 34 MS O SU +81 +81 SJ« 

'•.-■Ooocnhaaen Oaf 6 «f ...... 75 - 951 . 95S 8 -84 445 

■ •-7-CwmcU of. Europe «*=>■>:. .308 9W 991 +81 — 81 609 

jatmeu of: JeenH>e.'« +- : ■ 330 . ,9H u»i +33 -_+U 93* 

;.'908 94J 96| -01 +81 4 M 

V-M Aquitaine H 88 ..... 188 Vt 944 ■ -81. 402 

•-v^nuland- 6 S3 150 ' 981 981 -61. 0 400 

' MBi. ,1082. - 0 -M 

1001'MOI .+81 +11 












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+ 8 * 

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Arab lull. Bank MA5 S3~. M 951 96* 31/1 9i 9.78 

Banco El Salvador MS S3 . 11 962 Vi 22/4 1301 22.66 

Banco Nac. Arsent US 83 ;Q 941 9U n/l 91 9.U 

Bank Bandfowy US 89 ; ..'. '. U. 971 971 29/31 12.64 33.29 

Bank of Tokyo MSI 93 :v. 0i. . 943 971 M/a 101 1844 

Banquc Worms MS! «S 41 9K «i «/32 9 904 

Bff. Exl. d'Alc- M8075 34- K 94D 971 9/2 9i 9.94 

Bqtte. Ext. d'Al£. U74:85 . 951 961 2/S 123 13-M 

Bnne. fndo el Sue* 91 ,98k. 2SA 9* 944 

Bq. ML Afr- fee. MS4»“ ;•*_ 463 971 12/1 9* 946 

Bone, fndo « Snct 98 .981. 2SA 9* 944 

Bq. ML Afr- fee. MSJ88- SI 463 971 12/1 9* 944 

CCCE M543 9S t_ 7_ c . M' . 941 971 3/2 909 9.44 

CCP U5I 85 O. i.81 991 991 3/S 121 12J3 

- Chase Man. O/S M51 83 -J. 1 0i 97| 971 27/3 941 944 

Credit National MSI 88’.:." . 8* 971 981 U/l 909 949 

Coiabanken 316 88 ....— ' 81 9U 98 15/5 1241 1248 

lad. Bank Janan MBi 88.1. 81 983 991 1/6 1245 12.47 

laMkawailma M53 85 .— t 81 97+ 94 27/4 1U U-Sl 

UobUanska M7.75 85 1. Mi 9M 19/1 Mi 1648 

LTCB Japan MM 95 01 91* 99 9/S 12.04 1242 

Midland UHL MSS 93-^1. 84 971 98 26A 944 944 

Nat. West. 3154 90 U 973 981 21/12 941 940 

OKB US! 88 •• 61 9» K 18/4 1A54 1448 

Offshore MMhW 86 ‘ . 01 SB 981 . 19/2 944 941 

Prtvredna Banka MS 88 ... . 01 951 941 22/12— — _ 

Standard Chart. MSS .01 968 97* 10/2 8.94 943 

Siradsvansbanken M6 S5... H 964 97 ■ 4/4 11.04 10.40 

Utd. Overseas Bk. M4-83 81 981 99 4/S 1241 XL47 

CONVERTIBLE Ccnr. Car. dig. 

BONDS ; Ode Mn Bid Offer day Pretn 

2S/1 9 J 944 

12/1 9* 944 

3/2 909 9.46 

3/S 121 1243 

27/3 941 944 
U/l 909 949 
15/5 1241 1240 
1/6 1245 12.47 
27/4 2U U-Sl 

aodit si dp. si . ss 
I- ( .TEB3A84t... 

.. V rlnddSflUi 7 .84 OBB f71 ’97|->-81 8^- 747 

: ^ Eobe, city of 51^8 — MB '992 188* -6J -0* 502 

Services de EleL ..: 358 9U. 971 . 0 -« 748 

,..r . cMexleo 8 ...... 7m 97* 98* .4 - +BS 8.0 

■/. . -MusoMaht ?««,. H 85 ^ MB . ISO* M0| +dj +01 548 

- Ntwwn Steel 8| £ IBB MSI £001 8 +01 548 

. . AtoWsa KfflMO. S SO 160 97 97* -01 -01 444 

-1; Notww 41 83 2S0 96| 911-01 “W S44 

IferwoUan fad. Bk. « 90..: OS '97 . 973 - -Bi -83 643 

Oeddental ; 8| 90 — 158 : »71 971 8 -6* 7:83 

a 88 • .-. MB MSI MBS -Ot 9 M3 

■ l£unlieo Brazil 7 88;v.\:; MB .99 * 991 +0* -01 1.12 

? . rFK Baton 51 88 ,100^ 93f 94* -81 -01 444: 

.. '-Quebec Province of r« B»- 9R- 96« -rOI +*i 448 

'.'iBcftb 51 OS'.. ........... 48 . 360 -MO* -.11 -.-8* S-ll 

. \ tJtolio 888 ..... -2B9 95 .951 +Ui -61 449 

... Sima 4 fS ...• "ISO 911 981 -81 -01 6J3 

’■.A ,! SDS Croup 51 83 : 971 98 .. +S4 ' +81 441 

^Vangnela 4+ 96 350 «8 «1 +81 . +86 345 

- "World Bank Sf '68 '. 4» 977. 93* 8 -U 645 

.11 171 9* 20/1 944 946 

' 81 973 ■ 98k 21/12 941 940 

, 01 99* 9K 18/4 1044 M48 

, - 01 98 981 . 19/1 944 941 

• OI 951 MI 22/12 — — 

. 01 96S 97* 10/2 8.94 943 

W 94* 97 ’ 4/4 M.04 10.40 

i 81 -98* 99 4/S 1241 1247 

Coir. Cot. . Oig. 

data Mn Bid Offer day Pretn 

SWISS FRANC ■' . . , 

^xnuncim. * -i 

'■ *««* a 88 - 

American Era. tot: 3* 93 
■fflOers TnjMeT.6 03 


-feaued Biff Offer day week Yield 

. • tM 184* ■ +81 +81 449 
I 49 .MB 188* +01 +« 3.49 
. ' 48 : .991 IBS! ■ -84 648' 

n - io 9 i no* +ot +U 

25 Mil MU -H +81 

88 MS 383* +91 +« 

TO ’ 19B W -2i -21 

: Austria 31 » ...... JL-V. MB v953 -96 +04 +01 347 

- Brazil 91 JOB 971^* 971 +8+ +85 048 

-Chase Manhattan +-83 - YW 3834 M3I +6* +Z 346 

..Eankatoertea. 31 83 -88 18U MU +0k +H 344 

3NDB S 88 75 Mlk Ml* 8 +W. 442 

5 hBBhark 4* gff 308 tifi. ias* -01 -at. <lm 

Samant-VQRgue Bk. ._ 88 1M3 . 1831+81 +03 414 

. EIB .41 93 O- 188 UI1> .MU — 0* +11 AM 

Cnrniom 4163 S8 1031 3011 +01 +U 444 

-F. U-Smldth « 89 - 25 -.MU MU. -« +85 449 

TMteBd 4| #3 ...._ 88 MS 383* +01 +« 448 

' FfrS Chlca*0 34 S3 ...L_» 70 : 1971 W -2i *21 AM 

«ZB44«9-; - -U- MB 102# VBS ♦. 0 +01 447 

'-BfflLLmchensteln 41 — zf .mm ini-« +« 

KT Ftn. NY- 41 *3 ZOO 1181 W III I ZD 

Mafertl* 41 90 SO 99C MB 6 +U 9.19 

.. ManUcbi 4 93 l. IBS lUt- 18U -81 +8) )S2> 

. Newasw tt TO MM-M3Z +dl +11 3.93 

. Nortea Korenc «i 90 - 180 iaa 3821 : . 0 +W 345 

: OKB 4 • »- Z*U 100* +81 +01 3.94 

.-Ojr Ndtfa'3 MV...... M • 3031 M3S +0S +11. 6U , 

- Safe 41 08 . 38 M2 M7* +81 +1 . AOS 

r.SanMk 6 88\..-v4.:~— . 85 - 182 1SU. *0 +01 3.7* 

■StaUrUSS IS - 1034 MU ■ 0 +8* 433. 

Voot-Alptm 41 93 ........ 408 '182 , M21 -9i +« « 

^otrtbei* Kraft ( » — » MU. M2 +«1 +W Lg 

• ’ Vtrmu 993 NBt’MU +81 • +8* 349 

World Bank'd* JS HS 402 . M2L 8 +81 CBS 

■U2# MBi i. 0 +01- 447 

■MM 1M* — B» +01 94T 

''1182 1M +84 n 349 

9M 380 8 +11 CIS 

101 i- MU -81 +81 > #45 

MW-1B3I +ttl +11 3.93 

isa M 2 J : 0 +« 345 

ZOOilOO* +91 +B 3.94 

Aslca 51 93 -ii 9/78 628 1021 1822 +0* 1140 

Baker Ini. Fin. 51 81 ..71/79 34 ntZi 1» +0t 3249 

Boots 8} .93 2/7+ 2.16 921 93 +01 -243 

Coca-Cola BotUlns 4/79 . 9 8S| . J01 +0* 2848 

Ito-Yokado 51 93 4/78 1473 130* 131* +1 0.93 

novo indnwri 7 W -- V79 '259 90 D -01 348 

Texas ML Air. 7* 93 ..;._ 4/71 ZC5 W MB -81 1842 

Tbttrn ML Fin. 7 38 . ^.31/78 347 1021 3038 +1* -2.79 

■ Tyco lilt. Fin. 8* S3 *tfTS n -198 99 -0| 1344 

Tyco InL Fin. 5 84 ~_ 5/78 .tL5 17a 75 -1* 25145 

Asahi Optical 31 DM — £tm . 588 - 90* 91* -11 L5B 

Casio Corap. 31 85 DU ..Jim 8 O UU. M2i -81 544 

laaraiya 3* 88 DU 28/78 989 951 96* -02 145 

' JUBCO y* SB DM 32M-- 911 92* —22 15UR 

Xomsblroku 3* 83 DST. \m 612 931 90* -81 441 

Marodal Food 3* DM . -;'J/79 ‘ BH3 98* 99 -01 1441 

MtirataUan. 3] 88 DM.CUVM. 054 954 951 -M -144 

Nippon Air. 34 88 DM>J2/78 508 90 W -li 2.93 

Nippon Shin pan 3* DU -..,8/78 731 . 1121 113 -1* 1.71 

■ Nippon Yusen 3* 85 DU.. 1/39 251 941 97* +0* 242 

NHsan Diesel 3* N DU ... 7/29 077 90 95 -8*. 12.73 

Oiyzoais Optus! 31 » DU 2/79. 703 . 073 98* —US -14 # 

Ricoh 3* 8d DM ..: —18/78 617 ' 1902 Mil -D* 3149 

sankxo . Electric 3< DK .-..;8/7S. 849 109* 120* 0 949 

Sanyo Electric 3* DU -.._JXn* 2» 89f KU -M 742 

Seiyu Stores 32 80 DM «.. 9/71. 2215 DU Oh HI -1.76 

■ •Sharp Corp. 3* 08 DM ... 2/79' ,«|T 92j -1* -1.93 

" Stanley Electric S* DU i.JLl/78 - 623 93 - 9* -H 114 

-Tokyo HBCtttC 3* 87-PM 0/79 476 96* , 972 +01 -US 

TMo-Kenwood H'88 DU, Um 712 87} 88) -U 9.95 

• No informal Ion - avails Me^-prevlous day’s price. 

. T Only one market maker supplied a price, 
straight San*: The Field te. Hie yield lo rcdetopUon of Ihe 
mid-price; the amount (ssued te - In millions of currency 
Mila eacept for Yen bonds where 11 Is in bUUons. Chance 
on week~t3ianeo over price, a week earlier. 

HmkIiw Rate Naur? ' DeaDnftna ted in dollars unless other- 
wise iadicaicd. Jf=iUtonnwrconpotL . C. da re -Date next 
cannon became^ effective. Spread^ Margin above siz-raonih 
offered rate for U S. dollars. C.«*o=The cur r ent conpon. 
C.yM=TI» enrrem yield, . 

. Convertible bands: Dcumlnmcd to dollars unless - otherwise 
tndlesied. Chs- day=GbUKC on'day^-Cnv. daic=Fli«t 
for conversion Into shorn; ' Cay. price -Nominal amoimt of 
bond per share expressed ln-xurrency of share at ennrer- 
sion rale dsrf at IsSM, ; Prem -F ercemaoe nrumiuni of Ihc 
current effective price of . acquiring shares via the bond 
over the, most recent CTree .of the shams. - 

•© The Financial Times Ud„ 18T& .Reproducuon in whole 
. or J» pan. hi any food ndt pennttied without wruteo .consent. 
Data supplied by Intor-Boad Sendees. 

raised from 1 per cent to 5 per 
cent. An Exchange spokesman 
said the limitation was expected 
to be temporary. 

Within the first 15 minutes 
after the opening, 36 stocks had 
fallen the full 2.5 per cent, with 
no takers. By the end of the day. 
only three stocks out of the S6 
listed had risen. 


Clal in venture 
with Shearson 
Hayden Stone 

By L. Daniel 

TEL AVIV — Clal, Israel’s 
largest investment company 
yesterday formally announced 
the establishment • of a joint 
venture with Shearson Hayden 
Stone of New York, to be known 
as Shearson Clal. . It will . be 
Israel’s first specialised profes- 
sional investment" house, with 
services which will include 
foreign securities, options, com- 
modity futures (in particular 
currencies and precious metals 1 
and portfolio management. 

Clal has also become an equal 
partner with Elrnn Electronics 
Industries of Haifa and with 
Control Data Worldtech. World- 
tech (Isroel) was incorporated a 
year ago and is active in seek- 
ing development projects and in 
raising finance for industrial 
and agricultural projects. In 
addition, it sells Israeli-devel- 
oped technologies to companies 
and organisations abroad. Clal 
will, in the first instance, invest 
$65,000 in the partnership. 

Cl'al ' Industries, a subsidiary 
of Clal, expects sales in 1979 lo 
rise to I£20bn ($571m) from 
I£6bn and I£3.5bn in 1977. In 
other words, the growth in sales 
is expected to exceed the rate 
of inflation as it did between 
1977 and 1978. The 1979 fore- 
cast . includes ' , anticipated 
exports worth $50m. 

Companies in the group 
whose individual sales will 
exceed I£lbn includes Nesher, 
producers of cement The 
company is planning the estab- 
lishment of. a fourth cement 
plant Ourdan, producers of 
steel products intends to invest 
I£90m in a further expension of 

Eastern Asia 
Navigation up 

By Our Financial Staff 

EASTERN ASIA Navigation, the 
chief publicly-listed arm of Sir 
Y. K. Pao’s World-Wide Shipping 
group, raised net attributable 
profits by 8 per cent in the half- 
year to September 30 to 
HX$94.55m (U.S.$19.7ra). 

■ The company’s earnings per 
share rose to 49 cents from 45 
cents. ' 

It is paying an interim 
dividend of 20 cents — 19 cents 
.last year^ — and expects the final 
dividend to be no less than the 
30 cents paid last year. 

Last year. Eastern Asia turned 
in a group profit of HK$174.5m, 
up nearly 7 per cent, which came 
as a surprise to some observers 
who had been expecting the 
problems of the Japanese ship- 
ping industry to .spill over to 
the Hong Kong owners of 
Japanese-operated tankers. 

This advertisement appears as a matter of record only- 

Industrial Minera Mexico, S.A 

and associated companies, 
subsidiaries of 

Grupo Mexico 
U.S. $200,000,000 

10 year term loan 

managed by 

Manufacturers Hanover Limited 

provided by 

Banca Serfin, S.A. 

Banco Nacional de Mexico, S.A. 

Bank of America NT & S A 
Bank of Montreal 
Citibank, N.A. 

Manufacturers Hanover Trust Company 
Mellon Bank, N.A. 

Multibanco Comermex, S.A. 

United California Bank 

as Agent Bank 

Bank of America NT & S A 

November. 1978 

This advertisement appears as a matter of record only. 

Banco Central de Chile 
U.S. $370,000,000 

Medium-term Loan 

managed by 

Manufacturers Hanover Limited 
The Bank of Tokyo, Ltd. Chase Merchant Banking Group 

Citicorp International Gronp Compagni^Fi^cier^lLtembourg 

Union Bank of Switzerland 

co-managed by 

Banco Nacional de Mexico, S.A./Intemational Mexican Bank Limited V ^ 

— BAN AMEX — — INTERMEX — # ■; 

Banco de Santander, S.A. London Branch BankAmerica International Group 
Grindlay Brandts Limited The Industrial Bank of Japan, Ltd. 

The Mitsui Bank, Limited The Sanwa Bank, Limited Security Pacific Bank 
The Sumitomo Trust and Banking Co., Ltd. The Tokai Bank, Limited 

provided by 

Manufacturers Hanover Trust Company The Bank of Tokyo, Ltd. . •; • : . . 

The Chase Manhattan Bank, NA. Citibank, NA Compagni.^^^Lembonrg ^ 

Union Bank of Switzerland Banco Nacional de Mexico, S.A. /International Mexican Bank Limited 


Banco de Santander, S.A. L<mdm Branch Bank of America NT & SA Grindlays Bank (Jersey) Limited : 1 

The Mitsui Bank, Limited The Sanwa Bank, -Limited Security Pacific Bank 

The Sumitomo Trust and Banking Co., Ltd. The Tokai Bank, limited . - v ; 

Chemical Bank Toronto Dominion Bank ' ■ ■ ' r ■ : ‘ 

The Industrial Bank of Japan, Ltd. The Bank of Yokohama, Limited Girard Bank 

The Hokkaido Takushoku Bank, Ltd. The Industrial Bank of Japan Trust Company Midland Bank Limited 
Hie Mitsubishi Bank, limited The Saitama Bank, Limited The Sumitomo Bank, limited 
The Toyo Trust and Banking Co., Ltd. Banque.'Canadiexme Nationale Huro-Latinamerican Bank Limited 


Banqoe .Beige Limited Banquc Canadienne Nationale (Bahamas) T.imtred Creditanstait-Bankverem 
The Daiwa Bank, Limited -The Long-Term Credit Bank of Japan, Limited Marine Midland Bank 
Orion Bank Limited Societe Finanrifcre Europeenne Finance Company N.V. UBAF Arab American Bank 

— SJ-E. Group — 

Vereins- und West bank Internationale Societe Anonyme Luxembourg - 

Novembei. ^'978 

Agent Bank 

Manufacturers Hanover Limited 

V..T = --«• — ' •***»■**•■ 

Fmancial.-Tiines - 1 ' 

Companies and Markets 


7 il-"' 

j: • 

‘ - -* ^ v ‘-V- ■ 

. 1 rfjiO; '»s- _T. 

V V ; l£ S -- 

Dow regains 4 more in fairly actiye trade 


$2.60 to £1— S0;% <79i%) 
i Effective S2.0I 10 391% I38i®ii) 

A BULLISH earnings report 
from American Telephone and 
Telegraph encouraged further 
bargain burning yesterday on 
Wall Sireei, which recovered a 

• little more of Monday's sharp 

The Dow Jones Industrial 
Average rallied a further .1.81 to 

• 793.65 and the NYSE All Com- 
mon Index closed 25 cents firmer 
at S52.83. while rises outnum- 
bered declines hv S14 to 667. 
There was another fairly active 

! trade, with turnover amounting 
. to 26.52m shares, slightly above 
Tuesday's total of 26.06m. 

On Tuesday International Busi- 
; ness Machines announced a stock 
split and raised its dividend, 
helping the market arrest Mon- 
day's steep slide. 

Analysis said they were im- 
pressed by the market's ability to 
improve in the face of prospects 
fnr higher interest rates and in- 
flation because of the 14.5 per 
, cent OPEC oil price rise planned 

• for 1979. 

Yesterday morning. Chemical 
Bank raised its Prime Rate 1 oF a 
point to Hi per cent, and the 
Federal Reserve apparently 
tightened credit slightly. 

Treasury Secretary Blumen- 
thal said he ses inflation running 
at 7 per cent or slightly higher 
next year, up From his previous 

estimate of 6 to 6.5 per cent. 

American Telephone, up i at 
$60% in active trading, said pro- 
fits for the three months, ended 
November 10 rose to $i.36bn 
from S1.15bn a year ago. 

IBM. also active, climbed 2} 
to S2frt£ following a- near' 12- 
point rise the previous day. 
Boeing. which has received 
orders for three 747 jet planes 
from China, gained 2\ to $712 
in an active business. 

Lane Bryant advanced 4j to 
$19}. while active UV Industries, 
which plans to sell some assets 
to Reliance Electric, added i at 

General Dynamics rose $2 to 
STS. Smllhlkline 1} to $90. 
Polaroid £ to $49] and Honey- 
well Si to .$67 }, but volume 
leader Sears Roebuck lost } to 
$ 201 . 

Basic Inc. jumped 12] to $442. 
Combustion Engineering, down I 
at S32{, has agreed to buy Basic 
for $74m. 

Massey-Ferguson climbed $1 to 
$9£ despite a large annual loss 
and a forecast of a loss for the 
current quarter. 

Warner Comm an i cations, whose 
film " Superman ” has grossed 
$7.47m in its first three days of 
release, said it . has received 
$8.2/n from the sale of . its stake 
in National Kinney and repay- 
ment by Kinney of debt owed to 
Warner. Warner put on 5 to S47J. 

Public Service Electric, which 
has cancelled a contract for four 

floating nuclear generators, 
slipped ] to $202. A block of 
193.600 shares were traded at 
$ 20 ]. 

Value Index retrieved 1-02 more 
to . 147.40 on volume of 3.fl3oi 
shares (3.56m). 

Resorts ' International “A'' 
moved ahead 22 to $27J after 
announcing plans fnr another 
Atlantic City hotel-casino 
adjacent to its existing opera- 

Dome Petroleum climhed 3] 
$78} and Adobe Oil 1} to ?1S}. 


Stocks again displayed a bias 
to higher levels in sharply in- 
creased. activity. Volume in 
Toronto reached 5.63m shares 
(3.45m). while the Toronto 
Composite Index hardened 5.3 
to 1,280.5. Oils and Gas advanced 
16.3 to 1,780.9. while Metals and 
Minerals put on 4.4 to 1 .066.8 
and Utilities 0.73 To 193.69. 
Golds, however, reacted ll.S to 
1,406.4 after recent strength, 
while Papers shed 2.05 to 151.76 
and Banks 0.95 to 304.80. 

Average,, was -.finally S.65 down 
at 5,974.67 but the Tokyo S.E. 
index managed 'a net gain of 
0.95 at 446.56. Volume reached 
620m shares (470m i. 

Large-capital issues, including 
Steels and Heavy Electricals, 
were • bought selectively, but 
Cameras - and -Pharmaceuticals 
closed lower on profit-taking. 

Nippon Steel gained Y6 to 
Y136, Hitachi Y7 to Y265 and 
Mitsubishi- Heavy Industries Y3 
to Y127, but Olympus Optical 
lost YS to Y705 and Canon Y10 
to Y465- 

Electric Appliances and 
Petroleums also lost ground, 
with Nippon Oil falling Y32 to 

Jusco rose Y30 to Y1.130. 
Tokyo Electric Power Y30 to 
Y1.090. Aisixt Seikj Y29 to Y749, 
Yokohama Maisuzakaya Depart- 
ment Store Y28 to Y330 and 
Tokvo Electric Y24 to Y4S3. 

On the other - hand. Yokogawa 
Bridge Works declined YllO to 
Y1.250, Mocbida pharmaceutical 
Y50 to Yl, 510, TDK Electronics 
Y40 to Y1.760 and Matsushita 
Conununicatior Industrial Y40 to 



Shares were easier for choice 
on balance following a heavy 
turnover, a late wave of profit- 
taking having reversed an initial 
market advance. 

The Nikkei-Dow Jones 

Stock prices were inclined to 
Improve in slow trading, resect- 
ing technical influences after the 
recent setback and year-end win- 
dow dressing. The Commerzbank 
index regained 1.7 to S14.3. 

Motors provided a particularly 


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A hut. fclni.-i . Put-- 
Ainer. K-.jirt— ■ .. 
Aiiier.H^iiiif Hn-lj 
Amur. .Mi* I if nl ... 
Amur. .Miiif'i 
Amur. \hI. 

Amur. 'IniniupI. 
Amur, . . . 
Amur. Tul. A le:. 

A iiiutuk 



A inpe.\ 

Anciuir Uif-Kini'. 
A rmun 

A. M.A 

.\_%e tne-rn Mil 

A si i Ui i Hi Mil 

All. Ku-liiieifi 

Auto Data Pn 



Airm l*ivi<u*-»s.. 
WnlU lin- bli.-1-l. . 

Umi”i>r Puma 

Bunt A merit*. . 
Banker* Tr. N.Y. 

ltartiur Oil ! 

Baxter 'L'miemil.. 


Bcui'-n (iii-kuiwin 
Bell i Howell 

Bril' l ix 

Pin-juti Ci.n. -IS' 
Beni lulu -in ■'Its. l. 
Hliuk A. Ifcvker.. 


lkiif-e C«M3i*ii 


Bi-rj Warner 

linmifl I ui 

jbn*.va« *A • 

Bi-iki'il Jlyer*.. .. 

B. IVl A Dm K... 
Bmckuav Oi»w.! 

l)riLD*IVI'-|, • 

Bnryru* Ene 

Binuva W*i,..-li. . | 
BiirllOjilun Xltili. 


Cniii)>l<uk i Bmip... 

Canadian I'bciIhi 

I anal Ka nilnli J i- 


•.'amuri General 
Inner Dae le\ ... 


CeUnese ' •nm « 
Cuucrul A S.W... [ 


l'uhsiir Aircrau .. 
(,lmni|fi<H> Inter... lUnliai lan. 
I Lein I'Al lik.M 
dji-Mrl>rj!li !*■ -ii« i 
I Jh-mh Si-letn.. 
CliiiWU'f Urliluu— ' 

t lirjiirr 

Cun-. Milacnu...., 

CUieurti ; 

Cilien Sun ii-u 

l.'iiy lnvis-lini; 

'.'leielHinl CiiiF.. , 


CrilijaU.- PrIiii ’ 


I.’olufnhla * la.- j 

Ciilunibm I'n-I.... 
Citni. Jn%C«.ul A ui. 
(.'fiinhu-.Liiin K113 ! 
lijuilsnuin I> | .. * 
C'm'wtli KiIiskii.I 
t.unlin. riMcrlile., 
t i.iiiifiiltur.-s-ieni-.i 

I 'nun Life In- | 


Cun. Bill I- >u M... 
I.M'iwI K.«.l- ! 

C . iii* , i Am IB 

CiaiMiniur l'»RW 

CmitirieiiMI iirp^ 
• '■•■■imuutMl i'll..' 
C-nrineriiRi Tele; 
t.'inn.r IhilR 

Uis>(ier J lulus | 

i. .-r n mi; r • isi — . . 

t l*« liu'rn'li.f'R' 
• rune 

I. |lrk-l Nhii 

I.P'B 11 7.1-1 1'-I'l C.-ll 
i IJ ■■■ ■■■111' KlIL'llIU 
nrll.,- W'riMiit... 

54if ; 53r a 
49i a : 49U 
l3i a 1 23ia 

‘iA U - 24ii 
3Q>; \ SOii 
3Z> : 32i a 

131, | 13 lg 

l Inna ' 

I vrr 1 (if 1 11-1 r ii— .. 

I »f.-uru 

Dri MffDle 


H»((l-fli Ini 

I Vl 11. 11 Bill-s-n... 
I'miiiifQ't Miainrk 


DiMl-i- 1 Unit 1 .... 
lli'i ur C«ir|-"n .— . 
Ilnw Cl if 11 1 im 1 ... 

I inn 


Du | -jin 

►iwle Kilijiur 

Km- ■ Airtui-.- 

Ka-lr»aii Ki.ImI. 

-M(/u Meat tile.. J 

•luhnanu Jiilinwni 
1 Jiilm-tiii I'vnlirl.l 
1 Juv MaimiR-iiirV} 

k.!URrCi<r;i j 

K'linei InJininetl 

I KRlrftr Sieul ! 

hty ■ 

Kenaecoti j 

Kerf Mi-Gee I 

KlilAt H'alu-r.. 1 

Klmherly C Inrlt.. I 

Kifjf/ier%! 1 

KniU j 

h'rvuer Cn. 

Lamv Twin... 

, Luvi Blmni- ' 

I Libby (Jn. K»nl..} 

K. II. i: 1! | 

bi Kk-o XbI. Mrs! 


hmer-oii hlirli ii- 
Kihuis An fi tab! 

bmtiKrt .... 

K.M.I - 

Km-ellimil 1 

Kfinm-l, _.J 

hiliy 1 

K**tiii ! 

(■'a Livl 1 lU I (_fl 1 in-raj 

K(#l. Dept. suin>; 
Kire-loue Tin-... j 
K%I. Arc Umiun.i 

Klen Vmi • 

Klintk-nu ! 

I'.mH'Ir l’l'Wer.... 
Hh'a- ; 



]fiM(>iiiinl Mek..,.! 

Cell mill 1 

Fmiikllll Mllli ...| 

Krueitf'i Miner*.! 

KmnlLini ! 

K1114UH I mis | 

• i.A.K 




lien. 1 . hI Ae 1 

(Jen. Dymtnti»..| 
Uen. Kiei.Tiiui....i 

lien. FomU : 

iiuneinl Mills ' 

lieneml .MiAnw.. 
fiun. Pub. UII...I 

Hell. Bignni I 

Hen. Tel. tleet... 

Hen. Tire I 

l.enemn ! 

iJenrHUi r«eific...[ 

(Jelly Mil i 


lifi-lrk-li B. K. ... 

i.fiifhuai hie.... 

■ if mil I 

(iIHL-v M'.lt 

Urt.ALimi Kai-t'Mi 
Hit. .V'lrlli Dfin.. 


Hull A IVeHeni.. 

l-iill Mn I 

HM iliiirtm.- 

Hhiiii* .Minnie — 
! Hhiti- t nr|io......i 

Hem/ H. J 1 

Beni lei ii I 

llruli-M 1*m.-lmifi. 

Hi ill- 'in Inns ' 

Hum isaii be ' 

Hi mev well... _..... 

Hisirer | 

Aliiui ' 
HiMi-ftiiTi Nil (,*■ 

Hum 1 1'li. A iCIim 

Hllllnu ih.K.i 

I.C. ... 
I'f* - 

1 Kami .. j 

liiUinil .->lf.-H | 


IBM 2B4.37 ■ 

It ui. KUiVfiiii, 2513 

lull. Hmierier ■ 33 

Iiili. Min A Cliuni! 36 Sr 
lull .Muililfial.,,. 17I-J 

liiisi 14?j 

lull. 1 ‘mikt 361-a 

Ini.. Jfo-lilier • 9^ 

lull, 'lei V Tif... ■ 2T 

lam it B«f ! 36*i 

JniiM'ailer f 27 U 


















60 a 

40 J . 

1 2 - 
to 131.10 : 
20' • 4ij : 

4- ; 4.30 ■ I 

10 | 3 j .. 

