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• COMratfMTAL SEUmb mCES; AUSTRIA ScJt- Ifc. B&GlUW Fr 25: DENMARK Kr 3.5; FRANCS Fr 3.0; GERMANY OM 2.0s ITALY t 9 »; NETHERLANDS Ft 2.0: NORWAY Kr 3* PORTUGAL Em 20 ; SPAIN Pta 40; SWEDEN Kr X2S; SWfTZERtAWO Fr 2.0: EIRE I5p 




LONGINES 


I No. 27,747 


Friday December 22 1978 



World's 
... Most 
^IHonoured 


\ 


Thro* soldi ere were killed in 
an ambush on the Ulster 
border yesterdayas the Fro- 
visional IRA emphasised Its 
, v . message- that .there -would bc.no 
C^Jristmas eesKeflre. 

’ ''•■■* ■>•'.'• . . . All three were hit by machinc- 
. •‘Ti.^T. li- gpn Are frpJH .the rear of a.. van 
.'•• * •-.' y/h)th drew up near a check- 
; . 'JjS 1 paint . an . Crossmaglen, Co. 
l",U '!' Armagh. . In terras of casualties, 
'• >!rJ~ - . it was the worst single' incident 
a£*, : i -fhroiving the anny this year. 

•' ■••- . r-: 

- ••■*: ■' 

' - 

‘V ‘w.-ti-; 

... 

•- ^<rii 

T' ;t - ££■;: 

': V- 

. ' ' ■ 


./The village was crowded 
during the attack, and shoppers 
-.-dived to the ground ta -avoid 
crossfire. 

;-. A search twls mounted on 
> ibtii .sides of the border for the 
•killers! -;The army said it was 
- ijhtfertaj it whether any of 'the 
[ jLttaekers’ wer^ hit by return fire 
frijnL’trdcgjS.' " 

Journalists lose 
blacking: appeal 


falls £80 


• EQUITIES were quiet, apart 
from pressure on Glaxo, and 
Boots on speculation of gloomy 
predictions from, their brokers. 
The FT ordinary index dosed 
unchanged at 478.2. 

• GILTS traded quietly and the 
Government Securities Index 
closed 0.06' op at 65-55.. 

• STERLING fell Z cent against 
the dollar to $2.0010, but its 
trade-weighted index remained 
unchanged at 63-3. \ The dollar 
geined ground and its depre- 
ciation narrowed to.SJ-per cent 
(9.0). 

• GOLD fell $21 to $2132 in 
London. 

• TIN prices lost ground with 


'• .-.rtitv- 


: v p-j-r'i-: 

■:3' 


£ per tonne 



5,500 


6,0001 


JIA AUC SEP OCT BOV WCj 


The National -Union of .Jbuma- 
lists yeAerdft^ laiied. to reverse 
alfigh Uonrt dediion which the 
TUC considers will severely 
restrict' ttftr -Xreedom of trade 
• ; unionists'] to;', iaice sympathy 
; action in industrial disputes. 

The, : was appealing 

■ against; * fiftSsion to grant an 

‘-—t:', ' injunetioh , -;-t6‘.-''Espress News- standard p-ade cash -tin £80 
] J r ; ; 'pa^ dW^tofr-thfeNUJ to Jiff tower at £MOS a tonne, 

..ite.in^cfi^^o Egress group ® TOKYO stock market fell 
JqnrnaUstS' , /1&V- sharply on a wide front, with the 

, TJte C q u rt n. p^ikXei-Dow Jones indextallliig 
A^po« rtfjised^tfe.Jipion leave 101>5 q t0 s fi72.il, its largest one- 
lb' appeal . Bac*t day fall since late Novetaberlast 

•" year - . ■ ' -¥?" 

" ■ • WALL STREET vrs fillip 

.^r. • -at 710.92 juiti 7i-. J3 .; ♦£•<* -»&>■- 

e „ A(VK IOAVS )n . in<Ju %i . 
slackened signifi^entiy ijn the 
three months in mid-November, 
hut the overall lending level 
continued ,• to expand sharply. 
Rank of England lending figures 
show that of the £8l0m lent to 

__ UK residents between mid- 

-^^^M^bn-chanj^'to the Cam? 'August ahd mid-November;. 
' : ' l^- 'VCDavto agreement. ' was -lent iff the private 

' ■'• :^r • i- , . .'•■•' • : se^or. ~ ' “ 

. r? * ;■ Iran refusal. 



Goyemment warns: 
troops to be used if 


tanker men strike 


BY NICK GARNETT and RICHARD EVANS 

The Government has told Mr. Moss Evans, general secretary of the Transport 
and General Workers’ Union, that troops will be used if tanker-drivers carry 
out their threat of a national stoppage from January 3. 



OECD cuts 
forecast for 
world growth ‘to slow’ 


The warning was delivered at 
a meeting between Mr. Evans, 
Mr. Anthony Wed g wood -Be nn. 
ihe Energy Secretary, and Mr. 
Albert Booth, the* Employment 
Secretary, in which he was told 
that the Army would be used 
to maintain essential services, 
as they were during the fire- 
men's strike last winter. 

The damage a long dispute 
would do lo the economy was 
emphasised. 

A national meeting of shop 
stewards and union negotiators 
for drivers at the five main oil 
companies was urgently con- 
vened yesterday by Mr. Evans 
and other senior Transport 
Workers’ officials. 

The Government's apprehen- 
sion at the possibility or a strike, 
and its determination to use the 
Army in that event, were 
relayed by Mr. Evans. 

The meeting reaffirmed the 
negotiators’ decision to continue 
pay negotiations wiih the com- 
panies, and what is in effect 
the fourth round of talks began 
late yesterday at Esso. 

The drivers, who imposed an 
overtime ban early this year 
which cut oil and petrol deli- 


veries by up to 30 per cent, 
have submitted claims valued 
by the companies at more than 
50 per cent, including an in- 
crease -in the present basic wage 
of £75 to £90. 

They have been offered in- 
creases of 11 to 14 per cent, hut 
linked to productivity changes 
which the union has refused to 
accept unless the cunipany.V 
basic offers art* improved. 

Drivers at Esso. British Pet- 
roleum and Texaco have im- 
posed an overtime ban which is 
affecting petrol supplies. A 
national strike would also affect 
Shell. 

The Government lies pre- 
pared cnntingenc> plans to use 
troops in the event «»f a tanker- 
drivers' strike or a stoppage by 
local authority workers. 

The more pressing problem 
is the petrol supply dispute, and 
the Civil Contingency Unit cl 
the Cabinet Office, staffed by 
senior civil servant.;, has 
detailed plans ready. 

It was denied at 10 Downing 
Street yesterday that troops hud 
been given special training in 
West Germany. The plans were 
said to be the nurmal pre- 


cautions taken when there 
appeared likely to be a break- 
down of essential services. 

It is estimated that if there 
were a strike only about 25 per 
cent of normal supplies could 
be made available, and there 
would therefore have to a sys- 
tem of strict rationing, with 
priority for key industries and 
workers. 

The Confcilc ration of British 
Industry is maintaining contact 
with the Department of Energy, 
and has made a study of the 
potential effects on industry of 
a fuel strike. 

Ministry have given assur- 
ances that high priority would 
be given to maintaining indus- 
trial production by supplying 
fuel direct, and by ensuring that 
employees can get to work by 
public Iran. port. 

A potential difficulty under 
discussion Whitehall is the 
prospect of trouble with strike 
pickets if irr.nps move into the 
depots t.j c-rvmandeer tankers. 

It will essentially be a matter 
for the police, t«. maintain order 
and ensure access 
Petrol shortages over Christmas 
•unlikely’ Page 7 



Greece’s 
of EEC is agreed 

BY GUY W JONQUIERES, COMMON MARKET CORRESPONDENT 


‘ jv . 

: -i;i zj' - ji- 

. “-rvs.V. 


J&ypt: would; never 
£a . separate' peace ^treaty 
; Israel? if'Che time ‘ fur. 


toe* is over.", he said. -Mr. 
lie- Dayan. Israeli Foreign 
pisfe’ri - warned 'the . U.S. 

making any attempt to 
erce . Israel into accepting 


Back Page 


~ ' * ••*? .-. : .The' ^adonal . Front, 

' r -.v r - •- Iran ian Government's 
-' r • ,^oimcaJ opposition, has refused 
i to'Jbia.a hew civilian Cabinet 

rf; V ' tyfihg ... canvassed = . to replace . 
; - General : Azhan's military 
atohinistratioa Pagf 3 

Po Htitlon delays 

l '~- -' ^he- "21-day operetioti to limit 
(&t pplijrtipn- from the Eleni V 
tanker could have been , con- 
id more, quickly, according 


• M BANKS -with -loans outstaad- 
the ■ ihg tp-:Iran have started 
main' cautionary steps to protect 
themselves, elthough no specific 
requests for repayments of loans 
hare yet been made. Page 16 


i y ■ 


\i . k ■ 

?0M i 


:di 


..i-j & 

% ^ • • 1 

V.--' 


(9 : GOVERNMENT is stepping 
in for the second time to rescue 
the Marathon rig building yard. 
bn Clydebank. The Scottish 
Office. BNOC and the Gas Cor-, 
poratton are to set up a new^ 
company to negotiate for a Jack-' 

up rigi costing between £l4mj 

lb -a; Govern Eoent - report pub- r ahd'£lFm to he built at Mara- 
/ li^jea yesterday. 1 • r ’ - thon Shipbuilding. Back Page . 

j ri- 4- UUC and - the U.S. are dose 

i . .ir^-'.B^S-Trairi. CFasn - to -agreement on all the mauv 
% i -i ' ■'Tvffi^chfldren were kUled and issues in the Tokyo Round ot 
^ .■f.'satoe‘vthan_60 Injured' ‘wdien a .GATT in Geneva. Talk? will; 
-schhfll' bus and a crowded train adjourn today for the Christmas 
'~i~- !-•> -JETr? c_ - >11-0 at Vint npaotmtolTS are Cbn- 


. „—J ' in -•' collisjon hear “Sal a- break, but negotiators are cbn 
t^S^erfero Spain. - fident that toe remaining 

'■JIT?-/:- ...... ■* difficulties will be resolved ear^f 

ito.toe Neiv Year. Page 4 

• CHRYSLER UK has warnjed 
unions that losses in the current 
year -could , approach toe £2i.5in. 
deficit, suffered in 1977. The 
full extent of losses will not be 
known until the position in Iran 
becomes clearer,- as Iran takes 
more than £100m worth of com- 
ponents a year from the British 

. company. Back Page 

o NATIONAL farmers 
UNION has attacked -as 
inflationary an Agricultural, 
Wages Board award increasing 
. full time farmworkers earnings 
by an average 13 per cent. ' 
Page 7 

• TUC is to urge toe Goverh- 
'inent to give British support /to 

a .proposed code for controlling, 
the conduct of multinational 
companies drawn up for the UN 
Commission, on Transnational 
Corporations. Page 7 • 


! .^Spvisf space -module tonchcd 
- ^'dowK .on Vehug. yesterday-.and 
' relayed back, scientific Lhfornia- 
tjkm . for. slmosa; ' two' - liburs. 
."Miotogritiilis; showed a flat, 
Itoiky- ?daifdscape —with, yellow 
• ctodds- oveaahead. - 


LocS " authorities . toire been 
^iven.'\ i permissioii to impose 
selective bans on heavy lornes.; 
The High Court rejected an 
application from road bauJiere 
calling, for an end. to a Berk- 
•tdurti County Council ban. Back 


- V J 




Briefly 

The Assototjon of Independent 
Businesses has called for an 
increase In toe value -of 
luncheon vouchers from. 15p to 
£2. 

Daniel Cohn-Bendit, a leader of 
toe 1968 Paris student revolt, is 
free to return to France, where 
toe 10-year ban against him has 
been lifteth Page-i. : - 

TI.S;^ ■: Secretary of “State Cyrus 
Vance and Soviet Foreign TOM-' 
ster Andrei Gromyko began 
talks In Geneva on a new 
Strategic -Arms. Limitation 
agreement Page 2 . - 


COMPANIES 

f; CHARTERHOUSE GROUP 
■pre-tax profits for the 12 months; 
to September 30 rose 44 per cent 
to £9.81m (£6.81m). Page U 
and Lex. - 

• UNIGATE, pre-tax profit for 
toe .24 weeks to September 5 
rose from £9.5m to £15. Ira on 
turnover up 'from £435m to 
£500m. Page 14 and Lex 


, 

; ” s > 

* i ^ 


!>. i i;l»' • 




CHIEF PRICE CHANGES 

(Prices in pence unless otherwise 

Treasury Spcl96&S9 S5 : . 
Amt and- WaorgV.. 421+ 2 
Christies- -Inti.- : 156 + 5 
Guinness < A?) \ - 164; +; 6 . 

Harris si-+ 11 

Lalng Props. «A n „i.l25 +. fi . 
Leigh Itttfire«S. 335 +, 6 
mffa'ijeiscfc; 335 .+.7 . 

Norton -and’ '14&: + 10 , 

-Mfe-lUb 154, + d 


YESTERDAY 

jadleated) . 

Rolls-Royce - 96 + 2J 

Sotheby P.B 345 + 9 

Taylor Woodrow ... 411 + 8 

FALLS: _ 

A. B. Electronic ... 160 — 4 

Soots 3S8 — 4: 

Cohen (A.) 160 - f 

Edbro 193 • 8 

Glaxo 518 — 5 

WilOJOVBreedan 81 — 24 


T.R’JSSFXS — Greece’s admis 
sion, as toe tenth ntciubcr of toe 
Common Market is now assured 
following aU-night . talks in 
Brussels, at which the most 
sensitive political problems, 
raised by its application, were 
settled. 

Final agreement was reached 
between the EEC Council of 
Ministers and a delegation led 
by Mr j, George Raliis, the Greek 
: Foreign Minister, yesterday on 
Integra ring Greece's agriculture 
.amd labour sectors into Com- 
munity structures. 

Though a number of difficult 
points remain — notably detailed 
provisions for Greece's EEC 
budget contributions — state- 
ments by both sides left no 
doubt that the back of too 
24-year-old negotiations had 
been broken. 

Herr Klaus Von Dohnyani, 
"West German Minister or State 
for. Foreign Affairs and acting 
President of the Council of 
Ministers, said he expected the 
formal treaty of accession 
between Greece and the Com- 


munity to be rien-'ct ni the tin:* 
. hah uf- next year. • . ' 1 

No date has yet heen fi.w! 
for Greece’s entry, v/hic-h must 
await ratification of ihe Treaty 
by national parliaments. On to? 
EEC side. January. 1981, is con- 
sidered th* most likely daf •. 

Though bargaining position* 
softened as the night wore on. 
the biggest concessions were 
made by the Community. Des- 
pite strong Initraf reservations 
by France and Italy, which are 
concerned about the impact nf 
EEC enlargement on their 
Mediterranean farmers. Greece 
has obtained most of what it 
sought nn agriculture. 

Virtually ail important Greek 
farm products will he phased 
inin the Common Agricultural 
Policy’ over toe five years follow- 
ing entry. 

West Germany, which fears 
EEC enlargement will bring a 
flood of foreign workers on lo 
its labour market, has won 
agreement that Greek workers, 
uot already in the Community, 


w ,: '.!£- be granted free access 
u:ni„ art*! years u fu.T entry. 

This slas apparently been 
accepted without too much soul- 
searching in Athens. 

Though- the ii.sue of EEC 
budget payments remained un- 
.seirltd. Herr Von Dohnyani 
commuted the community to en- 
sunn? I hat Greece was not a net 
contributor during its early 
years of membership, as its 
government has claimed it might 
be. 

One of The major questions 
raised by the outcome of the 
negotiations is how far the' EEC 
concessions to Greece, especi- 
ally on agriculture, have com- 
promised its position iu the 
forthcoming talks on the mem* 
hership applications submitted 
by Portugal and Spain. 

The French attitude towards 
Spam's application has already 
nardened. and it has already 
pushed the EEC iQtn insisting on 
a breathing space of several 
months before negotiations with 
Madrid start. 

Editorial comment Page 12 


BY ROBERT MAUTHNER 

PARIS — The 24-nation 
Organisation for Economic Co- 
operation and Development has 
scaled down its world economic 
forecasts for next year follow- 
ing the unexpectedly large oil 
price rise. 

The decision by the Organi- 
sation of Oil Exporting Coun- 
tries to raise prices during next 
year by 14.5 per cent is ex- 
pected to boost the OECD area’s 
rate of inflation by about 0.6 
per cent and toe member states' 
combined gross oil import bill 
by Sl9bn. 

The rise would clearly have 
some infiationary effect as well 
as reduce an already moderate 
rate of growth for the area, 
said Mr. John Fay, bead of the 
OECD's Economics and Statis- 
tics Department, yesterday, 
when presenting the organisa- 
tion's six-monthly Economic 
Ooutlook report, published! to- 
day. 

But the rise, although regret- 
table, was not disastrous, he 
said. The Western world could 
certainly “ live with it.” 

The real negative impact op 
the area's current account 
would be no more than about 
$20bn at an annual rate, since 
the higher revenues obtained by 
the oil producers would* rib 
doubt be partially spent on in- 
creased imports from the OECD 
countries. 

According to the revised fore- 
casts. ihe area's GNP will rise 
by only about 3 per cent next 
year, compared with 3.5 per 
cent this year. Its overall 
current account deficit next year 
could rise to S11.5bn from 
SoOOm in 1978, and the average 
rate of inflation is expected to 
increase to about 7 per cent 
from 6.75 per cent this year. 

Potentially the most worrying 
aspect of the oil price increase 
was the totally unquantifiable 
effect it could have on market 
psychology and particularly on 
the behaviour ol the foreign 
exchange markets. Mr. Fay said. 


The rise had already been 
partially counter-productive as 
far as the OPEC countries were 
concerned. One of rhe develop- 
ments which had particularly 
worried Them was the fall in 
their revenues, as the result of 
a constantly depreciating U.S. 
dollar. 

iBut just as the dollar had 
been stabilised after a year of 
turbulence, the OPEC decision 
had again put the U.S. currency 
under pressure and it had tost 3 
per cent in two days. 

Although international econ- 
omic prospects arp. Therefore, 
less favourable than the OECD's 
Secretariat originally predicted, 
on the assumption lhat the- oil 
price would rise by no more 
than 5 to 6 per cent, the general 
pattern of economic develop- 
ment is still considered to be 
much belter than six months 
ago. 

Present policies in member 
states are expected to lead in 
a sharp growth in spending in 
Japan and West Germany, and 
a slowing down in the U.S. This 
concerted stance, accompanied 
by the effective appreciation of 
toe yen and the deprccialTon 
of the dollar, should produce a 
much more balanced inter- 
national payments pattern. 

Mr. Fay said that although 
the oil price increase would 
push up the U.S. current account 
deficit by a further $3bn in the 
second half of next year, the 
total shortfall for 1979 would 
still be no more than about 
$8bn. compared with as much 
as SiSbn this year. At the same 
time, the Japanese and West 
German current surpluses would 
be roughly halved to $12bn and 
$2.5bn respectively. 

Unemployment will probably 
remain high throughout next 
year and until much more pro- 
gress has been made i? reducing 
inflation. 

Details Page 5 

Editorial comment Pago 12 


Callaghan and CBI 
agree wage targets 


BY JOHN ELLIOTT. INDUSTRIAL EDITOR 


THE Prime Minister and toe 
Confederation of British 
Industry last night patched up 
their year-long differences over 
toe use of pay sanctions and 
agreed broad aims for. toe 
future of toe present, wage 
round and for longer-term pay 
reforms. 

That emerged at talks in 
Downing Street after which Mr. 
Denis Healey. Chancellor, con- 


firmed that the Government was 
prepared for individual groups 
of workers m ” non Trading ’’ 
parts of toe public sector to 
use comparability with relevant 
private industry pay levels to 
support their wage claims. 