25 1 2 ! • ; 

15 1 9 |F. 74.50 

10 5 ; 

10 40.40 F.385 

F. 150, 








5 1.80 . 
26 0.60 - 

S j 8.20 ' 
5 1 4.80 
9 • 3.70 

5 16.40 F.146.80 

3 11.10 ; 

IS 1 24i Z| 

85 : 85s. 

109 2 

11 , $.20 

21 ! 9!*' 

12 | 7,50 j 

- IF.34 

4 ! » 
.- ;s282\ 

2 1.70 : 

3 i 151* 1 .. 

10 1 11.80 ;F. 117.30 
7 : 7.80 

10 : 4.10 j „ 

17 j 3.50 , 

5 i 1.50 . 

10 0.40 

30 0.20 

20 ' 1.30 ; 

10 . 1.80 
5 1 

66 0.70 

- F.34.10 
1.80 ! 

1 . 

4 • 6.10 • 
50 0.50 ; 

3 i« 

2 12 
L 4.60 
8 2h 

33 IFT480 

2 8.20 F. 119.50 

- ’.«eoi s 

- F. 118.80 

BA S70 

BA -'80 

BP p900 


5 41 


- ,S4B i< 

- . - ' SfiWi 

10 . 7 la' 

-- - ;p924 


I (J* 

liViMa 1 

Keynohl) Ueinlr. 

Kei'iiauir K. J I 

lib-ti'-nn Merren| 
lit'elrwell Inter... I 
llrihm k. Hjiiv< 1 

Wcoimmti .- 


Xenix ! 

Liggett Htmi|i.... 

lilly iKlC ; 

lAiimi fnlustnesj 
Un*heei Alrjr'it] 
I /one amt tnaluMI 
Ding I ala 1 hi LU1.| 

r, "IlliBlan 

Limnaiii j 

I ail- icy Stores 1 

Lykea Cor pa 1 

Miamun ; 

■Msiy K. H„ 

Mtu. Hanover.... 



Atari ne Midland.. 
Marshall Field — 

Knriu lhiteh I 

KTB 1 

Toga I 

Ryder a.rsiem.... 
Saleway Suire>... 
St. Joe Mineral!. 
St. Regia Paper .J 
San La Fe Imir. ...i 

Sail I Invert 4 

Saxon Ind- 

Hchllir Bn?«'lu“ 4 

StUiiumberger | 

SCiL : 

aenn Kajurr. ! 

Swiril Mrj£ I 

Scutkler Liiin.Cnf-l 

Zojwu - I 1Q3{ 

Aeaiih Hstllu. I 12^> 

U.S.Tne*r.4%l8Wi [93 ii 
LS Tr!?R‘l4i^7B.'K , , f78!j 
U.S. 90-lay Mils. 

51ia ! 51 U 


Slav Dept. Storeal 

MCA™ ! 

McDermolL. ; 

Ma Donnell Doug! 
Me j raw Htll...'... : 

Metnorei I 


Merrill Lioub.... 1 
Mwa PertnieuiH.! 

MUM : 

Uiau Ating AAIIgl 

MhMi LTirp I 

Moannto.- i 

Motwio J. K 1 

Mi Hi mils I 

MurHiy Ull > 


> am 1 Chenu'-aB. 
2>atinn*l Can i 

Nat. Iiiatjnen. 

Aau sermee lari.' 
\ai iL-uai Sieei....| 

AabiaiM..^.^ 1 


.Veplune Idjl.._. 
New Knguuui K-. 
New Rug Land 'Lei 
•Ningara Mohawk 
N ingjua N hfcru. . 
X. (1 Iniluatries. 
North Nat. Goa... 
Nthn. States Kwr 
Slbweat Airlines 
MbweaL Bonoorp 
Norton Simon.... 
i.kruientxl Petrol 
Dgilvv Mother...' 

Mhb» Efl'wm J 

onn i 

Sea Container ....' 

Searle 1G.D.1 

Sean Hu*) nek... . 

skdco ; 

Shell Uil ’ 

Shell Irauai'irt ..! 

Signal — i 

Stgnode Carp ; 

Slni]iUiSl'V ht...| 

Singer .! 


b'niifb Kline-. ._.l 

Snliiran ....... .| 

Stiulbdown ; 

S'-niLhern Cal.fcki.j 

rkiuiberu Co ' 

Scbn. Nat. Uee .... 
Souibem Para lie. | 
soui hemRail way! 

Soiniiiaint...- | 

6'w't Uan-hare*-. 

Sperry Hutub j 

Sperry U*n-1 

Squibb I 

Stamtonl Unwnl..: 
Sid. U11 ImlwiUL; 

Sid. Ull 

Stauff Chemical..! 
Slerimi! Druie ....! 

atuiletaker. • 

Sun Ci' j 


Syules 1 

Tecnannior i 

Tektronix i. 

Teiedvne. •’ 

Telex l 

Teneen i 

Tenuni Petroleum; 


iexEeguiI ; 

Texan twmern ..... 

Tekoa InaCm ! 

Texas Mil & (ia»._ 

A»lilbi Paper -L. 

.\mioi Bogie 

Alcan Aiumini'm 
Algniua Steer 


Bank at Moo I rex 
Bank NnvaSenlia 
linn i- Ifesonrcee.. 
Beil Telephone... 
Huw Valiev 1ml. 

BP Canada. ..„._.! 

Bra-can ] 


Calgary Power 
Camrio UlMa ...j 
Canada femeni.. 
Canada KW Lou. 
Can. Imp Uk Com 
Canada Indun ... 

Can. Paeiilu 

I Jin. P»cifio lov.f 
Can. snjKT Oii..J 
Carling O'Keefe. J 
Codiiar AsfieUar J 

Cbfataln;- ... 

Coimaco ..._ - 

Com. Baihunn™ 
Consumer Uoa — 
Co^eka Bewnree! 
Coetalb _ • 
Daoij Devel 
Deinron Miner-. 

Dome Mine, 

Dome Petroleum, 
Df iininjon Rrulge . 

Domior - 

Duponl [ 

Paleun'ge Nickel., 
Ford Motor Can,.- 

Gen> tar 

Giant 1 «Iim anile; 
Hull Ull Canada..: 
thinker Md.Cnti.| 

UiNlluger I 

Home Uli \V 

Hudson Bay Sing 

Hunaon Bay 

Hudson Oil 4 Or- J 
1--L.C. ; 

Imperial Uil I 

lnco’A'-.- 1 

ivua v'n 

Texas L tilities... 

Timm Inn I 

Oversea* ^hip...j 
M«em> II Ilian, ....j 

Paulii,! Ua- 

PBirdk- LagfaHng.J 
Pan Put. A 
PanAniWorlil Airi 
Prriter Hanuilir..| 

Peai««J.y luti | 

Penn l*w.t L I 

IVndai J. C ... I 

I'euuaiil 1 

i'ei/plea Drug ; 

Peri pica Ha* 

l'u|«.icfi- j 

Times Ins 1 

Timer Mirror 




T ranscu 

'Tran Union 

'Into-mi Intrri..j 
Tran Worul Air.- 



Tnlira Uil A tlaa.' 


■AHhCi.-ul.iirv K«»x 

U.A.L. — 



L nnever 

I. inlever W 

t nioo Bam.vrp... - 
I mun Cariiiile..... 
I'auin L'uinmeni 
L1111111 nil Cain... 
Laiuil Pat-irti- 

Indal j 12sa 

Inland NaU Ga-.j 101a 
Inl'p.v.PIpe LIne[ 16 
Kaiver HeMHnw.i 16'a 
Lauri Kul Corp..i 91a 
Lot'law CVuri. -B1 4.25 
Uenut'n Biraxl—I !1 ,; ] 
Money FergUMHii 105a 

McIntyre 24 

Moore Curpn 1 32 ?b 

Mi uiutRui state Ii' ■ 3.20 
Noraipia Mine.... I 36 J® 
Non.-enbut-pj'. ..., 176o 
Mb. Tenwmu...j 37 
N'uuiac Oil it Ga>! 281; 
Makwiaat Pun.' nj 4.50 
pBL'iiU.-Cr>ppM \l ■ 1.77 



Paluui • "lfOr« 

Pei-kin Kliuer. • 


PneljiB Dalge. 

ITilhnlelplilH Kle j 

Philip Morris ' 

Pliillip* Petro'm . 

PilMiury . — • 

I '»! iiev- Biiwes.—.j 


Plewey Cal A DU; 

I 'id an lid | 

tSiimiier Kle*-.... I 
PIT, linlii-ine*..l 
i'ruvier G* mine.. I 
Puli. ner. UM...! 

i'ullinaii J 

l"'nex • 

VuakerOal' • 

Kapal Airerbain..i 

Kavibnaiiii 1 

IfL'A I 

Kepiihlk- nluei... [ 
llW'ib I nil , 

Cuiroyal I 

Uuilwl Branila-.j 

la Uaiu-rirv- ' 

US (iy|rauiii 

US shoe 

tfe Sleei 

I ui Tei-liiMiftie, 
UV I in 1 wine- — 
Vin>mia fc'ie-.-i ....j 
Walureeii i 

Wallai-e-MuTray . 

IVanie -lounia'il. 
M'a-ii- MaiiTiif?ni 


Ueurn uantvnj 
Wenleril N.Ameij 
M'u>iern L nifii.. I 

IVtsini-fii'-e t«] 

Weverbaeu-er. ...j 


iVhue Cun. I nil. • 

Wiuiam IV, 1 

Wi-ooni-in iHei-i ; 

Pnofiies Depc -...i 6sg 
Via r Can. A t ij>J 2.00 
PlairelDeveinnnic B5iz 
P11wert.urv1.-iMj 'if 23 ij 

Pni-e ! t2oU 

VudH'B<iirj.<("if.i 1.27 

Kangcr Uil 1 15 1* 

U(*ilSLerhf<u-L-...l lU5g 

KluAIgnm ! 531a 

Koval Ilk. "i Can.- 37'2 
i 13ls 

Sv-eptwHcriiijK-ej- . 8 

seagrani, ] 311« 

^beii CaiuiiiH 1 151j 

Slier rill G -Aline,) 7I4 

aieeaMMi. 38ig 

sinifwuti 2.66 

SIWI ill C/ 11 III.U ...1 4 1*4 

STcep Ki*.-k In. -n .1 3.70 Cmia.m ...j 49i 2 

Tiiriinio LLiiu.Uh.i u li 4 
Trans Cali P||«-Ia: 175a 

iRDrM'iini ('ill 1 8Jg 

Trim.--.- ; 16>8 

luiou Mm-. .. 9*4 

L nlil'viM.-jiu.Miuer l 9"* 
We-ker Hiram 3 87b 
M ol Uiim I mini 116 b 
W oinu Cjo, 22 Ij 

t Bid. i Asked. I Traded, 
b Mew stock. 


A.B.N. Bank 12J% 

Allied Irish Banks Ltd. 

Amro BaaJf 

American Express Bk. l-i% 

A P Bank Ltd 12i% 

Henry .4nsbacher 

Associates Cap. Corp--- 121% 

Banco de Bilbao 121% 

Bank of Credit & Cmce. 12|% 

Bank of Cyprus 12 v% 

Bank of N.S.W 12‘% 

Banque Beige Lid. ... 121% 
Banque du Rhone et de 

la Tamise S.A 13 % 

Barclays Bank 12 \% 

Barnett Christie Ltd.... I3i% 
Breoiar Holdings Ltd. 13i% 
Brit. Bank of Mid. East 12} % 

I Brown Shipley 12}% 

Canada Perm’t Trust... 12}% 

Cayzer Ltd 12}% 

Cedar Holdings 12}% 

Charterhouse Japhet... 12}% 

Choulartons 1*2}% 

C. E. Coales 12}% 

Consolidated Credits— 12} % 

Co-operative Bank *12} % 

Corinthian Securities 121% 

Credit Lyonnais 12}% 

Duncan Lawrie 12}% 

The Cyorus Popular Bk- 121% 

BHambros Bank 12}% 

IHil! Samuel fil2}% 

C. Hoare & Co fl2}% 

.tulian S. Hodge 13}% 

Hongkong & Shanghai 12}% 
Industrial Bk. of Scot. 12}% 

Keyser Ullmann 12}% 

Knowsley & Co. Ltd.... 141% 

Lloyds Bank 121% 

London Mercantile ... 12}% 
Edward Mansun & Co. 13}% 

Midland Bank 12}% 

I Samuel Montagu 12}% 

I Morgan Grenfell 12}% 

National Westminster 12}% 
Norwich General Trust 12}% 

P. S. Refson & Co j. 12}% 

Rossminster 12}% 

Royal Bk. Canada Trust 12}% 
Schlesinger' Limited ... 12}% 

E. S. Schwab 131% 

Security Trust Co. Ltd* 13}% 

Shenley Trust 14 % 

Standard Chartered ... 12}% 

Trade Dev. Bank 121% 

Trustee Savings Bank 12}% 
Twentieth Century Bk. 1.1}% ' 
United Bank or Kuwait 121% 
Whiteaway Laidlaw ... 13 % 
Williams & Glyo’s — 12}% 
Yorkshire Bank 12}% 

strong spot in Volkswagen, up 
DM 5.10 at DM 240.50, while 
rises of DM 1.50 were recorded 
in both BMW and Dalmrer-Benz. 

Elsewhere, Prenssag rose 
DM 4.30, Degussa DM 4, Necker- 
manu DM 3 B0, Deutsche Conti 
Gas DM 8 and Bayerahypo 
DM 4.50. 

Deutsche Babcock gained DM 1 
on news of higher 1977-7S earn- 

Public Authority Bonds sus- 
tained fresh losses ranging to 
40 pfennigs, while the Bundes- 
bank purchased DM 8,9m nomi- 
nal of stock. Mark Foreign Loans 
were steady to higher. 

however, declined. '7 - cents- to 
AS3.20. •. - - ii’ •- 


The market remained in firmer 
vein in moderate activity, wi*h 
some operators settling their 
positions ahead of the new 
monthly Account, which starts 

Metals. Constructions, Banks, 
Hotels and Oils scored gains, but 
Chemicals were weak, while 
Mechanical and Transportation 
issues also mainly lost ground. 

Stocks performing particularly 
well included Carre four, St. 
Go bain. SL Louis, Bo uy goes, 
Paribas, Borel, Chlers, Detrain. 
BP and L’Oreal. 

In contrast Ski s Rossi gnoL 
receded 49 to FFr 1,850 and 
Poclain 10 to FFr 195. 

Tagil Trust 121% 

English 'iransconi. ... 12}% 
First Nat. Fin. Corp. ... 14 % 
First Nat. Secs. Lid- ... 14 % 

■ Antony Gibbs 12} % 

Greyhound Guaranty... 12}% 
Grindlays Bank 12}% 

■ Guinness Mahon 121% 

, Members of iba Accepting Houses 
Com mu lee. 

7-3a>i peooslta 10%, 1 -month 

dcpoaits 10*,%. 

7-day deposits an sums of EIO.OOO 
and under 10% up to E5.QQQ 
10 1 3% and over £55,000 lOV.'i. 
Call doposns ovar £1,000 10%. 
Demand deposits 10%. 


The recent downward trend 
was partly reversed yesterday, 
when stocks closed with a firmer 
bias following moderate activity. 

BHP rallied 6 cents more to 
AS8.74, while in the Oils sector. 
Beach Petroleum rose 6 cents. 
Santos 3 cents .and Woodside- 
Bunnah 2 cents. 

Golds strengthened, with 
Central Norseman gaining 50 
cents at AS13.00. 

Uraniums were mixed, with 
Peko-WaJlsend adding 20 cents 
at AS5.50 and Kathleen 5 cents 
at AS2.60 but EZ Industries 
losing 5 cents to AS2.90. 

Elswhere in Minings, CRA, 
AS3.43, and M1ML A52.43. 
recouped 5 cents apiece. 

In Retailers, David Jones put 
on 4 cents more to AS1.30, but 
the company stated that it had 
received no direct bid 
approaches. Sugar concern CSR. 

Hong Kong 

Marker took a turn for the 
better, with . sentiment partly 
boosted by higher profits .from 
Wheelork Harden, announced 
after-hohrs the previous' . day. 
The Hang Seng index picked. up 
7.32 to 498.79. ' 

Hong Hong Bank rose 40 cents 
to HKS17.3), Hong Kong iand 
10 cents to HKS7.70 and Swire'. 
Pacific “ A ” 15 cents to HK^T-.Tb, 
Rubber Trust moved ahead ' 20 ! 
cents to HK54.40 after an assets : 

Cheung Kong advanced' 15 
cents to HKS8.35 and New Woda 
6 cents to HK51.99. 


Golds closed ih a mixed note 
after very fluie-t trading, with' 
movements generally 'modest .in 
either direction. . • 

Other Metals and - Minerals 
were equally quiet and' little 
changed, while Industrials'moved 
irregularly in thin dealings.. ; - 

Amsterdani V;:4 

Bourse prices were generally 
firmer, with Hoogovens and 
Royal Dutch gaining FI 1.30 and 
FI 1.1 respectively in Dutch: 

' Shippings strengthened, with 
KNSM rising FI 1.2 to FI 85B0, 
Nedlloyd FI 2.30 to FI 79B0 and 
Van Ommeren FI 5.50 '-.'.-to 
FI 143.50. . 

Elsewhere, Ahold . . hardened 
FI 2. Elsevier FI 3.50 add Fak- 
hoed FI 1.20. ' • 

State Loans were a shade 
easier where changed .- ' 


Higher for choicd after -a 
moderate turnover. 

' In Steels, Haiiumtsambre 
advanced 54 to BFr 794^ -while 
Non-ferrous Metals had Umon 
Miniere up 14 at BFr 726* in 
narrowly higher Oils, Petrofina 
. edged up 5 to BFr 3,180. 
Chemicals were mixed. 

IK.SS 10e.7TT*JUB. 

93. Sn MM W. 


-Dec. Dec., Dec., 
M 19= W 




in ii i 

Australiartt 536.77 536.06 66S7B f*ll J9 
Belgium tl> ! 97-48 97.48 foLfc. 
DenmarkiH 89^4 soil 


Stock prices tended to gain 
ground on selective support. 

Flat rose 50 to L2.T20 and 
Pirelli Spa 29 to L892, - but 
ltalsider declined 7 to L290.~ 

I ' . CW7 
France it 1)1 76 J I 76 vB 83-0 

i i (4/joj.i- (wa. bux. 
German yU'.l BMJ 812.6 mtu 

Holland («i)' 78.8 78.1 ' 93a 

Italy Cll). B7^j eiJoO i 
Japan 44&S8 j 44&8X; 
Sing%pors(6) 545.81,: 345S9> 

NOTES: Oversea! prices sfatrxn below 
exclude 6 premium. Belgian dividends 
are after withholding tax. 

♦ DM SO denom. unless otherwise stated, 
yields based on net dividends pins tzx. 
V Pa 500 dencmi- unless otherwise stated, 
•fr DKr 100 denom. unless otherwise stated. 
•P SwFr 500 denom. and Bearer shares 
unless otherwise stated. T Y50 denom. 
unless otherwise statod. i Price at dme 
of suspension, a Florins, b SchfflinKS. 
c Cents, d Dividend after pending rights 

and/or scrip issue, e Per share. /Francs. 
D Gross div. %. b Assumed dividend after 
scrip and/or rights Issue, fc After -local 
taxes, m?. tax free, n Francs: Ihdndtng 
UtBtac div. p Morn, q Share split, g Dfv. 
and jneM exdnde special paymEsn_ £rndI- 
cared dhr. u Unofficial trading, v XSmtO 
holders only, v Merger pending. '•Asked, 
t Bid. I Traded, t Seller, s Assumed. 
Sr Ex rights, xd Ex dividend, xc Ex 
scrip Issue. xaEx alL a Interim inea 
Increased. ‘ 

fo> 44fi^6 i 44&8X 

n » ) k I 

and Co TranspomL# Sydney All. Onlhtaw.-'. Bddmg 

IA/73. tt Paris Bourse IflCL ^ GtHnmns- Vaney.'-ElecL 



AEG j 

Alliance Vemli-b-.i 

HMir i 

B.ldF J 

Bay*. 1 * 1 

Bayer-Hypn i 

Ba.ver- Veivinililc . 

i.iminipHuik j 


Daimler- Ben/ i 

Degiisca • 

Deiimc ! 

Ii'n it -'lie Bank....: 
Uiwlner Bank.... j' 
Dyckerb«ff Zi-oit.j 
G uiclirifTnun}; ; 

Ha{«s: Lloyd 


fliNKbit - 



Kali uinl dab 



Min' liner DJI 100.. 


KlH|.p DillOO 


T/>wenhrau DMIOO;! 
LuiiImdni 1 


J I el n lips 

Miim-lirui-r Knek. 


PlviivMu; Dm. 100 
Jllieln't eM.HIeei. 



nnd /.iH-ki-r 




504.5 — 3-D 
285.0 + 1.5 
133.3 -rO.8 
145 —13 
283.3'+ 1.3 


320.5 + 1.5 
171 •+! 

303.6 + 1.4 
843 1-0.5 
174 1 + 4 

I 3I_Z 3.1 
188.121 6.3 
;i8.7e; 7.o 
Ua.TK 6.9 
-’28.12 4.5 

l88.1l) 4.4 


f-t«-Vr Dm mini 

Ve|| \lmniMir 


^ J| .*»f V* ■ : -' e^y^m*! m SX '.^ j-f « jl» y yj » "-*"■■ 

H LMti.“4'jsr-. l ii:j'-S».V& '' .iS* .w*-. ±_. .- __/■ ,*.? 
uSSi* '^-W 5*£;' , '.=»2?4 J-S*s'’£. 3£25 ’Atii-liji. 

•i;. -• ■ - " J .‘ ■ -73- J- !". ^ '.' : ■ •-• ^~' r -' -y~' K~:~ 

lc 6$ 



.. . 

_ rise 

. $y ' b *' * 

| ^arm profits 

? ' ’ y ^ Q«r 'Coimwfltia Stiff 

* ■ KriBCfPTfS ON British dairy 
■*>; ft .farms Improved sfawpiy last 
% veaf v- A survey of almost 1,000 
s «*3shmd farm* carried dmliyt 
»:_ : '■ iffe'-Mlft: M ark et ing j Board 
shows. that In -'the year ©faded 
'March.- 197S, average profits 
• Were £10,349 cflntpared with 
£S,2SS recorded ia the drcraght- 
. aSmed season of 1976*77. 

• She Milk Board pointed out, 
however; that profits. were still 
./not hacVla reai terms to their 
ij-;' 1972:75;.. level.. Capital expenses 

! '5.s '■>. <*y 33 s0 rose _ substamiaBy; and the 
-> ;< .. ' fetura on tenant's capital. still 

: ; = ;;tu i? V averaged only a ' nw^est ••11-9 
:? s*V per cent . -.; i-v^r ;■■ 

" ‘ The fanners in^hesairvey also 

,, boosted their mill? yields fay an 
■X average l933Jtres a cow over.the 
year, - thanKs' -mainly to better 
use - Of . -gross ’ and improved 

“■ The- MHk Board said it was 
concerned, at the growing gap 
between the top and bottom per- 
fo nuance herds. The top 25 per 
r ; liK-ent-Of herds sampled produced 
1u ifc,|.407; litres a cow— 1,117 litres 

- 25 £»®r® than the -bottom’ 25 per 

- ^ . • .." -\w 

■- t-./The most - .efficient managed 
^Jag increases in milk yield 
y -while -reducing the amount of 
*\(Ss^^grain and -soya fed to 
their stpek. The least efficient 
;:Tu'>> n v- managed only modest rises in 
•S-t: ^ -output for a large increase in 
amount, of grain fed. . 

" ' t Cut in limit to 

New wheat pact 

. . CENEVA . — A. row. . that 
halted talks on a new world 
wheat agreement was, settled 

built up only if the price 
dropped to $125 a tonne. 

The Common Market had 

sperm whale 

* f- r -8j r -Richard Mooney. 

^TEECB international Whaling 
^Veop»gSssion ; has cut the allow- 
*•'.*•: :.:-. n ,^- v-8irfe-catcli of male sperm whales 
' t_- . . * " * fcrS|i,' iif theNpftfr Pacific for 1979 by 
\t~ ; . '.*-=) y{ jfaore' than 49 per ' 3.800. 
i-v ';i. c^it-h*s alSp i banned „ the himt- 
ip£<rf female -whales. The size 
- — thereat' agreed -at a special 
w njNE£D-y^7*^ 1JI ® e ^* ^‘ J3le Commission in 
^^^Tolsyfc ^yesterday, / surprised 
, ; nikny uhserversT 'But conserva- 

.. .. ^ Somite were 3iisappainted that 

■ • •^-:a»>D i 5>'pe* : cent by-catch of 

- §5 vffe^ra wras.also aUbweiL 

/-* a3?’ ; -t Itedming'PJregnancy rates are 

• . -'-l ^?* a onising2c( -scientific 
' ; •■v':i Jjj ^drjieSf heneer^the ban on the 

•, ^ ; Je&beiate hunting of females. 

- ■«' 1 ;'•» ri Bht cfit<*'ers' claim , they cannot 
' ^ "^^waySr thevsex of 

whSeSbdfbWThair^oning them, 

The femalp^^-catch works 

fe* .. eut-afc -dJfr-aqdr^ihpe -this level 

~ — . is reached . North Pacific 

^-f spem wi^lharting will have 

price of $145 
Pressure for an early resump- 
tion of the talks came from 
both the U.S. and Japan. The 
U.S. was anxious the agree- 
ment should he signed in rime 
to be included in world trade 

'Talks'cm ^“agreement "broke ^Kottattans now finishing. 
, -T«« “ Japan was keen to reach early 

agreement so It could be ratified 
by Parliament before it recesses 
next March, sources said. 

The Soviet Union stayed away 
from the committee. Mr. 
Dunkel said, however, the 

Jaunazy 22. 

: The argument between the 
UJS. and the EEC .was patehfld 
up at a 12-man committee of 
leading exporting and .import - 
ms nations after three. days of 
hehindFth eocenes dischsslopaL 

up.‘ last -month, after the .’U.S. 
and the EEC split over the size 
of - reserve stocks of wheat .to 
be held and the market price 
level at which countries should 
. start building stocks. 

Mr. Arthur Dunkel of Swit- 

zerland, the- conference chair- Russians had warned in advance 

man, who also chaired the com- 
mittee, said a compromise be- 
tween the two sides had been 
accepted - as -a. -basis for resum- 
ing talks. 

they would not attend, but 
stressed the move had no 
political significance. 

An EEC official said the two 
sides had moved closer to each 

Sources said the. compromise other on the total size of wheat 
provided for -haif tho- total reserve stocks. While originally 
reserve . stocks established by the EEC insisted on a maximum 
the agreement to be .built up global size of 15m tonnes and 
when the market price for the US on 30m tonnes, they now 
wheat was $140 a tonne. foresaw them as somewhere 

The other half would be between 20m and 22m tonnes. 


•y warned on 


THE PRESSURE group lobby* quarters might be moved from 
ing for the establishment Of a London, it is considered timely 
world commodities centre .. in for plans to be laid for a new 
London was given a "sympa- centre to house all the organisa- 
thetic hearing” yesterday by "Mr. tions. 

Denzii Davies, junior Treasury Renegotiation of the wheat 
Minister. ' agreement, for example, is 

Led by Mr. David Knox. MP’, already well under way. The 
tile All-Party Group for World international Cocoa Agreement 
Government deputation warned will be revamped at a meeting 
Mr. Davies of the danger Of*. o. scheduled for January 29 to 
“substantial loss of economic February 23 next year 
advantage to the UK” if the 

intergovernmental commodity - — -■ - — 

organisations now based in Lon- 
don were to leave this country, 

A spokesman said the group 
pressed for a rapid decision 
from the Government about sup- 
port for the proposed centre “tn 
view of the decisions which will 

U.S. copper 
lift prices 

By Our Commodities Editor 

increases were announced 
yesterday by two UA, pro- 
ducers — Asarco and Newmont 

Asarcu Is raisins Its price 
for cathodes by Z cent to 72 
cents a lb but Newmont 
announced a 2 cent rise to 
73 cents. 

Copper prices were steady 
in quiet conditions on the 
London Metal Exchange. 
Further haying, believed to 
be on behalf of the Chinese, 
pushed the market np in the 
morning. However, “ hedge ” 
selling, and a lower than ex- 
pected opening on the New 
York market brought an 
easier tone and cash wire bars 
closed only £5 up at £774 a 

Nevertheless the undertone 
of the market remains firm. 
Sentiment will be encouraged 
by the rise in U.S. prices and 
the prospect of continued 
Chinese baying. 


Farm exports pact plan 


Clean sweep 
of turkeys 

By Our Commodities Staff 

THE TURKEY industry expects 
to start 1979 with the lowest 
stocks in hand for many years, 
Mr. Raymond Twiddle, president 
of the British Turkey Federa- 
tion said yesterday. 

Mr. Twiddle said consumers 
were likely to make virtually 
a “clean sweep” uf supplies 
available this Christmas and 
New Year since demand ap- 
peared to be good and prices 
had been kept at a very com- 
petitive level. 

GENEVA — Details have now 
emerged here of proposed new 
international restrictions on the 
use of subsidies to capture farm 
export markets from competing 
producing countries. 

The agreement, regarded by 
the XJB. as a major element of 
the Tokyo round of international 
trade talks, has been endorsed 
by the European Commission 
but has been sharply criticised 
by France. 

The French, whose final agree- 
ment will be essential if the 
deal is to go through, has 
attacked the understanding as 
surrendering the EEC’s control 
over Its own Common Agricul- 
tural Policy. 

The compromise . text is 
intended to contain the Com- 
munity’s answer to accusations 
from the U.S., Australia and 
others that the EEC has stolen 

their export markets by means 
of excessive subsidies. 

The proposed agreement, in- 
cluded. in a more general draft 
code of conduct on subsidies 
and countervailing duties, is an 
attempt to clarify the provisions 
of Article XVI: 3 of the General 
Agreement on Tariffs and Trade 

This already prohibits coun- 
tries subsidising any agricul- 
tural product so as to gain 
" more than an equitable share 
of world export trade in such a 
product, account being taken of 
the shares of the signatories in 
trade in the product concerned 
during a previous representa- 
tive period.” 

The outline arrangement now 
proposed would include three 
clauses attempting to spell out 
what this means in practice. 
These are: 

1. "More than an equitable 
share of world export trade ” 
shall include any case in 
which the effect of an export 
subsidy granted fay a signa- 
tory is to displace the exports 
of anoLher signaler}-, bearing 
in mind the developments on 
world markets. 

2. With regard to new markets, 
traditional patterns of supply 
of the product concerned to 
the world market, region or 
country, in which the new 
market is situated shall be 
taken into account in deter- 
mining “ equitable share of 
world export trade.” 

3. “ The previous representative 
period n shall normally be 
the rhree most recent calen- 
dar years in which normal 
marker conditions existed. 

A final provision, to which 

the French particularly object. 

would oblige signatories “not 
to grant export subsidies on 
agricultural exports to a par- 
ticular market in a manner 
which results in prices 
materially below those of other 
suppliers to the same marker.” 

It is pointed out here that 
“ materially below ” remains 
open to interpretation, like 
other sections of the proposed 
text But the suspicion is that 
the U.S. will try to define the 
concept more clearly by calling 
GAIT consultations as soon as 
it identifies a questionable 
export deal by the EEC. 

The agreement would cover 
all unprocessed farm, forestry 
and fisheries' products, as well 
as those that have “undergone 
the processing customarily 
required to prepare for market- 
ing in substantial volume in 
international trade.” 

EEC monetary changes stalled 

Co-ops plan trade link 


be taken within the nekt three A GROUP of U.S. and .European Toepfer’s international commo- 
months about the future Ioca- fann ciwjperatives has decided dities trading business but the 
tion of their headquarters by to link-up with Alfred C. company will retain full owner- 
the International Wheat Conn- Toepfer, a leading international ship of its shipping, banking 
cil ‘ tHe International Cocoa commodity trading company, in and milling operations. The 
Organisation, an international order to become more active in scheme involves producers of 
rubber organisation and the Tea the world-wide marketing of its grain, soyabeans and soyabean 
Producers- Association.’ products. oil and livestock feed ingre- 

AJ though there have been no The co-operatives plan to dients as well as food processors 
firm indications that any hea<K ; acquire a 50 per cent interest in and farm supplies companies. 


BRUSSELS-— The breakdown 
in Brussels early yesterday 
morning of talks on the agri- 
cultural implications of the 
European Monetary System 
(EMS) leaves open the whole 
question of monetary compen- 
satory a mounts (MCAs). 

If the EMS is not introduced 
as planned on January 1 — and 
France says it will not take 
part until all the agricultural 
problems have been thrashed 
out— MCAs would continue to 
be based on the old central 
rates of the snake currencies. 

If. as is more likely, the 
French drop their reserve and 
EMS goes ahead, the snake 
would cease to have any 
influence on MCAs. The failure 
of agriculture ministers to 
approve the use of the new 
European Currency Unit 
(ECU) in fixing common prices 
would leave MCAs without any 
legal basis. 

The EEC Commission, realis- 
ing this, announced at the end 
of the Council meeting that it 
would freeze MCAs on January 
1 at the levels fixed between 
Christmas and the New Year. 
They will remain frozen until 
January 15. when agricultural 
ministers are scheduled to meet 
again and to take a decision on 
the Issue. 

In the me antime the Commis- 

sion says it will do whatever is 
necessary to ensure that the in- 
troduction of the EMS does not, 
in itself, affect MCAs. But it is 
not at all clear what this 
implies should any of the EMS 
currencies move sharply before 
January 15. 

Mr. Finn Oiav Gundelach, the 
EEC Agriculture Commissioner, 
said this morning that he con- 
sidered the risks of this happen- 
ing to be very small but added: 
’* I have warned the Council that 
they will have their backs to the 
wall on the 15th and must take 
a decision. They cannot push it 

Talks broke down after 
heated dashes in the Council 
Chamber between France aDd 
Germany over French insistence 
that a timetable be set for the 
phasing out of MCAs, and that 
any new MCAs created after 
January 1 he phased out auto- 
matically at the end of the year. 

This is in line with Commis- 
sion policy, but the Commission 
insists that such decisions can- 
not be taken outside the con- 
text of the annual farm price 
review, and it rejected the 
French demands. 

Germany and the Benelux 
countries, already faring the 
prospect of a price freeze this 
year, are • extremely hostile to 
such a move which would cut 

their farm incomes. Thus Com- 
mission's support for the 
French demands could under- 
mine its chances of getting its 
price proposals through the 
Council of Ministers, which will 
be a hard enough task as things 

For Britain, which faces a 27 
per cent farm price rise if MCAs 
are eliminated, the proposal is 
out of the question. Mr. John 
Silkin, the UK Minister of Agri- 
culture, said as much this morn- 
ing. But he hinted that if a way 
were found to reduce the level 
of common prices, Britain might 
be more amenable. 

Britain had the opportunity to 
press for this at the European 
summit where, bad it opposed 
the introduction of a special 
conversion device to keep ECU 
common prices equal to those 
fixed in units of account, all 
EEC countries would have faced 
a 21 per cent drop in common 

This would have brought a 
redistribution of IICAs so that 
any subsequent phasing out 
would bring a large German 
price drop and a 6 per cent 
British price rise — something 
very close to what the British 
Government has been pressing 
for all along. 

Mr. Silkin yesteTday defended 
the British decision not to 

oppose the conversion device at 
that time. Ir would be bad 
politics to try to win such a 
change through tricks which 
could backfire, he said. 

But there were strong hints 
from other quarters that Mr. 
Silkin would have preferred to 
keep the option open and that 
those ministers responsible for 
the decisions — Mr. James Cal- 
laghan and Dr. David Owen, the 
Foreign Secretary had not fully 
understood the implications of 
their decision at the time. 

• In the course of the heated 
Council debate, French and 
Italian requests for respective 
green devaluations of 3.6 per 
cent and 5 per cent respectively, 
appar to have been lost. No 
decision was taken on either. 

Bauxite cartel 

bauxite-producing nations have 
retreated from a 3977 formula 
that fixed a “ floor ” price for 
bauxite ore, from which 
aluminium is made. 

But the members of the fiVe- 
year-old International Bauxite 
Assocition broadened their 
pricing policy to include 
alumina, the semi-processed 
aluminium ore. 

. *> * ' • -J-.V- T TiU 

. . . , • _ ___ 


'w_. . ■ — ^ -• — — i—- com«x did not open ft the month* C781. Kerb: Wire bars three 


OHTOfc^-Stoady on tho London Metal 

reaction; __ . , 

level expected end the Londoo pnee 
hovered around OTO-E791 before ■ close 
the- Kerb of C7B9.75. -Turnover 
5.050 tonnes. 

montha E7S2. 925. 93. 92.5. 92. After- 
noon: ‘ Wlrebers, three months £791. 
$0.5. 9V. 90.5. Cathodes, cash £760.5. 
three months £778. 79.B. Kerb: Wire- 

YfMvnMv'ai +*.*r'r".Bii*nieis'" 
COCOA 1 Ch*o 1 — I Done 

at* * -* 


SlK 1 

| Yesterday’* Prevloue 


1 Cl»i*e ! I’k+e 
.1 1 — 



SMITHHELO— Pence per pound. 

up from a start of C7S7 
hedgr selling caused -s 

*■». . {+. «*; : P-m- : J+ <* 

that in th* rooming three months v«re- 
bata traded, at £89 5, 90. .91. 91.5. 92, 
92.5. 93. 94. 83.5. 93. , Cathodes: Three 
I s.m. f+. orl p-m. hh 
TIN Official j — ICnortklaJj — 

r* i E 

}775»4.B 1+5 
• 790.6.1 +6J 

798*5 +U*\ 70O.B-1 760.5-1 M.J5 
77WO-+UJI 779-.B 
751.5 >9.6 — 

— — *73 

Cr?£NKs55l£$ . ■ ■ — 


H^kGzEda. * 

Cl c IB 

77015-28 1+15 I 6888-7000 >46 

ft month*.] 5940-60 J+2S.51 6920-35 ,-245 
Settlem'cJ 7028 +16 

Standard.' , I 

Cash .1 70X0-15 (+7Jfj 

3 rountlu : 8940-6 +16 
ujjfi deulem'U 7015 .+5 
^ Stabs. BJ *11004 +11 
New York! — I 

6980.90— S9 
6920-5 -2B.6 

. %1A index limited 01461 3466. 

London SW10 OHS. 

May Cocoa L983-0-L99L5 

Tax-free trading on commodity futures. 

- 'iV-Z'. The co mm odity futures market for the smaller investor. 




r x 

Banque Nationale d’AIgerie 

f: r 

Roatmg Kate Notes 1985 

: ' ' * in accordance wftfr the provisions of the Agent Bank Agreement 

* /betvyeen Banqoa Nationale d’AIgerie and Citibank, NA. dated 

as of December^. 1978, notice Is hereby giveo that the Rate 
<rf Interest for the initiai six-month period has been fixed at 12 ii % 
*>p*r annum anTthat the interest payable on the relevant Interest 

• Payment ^Date, • June 20, 1979, against Coupon No. 1 will be 
U3.S64J7 and -has-been computed on the actual number of days 
elapsed (182) divided by. J60. 


,'^{T [-December IV- 1978 
> • - - — By: Citibank. NAvUridbn. Agent Bank 





: - _r— (Ml- of which 'era Incorporated . in the Republic of South Africa ) 


For the pnrpoat' of the /snnual general mornliwa of . ©e-. undermentioned 
companies to be held « 4* Mein Street Johennesbujjj, on Thurs day. 
January 2S. 1979. at the lima* stated - below, the vmnafar mflfcgfre and 
-repSeters oi 'member*. of- these compenfee will be dosed, trom January IS 
' Inclusive: ’ 


to 25, 1979, both days-- 

- Free Stale Saaiplaaa Gold Mining Company Limited 
President Brand Gold Mining Company Limited 
President Stayn Gold Mining ' Company Limrtsd 
. Welkom Gold Joining Company Limited 
. Western Holdings Limited - 

Free .State GSdnltf .Mines Limited 



10h25 - 






- .Bullion + or 


. P«, _ 

. fliriuc j — . 

... p** 4 • 


* Holders, of share we rents to bearer who ere desires* of amndlng «n 
; ‘ parson or by. proxy dr of voting at any general meeting must comply w«h 
‘ itt* 1 "** 0< 1,111 company under which share warrants to bearer are 

■ A member entitled to attend end vote « the meeting la entitled id app oint 
. o-proxy to- attand and ^peik .add. on a poll, » vote in his stead. A 
J P7»xy need not be e member, of . the .company. . . ... „ _,£ ■ 

1 ... . v By Oidgr ..of the Boarda, 

London Offioas ” . Secretaries- 

; rap 0 'ffl° V “ dua - - : ■ -1-: p*n B. S. EDMUNDS 

} 20th Dtceniber,, 1S7B' Companies Secretary - 

TIN— Fell away after a Arm start 
following the rise in tha East overnight. 
Physical demand pushed forward metal 
up from £6.950 to £8.970 before hedge 
selling emerged. This selling continued 
despite tha fall In' rhe pound and the 
market oloaed on the Kerb at tha day's 
low~of'£A911. Turnover 1JJ3S tonnu. 

Mooting: Standard three months 
EB.3&), 60, 45. 40, 45. BO, 45. Kerb: 
Standard, three months £6350. 45. 40. 
45. -Afternoon; Standard, three months 
GGJMO. 20. 35. SO. 25. Kerb': Standard, 
three months £6.925, 30, 20. 18. 11. , 

LEAD— Uttla changed after forward 
metal ■ had been unable to maintain 
Ha beat’ levels. The price moved up 
during . the morning from C40C to £407 
reflecting the lower value of Sterling 
but In- tha afternoon general liqui- 
dation 'forced the price down to a 
close on the Kerb of £401.5. Turnover 
9,976 tonnes. 


Dtr 192D.U-SS.B —18.0 195S-6-M.Q 

Ji«n.h - ffl44.ll 43.0 i-4f.O 1937.045. (J 

Nay 13BS.O-HB.0 —51.5 ifl29.0-198fl 

July 1838.0-2000 -25.0 S056.0- 1W7 

del 4 2011.0-12.5 '-9J 2040.0-11.0 

Uec 1830J-94.0 -10.5 20I3.B-1989 

Matyh 1 980.U-30. 0 —5.0 2807.0-1888 

Salas: 4,002 (8,186) Iota of 10 tonnes. 

Into mational Cocoa Organisation Jv-sewl 72.36-75.06 72.46-72^0! 72J0-72.BS 

(U.S. cents per pound). Daily pries ! 1 

lor Dec. 19: 178 J22 (177.31). Indicator 
rice Dec. 20; 15-day average 181.07 

Beef: Scottish killed sides 56.0 to 59.0; 
Eire hindquarters 6S.0 to 71.0. lore- 
quarters 30.0 to 37.0. Veal: Dutch 
hmds and ends 96.0 to 101.0. Lamb: 
English small 48.0 to 56.0, medium 

Jsn. [ 67 JO-54 JX 67.00 -S7.2U 

Feb — J 68.6044 JO 67.tt4S.00 . — .... „ 

Jan- Van 88.70^4.78 6IJMM8.10. B4.0M8JO 48.0 to 55.0. heavy 44.0 to 52.0: Scot 
A pr- J n+ 61.40-41-58 60.78-80^0 61.70-80.75 tush medium 48.0 to 54.0. heavy 44.0 
Jr-tiept.l 65.70-85.75 B5.I5-85J0 64.00-85.60 I0 52.0: Imported frozen — NZ YLs 47.0 
•jut- Un-! 66 JM) -6 6.10 66.40-85^0' 68.00 to 48.0. Pork: English, under 100 lbs 

J*n- Marl 68.25-68.45 67.75-B7.B5l B8.46-6B.26 38.0 to 47.0, 100-120 lbs 36.0 to 4B.0. 
Apr- Joe- 70.10-70-20, - ‘ 



or Month 

— *8u 

Ve t a la 

Aluminium 4710 | £710 

Free market (e/a) .'8 1 .200/20 +50.0 SUM/60 
C«>|iper cash W B«r!£744 +5.0 £754.76 

3 rnnntha do. do.(£7SI0.76[+ 5.5 -£774.26 

Csali Cstholo. .'£760.76i+4.75 £743.76 

ft montha da. d->.£779 J5 + 6.25 £762.76 






22-day average 183.09 


LEAD' | 

a.m. ;+ ori p.m. 
Offloisl — Uontflcisl 

£ | £ £ 

1— .75 

CAAh- i. 

488-. 5 j+2.6| 424^.5 

ft mnm&a- 

406.5-7 , + 5.6 405-5 


sett 'meat 

428.5 +2 A - 

U bpc<J 

— 1 ...... *38.36 1 

Lr— : 

ROBUST AS traded quietly In a 
narrow range and moat traders were 
wary o! tutting positions before the 
holiday period, Drexel Burnham Lam- 
bert reported- Soma roaster interest 
w as apparent at the lower levels and 
this, coupled with e firm New York 
market made for steady condiriona. At 
the close volues were on the highs 
after late aggressive buying tram one 
particular London house. 

Sales: 11 (7) Iota of 5 tonnea, 339 
(320) lore cf 15 tonnes. 

Physical closing prices (buy*—! 
were: Spot 57.25p (56.75); Jen. 58.65p 
(5B). Feb. 59.25p (58.75). 


120-160 lbs 35.0 to 44.0. Partridges: 

Young (each) 200.0 to 243.0. -- me 

to. [p.r toe.) 300:0 U. 


3 montha — 

h’it-kel I t 

Free ftlsrhet(cii)(lb)|S1.65 




+ or 

Uu Bin era 



Platinnm troy oz..., 

Fre» Market. 


Silver troy m. 

5 months - , 

Tin oath '£6,985 1-50.0X7 

+ 8.0 £386.28 

' t 


f— 0.01b, 1.88 

|£1B6 , 


, — 0.26X150,2 

S 148165.' [S 139/43 

296-7p J-l.55.3Q5.4j. 
304.#6p— 1.8 31Z.6p 

Morning: cash C428.5. 29. 28. 28.5. 
three months £408. 7.5. 7. 6.5. 7. 
Kerbs- three months £407, 6.5. After- 
noonr tfires months £407, 6.S, 6, 5.5. 
5. 5-5 -Kerbs: mid-March £404. three 
months £404, 4.5. 4. 3.5. 2, 3. 2. 1.5. 

ZINC-— Moved quietly as forward 
metat '..wont from £353 to C3S6 pre- 
market and then, altar holding at a 
sflght/y Tower- level, drifted off to close 
on tha'Xarb at £350.6. Turnover ZOOO 


Y ester lay’e 


4- or ' Business 
- ; Done 

£ per lunne 





sSeiUcmler .. 


1403-14051 +09.0 '1408-IE7B 
1258 1259' + 11.0 ,1258-1240 

1198-1200! 1202-1190 


1132-1133! 113B-1130 

1107-11081+02.5 liia-ues 
1093-1095' — 06.6 1106-1086 




J une 



Decenn^r.— + 0.5 
127 8WJ.8I-0.* 
126 90-28, 

1*4 56-24 


124.78-25 81 -0.16 

28 70-26.68 
24 88-24.68 

zi.vtr j 







o months J 
o’ntcot, to.] 


342A W 

1 365-4 , 







! £ 


ICO Indicator prices for Dec. 19 
(U.S. cents per pound): Colombian 
Mild Arabicas 171X0 |samo): un- 
washed Arabieae 143.00 (same): other 
Mild Arabicas 129.33 <130.831: 

Robustas 1CA 1976 129.00 (129.60): 
Robustas ICA 1968 130.00 (130.50). 
Dally averago 129.17 (130.17). 

Sales: 27 (55)." 


£101.00 (same) a tonne cif for Nov.- 
Dee. shipment. White auger daily price 
was freed at £99.00 (£100.00). 

Tha market was immediately offered 
down at the opening following Thurs- 
day’s waak New York close. There 
was a lack of buying interest end 
losses of around 100 points occurred 
belore support was uncovered, re- 
ported C. Cumikow. 


MEAT COMMISSION — Average fat- 
srock prices at representative markets 
on December 20. GB — Cattle 70.«3p per 
kg l.w. t— 1.37). UK Sheep 133.9p per 
kg est. d.c.w. (+2,7). GB pigs 61 .3p 
per kg l.w. (-4.8). England and Wales; 

Canfe numbers down 62-B per cam, 
average price 70.01p (—1.80). Sheep 
numbers dov/n 34.6 per cent, average 
price 134 ,5p l +2.4). Pig numoere down 
82.6 per cent, average price 61 .2p 
( — 4.9|. Scotland: Cattle numbers up 
32.0 per cenr. average price 7D9Sp 
(—0.761. Sheep numbers down 64.6 
per cent, average price 123.7 d (ti. 

Pig numbers up 22.7 per cent. 

COVENT GARDEN (prices in sterling 
per packege except where otherwise 
stated)-— Imported produce: Lemons — 

Italian: T20‘e new crop 5.25-6.00; Greek: 

6.00-5.50; Cyprus: Treys 4.80-5.20, 
boxes 80/180’s 4.30-6.50; Spanish: 

Trays 2.00-2^0. Oranges — Spanish: 

Navel/Naveimes 3.80-4.50: 5. African: 

Valencia Late 1.50: Greek: Navels 20 
kilos 4.20-4.40: Israeli: 4.80-5.05. 

Clementines — Cyprus: 10 kilos 3.50- 
4.00: Moioccan: 3.20-4.40. Sataumas — 

Spanish; Treys 1-90-2.50. Grapefruit — . I | [ 

Tews: _ Red Blush 4.50-4.60: Florida: gJJ“* | I I 

Hviue Yuiure t£85.5 - + 0.2 £65.5 

5 months £6.822.5^-29.a.'£7.285 

THmj/sreo fxi 8145.66) (5141.86 

W.ilfrsm 2ZSA cif .. S 137/45. |3 140/45 

ZInr cash-.— 1:341^8 —8.0 i£348 

ft months _...l£351.7Sl-2.0 l£358.7B 

Producers. ...... _.jS72Q | ;S72D 


Cooooot (Ph(I)._.... 

Groan itnut 

Linseed Crude. 

Palm Malayan 





Copra Philip ......J 

Soyabean iL\d.). — J 


.. £340 
-10.0 8598 

f612.6v 8650 

5288a | 6275 

riuRBr ; 

Pm. -Yesterday's' 


Ratlin eta 

CiMum. 1 



Con. | | 

Morning: three months £355, 54, 
54.5.-.- Kerbs: Three months £353. 
Afternoon: three months £362. Kerbs: 
three months £350.5, SO. 

- ALUMINIUM — Steady in routine 
trading, locking any fresh features. 
Forward metal started at £618 and rose 
gradually to dose on the Kerb at £821. 
Turnover 875 tonnes. 









..... .. 

’ ” 








opened 15-2Dp higher on old crops, 
unchanged on new crops. In fairly 
thin volume wheat values increased on 
buying support to close steady 25p 
up on tha day. Barley saw a reason- 
able trade and closed steady, 20p up 
on aid crops. New crops ssw very 
little trade end closed unchanged to 
5p lower on wheat, unchanged to TOp 
lower on barley, - reported Acli. 

£ peeiattoe 
Mo rob ll.b64K.0l 
Way ..... 1 1 1 .16 ■ ILOBjl 18.76- 11.80-14.26-11.6(1 

Aug IIS.SB-16.70,1 17-40-1734 1 8.00- IB. W 

Oct. 118.16-18Jfi-m.4ILZD.6s 

Dec...— lISOJHLSl^fin 22.76-23. M 22-00 
March . .1124.76-25. 68| 124.5®- 27.05 25^6 
M ay .....IlS?, 128JB-M.W — 

Morrwtg.- Three .months £620. 205, 
Z1 , ■ 20.5. Afternoon; Three month a 
£821. 29.5. 

pound.: ttu per 
T On previous tmofflcUI dose. - 




ll’iwb] idiwe 



YestenJay's'-f- or 
ek*e j — 






+ 0.26 


+ 0.20 

May J 


+ 0.Z5 




83. BO 


i— 0.06 



Busmoas done— Wheat: Jan. 91.70- 
SUve'r-wes fixed-1.35p an ounce lower 81.66. March 34.00-93.85. May 96.45- 
for spot- delivery in the London bullion 88-35. Sept. ml. Nov.n,l Sales 87. 
— - Barisy: Jan. E3.50-B3.40. March 85,90- 

86.70, May 88.35-88.30, Sept. 83.60- 
83.60. Nov. 86.45-86.45. Sales 133. 

market yesterday at 298.7p. U.S. cent 
equivalent* of the fixing levels were: 
WJF 59B.1c, -down 4.4c; three-month 
612.0. down 5.1c: sia-montb 626.6c, 
down 4 3c: and 12-monih 653.9c, down 
6j5c. ; The metal opened or 295.8- 
SS*?P ( 599-6 01 cl and closed at 297.4- 
298.4p ' (59Sh-500c), • 

opet ...toL. 89B.7p 1.56 297 Jp +1.B6 

i mouths .j«04-35p -1J . 3D5.15p '+1-26 
6 meotbs.i3ia.16p ,-1.4 
12 smatbs|888p pl.BS 

■ — TurrovB f 1Z7 (288) Iqu of 

10,u20-«2a.-- - Morning; Three months 
3».-y. L 5A 5.3. 6.5. 5.7, 5.5, 5.4. 
5.3. Kerbs: Three months 305 2, 305, 
4-9, 4.5. Afternoon: Three months 305, 
5/L^SA 5,1. Ka/bs: Three montha 

IMPORTED— Wheat: CWRS No. 1 134 
per cent Dec. 96.0 Tilbury soller. U.S. 
Dark Northern Spring No. 2 14 per 
cent Dec. 89.15, Jon. £0,70 tranship- 
ment East Coast sellers: U.S. Hard 
Winter 13 1 * per cent Doc. 87.75, Jan. 
83. Feb. 88.25 Tilbury sellar: EEC 
unquoted. Maize: U.S. /French^ Dec. 
108.50. Jan. 107 transhipment East 
coast seller: S. African White Jsn. 
67.50 sdlier: S. - African Yellow Jan. 
67.50 seller. Bariev: English Feed fob 
Jan. 85.50, Feb. *.50. March 87.50, 
April-June 90 East Coaot. 

HGCA — Location ex-farm spot prices. 
Otiwr milling wheat: Essex 90.00, Peed 
barley: Shropshire 79.60. 

The . UK monetary coefficient for the 
wuk beginning Monday December 25 
(baaed an HGCA calculations) is ex- 
pected to remain unchanged. 

Sales: 2.277 (1.476) lots of 50 tonnes. 
Tate and Lyle ex-refinery pnee for 
granulated basis white sugar was 
£264.85 (same) a tonne for home trade 
and £174.00 (same) for export. 

International Sugar Agreement (U.S. 
cents per pound) fob and stowed 
Caribbean port. Prices for Dec. 19 
Daily 8.21 (8.28): 15-day average 8.00 

WHITE SUGAR— Close (in order 
buyer, sailer, business, sales). Feb. 

99.50. 100.00, 101.50, 96.00. 79: April 
1D4.1S. 104.25. 106.25. 104.00. 293: 
July 110.75. 111.00, 113.00. 111.00, 82: 
Sept. 116.25, 117.00, 118.00. 10: Nov. 

122.50. 123.00, nil. nil: Feb. 128.00. 

128.7S, 129.50. 128.60. 506: April 

130.50. 134.00. nil. nIL Sales 969. 


LONDON— The marirat was dull and 
featureless, reported Baehe. 

(Peace per kOol 


Ausii alien 
Greasy Woo I 





December. ..'zn 

1.0-ttJ — 

818.0-28 ,fl| 

liZd.O-iS.D, 1 I 

231JU0JI ...J 
835JM2.lJ . — 


( in order 
. Micron 



The Market opened up lower, as 
expected but .reached tita day’s highs 
trading within a narrow range before 
Commission House selling saw a close 
near, rim day’s lows, reporta Gill and 
Duties. • . • • 

STEADIER opening on the London 
physical marital. Firm throughout the 
day. dosing quiet. Lewis end Peat 
reported the Malaysian go-down pries 
was 236 (233) cents a kilo (buyer, 

March - | 


July....— — 

Ootci nw 
D ecember— I 
v&refa ....... a 

May 1239.048.4! 

Sales: Nil (semelJ. 


buyer, seller, business, salsa). 

Contract: Dec. .342.0. 343.3, 344.0-342.0. 
46; March 3S0.7. 350.8. 360.8-350.5. 3; 
May 356.8. 367.8. 357.0-357.0. 1: July 
360.6. 361 .6, ml. nil: Oct. 363.2. 364.5, 
ni], nil; Dec. 365J), 367.0, nil, nil; 
March 369.5. 371.0. 366.0-308 J). 1: May 
371.0. 3T2J). nil, nil. Salsa: 51. 

(in order buyer; seller). Feb. 184.0. 
190.0: March 1B3.0. laSD: May 185.0. 
186-0; July 187.0. _190.Cfc Oct. 19D.O. 
193.0: Dec. ISM. WJk March 193.0. 
198.0; May 193.0. 198.0. Sales: nil. 

4.60: Cyprus: 2.20-3.60: Israeli: Jaffa 
40/75 3.40-3.60. Apples— French: Stark 
Crimson 40-lb 138/163’s 4.40-5.30. 20-lb 
84’s 2.20. 72’s 2.40; Golden Delicious 
20-lb 72 's 1 .80-2.20. 84’s 1 .70-1 .90. 
40-lb 138/1 63/1 TO’ s 3.504.00. jumble 
pack, per pound 0.07: Granny Smith 
20-lb 72’s 2.30-2.40. 84’ s 1^0-2.00. large 
boxes 1 38/1 50 -T 83 3.60-4.60, jumble 
pack 55/60 31 -lb. per pound 0.06-0.07. 
Bananas— Jamaican: Par pound 0.14. 
Grepes— Spanish: Almeria 3.00-4.00. 
Nogn 3 00-3.80; California: Rad Emperor 
20/23-lb 8.50-8.00. Avocedoe— Israeli: 
3 JO -3. 50. MeltutS — Spanish: Green 
5.00, 15-kilo boxes 8/12*9 10.00. 

Onions — Spanish: 3.00-4.80: Dutch: 

2.00- 2.20. Tomatoos — Spanish: 3.00- 

6.00: Canary: 5 JO -5. 60. Cucumbers — 
Canary: 10/16’s 3.60-4.00. Capsicums 
—French: Per pound 0.30: Canary: 0.30; 
Italian; 14-lb 2.00. Dates — Algerian: Per 
glove box 0.38-0.45; Californian: Tubs 
0.31. Lettuce— French: 12’s 1.60: 

Italian: Round 18's 1 .50. Cds 3.00. 
Walnuts — Californian: Per pound 0.40- 
0.42: Chinese: 0^04.31. Brazils— Per 
pound, LMW 0.42-0.46. Tocantins 0.36- 
0.40. Almonds— Spanish: Semi-soft per 
pound 0.42. herd shell 0.30. Chestnuts 
— Italian: 10 kilos 5.00-7.50: Spanish: 5 
kilo s 3.00-4.50. 10 kilos 4.40-5.80; 

Portuguese: 5.00-6.50. Filberts— Italian: 
Per pound 0.30-0.31. Pecan Nuts — Cali- 
fornian: Per pound 0.60. Potatoes — 
Italian: 20-lb 3.80. Mistletoe— French: 
Crates 1 JXi plus VAT. Celery — Spanish: 

5.00- 6-00; ltal-an: 8’s 3.00-3.30. Cauli- 
flowers — Jersey: 30 ‘a 7.50. 24's 8.50. 
Fennel — Italian: 4.50. Peaches — S. 
African: 23>28*s 3 60-4.50. 

English produce: Potatoes— Per 25 
kilos 1 .40-2.00. Lettuce— Per 12 round 
1.50-7.60. Mushrooms — Per pound 0.55- 
0.60. Apples— Per pound B ram ley 0.06- 
0.12; Cox’s Orange Pippm 0.06-0.15: 
Worcester Pearmein 0.04-0.06: Ruseots 
0.06-0.09; Spanan 0,08-0.10. Peats— 
Per pound Conierence 0.09-0.14: Comice 
0.14-0.18. Cabbages— Per crate 1.00. 
Celery— Crates 14/18’s 1.40-2.00. Cauli- 
flowers— Per 12's Kent 4.00-5,00. Best- 
root— Per 23-lb 0.60-0.70. Carrots — Per 
28-lb 0.70-0.90. Capsicums— Per pound 
0.30. Onions— Per bag 130-220. 
Swedas — Par 28- Jb 0.60. Turnips — Per 
28-lb 1.00. Parsnips — Per 28-lb 1.40. 
Sprouts — Per pound 0.10-0.12. 