Although Mr. Healey did not 
specify the possibility of 
examining comparability claims 
within one new pay review 
Continued on Bach Page 


By Peter Riddell, Economics 

Correspondent 

THE KATE *if expansion of 
domc&iic demand in the UK is 
likely to slow’ sharply in the 
next 12 months. Unemployment 
might increase slightly. 

Thar b indicated by an 
analysis of ihe prospects lor the 
economy in this murning's 
Organisation for Economic Cn- 
npeiaiion and Development 
Economic Outlook. 

The OECD Secretariat is 
more pessimistic about output 
and unemployment next year 
tlii'.n the Bank, of England in 
iis recent quarterly bulletin, 
and slightly glummer than the 
Treasury's forecasts a month 
.ago. 

However, the balance »f pay- 
ments current account is ex- 
pected to he well in surplus 
next year and consumer prices 
might rise by S; per cent a year 
on average on the basis of a 

10 per cent earnings rise. 

The Outlook also examines 
the implications of a 12 per cent 
rise in earnings in the current 
round. It concludes that 
although the effect on activity 
and output would be negligible, 
thar on inflation would be quite 
important. 

Higher tahnttr costs, which 
might push sterling down, would 
sp.eed the crew to of consumer 
prices, possibly to more than 
in per cent. 

That might also add only i 
of a percentage point to the 
growth uf total output, although 
ihe OECD notes that that cal- 
culation excludes any negative 
effects on business and foreign 
confidence resulting from a 
higher inflation rate, which 
might depress growth and lead 
to a larger rise in unemploy- 
rnent. 

Assuming 10 per cent earnings 
rises, growth in total output Is 
expected tu slow from 24 per 
cent a year in this half year to 

11 per cent in the second hall 
of next year. 

The Outlook assumes an in- 
crease in income tax allowances 
in toe spring Budvet only to 
take account «u inflation, with 
nu further tax reliefs. 

The flower expansion 
envisaged by Ihe OECD would, 
mean an increase in unemploy- 
men i of about 1 a percentage 
point to i-jiiehly 6 per cent by 
ill* end uf 1979. 

One favourable result of the 
slower growth should be a 
current account surplus of about 
£700m next year, mainly 
because of North Sea oil. 


£ in New York 


- Dec. 20 

Previous 


Sect <2.0010-0125' 6E.0t60.017Q 
! month 0.29 0.23 dls • 0.20-0.14 dis 
5 montns 0.67-0. 53 dis 0.560.49 dis 
12 months 2.33- 2 20 dis , 2.45-2.25 dr* 


BBC plans TV at Christmas 


BY PAULINE CLARK, LABOUR STAFF 


TH£ BLACK-OUT on all BBC 
television transmissions looks 
like continuing loddv after 
pay talks between manage- 
mejnt and the corporation’s 
flv^ unions broke down last 
night. 

But Mr. Alasdalr MSlne. 
managing, director of BBC 
Television, announced ttafct it 
had been decided to transmit 
programmes on Christmas 
Day and Boxing Day in spite 
of Industrial action by the 
Association of Broadcasting 
Staff. 

' An BBC television has been 
tacked out sinee Wednesday 
because of a row over the 
suspension of film processors 
who took action in snpport of 
a two-week ABS overtime ban. 

The union, the biggest in 


the corporation, called out 
9.000 members on strike after 
the suspensions. Although 
yesterday's talks centred on 
the long standing pay dispute 
in the BBC, it was hoped that 
progress on this issue mi?ht 
lead to an end to the strike 
with reinstatement of the 12 
film processors. 

The BC safd last night that 
management could not meet 
a pay demand which exceeded 
the level of Inflation. 

A statement from the 
National Union of Journalists 
added yesterday that the 
Government had told the cor- 
poration it would incor sanc- 
tions if it reached a settle- 
ment in excess or the pay 
guidelines. 

Pay negotiations affecting 
toe BBC.’s 26,000 weekly and 


monthly paid staS have been 
taking place for some three 
months without a conclusion 
and frustration has mounted 
over in-house pay anomalies 
and toe widening gap 
between BBC pay and that 
of independent television 
companies. 

Referring to the Govern- 
ment's lifting of the pay 
sanctions threat on commer- 
cial organisations, the NUJ 
said the union deplored ** the 
cynical and dishonest atti- 
tude ” of the Government on 
public sector pay. 

The 1,5 DO NUJ members 
in the BBC have been in- 
structed to continue working 
normally but to take no action 
which would undermine the 
ABS strike. 

Background to dispute Page 7 


CONTENTS OF TODAY’S ISSUE 


European news ........ 

American news 

-Overseas news 

World trade news .. 
UKitews — general .. 

— labour ... 


2 

4 

3 

4 
6-7 

7 


Technical page 

Management page 

Arts page 

Leader page 

UK Companies 

Mining - 


9 Inti. Companies 16-17 

9 Euromarkets 1G-I7 

11 Money and Exchanges ... 15 

12 World Markets 18 

14 Farming, raw materials ... 19 

14 UK stock market 20 


The- f : Reasons for . the 
/ renewed pressure and 

MW®: ; ; 12 

ABM joins the crisps and 

nuts battle 13 

Energy review: Solar pro- 
ducts and systems 8 


FEATURES 

Around Britain: Dundee 
Christinas card industry 10 

Italian Bourse watchdog: 
Appointment ridiculed 17 

Cereal growing: Fair-to- 
all grain tests need 19 


Christmas out oF the 
catalogue 

Bangladesh elections: An 
easy win likely for Zia 

Mexico: Bow investment 
will boost employment 


Appolntnrems .„ 
8ank Return ...... 

Crossword 

HmoruUn. Guido 

Food Trices 

FT -Actuaries 


8 

14 

10 

10 

17 

20 


Euro-options. —• 

18 

Racing 

10 

Letters , 

13 

Share information 

22-23 

Last 

24 

Today's Events .. 

9 

Lombard 

10 

TV and Radio ... 

10 

Man and Matters 

12 

Unit Trusts 

21 


Weather 24 

Boat Lend, pates 18 

INTERIM STATEMENTS 
Charterhouse Grp. 24 

Wearunll Ltd. ... 20 


For latest Share Index ’phone Q1-24G 8026 



What the stars don’t foretell 


HINE iWHtde luxe 

The number of scans on a bottle doesn’t tell you 
much about rhe quality of die contents, but rhe 
name on the label can mean a grear deal. Taste Hine 
'2r£r£r de luxe and you will immediately know you 
are drinking a Cognac of quality and distinction, 
stars notwithstanding. 

H1NEVSOP 

If stars counted for anything, long-aged HineVSOP 
would command a consrel la non. TJiis is truly die 
Connoisseurs’ Cognac, appreciated everywhere 
for irs depth and subtlety 

HINB “ANTIQUE* 

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mROPEAN NEWS 


DM Ibn aid plan 



BY ADRIAN DICKS 


BONN— The way now appears 
open for the hard-pressed West 
German shipbuilding and ship- 
ping industries to receive addi- 
tional government assistance 
that could total more than DM 
lbn l£270mt in order to ensure 
their survival during the next 
three to four lean years. 

Chancellor Helmut Schmidt 
cleared away the last major 
obstacle to a DM 660m scheme 
for the shipyards yesterday 
afternoon, when he won over 
Herr Ernst Albrecht, the Chris- 
tian Democratic state premier 
of lower Saxony. 

The Bonn government has 
been insisting that no pro- 
gramme could go ahead without 
the four coastal states' contri- 
buting one-third of the cost. 
Herr Albrecht had demurred at 
this, arguing that mixed state 
and federal responsibility would 
only make it harder to arrange 
a further restructuring of the 
industy which the Bonn Econo- 
mics Ministry' also wishes to 

bring about. 

During a private meeting with 
Herr Albrecht, the Chancellor 
also agreed that the federal gov- 
ernment would contribute DM 
200m towards rhe heavy security 


and running costs of the pro- 
posed Gorleben facility for 
storage of high-level nuclear 
waste materials in underground 
salt caverns. Herr Albrecht’s 
government in Hanover has not 
yet, however, taken a final deci- 
sion on whether it will allow the 
facility to go ahead. 

The DM 660m shipyards pro- 
gramme is intended to 
strengthen German shipbuilders 
in their strongest suit, die con- 
struction of high-value, special 
purpose vessels. 

The draft programme appears 
to accept the industry’s own 
analysis that the years 1980-82 
will see the bottom of the world 
shipbuilding slump. After this, 
the West German yards’ 
modernisation and diversifica- 
tion moves are expected to place 
them well to benefit from a 
fresh upturn in orders. 

Final details of the aid plan 
will be settled at a Cabinet 
meeting on January 17, when 
details are also expected to be 
announced of a plan to make up 
to DM 500m available to West 
German shipowners in loans and 
interest rate assistance. This 
should help them over a liqui- 
dity problem that is already 
acute in some cases. 


:er 


warns of EMS 

; difficulties for the dollar 


; BY JONATHAN CARR 

BONN — Dr. OtmarEraminger, 
the President of the Bundes- 
bank, has said that ultimately it 
is up to .the United States 
whether or not the new Euro- 
pean monetary system (EMS) 
brings disadvantages for .the 
dollar. 

In an interview with the 
weekly Deutsche ZeituDg re- 
leased yesterday. Dr. Emminger 
noted that on his recent visit to 
Bonn Mr. Michael Biumenthal, 
the American Treasury Secre- 
tary, had judged the EMS posi- 
tively. 

'But the Bundesbank president 
added that if in the long term 
the Europeans achieved more 
price stability while rhe 
Americans had insufficient suc- 
cess in the inflation battle, some 
dollar holders might instead 
orientate themselves on the 
. EMS. 

t Dr. Emminger made it quite 
: clear that although the decision 
! on changes in parities within 
• the EMS lay with national 
Governments, the Bundesbank 
: bad oo intention of allowing its 


money supply policy to be under- 
mined. 

He pointed out that the Bun- 
desbank would approach the 
Government \ith its own pro- 
posals if it felt such a develop- 
ment was occurring. In any 
case the Government itself had 
no interest in seeing the EMS 
undermine West German 
monetary’ stability. 

But Dr. Emminger added that 
in an emergency the Bundes- 
bank would not content itself 
with speaking privately. It 
would go before the public with 
raised finger and warn of the 
dangers. “No one should have 
any doubts about our determin- 
ation on this issue," Dr. 
Emminger said. 

He did not believe that the 
question of a currency realign- 
ment within the EMS would be- 
come “acute" in 1979. But 
should the moment come for 
such a realignment, he hoped 
the participating countries had 
now learned from the past and 
would not delay necessary action 
on prestige grounds. 




if* 


Paris delay "fault of CAP ! 


BY ROBERT MAUTHNER 


1 PARIS — France does not 

Intend to delay the introduction 
of the European Monetary 
System ou January I as the 
result of its dispute with West 
Germany over agricultural 
problems, but only its applica- 
tion to the Common Agricultural 
Policy, French officials stressed 
here yesterday. 

Up to now, the Germans have 
refused to accept the French 
demand that monetary compen- 
sation amounts, which are sub- 
sidies and levies paid on 
intra-Community farm trade to 
offset the effect on prices of cur- 
rency fluctuations, should be 
phased out within a year. 

As a result, M. Pierre 
Mehaignerie, the French Agri- 
cultural Minister, told his part- 


ners in Brussels that the new 
European Currency Unit (ECU), 
to be created when the EMS 
comes into effect would not be 
used as the numeraire for the 
calculation of common farm 
prices until agreement was 
reacbet! on the whole subject 
with the Germans and France's 
other partners. 

The French hope that a com- 
promise will be reached at the 
next meeting of EEC Agricul- 
ture Ministers on January 15. 
Although vague threats have 
been made by various French 
Ministers that the quarrel over 
the agricultural policy and the 
introduction of EMS were 
“ closely linked," these ap- 
parently referred only to agri- 
cultural aspects' of the system. 


Gaullists 
act to 
block 
suspension 

By David White 

PARIS — Hie Gaullists In 
France’s centre-right coali- 
tion government yesterday 
formed a. united front to stop 
M. Alain Peyrefitte, the 
Justice Minister, being sus- 
pended from the party. 

The declaration of support 
for M. Peyrefitte, endorsed by 
the 10 Cabinet 

Ministers and Secretaries of 
Stale who belong to the 
Ganlllst Hassemblement pour 
I& Reptrbliqne (RPR), pro- 
vides the party leader, M. 
Jacques Chirac, with the most 
serious challenge yet to the 
unity of his Gaullist move- 
ment. 

On Wednesday, a majority 
ef party officials in the Seine- 
et-Marne department, where 
M. Peyrefitte has his con- 
stituency, voted to suspend 
the Justice Minister for six 
months. The measure was in 
response to M. Peyrefi tie’s 
letter to Ganlllst deputies last 
week, criticising M. Chirac’s 
attacks on the Government’s 
European policy. 

The Gaullist members of 
the Government gave their 
unequivocal support to M. 
Peyrefitte and said they 
regretted the sanction against 
him, which has stlD to be con- 
firmed by the party’s central 

committee. 

In effect, they are asking M. 
Chirac, whose leadership has 
been under fire from some 
other prominent Gaullists, to 
overrule the suspension order 
In the Interests of keeping 
the party together. 

This would be a serious 
step-down for M. Chirac, who 
'wrote to M. Peyrefitte at the 
weekend suggesting he resign 
from the RPR. M. Peyrefitte 
is a former secretary-general 
of the UDR, the party which 
upheld the GanlUst banner 
until It became the RPR two 
years ago. 

Yesterday’s declaration 
marked a staking out of posi- 
tion by the party's pro-Gis- 
cardlans after M. Chirac had 
tried to negotiate a trace by 
promising the Government 
not to undermine its parlia- 
mentary majority. 

In a letter to M. Raymond 
Barre, the Prime Minister, on 
Tuesday. H. Chirac said the 
European argument would he 
thrashed oaf in the direct 
European elections in Jane, 
rather than In a censure 
motion in the National Assem- 
bly, where the Gaullists hold 
156 of the 491 seats. 


French remove 
ban on 

Dany le Rouge 

By David White 

PARIS — Daniel Cohn- 
Beudft Is free to return to 
France for the first time since 
be emerged as a leader of the 
1968 revolt of Paris students. 
ML Christian Bonnet, the 
Interior Minister, has lifted 
a ban imposed on ML Cohn- 
JBendiC 10 years ago 

Now 33, ML Cohn-Bendit is 
French - born of German 
Jewish Immigrant parents, 
but was excluded from 
France because he held a 
West German passport 

“Dany le Rouge" leader of 
the short-lived Movement of 
March 22 at Nanterre Univer- 
sity, Where the student 
troubles first exploded, was 
expelled on May 22 at the 
height of the disturbances, 
but returned clandestinely on 
May 28. 


Rome crumbles before the tourist hordes 


BY PAUL BETTS 

ROME— The second decline 
and fall of the Roman Empire, 
with obvious reprecussions not 
only for the country's historical 
and cultural heritage but for 
the more mundane booming 
tourist business, appears to be 
underway. 

A cancer which afflicts 
marble, or more specifically the 
sinister effects of residues of 
tetra-etbyl lead from air pollu- 
tion and car exhausts added to 
the city’s crescendo of traffic 
vibrations, are steadily and 
irreversibly destroying a large 
number of Ancient Rome's 
finest monuments. 

Already last month frag- 
ments from the AntoDine 
Column dropped to the ground 
iu Piazza Colonna in the heart 
of Rome only yards from the 


main gateway of Palazzo Chigi, 
the seat of the Italian Prime 
Minister. The 30 metres high 
column was erected between 
AD 171 and 175 jo celebrate the 
victories of the Emperor Marcus 
Aurelius Antoninus over the 
Germans and the Marconians. 

The Trajan Column with its 
17 marble blocks and 2,500 en- 
graved figures overlooking the 
Trajan Forum and the Wedding 
Cake Monument of Victor 
Emmanuel the Second is also at 
risk. So are Rome's three main 
triumphal arches of Const an tine, 
alongside the Colosseum, of 
Septimus Severus and of Titus 
in the ancient Roman forum as 
are many other monuments like 
the temple of Antoninus and 
Faustina. 

The extent of the threat was 


grimly illustrated yesterday by 
Prof. Adriano La Regina, 
Superintendent for the city’s 
ancient monuments, to the 
National Council of Art and 
Culture. He said the extent of 
the risks were as great as those 
facing the Acropolis in Athens. 
Indeed, they were on a much 
broader scale as they Involved 
the entire city. 

If measures were not im* 
'mediately adopted, there- was 
the danger that Romans in the 
next century would be sur- 
rounded by “shapeless masses 
of broken marble." He claimed 
‘■research and surveys on the 
monuments in the centre of 
Rome have shown beyond doubt 
that within a few decades all 
documentation of the city’s 
past history and -art -wOl be 
lost" 


- it was too: late to repair the 
damage already .suffered by; 
several monuments. “We can 
only try to prevent the damage 
spreading." Prof- La Regina 
.said, it was necessary v be 
"suggested, to close to-the public 
,all the main monuments In the 
: historic centre of Rome at the 
same time as banning cars and 
electrifying public transport. No 
4x>st should be spared if the 
fractures appearing In many 
monuments are to be controlled, 

v Although a barrier has ., now 
been erected around ..the 
Antonine Column, cars .in 
-typically Roman fashion still 
circle round the square, much 
la the same way as they to- 
gether with the increasing num- 
ber of airconditioned _ tourist 
buses cause traffic jams in other 


parts of the- histotic. r centre. . 
where the City authorities naye- 
attempted to limit traffic.' 

. Three -are* of course, conflict- 
ing interests---especially 
tween conservationists . and-- 
.tourist operators— end the -whole . . 
complex' network of Easinesses 

- associated with the tourist trade, 
which brought in this year shne 
JjSfiOObn according: to official 
figures released. yesterday. - 

-jte. a city like Florence ‘where 
the centre has . been - closed to 
traffic to protect. n the cathedral 
and Glotto’s Ganapamle, tourist i 
buses .nonetheless are still 
allowed to part- -alongside _ the 

- Duomd. Jo; : Venice, fee .Socialist 
Mayoiv&ig.. Mario-Rigo. jhasrgug- 
gested many statues shoidd be 
replaced by dummies if they are - 
to ;be saved;' • ; W. ■. - 


Ireland to 
abolish 
tax holiday 

By Giles Merritt 

BRUSSELS — Ireland is to 
abolish the controversial tax 
holiday scheme for exporting 
industries that it has -long used 
as a magnet for foreign Invest- 
ment. Instead of the tax relief 
on export earnings, which was 
due to expire in 1990, Ireland 
is introducing a comparable 
incentive of slashing corporation 
tax that will run until the year 
2000 . 

The Irish measures waiving 
taxes on exporting industry have 
been a bone of contention 
between the Irish Republic and 
the EEC Commission since 
accession in 1973. Agreement 
has now been reached, following 
a meeting in Brussels between 
Mr. Desmond O'Malley, the 
Republic's Industry Minister, 
and EEC Competition Commis- 
sioner M. Raymond Vouel, on a 
time scale for the phasing out 
of the selective tax holiday 
system. 

The new system makes no dis- 
tinction between exporting com- 
panies in Ireland or those whose 
sales are restricted to the 
domestic market: :As of the 
New Year, manufacturing in- 
dustry in the repbbUc will be 
able to opt for the cuts that 
bring corporation : tax down 
from an average level of 25 
per cent to 10 per cent, and by 
January 1. 1981, the scheme 
becomes mandatory. 

In the past, Ireland's export 
tax relief system has been one 
of the principal bonoses that 
the republic's Industrial De- 
velopment Authority has used 
to attract the foreign '"Savest- 
ment its economic ijaqm has 
been based on. But Mr. 
O'Malley commented in Brus- 
sels, following his announce- 
ment of the corporation tax 
cuts, that the old tax holidays 
were now losing their attract 
tiveness. Because they were 
due to expire in 1990 foreign 
investors had, begun to find 
them less of an Incentive, and 
Ireland was therefore happy to 
adopt a new scheme 

Our Dublin correspondent 
writes: The Irish Government's 
negotiating tactics on the entry 
talks for the European Monetary 
System, and the terms it even- 
tually accepted, came under 
attack when the Irish Parlia- 
ment debated a motion to 
approve the Government's 
decision to join the new system 
on January 1. 

The handling of the negotia- 
tions had damaged “the dignity 
of the Irish nation” according 
to Mr. Frank Cluskey, The 
Labour Party leader, and he 
described the extra £50m which 
persuaded Prime Minister Jack 
Lynch to agree to join the 
system as “a facesaver." 


Leading ETA hardliner 
murdered in France 


BY ROBERT GRAHAM 

MADRID — One of the leactiog 
hardliners within the radical 
Basque nationalist organisation 
ETA, Sr. Jose Miguel Benyaran, 
was murdered yesterday in the 
French town of Angler near 
Bayonne. 

Sr. Benyaran, known as 
** Argala." is said to have been 
responsible for the assassina- 
tion of Admiral Carrera Blanco, 
the Spanish Premier, in Decem- 
ber, 1973. He Is also alleged to 
have been responsible for a 
number of killings and bank 
robberies in the Basque 
country. 

So far no one has claimed 
responsibility for the attack, 
carried out through a powerful 
bomb wired to the ignition 
system of “Argala's" car. Sr. 
Benyaran was a leader of ETA- 
miiitar. a group which contains 
those Basque separatists most 
committed to violence to 
achieve an independent Marxist 
state. His is the third in a 
series of deaths within ETA 
feat appears related to internal 
vendetta?. 

Two days ago Sr. Joaquin 
Maria de Azanla was found 
murdered in Algorta in Vizcaya 


province. His death was 
believed connected to his revela- 
tion in a magazine that he 
informed the intelligence ser- 
vices of a 1974 plan to kidnap - 
King Juan Carlos and hold him 
to ransom demanding Pta 350m 
from Franco and the freeing of 
100 political prisoners. 

He said he disclosed the ETA 
plan, in which he was also due-, 
to participate, because he feared 
it would have negative con- 
sequences. 

In July, 1976. a key ETA. 
leader known as “Pcrtur" 
mysteriously disappeared ..In 
what was first thought to be an 
extreme-right winge vengeance- 
killing. Some, however, sus-; 
peefed that ’’Agala” himself 
was responsible. 

These last two assassinations 
come at a time when the Basque 
National Council has called for 
negotiations with ETA to end* 
the violence in the Basque - 
Country. The last known 
negotiations were held in secret 
in fee summer of 1977, with the’ 
Government and senior military-: 
officer?. 

• A series of strikes in strategic 
sectors of the economy are' 


expected over ' .the Christmas' 
period. An air controllers strike 
■is • scheduled for December .27, 
and 28, while today Iberia' 
ground and auxiliary staff gre 
expected to hold- a 24-hour pro- 
test stoppage. 

The strikes, in other transport 
sectors, in the Post Office mid 
television, reflect growing 
irritation among the trades 
unions over the Government's 
apparent refusal to renew dis- 
cussions on a 1979 wage pact. 

1 The Government appears to be 
. hoping that by' enforcing a 12J> 

. per cent rise in the public sec- 
tor, employers and trades unions 
Will toe the line. However the 
' Unions are negotiating for at 
least a 16 per cent rise. 

. : The Iberia strike could affect 
'some 150,000 passengers but the 
Government is considering in- 
voking special legislation that 
obliges a minimum of staff to 
-man posts. 

The strike stems from 'pilots 
and technical staff refusing to 
' negotiate under the same wage 
agreement. Meanwhile a planned 
strike yesterday in fee Canary 
Islands hotel industry was called 
off at the last minute. '• 


Staff jord row talks set 


BY FAY GJESTER 

STATFJORD ROW TALKS SET 

OSLO — A ngl rv-N orwegi an 
differences over the develop- 
ment of the jointly owned 
Statfjord oilfield in the North 
Sea will be thrashed out at a 
meeting here in February 
between Dr. J. Dickson Mabon. 
Britain's Minister of Stats for 
Energy and Mr. Bjartmar 
Gjerd?, Norway’s Oil and Energy 
Minister. 

Britain is worried about 
rising ousts on the field, and 
irritated that most of the con- 
tracts connected with its 
development have gone to Nor- 
wegian industry-. A spokesman 
for ihe Norwegian nil ministry 
said Mr. Mabon is due in Oslo 
on February 6. 

Mr. Gjerde has now replied 
to complaints about the field's 
management made by his 
British counterpart in a recent 
letter. Among other things, he 
has agreed to Mr. Mahon's 
suggestion that oil company 
experts should study the feasi- 
bility of siting the second 
Statfjord platform in the 
northern part of fee field 
instead of to the south, as 
now planned. Siting fee second 
platform to fee north w’ould 
enable the third platform to he 
put on the UK side of fee field 
— a solution which Britain has 


been advocating for some time. 

Representatives o-f four, lead- 
ing companies in the Statfjord 
group—rMobil (fee operators), 
Statoil. BXOC and Conoco — will 
undertake the study and report 
on their findings by January 19. 

The Oil Ministry spokesman 
indicated that Norway is scep- 
tical towards the idea of 
changing plans for the plat- 
form's site. Work on the struc- 
ture’s concrete base had already 
started, he pointed out, and it 
was designed for the seabed 
conditions at the site already- 
chosen. A decision to gstt it 
somewhere else might neeu 
changes in design. This would 
delay the field's development 
and send costs up. 


Indian gas find 

By K. K. Sharma 

NEW DELHI — Mr. H. N. 
Bah ug una, India’s Petroleum 
Minister, yesterday told Parlia- 
ment of fee discovery of a major 
new gasfield offshore from 
Bombay, describing the find as 
“ significant ” and about the 
same size as the commercial 
South Bassein gasfield in the 
western continental shelf. 


Codes now the 
main SALT 
talks issue 

• By rtegmtfjkptfe ^ ' 

Geneva — Wasbingtoh^stm 

hopes for “a very early agree- 
ment^ with the Soviet Uidon (it 
a new strategic arms, limitation 
treaty (SALT . 2),- Mr. Cyrus 
Vance, the U.S. Secretary of 
, State confirmed here yesterday. 
I Mr. Vance said he hoped that 
his talks with Mr, AnJ^a; 
G romyko, the ' Soviet Foreign' 
Minister, . might- be the - con- 
cluding session of . ' the 
negotiations at Ministerial level.: 

U.S. Officials said that the 
talks, which began yesterday 
morning, would continue "until 
we’re through working.” Only 
when SALT business was con- 
cluded, possibly tomorrow morn- 
ing, would Mr. -Vance fly to 
Brussels- for his new round of 
Middle East peace ^negotiations 
with toe Egyptian and Israeli 
Foreign - Ministers. ' Mr: Vance 
stressed that he did itot expect 
any agreement to be signed, or 
even initialled at the end of this 
meeting. \. 

U.S. concern at the need to 
verify Soviet compliance with, 
the treaty has now emerged as 
an outstanding issue, v . 


Turks call 
for^fest 
aid ‘club’ 

• By Mtffti Marifr' 

ANKARA 

Ecevit, fee' Tuzkd^h.: - Prime 
Mini ster, has asked Twestem 
states to form .a cJub;io‘.salyage 
the stricken Turkish' ecoaomy. 

His request is to tel taken; up 
in Guadeloupe next month 
when France’s " President 
discard d’Estaingi the' West 
German - - . Chancellor . . "Helmut 
Schmidt, Prime Minister James 
Callaghan of Britain and Presi- 
dent Jimmy Carter meet at. a 
summit j V 

What .Mri Ecevit- has in mind’ 
is what a -senior aide described 
as a “ politically' motivated loan 
mechanism . w ' l \ 

The loans would, be frz the 
- form of ; Urgent emergency , qid 
desperately needed by the Tur- 
kish eco'nomy starved - for im- 
port*. • - ; • 

Although no figores-are being 
quoted, officially, the^ram to- 
qulred would be more 7 than. 
Slim over the next five years to 
go towards, meeting vital-import 
requirements. 

Turkish plans' .for. 197$, for 
instance, /.call: for ■ Sll-Tba of 
“ additional financing-” to main- 
tain a -reasonable level of de- 
velopment:, The Turks are bank- 
ing on raising $500m from the 
Euromarket through a indica- 
tion" loan which is currently in 
progress. : The remaining $1,2 bn 
is what Mr. Ecevit is Jobteog for- 
ward to receiving through the 
^politically motivated- loan 

mec hanism- *? .* - 

-- The 1 oans would .be politically . 
motivated in the sense that they 
would enable: Mr.- Eeevat -to pre- 
WD$'hiS'>coimt27 'from clipping 
from 7 econoraittopoUticaL and . 
sodai chaos. ' The: west, the 
Tacks, reason,’, would .therefore 
benefit from ‘not having a poten- 
tial JtJir on its hands. . 

The* developments rin Iran, 
wife Which Xurftey has a 330 
km border, , seem to' have added 
credi&lity to ‘Mr. Ecevifs new 
move, “according tqfbis aide. • 

Italian surplus ; 

Italy fend- a pro visional surplus 
of L324bn (£193 mf onits overall 
balance,", of' payments - in 
November, ' after a- • provisional 
October surplus of .L375bn, the 
Bank * of : .. Italy said, Reuter 
reports from Rome. IrrNovember 
last year, Italy, had an overall 
surplus _pf X82tou.,. 

Datch deficit widens 

Holland’s -visible trade deficit 
rose ' to -FI 640m (£2Q7m) in 
October from- FI 246m in 
September and from FI 35 Ira 
in October last -year,. Central 
Statlriics Office' figures show, 
Reuter repbrts from The Hague. 


[ 


Christmas out of the catalogue 


BY GUY HAWTIN 


RUPPERTSHAIN is girding up 
its loins for Christmas. The 
small village where we have 
lived for fee past 2$ years tends 
to take its holidays seriously 
and those who can will be off 
work from fee weekend before 
Christmas until the day after 
New Year’s day. 

Christmas io West Germany is 
a family festival, accompanied 
by fee usual ritual of over- 
eating and present-giving. The 
debauchery comes on New 
Year's Eve — Sylvester, as it is 
called — and there will be few 
in Ruppsch'. as the village is 
known in the local dialect, with- 
out a hangover on January 1. 

While Christmas has always 
been an important festival in 
Germany, the post war American 
influence has been felt “Jingle 
Bells ” vies with “ Silent Night " 
and the decorations in fee 
Frankfurt stores appear to owe 
as much to the Macy's parade as 
to German tradition. 

Be that as it may, the large 
Frankfurt stores, only about 15 
miles away, tend to collect less 
from the Ruppsch’ housewives 
than they do from the townies. 
The bus service is not up to 
much and many people, even the 
adventurous young, rarely visit 
the city. 

Most people, of course, have 
cars. Even so. they tend to do 
their buying in Hoechst which 
is part of greater Frankfurt or 
the vast Main-Taunus shopping 
centre just outside it . The bulk 
of the village’s shopping, how- 
ever, appears to be done by mail 
order. Indeed, trade from 
Ruppsch'— which l»s just over 
1J200 on the electoral register— 


is so good that both Quelle 
and Otto Versand, the country’s 
two largest mall order bouses, 
have representative offices in 
the village. 

Our neighbour, Gitte, has 
done all her shopping there: 
from the sweater for her hus- 
band to dolls for her daughter. 
Gitte is such a loyal customer 
of Quelle feat she even ordered 
her spanking new bedroom suite 
by mail — mirrors and all. While 
the prospect terrified my wife, 
I have to report that it all 
arrived on time and in top-top 
order. 

Mail order has always been 
good business in Germany as 
the figures, of the leading groups 
show. The mail order branch is 
virtually the only one in the 
general retailing sector feat has 
continued to report nsti sales 
growth since the oil crisis. The 
department stores reported real 
sales stagnating last year, while 
Queue's sales were up 10.5 per 
cent and Otto's rose 8 per cent. 
Much the same is likely to be 
true this year. 

Certainly, the mail order 
groups have been helped by the 
fact that the majority of Ger- 
mans still live in villages and 
small towns where the choice ih 
local stores is limited. The 
Laubs, who run the village 
general store, keep an amazing 
selection of merchandise on the 
shelves, from men’s trousers to 
royal blue ink and -from boiled 
ham to some of the most evil 
whisky I have ever tasted. For 
a wider choice one has to go to 
Kelkheim, six miles away. Even 
then a search for anything out 
of the ordinary takes cn6 fur- 
ther afield. 


Gitte, who, like most house- 
wives in Ruppsch, keeps her 
budget under tight control, has 
a keen eye for prices. Mail order 
she says, offers the best value. 
Harking back to her days as a 
shop assistant, she shrewdly 
observes that they operate fully 
automated warehousing systems 
and do not have the same heavy 
staff overheads as the stores. 

In a country where a 16-year- 
old junior trainee costs DM 800 


wage earners range. 

When it comes to Christmas 
fare, the village shops tend to 
do better. Herr Rudolph 
Neuhaus. our local butcher and 
one of the shrewdest small 
businessmen I have ever, met, 
is looking forward to a profitable 
holiday season. Herr Neuhaus 
has two shops in the village and 
others in nearby communities. 
He runs his own slaughter 
house, and his son minds his 


Shopping by mail order, even for presents, is a 
growing custom in West Germany. But village 
shopkeepers can still look forward to a profitable 
festival — and a share in the hangovers. 


(£215) a month, plus fringe costs 
which add at least 75 per cent to 
wage overheads, this is an 
important saving. 

Furthermore, the mail order 
houses do not have the vast 
properly overheads the stores 
have to bear. While the larger 
groups maintain representative 
offices and showrooms in villages 
and towns throughout the 
country, they do not have the 
burden of filling them with 
Stocks. 

The mail order bouses are 
catching on fast in the larger 
towns and cities, and even The 
well-to-do in the Ruppsch’ 
u Ptrominenz VierteV or 
u Millionaires’ Row," at the top 
of the mountain, are tuniing to 
the catalogues as the mail order 
group’s trade up. Quelle, for 
instance, produces a fashion 
catalogue, the prices of which 
are well beyond the average 


butcher’s shop in Majorca serv- 
ing German cuts to German 
tourists — who was it who said 
the British were a nation of 
shopkeepers? 

Herr Neuhaus goes out there 

every now and then, but prefers 
to stay at home managing his 
shops and running his pub 
where Frau Neuhaus turns out 
one of fee best Schnitzels in the 
Taunus region. His large 
Mercedes is a testament to the 
quality of his meat and The 
excellence of his sausages. But 
despite the superior flavour of 
his products, there are many 
Ruppsch housewives who prefer 
to make the trip to one of 
the local supermarkets to buy 
inferior products at cheaper 
prices. 

While this presents no threat 
to Herr Neuhaus, who artfully 
blitzes the village with leaflets 
advertising his special offers 


once a week, the supermarkets 
have wreaked havoc on the 
local shops. An acquaintance; 
who works for one of the 
country’s largest household pro- 
ducts manufacturers, told me 
that it was estimated that every 
time a "hypermarket” opened 
up about 200 small shopkeepers 
went out of business. 

The pattern is all too 
apparent in Ruppsch. The town 
sustains in addition to Herr 
Neubaus’s butcher's shops and 
the Laub’s general store, two 
groceries, a florist and nursery, 
and another shop which sells all 
manner of things, including 
newspapers and cigarettes, as 
well as acting as agent for 
Toto-Lorto— the German equiva- 
lent of the football pools. There 
are also two excellent bakeries. 

Only 10 years ago, there 
were many more small shops 
which have closed down as the 
owners retired or went out of 
business in the face of competi- 
tion from fee supermarkets. 
Gitte bemnans the passing of 
the shop which specialised in 
biscuits and fine confectionery 
— but it does not stop her going 
out of town for much of her 
meat and groceries. 

Who can blame her, when fee 
prices charged in the village 
stores are often twice as high 
as those in the supermarkets? 
It is not feat the small trader 
is making vast profits — his 
mark-ups have to be high to 
sustain his proportionately 
greater overheads. The diffi- 
culty is that the supermarket 
chains can buy as cheaply as 
the wholesaling concerns that 
supply the small man. 


Christmas will provide a 
bonanza for the beer man. 
Ruppsch’ does not have a beer 
man of its own — he went out of 
business last summer, though 
not for lack of custom. The 
beer man drives up with his 
truck from Kelkheim, delivering 
mineral water, pop and, of 
course, beer, every day. In his 
own way, he has posed a con- 
siderable threat to the local 
stores. 

Before the beer man and bis 
lorry came on the Beene, people 
bought their beer from the 
shops and pubs. But as most 
people buy it by fee crate, it is 
far more convenient to have it 
delivered to the door than to 
have to hump it home on yonr 
shoulders. Not only feat, fee 
selection is wider and the price 
is lower. 

The beer rounds, usually run 
in conjunction with a sort of 
drinks supermarket, have been 
.a major growth industry in the 
area, indeed, they have mush- 
roomed in the four years that 
we have been in Germany. The 
beer man has much to be 
thanked for. Ours carries a 
stock of beers from all over 
Germany and ‘ many other 
countries besides. Without him 
we should be tied to local brews, 
of which, with the exception of 
one, I am not particularly fond. 
As it is, my wife can obtain her 
beloved brew, which comes all 
the way from North Germany, 
while 1 can buy excellent 
Czechoslovak beers. 

It has to .be admitted, how- 
ever, that the beer man’s cider 
— Ebbcl Woi in the local 
dialect— is not worth a light 



This version of the English 
West Country's scruinpi cider 
has to be bought from the local 
pubs which make it themselves. 
Herr Neuhaus’s is very good, 
and so is Hedwig’s at Zum 
Greener Wald. . ' Herr Bonnert 
at Zur Rose also keeps a reason- 
able glass, though it is not quite 
up to the standard of the other , 
two; his cooking makes up for 
feat. . 

The holiday, of course, is one 
of fee big times of fee year for- 
the' local pubs, although Faschi- . 
ing, fee. Carnival .season feat- 
really' gets into, swing between - 
New- year and the start of Lent, 
accounts for much moreen tak- 
ings. -'Herr Bonnert, who has 
a dance hall attached to his pub,; 
does better than most The Lord , 
only knows how “many ’bottler 
of. Sekt—^the sparkling wine, 
which in some of its forms—- 
induces: one fee worst head- - 
aches known' to man— he -will 
sell at the New Year’s Eve Balt 
As most' of- Ruppsch'^ will be: 
there, the Humber will be sub- 
stantial.' 

Celebrations • -started. . In-' 
earnest wife fee - volunteer fire- 



brigade’3 annual • Christmas 
party. It was a more restrained 
affair than usual as we were 

■ entertaining the local - Borger- 
meister-and. leading fire brigade 
dignitaries who had come to pre- 
sent long service medals to two 

membera.. _■! - /■ 

. Even- bn our best behaviour 
arid tightly buttoned into gala 
Xuiiforms, we-managed-to have a 
pretty convivial time. Fbod and 
.drink flowed in plenty ■gt. Nieh^ 
las- and - his a wful. ; assistant; 

Knecht. "Ruprecht,- ; ^jorrved to . 

berate the innocent nikL reward . 
the unworthy. I received a case 
of beer - and- my wife - one box 
of - -chocolates; for putting up 
jwife my -absericey-from .home.-' 
daring practices .-ari'^notlier-for 
helping to clear ^ir next ;mqrn- 
«g. However, y/e -miij&ed fee . 
home movies olbbbsgr'Ghfi^teas 
.bashes past, - fire'hrigade- open 
-days, 1 and . . . annuid : . 

especially fee ■ fi fos rito-' .^hack- 
w$rds as - fee everilhg' ; degene* 
rated, • ' . ;;; i~A <*»:.■. - v 

■. - - .A-Vr, A;/ > & 

: Ptwoniu; Times, - MMMai 

per 

■ •' '- 

- - .'.'.-r r,; r •<<*•> c f 

'■ 

"• -- . ' ' V ' . , 








*•««* J ^ 

; 3 : 

i '•». tQ 
'fi ;.. 


*-j". • 






Egyptians 
rebut Israel 


BANGLADESH ELECTION 


Taipei doubt 
on U.S. 