Preuai Sn. 3 \m[£l06.5 1 + 0.5 


Ji n. 1 lted o pringlLSB — 0.21 

NoJJ Hard Wlnterk87.75 j+0.75 
Baalish UilUa>: t[£93.6» 

Other Commoditiee 





C«™ Shipment.. ..(£1.999 

Pnture Her. [£1.948 S' 

Coffee Future 
ilar. (£1,258.6 

i— 4U)£a.177.b 
US0.55 I £2.157.6 

Cotton ’A.’ lodes |78-B5o | — 0-4b|79.4c 

Bubber kilo 67^5p 

Sugw (Herr) j£101 

Wonltoye 64s (kilo).1271p 

+ 17.0, i 


+ 0.5 60p 
?. 4 P. 


Sugw (Herr) l£ 102 


“ Nominal, f Now crop, t Unquoted, 
a Jan. -March, p Dec. -Jan. u Jan. -Fob. 
t Feb. a Jan. x Per ton. - Indicator 



Dec. 35 I lleo. 19 Month oyn i Year ngo 

256.33 266.92 1 262.84 1 235^40 
' tBase: JSIy'L 1K!=100> 


'Dev. 2 0 Dec. 19 llonui ago j Year ago 

1503.6) 1500.5 1515.7 | 1415.7 
" (Base: Sepi ember 'is. 1931= 1M) 


- Do»r | t>co. ’■ Month I Vtsr 

Jones | 20 J 19 | agn I a^u 

Sim ....'382.69 384.67 394.80 351.05 
Future^' 579.49. 58 1.7B 395.68584.67 
Vav erase ltt435SB=lWi 


Dec. | Dee. iMnntb Veer 

Moody's | 

20 j 19 | ago , ago 


mission authorised sales of 
51.570 tonnes of white sugar at 
its weekly export tender. Maxi- 
mum export rebate was 25.472 
units of account per 100 kilos 
after 51,700 tonnes were 
cleared at 25.208 ua last week. 

-riple Com toty'B76.4 976.6 9BB. 3 67B.5 
(December; 31. mfoim 
GKIMSBY FiSh — Supply poor, 

demand good. Prices at ship's side 
(unprocessed) per scone: Shelf cod 
£5.50- £6.50. codlings C3.60-C4.50; large 
haddock E4.50-E5.00. medium £4.00- 
£4.60, small £3.5O-£4J0; large plaice 
£4. 20- £4.60. medium £4.00-64.20, beat 
small C3.80-C4.20: medium skinned dog- 
fish E4.80; large lemon solas £10.50: 

' medium £3.50: reds E1.60-E2.30: saithe 
£2. 2D- £3. 20. 


LIVBtPOOL COTTON— Spot and ship- 
ment sales in Liverpool amounted io 
375 tonnes, bringing the total for the 
week so tar to 799 tonnea. Consider- 
ing seasonal influences, demand was 
well maintained. Mi ted dealings in 
Turkish end South American qualities 
provided a large pert of the turnover. 

Cocoa falls 
as precious 
metals ease 

NEW YORK. Dec. 20. 
PRECIOUS METALS eased on Commis- 
sion House and speculative selling on 
■ slightly steadier U.S. dollar. Cocoa 
closed lower on trade arbitrage soiling. 
Sugar closed lower on Commisslor. 
House selling and light trade arbitrage 
selling. Baehe reported. 

Cocoa— March 173.00 (173.90). May 
173.50 (173.00). July 173.50. Sept. 

173.00, Dec. 170.50. March 168.60. 
Sales: 716. 

Coffee — *’ C " Contract: Dec. 138.00 
(135.00), March 127.25-127.50 (126.25), 
May 124.00. July 123.00-124.00, Sept. 
123.40-123.88. Dec. 121.00- 121.50, March 
119.00-204.00, May unquoted. Sales: 

Copper— Dec. 69.05 (68.90), Jdh: 

69.15 (69 00), Feb. 69.95. March 70.75. 
May 72.10, July 73.30, SepL 74 30, Dec. 

75.55. Jan. 75.95, March 76.75, May 

77.55. July 78.35, Sept. 79.15. Sales 

Cotton— No. 2: March 67.00-67.10 
(67.31). May 68.95-69.10 (69.36). July 
70.15. 0«. 6B. 00-66. 06. Dec. 64.35. 
March G5.20-ffi.30, May 65.90-66.00 
asked. Salas 4,450. 

■Gold— Dec. 215.10 (220.80). Jan. 

215.80 (221.90). Feb. 217.60. April 

221.50. June 225.40. Aug. 229.40. OcL 

233.40. Dec. 237.40. Feb. 241.40. April 

245.40. June 249.40. Aug. 253.50. Oct. 
257.60. Sales 30.000. 

tLard — Chicago loose not available 
(23.25). NY prime steam 24.75 nom. 

Maize— March 231*4-231', (233), 

May 240 |241S). July 2454-24 5V 5ept_ 
24&4, Dec. 253'«-253. Match 261. 

SPIatinum — Jan. 346.00-346.50 
(352.70), April 350.50-351.00 (355.70). 
July 354.00. Oct. 356.80-357.00 asked. 
Jan. 353.90-360. 10. April 362.90-363.10 
asked. July 365.90-366.10 asked. Sales 

ISihrer— D bc. 598.80 (601.20). Jan. 

600.80 ( 603.70), Feb. 604.20. March 

607.50. May 614.80. July 623.10. Sept. 

631.50. Dec. 844.90. Jan. 649.60. March. 

659.00. May 66S.S0. July 678.10. Sept. 
687.80. Handy and Hannan spot 597.50 
(594.501. Sides 21.573. 

Soyabeans— Jan. 697-696 (60241. 

March 711*1-710 (716*4). May 719* r 713, 
July 723-722, Aug. 713, Sapi. 692, Nov,- 
677-676. Jan. 683*}. 

8 Soyabean Meal — Jan. 195.20-195.00 
7.20). March 194 30-194.70 (796.00), 
May 192.70-192.30. July 192.00-192.20; 
Aug. 192.30-192.00, Sepr. 190.50-191.00, 
Oct. 188.00, Dec. 187.30, Jan. 1B6.50- 

Soyabean Oil — Jan. 25.60-25.65 

8 5.77). March 2S.65-26.60 ( 25 72). May 
.50-25.45. July 2S.35-2S 45, Aug^ 
25.30-25.35. Sept. 24.70. Oct. 24.10- 
24.20. Dec. 24.00-23.90. Jan. 23.75- 

Sugar— No. 11: Jan. 8.31-8.33 (8 32),' 
Match 8.75 (8 75). May 8.94-8.95. July 
9.13, Sepr. 9.36-9.37. Oct. 9.48-9.50.. 
Jan. 9.E5-9.66. March 10.11-10.13. May 
unquoted. Sales 3.780. 

Tin — 645.00-563.00 nom. (650.00- 
664.00 nom.). 

** Wheal— March 342-341*4 ( 346*4 ).', 

May 333 (337*,). July 321-321*4. Sept. 
326, Dee. 337. 

WINNIPEG. Dee. 20. ttRye— Dec. 
91.50 bid (93.40 asked). May 98.00 
asked (99.90). July 100.00 askod. Oct. 
102 . 00 . 

ttOats — Dec. 89.80 bid (89.70 asked). 
March 82-20 bid (81.70 asked). May: 
79.70 asked. July 79.30 asked. Oct. 
79.30 bid. 

ttBarioy— Dec. 74.50 bid (74.50). 
March 76.30 bid (76.20 bid). May 76.60. 

All cents per pound ex- warehouse ; 
unless otherwise stated. * £s per troy • 
ounce — 100-ounce lots, t Chicago loose - 
Ss per 100 lbs — Dept, of Ag. prices 
previous day. Prime steam lob NY bulk 
tank cars, i Cents per 56-lb bushel 
ex -warehouse. 5.000-bushel lots. $ Ss 
por troy ounce for 50-oz units of 99.9* 
oar rent purity delivered NY 1 Cents * 
per troy ounce ox-wa rehouse, Jj New 
” B *’ contract In Ss a short ton for 
bulk lots of 100 short tons delivered . 
fob cars Chicago, Toledo. St. Louis and ’ 
Alton. " Cents per 59-lb bushel in 1 
stoic. ft Cents per 24-lh bushel. ■ 
ft Cents per 48-lb bushel ax -warehouse. 

SS Cents per 56-lb bushel ex-warehouse. - 
1,000-bushel lots. 91 CSs per tonne. 

v c ;; ■- 


' r 'W- 

^ ttau’V 'f fl* 1 " 


Finaniaal Tlines -3 

Companies and Markets 


*;\ ..T'-.Wr« 

■■:*.*: • t'^y.'ZSr&p 

s • "i-rf 

Festive influences more noticeable in stock markets 

Hint of tax cuts fails to revive investment enthusiasm 

Account Healing Dates 

"First Declara- Last Account 
Dealings lions Dealings Day 
Dec. 11 Dec. 28 Dee. 29 Jan. 9 
Jan. 2 Jan. 11 Jan. 12 Jan. 23 
Jan. 15 Jan. 25 Jan. 26 Feb. 6 

Seasonal influences were pro- 
minent in stock markets yester- 
day and the number of bargains 
marked, not the best but the only 
immediate measure of business, 
activity, just exceeded 3,000 
which is ahout 1,200 down on the 
recent daily average. The Chan- 
cellor's hint of income tax cuts in 
the spring providing there is no 
wage explosion in the meantime 
was ignored by investors who 
preferred to await some clarifi- 
cation of the pay and economic 

A leading jobber marked quo- 
tations for leading industrials 
higher at the outset in antiqca- 
tion that buyers would be drawn 
by the hope of tax reductions, 
but tbe manoeuvre attracted only 
a certain amount of book-squar- 
ing and generated little genuine 
investment interest. Also inhibit- 
ing trade was the growing im- 
pression that increased U.S. 
Prime Rates would soon be an- 
nounced: later in the afternoon, 
this expectation was confimed. 

Mirroring the day's events, the 
F.T. Industrial Ordinary share 
index initially extended Tues- 
day's modest rally and was 2.8 
up at 11 am, but at each subse- 
quent calculation the rise was 
trimmed until the final count 
which was 2.1 higher on tbe day 
at 47S.2. Enthusiasm for specula- 
tive or situation stocks was very 
sporadic hut trading announce- 
ments occasionally relieved the 
drab conditions. 

A slightly easier tendency In 
British Funds was not influenced 
by the expected confirmation of 
another round of small increases 
In U.S. interest rates. In fact, 
the shorter maturities were 
hardening after the official close 
of business on occasional after- 
the-event bear-closing. Once 
again, .the two Variable coupon 
shorts moved against the general 
trend, finding small fresh sup- 
port and rising ft apiece. At 
the longer end of the market, 
business was confined to port- 
folio switching for tax reasons, 
there being little straight 

Renewed institutional demand 
for the investment currency pre- 

mium in the wake of the Govern- 
ment's clarification on Monday 
of the UK-Irish exchange con- 
trol position saw the premium 
improve further to 81} per cent 
before closing 1 better on 
balance at S0| per cent Yester- 
dav’s SE conversion factor was 
0.7144 (0.7220), 

Only 257 contracts were trans- 
acted in the Traded Options mar- 
ket yesterday, the lowest total 

since November 20. A modest 
interest was sen in fCI and 
Commercial Union which pro- 
vided 60 and 55 respectively of 
the total deals. 

Millet is Leisure Shops, which 
staged a successful debut last 
week, pushed up another 3 to 
12Sp compared with the offer for 
sale price of llOp. 

Standard Chartered up 

Following news that the 
Director General of Fair Trading 
has finally issued instructions for 
the issue of licences under the 
consumer credit act to Julian 

5. Hodge and Co. Ltd and Hodge 
Finance Ltd, subsidiaries of 
Standard Chartered, the latter’s 
shares moved up 6 to 438p. Still 
in the wake of the Government's 
decision not to impose exchange 
controls on Irish capital 
transactions for the time being, 
Bank of Ireland firmed ID afresh 
to 417p. Overseas issues 
continued to make progress on 
domestic and investment 
currency influences. ANZ gained 
S more to 320p and Bank of 
New South Wales 5 to 275p, 
while Hong Kong and Shanghai 
appreciated 10 to 250p. Home 
Banks closed mixed after a thin 

Insurances frequently hardened 
a few pence although Sun 
Alliance at 510p. recorded an 
above-average improvement of 

6. C. E. Heath closed 4 to the 
good at 240p; approval has been 
given for the group's acquisition 
of SO per cent of the share 
capital of Group Spinks S_A. 

In Breweries, Scottish and 
Newcastle disappointed with 
reduced first-half profits and fell 
2 to 61p after 60ip. In Dis- 
tilleries, Matthew Clark again 
reacted to fading bid specula- 
tion and fell to 142p before 
closing 5 off on balance at 144p. 

Leading Building descriptions 
generated little genuine business 
and for the most part held at 
overnight levels although Blue 

Circle moved up 5 to 265p -and 
London Brick put on a penny to 
70p. Johnson-Rich ards Tiles 
found a little support and im- 
proved 3 to 104p. Fresh specula- 
tive interest on suggestions that 
T. W. Ward may part with its 
26.6 per cent stake lifted Tunnel 
“B” to 32Sp at oae stage, but 
the shares reverted to unchanged 
at 324p. In Contracting and Con- 
structions, Norwest Holst con- 
tinued firmly by adding 3 to lQSp, 
but George Wlmpey eased a 
penny to 78p following Press 
reports that a broker's adverse 
circular is on the way. A Monk 
shed 2 to 83p for a three-day 
fall of 14 since the chairman's 
bearish statement about the full- 
year outcome. 

1CI edged forward to 365p 
initially, but lack of follow- 
through support left the close a 
penny cheaper on balance _ at 
363p. Fisons held a modest im- 
provement at 304p, but Allied 
Colloids, at 71p, gave back 
nearly all of the previous day's 
late rise of 2. Occasional interest 
left Yorkshire Chemical a couple 
of pence to the good at 82p. 

Price movements worthy of 
note were hard to find in 
lethargic Stores. Gussies A 
hardened 2 to 312p among the 
leaders but Mothercare reacted 
that much to 144p. Elsewhere, 
Executes edgfd forward 2 to 
42p in a thin market but Church 
lost 4 at 165p. 

AB electronic feature 

Encouraged by the good pre- 
liminary results from Granada, 
buyers showed interest in Thorn 
Electrical which pushed ahead to 
368p before settling at 365p for 
a rise of 5 on the day. Elsewhere 
in the Electrical leaders, GEC 
edged up 2 to 329p, wliile 
Plessey fluctuated narrowly and 
closed without alteration at 109p. 
News of the proposal by CTS 
Corporation of America to 
increase its holding in AB Elec- 
tronic from 10.5 per cent to just 
over 20 per cent prompted a gain 
of 9 to 164p in the latter. Other 
Electronic issues tended firmer 
in sympathy, gains of around 5 
being recorded in Eleelrocom- 
ponents, 335p. Farnell. 390p, and 
RacaL 344p. Elsewhere, Petbow' 
finned 2 to 82p in the late deal- 
ings following the half-yearly 

Despite a paucity of business, 
the Engineering leaders tended 
firmer. Occasional support was 

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■Nan* . , Pcejticn 




I Sjajfflhss 


Nature ofBasjnpBS. 




| H egistgTgdiaLondoa.No.g2759Q j 


The to Hairing table shows tbe percentage 
Kciioos al llu FT Actuaries Share Indices. 

Engineering Contractors 


Mining Finance 

Mechanical Engineering 

Electronics. Hadio and TV 

Wines and Spirits 

Opita! Goods Group 



Consumer Goods (Durable) Group 

Newspapers and rwWshing — 

Contracting and Construction 

Building Materials 



Gold Mines F.T 

Overseas Traders 

Food Retailing 

500 Share Index 

industrial Group 

•All-Share Index 

Motors end Distributors 


dungest which ha ve taken place since December 30, 1977, in me principal equity 
tt also contains the Gold Mines index. 

+ 12.49 

4- 5.08 
+ 4.91 
+ 4.89 
+ 4.34 
+ 3.45 
+ 3.19 
+ 3.15 

EnttitaJflimnt and Catering 

Consumer Goods (Nan-Durable) Group .. 

Office Equipment 


Other Groups 


Metal and Metal Forming 

Packaging and Paper 

Food Manufacturing 


Hire Purchase ... 

Financial Group «... 

Investment Trusts 

Insurance (Life) - 

Discount Houses 

Merchant Banks 

Pharmaceutical Products 

Insurance Brokers 

Household Goods 

Toys and Gamas 

insurance (Composite) 

Shipping — 

t Percentage changes based on Tuesday, 
1978 indices. 

+ 2J91 

+ 2.09 

+ 1.83 

+ 0.61 

+ 0.56 

+ 0.68 

+ 0.52 

+ 0.47 

+ 0.32 

- 0.54 

- O.B7 

- 228 

- 2-56 

- 3.74 

- 5.61 

- 5.83 

- 5,99 

- 7.11 

- 8.39 

“ 8.47 

“ 10.72 

- 13.46 

December 19, 

Forthcoming for Tubes, up 5 at 
381p. while GKN and Hawker 
Siddeley edged up 2 apiece to 
257p and 22Bp respectively. Else- 
where, Edbro featured at 201p, 
down 23p, following the com- 
pany's warning of severe 
pressure on margins in the 
second-half of the year which 
accompanied the interim results. 
On the other hand. Record 
Ridgway at 56p, regained 4 of 
the previous., day's fall of 20 p 
which followed news of the 
slump in annual profits and the 
omission of a final dividend. 
Fresh scattered demand lifted 
Charles Clifford 4 further to lISp, 
while Jones Shipman were firm 
at 158p, up 5, along with Stone- 
Plait, 3 dearer at 112p. Northern 
Engineering hardened 2 to 125p 
after news of the joint nuolear 
venture with Rolls-Royce and 
Combustion Engineering of tbe 
U.S.. while Averys improved 4 
to 235p awaiting further news 
of the possible bid from GEC. 

Leading Foods held steady to 
firm in a particularly slack trade. 
United Biscuits gained 2|p to 
Slip and Associated Biscuits a 
penny to 72p, while Arana, sup- 
ported by the Board's confident 
statement on current trading, put 
on 11 to a high for the year of 
72p. Still impressed by tbe 
annual results, buyers came in 
For Carr’s Milling which put on 
2 to a 1978 peak of 68p, but 
Louis C. Edwards, at 24p. gave 
back 2 of the recent speculative 
advance that stemmed from the 
Gulliver Foods jhare and man- 
agement deal. Cullens ended 2 
cheaper at 124p on lack of sup- 
port, but Hillards reverted to un- 
changed at 224p after 221p. 

In Hotels and Caterers, Lad- 
hroke added 3 to 182p following 
a Press mention. 

BOC steady 

Miscellaneous Industrial 
leaders plotted an irregular 
course. Rank Organisation fared 
best with an improvement of 6 
at 246p, while Reed Inter- 
national put on 3 to 14Sp as did 
Pilldngton. to 300p. BOC Inter- 
national held the overnight level 
of 661 P throughout the day des- 
pite recording annual profits 
around £21 m below general 
expectations. Elsewhere, a sharp 
increase in first-half earnings 
prompted a rise of 4 to SOp in 
Philip Harris, while Sotheby’s 
rose 6 to 336p on further con* 
sideration of the preliminary 
results and Christies Inter- 
national advanced 5 to 151p in 
sympathy. Toye found support at 
7Bp. up 4, while improvements 
of 5 were seen in Amalgamated 
Metal, 280p, IC Gas, 363p, and 
Leadenhall Sterling, 130p. 
Renewed investment demand left 
Vinten 4 dearer at 145p. 

Motors finished narrowly 
mixed where altered. Dowty 
firmed a penny to 262p after- 

confirmation. of. an £8m contract 
to supply mining equipment to 

Main Newspaper issues tended 
slightly firmer in a lack-lustre 
business. News International 
rose 3 to 273p, wliile Associated, 
243p and. Daily Hail “A" - , 358p, 
hardened a penny apiece. Else- 
where renewed hopes of a bid, 
possibly from America, left Mills 
and Allen 4 better at 232p. 1 
Properties adopted a quietly 
firm stance with scattered, im- 
provements throughout the 
sector. Capital and Coon ties 
edged forward i to a high for 
the year of 66ip and British Land 
added a like amount to 421p. 
Further consideration of the 
recent U.S. property sale left 
Centrovinclal 2 higher at 94p for 
a gain of S since tbe announce- 
menL Support was forthcoming 
for Peachey which put on 2 to 
92p and Clarke NictoUs, a 
similar amount to the good at 
7 ip, while occasional interest was 
shown in Estates and General 
Investments which added a 
penny to 21lp. By way of a con- 
trast, Berkeley Hambro lacked 
support and eased 2 to 148 p. 

Oils inclined harder 

Quiet conditions persisted in 
the Oil market, but the trend 
was towards slightly higher 
levels. British Petroleum 
finished 4 firmer at 924p, while 
Shell hardened a shade to 578p. 
Royal Dutch, up | at £41 J, re- 
flected currency and dollar pre- 
mium influences. Among the 
more speculative issues, Siebens 
(UK) traded firmly at 270p. up 
4. along with Ultramar, a like 
amount higher at 226p. 

Trusts made a mixed showing. 
Clydesdale firmed 3 to 73p and 
Scottish Western B 2 to S7p, 
but Capital issues sometimes 
eased a few pence. 

Textiles. 'again met with scant 
enthusiasm, although the odd 


For the record, oar Issue of 
December 9 should have 
shown the life Insurance sub- 
sector index for December S 
as down 0.7 per cent at 139.40 
and not up L0 per cent at 
I4L80. The error makes it 
necessary also to adjust the 
December 9 figures for the 
Financial Group. 171.64 (not 
171.94), and the All-Stare 
index, 227.75 (not 227.82). 

firm spot stood out. Nova 
(Jersey) touched 42p before 
sealing for a rise of 2 at 40p 
after a 47 per cent increase jh 
pretax profits at the inte rim 
stage. David Dixon added ,3" to 
114p on news that 'Birmingham 
and Midland Trust have acquired" 
a 22 per cent stake in the coni- - 
pany. . . . . ". ' 

Tobaccos ended firmly wiftr 
Bats 3 better at 286p and Imps 
a penny to the good at 85p/ v . :f- 

Golcfc firmer again. 

Registering satisfaction with, 
the outcome of Tuesday’s big 
U.S. Treasury gold auction. South 
African Golds made. headway for 
the third successive day although 
trading was much ' smaller" 
than on the previous day. The 
bullion price .was finally r down 
at §215£ per .puree. •. :./• . 

The Gold Mines index : rose 
more to lALA-^-its- highest-level' 
since the end of October,: while 
the ex-premium index eased- 02 
lo 10X0. .. 

The share market got off toX". 
bright start reflecting a goad, 
overnight American demand . 
following the favourable auction. : 
result However,, prices tended, 
to ease a fraction during tbe^day 
as interest petered -. out ’ 
Nevertheless, there was still .a 
firm undertone to the market-., 
and prices were bolstered. By,! a" 
rise in the investment currency- 

Among the heavyweights^ 
Randfontehi added a half-point, 
at £28, while West Drieftmteto 
put on J to £22j- and Free State ; 
Geduld i to £131. In the cheaper- ' 
priced stocks, LLbanon were 
prominent and -better 
at 442p. 

The firmness of Golds promp- ■ 
ted renewed buying of South 
African Financials. "Rises' of 4 
were common to De Beers* 368p, 
UC Investments, 210p and Union 
Corporation 250p. Genera] til- 
ing continued to attract buying 
from Johannesburg and closed 
another 10 up at 355p. 

Australians put on another 
good performance reflecting ihe 
strength of overnight domestic, 
markets and the higher premiuiiL. 

Interest mainly centred oh the 
high quality stocks, like Com$ac 
KJotinto, which advanced 6/ to 
274p and mim Holdings, which 
added 5 to 193p. Pacific Copper 
were unaltered at 60p follcrwfng 
news that Consolidated Press baa 
Increased its stake in the former 
to 28 per cent 


Cove mm ant Seoio.- j 
Fixed into rest 

Gold Mine* — 

Gold Min Ex-9 pm) 

Ord. Dlv. Yield 

EamingsiY'W % (full) 
FlE Ratio (neb t*K— - 
Dealings marked^ 
Equity turnover. £mJ 
Equity bargains total 



. 141.4 

19 . 

Dec. .Dec, 1 !.. 

14 UjXr&?4 

oa'Bo!" 6e je 


140 J! 

. : 8ri3 



5 8e.'60^:5a.72j^7tfl05| 



• ’-8.19 ' r 8.I3T- 
'r. 3,520 


, ; 6 t m r/texh, 
-isias fwtaar 

• ^ — Z. " S T J Sf'’ 

10 am 478AT 11 am *7X3. ‘TlaiR'mS. - 1 pm 477^;- 
2 prn jri7.^:8.pm477ffi *’ .. 

•• . Least ftidepc 01-236 .8025,. • .. ... ; \-CT,jr3i?v- 

•• ‘‘s'* v--. .Gf&ar-esij- 

Besto 1® GOVL. 

T/7/3S. Gold Mines J2/S/K5. . 

Activity July-Oec.1942.- ■ ...... 

L FnM: int iism- .^ndustiiBPJOidL':. 
; tim'.yiadax T ^rt»d- Jtm . 


|" '• .1978 | 














Flxad Int — 








0/UT6) " 

HJd. Ord. - 





•• UQ Bfc , 



Gold Mines 



124:1 . 

<15-5 . 


Gold Mines 

(Ex-0 pm)— 1 




337.1* J 
1 (SH/74j1 

.. S*.3 
(36 flftW 

' m \lp 

:.r-s ■ _ 
' . 

U : f.} 


Th* to I lowing (Kinttfu aaoted tnr.tlw' 
Share Intormatlon Service _ YertCrdW ■ 
attained new HiQhs-ana Lows lor 1974. 

NEW HIGHS (19) ' '/■ . 

BEERS t lj 

■irtcnwcol STORES (1> .~ "> . 

ELBCTRIGAJLS d>. ; 1 ; ' V . 

Electrocomponeots , . 


Baker PericJna Casttnai . "* 

foods* m~ V 

Arana Carr’s Ml [linn - - v 


Christies Inti. PrW. Laoadrfu - 

Cram U * . Do- 1ZVcCs«.1B4t 

Dam Hldos. SkettAMy . 

FathcroMl & »*rirrToW . • 

MOTORS (IJ . • . . 
Wllmot-Breoden '. - 


Capital & Coontles; s ’ V. 

TEXTILES (3) * = • ■ 

Dixon (DJ . Slrtttr _ . .‘i. 

NEW. LOWS (ll)': “ ’ : :r, 


Trees. 7\i 

Eeaterfretf uwff y 

f-ConE -A. ■: - ty • c. i.pc" 'V. •' 

tin* OU-i 

"SWX& „ . .. 

- ■ - r -‘- : y * * 

Exchqr. 3 PC 1941 
Exchar. 5 pc 1943 

.ITnc mSifa. 
Tress. 7 ^i pc '12-t5 - 

SecetiTTexuss r , ’? * 




Pirst Last Ii4St .. ' For 

Deal- Deal- Declara- Settle- 

ings ings tion ment 

Dec. 19 Jan. 8 Mar. 22 Apr. 3 
Jan. 9 Jan. 22 Apr. 5 Apr. 18 
Jan. 23 Feb. 5 Apr. 19 May 1 

For rate indications see end : dif 
Share Information Service ' ; 

Call options were completed, in - 
Talbex, Mills and Allen, Tesur, 
UDT, Capital and Counties, 
Burmah and Gill and Duffus. No 
puts were reported but a double 
was completed in U.U. Textiles 

- Denomina- : of r "- 

Stock itioih .maria 

BATs Defd. ...... . 2Sp. .. » 

Metal Box "New" < SSI/pfl. .8 v 
Shell Transport;.. i 2Sp 8 -- 

bp .„..^v:£1 : ? "*;b 

Barclays Bank ... , • 

Commercial Unioii.25p- ■■■ 1 4Vr 
GUS “A” ,:25i^ 

gkn '.i:./.. si 

ici n; :; 

Midland Bank £1 

TunneL: ,,, B” 50p t - 6~. 

Boots." 26p/.: '5 . . 

Christies Inti. 10p. . ^ 

Corirtauihis ...... 25p" '• }■ ■ fi ' • - 

g£c • “25p^-r" .5. r. 

Closing Change 
price, (p) oh day 
. 256 •■ -+ 3; 

. 54pm - + 2. 

V ■924.--\-+-.4.:; 
■ 363" :-<• -.2 ■" 1 
:- : T48 2->:; r 

312' . ’ • >f. 2 ■ 

•. l.— • . A. -• “ 


: wgh : 

?304 V r 

. ; ,70pm 

m:?: :v ; 

"a 7 ' 

-*464. . 
-^340 : ’ •* 


23$ . 

131/- -■ 

- 32» : v :H ; 2 : V'"349 


-72 -• * 

■I32i_::.u ■ 

^an 'VT 

\ .. 

tr ? "■ v 

7 192 . 1"':. 237/ ' 184 

- -!l$h + 5 451 77P 

■■’rib- -" ^ *y. ■ r- 131/- -199 

2 *V.£syjS: 

184- vo--^ 




1 January 




Ex'rc’se Cloalng 






price j offer 


offer | 






I 850 j B6 







BOO 37 , 


72 i 


BO | 




950 10 


40 : 




Com Union 

140 9 






Com Union 

160 1 Hz 



— - 

Cone Gold 

180 ! 41: 


13 | 





Cons Gold 

200 | 1 , 




I 9 1 




120, 4 : 


8 1- 


11 1 




130 1 1 ! 


5 " 

. — 





300 35 




■ — ■ 


Grand Met 

110 ! 5 


8> 2 





330 1 41 








360 j J4 








390 ' £1: 


9t s 




Land Saca 

220 36! 






244 p 

Land Saca 

260 , H 2 | 








600 ■ 5i± 



— ■ 



6 SOp 






| February 

| May 

| August | 


1 1 




1 ‘S\WMSMr&-: 


' — 

i 5 





1 — 

h n 






! i 


i ii 




Paid Up 

[■ = e^ 1978 


; CD | 

:c « ! 


| K |High j 


! 1“ 











Amcliffe Hldgs | 




4.71 6.9 

A 50.80 


- 78 


Ashton Mining Bflc.... | 






— ;106 


ft Aw at. Farming A31. i 


| + 2 | 

— | 

— 1 — 



1011 ,176 


HarrlsQuoonaw'y 20p | 




6.7J 7.2 



fi/l 1 31 


Kitchen Queen IDp... j 




6.9 4.8 



- ;i23 


MHl'ttsL s reSbpsZDp | 


+ i | 


1 lb| 




y 100 p| 


£97i a j 


ct- o 

< £[2 £ Q ^HigiTiTow 


F.P., - | 
F.P. - I 
£10^6/1 | 

F.P >10' 11 

Nil U23,' 12, 
Nil I 5/1 i 


eio\ - j 
F.Pj 5|1 


99»»| 99>«> Anglesey Variable 1985 

109 pi 109pi Assoc. Dairies 94*^ Prof 

15 111)' Colne VnllBy Water 82 Red Prf. 1395 

120 101 I Crosby House 102 Conv -*8?.90 

‘ipm i« pm! Findlay 82 Cnv. Cum. Red. Prf 

Ppml 2pm Hawley- GooCall 12% Cnv. Uns. Ln. *0548 

98p! Newman Inds. 10»«% Acc.. Prof. 