.§?§! 


orborder rocket attack statements 


Easy win likely for Zia sinC eri ty 


*• 4^. 


it b .rkti^V • 

,*'*"**» 


S^:&XSiit*incry, -duel 
- acrosa..-tfcsr J "Lebsuuwe- 
[ ""IjcM^ ^yeaerdBy: - " as 
P 4 stmB^:.;/potuidea the; 
Mosltor tovnx '^f v -TfaJjatlyafa 
:- .about alneT^Afflea ■>: from/- the 

' . borderr -^^^- d r mV r ill riff ' ' th 

worst ?££*£) . JsraeU Jfavasioo 
, of - ^-sonthfirp'. Jjebanon iast 

'. . March,/ fottawed-to «eriy mom- 
tn {Tracker attack by Palestinian 

. gflertfllas against- .the;. Israeli 
. border town-pf Kijyat, Sbmona. 

• i-A Palestfeian si«kcSiiiaa ^ai<l 
"the attack ^^-Ihretalwtino fcr 
Wednesday’s?- 1 *1* :. 'strike by 

Israeli .V wrsimeS^.^'^-Ss^sist 

liittierTyaa SrfRitm the southern 
Lei^xte£t cossL ^ •>.; * .-. v-:; 

!. . . - The ' Paitotinians pstf. their. 

. casualties • at • . two -dead. ond. 
eleven /wounded, 'most of whom 
were civilians, ••:•■ Press accounts 
fjronr thefialfi saidL the casualty 

figure -is B^^ hi^fair^ / 


V Nabatiyah Is the rnain centre 
lor •■ wbat"-is. ; -tawri" 'to the 
Palestinian ', ' - enclave: ^ located 
between the Zahrini and liitani 
rive*# - Palesdnian^errillas 

were .' concentrated:; th ere a fter 
they were' pushed wmJfwom- the 
border tores'. bjri thfe/ioyadihg 
Israeli forces ia Mareb-; ■ • 

•‘ The'.- border ; sectot ?ls 1 now 
controlled • inO^Osa^ -P^t -by 
-Israeli- - eqmpp«r ? •*■• Christian 
nijlitiM and in another by 
: injured- Nations 1 forces;;- - . 

i.Obaervers-.'.noted'- *be 

roekW'totaelr oh /Ktori* Sbtoona 
confirmed earlier reports that 
this guerrillas have 'managed to 
; infiltrate behind UN lines- The 
-reports;- said to at about 30Q com- 
mandos ' with ; .heav£- Weapons 
and equipment are believed to 
• be operating - inside ‘ the : UN- 
controlled zone. - 
The. Palestine.-.. Liberation 
Organisation was ■=' reported to 
- have promised earlier .to dis- 


continue all operations across I 
the Lebanese border to avoid 
inviting Israeli reprisals against 
the Lebanese. 

Eyewitnesses said the Israeli : 
shelling created chaos for the : 
civilian population in Naba- 
tiyah. -. Initial reports put the ' 
number, of casualties at 15. A 
strategic - guerrilla artillery 
position located at the Amoun 
hill outside the town was also 
shelled, the witnesses added. 

David . • Lennon adds from 
Jerusalem: Mr. Menahem Begin, 
the Israeli Prime Minister, said 
there was not connection 
between the latest flare-up and 
the peace talks with Egypt. 

He said the Israeli air raid on 
Palestinian bases in Lebanon, 
which preceded the attack on 
Kiryat Shmenah, was a legiti- 
mate act of self defence against 
those bases from which the 
orders were given to attack 
Israel. 


& IMF credit 


S-t 

jS*n ,<>• 

: V 5 ?» t- 


• « SiShk' 


.-.ir 5*.'- 

si r - 

5 ?: 

. _ 


‘ ^LUSAKA 7 " — r " Zambia ... : has 
: . i&rsfim furtbex’ jSDft 25m 
trJLnche, ' 'tintfer : the^ two-year 
SpR - i *3ISin - IntemationaJ 
- Monetary Fund J- fEWF) pro- 
‘^ tymni e -'agreed: in March this 
Oear/a senior Bank oi Zambia 
. official siid. yesterday. - 
? . - JDrjtWruES ^ now ■ total ; SDR 
..i^^- ; ^e.^M*medt provided 
";6n- «h immedlaie. drawing of 
^5DR 49m, under' the compen- 
-v ^foly. jfii^nce' faciHU':. . Of the 
. issat 2Sto stinritof facility, SDR 
\ 50 m was dtiwn 'whmi the agree- 
ment -ratified .id' April, and 

the :imiance .i^'bdntg released, 
^tmsrtprly, subject Ad iulfilmem; 
dlSUF tetm: “A further SDR 


16m from the ixttSt -fuud Is 
expected in early J i fcn a ar y. 

.' .The credit was provided at 
between 4 J2 per cent _and 4.7 
per cent interest, and is repay- 
able over three years.-after two 
years' grace, vdtix jirdnmon for 
rescheduling. • >•••- >,:■ 

The programme's, terms 
.Include progressive reduction of 
overall b a lance-o£<paym e nts 

deficits, to achieve -bilance in 
1980, restraints on .^oTOrnment 
spending, including ^sits in con- 
sumer subsidies, reduction of 
losses in the mining; industry 
and phased . elimination of 
-arrears in import and other 
payments. v- 

Government ofiidajB && they 


have met IMF targets through 
the exercise of strict financial 
discipline. One exception has 
been the target for reduction of 
arrears In payments for imports 
and remittance of profits and 
dividends. The year-end target 
was SDR 430m, about 44 (to 
Kwacha. 

Although the mid-year limit 
of 475m Kwacha was met, the 
backlog of copper exports 
knocked the economy seriously 
off course. The backlog is 
80,000 tonnes (12 per cent of 
1978 production and worth aver 
£60m at today's prices), and, as 
a result, arrears have climbed to 
about 500m Kwacha. 


? S Biia sets Namibia terms 


- .:Si«K E ; 

"2- terns'- 

"i r-i’Jir- 
Tee e . - 
v:-ii E. 

•■:..• Lis* 

. \-.':n 2 :r ii;v, 
icil'- 1 ' 

■ -* • 
•• • JL-. teBiv 


. ' T - r Tab^. - • 

' i; ■■■' ■... 

, : ... -• : '= •. P-- W- 

: : -Mtoisteiv^yctinrw- 1 .described 

-‘the-d*mim5 to-^wtih Afnca, ln- 
,• : -tint', -.duainge conbmfe.-sanctipns and 

"1’ ¥• 4 TwntjhidhA'giiE^la. war of 

-- T-iKf®;. 

T ' laten^H^^r^c^ ; v in. 

’ ■ • ' r im {■ Afnra>, f 

.i . i.um $ ; y fAl’Tk ndOsed'^gessiOn of the 

*'■ -• ‘J jdtir- ‘ ' 'Namibian aisseisbly^ ' vdrieh: was 

• ... .hi.. Ta e.- -Idected-rln- :a South • Afrirad 
" :.-:-: r . v:dik - >*npfedsed poU boycotted by fhe 

' • " ' . -m^dr biack nationalist groups,. 

• •■; ..? Lis* . hev-dxplamed hoW ./far - has 

" • . \ ins:- is :v-; ... ‘.ySOTenimeot was prepared- to gq 

- Tj’Jt ‘ r : .'-ltd* : -'an 1 -C-' iaternationaUy- 

*.*■*• M»n::-’39c.- ' ~~aere#afare -getllemen t, an d the 
• :’s. -■'jidegiBatrdarjt'-was- demanding 

• , - - „ : t„ vftqinithe UN to prevent forcible 

. ^ smzu^ofepdwer by the guerrilla 

-fW^sr' cf the ■ South . West 
j t » , i ;? n surplus .-■ -"- Africa .People’s r Organisation 

. h \ 

. .. v.". ". ;i-7ri5E-- v . . Tto^Sopth African, ^oaa 
• : v Miaister- -arrived ;at the- Turi»- 

" ' ■ “ haBe"} building, where • .the 

. ; 7 ■ • V ;ass emj >&^ meets. In *.■ bteck 

' >r:-~ - pr«*eded> hy riot 

s • ’ : : poUce armed with FhP rifles and 

. ::*r. ■ ymftBhiae- 'pistolB;':; and -accom- 
. .. ^ partied 'by. Mir. Plk Botha, the 

'• — “ . Sduth-Afacan Foreign Minister, 

— - — - r. J Oen -Magnus rUalan, . commander 

, , 5 •. y.t ' 'v 3* 'the South ‘African .'.defence 
vli-’ch GefcCit , .force/:: rcivil -.servants ... and 

... y, 3 *ai?v- ■ - %piomats. • '• 


surplus 

"Jfiji i ; . .'-i 

■ ".V- .■•ijr'E-fc*--" 

- -••=? i 7®--' 7 . •; 

.•■ :-. - ! ;j ff US’’’' •‘cv.t. 

r. &K '-i.. - "'.' 


The 50-member AaseinWy is 
/dominated by the ' Democratic 
Turnhalle . ALLIANCE -;.(DTA) 
which won a landslide - victDay 
fa the South African-^wffiored 
elections and which is : decidedly 
. unenthuobaxtic about ; t; ; ^cond 
election next year umter UN 
supervimon, as. proposed. the 
UN Security CotinclL' - « - 
- v; Mr. Dirk Mudge, chairman -of ’ 
"the DTA, yesterday laid down' 

. two essential preconditions to 
any such solution in the terri- 
tory—* guaranteed timescale to 
the next round of elections, and 
additional guarantees' of UN im- 
paxtiality. .... • / __ 

Members of; the/ assembly 
-mailed silent on Stalls of the; 
. discussion when .(they broke forr 
lunch after 21 hours, although 
=Mr. Botha- declared himself 
“satisfied ’’ wifh the talks. Some: 
‘ delegates* que^ions were “ more 
, diffiadf t*«n seemed on the suy-r 
face,” lie said. ' ' — 

"The presence of General 
"Malah indicates that the miU= ; 
lary situation on the Namibian, 
/borderland South Africa’s coin-' 
hutments • to defence of that 
■territory in the event of /a;- 
; failure of ■ present settlement 
efforts, was under discussion. ^. 
7> South Africa has promised; 
‘the five Western members .of 


the UN Security Council to 
“use its best offices” to per- 
suade the territory’s internal 
leaders to opt for an inter- 
national settlement, and UN- 
supervised elections. However, 
South African officials hfive 
stressed that no overt pressure 
Will be put on the assembly to 
. agree to a further poll. 

Observers sympetfciq, tq the 
‘South' ' African Government 
Ihlnk that-Mr. Botha is doing 
fijs best- to persuade the Inter- 
nil leaders of the need to 
achieve the widest possible 
international recognition, al- 
though not at the cost of what 
is described as “national 
.- suicide.” •- - 

; . Leap sympathetic observers 
- ire more sceptical, believing 
that the South African Govern- 
-ment is . not convinced of the 
-'benefit of a UN supervised poll, 
:if there fs any danger that 
’ SWAPO might emerge victori- 
' ohs. South African officials are 
’.apparently confident that the 
nationalist movement will itself 
‘."back out of any election at the 
' 'last minute. 

'' SWAPO has described the 
■ -^exercise as a farce, but spokes- 
Tpen here maintain that i( is 
j v prepared to take part in a UN- 
supervised election as proposed 
by the Security Council. 






J': - 

: - 




. ‘ '. ?* 

■ ' .d-;- 


I; ’ •' . 

. y-J . 


HENDERSON ' , 

‘ .' 7 ' TE felAjN ^ ■— ■ ’ Tb'e 'National 
"Front Iran’s zpain- organisation 
’ ’bf political. as against. religious. 

opposition, has/ refused, to 'join 
■; j!in. a 7 new civilian s Cabinet now 
being ,'canvassei‘as a replace 
inont-to-! the ; milifiuy^led: admin-, 
istration pf General Aahari. 

V The- Fronts' Irefusal. ' doing 
. with ' lh© .-oppositiop : . of the 
. - religious; leader^ matkes/it. un-' ; 
likely'that the new Government 
: will - /‘achieve 7 -, aaudt- r. politieal 
legitim acjr even if- it is formed. 
Dr. Sanjabi, the National Front 
leader, says . in a letter to Dr. 
Qholam Hossein Sadiq),- the 
prospective Prime Minister, that 
it wufi with' great; regret tiult he 
. had. heard 'that ^ ^ Dr. ^diqi bad 
. -accepted the "mission of trying 
'to form - a Government.' ;.v 
Both- men. -were. - in ‘Dr, 

• Mossadegh’s- administration . in 

the 1950s during which the Shah 
had _ no - flee the country 
temporarily. -. In his letter 
pubti8hed ' . yesterday,: Dr. 1 


Sahjebi " reminded his former* 
colleague of his companionship , 
then in the same effort, strug- 
gling against *this very dicta^. 
torial system which has pptl 
changed its nature." 

Sadiqi has not associated; ; 
hinmelf since with the present^,' 
day .National Front’s compare^- 
lively hard line against the"; 
Shah's 'regime. The emphasis 
and use of the phrase “r egime ”'. 

is important as observers think ^ 
‘ titis line is hot as strong a& - 
that taken by supporters of me 
Ayatullah Khomeini, the exnpa 
religious leader who wants the* 
Shah to be removed. v .! •' 

Dr. Sanjabi told Dr. Sadiqi 
that the latter’s acceptance of, 
the responsibility of forming a - 
jiew Government will be con- 
sidered a negation of his mst 
record. He reminded Dr. Samqi 
of his past honour as a result, 
•pf bis association with Bri.. 
Mossadegh, and pointed out that-' 


By Roger Matthews 

CAIRO — In a . point-hy- 
po ini rebuttal of Israeli state- 
ments made after the media- 
tion effort last week by Mr. 
Cyrus Vance, the U.S. Secre- 
tary of State, Esyntlan officials 
said the Israelis had changed • 
their minds on several points, 
“either through wild inter- 
pretation or by simply 
reneging oh their previous 
positions." 

Mr. Mustapha Khalil, the 
Prime Mlnlsteh would attend 
this weekend’s talks 

The Egyptians rebutted all 
five points raised by Mr. 
Menahem Begin, Israel’s 
Prime Minister, earlier this 
week : 

• Egypt wanted a change to 
Article Six because of Israel’s 
subsequent Interpretation that 
Egypt’s obligation to Israel 
took precedence over other 
obligations. 

9 Egypt was emphatically not 
trying to establish guardian- 
ship of the Gaza Strip, but was 
seeking to ensure an orderly 
transfer of authority and free 
elections by the presence of 
a “liasion group" there. 

• Daring the first four days 
of the peace talks, Egypt had 
said it wanted either side to 
have the right to eall for a 
review of security arrange- 
ments in Sindl five years after 
the peace treaty was signed. 
This was sensible because 
such security arrangements as 
the positioning of UN forces, 
were intended as only temp- 
orary measures 

• Egypt had not hardened Its 
line over a date for elections 
to a Palestinian authority in 
the Gaza Strip or the West 
menf of that authority. 

Bank, or for the estabKsh- 

• On Israeli claims that 
Egypt had put back the date 
for exchanging ambassadors, 
the officials said this had been 
contingent on Israel’s pre- 
vious agreement on acceler- 
ated withdrawal from Sinai. 


>V^.i -‘v -* .f' • ; . 

5 GfcrfliairCabinet setback in Iran 


■ 'Secretary -General. 1 . . .of^ • ti>e- 
Organisation Fetrolmna JEx- 
~ /porting : -. .Countries .Cy“12L/. 

warped.' - yesterday* " that the 
. /group- may consider ja funner 
• increase In 4ie price; of oIL Be- 
fore June ; TJjS- dollar 

.falls furthert tod. international 

Snfiattoi rises : itore*‘ : ' ; 

Tn an mteiview wItB Kuwadfs 
news -agtocy-KUNA, Mr. ‘Ortiz, 

. rejected’, tbq.. strong., tgdticism. 
•JevetieiL by \>ie«eto- Indutortal 
nations- qgainst OPEC .for 'to* 
- creasing .^e price ^f a 

/■^based^ICS. oentat^its^ hi- 


aninuai meeting in Abu Dhabi 
last weekend; 

- The next regular OPEC meet-' 
. hag was scheduled in Geneva! a 
' Jtoe,- “ to consider any.„furth« 

■ decline in the value .of the u^. 
dollar, and to take proper 

■ measures to meet this.- he said.. 

; “ Biit if . the international 
economy deteriorates rapidly,- 
. there, is, a possibility that .an 
emergency OPEC mitustsrial 
meeting ■to*®’' be held before. 
then, 0 he: added.. . • * 

' brlu; defended the price hike 7 
.'to * a very moderate and/res- 

■ ponsible /move.” It was- fully 


justified as partial compensa- 
tion for the losses suffered by 
OPEC as a result of the decline 
*. Sn the - value of the UjS. 

‘ and the effect of international 
' inflation 1 , on oil revenues, he 
.’‘added. _ 

: ;The western ‘ 'criticism of 
OPEC was hasty and unjustified 
. because the .-Industrial nations 
.. fail to - to. evaluate the coropel- 
- ling reasons for the. price, hike, 
. ^ which ;. was reached after a 
thorough study of - the econo- 
-mieal -situation in both the 
industrial and OPEC nations,” 
•:Mr; Ortiz said. 

JWP-DJ. . . . 


BY- KEVJN RAFFERTY We PBCCA 

.. * !•«' *«■ . . _ v 

MOST OF Bangladesh's main and the Mizanur .Rahman do everything^ But evetyone can 
opposition parties have Chaudimry group of the Awami do leveirthing. _ 

threatened to boycott the League and the United- Peoples _ The President said “fZ 


uireairncu i«.» boycott n« buu u,« - — r - — — __ 

January 27 general election, Party issued their own state- 1 lament would be sovereign, nut 
heralded as -the country's meats. his advisers are still working on 

m riomnmra'' > : the Morm bf relationship be- 


The President said that Par- 


! “return to democracy”.. Jn ^ interview President. Zta p^uamToL The 

Judging by the vigorous tone indirated that he would be pr& probability 2 d 0 f a revision of 
of the public pronouncements, pared to meet some erf the four ^ amendment to give 
what promised to be a con- demands, hut he was fitti 1 /. the* ■ President the controlling 


toe Iranian people have shown 
great unity in revolting against 
>' dictatorship, foreign domina- 
tion, the plunder of the national 
f-.wealth and the constant vioia- 
f~tion of the constitution. 

^ “ Your decision to associate 
'With, the present regime can 
.’-only result . iii failure and 
- therefore ypu cannot depend on 
the consent or co-operation of 
; the National Front,” Dr. San jaW 
rewrote. 

. Despite i this attack. Dr. 
BadiqL Is, said to be in favour 
of - some policies which could 
*' win -the support of the middie 
range of the anti-Shah opposi- 
tion which- the .National Front 
represents. Dr. Sadiqi is said 
? to be prepared to. allow the 
Sbah to stay on as a constitu- 
tional monarch and as Com- 
mander-in-Chief of the army 
. zbut js determined that the Shah 
,. . stays oijt . of • the . day-to-day 
•• running of the Government. 


fusion of names and parties and 
interests and splinter groups, 
with electors facing lists of - 20 
or more candidates, looks like 
turning into a one-party show 
far- .the benefit of President « 
Zia or Bah man. 

Reality however is still there 
to be haggled over and -horse- 
trading is continuing at meet- 
ings into the small hours of 
every morning. President Zia 
and bis Bangladesh Nationalist 
Party need a good slate of 
opposition candidates for the 
credibility of the return to 
democracy. The opposition 
need the election and parlia- 
mentary seats either for a share 
in power or to be in the reckon- 
ing when power changes hands. 

.Ihe opposition have put for- 
ward a series of demands which 
they say must be met or they 
will boycott the election. The 
five main ones are the lifting of 
martial law. President Zia to 
resign from the army, the repeal 
of the fourth amendment to the 
1972 constitution (establishing 




’ hand,- hut allow Parliament to 
'pass* the laws* and act as a 


' general debating chamber. 