13 j Mid Kent Watar Pref. 1884 

96ls! Rickm'sw'th A Uxbridge Water 7% 1886.. 
9 Bp! Seas cope 10i«% Pref 






U pm 

9 !5n 











= o. 

+ or 




© B 






+ 5 



IS/ 12 2b/ 1 


19i : 


aourton iwnu - 










Clifford iChas.i..— 







3Ml 9 j2 






Dixon io.» 

Foster iJohn> - 


3 pm 

+ B 





8112 ) 12(1 



Hoskins dt Horton 

Lep Group 









15? 12,12/1 
3/1 j 9/2 






12 pm 

M. L Holdings- «... 

Metal Box 















Stothert ft Pitt 






York Fine Woollen 

6ig pm 

Renunciation date usually last day lor dealing free of stamp-duty, b Figures 
based on prospectus estimate- e Assumed dividend and yield, h Forecast divi- 
dend; cover based on previous year's eommqs. r Dividend and yield based on 
protpeetus cm other official esti mates for 1979. o Gross. T Figures assumed. 
i Cover allows far conversion of shares nor now ranking far dividend or ranking 
only for restricted dividends. § Placing prico to public. Pt Pence unless other- 
wise indicated, u issued by tender. II OPbred To holders of ordinary shares as 
a ” right*." ** issued by way of capitalisation. IS Reintroduced. 19 Issued in 
connection with reorganisation, merger or take-over. I||| Introduction. Q Issued 
to format preference holders. ■ Allotment letters (or lully-paid). m Provisional 
or partly-paid allotment letters. ★ With warrants. 


ij 1 


■ v. : 

and the Facolty at Actuaries * -i • : ^ ; V : v . : j C'f: ^ 


Figures in parentheses stow number of 
stocks per section . 












Building Materials (27) 

Contracting, Construction (28) „ 

Electricals 05) 

Engineering Contractors ( 14) — 
Medan leal Engineering (72) — 
Metals and Metal Formlng(16) . 

LL Electronics, Radio, TV (16) . 
Household Goods (12). 

Motors and Distributors (25) „ 


(NON-fNJIMDLE) (171} 

Breweries (14) 

Wines and Spirits (6) . 

Entertainment, Catering (17). 

Food Manufacturing (19) 

Food Retailing (15) . 

Newspapers, Publishing (12) . 
Packaging and Paper (15) __ 

Stores (40) L 

Textiles (24) 

Tobaccos (3) 

Toys and Games (6) —... 
Chemicals (19) . 

Pharmaceutical Products (7) . 
Office Equipment (6) 

Shipping (10) . 

WUI:/D*c. 2Q,JWre . 


>19.; . 

■ Dec.: 

: -28 . 




• .* 



• EsL; 

’ "-L ’ • 

’ r - - > 






Index . 

r«M % 

Yield % 









► (Net) 

ho. .. 





at .33%) 





■ 554 


















































lOJD- 1 




















' 6jB3 
















SL 20 


■20 It- 




* 737 





. +0 A 





14- J 

%■) ; k'la 










— +0.1 
































• 4.91 












18231 ' 










. ■ — ■ 




9225 . 












+0 2 







243 AO 







243 JO 

























Oita (5) 




\ Dec.-.- s.m±: -v/ii ' '• ■* 

(app-oRJ-'v i * '. 

”t'* -.7. . 

• (Kfeit: rihtetvi 'M - ■ - - 
: No. . # 

■- . . | V . PA' ■ ■' ■■ 















^ -. ••• '■ 

lUSt.-'i-i .' 

joattwO 15 

■JZMXr .'•‘‘"c 

.wwt'M 3I: : r-. 

-195A5'J - • -:v 

} f , 

* ■ ^ 

'21934/ _ 

Discount Houses (10) : 
Hire Purchase (5). 

Insurance (Life) OO). 

Insurance (Composite) (71 . 

Insurance Brokers (ID) 

Merchant Banks (14) 

Property (31) , 

Miscellaneous (7) — 

Investment Trusts (50) . 

Mining Finance (4). 

Overseas Traders (19) 



197 JL6 
77 J4 

+0.4 150 0 

+OA~ . — 


1222X01 +03 




5.72 I — 

























Jritish Government 




Oafs - 
% : 


'a* aft 







S;15 yaw.., 

110 JZ 

-0X4 -- 






- 0 x 3 ; 






. — 



AB stocks 


-0X2 : 

: flX0 



■298 JX- 

r - - - -i , ^LV 


YIELDS *; vl .. 

Br. Goti.Av. Grtiri/. 


15 yearLi-... 

25yw^_^,^;- X 

M«Bib»i" • . S yean.- X. 

Codoib 15 jenrs-^XU. 



-lSjpws.; . 



Wed- .Dec. 20 







20-yr. Red. beb & Loans <I5j| :bs.i 3 . 
InveBtment Trust Prefs. (15) j sojw 
C omi. and fodf. Pte£s. (20) [. 72^74 






d*b. v 

F &:> 

. Pebi: 




" ■ 


..Deb- 5 .. 


* vS3J' 





so Je 



; 'S$W 




»_Pgt»flN»er»..tiw FfaMdel:Ttmec'.Bri»ytren •■*.._ *** 

• • • ' • . '.rt . '*M. J.-' S 


^ ; ' ‘ • - •. ' : . 

^December -21; 1978 

-c.; % 


Jta&gylfartTjL MognLM- (a>- 
rJIXa, JWW «rf i Atfntjjry. ;- 0M6.W41 

“* .WtliitTlC, f».7-. - 'jMW -O* J-* 

±Srw.— i_.„Wa.f •. .-: fO toij sjgr 


*fta 5 6i 


•-FramflwrtBB Uitit taot tW. 1»> _ 

• WwjSWinECWMrt OI-WBbRTl 

'IfahcdH 3 iSz: IS 

ao.AtwTB,„^ Pi*z wsSt r ZJ fifl 

Friends'. Pro wit. Unit Tr. Mgir.* - • 

PtuBHRfnd.Mmtnv. '. 03065055 

E® Z^dgl ' & 1 

fc-T- Unit Managers Lid.* 

URniMiCiim, EUU 700 . 01-621 81JTI 

CT- cap. me. >.015 .»3 - 4 519 

0? AjwHeia™. 

11,5 A. Exempt* 

«UJ 8JJ4 

*. •--EpLS&lr. Co-5* —IMA 4 S.Ti . 

s. , Anderson Unit TntstlCaragcn Ud, •■ 

^ t 358,F«KfwrcitSt < EC3MbAA. - V-'b 334931 

-1,. fc - Anderson U_T_ J51L5 545| — ..[ SJO 

•- ;Vi. ’■'••• j UiAnclie r Unit MspnL CtjJ' LW-l L." 

: , b f LlMitoSUZCSVTJA. 01-623 6376 

& Ire. MentMyFoml-jJl&S i - .iJSt — * 9J2 
^ T'l Arinatinot Secniitiw tttL.CaHe* ..- 
--- f - sr.OtfK* St, Unxto. EC4E IBY-T ; oi-z* xst 

'•••«88S»s=«L : 8*. 

DO-Act H8.7_ 104.* - 350 [156 4 166.9 — 8-60 

fifu.s.AGwi Im* fif-i — Jig 

••• GT. Japan iCea._ M.2 *9*8 _... 1-40 

' *GLPnaE< rd..^ EaO 'EM.... 

tTT tntl fund _; \lvtJL Eil ,1® 

- G.T. FwVAFd. mr Stf* 

a- * A. Trust iaKfli 
5 Ra/Bngfl Road, Brentwood . (02771227300 

G.6A. PZ.B 35A* +0J] -426 

Cartrmrre Fond Managers* taHg) 

Z5t.MoiyAire.EC3AB8P 01-2833531 


“fSr+lIl is 




Sine. Fuad 


terenceFisid— . 

nrwSty Fond-.'._ 



ns Feed .. 

Cxfn. Units)— —~ 

B aa &;£ 

$S 5:1 

+o^ e -s 

+03 17. DO 




MUk (Antonyi Unit Tst. Mgs. Ltd. •"'' 

BFmfBiicfcV PI .Old Jlmy, EC2 Ol-Stt'fiOl' 


Dtatang *7neL KWot . t; 
Gevett (JdmMr - - 
77 LoRfen WaU EC? 01-5885620 


Km dealing tfqr Jib. 5. 

Erievessa Iftuugement Co. Ltd- . ' 

59 Gresham Sawt EC2P2DS 0M06<M33 


7 flmnc UMHI 

7 ■ -• i ’S?;^gse&K» - 

■ '■ *• : : i-ftW* r-NTraK. 4 ira. tit Zf&J '. \ 28.71 +8^ tBO 

* ■■ Ifcttiwny Unit Tit. Ms*. UMPXUfe) 

■*K,h3l7 1 rtghHolhBin,WClV7KU 01-831 6273 


a a,l &iir-*f-tosbw. VWcom Ud.t Ca)(cHs> 

' ' Ho. 252. Romfert Rit,E7. 01-5345544 

I? K r c ^Nf Tldwri .AgnriM— 9-ZS 

tr- BTO9*onO«.»™.J 


Btnq.rt.Yd Dee. 14. — 

(Acami IMUJ 

Entmn>. Dec 19 

Wlirc ^VTMcBBi America — 

Cl W 


+ 0 . 11 . sv 

+82 630 

lap^Pii. d'm.Tg^JjSL* IMj 

•; ■ PiJob at Has. 30 tin* aC ffav 


n v ■ Pflcw » «»■ » "P? 1 

■ wi ® 

s 1 >. W3«9dde TsL _ -Im 7 52.7 +06 2.40 

5tj®6sdB-' '■ wflltt 

7 giving Bnrthers * Co n LhL9 (»)0c) 
"^^kuiMHiaUBa'- 01.588 2830 


— . (Isltflfssgate F w gr ei iiw UgmL Co.f 
^fllshcW^eiECa.. . 01*5886280 

f-gw»FY**Drcl9_ra3A „.,.| 4.« 

V*- 1 Nul ah. M| r ^3tL 3. —Jaq. 9. 

; n --Wage Fund H—— t faKei - - - 

:* 4ak»x-, King WMsm St, EC4- . '01-623 4951 

J 7 ^33aTlat?F~ZZ »3 »5 -0.7 368 

i~.i. - f||_ *• Hi -0.7 3^ 

- v££2m wT' ij4 . 3 Sa ^ 0 j ifa 

^ wSSetaijM. 

-: 'BtSxmb Tmt naagpuneat CaWgJ 

J liiMrfcEr* 1 i r^M mnm 

I - tT - Bm^nwlVc.JO.^.glfcl 226A-U.3 5» 

^ ii:iacB?teaB ; m= ii 

+0j Dk!zoL-M| 7^3 -i$ 4J7 

38AtTT (itttam. Untlsl |736 T6^-li| 437 

!al^1 $j§ ftantfan Boyal Ex. Uirit Mgr*, lid. - 

SI m H5T Royal Enhange,EC3P30N - 01-6288011 

a71+83J XW (Bg j6wnMlTa J93.3 96iJ+OJii *3S> 

MefHtefson Adadnsmtlonf (aMclCa) 
01-8316233 PnMfer OT Acknhi. 5 Kartell 
17M ...Ita .BnnnwodEsaa. . KJ7-21T23 

b. day ta. cL *u.K. fattos 

^^45544- ISI+^H-iS 

%«gr|s a^liS 

'£-,*?3 J|| Misti taemae Fade • ■ ■ _ 

fills; *1 S^.i.:-:.:|l 

^ ^ ai- Sssr--- 1 " - s,JS 

^ i ffi ^33 5.3 

•# s.i ta tse^--*. ■ . «■«£-«) 

154; . 5J7 lotenuficeal ... 15J 7 343+03 2.75 

3. tey Dtc. kr ■ Wd> Wide Dec. 1 5.. _ P4.1 79^ 427 

“«1 +0.1 6.01 OicnHs Fends „ „ „ 

327 5 +06 625 Au^rofian JT.0 34 6 -0^ .241 

52.7+06 2_W Eurroran- -.-.666 ORB +o3 470 

« 1 -+0.4 4 46 Far East 8L0 S6.& +0JJ 5J7 

77.U +a^ «M W. Am 36 3 V» 3 -bJ . 2J3 

M.9 MU) ^SSffrmSt' 535 

01*588 2830 Japan... l?T 1 Mill . ...1 3A8 

Wzd Ut- SifiBTc *=3M TW J ^ 

y* * M Hat Samuel Unit TsL Mgn.T (■> 
“■"••■.“•■T 45 Beech SI..EC2P2LX 01-6288011 

Minster Fund Managers Ltd. 

M.nsier Hie , MMir 5t_ EC4. 01623 IBM 

MiiKI+rDrc 31 ... .IVIB ,«*... I 5 67 

E.emmNn..3P..„. 1«W6 103 d 1 5 40 

MLA Unit Tmsl Mngmqt Ltd. 

(Hd Oum-n Slreel. 3W1A 9J6. 01*4307333 

MLA Units |«.l 4B5I . .. | J.71 

Murray Johns tom- U.T. MgnLV <a> 

163 Hope Sire*i,Cl«4o*,G22UH.Li«l-221 55a 

BJ European. — ..174 4 85.ll I 3 j* 

Drollny Day FmLiy. 

Mutual Unit Trust Managers'? (aHg> 

15, Ceptraii A *e , EC2R7BU. a 1-600 4803 

Mutual Sec Plus 151 7 54 M +0 61 6 TO 

Mutual IK T«i .... _.B9.4 743} 1 0.3 7 TS 

Mutual Blue Chui — ..MJ u 4;al+621 6 Ufa 

Mottui Hath Yla 156.4 b0.7| +0 A B.B8 

National and Commercial 

31, St. Andrew Square, Edinburgh. 031-5569151 

Income Dee. 1_3 |i*p.Q JM8I | 5 87 

MW Dee 33 |pi.4 p6a 1 472 

(Accum. Umul.K.i |I60,4 Bi.SJ -.. 4.22 

National Provident Imr. Mngrs. LtsLV 
4& GracpcNiicti St , EC3P3HH. 014234200 
N P.l. GOi.Un.Tu N7.5 506ffl ... I 4 89 

jjpi O'seatTwi'-ZpaO lllf IS 

lAccwn. Unlts^-. {042 1421J . .J 140 

■•Prices on Nor. 30. Nest dealing Dec. 26. 
•Prices m Dec.. Ji Oeit dedltog Dec. 29. 
National Westminster^ (a) 

161. QvisHlde, EC2V6EU. 01-6066060. 

CafMia (Accum.) 165.1 700) +D2) 4.45 

E.tra Inc. -.-.... 65 8 78 7 -0.1 8 17 

Fhwmc+d M2 367 +04 5 4? 

CrOwdi htv—. — . J62 92.6 +06 5 09 

Interne _.S.7 373+0.1 7.71 

PortteUo Ira Fd. —698 73 Q* +02 606 

UmwsalFd.(d) [Si 3 55l|+D4 264 

NEL Trust Managers Ltd.P (a)(g) 

Mlllon Court, DOrUng, Surrey, 5911 

Nehur 159.7 62-S+8-3 5JJ 

NHsur Htgp Inc |« 9 5l^ +03 809 

Norwich Union Insurance Group (b) 

P O Bor 4, Norwich, NR1 3NG. 0603 22200 

Group T o. Fi p63J 382.<i +3 At 5J8 

Pearl Trait Managers Ltd. (aHgKz) 

252. High HoRtorn, WC1V7EB. 01 -4GB 8441 

Pearl Growth Fd 124 2 26 II +01 4 86 

Action Units 28.B U +0.1 4 86 

Pearl Inc 32 9 35 5 +0 2 7 23 

Peart Und 1st 35 0 377W+D] 3.35 

(Accum. Unttrf— |4i.l 44 St +02] 5.35 

Pelican Units Admits. Ltd. (gXx) 

81. Fountain Sl, Manchester 061-236 5685 

Pelican Units J8b.4 4?a +0.4| 4 B5 

Perpetual lAdt Trust Mngmf.p (a) 

48, Hart Sl, Herdey on Thames 049126868 

P'peUidGpJStti. [43^ 46.81 1 3.97 

Piccadilly Unit Trait (a)(b> 

Antony Gibbs Unit Trust Managers Ud. 

3, f rrfertch-s Place, OU Jewry, EC2R 8HD. 

provincial Life ins. Ca. LU.V 

22?. Hi jku j.ite, Cl2. 01-247 AM3 

Prolific U'i'f. (87 1 8? 41 «C.°1 ■ 7>i 

Htglilncwnr.— 1219.0 1?9 4| *D :{ 7o8 

Pruril. Portfolio Mngrs. Ltd.V 'a«-b‘fc> 

HnUnmBort, EC IN 2NH. C!-4fl5«»222 

PrudenUal 1228 0 136.0] -0 21 4 7® 

Auiffer Manaqemtnt Co. LtlL¥ 

7i+'t» E-ciidPqr. EC2N IMP. 01+>-»4177 

Ouuirjol Fd (IDS 1 104 51 . . I 4*2 

Quadrant Income I132J XM>.-H | El*4 

Reliance Unit Mgrs. Ltd.V 

Reliance Hie . Tunond r Wells, M- 089? nm 
Opportwi ly Fd - .. . h*.8 7X4) t b 31 

SeUarde T. (Au.) . W5 0 48 3t +0 lj 5 M 

SetldrdeT. Inc. H3.D 46 0|+oi] 564 

RidgcfieM Management Ltd. 

38-4G. Kenned* St. M.mchrsier 061-236 8521 

Pmqefleld IM UT 19.1 uo+fl . . | ?8T 

Rtaqrtifld Iiwfiic... ,|92 98nj .... I 9 90 

RaHhschild Asset Management (g> 

72-80. GotcMtute R4, Aylesbury 0296 5941 

N. C. Eauity Fund n bH.l 178 +J J| 3 50 

H t. EH4>. Re-..Ta.. 1035 110 1 +!bl 2e8 

NC Income Fund . 1463 155 6 b +-3el 7o+ 

NC. inti. Fd. (Inc.) 80 b . 85 7+1?) I 82 

NC. Inn Fd. (Act 1 81 7 8+4 +12 2 82 

N.C. Sndlr Coys Fd.._ 1577 1+7.8 +0M < bl 

*Sa«e 6 Prosper continued 
Scerfbiu Securities ucy 

s«Nr. ?::!*?:» 2.W 

.-Kd? a?:.5 ‘ j ”i VI 

?:«>>.. - !■:;: 2 -i s '^ 

Sit! E.. FIA* ... - I.- 1 B ■*>- .rtl I , J2 

■Pr-ic. a: tie; <3 j*-- cj, jt. .’7 
Sc hk stager Trust Mngrs. Ltd. <a u' 

1 40. Sealr Siriw.. Cnx-*U.;. IC.’-'c,] a.441 

Am. tie met ?:•■•!* C 2- 3 9* 
Am. Grewili - ..-£!• * ; u ! 2?4 

Inn Sns'.lle* -o-. - . Uc 4 .!* -0: — 

F -riTur Ml-lh Yld 25 1 22 -J I ?« 

E.rmai Mbt LOrv . . 2 S7'0-7! iW 

E itra Ixc 7 a s 37<. -04) J >s 

Income Ora. -. — - — *? +C. - - .i 'ii 

En( iLi 1 -, Wdrel. . — 1^1 - 32fl*- ; -0 ; — 

I rid Growth ._ ■ K ri i „ J 'I ’< - r - *1 ? cri 

III* Tm. Units j.,-5 0 ..s -cS - .- ,r 5 U 

U art ft Leader.— . 24 4 3.< 1 -4+Ci| 4 7L 

■Mil ViMd* $0 _..s J : 

Pret. tt GiMTrtOt.. - 5s 0 2- .C — lr| ni 
Properr* Snares _ ..+S0 7)3-521 222 

Special 5iL Til J _ 7-02' i !2 

U.K. 5.-W Acum 2*5 -! ;l 5 4? 

ur.lnniw _ .li- .t-+rH*ull 5 99 

Target Tst. Mgrs. (Scotland’ <a: 'b> 

39 Ai+ot Cfrsc+"r, Ein 3, 033-7*9 8623 "2 

Tj-rti A/r<r taj.*+27 7 25 5«rt+0 6l 185 

7ae;h! T'ujm . 1+1.9 44.0, . | 6 DO 

£i!ra l-KOmeFa. . IsJ.4 b4 9|+02|3fl.M 

Trades Union Unit TsL MobioikV 

lW.‘.Yo03Sirvc:.E.CJ. 01-628 80:: 

7-JUT Urc 1 . .. ..— ;302 535| — J 5 34 

Transatlantic and Gen. Secs. Ca-V 

ai-99 t«cw Lar-icn Ri Cnc'ansford 02455)651 

27r.-s ’I 

4t »j2:Sti 

32'prlr -a :! 

..i -cS - ii !* 14 


24 7Cj -■) r| i; 4§ 
7I3-5 2J 2 22 
•■•4 4 -0 2 - 212 
?- -! :| 5 99 

:t- +H *u 11 5 99 

0296 5941 
1J| 3 50 

l67.8| +0*1 5.6 1 

U f. iinn u-c ^ .1-7 - .1- -m *ii ii 

J. Hettry Schroder Wag; & Co. Ltd.V 

120.Cteiwewle.ECJ 21-240M.U 

Cop Ml Dec. 19 1^01 155 W| . . JC1 

KSSim- wr:::^ i-V *i| t . ■ V 
\?£ 2 ; 

+D21 4.45 

37 7 J +0 0 
49 61 +0-21 

BriWi Trust 
Dollar Trust 
Capital Trust ... 
rmoncwl Trust 
Income Trust.. 
Security TrusL 


J1A +0J 3 2 
74 J -ao 23 
313+0.4 43 
97.1 +0.9 43 
28.4 +0,1.. 7J 


IfitefrV (a»g) 

•15, dtnstqpher Street E.CJ2. 01-2477343 

Intel, lav. Fund 129.4- 31.61 ,„.J 7 JO* i 

•After Sub. Division. 

.Key Fund Managers Ltd. (a)(g> 

25. Milk SL, EC2V8JE. . 01-6067070 

Key Enetny ln.Fd,_..|73.2 77.9) -0.4 3.72 

wBi & 

SyTitewneFund-.. 78.1 -0.4 10^ 

Key Fined I i*L Fit 60.9 • 1243 

Key Small Co's Fd— .p5A 112J{ -0 575 

KleSmrart Benson Unit ManagMV 

20, Fenchurch SL, E.C.3. -• 01-6238000 

SicaunftftiSe'.Zr.fiils i||| Z'".\ pS ' 

• KaSfiS6=W . IB :-; S 

KBSnUrCo-iFdlnc__ 493 52J £25.' 

KB.SmCos.Fd.Acc_ 49.3 52i 6 AS j 

HlVimFd tnc— . 45.7 4«d ...... gjg- 

Higti Yld. Fd. Aec._...}WJ 50J| ...._ 8J6 

t^-C-tfnft Trust Atanagetnent ttd.1T" 

•The Stock Exchange, EC2N1HP- 01-588^0 

■ttEftasniw m -m 

Lawson Secs. Ltd.9 fa)(e) 

■ 37, Ckieen's St, London EC4R 1BY. (0+2365281 
*Raw Mmerafci. ,..(3B2 :■•• ■ 

» Accum Uivisl 43A 47J) 602 

'Growth Fund 56.9 • 2A4 

•(Acrum. UiHb) £4 _i 264 

-a?« i 


Legal & General TyndaB Fond? 

18, Corynge Rood, Brfstot. 077232241 

Ws.1tor.14 162.4 • 66.W ( 486 

I Acc. - 


Extra Intome-^- 
F or East 

• 64.8 _.... 
3125 -05 

'2Ma ■ b 

4 DC & bn 

: r& 


'KtLHtVilnc, — , 
Nrrhiie., — - 

«to-SRSSS£±Hi - ' EW ^ 

’ Thr BrtteMJfe Office Ltd* (a> 
rMtweHse^'RmbrMge With, KL 089222271 

. jm%m -Hg a- 

• 7,'.-y - yprices'Occ. 20. Nett deaBng-fce. 27, 

-*;- 7 ^.Bniwi Sktpiejr; & Co. UdJ* 


' • Jlogra-FoontlersCL; EC2. 



i ‘.VSwWhNoWi B7.4 

Uott Trat »vs.iicL* 
fr; i ■:«* »*SC Pober* Bait, Herts. P.Bw 5X122 

a«:s(*®CSsa=B i?ra lit 

'Uans).Mngt..Ltd.* .-• 
^;.*3KL()idBia)dSL, EC2N 1BQ 01-5886010 
-J- y ,.: :PK.9 - 8931 ..._1 5J* _ 

r.’Ji Sji^^aSEiTZ—PI 1M '- 

.+ ■■ 'Jr\ . V piws m Dec '20. Ne*t deaibig date Jon, 3. 

*’*“ . ,C*W. UnR Fd.. Man. Ltd,* lahd . 

<■ toVBHqcse-. me 21165 


-3 s*: -U-i-iv'-'. tet'CBMng Aie-Jamary 3. . 1 ' 

. ■ 01-6334121 

Leonine AdndnUrathM Ltd. - 

2, Duke SL, London W1M6JR. 01-4865991 

t5S^.:— .-JBi SaSIS* 

Linds Bk. Unit TsL Magn. Ltd.* (» 

8yS3Stei::|i Ji ^ 1|- 

Da. (Accum.) 564 125 J — 0^ 6J3 

■ Extra toconw- MA 6 Qk +0-2 JU 

Do. (Acairo.) 70-9 763 +0J| 8 Hi 

. Lloyd’s Life Unit TsL Mngrs. Ltd. 

72-80, Gatehouse IbL, Aylesbury. 02% 5941 

. Eouity Accum. — . — ■ J lw.6 170 JJ -L4J 4.76 

Tk^^yfrSStiu^CWAM 01-6264588 

An 112 

(Accum. llnHsj- 1»5§ 

WWTWan — — 'B-i 

(Artum UWtsfZ—. BJ), 

— 4-^JsJ 1L03 
| 1 ILDJ 

-ni-rittas. • 


, Ia)(g)'. - 
tftl tL?| 

ftU 276 


*«aU 8 —' 

..i-l 421- 

-Comerskm Growth — 1M5 

Consmkm Inc. 

Dividend UA5 

[ Aeam tlntB) 28 0 

(Accwn-XMltsX..— _ WJ 
Extra Yield—- 

(Accun. Unite) — — 11E9 

Far Eastern 50 J 

(Acam Units} — — 552 
Food of Fnv Tas. 59.1 
|tom Units).— — 734 fl 


Dme M3.8 

iimts) mz 

UnSCJl" ml 

iflsa”"? 1 r-rfe 

(Accum. Unite)-.— »ir2 


(Accum. tlnHx) pirl 
SppeMhtd Funds . 
Triatee — ilflj 

eT3.' "*1062. _ 3 -+0-! 

9-_._ 146.7 149.0j ..— 

CferHmiDecl9-— Q«.7 M .- 

i?7'l :::: 

MamJUfe Management Lid. 

St Georae-s Way, Stevenage. - 04, 

Growth Unit. [562 593 — 

Mayflower M an agement Co. Ltd. 

14-18, Gnadsun SL, EC2V7AU. _01-< 

Sfci 2 

- 0438 56101 
593 1 429 


.1 830 


3. DO I 

Mercury Fnraf Managers Lid. - 

30, Gresham SL.8C2P2EB. ■ Ol^OOAKS 

Merc. Gen. Dec. 13 _KD48 — J-S 

«feSB*L%=fi 4 f i s i 

1 g£& 3 S&dRL j -&\ is 

Accra Uis. No* 23 ^2.0 _ 2933 *95 

Mitflajtd Bank, Group 

Unit Trust Managers UtL* (a) 

0SW S[hBr 

W:B| fi 

wsK^|[-.’ l a|3 v4 

Do. Accum- . — : — —I, 
Growth L 

Do. Arcum., 0 

DO Accum 1— 27.7 

Incoma — — — 518 

Do. Accum 60.1 

International——- — 41.0 

HkhWp«.IZZ— ^ B4 


Do. Accum. .. ... — ., J7.J 

Hig m 


4i.g +g, 

67.S .... 

* IS 


Ned dealing Dec. 

CORAL INDEX: Close 475^8ff 


IVanbrugfi Guaranteed— ,u_a — 1037% 

tAddreu .sMtaa omter Insurance and Prooert/ Bond Table: ' 

Extra income 129.1 320) +0.? M 89 

Snad Cn'r.Fd . 39 5 43.4 +0J 5.30 

CafhulFand .432 46.5a -02 4.90 

Im tins. 6 Assets. _ 43 J 46 w .. 6 20 

PrivaieFund — ... 36.1 38* +02 4 if 

Accunllr. FniW i5-5 7?0 +D6 230 

Tedviolom Fund.— . 61.7 66 4 -02 3 80 

For Ej'.l Fa »9 29.0 + 0? • ?1 

American Fund ]/} 2 229) -03 3 40 

Practical Invest Ca. Ltd.* (y)(c> 

44. BloaneJuv Sq, WC1A2RA 01-6238893 

PrtcUuil Dec. 20 1147.1 136.31 -'.41 4 18 

Arturr. Umis _...C1’.2 225J| -7.9| 4«j 

Rothschild & Lowndes Mgirtt. (a) 

St. Swchtn-, Lane. L« , ECt. G142643U 

New Ct. Exempt. .— Ji.124 Q 131 « . .( 3« 
Priori on Pec. 15. Men dralrng Jao. IS. 

Rowan Unit Trait MngL LU.V <a> 

City Gate Hie., Fimoiirv Stj , ECS. 01*061066 

American Dec. J 4 ...[65 0 6B0I : m 

SecwIbH Dec. 19. __ 17b 5 186 5 cog 

High Yld Dec 15 53 b 56 .1.. R 95 

K caun UrttLj 72.3 62.3 6 95 

erlm Dec 20— 77 7 81 6 -2.3 4 4J 

(Accum. Umb) 195.9 IM 7l — 2.9( 4.42 

Royal TsL Can. Fd. Mgrs. Ltd. 

54. Jermyit Sireel. S.W 1 01JJ98252 

CaoilolFd 167 R 71 M . . I 3t5 

Income Fa (69 7 73 3 7 70 

Pncn M December 15. He«t dealing DetemLer 29. 

Save & Prosper Group 

4. Great CL Helm. Londcm EC3P 3EP 
68-73 Queen Si, Edinburgh EH? 4N< 

Pealinr, to 01-504 8899 o, 031-2J6 7351 

Save & Prosper Securities Ltd.* 
International Funds 

W;“=p-J x AVn SB 

Unhi Growth .Jb7.3 7231+0 8) 219 

InciTHint Income Fm • 

HVjh.Yn* ..(539 579|+03J 7 01 

High lucerne Fwoh 

High Return. —.ttT.l 7211+0 21 8 59 

income [4i7 459|+0’.| 9 58 

U K. FhlMh 

UK Equity (44 8 4BJ(+33| 514 

Bnnm Funds': I _ 

Europe 187 0; 93 5rt+l« 3 34 

Japan 103 3 l!lS+0tl 146 

SITawj . 1374 403+0 4 187 

U.S. it*. 5 71.4] +0 3 0 to 

Setter Fuads 

Commottily 175 1 80 71 I 4 24 

Energy.. . Ib7 2 7221+04] 201 

Financial 5rts . bfl-6 73 7itl +C.5) 3 42 

i:l9| . 

137 Jl-I . 

3:: >* . . 

rt :i -1 

93 5d +I6I 
1112 +0 1 
40 2 +0 4 
71.4 +0 6 

-Mlmnwm Funds 

ct 12410 

a licomr. 153.4 

2'r,4| +2 51 
5f>. l 

<a):CUTI. Uicril . ,- 7T | •• • i” 

i F'n*niaFdDe«Li9 . JjJX-0 l'e?!. 4 47 

-SarsEi Dec.5, |2tJ4 ?. -;i .. 335 

•Recovery Dec. 5 — 1203- -IS ct . .. . +39 

•Fp* Lu eiei-Ot u.r.7 orrr 

Scottish Eqoitable FscL Mgrs. Ltd.* 

ZBSt.ArOewsSq. EOmo+rgn 031-5564101 

liLjoroe (JnU IfC = F7 21 ... I 5M 

Acrum. Umt! ...loo? ol 9) ...J 5.+6 

Dr^liriJ *• Ors-roi, 

Sebag Unit Tst. Mnugers Ltd.* fa) 
P0Ra>5U,B4ldbry.H<e.E.C.4. 0!-?3t>£000 
Eefcaq Capital Fd . ..!M 5 3F lj * 1* 51 c 51 

Smog Income Fd t'i 2 32. r. +0.51 8.45 

Security SeleetioB Ltd. 

l r -19 Ltncdn'i Inn F»eU6 rili 01-831 fc43b-9 

ihirl Glh T>t Acc. — E«n W2I I ~ jD 

UindtlliTMlK— -12-3 u--l .) 4.60 

Stewart Unit Tst. Managers LftL (a) 

-4f. Char tone Sq. Enfinpurgn. 031-226 '271 

1 Stewart American Fund 

•aunCird Units... — 157. - . <4171 .... I 134 

Ac cm Unit-, tel . be II - .1 134 

Vviumra* il Llniu . - l+c. 0 48 . ...| — 

•Srrwart nrtttm Capital F*id • 

Ar+ndjn) (1-2+ 2 54.?! | 00 

accumulate >1U? iJbcH | 4.U0 

DruJiM tfie- L Fir. -Writ 
Son AIKsnse Fund MngL Ud. 

Sun alliance H*\ HerJjr- 04C364141 

bseJWJSfR.^.^* Sled 18 

■ Target 1st Mngn. Lid.* ia) (g< - 

31 GreUwm Si, EC2' C29i 5941 
Ta+jel Corwortty - i?4 " 37 -Dll 4.08 

T ornet c itartiol .. ..ltl t m 4| +C® 4.o7 

T.wuei Equity -• - [J7, r , *0>ri+0b oJl 

TarjME.EW.2U. BJ5 *. 2)'"^. o-J) 

ADo A4C Units.. .. +^0 7 .. 1 90 

T.injeL Gill Fund 1.2 } . 1 l-4l.ll ?.?fl 

T.vqet Growt'i .. . .? 5 ?*-y+?l 4 

T+rw: Pacific Fa . i-y *V?| ?] stl 

Do Umli- ;; £ ? J 5] -ii 2] . 09 

TjmpI inv • :?3 1 . Si 

Tst Pr Dec 20 Ii 4 4 Wi 4 77 

Tit inr - y :» « +0 5 3 21 

Te* Pre« . . 14 7 I 12 'U 

7*1 Special Lite.-. Lfi — l +i)3J 5 29 

Boro D+c. 14 . '75 * 
(Acc-jrr Llr+n I .{Si 7 3 

kartl.Ew ho, 29. & 3 i 
Bucviim De-: 14 I7»» 

(0:aii r (jnrt!|.. . [IOC 6 

reinuCw 15 (127 T 

(0:usn Unit | J157i 

CumM. Der ?P ._ p-l 4 
M:air ’Jn.-ti) . 157 6 

ben Dec 19 ‘2.5 

(Aiaro uiuKJ . . to£4 
[.'.-rlfcuro Dec 19 .1503 
< U-iSl . _.l3? 9 

Von GwJl Ok. 19 ..>49 1 

lAcofl Llnesl bl P 

Vro *Hir Dec 19. ...1718 
V+ny T>e Dk.20 — 143 7 

tAiCum. Lints.] Ri 3 

Wcte+Oec 24 — Jb2.3 

(Acrum Units) 174 9 

WeiOn. Dec 15 jb7 1 

Do. Accum. |7B 8 

Tynda9 Managers Ltd.* 

18. Canynge Pood. Bristol, 

Income Dec 20 [97 2 

(Arcum. UMB) }1832 

uoiCal Dec 23 126 2 

(Arcum. Units! 1119 3 

E.cmtd Dec. 20. R1Z2 

(Accum. Urtt-J pBlJ 

Ini. Cor Ok. A g4S0 

[Accum. Units). [278.0 

Prol Dec. 20 R0o2 

[Acrum. Ur.iHl [io+.2 

24, Cattle St_&tab«h. 

. Scot In:. Dec. 20 — j!h5 6 
ScM Cap Dec. 2C_ 137 4 

( Occam Units) „.|l66.4 

Lonan Ktefl Group 

CaaiUl Growth. BIO 

Da Accum [84 .7 

Ecralnc GriMin . B87 

Do.Acrjm [463 

Financial Pr’rty... ..[163 

Do Accam. [20.2 

High Inc Priority 159 0 

■ rnei national. [26 6 

5r+:ial Sits. [35.0 

TSB Unit Trusts (y) 

21. C'aevy Way. AnTOrer. Hants. 

80 U — 



13+9 .... 

111: 1 . 1 ] 

0777 32241 
1022) -?.4( 891 
1924 — 4i 8.91 
1326 -3 6 4 90 

1880 -52 «.TO 

SS:|.i S : iS 

257 4 -Si 5.42 

sUS^I if| 

142>l) +0 9 12-W 
031 2251168 
174 U -2b] 9.46 

\n%-3i ^ 

866] -0 41 6 57 
90b -Ofl 6 57 
41.6 -0J1 1074 

? 0J -03 1024 
7 4 _.T1 4.93 
21i ...I 4.93 
63 In -Obj 931 

Si ^ol ffi 

Dealings to, D2M 63432-3 

(blTSB General [4x6 

IQ) D© Atom-. B8b 

fri 7SB Income (57 9 

a) Do Accum— nu 

TsB Scottish 187 4 

(B! Do Accum. {89.Z 

489 +0.4 

63^ +^J 

68.4 +03 
877 +0.7 
94.9 +4.7 

Ulster Bank* (a) 

Waring SueeL Belfast. . 023235Z31 

(h)UKtei Growtn 1373 39 8] -0.4] 534 

Unit Trust Account & MgmL Ltd. 

!■>: V/>!llam St. EC4P 9AR 0145234951 

Frlarl frit. Fend >48.4 4Z4[ ._.[ «32 

Wiew ftrth. Fnd .. I3C 9 • 32b| ... I 

t»j Accum [56 B 383[ | 4.67 

Wider Growth Fund 

Fir^ William St EC4R9AR 01-623 4951 

lr:nire Ur 11% ]30 9 32.H 1 *.67 

Airum Un.u ,36.8 JiUl I 4.67 

Abbey Life Assurance Co. Ltd. 

1-3 Sl Poult Churiijard. EC4.. . 01-248 9111 

Crown Life Assurance Co. Ltd.* 

tro+r Llle Hv- Wal+ig. GU21 1* W i>3£«i2 5033 

Equity Fund ...... . 36.1 

Equ.i* Act . 31 3 

Property Fd 152 8 

Property Acc 163J 

Selective Fund 9) 9 

Convertible Fund 134 8 

VMoney Fund 1252 

VProp Fd Ser.4... 133.7 

VMan.Fd Ser.4 13% 3 

VEuuitvFd. Ser. 4.... 35.3 

VCnnv. FC. Ser 4 115 0 

VMonc-y Fd. Ser 4_. U29 

Prices at Dec. 19. Voholint narmolly lues. 

Albany Life Assurance Co. Lid. 

31. Old Burlington Sl, W.l. 01-437 5962 

VEoutfy Fd. Acc. — .11936 20901 J — 

VFlied int. Acc.... 

VGid. MonerFdAG 
VProp Fd.Acc... 

VM'Dle iny. Acc. 

Equity Pen.Fd.Acc 
Filed I.PenAcc... 

G'td.Mon Penjtcc. 

Prop. Pm Acc ... 

M'|de Hw.PtatAcc 

AMEV Life Auurance Ltd.* 

Alma Hse., Alma RtL, Refgaie. Rrigate 40101 

_ Mang'd Fund ACC. .. . 11035 
Ujng'd Fd Jncm. . . . 101 4 

„ Manq'd Fd InH. 1015 

Equity Fd. Act ..... _ *7.6 

Eouity fa incm 45 9 

Equity Fd Inn. 962 

_ Property Fd Act.... 965 

1 Purjwrir r d. Incm. .. %5 

Property Fd. Inti 44 9 

In, T-t. Fd Acc . . . 99 fl 

In*. Tvi. Fd. Incm 97.1 

Inv. T«. Fd Init 98.0 

Fined Int Fa. Acc. ...100 2 

' Fid InL Fd Incm 99 0 

• Inter’!. Fd. hx. 108.4 

• Inter'! Fd. Uwm 10M 

_ ‘Money Fd. Act. . M.3 

108 -0 y 

JOe.7 -O' 
10a E —0 . 
102 7 -Cl 4 
100 4 -0 4 
1012 -0.4 

-0 4 6 94 

-0.4 bM 

— DHc!7d F "n«n rn .' .... Jl§f 7 iM-fi -0.4 4bl 

— Crown Bit. Itw.'A - |l592 — | ... j — 

Z Crusader Insurance Ce. Ltd. 

— Vincula Home, Taper PL EC3. 01426 0031 

— Gul Prop. Dec 5 — P4.4 84.21 4 — 

— Eagle Star Insur/MIdland Assur. 

Z 3, Threadneedle St, ECS. 01-580 1212 

— Eagfr/MM. Units. [53.6 55.61 | 6.1b 

” Equity A law Ufa Ass. Sac. Ltd.* 

. AmersJum Road, High Wytuptbe 049432377 

Equity Fd [1151 121.U +0.7| — 

40101 Property Fd. ....(114,8 120 81 .... J — 

z ElrtMzrkj - 

_ Mt»ed Fd. 11135 U4.4J +oi| +0.1‘ 

— • General Portfolio Life Ins. C. Ltd.* 

-60 BarihOkunew-CL. Waltham Grow. WX31471 

E fSfcbii ,w, ^E|E 

101 5- 

101 5 11 75 

49 B +0 1 — 

1W0 -1 : - 
1022 -1 i 6f6 
10} 1 — i 3 6 56 

105 4 -Oj - 
104 J -0.1 13.19 
1142 +0 4 _ 
114 1 +0.4 7 23 
1013 . .. - 

100 i . , 10 DO 

a. Threadneedle SL ECS. 
Eagfr/MM. Units. |53.6 

AMEV Managed ___|1452 

AMEVMgd. ’a'- 1115 

AMEV Money Fd. — 107.6 

AMEV EipiityFd 03-2 

AMEV FhedlnL W.l 
-'AMEV Prop. «. ...... 996 - 

AM E VMhcL Pea. Fd. . 106.6 
AM EV {MteLPCfl. B MS 
FletUpUri-LLj — -H00.7 
AMEV/FmnKnqtsn / 

American [76.0 

Income — — [93.0 

la. Growth [865 

Uoyds Life Asturancs 
5033 ?•! Chiton St.. EC2A J*.V 
9 . n Mitt Gt Ho« :<J. i ‘ '£003 [ .... — 

860 Qo5-A-Pr.tU.14 ..1)44 0 1SI.6 1 . . - 

— O»f*A‘E0' D+e 14. ;i:4 « '.411] .. — 

. q. Oo 5 A‘Hy Dec.] 4 - h‘ c Ir^M .. . — 

OpJ-A-Sfan DeC.14 l| 5 7 It’.ll . . - 

CsiLs-A-Dpt. Dee.lJ i::4 2 130 B| . - 

,i ;5 London Indemnity & Eni. Ins. Co. Ltd 

— 1B-S0, The Fprbuiy, 5C3511. 

T"-, Money Manager _.;ii 1 35 il .... | — 

M M FleadMe 51^ J — 

■ Fl«d Intere-J i54 j 3t3l .... J — 

The London & fttnchcsttr Ass. Gp.* 

_ . Wlntlade Pane. Errier. C392-52155. 

7 23 Cap. Growth Fima_... 35.5 „ J — 

— *FU-> Eserim Fd .. l^li — 

,0 DO 6E<empt Pmo Fd 9<>3 — 

9 61 AEapt trw. TjL Fc. . 154.7 .. _ 

— Fleiibte Fund U5.0 — 

In*. Trust Fund .. ..... 13/8 — 

Property Fund P5 4 — 

0031 Go/. Deposit Fd 101.9 - 

— M & G Group* 

• Three Otars, Tower Hill EC3S6S0. 01^254580. 
AnwricaiiFd.Bd. a __.|47 6 5031 -2.41 — 

1212 Corot. Depojji; 131 3 127 2 +0.3 - - 

i lh . Ewvv Eo»rf" 33S+ 145.4 ....i — 

- Et.YiridFd.Bd. *...... S8 7 40.1 -l.sJ — 

Family 79^0 “ ....... ln° 8 — ...J] — 

Gresham Life Ass. Soc. Ltd. 

For Arrow Life Aoinrancc tee 
Proridence Capital Life Assurance 

Bircbys Life Assur. Co. Lid. 

252 Romford Rd,E.7. 01-5345544 

Barebybcwds- [}££ 13431 i - 

d a _ 

SPnnteW Wain Rd., r mouth. 0202 767655 

G.L Cash Fund «93 1045|+0.1 — 

GL.EtiWly Fund..... 1070 lUw -2.6 — 

G.L Gilt Fund 11S 6 118.9 -0 1 — 

G.L inU Fund 1064 U2.M -5 1 — 

G.L Ppty. Fund 102.8 108 2j +0 1 — 

Growth & Soc.' Life' Ass. ’Sec. Ltd.* 

Weir Bank, Bray-on-Thames. Berks. 062S-34284 

• Family 81-86~ 1195 6 - - 

Girt Bond— • 107 4 112.B - 

lotemauil.aoptf— 10C2 1053 — 

Japan Fd. Bd 561 .Oil -1.4 — 

‘Managed EM *** L’91 1462. .. - 

Peri.Pririton— .... 743 7 — .... — 

SS»lt‘ii*r.:i(l > ■ 1 ?!S|id : 

Pncf, on ■Pec “Pec. J4. 3-Dec. 15. 

HTercltaiii' liwescorsAssuranee* 

Leon Hie., Z33 High SL, Croydon. 01-686 9T 

BBSw,— “ »1J :::::! = 

Eqjlri 60 6 

Eouitr Pens. ... - .... 175 0 — 

. Mo-icv Market 144 2 .... — 

Mow* MtL Pen* 182.5 - 

De»wii — 1311 — 

DcaoiJtPens 1464 — 

Maiug+d j0°2. .... — 

. Manmed Pens 144.5 . ... - 

Inti. Equity - 9s 6 — 

DC. Pros .. — 103.1 - 

Sc Ur Managed S — I 
SoU* property S 


jfcl = 

Beehive Life Assur. Co. Ltd.V 

71, Lombard Sl, EC3. 01-6231288 

8 h. Hone Doc. 1 I . 132J3 | — 4 — 

Canada Life Assurance Co. 

24. High SL, Patten Bar, Mens. P. Bar 51122 

esaffisAd si i=i + 

Cannon Assurance Ltd.* 
LO*ympkWy,Wen«ro HA90NB. 01-9020876 

Equity UwttS— «7i8 

Property Unite, 0059 ,,, 

Equlftf BondfEaec ... £XL6S 12J 

PrSkUeSfucc 03.93 14.7 

BaL BfljEwc/UnU £1355 14 

DetHHHBoad 114.5 12 

Equity Accttm — 183 __ 

Property Aoetait 0330 

Mngd. Acouru L669 . 

ZndEqdty «0 . 

2nd progeny 108.9 

gpaS-Tzil 1 st 



2nd Dep. petfi/ Acc. 103 3 
^nd Gfll Petri/ Acc. 9X5 

LAES.LF.^. [22LO ... 

Current name Detenrior 

Guardian Royal Exchange 

Royal Eccnaitge. E.C.3. 01-2837107 

Property Bonds .—.[1970 205.2] 4 — 

Hambro Life Asimnce' Limited*, 

7 Old Park Lane, London, W1 01-4990031 

Faced Inc Cep Q3L2 135.01 — 

Property.. I/L9 181 D — 

Managed Cap 1456 1533 — 

Managed Acc 180.8 1964 - 

Overett 1252 1316 — 

Gilt Edged IZd.8 1335 — 

Amertan Ace, 94 6 99.4 .._.. ~ 

Pen.F.J.Dep Cap 130.8 137.7 — 

PetF.I.Dep.Aec..... 155.2 163.4 — 

Pen. Prop. Cap OAJ 226X — 

Pen. Prop- Acc. 2 81 1 295.1 — 

Pen.Man.Cap — 2125 -223 7 — 

Pen. Man. Acc 2783 2%i — 

Pen.CntEdaCap. 121 9 1284 - 

Pen. Gill Edg. Acc — 1^0 6 1375 — 

Pen. B.S. Cap 127.7 1342 - 

Pen. B.S. Acc 147.6. 155.1 - 

Pen. DJLF.Can IM 7 — 

Pen. D.A.F.ACC. 1B7.8 — 

lanna DC. Pros - [ JU£. 

■ Ml. Managed | 100. 

— 'Oa. Pens - ‘ 102. 

- NEL Pensianc Ltd. 

_ Milton Court, Dorking. Surrey. 

helr> Eq. Can,. - . . [31.8 

-. SEESrzzJifH 

— Solar F rd In, 5 [1154 

Solar Cosh S 0029 

134.7] ..... 


I3i?l +01 

Nel+» Eg. A^aim _.. 1180 - 124^ -0^ — - 

Nrlei Wone* Cap ... . g25 ' 65 7) ...... | — 

Nelea Mon. Acc o7.9 71 <J . ...J — 

Nelet Glh incClp 494 £2.0] 1 — . 

NeleiGth Inc A« — 1515 . . 54 2J I — 

Net Mid. Fo Cap ... p95 . £22] .. ..J — 

Nel Mxd. Fd Act. .. . [513 54.01 — .] — 

Nen Gib. day Decenfier 3. 

NPI Pens I on 1 Management Lid. 

48 Gracechurch St.. EC3P 3HH. 01-623 4200 

Mjnoged Fund 1157 6 164.21 ...j — 

Prices Dec L Next dealing Jon. 2. 

■ New Zealand Ins. Ce. (UK) Ltd.* 

' Maitlanl House SouinendSSlZJE 07026+955 
Uni he« Inv. Plan . 1152 3 157 5j . . — 

Small Ch'sFd 780 1D3.21 -LB — . 

Technology FJ 10b5 HZlj —2J — 

Erin Iik. Fd HI 9«il-0 9 — 

E*Wlnc DisLFd.. 99 J 104 5j -1.0 — 

American Fd 91 1 9f 9] -0 4 — - 

Far East Ft) .... 1016 114 hi -0 R — 

GiTt ECq>-dFd. — 1061 UL7 +J.1 — 

Con DeotiMt Fd. .. . 98 9 1041+01 - 

122.1 _.... — 

i23j t..l — 

115 +41.4 — 

— Norwich Union insurance Group* 

Hearts of Oak Benefit Society 

15-17. Tartstoek Place, WC1H 9SM 01-307 5020 

Hearts of Oak |375 . 39°l 4 — 

Hill Samuel Life Assur. Ltd.* 

NLA Twr, Add bcomfaeRd, Cray. 01-686 4355 

A Property UmU 162.6 3 70.7J J — • 

Property Series A te.8 I1I.4I .... 1 - 

Managed Unite 1623 170. g -l.d - 

Managed Series A—.- 95 .7 100.9 -LIS — 

Managed Series C..._ 919 toia-Ln — 

Money! Untti 1Z3.8 130.9+03 — 

*• Series A. 99.9 losii +0 r 

Capital Life Assurance* 

CoNsUMHotae; Chapel Ash Wton. 090228511 

Key Invest, Fd..., j 10135 J J — 

PacemakcrlouJU 8751 . | — i[ — 

CharMnosi Magita Ep.* 

SSSE" - "* 4 ^ *** 

Ctethse Eiwoy [36.4 38.4] — 


Magna Bid: 5ac—Z[ 
Mogns Managed —J 

Ci^r M Westminster Assur. Co. Ltd. 

Rlagslead Hue. 6 WMteMrse Rou), 

Crnydna CR02M. . -■ 01-684 9 

West 7>rqp.-Fiind [62.9_ . ‘663|_...J - 

West Prog..Fund 162.9 ;-663|-...J — 

ManageriFund lp.7 193.3 .. ..J — 

Equity Fhnd—~ 617 . 66.i +D3I — 

FannUndfund 83 1 • S IM ...Z — 

»»== ll+iJ = 

PULA fond.- 167.4- INLfl _Z| — 

Pens. Mngd. Cap I2j.0-- 1273 .:...[ — 

- Pens. Mngd. Acc 127-0 -133.B ..... — 

Pent. Money Cap. 483 ‘ 5& U [ — 

Pens. Manta ACC 506 533 ......j — 

■ Pena. Equity Cap 52.7 . 55A[ +0 3 — 

Pe«. |quity Acc. 554 5BJi +0i) — 

Fma arremly Otned to new uwwuwern. 

P*rfotm'UiE_^_| 22L6 . | J — 

CHy of Westminster Assur.. See. Ltd. 

Telephone 01-684 9664 

^uss'izii^ 4 m=i = 

] Com martial Union Group 

1 St. 'Helen's, 1, Undenhoft. EC3. 

! Vr. An. Ac. Dec. 16 _ 58.84 

Ob. Annuity Ub. ' 35.96 

. Series A [90.9 95-Bl — 

Pits. Managed Cap. -.{1411 148.3 J — 

Pns. Managed Acc._l 150.9 158.3 J — 

Pm. G’lred. Cqp. . 

Put. G’lred. Act— 

Pent. Equity Cap 
Pens. Equity Acc 
Pens. Proo. Cap 
Pens. Prop. Acc 

Imperial Life Ass. Co. of Canada 

Imperial House, Guildford. 71255 

' GrLFd. Dec. 15 175.4 82 B . — [ — 

Pera-Fd. Dec. 15 — .-169.7 _ 75 7] — J — 

Unit linked Portfafta 

Managed Fund [94.8 99. B — 

Fixed Int Fd «. 9 10a 3 J — 

Secure Cop. Fd. 9B.J 10?^ 1 — 

Equity Fund |99.7 104. ^ _..J — 

Irish Life Assurance Co. Ltd. 

11, Fhribay Square, ECZ. 

Blue CMn Dec 14 

Cp.Sr.ll Dec. 14 i-« vr. a — 

MaaaeedFund rS6^fl 34J3 — 

ms liA* — 

195 J 205 3 — 

.... ... .218.4 229.3 — 

PO Bji 4. Norwich N913NG. 060322200 

Managed FurU 1 21 83 229.% +3.4 — 

Fqiiitv Fund .j'561 374. S +L6 — 

Property Fund ll:5.4 1423 ..:... — 

Flurd Ini. Funfl [1516 25951-02 — 

Deposit Fund — 108.9 114 3 — 

Nor. Unit Dec. 15— -I — 2153] ... — 

Pearl Assurance (Unit Funds) Ltd. 

25Z, High Hotborn. WCIV7EB. 01-4058441 

Managed Fund.- 11152 1213) | - 

Equity Fund 111 9.8 126 Zl J — 

Property Dim. 1125 • 118.5] 1 - 

Property Arcum |l266 133 J| — J — 

‘ Phoenix Assurance Ce. Ltd. 

4-5 King William SL. EC4P4HR. 01^26 9876 

Wealth Ass |U2B 11 +03[ — 

Eb‘r. Ph. Ass 1 _ 786 " J ....J - 

EhV. Pn.Eq.E 177.8 81.3 +l3 — 

‘ Prop. Equity & Life Ass. Ca.9 

119 Crawlero Street, WW2AS. . 01-486 0857 

R. Silk Prop. Bd 1 .1869 [ J — 

Do Equity Bd.. .... _| 762 | J — 

80.71+1® — 

669 +0J — 

Giur.Pen.fd Cap. 

\ta = 

Do Equity Bd. 1 762 | 1 — 

Fie* Money Bd. ....{ M9.6 | j — 

Property Growth Assur. Ca. Ltd.* 

Leon House, Croydon CR91L0. . 01-6S0 0606 

Property runCL — | 19L1 [ .... I — . 

_ Transintenutioiul Life Ins. Ca. Ltd. 

Property Fund IA* — 

Agnail urai Fund — . 8119 

Agric Fund (A' S9I? 

ASi+t' Nat- Fund — - * 3s94 

Abbey NaL Fd. (A'__ 159.2 

Investment Fund...... 6J2 

Im+rtmfnt Fd.(A> ... .682 

Equity Fund — 176-5 +0 

Equity Fund t A} 178.4 +0 

Money Fund — «52 

Money Fund tAi....— 194.1. 

Actuarial Fund ; J15.9 . — 

Gllt-ethjefl Fund 120.8 

Gift-Edged Fd.t At... 12D.8 

*R« ire Annuity 188.9 

• Immed. Army ... — iz33 

International Fd. ... 1008 .... 

Prop. Growth Pemtoni A Anmdles Ltd. 
All WThei Ac. Uls 133.4 137.3] .... 

*AII Weather Cop ... 1202 _ _GjJl . _ 

i 5.00 

Managed Fiuxt— 

Mangd.Fd. Ser. II 
Exempt. Man. Fd 
Prop.Md. Dec.l. 

Prop. Mod. Glh. 138.4 224.8] J — |llKL7 10&l] .— 1 — . 

King & Shaxsaa Ltd.' 

52, Cwnhlll, EC3. ‘01-623 5433 

Bond Fd. Exempt |»13G - 10268J-0JB] — 

Ned drahng dote January 3. 

Langkam Life Assurance Co. Ltd. 

Langtom Hse,Hulmlnok D%,HW4. 01-2035211 

Harvest Plan |98.1 10331 ..... — 

Landham ‘A* Plan 166 4 69.9] — 

•Prop Bond 147.1 154.9 — 

Whp 1SP1 Man Fd ]765 80 5| . .... — 

Legal & General (Unit Assur.) Ltd. 

Kl nutwood House, Klngswood, Tadworth. Surrey 
KT206EU. Burgh Heath 53456 

Pensiad# House, Gloucester. 0452 36541 

Managed 1123 9 131 3j -14) — 

• Gtd.Mgd 1473 155 J -06 — 

Property 353 9 163.® — 

Enut:v, 'American SO. 8 _85.U -0.4 — 

UTK. Equity Fund 113 2 139 9 +L4 — 

hlrji Yield 24U I49.A -0.4 ~ 

Gih Edged 12L5 32Rft -O 

Morey 7. r61 132.9+0 

Internal umal MJ3.7 306.9 .... 

Fiscal 12 BJ 135 J -0 

Growl It C+p 1268 134.S -0 

GrowlhAiX.— 1322 -0, 

Pens Atngd.Cap U5.0 1219 .... 

Pens. Mngd Acc 1216 32B.9 .... 

PenS.Gid.Dep.-3ap. 104.7 110.9) .... 

Pent.Gid Dep Acc UD 7 117 M ... 

Frni Ppty MP U 7 2 124.1] .._ 

Pens. Pty Ate... 123.9 13L| 

Trot 8 diW 36 9 33.9 .... 

-TrdLG.I Band | 970 | .... 

■Couh ralue ler £100 premium. 

Tyniiall Assurance/ Pensions* 

3r Conynpe Bold. Bnjfll. (K 

3-War Dec. 14 128 4 

1 Equity D»c. 14 1666 

EowJBm 14 167 9 

Property Dec. 14. Ilia 

Deposit Tie*. 14 1312 

3-WjyPn. Dec 14. - 354 0 

O’ was Inv. Dec. 14. „ 77 5 

MrtPn 3-W Dec. 1 __ 177.6 . ... 

Do. Equii+Dec. 1 ..... 2786 

Do. Bond Dec. 1 _ 179.8 

Do. Prop. Dec. 1 — _ 90.4 

Vanbrugh Ute-’Aismgnce 
41-43 MaddoSKSl'.’ Lan. W1R 9LA. 01+ 

* VAIL Weathrr Cop 120.S 
Vlnv.Fd Uis — 1; 

1 Pension Fd. lilt . 1 

Con*. Pew. Fd ...... J 

Cm: Pm. Cap. Ut. 1 

Mon. Pens. Fd... - 2| 

Man. Pens Cap UL - 1 

Prop. Pens. Fd. J 

Prop Pens. Cap. Uis. . L 
Boaa Soc._ Pen Ul i. 

Cash Initial 965 

Do. Accun JJ 7 

Evilly Initial 125 J 

01-283750 0 

I ::-i - 



. 1314 +0’ . 

Do. Acaim — 1296 136.5 +0.1 . 

Flved InrtioJ 1163 3225 -03 - 

Do. Accum 1203 1267 -0.1 — - 

I ML India!— 89.9 94.7 -05 — 

Do. Accum. 4L5 96.4 -0 6 — 

Managed initial 118.9 1252 . .. — 

Do. Arcum 123A 1295 - 

Property Initial jffi.J 305.7 — 

Do. Acoen. — 103.8 1093] — 

"Legal A General (Unit Peufaas) Ltd. 