. Family ties 

’' It'is difficult to guess how- 
many of the political parties 
' would be won over by such a for- 
mula. The Dacca elite is small 
‘ and dose knit with family ties 
* "often both uniting and dividing 
.protagonists. Bangladeshi pun- 
“dits expect that all bar a hand- 
ful of parties will eventually 
contest the election, and even 
if they -do not enter as party 
-"men. leading politicians will 
' contest as individuals. 

It is unlikely that President 
Zia will give up his post of com- 
mander in chief of the armed 
forces. His supporters point out 
' that the U.S. President and most 
' others heads of state in the 
world also head their country's 
armed forces But the Bangla- 

Prime Minister Zia ur Rahman -desh President though he has 

largely discarded his major 
' general ’s uniform and rides in a 


C2" 


a one party state and a presi- is not possible* to -lift mar- rao dest Toyota instead of a two 
dentiaJ instead of parliamentary ^ law . It wou id leave -a gap starred m m ta fv jeep, still lives 
system of government), free^S which 0ld y parliament -can fill. in ^ e cantonment 

freedom ^ pnS0DeTS a ° d He promised the eltotipns *--pp e :- n^on undoubtedly 

would still be “absolutely Tair, jj e wishes to make sure that 

- T adding "it is important to go he w hat is going on 

iNO agreement to the people and I am anxious yithin the arrav. Although small 

SiSh^The faction SSZ 


OPEC price warning over dollar 


lim League pd™ forward ten ^ people. ^ - if ought to create this country and 

points including the wfstpon- “I cannot do everything in '97am 'not going to see the pohti- 
ing of the election until April, this country. Nor caxrlO fellows' cians mess it up. 


THE “ de-recognltion of Taiwan 
by the U.S. will inevitably pro- 
duce some adverse effects on 
the island's ecenomy in toe 
short-term future, the Prenrieri 
Mr. Sun Yuan-sun, told a group 
of foreign correspondent yester- 
day. Whether the impact was 
more than temporary would de- 
pend on measures taken to safe- 
guard Taiwan's security, -the 
Premier added. Charles Smith 
reports from Taipei. 

Mr. Sun said he doubted the 
sincerity of U.S. expressions of 
concern about Taiwanese sec- 
urity and wanted to see con- 
crete steps taken by Washing- 
ton to improve the situation. 
Taiwan had submitted “ quite a 
long ” arms shopping list which 
included new high performance 
aircraft and the Harpoon defen- 
sive missile. It had not yet' re- 
ceived a positive answer from 
Washington. 

Bhutto warning 

MB. ZULFIKAR ALI BHUTTO, 
Pakistan's condemned former 
Prime Minister, yesterday con- 
cluded his personal appeal 
against execution with a sharp 
warning of the “ traumatic ” 
consequences for the country if 
he is hanged, Christopher 
Sherwell reports - from 
Rawalpindi. " People have been 
going through agony because of 
what's happened to me,” he told 
the seven judges of the 
Supreme Court. Mr. Bhutto 
again insisted he was innocent 
of conspiring to murder 

Janata hijack charge 

accused the opposition Congress 
party of being involved In the 
hijacking of an airliner in pro- 
test at the jailing of former 
Indian Prime Minister. Mrs. 
Indira Gandhi, K. K. Shanna 
reports from New Delhi. 

The hijackers surrendered to 
police early yesterday but mob 
violence, arson and demonstra- 
tions continued throughout the 
country, particularly in the 
south. 




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V theback of 

f There you will see a picture of a malt 

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Remember; all blended brands 
contain ^ainwhiskies and malt whiskies 
(which cost at least twice as much as grain). 

ButTeachers contains more malt than . 
other popular blends. ! 

Andithat's what gives you the 
distinctivelehchers taste, all the way down. 




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' Fin an*frl ' Timas • F* ^ : - ■ • ' 


AMERICAN NEWS 


WORLD TRADE NEWS 



3y William Chislett 


MEXICO CITY — the Mexican 
Government and the private 
sector hope to create between 
them 600,000 new jobs next 
year, but even if this opti- 
mistic figure is realised it will 
not stop the level of unem- 
ployment from increasing. 
The population will grow by 
at least 2m in 1979 to about 
69m and an estimated 800,000 
. new jobs will be needed just 
to check the rise in unem- 
ployment. which is currently 
said to be 47 per cent taking 
iDifi account underemploy- 
ment. 


In its 1.1 trillion peso ($56.6bn) 
budget for 1979 the Govern- 
ment has mentioned as a 
target the creating of 300.000 
new jobs. The private sector 
■ has also promised the .same 
number. This is indicative of 
the upward swing in the 
economy and growing confi- 
dence. The budget is 20 per 
cent higher than this year's. 

Public and private investment to 
create new jobs next year 
will be in (lie region of 
S25bn and the Government 
will provide most of it. The 
Labour Ministry estimates 
that 3S0.CHJU new jobs were 
created by November this 
year by the private and pub- 
lic sectors. 


The budget reflects the Govern- 
ment's conviction that stage 
two ofthe six-year plan — to 
consolidate the achievements 
of the last two years — can now 
be entered. Stage three is to 
move cn to higher growth 
ratei. 


This year inflation has been 
cut slightly from' last year's 20 
per cent to between 16 and 17 
per cent The gross domestic 
product will increase by 6 per 
cent compared to three per 
cent last year and the peso 
has held firm during the past 
year with a narrow band of 
fluctuation. Next year the 
. Government feels that infla- 
tion can be further reduced to 
between 12 aud 13 per cent 
and that GDP will increase by 
6.5 per cent- 

The number one priority in the 
public sector remains Pemex. 
the state-owned oil monopoly, 
which next year will get 
213.2bn pesos tS9.4bn). 39 per 
cent of the public sector total 
and three times as much as 
the federal electricity com- 
mission. the next priority. 

Oil is the pivotal force in the 
economy. Peraex’s ex-ports 
are worth S2bn this year and 
next year are calculated to 
reach dollars S3.75bn, a mas- 
sive contribution to the 
country which could turn the 
present current account 
balance of payments deficit 
($2.6bn this year) Into a 
surplus in the not too distant 
future. 

The Pemex money will go 
towards developing more 
wells and boosting daily pro- 
duction from the present 1.4m 
barrels to 2m barrels by 1980 
so releasing about a million 
barrels a day for export, but 
this will entail the creation of 
few jobs since the oil industry 
is not labour intensive. 

The Government is placing more 
emphasis on agriculture and 
fishing next year afler 
neglecting this sector for too 
long with the hope of creat- 
ing more jobs. The increase 
in food production will this 
year, for the seventh year 
running, fall to meet the rise 
in population, which is increas- 
ing by 3.5 per cent a year. 

About 40 per cent of the coun- 
try's work force is employed 
in the countryside and only 
accounts for 9 per cent of the 
GDP. In some states like 
Durango only about 40 per 
cent are regularly employed. 
The Government is not unduly 
worried by the prospect that 
■ Mexico will never be selF- 
sufficient in food Eor foreign 
exchange earnings from oil 
can easily pay any food import 
bill. What is troubling the 
Government more is the likeli- 
hood that rural unemployment 
is bound to produce mounting 
social pressure. 

Part of the budget will go to- 
wards reducing income tax for 
.lower paid workers while 
tighter measures will be taken 
against tax dodgers. The 
Finance Ministry will be able 
next year to ask for details 
of earnings and expenses in 
those cases where it has 
reason to believe that a per- 
son's life style is out of keep- 
ing with his officially declared 
earnings. Nevertheless many 
people doubt that this will 
mean that more of the fabu- 
lously rich, who are notorious 

for getting around tax laws, 

will be caught out. 

Tax relief will also be applied 
to companies to the extent 
that excess profits tax will 
be done away with and re- 
placed by VAT in 1930. The 
Government feels that this 
will be more efficient in rais- 
ing revenue without scaring 
the private sector away from 
investing. 

After two years of a severe cut- 
back in domestic demand with 
lower real wages the Mexican 
economy is now beginning to 
expand again. This can be 
gauged from the increased 
trade deficit which will end 
this year at around 52bn com- 
pared with $1.3bn last year. 



wins go-ahead 



subsonic flights deal 



BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


THE U.S. civil aviation .auth- 
orities have cleared Concorde 
for subsonic operations in that 
country, enabling British Air- 
ways and Braniff .International 
to start flights between Wash- 
ington and Dallas/Fort Worth, 
Texas, on January 12. 

The U.S. Civil Aeronautics 
Board and Federal Aviation 
Administration have been exam- 
ining Concorde for many 
months, and are now satisfied 
that it nut only meets the 
necessary safety and airworthi- 
ness requirements for opera- 
tions inside the U.S., but is also 
quiet enough for domestic 
airports. 

■Any doubts the -two bodies 
may have had about Concorde 
appear to have been dispelled 
by the trouble-free visit the air- 
craft made last week to 16 U.S. 
cities. More titan 250.000 
Americans crowded airports in 
Texas. Arizona. Oklahoma. 
Kansas, Tennessee and Colorado 
to see it. 

The joint BA/Braniff plan is 
for 3A to fly Concorde super- 
sonically between London and 
Washington, and for Braniif to 
fly the aircraft subsonicaUy 


between Washington and 
Dallas/Fort W-orth, starting 
about mid-January. 

If this is successful, Braniff 
may lease a Concorde to fly to 
other points in its network in 
central and northern South 
America. 

in the meantime, BA and 
Singapore Airlines have agreed 
to resume Concorde flights -to 
Singapore, via Bahrain, on 
January 24. 

The flights have been sus- 
pended for over a year, because? 
of Malaysian Government 
objections, on environmental 
grounds, to Concorde flights 
down the Straits of Malacca. 


A statement by the two air- 
lines, after the Malaysian 
Government's own statement 
earlier this month approving 
the resumption of flights, says 
there will be three flights a 
week each way — outwards from 
London on Mondays, Wednes- 
days and Fridays, and Inwards 
from Singapore on Tuesdays, 
Thursdays and Saturdays. 

The single Concorde fare, 
L on don-Si nga pore, will be 
£795.50. 


Claims in the U.S. by Senator 
William Proxmire, one of Con- 
corde's most bitter critics, that 
the aircraft suffered from wing 
cracks and was thus a safety 
hazard, were dismissed yester- 
day not only by Mr. Brock 
Adams, the U.S. Transportation 
Secretary, but also by Con- 
corde’s manufacturers, British 
Aerospace and Aerospatiale. 

It was pointed out that some 
wing cracks, found more than 
a year ago, bad already been 
fully dealt with by modifications 
and the aircraft has been per- 
forming without problems since 
then. 

Moreover, the US. airworthi- 
ness authorities had fully 
investigated the matter Uuring 
1978, and had found no problems 
to prevent them from clearing 
the aircraft for UJ5. internal 
flights, while the UK and French 
airworthiness authorities bad 
also cleared the aircraft 

Mr. Adams said: " The Anglo- 
French authorities have found 
that there is no hazard to safety 
and we concur , now that the 
existence of the problem is 
known and the cracks are con- 
trolled.” 


Car workers’ leader warns 


of challenge to pay policy 


BY STEWART FLEMING 


NEW YORK— Mr. Douglas 
Fraser, head of one of the most 
influential U.S. trade unions, tbe 
United Auto Workers, has 
warned that the union may 
decide to abandon its three-year 
agreement with the car manu- 
facturers in favour of a short- 
term contract. 

Mr. Fraser said that because 
of the “unsettled economic 
climate,” a three-year contract 
might not be in the best interests 
of the union's I.4ra members. 

Mr. Fraser's remarks are yet. 
another sign of organised 
labour's fears about . the- impact 
of the Carter Administration's 
wages policy which aims to limi t 


wage increases to around 7 per 
cent in the first year of any new 
contract 

.Although additional fringe 
benefit allowances will raise that 
figure slightly in some cases, the 
Administration is now conced- 
ing that inflation in 1979 will 
probably be higher than 7 per 
cent 

The auto workers' current 
three-year contract expires on 
September 14. 1979, and, depend- 
ing an the level of wage in- 
creases negotiated. a settlement 
in the industry could help or 
impair the Carter anti-inflation 
programme. The ante industry 
settlement will follow the 


Teamster's Union negotiations 
with the tracking industry in 
March. 

Mr. Fraser has previously 
given carefully qualified support 
to the anti-inflation programme, 
partly, it is felt, because he has 
no reason to come down either 
for or against it before- he sees 
it in action. 

A decision by unions in the 
cars, steel, coal or trucking in- 
dustries to abandon the tradi- 
tional three-year contract or 
seek a clause allowing renegotia- 
tion in the light of changed 
economic circumstances, could 
add to the Administration's 
problems. 


Record aircraft orders forecast 


BY DAVID BUCHAN 


WASHINGTON— Discount air 
fares, stimulating additional air 
traffic, will lead airlines to order 
aircraft from U.S. manufacturers 
in record numbers next year, the 
Commerce Department pre- 
dicted yesterday in an annual 
forecast on the U.S. aerospace 
industry- 

Aircraft sales, the Department 
says, are likely to rise by 40 
per cent in 1979, to SlS.lbn. 
This includes a forecast 69 per 
cent increase in civil aircraft 
sales to $l0.9bh. 


Airline profitability, likely to 
be at a record level this year, 
may be hurt by the recent OPEC 
oil price rise, since aircraft are 
heavy users of oil. Nonetheless, 
the airlines have been generally 
launching a big re-equipment 
programme, partly the result of 
federal regulations requiring 
them to use less noisy aircraft. 

Tbe rise in military aircraft 
sales will be less dramatic, 10 
per cent next year. This presum- 
ably reflects in part President 
Carter's decision to limit U.S. 


arms sales to many third world 
countries, and the fact that one 
big buyer, Iran, has for the time 
being virtually dropped 'out of 
the American market ‘ •' 

The Commerce Department 
predicts that next year total 
aerospace exports, including air- 
craft, engines, spare parts, mis- 
siles and space vehicles, from 
the U.S. will reach $12.9bn, and 
imports $1.1 bn. Overall, total 
U.S. aerospace sales will in- 
crease by 20 per cent next year 
to $47bn. 


Mixed reaction to budget cuts 


BY OUR OWN CORRESPONDENT 


WASHINGTON — President 
Carter's plans to cut social and 
welfare programmes financed by 
the federal Government, as a 
means of. paring the 1979-80 
budget deficit to $30bn, has met 
a mixed reaction: sharp criti- 
cism from Democratic city 
mayors and qualified approval 
from governors of both political 
persuasions. 

The President has been pre- 
paring the outline of the budget 
he will present to Congress next 
month, among some controversy 
caused by his intention to main- 


tain defence spending at the ex- 
pense of domestic programmes. 

Whether the new defence 
budget will show a real increase 
along the lines of the NATO 
commitment — remains to be 
seen. 


Nine Democratic mayors 
from some of the biggest cities 
were critical, when they met 
Mr. Carter on Wednesday, of 
bis reported plan to cut $4bn 
off public sector jobs. $5bn off 
welfare, and $6bn off public 
housing. The Mayor of Boston 


warned that this could damage 
the big city democrat vote 
which Mr. Garter will need if he 
seeks re-election in 1980. 

Mr. Carter, however, found 
more sympathy with his goal 
of reducing inflationary pres- 
sures by cutting federal spend- 
ing from the National 
Governors Association. The 
governors suggested that 
federal money could be saved 
by channelling more regional 
aid through their offices rather 
than through those of city 
mayors. 


Cleveland’s financial 


troubles increase 


BY OUR OWN CORRESPONDENT 


WASHINGTON— The bills are 
mounting for the financially 
troubled city of Cleveland, 
while its mayor, Mr. Dennis 
Kucinicb, and its council seek 
to find a way out of the 
impasse that last week led 
Ohio's largest city to default on 
S15.5ra in loan repayments. 

The city has at least another 
$13m to pay by the end of the 
year, and one creditor, the 
Ohio State Police and Firemen's 
Disability Pension Fund, has 
decided to take action. The 
fund has filed a court suit, seek- 
ing the payment out of city 
revenue of $2.7m it has .been 
owed by Cleveland since mid- 

October. A similar payment is 
due on December 31. when 
Cleveland also has to pay §3.6m 
to its Public Employees Retire- 


ment Fund and $3.6m to the 
Cleveland Electric Illuminating 
Company, the City’s private 
power company. 

Tbe pension fund's claim is 
another sign that Cleveland will 
not be freed from its financial 
predicament even if local banks 
agree to refinance their loans. 
This is now a possibility, follow- 
ing Mr. Kucinich’s agreement to 
allow the issue of selling the 
city-owned power company to 
be put to a vote by the city's 
625,000 residents. 

The council, which has been 
at bitter odds with the mayor, 
is expected to decide by the end 
of this week whether to endorse 
a ballot an the power plant sale, 
together with a proposed 50 per 
cent increase in the city income 
tax. 


Costa Rica captures 
Nicaraguan soldiers 


SAN .TOSE— The Costa' Rican 
Civil Guard yesterday claimed 
to have captured 15 members of 
the Nicaraguan National Guard 
near the frontier town of Los 
Chiles. A Government spokes- 
man said a high-ranking officer 
was among the group arrested 
inside Costa Rican territory. 

Unofficial sources said- the 
Nicaraguans were arrested while 
pursuing left-wing. Sandinist 
guerrillas who are fighting the 


government of President 
Anastasio Somoza. 

In Managua, a National Guard 
spokesman said an eight-man 
Nicaraguan patrol had been 
captured inside their own 
territory. 

Costa Rica has severed 
diplomatic relations with 
Nicaragua on the grounds that 
Nicaragua consistently had 
violated its territory. 

Agencies 


Canadian air 
fare rises 


suspended 


By Victor Macfcie 

OTTAWA— Air fare increases 
scheduled to go into effect on 
January 1 ip Canada for its two 
major airlines and five regional 
air carriers were suspended 
yesterday until April 1 by the 
Canadian Transport Commis- 
sion, a Government agency. 

Air Canada, CP Air. TYansair, 
Nordair, Pacific Western Air- 
lines, Quebecair, and Eastern 
Provincial Airlines had earlier 
won approval for increases in 
fares averaging 5 per cent from 
the New Year. 

The Commission said recent 
developments, including the 
November budget must be taken 
into account 


Peru deports 
Chile officers 


LIMA — Peru says two 
Chilean navy officers were 
caught spying in Peru earlier 
this month and deported to 
Chile. The Peruvian Foreign 
Ministry has confirmed details 
in a front-page article in the 
weekly El Tiempo, which said 
they were the captain and the 
second-in-command of a Chilean 
Navy tanker, the Beagle. 

Reuter 


U.S. COMPANY NEWS 


Occidental withdraws bid for 
Mead; AT and T profits 
attacked as excessive; Dicta- 
phone approves Pitncy-Bowes 
offer — Page 16 


Shipowners 
in France 


face rise 


in losses 


BY REGINALD DALE, EUROPEAN EDITOR 


By Terry Dodsworth 

PARIS — New competition 
from the developing shipping 
industries of the Far East and 
Eastern Europe is pushing the 
French Merchant Marine deeper 
and deeper into losses, accord- 
ing to figures produced by the 
Central Committee of French 
Shipowners yesterday. 

Against a deficit of FFr 2bn 
($46 5m) in 1977, French ship- 
owners lost FFr lbn in the first 
half of this year and are. facing 
a considerable increase in the 
bill for the last six months. 

Part .of this haemorrhage was 
caused by the seamen's strike 
which brought Marseilles to a 
close for much of November. 
But at the same time the ship- 
owners would like to see more 
Government help to restructure 
the industry, particularly in the 
bulk cargo business! 

A recently announced 
Government programme of 
limited help far re-equipment 
and financing the fleet during 
the next two years has been 
dismissed as inadequate. 

The figures show that the 
problems which have overtaken 
the industry spread into virtu- 
ally every sector, with tonnage 
falling and ships being laid up 
and orders for new vessels 
stagnating. 

Because of tbe rising rate of 
scrappage. tbe number of ships 
in the fleet is falling and the 
tonnage is also in decline, for 
the first time since 1964 and 
only the second since the War. 

On October 1 the fleet was 
down to 460- ships, compared 
with 488 on January I this year, 
and of these 17 were laid up. In 
addition, some 45 new vessels 
have been cancelled so far this 
year. 


GENEVA — THE U.S. and the shoes; For its- part, the U iS. tfsb 
EEC are now near agreement on wants greater access tothe EEC 
all the main issues at stake in -market for textiles and cheoii- 
tlie Tokyo Round, the world’s ; cals, as well, as .concessions.' bn 
most comprehensive ' trade paper and lorries. ;.. • : - 
negotiation ever undertaken. Nevertheless, senior ©mails 
The talks will adjourn forbore are now confident that -a 
Christmas here today without' week or • so ' of • negotiating 
reaching full accord on an should be- --enough to , reach 
overall package of trade reforms agreement on tariffs after -the - 
in time to meet the end-year talks . resume on January- #; 
deadline. But negotiators are Negotiators said yesterday 
new increasingly confident .that 9Q. per cent -Of the deal was^un 
the remaining ‘ difficulties the - bag; • : 

between Washington and the - .The expectation _ is.- that,: the ^ 
Community can be resolved "final result will be- an average 
fairly swiftly in the New Year:, reduction of around 30 per cent 
Following agreement earlier in. industrial tariffs, . a. ; little 
tins week between' U.S. and less than the outcome (rf^the 
Japan and a number of other last major set piece negotiation 
industrialised countries, in GATT, the Kennedy Round. ; 

bilateral deals between the EEC There is also growing, poo- 
and the U.S... and the EEC and fidence that the US and tbeJEEC 
Japan, are the last major pieces will soon be able to. settie^pimr ; 
that must fall into place in the differences on the other mam.;, 
negotiations between the world's issue dividing them, the?;Ctnn- . 
leadinc trading nations. Sub- raunity’s insistence, thqt^coun; 
stantial progress towards a U.S.- tries should be authorised- ;4o 
EEC agreement is expected to impose selective . : safeguards- 
be announced in a joint state- against cheap imports, 
ment by the two parties - here than having.- to ‘act. ^igaipst-; 
today. imports from - .all .j^AotVrces ' 

bisrest outstanding prob- simultaneously: • - t 

lem concerns the package of -The main problem- het»- will . 
industrial tariff cuts due to be be to -persuade a. sufficients 
implemented in the eight ye^rs number of developing totatities 
starting from January 1. 19S0. to ‘subscribe to such an agree-. 

Here, the Community is still.-. ment-H they do not tbe JEEO 
pressing Washington for further .will, -jrevert to- using ; existing, 
concessions on textiles, chemi- GATT safeguard procedures. 
cals, ceramics, leather goods and which, it maintains, . aJie^dy - 


allow selective action-, in some 
-cases. *• .SfA ' 

. The hope iti . EEC. : orejesis" 
that the JStfrppeah '.Com mission - 
vritt he & position to - put a ; 
comprehensive - -outline: agree- -; 
;ment- ttftlto. coutidlof Ministers; 
meeting set : for’ February . 6- 
ighe r. next . two., months . would . 
then be; s^E®t seltisg the agree- 
ment- fo ±h&^4evelqping" coun- 
tries, -.li - •- — 

.*'• By ihefw the^hdpeak .that the 

.U CangjcfcsMiU passed 

legislation -r.- ^relieving • \ the- 
AdmltdSnratiofi uf ; a'o obliga- 
tion to - Impose ’.new . counter- 
vaRipg-duVes bn subsirfised im- 
ports,'-ia. v pre-condition' tb the 
Cojtmmyt^s.^ngl'" approval of 
the To^o,.EDdhd-package. . 

- .fts 


b£. - heftgtietioi aJ^fc gt-- -the 
view:. h8re..-te‘-3a«^e: -French 
iess'; in- 


clined m Jgisrupttqe. i ^ 

New Ye aij wfiefiTt begihsTts, six 
months stint: as president of the 
Council -Of: Mftrisfersf ; ; . \ 
From tbfsipdhitpf view,, there ’ 
at the talks 
have not by^the 

end-year, deadltrite - France will 
;he. i aM.ey;to *rgiierTf file :U.S; - 
makes:ft^^^rtjdesSM>itS; in the 
New > Yefcr,, that ! they are due 
tenth*} to^ir^FreUdh'Krre ofthe. 
laxt' few- inonas. -Fsari s will - be. 
in * - .position 'graciously-. :to 


aceeprtpe&o&nteai. - 


• xt* : 

- % L 


Saudis meet Iranian oil shortfall 


BY JAMIE BUCHAN 




Finland in 


pulp, paper 
plant deals 


By Lance Keyworth 

HELSINKI — Finnish engi- 
neering expertise in the forest 
industry sector and the growing 
interest in this country in joint 
export ventures with foreign 
firms has recently -been re- 
warded with two sizeable con- 
tracts. 

Manila Paper Mills of the 
Philippines has signed a con- 
tract with three Finnish con- 
cerns and a Swedish company 
for the planning and building of 
a new pulp and paper mill com- 
plex on the island of Mindanao. 
The project is valued at 
FM 0.5bn overall ' troughly 
£62hn. 

The Finnish companies ar* 
Ekonomo Ov. responsible for 
planning and suoervision or the 
start-up, A. Ahlstrom Ov and 
Wartsila Oy which will deliver 
the pulp and paper making 
machinery. The turbogenerators 
and hich tension eouinment will 
be delivered by Stal-LavaJ of 
Sweden. 

The production capacity of the. 
pulp mill will be 520 tonnes of 
bleached sulnbate a day. and 
the paper mill will turn out 2S0 
tonnes daily. 

On the other side of the 
world. Enso-Gutzeit Oy has 
signed an agreement on tech- 
nical assistance and co-opera- 
tion with Corporacion Forestal 
Industrial de Olancbo (Corfino), 
of Honduras. The Olancho pro- 
ject is valued at S600m (FM 
2.4bn) in all. It comprises three 
sawmills and a pulp and paper 
mill. 


JEDDA H — Saudi Ara bian . ex- 
! ports of crude oil registered an- 
; other large increase last month 
as the Kingdom stepped up lift- 
ings to meet the shortfall in. 
Iranian production caused by the 
i Khurestan oil workers strike at 
the end of the month. 

The Ministry of Petroleum and 
Mineral Resources announced 
that the daily average for Nov- 
ember was 9.645.669 barrels 
against S.Sm b/d in October. 7.57 
b. d in September and 6.95m bfd 
in August — an indication of the 
steady Improvement in demand 
in the months leading up to last 
week's 1A5 per cedt OPEC price 
rise. '• '• . . 

But greater liftings of Arabian 


heavy at the end -of the mont^, : Yamani-~'flef ended'’! the OPEC 
to make up for the disruption. . i45-'.peri;CeiJt 'pri^ rise. lo. be . 
.id Iranian heavy ’ outpiifi Implem^TTtediQ'four . stages nexr 
'accounted for much . of - the ; in- i -year- add i that tfie " Outcry 
crease in Novem ber, the: .State:. ; In the j'in'duElmbsed- countries - 
Petroleum Organisation.. Petr* - " 

min, said earlier -this month.;-: V’ 973-74 

• However. Oil Minister Sheikh.' WaS^oaT "" - 

. Ahmad Zaki Yamaha sai d-.diteF - Iju t. fi ve y 6 " 

* the OPEC meeting op Suhfay. cohfidei 

. that Saudi Arabia . wonId- *4i«^r ^Wp Qn j _ 

rthe burden" of reducing' pdtdut.'.'js' repeatmgViijeif- ■ now.^'-he 
;• If there is a market -sdrbhg ^ " ' 

: when Iranian production • :im- The ^rii^fevrbajKS ■ 'Were -. in 
proves, which .will-, also ■ i ^M&§ingy:in disguise, 

that Saudi production does ffof 'jjrbvMinff ^a '■sferdng-^ Incentive 
exceed the production, cri^ & iowardg. -expliahtidn ' la new 

:4hfe,N0rtb 
ureas 


Ys 'price rises; 
-later hjffi.tamsay 
axfi. consuiders*. 
ituxe.' History 


■laucvu luw . -Xj/WaXQS IB. 

. of an average of fl-5xp. l 

year. - 



Swedes to 
aid Greek 
meat industry 


By John Walker 

STOCKHOLM — A major 
restructuring and modernisa- 
tion of the Greek meat industry 
is to be carried out by a 
Swedish concern, Industribygs- 
nader Stenungsund of south 
Sweden. The total cost will be 
about SKr 600m ($139m) spread 
over the next four years. 

The first contracts out of 
about 15 will be signed today. 
Co-operation with another 
Swedish company is expected 
as soon as negotiations are com- 
pleted. which is expected in the 
near future. 

.The order includes the moder- 
nisation of eight or nine 
slaughter houses and ancillary 
plants. It is expected that the 
Swedish Government will 
guarantee loans for a consider- 
able proportion of the project. 
It is forecast that the project 
will provide about 2,000 to 3,000 
job opportunities in Sweden for 
the sub-contractors and about 
300 people in the Greek build- 
ing and contracting industry. 


dTSEON of France has developed a range of 
vehicles based on the ru nnin g gear of the - 
2CV to enable developing countries to set. 
up their own embryo motor industries with- 
out the need for any major capital invest- 
ment. The new body developed by Citroen 
for this chassis is built entirely of folded: 
steel sheet. 

The new range is called FAF from the 
French “facile a fabriquer" (easy to make) : 
and “faciie a financier" (cheap to finance). 
“The FAF ^project Jis aimed at belpuig 
developing countries with two of their majot- 
prohlems: the adverse effect on their balance ' 


of pa^ente- lof havip't to . Import most .' 
manufactured goods, andithfc neecf to create 
. employment at home— and:idtfmaieJy, there- -v* 
.fore, to • achl^ve teriinologlca I. .'ladepenicaoce- . 
-and a hlgher standard' of 'Hying;” - Citroen. 
states. 


The FAJF achieves these ohjeeMyesiby per- 
mltting Sie ihanuFactiire of both the chasas ’:. 


and the bodywork (soriie ;50 percent' ofthe 
.whole . vehicle) . with" lb w-Invextnient ■ local « 
facilities.. ft alfio reduces transport costs for ' 
those parts which. muSt stfl] rbo.- jrnported^ - 
since thejr;V.oltime will onljraccotmtior smib r J~ 
20 per cent of a complete vebicle or Some 40 ‘ •' 
per cent of h completely knockeSWOwn .kit. . 


Toshiba to meet Americaii 
TV demand from the U.S. 


TOKYO — Toshiba. Japan's 
second largest manufacturer of 
general, electric equipment, said 
yesterday it had halted exports 
of colour television sets to the 
U.S. because of high taxes and 
the yen s rise against the dollar. 

A spokesman said the com- 
pany, instead, will double pro- 
duction capacity of the Mem- 
phis, Tennessee, plant operated 
by its subsidiary. Toshiba 
America, from the present 
15,000 units a month. 


HK deficit up 


HONG KONG — Hong Kong's 
visible trade deficit soared to 
HK$I.24bn (£l30m) in Nov- 
ember compared with a deficit 
of HK$402m <£42m) in Novem- 
ber 1977. 

While domestic exports 
declined fractionally to 
HK$3.8m in November and re- 
exports rose 11.7 per cent 
imports were 14.5 per cent up 
at HK$6,420m compared with 
the same month a year pre- 
viously apart from seasonal fac- 
tors, the rise in the November 
trade deficit reflected the lagged 
effect of the recent sharp 
decline in the value of the Hong 
Kong dollar relative to the cur- 
rencies of the Colony's major 
trading partners. 

Reuter 


Hitachi, another leading elec- 
tronics equipment maker that 
has also been reported lo have 
stopped colour TV exports to 
the U.S., denied the reports, say- 
ing that the company has no 
plans to do so. A spokesman 
noted that some 80 per cent of 
Hitachi's colour TV exports 
originate from its plants in 
Taiwan and Singapore, thus 
making it unnecessary for the 


company in' Tokyo to take such 
a step. 

The Spokesman pointed out,, 
howeyer, that it is -.triie : 
“ the circumstances surrounding 
Japan's exports ( to the U.S. are 
becoming increasingly difficult'*. 

Matsushita ;EIectric Indus- 
trial, Sanyo Bectric, and Sharp*. 
— all leading- Japanese elertric; 
equipment ■ makers — I baye 
already -declared their, intend 
tions "to- stop, colour TV. ship- 
ments to the U,S. and a fifth; 
producer. Mitsubishi Eteclric^is 
reportedly to follow suit, r~ .' .- 
AP-DJ- ' - 

9 Sony announced yesterday -it 
will build ' its. . first .overseas 
video tape "' recorder. Manu- 
facturing .plant in Brazil, , to 
commence operations early in 
1980, Reuter reports - . 

Following official authorisa- 
tion granted ,by the Brazilian 
Government; •. construction, will 
begin early .next year. 


Irish announce incentive scheme 


BY OUR OWN CORRESPONDENT 


DUBLIN — The Government 
of the Irish Republic is to intro- 
duce an industrial incentive 
scheme to replace the tax holi- 
day presently allowed to foreign 
companies exporting goods. 

From January the Govern- 
ment is to charge a special rate 
of 10 per cent corporation tax 
for all manufacturing industry. 
The scheme will run until 
December, 2000. 

Dublin's Minister For Industry 
and Commerce. Mr. Desmond 
O'Malley, said the purpose ©f 
the scheme was lu attract 


foreign investment in order" tb 
reduce unemployment, ; j 

The new regulations 'inafctf mi' 
distinction ‘between export .and- 
home 'sales, something which 
was . demanded ..by. . the/ '- EEC 
Commission:' ' - 


The 'Minister said fijat- it 
would be .-in the interest -of.. 
manufacturers In the . Republic 
to - bring -forward - their invest-' 
ment plans -to 1979 and 1980; so 
that they .could get maximum: 
bervefii from the new incentive 
scheme, ... : . . .. . 


Japanese 
loan for 




Russia 


v>. 


By Richard -C.' Hanio it 

TOKYO r- The Export-Import 
Bank of. Japan has. sighed / a 
protocol witlr tbef -Soviet : Bank 
for Foreign TradeScnr -a Y58.6bn 
loan ($300m) : to finance about 
700,900 meteie .tons' of lar^e- 
diameter;JIhfer' pipe imports in 

- 'pie. ^reemeiit\.w’ig signed in 
Tokyo on Monday; by Eximbank 
president,- Mr;- Satosfii Sumita," 
and Mr. V. M. . Ivanov, Soviet 
Deputy, • Minister T>f Foreign 
Trade. ; * . . ; - r . .. - 7x r 





Nati 


RAWA 


«- 1 **- 


-l *. 



-I SV> 


- r ^rr\ 




Four _• major. Japane.se' steet 
makers have, already completed 
negotiations Pn;.th&-sale- i d.f the ' 
first ;20Q,00p-'4Ohs pipe- 4a bje ’. 
shlpp ed. T tn'ae. first quarter: ”M\ 
1979: • -v 'j:?-- 

- cThe : - 

.apparently: were able" to -win-.a - "- 
price, an ere asej but /detained W - 
say -by/^iow- much. S'lyutigatjqi^B-. " 
;are. hoW^vep ther-risfr WaSvnteflfe 
'than ■ cent nver-shiiiifi^fs; 

this year, . . V . \1 y v 

For! ISfSr Q& -Sovteteiind/:; - 
negotiated .. already- 
706 , WQ tons-^of .‘laj^^pse liah" 
•pipe - ; also- ■; finantfed X 
Japanese • Eximhanfer. '• • 'Rw«Eits'- 






s ■» 








shipments will dejfend.^&n.-' Stews-; ■ 

much. rhA.. 


jf,.*. - IE 

C r: ^ 

t’**. ’ c3ri 


Buw 8i 





K •; 1 :? 





Xtasembsr '-22- JL9T8 . 

f j|§||lr"Mse ; jm domestic demand forecast 

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• 1 !*• »Ns ’ ^ . 

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- -'■■■:■? iiKJTfcj; 


: GROWTH IN domestic demand 
Is expected toslow in The OECD 
t a rea during" 1979, accord! n& to 

the orgaaisaifotfs rtx-moMhly 
Economic Outlook published 
today, - 'CTnempJoyTnent is likely 
to rise- ^lightly Xbat inflation win 
-be reduced fttrtberfet most coun- 
. tries and r aji . M eprotuasing ’’ 

. ironing out ofcnrrent accmmt 
imbalances Is- expected, especi- 
ally iirthe. US; and Japan. 

•: Itealgrowfti iii GNP is fore- 
part to total s per. : cent : next' 
year, ‘ against 3.5; 'per - cent this 
.year. 'TVrtaL -.domestic demand 
should ; inert ase S .25 . pet . cent, 
compared with this year’s 3:5 
per centV'rofieettng a 'weakening, 
inr the VS. economy imd the 
OECD Secrotarinrts assurnption 
. thaTpoliCies ip Japan mid "West 
Germaov vriir'become less expan-. 
sinnarj in the second halt ' ' ' 

•■ The wpojt wo^written Bpfort 
lafrtrVrec^imd'S OPECTdeetHonfrt 
raise prices.^ 'ah "nye^ase 
TOner cent 'next yenir. The Sccre- . 
tariat’s. assomptibn, used ip its' 
forecasts, was that prices would 
rise 5 to 6 her cent: the higher 
actual increase is likely to re- 
duce the combined GNP. of the 
OECD area by about &J25- per 
cent .compared with the projec- 
tions in the report. ■ 

The ; appippri’ate . : focus for 
discussion . of developments in. 
the- X?ECD;erea,- in the Secre- . 
terlaf’s view, is hot global GNP 
growth so much as the newly- 
evolving pattern of. domestic 
demand among member coun- 
tries. . - ■_•...' 

As a result, of expansionary 
fiscal policies in Japan and 
West Germany, and tightening 
monetary- ' and , budgetary 
measures in the U.S., . .there 
will . toe an encouraging 
“scissors movement'’, of domes- 
tic demand-growth between the 
U5.,:where. it -is shrinking, and 
the: .other ', largest countries, 
where It is .speeding up. 

Conversely, net exports an? 
aipea,dy strengthening in -the 
U.S. And weakening in Germany 
arid Japan. By early 1979, rhe 
rate of domestic demand 
■growth in- .the U.S. will- be 
dmsiderably below that of 
Eufopei the first time this has 
hajMwned since "the latter part 

'During the years 1976-77. the 


OECD 

ECONOMIC 

OUTLOOK 


annual ' growth • of domestic 
demand in the U.S. exceeded 
that of the other major coun- 
tries by nearly 3 percentage 
pomis. In 1979, the UB. Tate is 
likely, however, to. be' nearly 3 
percentage pointsr below, that of 
its Tiiajor partners. 

This 'is .expected to help 
reduce considerably tine: uneven 

E at tern of currenr payments 
al sices which lias beeit a major 
-factor behind the exchange rate 
•fluctuations this yearX-TOn the 
assumption of no further impor- 
tant changes in . ^effective 
exchange rates, th*;. 1 report 
(which was made oir.lhe basis 
of average rates of November 
6— S>. the OECD forecasts that 
the U.S. current account deficit 
and the Japanese surplus might 
both be roughly halved rt dollar 
terms in 1979 and the'XSerman 
surplus could ' be substantially 
reduced. 

The overall OECD current 
account position. In deficit by 
S27.5bn in 1977, is expected to 
be broadly in balance in both 
J978 and 1978— the first time 
since 1973 that for a- sustained 
period the area was not in sub- 
stantial deficit 


Weak commodity prices — 
especially oil prices — are the 
main factor behind the reduc- 
tion in the deficit. About half of 
the improvement appears tu 
have been with OPEC, while 
SlObn of it seems to have been 
in the form uf terms of trade 
gains vls-a-vis non-oil developing 
countries. 

Unemployment in the OECD 
■area, given the forecast lower 
growth of output and an ex- 
pected pick-up from this year's 
weak productivity performance, 
is JikeJy to rise from its pre- 
sent rate of around 5.25 per 
cent to perhaps 5.5 per cent 
in the latter part of 1979. 