Exempt Cash IntL — 198.0 104 0| . — — 

Do. Accum 101.7 - lft7 1 — 

EieraH Eqiy. lnH.„.. 1333 1402 ..... — 

Do. Acciati..— .— ... 137 2 . 1445 . — — 

Exempt • Fixed InH- 13b 2 12J4 — 

Do Aram ..... 114 7 126.1 — 

Expend Mogd. IntL 129.5 . 13b f - 

Do Accun — . — 1334 1405 — 

Exempt Prop. Inn 98 0 104.D .. . — 

Do Acoim. 1017 1073] . _. - 

Legal & General Prop. Fd. Mgtt. Ltd, 

31 Queen VKtPHa Sl, EC4N41P. 01-248 9678 
LAGPrp.Fd. Deco — 194 7 . 1043] .-..-I — 

Next si*: day January L 

Life' Assur. Co. of Peqnsyhania 
3942, Now Bund St, W17 ORQ, 01-493 8395 

LACDPUttb.-.-...—. JJ7.8 1J27J I 

Lloyds Bk.- Unit Tst. Mngrs. Ud. 

71, Lombard SL, EC3 01^2312003 

Ewimpi : [983 303.* I 7-tl 

Confederation Ufe Insurance Co- 

50, Chancery Lanr. WC2A 1HE. 01-2420282 

no 3 »l6 z:: = 

SOffotJAtaBd.Pn.-_ 77.6 -8L6 ..J.. — 

Wfi&ziB! SSI :: ::. = 

. Equity Penllun 248.0 254 3 — 

SlSd = 

ComMIl Insurance Co. Ltd. 

32. CornhBL.tC 3- 01-626 5410 

Credit .& ' C b mmerct Insurance 

120. Regent St, Land an IV1R5FE. 01-439 7081 

C&CMBgd.f<LJa+.imO I33fl 1 - 

= iSSf^cStit-^i HU I •:::::! = 

— Providence Capitol Life Ass. Co. Ltd. 

30 Uchridoe Road. W12 8PG. 01-749 an 

5el. MVl Fd. Caa 1101 0 306 .. .. — 

Urrro Sel. Ml I. Fd. Srd 101 D 1100 — 

3456 Pmv.iuk Equity 1313 3353 .... - 

— Pension F Int 1191 122.8 — 

— Deposit Fd. Cao 47.4 Sl) fi . . — 

— Deposit rd Acc. »■ 4 5Q0 .. — 

— - Equity Fd. Coo 465 48 i . .. — 

-03 — Equity FoAci. 463 45 9 

-0.1 — - Fid. Int. Cap. ... 47.8. 50 ^ 

-05 — Fed. Inr Acc.. 47.8 50.4 ... 

-0 6 — I nun. Cap 455 nag 

. .. — (nuil. Act....- 455 4B0 

— Managed Fd. Colo ..._ 46.8 493 .... 

— Managed Fd. Acc +6.8 - 493 .... 

— • Property Fd Cap..— 494 J21 

Property Fd. Acc.... _ 49.J Sill ... . 

.—4 — Provincial Life Assurance Co. Ltd. 

— Managed Fd.. — [150.0 ■ 157.V +021 — 

2?2 BiShopMBie ECU 01-247 6533 

Prav. MaiugrtS Fd — U41 125.51 — 

Pro* Cashed. 107 1 112.S — 

Gilt Fund. — 115 8 12}5 -OJ - 

Property Fund - lJjL4 1D6| . — 

Equity Fund IK® }2# 3+09 — 

F»J. (nL Fund 96.5 10] t .... — 

Prudential Pensions Limited* 

HPiboro Gan, EC1N 2r.H 01-405 9222 

Eduil. Fd Kev 15.- [525 M 26 331 . ... | ~ 
F,u InL Nov 15. _...|il?18 15:l) - -J — 

Prop Fo. Nov 15. 'Il+SM 28.8*1 . -I — 

■Reliance Mutual 

■ Tlinbnitgr We'K KenL C892 22271 

-Pel. Prop Be;. . - I K?L9 . | j __ 

. Rathschiid Asset Management 
SL Swi’inm Laur. Londw EC4. 01-626 4356 

' NC Prop ]1T0 b 12B3t — 

w Knit Sufi, day Deteoser 29.. 



Eouity Fd 24L2 253 «...] — 

tmrJ/FunO 95 5, 100.3 +l.d - 

Fiaed inters; Fd._._.. lb7J> 175 81 -021 — 

Property Fa 15L9 15J.9 — -J — 

CashFund... — . — . IT2J) 128.5] .....J — 

Vanbrugh Pensions Limited 

41-13 Uoodaa SL, Lfln. W1B 4 LA 01-4994923 

Managed — [101.0 106.4) ... .J — . 

E au ivy. .106.7 112 4 . — 

Fired Interest — ._..]4B 8 1043 | — 

Property IlDlO 1044 . . .J — 

Guaranteed see ins. Ease Rues' tahlt. 
Welfare Insurance Co. Ltd.* 

Wtpslade Park, Exeter, 039? -52155 

MqneymaLri Fd.. I 1055 I ... -I — 
For other limJ-.. please refer to The London £ 
Mnnclt-ster Graiqi. 

Windsor Life Assur. Co. Ltd. 

Royal Albert Hse.. Sheet Sl, Windsor 681M 

Lite Im. Plain [’U 7&JM J — 

FiilixeAjLd.Gliriai.... 17.D — 

FulureA‘.SS CtWhl J 4400 — . 

Ret.AsjJ Pen* t L2630 _.... — 

FIc*. Imr. Grtmth \mX, 18JJ ..... — 

Alexander Fund 

3". *i* MOIre-DjIT, LUWntKuro 

Ale under Futw | SuSb.iO 1-1-391 — 

het assn rai+e DnL 12 

Allen Hirvey & Rots inv. MnL [C.IJ . 

J CTai+ngCiBU s: heliet JS. ,£ 1 0534-75741 

AHRGiK EAg-Fd 1:1020 10 23] . . ..] 12 00 

Arbuthnat Securities (C.t.) Limited 
P ft Bex t’84. 5f rteimr Jersey. 05 34 721 77 

Cop. Tm. 'Jersey) .. Ills 11* .. .| 4 20 
Hert oeaLiM dole Jvuon 4. 

GOi'l Sect T-t. . (100 102| ...{1200 

. Neti dexfing cate Peceueie* 27. 

East UrU T« • C I - J9b 103] ..] 3.64 

Nr. 1 dea£og ute Deremsc- 22. 

Australian Selection Fund NV 

Market Opportunities. CD lr»h Yourg £ DuVwhlte, 

127, Keen Sl, Sydney 

USS1 Shares J SUS1 43 I | — 

Net asset ralue hmember 24. 

Bank «f America International S.A. 

35 Bauloard Royal Luiemoourg G.D. 
wiflhneyt Income . puriliE 11 ta 101 J 7 32 

Pnetn at Dec. 14 Neal :uo. oay Dec. 20. 

Banque Bruxelles Lambert 
2. Hue De la Regence B 1000 Brussete 

Rena Fund LF | L882 1.9401 -9] 854 

Bare lays Unicom InL (Ch. Is.) Ud 

1. Charing Cross. Sl. Helier, Jyy. 0534 73741 

Oversees Income 147.O 494) . I J220 

UnidMIar Trust BuSlOJl 1137^-02« 1.70 

UidbondTnm tSiailiZ 1023*1 1 850 

Barclays Unicom int. (l.oJUan) 

1. Thomas Sl, Douglas. l.oJkL 0624 4856 

Key ser Ullrtann Ltd, 

ZS. Mil.- Street, EC2V 8,'c. 01-6067070 

Fonwir. . .. . IF-1 377 1 5111 | 3JB0 

fiunav.-r* 121 ...... — 

Cent A-.lelsCop _ ..kl391b U92l[+0Ui ~ 

King A Shaxson Mgr*. 

1 .;tu* i*4 Zj.’.' 5- Mi-1,-, Jrn-t. 1053*173741 
Va-r. H|^ pr!e- rj- O+sy ' D48L 1 2*706 

1 Thomas 5tr«e-. Do+Olas i O.M. L0624I *856 
Gilt Fund ij-r .JO 05 9 0SJ ... J IBS 

Gilt Tru-i n M i 102.1 W.ffl ..._J ES 
Gill Ini. Gue-nSi-.-K 11 9 12Wj-3J5l 12.2S 

InL GovL Sect. Til 

Flrsl Ill* 54 17 eO .._.J — 

F.r;i tmt ... . . iil'XJ 47 l«.7r[ — 

Klein w art Beni on Limited 

20 F-nchuren SL. £C3. 01-623 8000 

Eurinvrs!. l_ix. F. I 1.113 ...... 334 

Gueririet Inc. 63 5 67 4id 4.27 

Dc flccim. 79 7 54.4 4J7 

KE Far East Fi .. .. S'JS12 62 ..._. 158 
KBlhtl. Fuid _ SUSII 72 196* 

K3 Japan Fund SU53422 O.M 

y.E U 5 Gwin. Fd 4US12 29 ..._. 0.7B 

Sipnet 6+rrtaoa ... . $054.95 1.S1 

Iniemtl. BU Fa - SL'£1901S — 


| 33< 



I ..._. 158 
...... 196 ‘ 

i O.M 

..._. 0.7E 

..... m 

Royal Insurance Group 

tie* Ha'I Place. Live-pool. 051-227 4422 

Rry-il Shield Fo U45.7 1543j J — 

Save & Prosper Group* 

a. GlGl H elen's, L-idc^ EC3P3EP. 01-5548899 

E+t Im. rd 11313 138.8) +05 — 

Property Fd.*_ |ib2.7 172.1 — 

GutFC 1229 129 8 — 

Depot-.l Fdt _fiE» 1334 ..... — 

Cons Ppni.rc.r. ._ . .21195 220 6 -16 — - 

EQulryPeiK.FJ (1B7Z 197.6 +15 — 

Prop Wvis.Fc." .._>37.8 25L0 — 

Gift Pens, rtf 95.1 lODi! : — 

Dean Pen.Fd t.._._'lG2.8 108JJ — — 

•Price! on December 19. 

Weekly dealmgL . 

Schroder Life Group* 

Enterprise House. Porumoulh. 070527733 

Equity 1 | 2333 J . ..J — 

Equity 4 3224 2343 -3j| - 

Fixed InL 4 138 2 145.6 -Oj - 

Managed* 135.0 1423 -L3 — 

Money* 1103 116.2 +0.2 — 

Overseas* U6 89.2 -L4 — 

Property4 16SJ 173 fl +02 — 

K 5 5 GovL Secs. 4... 123 .0 130.2 +02 — 

B.S. Pen Cap B 1255 131.6 +OJ — 

B.S. Pen. ACC. B 138.4 1455 +03 — 

Mngd. Pen. Cap. B_.. 210.7 22LJ -20 — 

Mngd Pen. Acc. 3 .... 254.6" &B U -13 — 

F. lBL Pen. Cap. B 960 llJl3 — 

F. InL Pert. Acc. B 982 1031 +0.1 — 

Money Pm. Cap. E— 47.9 103 Z +DJ — 

Money Pen Acc a „ 100.2 1051 +02 — 

Prop. Pen. Cap. B 1092 11531+0.1 — 

Prop. Pm. Acc. B 111.6 1171+031 — 

Scottish Widows’ Group 

P.0 Baa 90Z EcLnburgh EH16 5B U. 

0314o5 6000 

Inv.PIv.Srs Dec. 15 0075 1071 ...... — 

Iny Ply. Senes 2 10L4 10621 ..... — 

InvesL Cash Dec. 15.. 100. b 105 .Jj — — 

Ej Ul Arc. Dec.6..._ 142.9 149.0 ..... — 

MVEtefc-iBS Sad = 

Solar Life Assurance Limited 

10 '12. El, Place, London. EC1N 6TT. 01-24 Z 2905 

SaiarmU.S 85.0 Sfi.3 -02 — 

Sour Managed P 127.4 1342 — 

Solar Property P..__. 1115 117.4 — 

Solar Equity r 005 1795 +06 — 

Solar Fxd.lnt. P U4J 12li -0.1 — 

Striar Cash P 1D2 5 10ft? +0J _ 

Solar iml.P Hm.9 902| -0^ - 

Sun Alliance Fund MangmL Ltd. 

Sun Alliance House. Horsnatn. 0403 64141 

Ejp.Fd.lnLDec.13... K34S1 ,159.91 J — 

Ira. Bn. Dec 19 | i 12.04 J — ] _ 

.Sun Alliance Linked Life Ins. Ltd. 

Sun Alliance House, Harsh* m, 040364141 

Fourty r urd 120.0 1355/ +151 — 

Fi>edlnlern|Fd.. ._ 1055 111.1] — 

Proper! yFiwJ... . . U64 122.6] ..... — 

IraertictionalFd — -.94.4 99.3 +05 — 

D+pOSII Fund 992 IMS ... — 

Manages Fund 110.0 11581 +0.fl — 

Sun Ufe of Canada (UK) Ltd. 

2. 3, 4. Cocfcspur SL, 5W1Y 5BH (04305400 

Maple L(. Grn | 205 9 I J — 

Maple LI. MongJ 1 1355 I — 

Maple Li. Egty 1 13L7 [ ...J — 

Rerun. Pa Fd. j 209.8 | 4 — 

Target Ufe Assurance Ca. Ltd. 


Man. Fund Inc [97 9 103.11 — 

Urn. Fund Acc. 1213 127.5 ..... — 

Prop. Fd. Inc._ 118.7 124.11 . — — 

Prop. Fd. Acc. 153.0 I — 

Prop. Fd. Inv 117.0 — . J .... — 

Fixed Int. Ffl. Inc. Ull 106 «... — 

Dep.Fd. Inc. 975 • M2.6j ...... — 

Pel. POn At Pen. ... 74 4 • 80.g +L0 — 

ReLptanCaji.Pen 6L5 66g +0£ — . 

Man. Pen. Fd Act 12B.1 134.8 — — 

Man Pen FiJ.Cap. 115.5 1218 — 

Gill Pen.Fd Act m.6 14LU . — — 

Gilt Pen Fd. Cop. — 124.7 - 13lJ} — 

Prop. Pen.Fd. Act 164.7 173.4 ..... — 

BnJi ops gale Commodity Ser. Ltd. 

P.0. Bax 42, Douglas. I p M. 0624-23011 

ARMAC *Dec. 4 ISUSZ938 3124] | — 

CANRHO— Drc.4_ftl.GW Uk« - 

COUNT— Dec. 4. K2 6Z7 2.788 - J 1-83 

Original!, rimed at 110 out ”0.00. 

Bridyc Management Ltd. 

P.0. Box 500, Grand Cayman. Cayman Is. . 
N-bnMDec,l... — [ >17,858 | ] - 

fcwi Fd. D^°l3^?|wHi5 2156[ J 0.77 

Britannia TsL Mngmt., (Cl) Ltd. 

30, Bath SL.SL Heller, Jersy. 0534 73114 

Sterling DenanHnated Fdt. 

GrowUi Invest 117 0 40.0] .1 200 



High InLSUg.Tit (£0.0 0.96ri| | 12.50 

ILL Daltar DcMndmtcd Fdt 

UnhsLSTsL. &J5527 5 551 J - 

in-Hlgh im. Tst. .... |fi>50.95 0.9Eaj ] . 938 

Vibe Drt 15. Neil deahng Oft 27. 

Brown Shipley TsL Co. (Jersey) Ltd. 

P.0. Bax 583. SL Heller. Jersey. 0534 74777 

Sling. BroLFtLIh) JOOO 10 031 -03)1200 

Butterfield Management Ce. Ltd. 

P.0. Bex 195. Harmilon. Serraxda 

Buttress Eriuty ttUSlil 2 3^ ] 1 ’9 

Buttress Income J5US201 209] ... . I 8.01 

Prices at Dec. L Neit sub. day Jan. 9. 

For Capdkru SA see under Keyser U liman 

Capital International SA. 

37 rue Notre- Dame, Lucempaurg 

Capital InL Fund | SUS17 65 | — 

For Central Assets MngL Ltd see under 
Keyser Uilmaii Ltd. 

Charteriliuiie Japhet 
1 Patemantr Row. EC4 01-2483949 

.AM rope DU794B 31 5ffl 4 86 

Aifivrttoa DMWW 5?J0 .... 4« 

Fondak DM3L50 33 10 +1 C 5 02 

Folds DP3070 Zl.ri) -02t 5 37 

Emperor Fund 53 15 330 - 

Hispano iWSttSJ 44 37 i74 

CHvt Invest menta (Jersey) Ltd. 

P.D. Bat 320, Sl Helier. Jersry 0534 37361 

CR«e GOt Fd. <C. I J „|9 62 9 h3i J 11*2 

Cllw Gilt FA Usy.i _.|9.5T . 9.60] ....] 1L46 

ComhiB Ins. (Guernsey) Ltd. 

P.0. Box 157, Sl Peter Port. Guernsey 

mud. Man. Fd |163J 17&0| .....| — 

BWS Deutsche Ges. F. Wert pa piers p 
Gniriebtngweg 113, 6000 FranLiun 

Inwsta 1 DM3730 38.901 +030) - 

Delta Group 

PjO. Box 3012. Nassau, Bahamas 

Delia Inv. Dec. 6.„...|SUSH9 177| \ — 

Deutsdwr Investment-Trust 

Pnsttedi 2685 Biebergasse 6-10 6000 Frankfurt 

MSaardfiM U3 = 

Dreyfus I ntcrc entitle ntitl Inv, Fd. 

PJ>. Box N3712, Nassau, Bahamas. 

‘NAV Oec. 5 |IUS1SM 16 j&4| | — 

Emson & Dudley Tst. MgL Jrsy. Ud. 
P.O. Box 73. SL Heller. Jersey. 0534 20591 

E-D4.CX p23B ~13UU--4 3J» 

The English Association 
4 Fore Street, ECZ 01-588 7081 

Enq.Ass.Sterlm q*-lfc5U 7 51lg-0Jll — 

W ri£t 1 deallw DecTa'-Nert dealing' Ok. 27. 
Euro bend NaUlngs N.V. 

Kan* Wade 24, WiHemsiad, Curacao 
LMOtan Agents: Intel. 15 CtartetDpher St, EC2. 
TeL 01-2477243. Trie*: 88144057 

NAV per share Dec. 15. SUS2080. 

F. & C. Mg«nt. Ltd. Inv. Advisers 
WLuuwPiwmiwy Hill, EC4R DBA 

CrnLFd. Det03 | SUS5.43 | ...._[ — - 

Fiddly MgmL & Res. (Bda.) Ltd. 

P.O. Box 670, KamtKon, Bermuda - 

RdeBtyAm-Ac! 1 SUS» ta 1-0771 — 

FWellty hiL Fund — I |USZlil .....| — 

FWeUtyrac, Fd 1 |ijS54J0 .} — 

FldellQr Writ! Fat. *1513.92 |-0.13| — 

FMeHty MgmL Research (Jersey) Ltd., 
WMgrlgo Hie, Don Sl, Sl Heller, Jersey. 0534 

Settes A (IM11U [054 | .1 — 

Series Bf Pacific) —.EWW I . . J — 

Scries D (Am Ahj — yu459 1-051] — 

First Viking Camsnadity Trusts 

10-12. SL toorgc'i SL, DouMxs, l.o.M. 062425015 

FsLVHc.Cxn.Tit (352 37.1f ... I 3.00 

f»LVk.Dbl.Op.Ttl — p5J 57.01 -LClj - 

•Fie nd ng Japan Fund SA. 

37, rue NHre-Dame, Luxembourg 
Fleming Dec. 20 1 SU 561.91 | -1.4] - 

Free World Fund Ud. 

ButterfleN Bldg. HamUton, Bermuda. 

NAV Nm. 30 1 SUS18938 ) _....) — 

G. T. Management Ltd. 

BManaMr*** * 

London Agents for 

■Anchor ■BrUnte [SU51JD1 1041 ..J 208 

Anchor Gift Edge £9.41 9.47 + OSC 13 41 

Anchor litt. Fd IU54.93 5 06 208 

Anchor Iftiw.Tst _ &0 29.1 LD9 

B^y PacStrtg"Z7 0“ 

^•.saifcgrazii^ 7 

C.T. Dollar Fd. S4J56.89 .... 145 


G- T. Phfflpjune Fd... SUS9.79 1D.«( . .... — 
Gartmore Invest Ltd. Ldn. Agfa. 

2, SL Maiy Axe. London, EC3. 01-283 3531 
tatasn fW MngL. (C.I.) Utf. (aXhl . 
41. Broad St. SL Heller, Jmey &>l-73741 

Uoyds Bk. (C.l.) VfT Mgrs. 

P.O. Sox 195. SL Heine-. Jersey. 0534 27561 
Lloyd-. Ttl O'w. -IS31 5B0J — .J 0.97 
rirxr ceaimg Pair January 15. 

Uoyds Trust Gilt — -f £10 08 | ...J 12.00 

Nert Draling Dale DtMmbrr 27. 

Uoyds Bank International, Geneva 

P 0. B«i -38. 1221 Groero 11 'Switrerlandl 
Llpvds InL Growth . . . ISF2M 50 308 50[ - 23.0) l.BZ 
LloyOs ire. Income... |£F28eO 29750) -L0( 538 

Management International Ltd. 

Bank ol ErnmuU Buiiomg. Bermuda 

Canterbury £<+u 15..I5U63J2 I -..J — 

M & G Group 

Three Quays, To»er H<lt EC3R 6BQ. ‘014.36 4508 

Allamic Dec. 1« |K'S7 7B 3 OSf .... — 

Airst Ex Dec 20..., Stl'2’7 2 07 -OJM — ■ 

Gltt. E> Arc. Dk 13 ruS9 95 11.11 -0 77 — 

Island 1129 4 1392 -04 43.9* 

CAiLCum Unlu > -.196 5 2D0J -05 flM 

Samuel Montagu Ldn. Agents 

124, Old Broad St. Ef .3 
ApalioFe. Dr: 13. . . SF47 65 <7, 

Jaslrrt Drf . 15 -HJL ! ol 2< 

117 Group Dec. 13— WSliL’9 11 
117Jertur.Noy.29. till* 5 
JsyO'iNo.30 £94» 9.9 

01-5SB 6464 

47351 3 95. 

24 u3 .. .. 0.87 

J l| iS 

9 ?i«d - 

Murray, Johnstone (Inv. Adviser) 

2t3. Hone Sl, Glaigoe, T3 041-2215521 

“Hop* Sl. Fa I 115540 3a 1 1 — 

‘Murray Funa ! US511 08 | [ ■— 

NAV December 15. 

Negft S.A. 

13d Bouleurd Ratal. Luxembourg 

NAV Dec. 15 | SUS1238 J ....J — 

Neelt Ltd. ■ 

Earn Pi Bermuda Bldgs.. Hamilton. Brmda. 

NAV Dec. 15 1£6 10 — | 4 T 

Phoenbt Internatianal 

PO Bin 77 St. Peier Port. Guernsey 

lmer-OoU.Tr Fund ... .I5USU-S 2.54| J- — 

Quest Fund MngnmL (Jersey] Ud. 

PO 3o> ltd. St. ffelier. Jfrsry. 0534 27441 

Quest mu Bd ItUSO M3 0 »6l . 1 5.00 

Price at Dec. 20. Meet dealing Dec. 27. 

Richmond Life Ass. Ltd. 

43. Athol Street, Douglas. I O.M. 0624 23914 
(»iThf Silver Trust ...11122 115 (N -03) — 

Richmond Gd Bd 1151 121 3 -L( — 

Da. Platinum Bd 1623. 170.71 +1 J — 

Dc. atii-ir+id Bd . .. 9J4 101 51 .. . — - 

Do En IncemeBd 1681 176 4+06 1154 

Cam lion C.G.l.Bd 95.0 100 Of.... — 

Rothschild Asset Management (C.L) 

P D Bos 55. St. Julian! Cl, Guernsey. 0481 26331 
O.f.Eq.Fr.Km.30. !56 5 60 11 .... J 2.92 

OC intFe Dec. 2 152.1 161 M 1 7M 

D C Inti Fd f 51 29 1 37«g .. J lS 

DCSmCcNo ". ?0 ’.*0 8 149 3 . . 3J8 

0 C UMimoOa.- ..143 8 153.0 4.21. 

O. C. Dir Comaty t. . .1527 69 29J5| ...I 0.68 

•Pricrs on Dec. 14. NeH dealmg Dec. 29. 
■Prices on Dec. 7. Neil deiFng Dec. 2L 

RathfehHd Asset MgL (Bermada) 

P. O. Bov 664, Bk. ol Bermuda Bid., Beimudl 

Reserve Assets Fd 151)69 84 9 86{-DD7| — 

Puce on Dec. 1& Next deakog Dec. 27. 

Royal Trust (C.l.) Fd. MgL Ltd. 

P D. Bo« I'M Rural Ta. Hse Jrney. 0534 27441 

R.T. Ini'I.Fd BU3989 O.bN-IUM 3 00 

R.T. Inti. -Jsy.lFd.. 1 80 0 8601 +3.01 5il 

Pnces at Dec. 19. Nert dealing Dec. 37. 

Save & Prosper Internationa] 

Dealing to: 

57. Broad St, Sl Helier, Jersey. 0534 20591 
IIJL DaUarHfentiiafiated Funds 
Dlr.F>d.liU’*f-..._|ff86 9.394-0 D6| 7 SL 

Internal. Gr.** |7J8 8-2H J — 

"|— 0 771 — 

[•0:^ — 


— I 41. Broad Sl.Sl I 

2 Bream Blogs.. EC4 INV. Dl-4056497 

VTulip Invest. Fd. .... 147 2 15518 — 

SfTubp Moxmd. Fd _ 116.0 1^ - 1 } ..... — 

WMan BoodFB 1211 . 127. 5 — 

Man. Pen. Fa. Caa... 133.7 130 a — 

Man. Pen. Fd. Acc — 1319 ml.-... — 

VMngd Inv. Fd. fre_ 93.9 104.B — 

*Wngd. Itw. Fo. Acc.. 99.9 105ll _.j — 

Trident Ufe Assurance Co. Ltd.* 

41. htom hL. SL Heller Jersey DSX-T^rai 

Gift Fundi Jersey ) 1 95.00 100.0] | 12.25 

l (Fir East) Lid. (aRbl 

mrwn 2m 

1503 Hutthbon ... 

NK& Pac. U. TsL'.__ 3.7l¥ • 3 « 

Japan Fd. susua . lj] 

N. American TsL SUSlBji Jfij 

Inti. Bond Fund SUSM38 10 i 

fiwtaort ! lovolmext MngL Ltd. (a, 

■ 0624 23911 

J 11J0 

... .1 i60 

PJX Box 32. Oanglif. I—;, 

Gartmore lull. Ik Q1J7 

Gartmore Inti. Grthfbl-2 651 

Hambro Pacific Fund Mgmt. Ltd. 

2110, Connaught Centre. Hong Kang 

Far East Dec. 13 BHKR3I 15.14|-0Ji| — 

Japan Fond [SUS9J6 10 36| ... J — 

Hambro* Bank (Guernsey) LtdJ ■ 
ffambrns Fd. Mgrs. (C.f.J Ud. 

PJL Box 86, Guernsey. - G4B1-26521 

C.I.Funf [148.8 1 585*1) 3 70 

Intnl. Bond }UShd947 1U86 850 

Jm. Equity S 115110 99 1U3 '.. 2.10 

InL Svgk. *A‘ SU 5)1.07 . UG - 

.HR. Svgs. -B‘ SUSai2 1.15 .... — ‘ 

Prfc+s m Dec. 20. Next dealing Dec. 27. 

Henderson Baring Fund Mgrs. Ltd. 

605, Gammon House. Hong Kong. 

OMEL^rJmk MH - 

Bond Fd. Deg. 8 1 SUS10.M1 | .. J — 

_ . *Ekttushe of any pteln. charges. 

Hill- Samuel & Co. (Guernsey) Ltd. 

0 Leffbwe Sl. St. Peter Pen. Guernsey. C.l. 

Guernsey Tst (149.7 IWJbd ....J 3.68 

Hill Samuel Invet. Mgmt. Intnl. 

P.D. Box 63. JersetL»jr* ' •. 0534 27381 

HS Cjwnnel Ii. F...K7121J .129* . ..] 532 
Box 2622. Bern. Svhzerlud. Trie- 33425 

Far Eastern*?. M7.65 51.53 . ..J — 

North American - } L1./“ 4D8 . ...J — 

SepraF . 16^[-00« — 

Sterfine-dsnomlnated Funds 

Channel Capital* ...^[74 18 254 6) +13 2.47 

Channel lslands£._. 152.7 160 3 +0.1 5A1 

Com mod 1327? 139JI ~ 

SL Deposit* 102D 102.ll 0.25 

Sl Freed** *t 107.7 113.8^..... 12JB 

•■PncCT on Dec. 18. "Dec. 20 —Dec. 14. 
JWeefcfy Dealings. * Dally DraUngt. 

Schlesinger International MngL Ud. 

• 41. UMoiieSt,SLH*r*r, Jersey. 0534 73588 

SAM 173 7» 929 

SAXt.L 0.B7 0.92 +1 4.89 

Gilt Fd 21.7 2 ) \M . ■ 12.5 6 

ln»l. Fd. Jersey 93 3-“ 

lrenl.Fd.tarJHg.„. 1090 1147^0111 _ 

•Far East Fund 100 10H — 2.83 

•Nert sub. day December 13. 

Schroder Life Grouji 

Enterprise House, Portsmouth. 0705 27733 

International Fnnds_ _ • 

1 Eouity.. DJM3 .UO.g-2.1 — 

SEnulhr.. [133.4 l«l.f ..... _ 

£ Fixed Interest ll39i) l«7.fl -0.2 — 

SFlxed tnieresi 11074 114.3-0.4 — 

£ Managed U2i2 130 S -13 _ 

5K6onaged [1273 127.9| -03| — 

J. Henry Schroder Wagg & Co. Ltd. 

320, Cheaps Ufe. EC2. 01-5B8 4000 

Cheap 5 Dec. 19 1- 511.11 +006 2.88 

Trafalgar No*. 30 .... SU512316 .... - IMS19 90 1 951... 2.K 

Darling rd. Dec IB.... Ml 92 2.04 +001 550 

Japan Fd. Dec. 14... .[fuTWJ 9.04( .....J 0.44 

Sentry Assurance International Ud. 

P.O. Box 326, Hamilton 5 Bermuda 
Managed Fund- IWU.N0) 21563] ] — 

Singer & Friediander Ldn. Agents. 

20. Cannon SL. EC4. 01-248 9646 

Dekrion*. BMXJ7 27.801 -. [ 6.12 

Tokyo Tsl Nov. 21 _ | iUMO.OO | .... 4 13 

Stronghold Management Limited 

P.O. Bos 315, SL Helier, Jersey. 0534-71460 

Commodity Trust. |8o 49 9157} | — . 