During 297S, the rate of 
growth of employment has been 
particularly rapid. However, ex- 
pansion of the labour force in 
recent months has matched that 
of employment, so that total un- 
employment dn the area, exclud- 
ing Turkey and Portugal, was 
about 15.75m in the third 
quarter of 1978, about the same 
as at the start of the tax year. 

Consumer price inflation is 
forecast at 6.5 per cent for 
1979, a slight slowing from 6.75 
per cent in 1978. Again, how- 
ever, the -higher than expected 
ail price rise, will disturb rhe 
report's assumptions, and is 
likely to add a further 0.4 per 
cent to the area’s combined in- 
flation rate on an annual basis 
by the second half of next year. 

On the exchange rate assump- 
tions made in the report, the 


SUMMARY OF DEMAND AND OUTPUT FORECASTS 
(Per cent changes, annual rates) 


- 


Total domestic demand 



Total OECD 

United States 

Japan 

Germany 

Total OECD less US. 

From previous year 

7977 1978 1979 

From previous half-year 

1978 1979 

1 II « II 

3i 

’•■■■■■ si 

A 

21 

2 

i 

3i 

31 . 
It 

7 

4J 

4i 

3i 

3 

n 

21 

31 

4i 

31 

7i 

5 

4* 

3 

1 

7? 

Si , 

41 

23 
■ i 

5j 

3* 

3i 





Real GNP 




Total OECD 

3i 

3( 

3 

3* 

3J 

23 

2‘x 

United States 

5 

3i 

- 2 

2i 

Ai 

U 

l 

Japan 

5i 

Si 

M 

7i 

4 

5i 

4) 

Germany 

2i 

3 

A 

2i 

4 

Ah 

35 


GNP growth of 
2% for U.S. 


Secretariat expects a narrowing 
in the dispersion of exchange 
rates. However, an important 
exception is that the spread 
between consumer price 
increases in the U.S. and in the 
other major OECD economies is 
expected to widen in the near 
term. 

The recent deterioration -uf 
the U.S. price performance i.s 
“disturbing hence the import- 
ance to toe attached to achieve- 
ment of rhe alms of the 
Administration's anti-inflation 
programme. 

Given the need 4o consolidate 
the recent strenirthening of the 
dollar, a temporary period of 
slow growth of the U.S. economy. 

is probably both inevitable and 
to be welcomed, the report says. 


UK payments surplus may reach $2bn 


THE RISE in “UK gross-domestic 
product, probably about 2.75 per 
cent in 1978, may slow to about 
2 per emit in _l979r : according 
to the report. . _ ;.-:i 

Assuming an increase in aver- 
age earnings of 10 per cent from 
the ending last August of the 
Phase tn pay policy; .the rise 
in consumer prices could he 
down to an annual rate of about 
ft per cent towards the end of 
1979, assuming an increase in 
import prices of 6 per cent dur- 
ing the coming year. • ' 

A current account balance of 
parents surplus -of almost 
$2bn is forecast in 1979, com- 


pared with a deficit of less than 
$500m In 1978. The oil balance 
in volume terms is likely to in- 
crease as a result of higher 
North Sea oil production, pro- 
jected at 80m tons next your 
against 58m in 1978. 

This is likely io outweigh the 
small deterioration of the real 
trade balance excluding oil. 

The contribution of North Sea 

011 to GDP growth is estimated 
at about 0.75 per cent in both 
1978 and 1979. Despite the 
relatively rapid rise in manu- 
facturing output over the last 

12 months, the level of activity 
is still relatively low. Some 


further growth is forecast, so 
that in the second half of 1979 
output levels should, for the 
first time since the downturn, 
be dose to those reached at the 
1973 peak. 

If average wage earnings 
under the present wage round 
rise by 12 per cent, the rale of 
growth of consumer prices 
would climb to a little over 10 
per cent during 1979. instead of 
the 8.75 per cent under the 10 
cent per wage rise assumption. 
But the addition to GDP result- 
ing from the higher earnings 
assumption couid be less than 
0215 percentage points. 


The measures -to support 
demand growth in Germany and 
Japan, iogeitier with such steps 
as the other three stronger- 
ciirreney countries — Belgium, 
Holland and Switzerland — may 
be able tu take 1o -this end. 
should help moderate the 
impact of the U.S. slowdown on 
other economies. 

The iVovember I action to 
stabilise rhe dollar, the -reduc- 
tion in inflation and balancing 
out of the OECD’s current 
account deficit are all factors 
which seem to be running in 
favour of less turbulent condi- 
tions on exchange markets and 
-better business confidence. 

But until a further important 
indentation has been made in 
the remaining problem or infla- 
tion, the prospects for reducing 
unemployment further may not 
he very bright. 

The " convalescent " Countries 
so far operating under inflation 
and butnnre-or-payments restraint 
have therefore still to guard 

against any demand- manage meat 
action which would exacerbate 
inflation. 

Elbow room Tor these coun- 
tries to expand somewhat their 
own domestic demand has begun 
to emerge, and in some cases 
may even increase. 

But in each of the four large 
countries in this category, there 
arc particular' reasons^ why the 
timing of any further measures 
must be subject to extreme care. 

In France, the economy is in 
the process of adjusting to the 
Lifting of exchange controls. In 
the UK. the Phase IV wage round 


is at a critical stage. (The report 
was written before the parlia- 
mentary defeat of the Govern- 
ment’s pay policy.) 

In Italy, measures envisaged 
in the Government's three-year 
plan still have tu be adopted, and 
the outcome of important wage 
negotiations is uncertain, in 
Canada, the transition from a 
period of wage and price coa- 
irols has id be completed. And 
in the smaller countries — whose 
combined current account bal- 
ance probably shrank by more 
than $10bn in 197S largely as a 
result of measures to limit 
domestic demand and inflation — 
there is continuing need for 
caution. 

On another precautionary note, 
the OECD points to the possibi- 
lity that domestic demand growth 
will weaken in ibe latter part of 
1979 in both Japan and Germany. 

Capacity utilisation levels ex- 
pected in the early parts of the 
year, and relatively depressed 
expon prospects, may noi be suf- 
ficient to spark off the invest- 
ment boom needed if autono- 
mous private sector demand is to 
take over the running from 
policy-induced boosts. 

Private sector expenditure in 
these two countries could be 
more buoyant if calmer foreign 
exchange conditions prevail 
through 1979. Nonetheless, it 
will be appropriate for the two 
governments to be alert to 
forward-looking indicators as 
the moment approaches for the 
mid-year VAT increase in 
Germany and for the exhaustion 
of the present stimulus from 
public sector expenditure in 
Japan. 


REAL U.S. GNP is expected 
to grow by about 2 per cent 
in' 1979, lower than earlier 
official forecasts of about 
3 per cent and a substantial 
fail from this year's likely 
3.75 per cent. 

The difference compared 
with the official projection 
reflects the OECD view that 
the success of the counter- 
inflation policy will take 
somewhat longer to become 
apparent than Is expected by 
the U.S. authorities. 

The unemployment rate 
may rise from the second- 
half 1978 average of around 
6 per cent to about 6{ per 
cent in the second half or 
1979. 

Inflation measured by the 
GNP inflater is forecast to be 
7i in 1979, with some 
deceleration likely during the 
year. 

The improved competitive 
position of U.S. exporters Is 
expected to improve their 
share of foreign markets in 
1979. and, with slow growth of 
imports, the current account 
deficit may Improve consider- 
ably, falling from $18bn in 
1978 to perhaps $8bn in 1979. 

By the second half of 1979. 
the current deficit is expected 
to be running at an annual 
rate of S5bn. 

The current account sur- 
plus of Japan may come down 
to around SlObn at an annual 
rate in the second half of 
1979, compared with more 
than $30bn. in the second half 
of 1978. This reflects the con- 
tinning switch in the pattern 
of demand from net exports 
towards domestic expenditure. 

The recent refiationary 
package and the assumed 
expansionary stance of fiscal 
policy in fiscal year 1979 
should contribute markedly to 
domestic demand, which is 
projected to rise at an annual 
rate of close to 7.75 per cent 
in the first half of 1979. 

Becaose of the expected 
strong negative contribution 
from the change in the foreign 
balance, the growth of real 
Japanese GNP should he much 
more moderate — at about 4.75 


per cent next year against 5.75 
pt-r cent in 1978. But major 
importance should not be 
attached to this. Japan, the 
report remarks, is a good ex- 
ample for the Secretariat's 
suggestion that at present it is 
more important to look at 
domestic demand than at over- 
all GNP trends. 

In West Germany total 
domestic demand is forecast to 
grow by 5 per cent in the first 
half of 1979. strongly in- 
fluenced by the expansionary 
measures decided under the 
government's reflation pack- 
age. However, demand could 
decelerate later on after the 
VAT increase is introduced in 
mid-year. 

GNP is expected to rise by 
4 per cent in 1979 against 3 
per cent this year, which will 
spark oil an increase in 
labour demand. But as the 
population of working age is 
increasing rapidly, this may 
not result in a decline in un- 
emplovment. 

Germany's low inflation 
rate seems likely to be main- 
tained, with the GNP deflator 
expected to rise by 3.5 per 
cent, slightly less than in 
1978. 

Import volume will pick np 
sharply and (he terms of 
trade will deteriorate slightly, 
so that the current account 
surplus should fall signifi- 
cantly to around $2bn from 
$Bbn in 1978. 

GDP growth in France Is 
expected to pick up to 3.5 per 
cent in 1979 from 3 per cent 
in 1977 and 1978. 

Unemployment is likely to 
stabilise at its end -197 8 level, 
reflecting the likely growth of 
’the labour lorce. In view of 
the expected moderation in 
wage costs, inflation might 
gradually slow to an annual 
rate of 7.75 per cent in the 
second half. 

The expected expansion of 
world trade, and particularly 
of German imports should 
stimulate French exports. But 
the current account could 
remain nearly unchanged 
from its present surplus of 
about S2bn. 


CONTRACTS AND TENDERS 




NTPC 



National Thermal Power Corporation Ltd. 


i ■•g?.4'X4g: SOVT r OF I N DIA.ENTE RPR ISE) 




M - # f"- 

' i \ 



INVITATION TO mp 
FOfi POWER PLANT EQUIPMENT . 
RAMAGUNDAM SUPER THERMAL POWER PROJECT 

L^Pfflposals are invited by the National Thermal Power Corporation Ltd., for the first 
Ltphase .Of .'their' Ramagundam Project consisting of 3 x 200 MW units at 
L'"f?^BaffUnda,m r District Karim Nagar, Andhra Pradesh; India for furnishing and 
tifthefollowing eguipment package^.. • ■ ' .. .. 


: t i /nwn b*”'- 
/ j-'. :?,■ £*fd iioCu. 

, . j . a®’ 

..... . - . • 
••• * (SBC • 


, ••• 

.. ‘••-''-‘S’ 

• • - - . ■ 

V • 

' - . ..... h- SEP*®-- - 

— i r ' V ' - J • . 

iwt-a***-';.. 


fupanese 

loan 

Russia.. 


^^V|-2Nos.. 

;:i^^3Nos. 

I No. ■ 
; ^ . *1 No. - 

I ;£iij :,3 Nos.-- 
'-'i 2 Nos. - 


-Turbine Generators arid ^uxiHariesjncluding Feed Plant with 
3 Boiler Feed Pumps per set and Isolated Phase Gust-duct and 

■ 115/25 Tonries Turbine 1 Hall Overhead Crane's. 

Specification No. CC-32-001. V 

- Steam Generator arid Auxiliaries- • Including H.P. Piping, 
Electrostatic Precipitators a nd Elevators; 

■ Auxiliary Steam Generator with Auxiliaries arid 
: 50 Tonnes Horizontal Boom Tower Crane. 

Specification No. C 032-002 

■ 240 MVA, i 4-1 8/420 kV Generator Transformer. 

75 MVA, 400/34.5 kV Tie Transformer. 

Specification No. CC-32-003 


- ujri: 


| 'The proposal wifi be received at the address given below, upto 1000 hrs. (1ST) on 
;26th March 1979 and opened on the same day at 1 100 hrs.- (1ST). 

NTPC have applied through Government of India for a credit from International 
Development Association and intends to apply the proceeds' of this credit towards 
C.lF/Ex-works value of equipment portion of the Contract. Participation would be 
J united to Bidders from member countries of IBRD and Switzerland, and the equip- 
-ment materials and services proposed shall have their source of origin in member 
coiintries of IBRD and Switzerland. 

Bidders who. have designed, manufactured and installed at least three sets of 
. equipment 6f the type specified for coal based 200 MW and above capacity units 
' which. are In successful commercial operation for atlessr two year will be eligible 
to participate. . However, those who have manufactured and installed three or more 
sets of equipment of the type specified for 100 MW. and above capacity coal based 
units which are in successful commercial operation fo ?^ '-e .'period not less than 2 
years would also be eligible, provided they are already' manufacturing equipments 
for 200 MW units in collaboration with manufacturers; of international repute. 

- For Power Transformer Package, Bidder should have destejried, manufactured, tested 
andinstaMed400kV class transformers of at least 240 M.VA capacity with OFAF 
.: cooling. r_- • . \ - - 

The Bidders will be required to furnish a Bid Guarantee :'and Contract Performance 
Guarantee for amounts of 2% and 1 0% respectively. 

Copies of the bid documents will be available at the, office of -NTPC at the address 
given herein between 1000 hrs. and'. 1500 hrs. from Pec. 23, - 1978 to Feb.10,1979 
for inspection and examination by the interested bidders; Copies of the bid docu- 
ments can be had between the -dates above mentioned on. payment of specified 
• ‘amount either by certified cheque, orby crossed Demand Draft payable to National 

Thermal Power Corporation Limited, New Delhi. J : . 


Si. 


Description 


Bid Documents 


Price 


Rs. 


US S 



1 . ' All the three Equipment 
■ Packages. • . 

One copy each of 
Vol. 1, 1A, IB, 1C -■ 

& 11A, I1B, IIC. v . 

3500 

425 


2. Turbine Generator Package- 

One copy each of 

Vo. I, IA&JIA. 

1500 

180 

J 

3- . Steam Generator Package. 

One copy each of. • 
VoM, IB & 1IB.: - 

1500 

180 

i . 

4. Power Transform er 

.One copy each.of 

1500 

180 



Volume 1 consists of General Conditions of Contract,. Commercial- proposal sheets, 
etc;. Volume: 1 A, IB and 1C consist of technical data requirements and Volume HA, 
■HB and IIC the technical specifications of the Turbine -Generator, 'Steam Generator 

and Power.Transformer Packages respectively. , ^ . 

Additional Individual volumes cam be obtained- on payment, of US Dollars SO or 
Indian Rupees 500 per Volume per copy. . - 

Tim prospective bidders may choose to bid for all the three, packages or for individual 
package, however, they will not . be permitted to ..make offer for part of the equip- 
ment covered in a particular package. 

Contract Services 

National Thermal Power CorporatkmlM. 

30& Skipper House 
62^3, Nehru Place . 

Tltewrpelhi- 110019 (INDIA) Advt. CC-0B4 




f Advertisement) 



Rise of Japan’s yen rate 
against dollar seems to 
have halted for moment 


Breakdown of Income Earners* Household Budget Surpluses 


The upsurge of the yen ex- 
change rate against the dollar 
appears to have come to a halt, 
at least for the time being, 
after it stiffened .to go beyond 
the SI = ¥ 180 levd at the close of 
October following the an- 
nouncement of the dollar- 
defense package by the Carter 
Administration. 

However, Ibe impact of lbe 
yen upswing is likely to become 
more direct and evident in the 
future as to exercise a 
deflationary effect on domestic 
business. Hence, the future 
outlook of domestic business 
necessarily does not allow 
optimism. 

For all that, business is 
expected to continue a slow, 
modest recovery on the 
strength of various props in Uie 
fiscal phase in progress and 
recovering signs of personal 
consumer spending and private 
plant-equipment investments in 
recent months. 

Production activity 

In the phase of production 
activity, the growth of mining- 
manufacturing production on a 
quarterly basis has begun to 
slow down since the January- 
Af arch quarter of 1978. 

On a monthly basis, how- 
ever. mining-manufacturing 
production (seasonally ad- 
justed and compared with Uie 
previous month) registered an 
increase of more than l per 
cent in August and September 
after a decrease of 0.8 per cent 
in July. In fact, production 
activity thus is starting a 
steady rally. 

Shipments in the mining- 
manufacturing sector also have 
been following a similar 
keynote, swelling by J.O per 
cent in August ami 1.2 per cent 
in September over a month 
before, although the keynote in 
that phase still has stayed dull 
on a quarterly basis. 

Inventories have continued in 
the process of gradual ad- 
justment. Seasonally adjusted 
and compared with a month 
earlier, inventories of 
manufactured products in 
September dedinined by 0.4 
per cent, and those of manu- 
factured products with dealers 
also dipped. 

According to “Report on 
Corporate Investment Trend 1 ’ 
fas of September), inventory 
investments in the manu- 
facturing sector in the October- 
December quarter are es- 
timated to continue a decrease, 
indicating the progress of 


adjustment operations. 

All in all, both production and 
shipments appear , to be 
following an increasing keynote 
in the process of inventory 
adjustment. However, whether 
this keynote' will become ao-' 
tually fixed will depends on the 
future trend of ultimate 
demand. 

- PersonaJcoBsumplion. ,, 

Iri' Hhe/ phase "of public 
demand, the fiscal outlay for 
payment ..for public works 
projects (over the 
corresponding period or month 
a year earlier) increased by 
19.6 per cent in the July- 
Sept ember quarter and by 18.4 
per cent in October. Public 
works contracts in value also 
swelled by 32.7 per cent in the 
July-September quarter over a 
year before. The fiscal outlay 
thus has continued to support 
domestic business. 

In the phase of trade, 
customs-cleared exports have 
continued to show a sound 
increase on a dollar-de- 
nominated basis but have 
remained below the year-ago 
level on a yen-denominated 
basis, thus providing a brake to 
the tempo of business recovery. 

As to Uie future outlook, the 
fiscal outlay is expected to stay 
at a high level partly on the 
strength- of a supplementary 
budget soon to be compiled for 
fiscal 1978. 

On the other hand, the export 
slump is likely to continue 
along with the further per- 
meation of the impact of the 
higher yen. The Met ion bet- 
ween the Iiscal outlay and 
export trade thus is destined to 
grow stronger. 

In the phase of private 
demand, personal consumption 
expenditure of wage earners' 
gradually stiffening. 

According to Uie Household 
Budget Survey, consumption 
expenditure of wage earners’ 
households (compared with the 
corresponding period or 
month) made a nominal gain of 
4.3 per cent in the April-June 
quarter, (0.7 per cent, real) 
and 5.1 per cent in July (1.0 per 
cent) and 4J5 per cent in August 
<0.3 per cent). The growth in 
this phase necessarily has not 
been particularly encouraging. 

On the other hand, the 
recovery has been more 
heartening. For instance,- 
department store' sales in 
September increased by 9.4 per 
cent over a year earlier. Sales 
by self-service stores, such as 


supermarkets, also swelled by 
12.3 per cent over a year 
earlier, marking a gain of over 
12 per cent for the third con- 
secutive month. 

Also advancing has been the 
growth of the balance of the 
Bank of Japan note issue. 
Equally favorable have been 
passenger car sales. According 
to the Consumption Trend- 
Survey, the consumption .-ex- 
penditure of all households in 
Uie July-September quarter 
registered an increase of 9.3 
per cent over a year before. 

However, the immediate 
outlook does .not appear so 
encouraging. In the first place, 
not much can be expected from 
a sizable increase of seasonal 
bonuses at the end of the year. 
At the same time, the burden of 
debt repayment and credit 
purchase payment is likely to 
become heavier at Lhe close of 
Uie year. 

Against this backdrop, a 
substantial rally of the 
propensity to consume cannot 
be expected, even taking into 
account a support in the form 
of calming prices. In other 
words, no sizable increase in 
consumption expenditure is 
considered possible despite its 
recent recovery'. 