Surlnvest (Jersey) Ltd. (x) 

Qxeens Hse , Don Rd. Sl Helier, Jry. 0534 27349 

American rnd Tu £6.93 7 08+014) — 

Copper True £11.89 LUM-rOdd — 

Jap. Index Til flO 91 3114]+02S[ — 

TSB Unit Trust Managers (C.l.) Ltd. ' 
Bagalelle Rtf., SL Saviour, Jersey. 0534 73494 

Jersey Fund 148.2 50 7} [ 4.73 

Guernsey Funa J4B2 50.7] .I4J3 

Pnces on Dec. 20. Next sub day Dec 27.. 

TSB Gilt Find Managers (C.l.) Ltd. - 
eagaitflr Rd.. SL Saviour. Jersey. 0534 73494 

Grit Fund 1990 1DL0I | 12.10 

Gift Fund tjiy.l. J«3 10L0| LUJO 

Pricm an Pec. 20 Nert sub. day Dec. 27. 

Tokyo Pacific Holdings N.V. - - 

InUmJi Management Co. N.V.. Curacao. 

NAV per share Dec. 11. 50564 64. . . 

Tokyo Pacific Hldgs. (Seaboard) N.V. 

InUmh Management Co N V., Curacao. 

NAV per shore Dec. 11. SUS47.25. 
Tyndall Group 

P.O Box 1256 H ami II on 5. Bermuda. 2-2760 

O’sea: Dec. 13 BUS1 17 1.241 6 00 

t Accum. Units 1 ..SU1LF4 1 95] - 

3- Way Ire No». 26....l5L'S2b9 2.B3J . ..| - 

2 Ken SL. SL Meber, Jersey 053437331/3 

TOFSL Dec. 14 |n 40 8 00j . .. 2.00 

(Accum. Sharen (1185 12 80 - 

American Dec. 14 81.5 SB.W .. .. 2.00 

(Accum shares 1 82.5 * 885 — 

Far Eart Dec. 14 87A 93J 2 00 

(Accum. snares; 87 0 93.1 — 

Jener Fi.Dtc 13 _ MM 2 2)6.6* ... 7J7 

(Non-J. As:. Uu . 302.6 3201 — 

Gill Fund Dec. 13 103 4 105 «W .. 1L39 

l Accum Shares i._ . 1412 1440) . — 

Victory Howe. DouyNt. Isle of Mul 0624 24111. 
Managed Nov. 16 Jl34 B 142.01 ... .| — 

Isle of Mul 0624 24111. 
8 14201 ... .| - 

International Pacific Inv, MgmL Ltd. 

P.O. Box R237. 56. PIU Sl, Sydney. AusL 

JavetlB Equity TtL_.|SA2J3 2.4fi| | — 

J.E.T. Managers (Jersey) Ltd. 

P.O. B<» 96, Channel House, Jersey. 0534 73673 
Jersey Ex|mr Tit. |158.D 1680) . . I - 

As it Nex. 30. Next sub. day Dec. 31. 

Jardine Fleming & Go. Ud. 

46th FI box, Connaught Centre. Hang Kong 

Judhw EjulTsL ■ HKS2 96.(1 ... 2 40 

Jardine J on Fd.-..._ HKS41331 +1241 0,90 

Jardine S.E A HKS16 34 .0)4 210 

Jortflne Flem.lnt ..... HKSU.80 +ftl7 — 

[Mf.Pac.Seci.( Inc.t... HKS1364 +05? — 

Da. lAccnm > HKS1378 -DM — 

NAV Dec. 14. 'Emihulent SU 58352 
. next tub. day December 29. 

Unilife Assurance (Overseas) Ltd. 

P.O. Box 138 B. Hamilton 5-31. Bennuda 
fnurnl.Mngc. Fd_..|SUS0 *6 — I | — 

Union- in vestment-GeseHschaft mbH 
Poslfjch lp7o7. D 6000 Frankfurt In. 

Alfaoticlonds 1035 11501 J — 

FuropatGods 24 95 ?hJO . . [ — 

Unllontfs.... _. .. 17 p 5 IFhOj+OlOt — 

Unirenw 3835 ?o hffl . .. J — 

UruspeciJil 59 05 6200(-0J<ft — 

UU. intnl. Mngrant (C.l.) Ltd. 

14, MulcaMer SLreet, Sl. Helier. Jersey 

u.i.b. F und iwnma; loss?) 4 

United 5tates Tst. Inti. Adv. Co. 

14 Rue Altfringrr, Lu-rmbourq. 

U S.Tsr.lnv.Fnd . -IS1040 — |+0XN| 0.96 

Net asseb December 19. 

S. G. Warburg & Co. Ud. 

30. Grrsfem Street. EC2 01-6004555 

Cnv IrL Dec IB SUS* 37 -OJT) — *. 

Eng. |m. Pes 13 SUS17 41 +DW — 

Gr.Sl SFd. Nov. 30- SUS750 — 

.Men End Der.. 13 _ 5U51IU2 10 53 0J687 

MercMyMktI*e:.18—jIlll2Q 1021J — _ 

Warburg Invest. MngL Jrsy. Ltd. 

1. Charing Cross. Sl. Helier. Jsy.Cl 0534 73741 

CMF Ltd Nov. 50 - SUU3 56 13 001 — 

CUT Lut Nm 30 E13.67 14 03 . .. — 

Merai+Ta Nm'.lb- £12 73 1304].... — 

TMT Dec. 18 - USS13M 30 641 ... — 

TMT Lid. Dec. 18 . - Q02B 10551 — 

World Wide Growth Manage ment* 

10a. Boulevard Royal. Luxembourg • 

Worldwide Gui F«j| JUS14 77 J+004] — 

-0071 _ -. 
+DD9I — 


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Pare b=w wool 

Thursday December 21 1978 


rrs \ T 

, THE LEX COlAlJVfl^ : 

•4 -• 


for big wage 
rises, says CBI 


LEADING industrialists claimed Confederation’s pay data bank 
last night that there is no shows that 90 per cent of lm 

MORE THAN lm employe*! in visional October figure for Urn gvU servants also increased the have be'eoVmafc- 

hiS industrial groups have 
i reached wage settlements in the 
ifirst five months of this pay 
round, a figure in line with the 
inumber of agreements at the 
same time last year, 
i The Department oF Employ- 
ment said yesterday that about 
ha!f the settlements had been 
officially acknowledged to be 
within the 5 per cent limit of 
[Phase Four of the Government's 
'pay policy. 

1 Seven big settlements were 
istill being considered hv the 
department, the most important 
'being that covering 35ft /IC3 
Igaraee mechanics and motor 
[salesmen, and one covering 
132.000 workers in the grocery 

; The o Phase Four settle- 
.ments officiaii'-' considered to 
he in breach of th? Government 
limit ore those involving 5S.000 
wooers at Ford Motor and 
3.300 .at BOG In’smational. 

. It is too early to draw any 
firm conclusions from the index 

new index. covering 21m index, 
employees, shows that earnings The new index is provlsion- 
roso 1.1 per cent in the first ally estimated at 13S.1 in 
three months of Phase Four. October, compared with 134.2 in 
In that period 200.000 workers September (January 1976=100, 
in major groups settled, slightly not seasonally adjusted), 
more than over the same three The old index of earnings. 


months last year. The 1.1 per 
cent compares with 0.8 per 
cent in August-October last 
year, but the discrepancy is 
probably due to the dispropor- 
tionate "effect of backpay when 
moving to a tighter wage 

Growth stowed 

On a year-on-year basis, the 
growth in average earning? 
slowed in October to 14.6 per 
cent, compared with 15J per 
cent in September. 

About 0.5 per cent of the 

pay rises mnch in excess of 5 within the Government's 
per cent, in spite of Ford guidelines. 

Motor's 17 per cent settlement . However, this figure drops to 
and the Government’s decision j ust un( j er SO per cent if those 
to end sanctions. who have received rises of more 

*„c w. „ Jo***, t J e ^ Conf !, t ! e ”?° n thf than 3 per cent under exemp. 

based on about 11m employees British Industry wtil meet the ti - ons for low-paid workers are 
mainly in production indus- Pome Minister to discuss pay excluded. It also does not take 

issues and argue, that this 

pattern should not be 

endangered by high wage offers 
in the publip sector. 

It is likely to agree to have 
monthly meetings with the 

Government to review the 
impact of wage and price rises 
on the economy, in parallel v/ith 

the meetiugs agreed. by the TUC ^ 

weekly wage rates ^ or same purpose tv/o days dustrialists and representatives 
uochanged between a 30» of employers’ federations at 

If tbe financial markets bad * » t Ain't J\ew York tjefla.,iauivury^»ui 

really believed in the Chancel- Index TOSe iJ, CO ‘I/O. A stetifri&Jtt picesehf enjoying a 
tor’s hints of tax cuts they would. ^ ^ ?elati srfejfc'y^bfe JloaU there 
have turned sharply weaker. .. * •. : - 

rM&jmfxSSttus sterim^will be 


tries, again showed a rather 
bigger movement. It rose 1.9 
per cent in October for a year- 
nn-year increase of 16.4 per cent 
compared with 16.2 per cent in 

The old index was 344.4 in 
October (January 1970=100. 
seasonally adjusted) compared 
with 338.0 in September. 


account of productivity rises 
which have been recorded for 
some 200.000 workers, which 
add about 3 or 4 per cent or 
more -to some deals. 


yesterday. But the City, does not 
believe there can be any 
genuine fiscal relaxation in the ' 
spring Budget, and tbe stock 
market made little response one 
way or the other, with the earn- 
ings figures adding little to pre- 
vious knowledge about wage 
trends. Tbe chief stock market ' 
feature, indeed, was the lack of 
activity, with only just over 
3,000 bargains marked. 

But the most significant point 
to emerge was that tbe 2 SO in- 

October and last month (at an yesterday’s council meeting did 

index figure of 270 (July 1972= Oppose not sound any alarms about the 

100). This resulted in a drop in But it will strongly oppose any risk of workers wanting exist- 

annual increase was due to sub- the year-on-yoar increase from extension of price controls, ing deals re-Opened and high 

stantial back pay in the ship- 17.7 per cent in October to 16.8 following the Treasury confirm- claims met. Sir John said there 

building and electrical engineer- per cent last month. These j a a j a s t night that all pay sane- was “no intention of any pres- 

ing industries in October. Phase 
Three increases paid for the 

of average earnings. The pro- first time to 140.000 industrial 

figures take account only of 
nationally-negotiated rates. 

Pay settlements risk Page 6 

in the meet- 

6 will not allow’ 
anifesto dissent 


THE PRIME Minister made il 
clear yesterday that he would 
not tolerate any Ministers dis- 
senting from Cabinet policies in 
discussions over the contents of 
the Labour Party's next 
manifesto. Without actually 

wingers on the NEC, and who 
are alarmed at the electoral 
implications of some of the 
more extreme proposals circu- 
lated last week. 

The meeting was not all good 
news for the Prime Minister. 

Fresh bid 
to revive 

peace talks 

referring to Mr. Anthony Wedg- however; a motion was passed 
wood Benn. the Energy Secre- w hich could mean that the 
tarv. by name, he told a some- Labour Party will go to thp 
.times angry meeting of Labour’s poUs next yea r with two dif- 
National Executive Committee f eren t lines on the EEC. While 
that any Minister who could not the manifesto for the West- 
abide by the doctrine of Cabinet minster elections has to be 
collective responsibility always agree( i jointly between the NEC 
had the alternative of resigning. ancl the cabinet, the executive 
To the relief of moderates in voted yesterday against allow- 
tbe party, the meeting agreed ing MPs to make any direct 
that the controversial proposals contribution to the manifesto 
for the next manifesto prepared for the election to the European 
by Transport House staff and Parliament, 
leaked in the Press last week. Given the NEC's hostility 
should be treated only as a pre- towards the EEC, the manifesto 
luminary basis for the NEC’s ■ f or the European elections is 
contribution to the manifesto jtkelv to take a far more nega- 
discussions. Mr. Callaghan tj ve approach to the Community 
received the support of two than the sections concerning 
union leaders for his policy of gu^pe in the manifesto for the 
toning down the manifesto Westminster election, 
proposals. The Prime Minister's reasser- 

Letters pointing out that the ^on oE the doctrine of collective 
document leaked in the Press responsibility came at yester- 
iH’ent much further than agreed ^ ay morning's meeting of the 

with the TUC, were sent to 
the meeting by Mr. Bill Sirs, 
general secretary of the Iron 
and Steel Trades Confederation, 
said Mr. Sid Weighell, general 
secretary of the National Union 
of Railwayraen. 

full NEC. meeting, which saw 
demonstrated the very strong 
feelings some executive mem- 
bers have about Ministers’ right 
to speak out. It followed a letter 
from Mr. Eric Heffer, the Left 
Wins MP for Walton, calling for 

If other union leaders were a meeting with the Prime Minis- 
to follow suit, their support ter on the question of the free- 
could be invaluable to tbe dom of Cabinet Ministers to 
moderates iu the party who 3re make their own views clear in 
outnumbered by the Left- discussions over party policy. 

BP given go-ahead 
for Magnus field 

By David Lennon 

TEL AVIV — Israel and Egypt 
will attempt to find a way to 
renew stalled peace talks when 
Mr. Moshe Dayan, Israel's 
Foreign Minister, and Mustapha 
Khalil, the Egyptian Prime 
Minister, meet during the week- 

The unexpected meeting, 
announced last night, was 
arranged by Mr. Cyrus Vince, 
the U.S. Secretary of State, who 
may also attend. The talks arc 
expected to take place on Satur- 
day or Sunday. 

The year-long negotiations 
between Egypt and Israel 
appeared to enter a deep crisis 
last week with the collapse of 
Mr. Vance's Middle East shuttle 
after Israel rejected new 
Egyptian proposais-for resolving 
the deadlock. 

The Israeli Cabinet and Parlia- 
ment blamed Egypt for the 
failure to complete the peace 
agreement within the three- 
month negotiating period set at 
the Camp David summit Israel 
also accused the U.S. of contri- 
buting to Egyptian back-sliding 
from tbe Camp David framework 
by supporting Cairo’s new 

However, it emerged last night 
that Mr. Vance bad won 
Egyptian acceptance for the 
Dayan-Khalil meeting when he 
was in Cairo last Friday. Israel 
was informed of this only yester- 
day. No one in Jerusalem was 
able to explain the reason for 
the delay. 

Mr. Dayan flew to Brussels 
last night for meetings with EEC 
foreign ministers. The purpose 
of his journey was to discuss 
economic issues and to explain 
Israel’s rejection of the 
Egyptian proposals. 

tions are to cease. sure to re-open 

It is also likely to cast doubt ing. 
on the value of the suggestion This means the Confederation 
made on Tuesday night, by Mr. still believes there is a chance 
Denis Healey, Chancellor of the of this year's pay round produc- 
Exchequer, that he might intro- ing an eventual national earn- 
duce income tax cuts in his ings increase of about 10 per 
spring Budget if there is no cent compared with the 14.6 
wage explosion this winter. per cent for the last pay round 
Yesterday the Confederation shown in the Government’s 
sent the Prime Minister and Mr. October pay statistics. 

Healey a memorandum <m The formal announcement of 
public spending which warn? the ending of pay sanctions in 
that a “contractionary Budget” last night’s Treasury statement 
may be needed. “Excessive pay indicated that the Government 
claims currently threaten both has abandoned ail aspects of 
to lead to accelerating inflation the sanctions system. Clauses 
and to limit the scope in the inserted in public sector con- 
Budget for reducing income tracts, industrial assistance 
tax," says the memorandum. offer letters, and other official 
Last night, however, after its documents “will not be acted 
monthly council meeting, the on " said the statement Such 
Confederation’s leaders were clauses would " not be in- 
more interested in stressing the sorted ’’ in the future, 
relatively low levels of recent • Some £2.5m may be spent 
wage settlements than in hoosr- by the Confederation on moder- 
ing pay expectations by dwell- nising and converting Centre 
ing on the higher levels of. Point the controversial Totten- 
claims. many of which are run- ham Court Road office block in 
ning at 20 to 30 per cent. the centre of London, which the 

Sir John Methuen, the dir<?c- Confederation is considering 
tar general, emphasised that the making its head office. 

BL men vote 2-1 
in favour of pay deal 


British Petroleum the go-ahead 
to start ' developing the Magnus 
field— the deepest yet drilled in 
the North Sea. 

Approval for the development 
of the Magnus field has been 
held up by discussions over its 
gas reserves. At one point there 
were suggestions that BP mighr 
want to flare the gas, hut last 
week the company denied this 
and explained that the debate 
was simply over how the gas 
should be brought ashore. 

A decision has now been 
reached to try to link a gas- 
gathering system on the Magnus 
field with the Shell/Esso Brent 








,i sy/r 

gas pipeline. The Department of ing prejudice to their interests 
Energy yesterday admitted that in the Brent system." 
this could present technical diffi- Total investment in the 
culties, but it stressed that the Magn us field will be £1.25bn. 
collection of gas from Magnus 0 il reserves are estimated 
had been a “major factor" in a t 60m tonnes, and it is 
considering BP’S plans for expected to have a peak pro- 
developing the field. duction rate of 120,000 barrels 

EP has undertaken to make a day. Peak production for 
the gas available at the foot of gag j$ estimated- at 50m cubic 
the Magnus platform, and the fpet a day. Production, from 
British National Oil Corpora- a steel platform set in 600 feet 
tion and the British Gas Cor- 0 f water, is scheduled to start 
poration are ready to co-operate ^ *983. 
in financing a gas-gathering 

system. Tbe intention is that 
the system will deliver gas from 
Magnus and other nearby fields 
to the Sbell/Esso Brent pipe- 

Dr. Dickson Mahon, Minister 
for Energy, said yesterday that 
'* further detailed evaluation" 
would be required of the tech- 
nical “ possibilities and con- 
straints" of doing this. Shell 

BP Petroleum Development 
is the operator and sole licensee 
for the field, but BNOC will 
become a licensee through the 
implementation of a participa- 
tion agreement signed in 
February last year. 

The Magnus field lies about 
100 miles to the north-east of 
the Shetlands. Oil from it will 
flow through a pipeline to the 

and Esso bad assured him that Ninian field and then through 

they were willing to co-operate 
in these studies while avoid- 

the existing pipeline to the ter- 
minal at Sullom Voe. 

BL CARS*. 100,000 manual Controversy has been aroused 

Coal Board 
pension fund 
may invest 
in U.S. 

By John Brennan 

THE National Coal Board 
pension fund is negotiating 
its first property investment 
In the U.S. The fund, which 
holds a £3S0m property port- 
folio, .said yesterday that it 
was discussing the $50m to 
$60m purchase of First 
National Bank of Atlanta's 
41-storey headquarters build- 
ing in Atlanta, Georgia. 

In Atlanta, First National 
said it was holding ** defini- 
tive " talks for the sale of Its 
750,000 sq ft office tower. The 

bank expects details of the 
sale to be agreed early in the 
New Year. 

Mr. Thomas K. Williams, 
chairman of First National 
Bank Holding Corporation, 
said the 11-year-old building, 
which cost $30m (£ 14.8 m) to 
build, would remain the 
bank’s headquarters. “ The 
proposed agreement calls for 
a long-term lease with renewal 
options, and provides that 
First National will remain 
responsible for management 
of the property," he added. 

The Coal Board’s pension 
fund is expected to follow the 
pronerty financing rente taken 
by other British nationalised 
industry pension funds ■ al- 
ready active in the U.S. 
market, by raising around 
SO per cent of the purchase 
cost in the form of local 
mortgage money. 

workers voted by a two-to-one by the company’s decision to 
majority yesterday to support honour from February 1 next 
the company’s pay offer, which year overtime and shifts pay- 
will add 15.5 per cent to its ments negotiated by the Engi- 
annual wage bill. neering Employers’ Federation. 

More than 25.000 workers These are worth an average of 
voted against the offer, and £4 a week to plants such as 
management will regard this as Longbridge. 
disappointing. BL is justifying its award on 

The opposition reflects the the grounds that increases will 
number of workers at high paid be se if^ n anced through higheT 
plants, such as Coventry and productivity. The company is 
Solihull, who gain little more currently seeking around 7,000 
than the 5 per cent pay’ increase redundancies. 

allowed under Government _ _ .. ... . 

guidelines The testing time will come in 

BL. as a state-owned concern. February, when management 

will inevitably find itseir held 

. tPSt case for ^ tivity has unproved enough to 

up as a test case for tne 

Government pay policy. Payments. 

■Mr. Bill McLean. BL Cars’ Mr. Michael Edwardes, BL 
employee relations director, chairman, has emphasised that 
said last night that the vote he will adhere strictly to the 
marked only "the first step in Government pay guidelines. The 
the long road to recovery.” productivity improvements could 
The company ha.? offered a 5 be achieved easily by a reduc- 
per cent pay rise backdated to tion in unofficial disputes, which 
November 1, this year. In addi- would lead to continuity of 
tion, employees at low paid production, 
plants such a? Cowley and Without that, management 
Longbridge will receive parity will be confronted with the 
pa'-menis worth between £8 difficult decision of whether to 
£10 a week in a move towards refuse workers the promised 
the same pay for the same job. pay increase. 

Continued from Page 1 

French demands 


Moreover, the EEC Commis- 
sion is proposing a general 
farm price freeze for 1979-80, 
so any reduction in MCA? 
would bring a sharp drop in 
incomes for German fanners 
and the Benelux countries, 
whose' governments would 
therefore oppose .such a move. 

This is particularly true of 

Germany, where Chancellor 
Helmut Schmidt’s coalition 
relies heavily on the support 
of the Free Democrats of 
which Herr Erfcl, champion of 
Bavarian farmers, is a leading 
members. Herr Ertl has 
threatened before to resign 
rather than accept any move 
which might cut his farmers r 

Continued from Page 1 


readily justify moves to force had been forecasting a 1979 in- 
up interest rates and try to flation rate of 6 to 6.5 per cent 

tighten credit since it can argue .■*}**?*■ 


Ihe risk ofindu^g rre, rea PP ra ising its inflation fore- 
cession are lower. 5 nd l0fl S b0Bd * nces 

_ . _ have been under heavy pressure 

The surprising strength of the this week. 

economy will undoubtedly add Short terra money rates are 
to Wall Streets anxieties about a iso rising again, partly under 
the underlying rate of inflation, the influence of the Federal 
fears which have been fanned Reserve’s open market inter- 
by the OPEC oil price increase vention but also because 
and by admissions from . Ad* strong credit demands, 
ministration officials that infla- Some banks are said to have 
lion will be worse next year paid HJ per cent yesterdayfor 
than they expected. funds raised through the issue 

Mr. Blumenthal said yester- of six month certificates of 
day that he expected the con- deposit- And on Tuesday CLti 
sumer price index -to rise by corp paid more than II per cent 
more than 7 per cent next year- for funds at its weekly sale of 
Previously the Administration commercial paper. 

S and N 

There are no mitigating cir- 
cumstances this time for Scot- 
tish and Newcastle Breweries. 

was not can shortages or 
industrial disputes that caused 
the fall in half time profits. The 
cause lay in S and N’s well- 



:J3 anaw *»g»:as aZAWfjp iWi ] 


20" H 

io* a 

.. loti, .relative^ .ntewly 

; . esUblishcd^SMS 

Return on Au&age- Capita 
Employed Prttftt 

0 Before fcrteresti-'&xjr 

, H M-PLEfc 

2 74- - 71 


’TO . J' VB - 


year . 

: the ’ 

Jfc'- funtfflnwntally that 
' -tob- PStu* iWeigBL^puia tapt be 
•V put.bDtbe^'cffe^^wvef.the; . 

past, Couple -It will. . 

••^^Mcie^yemgs.rj^t^vtirco. fc; • 

■ ..and - 

' - .■tfcafcr'jnpginenf QlSpqf-' ^ e' sue- • ;■ r 

r— — tttt-: — - ;• ■ have t.o . . 

v • j : -x fi^b^'ries^sstaaL'. .7 . ... ' 

established ‘problems— too tittle rerovery stock aregmhgto havs a»pst 

laser tough competition in the their patience-j tested.-^Jn^-tbe vUsiWeKSmpa^ - ; . 

free * trade. ' and a relatively meantime S;and Nwtii ^oba6i/.- acqmsi^£p^& r ^|^^^W»r- T iip . 

small involvement in faster raise the di vldend.'by> W :peE ; ■ f romifiTOm.^’ d _ on 

growing activities like the wines' cent to . preserve tho laM;. , 

and spirits trade. • ■ V ; *’■ attraction of fee .shares. . At Jast - - emptoye<f --haS ; Stot^g. ; *om * -• - 

c tj •* ,mm : night’s price. Of -6lp -the: .sharek:^18m; : .- - net 

S and N is prospectively yield 92 per. cent 
year of decline m the voiume of remains well' above the ■ il54m ; v t6 \ ..By.cqhtiast ‘ 

wholesale teer _ sales which sectoral average^ 'of 6.5 per cenW ^tbe - pr^t' .opttum, Jopls , far ' .- * 

account for 65 per cent of itt . ;T .^ftef vdebit- «*? 

riM." Money rates ‘ ' -V 

££ Where do 

faces the increased financing naw? A few . weeks ago. when- - ■■■ ; ^ . - -- 

costs on the investment— £45 m uk Money market rate?^ were ■ j. ' ; - 

in the current year— needed ttf easing back a trifle. it lpbketf as . the 

achieve this. It was a deteripra- though Minimum Leading.' Bate perf oapance ; fao fcs^ar^nt lo . . . 1 

tion on financial items of £L2mr ^ at ]. . 

in the first half that turned- a too high. But now the;r^ewed- ; 

slim gain in operating profit firmness of^ y^.-interest rites- : 
into a decline at the pre-tax j s again casting*'a shadoW ovcr 
.6m for T.„mbard StreS YKterflav^e 

level from £22m to £21.' 

. Lombard Stre^ Yesteriay^e 
the first six months. * : federal funds- rate was nudging. 

With B 0 increase in Starrs the psycholq^ca} lerel of lOSar. 
beer prices likely until close to cent, although it was nptdear:.,^ Krowtb j e f t 

the end of the company’s year just bow.far the Federal Beservn-^ nectar I’: ^ 'profits'" H 

!p *rtT% *r* tha oHior hiicinMCK tiari rai«pH. ' its tarPBt 'rate. - - 

toTria‘u7.Vi^T'ahd whi&: SShS -' 5ast tHt 

contributed one fifth .of last all-tune recogd^peak/of - 

years profits, are expected to do cenr.bit In 1974. VTfflfe U.S. 0 r r- recovery - -•& 

slightly better. A mere credit icmand still ^ 

emphatic gain wiH come nr the the dollar continuing., fcftder • .« ^ 

Hotels and Wines and Spirits pressure^ ^ .fun^ ^ ^the' . . foreJ» ; SSSSJ d-SSt and the -i 
activities which regetber make ekchaeges.:' .the. fear ^ , that 
about 15 per cent of group prime rates wm ctimh faitb*hew.- 
profits. The contribution from high grodnrf t i^tfiln,. 

few. wBpkt . . ; .y'.j ■' -•_v ---v r intecfttt.itrharge ..firpm 

Sympatiietically, there .was; a , lasr . yeai’i'.- Ktiipytd rfcloser to - 

slight easing of gift-edged prices; .. 

in London yesterday. . Yet 15 e . fare above 

discount market appeare ,to be^;£8Pm.>^n;4j« ahorLienn, how- j .. r f 
divided pn the near term pros* v^v^^fb^jan^‘.icip»iS-ov^8ng- * 

The half-time message from pects for jnoney rates/ia tbff-- 7.8 »" 

S and N seems to be that those UK, and there, is ro^h Jldr-’. pe£^t-fafcjfl6|p, .i^lbe possi* - 
who regard this company as a debate ' about - how cft)£ely bdaty ^^/anDthei l issue. 

S and 

remains static, reinforcing the 
impression that this joint ven- 
ture is becoming incompatible 
with its owners’ own aspirations 
in the lager markeL 

•; . ■. • y • ; { ;. s - • ‘^1 c p 



SLEET, or snow at times. Night 

London. S* W. and N.W. 
England, Midlands, Wales, 
Channel Is. 

Some light snow. Brighter 
intervals. Max. 4C (S9F). 

E. and NJL England 
Cloudy. Wintry showers. Max. 
4C <39F). 

L of Man. S. and Cent. Scotland 
Sleet or snow. Max. 4C (39F). 
Highlands, Scottish Islands, 
N. Ireland 

Dry at first tight snow later. 
Max. 4C (39F). 

Outlook: Cold, but becoming 
mainly dry. 


•C # P 

Amsdm. C —3 27 
Sahiain S 21 70' 
Badona. C 8 46 
Belfast S 4 39 
Bo In redo C O 32 
Berlin C 27 
B’ham C O 32 
Bristol C — 1 30 
Brjsaels C — 2 2B 
Budpsst Sr t 34 
B. Airas C 23 W 
Cairo S 22 72 
Cardiff C 1 34 






















Sn.— 3 











S— 13 


H. Kong C 












Sn— 2 


bixmbq. C —6. 





■ 32 ' 

■ *C -F 
Mnchstr. F 3 37 
Melbne, C 15 59 
Max. C. S 20 68 
Mrfan C 2 36 
Montreal C ■ — 9 16 

Moscow S— 15 . 5 
Munich Sn — 3 27 
Mwcstla. C 0 32 
N. Delhi S 21 70 . 

N. York C 1 34 
Oslo C — 4 2S 
Paris C O 32 
Perth S 26 79 
Prafiue C 0 32 
Reykivtt. S —2 28 
Rio J’o S- 27 81 
Rome F U 55 
S.nqor. R 27 81 
Stckhlm. C —4 5 
Strsbrq. S 1 34 
Sydney S 19 66 
Tehran S 4 39 
Tsl Aviv Fq 17 63 | 
Tokyo C 8 46. 
Toronto C —6 23 4- *< 
Vienna C 1 34 
Warsaw C 1 34 

Zurich C — 1 30 


V* day 





























L Pima. 





































Cape T. 








1 • 









































Gibraltar R 

















— 1 






1 livens* 




Valencia C 



1. Man 








S — Sunny. F — Fait. C — Cloudy. R — Ram. 
Sn— Snow, fg — Fog. 

^-’ain era 

- C 

that -and she’srightThe factthatshe’siBrKt . : -J ' 

: abl^y won tier^romotiontoj 

In an important Post Office.Di- 

-the point. The RNfB trafned$arid^^SF;T; l". 
Commercial College, and ■' V 1 


evet We’irte 

cu luauuro utcu, — • 

yotirhelp,1hmuglrIegaci^and'dcmfi6^^2 , 

enable usto j 


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.' -V' 


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