Referring to housing in- 
vestments, another prop to 
domestic business, housing 
starts continued to slay below 
the year-ago level in August 
and September. 

As housing starts are likely to 
increase with the second series 
of housing loans newly offered 
by Housing Loan Corporation 
(100.000 applications accepted 
in the September 13-October 31 
period i. a moderate rally of 
housing investments will start 
within a few months. 

In the phase of plant and 
equipment investments, such 
investment projects in fiscal 
1978 have been revised upward 
over the original target on the 
basis of a recent survey based 
on inquiries to investor quar- 
ters. 

Inasmuch as the supply- 
demand gap still has continued 
wide .and the real equipment 
operation, rate still has 
remained low at around 80 per 
cent, however, a full-scale rise 
of investment projects for 
expanding production capacity 
can hardly be expected, par- 
ticularly in the manufacturing 
sector, at least for the time 
being. 

Lingering imbalance 

la the process of tardy 


-30 


ESg3»«*ut» 

E^liifcrwtat 

E3WtaKi«i 

l 



Q 



Mn 9 a*® <, Nit gw n 

tmsitM lunjjtl M»ig> «w * 

wit uwiln 


Hal drop io 
hue, & i wf MH 
howog 


Hflgfilb 


Note: For convonicncr n income earners are divided into five brackefs. Isf 
brackcr includes the fowcii earning. 


recovery 'of domestic business, 
the imbalance between internal 
and external factors still has 
remained unrectificd. 

Turning to the trend of 
corporate business per- 
formances, the corporate 
earnings in the latest term 
ended last September appear to 
have made an increase as a 
whole despite the impact of the 
yen upsurge, although there 
was a gap among different 
industries and enterprises. 

However, the improvement 
of the corporate business 
performances has failed to 
result in a corresponding 
betterment of the employment 
situation as the inequality in 
employment still has remained 
unco rrecled. For instance, the 
effective opening Lo application 
ratio in September stayed at 
0.58-roId while the completely 
unemployment rate in the same 
month stood at 2.42 per cenL, 
both seasonally adjusted. 

Turning to the externa! 
phase, the disequilibrium of the 
balance of payments has 
continued unrectifled. . 

The current balance of 
payments in the first half 
(April-September) of the 
current fiscal year surpassed 
$9,300 million, or over $19,000 
million at an annual rate. 


However, dollar-denominated 
imports increased by 12.8 per 
cent in the July-September 
quarter over the corresponding 
quarter a year before (by the 
IMF formula) after a smaller 
gain of 7.5 per cent in the April- 
June quarter. 

In October, dollar-based 
imports registered a steeper 
increase of 42 per cent 
(preliminary) over a month 
earlier partly because of 
emergency imports. 

In view of the effect of fur- 
ther emergency imports and 
Die increase of imports from 
the rising yen, export trade is 
likely to continue a sound 
growth in the future. Coupled 
with the -slowdown of export 
trade. the current 
disquilibrium of the nation’s 
balance of payments is ex- 
pected to be gradually rectified 
sooner or later. 

Nevertheless, the overall exit 
of lhe current disequilibrium in 
the balance of payments, is 
considered unlikely for some 
time without a substantial 
recovery of domestic business. 
This is particularly the case 
when the basic import struc- 
ture of this country depending 
heavily on raw and processed 
materials is taken into con- 
sideration. 


The international bank 
with your interests 
at heart. 



We have your interests at heart 

DAM CHI KANGYD BANK 

London Branch: Fiftfi Floor. P a O Bids., 132-138 Lcadenhall Strati, London 
EC3V 4PA, England Tel. (01J-28SO929 

Head Office: 5-2. Marunoucfci 1-chorM, Chiyoda-ku, Tokyo 100. Japan Branchaf ami 
Agmctei ar New York, Ua Angeles, DussMdorf. TatpM, Seoul, Singapore nepie m iictho 
Office* at: Ortespo, Houston, Toronto, SSo Paulo, Mexico City- Carons, Frankfurt, Parts, 
Beirut, Jakarta, Sydney Subsidiaries at: Chicago, Arruwrttan, Zurich, London, Hong Kong 
Affiliated and Aaoolosad Companies at: Rio do Janeiro, London. Luxemburg, Hong Kong. 
Bangkok, Singapore. Kuala Lumpur, Jakarta, Manila, Melbourne, Sydney. 


The oext DKB monthly report will appear Jan. 26, 1979. 












BOND DRAWINGS 


SUBSTITUTE 


NOTICE OF REDEMPTION 
THE DEVELOPMENT BANK OF SINGAPORE LTD. 


81% 


SINGAPORE 

US$10,000, ooo 

GUARANTEED BONDS 1982 


NOTICE IS HEREBY GIVEN Hut. pureuam to the Agreement dated 
December 22. 1971 between the Development Berk ol Singapore Ltd. and 
Bank a! America National Trust and Savings Association and unaer Condition dial 
A .b; el the Bends, the lourth redemption Instalment o! US'l .200.000 duo 
January 15. 1979 has been met bv purchases in the market to the nominal 
value ol US1694.000 and b* a drawing of Bonds to th* nominal v^lue of 
USS506.000 on December 1. 1978 In Singapore. _ _ ... 

The number* ot the Bondi so drawn m the presence of a No.arv Public 
lor this fourth redemption are as follows: 


00011 
□ 1074 
01673 
01629 
02383 
02473 
02570 
03927 
02969 
03143 
0331 S 
03496 
03633 
03919 
04091 
04 152 
04660 
0475B 
04S51 
04961 
0S2E7 
05375 
05462 
055-48 
05779 
05906 
06261 
06407 
07Q15 
07076 
07175 
073B5 
07545 
07620 
D770B 
07600 
07866 
07967 
08374 
08616 
0BSE8 
0902B 
09342 
09416 
09464 
09609 
09687 
09746 
098 \Z 
09B9B 
09953 


00022 

07016 

01674 

01840 

02384 

02479 

02597 

02920 

03074 

0314E 

03316 

D3526 

02537 

03973 

04092 

04357 

04666 

04759 

04559 

04972 

05289 

05379 

05431 

05592 

05794 
05907 
06262 
06462 
07016 
07030 
07136 
□7495 
07551 
07624 
07721 
078 05 

Q7370 
07975 
08395 
0B620 
08860 
09029 
09356 
09426 
09439 
09612 
09692 
09783 
093 39 
09902 
09954 


00023 
01020 
01755 
02221 
02402 
02480 
02613 
02938 
0307S 
03158 
03317 
03537 
03698 
0399 Z 
04099 
0451 B 
04667 
D4766 

04367 

04992 

05290 

05383 

0549S 

05597 

0579S 

05906 

06263 

06543 

07020 

07111 

07293 

07496 

07566 

07649 

07727 

07806 

073 73 

08070 

0B57B 

08738 

08926 

09072 

09360 

09427 

09491 

09615 

09695 

09791 

09046 

09909 

09955 


00026 
01073 
01761 
02226 
02404 
02461 
02615 
02941 
03099 
03164 
0332B 
03538 
03765 
04002 
04100 
04521 
04660 
04767 
0483 B 
05003 
05301 
05399 
05486 
05599 
05027 
05925 
06270 
06643 
07023 
07121 
07S1 1 
07499 
07583 
07659 
07730 
07814 
07882 
08094 

08S9T 

08739 

0B927 

09062 

09371 

09429 

09516 

09616 

09696 

09792 

09851 

09928 

09981 


00178 

01144 

01766 

02232 

02409 

02523 

02664 

02942 

03115 

03234 

03332 

03539 

037B1 

04004 

04107 

04550 

04700 

04775 

04896 

05136 

05303 

95425 

05510 

QS602 

05851 

05933 

06279 

06670 

07024 

07140 

07321 

07501 

07509 

07660 

D7731 

07815 

07883 

08110 

08603 

08751 

08940 

00086 

09380 

09441 

Q9S24 

09624 

09705 

09793 

09855 

09952 

09990 


00180 

01149 

01769 

02235 

02411 

02540 

02665 

02947 

03128 

03272 

03382 

03554 

03600 

04010 

04108 

04567 

04707 

04778 

04899 

05179 

05325 

05441 

05519 
0561 G 
05852 
05973 

06284 

06666 

07030 

07144 

07323 

07519 

07593 

07661 

07732 

07816 

07885 

08123 

08604 

08763 

08975 

09094 

09393 

09442 

09539 

09625 

09714 

09806 

09858 

09937 

09992 


00181 
01151 
01793 
□2245 
0241 4 
02550 
02720 
02951 
03135 
03276 
Q3400 
03557 
03BZ6 
04024 
04110 
04 568 
04724 
04798 
04900 
05202 
05333 
05447 
05527 
05639 

05854 

05975 

06299 

06692 

07031 

07145 

07325 

07522 

07595 

07666 

07736 

07840 

07687 

08334 

08611 

08800 

06978 

091 09 
09407 
09443 
09561 
09626 
D9721 
09807 
09863 
09938 


00210 
01201 
01612 
02249 
0241 B 
02554 
02735 
02954 
03136 
03386 
03445 
03558 
03847 
04041 
04121 
04578 
04726 
04806 
04910 
05276 
05351 

0S443 

05528 
05642 
05865 
059>6 
06330 
066S3 
0704a 
0T15G 
07368 
07548 
07596 
07674 
07777 
07856 
0V924 
08342 
08612 
08BS2 
08982 
0931 1 
09408 
09449 
09564 
09628 
09733 
09818 
09884 
09945 


00212 

01220 

01613 

02250 

02422 

02566 

02906 

02956 

03140 

03298 

03438 

03550 

03912 

04042 

OdlSl 

D4&40 
04752 
04807 
04929 
05277 
053ES 
05455 
05532 
05643 
05862 
05996 
06332 
06791 
07065 
07172 
07 370 
07535 
07602 
07676 
07779 
07865 
07934 
00364 
08613 
08854 
09019 
09315 
09409 
09450 
09572 
09642 
09734 
09819 
09885 
09949 


01013 

01672 

01826 

02369 

02423 

02567 

02907 

02968 

03141 

03314 

03495 

03570 

03914 

04076 

04151 

04643 

04757 

04845 

0--941 

05279 

05367 

05457 

05535 

05654 

05869 

05993 

06340 

06819 

07074 

07174 

07384 
07536 
07618 
07693 
07799 
07866 
07959 
08367 
08615 
08057 
09025 
09324 
09415 
0945 1 
09576 
09644 
09743 
09878 
09891 
09951 


on January 15. 1979. there will become du» and mvab'e on tne Bonds 
to be redeemed the principal amount thereof with accrued interest In January 1 5. 
1979. On or alter January 15. 1979. interest on the Bonds to be redeemed 
shall cease to accrue. 

Payment of Bondi to be redeemed will be made on or alter January 15. 
1979 upon presentation and surrender ol said Bonds witn an coupons 
appertaining thereto maturing after January 15. 1979 at any 
following Paying Agents. 


all 

one 


ol the 


Bank ol America N.T. A S.A. 
Asia Currency Unit 
Clifford Centre 
Singapore 

The Cnarcered Bank 
4-4a Dm Voeirv Road 
Central. Hong Kong 




V«5j» 


The Chartered Bank 

76 William Street 

New York. N.Y. 10005 USA 


ft; 


The Sumitomo Bank ltd. 

1-3-2 Mvrunouchi 

Chlyoda-ku 

Tokyo. Japan 

The Mitsui Bank Ltd. 

1-12 Yurakucho 
Chivoda-ku, Tokyo 
Japan 

The Bank Of TovkO Ltd. 
1-6-3 Kongo kucho 
Chuo-ku, Tokyo 
Japan 

Moroan Grenfell 5 Co. Ltd. 
23 Great Winchester Street 
London EC2P 2AX 
England 

The Chartered Bank 
Battery Road 
Singapore 


Bank ol Amenta N.T. A S A. 

St. George's Building 
ice House Street 
Kong Kong 

Bank or America International SJk. 

35 Bouferard Royal 
Luxembourg 

Interest accrued and unpaid to January 15. 1979 on said Bends will be 
paid in the usual manner. 

The first, second and third redemptions of USSBOO.OOO each were all fully 
met by purchases In the market. 

The balance ol Bonds outstanding after January 15: 1979 totals 

USS6. 400.000. 

BANK OF AMERICA NATIONAL 
TRUST AND SAVINGS ASSOCIATION 
Principal Fiscal Agcnt- 


COMPANY NOTICES 


K OIVIM UNLANEIN STITUTET AKTIEBOLAG 
% 1978/1993 UA 12.000.000 


On December 8. 1378 Bonds lor the amount of UA 800.000 h.ive been 
drawn in the prasanca of a notary public lor redemption on 
January 25. 1979. 

The following Bonds will bo reimbursed coupon due January 25. 1980 
and following attached: 

36B to 1167 inef. 

Amount unemortiMd: UA 11,200.000 

The Fiscal Agent 

Luxembourg KRFDHiTR *'■' 

December 22. 1978 S.A. luwmbourgeoiso 


DE BEERS CONSOLIDATED OPINES 
LIMITED 

’Incorporated in the 
Republic at South Africa) 


NOTICE TO .HOLDERS OF 
PREFERENCE SHARE WARRANTS 
TO BEARER 

PAYMENT OF COUPON NO. 139 


With reference to tee notice of declaration 
ol dividend advertised in the oress on 
22nd November 1978. Hie following infor- 
mation m published for holders of share 
warrants to bearer. 

, The dividend ol one rand iRl.00) per 
share was declared In South African 
currency. South African non-resident 
shareholders' tax at 15 cents per share 
wilt be deducted from the dividend pay- 
able in respect ol all share warrant coupons 
leaving a net dividend of 85.00 cents 
per share. 

The dividend on bearer shares win be 
paid on or alter 2nd February 1979 
against surrender ol coupon No. 139 
detached from share warrants to bearer 
as under: 

• a} At the office of the following conti- 
nental paving agents * 

Banqoe Rothschild. 

21 Rue Liffttte. 

.. Paris 9e. 


i.v 


Banaue Bruxelles Lambert. 
2 Rue de la -Regence. 

1000. Brussels. 


Society Generate de Banaue. 
3 Montagna du Parc. 

1000 Brussels. 


Credit Suisse. 
Paradeolata B. 
Zurich. 


Union Bank al Switzerland. 
■Gahnholstrasse 45. 

Zurich. 


Swiss Banaue Corporation. 
1 Aaschenvorstsdt. 

Basle 4002. 


Banaue Internationale a Luxembourg. 
2 Boulevard RavaJ 
Luxembourg. 


Payments in respect of coupons lodged 
at the office ol a Continental paving 
agent will be made in South African 
currency 10 an authorised dealer in 
eichange in the RepobHc ol South 
A!r,ca nominated by Hie Continental 
paving agent. Instructions regarding 
disposal or the proceeds of the payment 
so made can only be given to such 
authorised dealer by the Continental 
paving agent concerned. 


<hl At the London Bearer Reception Office 
ot Charter Consolidated Limited. 40 
Hoi born Viaduct. London EC IP 1AJ. 
Unless persons depositing coupons at 
such office reouest payment In rand 
to an address In the Republic ol Sooth 
Africa, payment will be made in 

• United Kingdom currency either: 

• I' in respect of coupons lodged 
prior to 19th January 1979. at 
the United Kingdom currency 
equivalent of the rand currency 
value of their dividend on 23rd 
January 1979 on 

Ol) In respect ol coupons lodged 

* Purina the period 19th January 

’ . 1979. to 24th January 

; _ 1979. both days inclusive, at the 

United Kingdom currency egulva- 
I lent of the rand currency value 

!■' ot tnelr dividend on 29tfr January 

>. 1979 or: 

■/ fill) In respect of coupons lodged on 
:« or after 2Sth January 1979 at 

... th« prevailing rate of exchange 
an the day the proceeds are 
remitted, through in authorised 
V dealer in exchange m Johannes- 
burg to the London Bearer Recep- 

tion once. 

Coupons must be left for at least four 
clear days for examination and may be 
presented any weekday (Saturday excepted) 
between the hours of 10 a.m. and 3 p.m. 

United Kingdom Income tax will be 
deducted from payments In United King- 
dom currency in respect of coupons 
deposited at the London Bearer RecepHon 
Office, unless such coupons are accompanied 
by inland Revenue declarations. Where 
such deduction it made, the net amount 
of the dividend will be the United King- 
dom currency eoulirgient of 67 coots par 
chare arrived at as unoen 

South African 

Currency 
Cmb Per Slur* 

Amount or dirt dend declared 1 00 

Less: 

South African non-resident 
shareholders' tax it 13%. . 13 


NOTICE TO BONDHOLDERS 
EUROPEAN INVESTMENT BANK 


»% DOLLAR NOTES OF 1975. 
□UE DECEMBER 15th. 198) 


Pursuant to the terms and conditions 
of the Loan. Notice is hereby given 
that during the ttoeh e-month period 
commencing December 15th. 1977. 

and ending December 14th. 1978. 

U-5.S1. 163.000 principal amount ol 
the European Investment Bank's 9% 
Dollar Notes or 1975. Due December 
15th. 1982. were purchased by Banaue 
Arab* et Internationale d' Invest isse- 
ment ffl.A.I.I.). Paris Iqr account of 
such bank. 

As of December 15th. 1978. the 
principal amount of such bonds remain- 
ing In circulation was U.S.M8.837.000. 

EUROPEAN INVESTMENT BANK 
December 22 nd. 1978- 


CHARTER CONSOLIDATED LIMITED 


NOTICE TO HOLDERS OF 
SHARE WARRANTS TO BEARER 
An interim dividend of 3.025p per share 
will be payable on nr after 3rd January. 
1979 to persons presenting coupon No. 27 
detached from share warrants to bearer. 
The dividend will carry a tax credit of 
1.489B3P per Slur*. 

Coupons, which most be left lour elear 
days for examination, may be lodged any 
weekday 1 Saturday excepted) between 
10 a.m. and 3 p.m. at tne Bearer Recep- 
tion office at this address, or at Credit 
Lyonnais. 19 Boulevard ce Italians. 75002 
Paris, or Banaue Rothschild. 21 Rue 
Laffktte. 75009 Paris. Listing forms may 
be obtained on application. 

40 Holborn Viaduct 


22nd December. 1978. 


PUBLIC NOTICES 


TAYSIDE R. C. BILLS 
£2.000.000 Bills maturing on March 22nd 
1979 were offered and issued on December 
21st 1978 at an average raw ol 1 1 ■«", 
p-a. Total applications lor this issue 
amounted to £14.500.000 and there are 
£4.000.000 Bills outstanding. 


SOMERSET C. C. BILLS 
£1.000 000 Blits maturing on March 21st 
T979 were offered and Issued on December 
20th 1978 at an average rata ql 11 
Pi. Total applications for this issue 
amounted to £5.000 OOO end there are 
£2.000.000 BUU outstandlnc. 


Lass: 

U.K. income tax al 18 “i on 
the gross amount of the 
dividend of TOO eents 


IS 


67 


For and on behalf of 
ANGLO AMEPICAN CORPORATION 
OF 50UTH AFRICA LIMITED 
Lendnn Seeretirie* 
J. C. Greensmith 

London once: 

40 Holborn Viaduct. 

EC1P 1AJ. 


21st December 1978. 


NOTE — The Company has been requested 
by the Commissioners of Inland Revenue 

to state: 


Under the double tax agreement between 
.■he United Kingdom and " - - 


the Republic or 
South Africa, the Sooth African non- 
resident shareholder*' tax applicable to 
the dividend is aiiawaoie as a credit against 
the United Kingdom tax payable In respect 
ui the dividend- Tha deduction of to* at 
the reduced rate ol H"* Instead o] at the 
banc r«t e of 33% represent* an aHowinca 
of credit at the rate Of 15%. 


CITY OF BRADFORD METROPOLITAN 
COUNCIL 

Bills amounting to £2.500.000 were 
Issued on 20 December. 1978. for 
maturity on 21 March. 1979. at a rate 
or Anpilcatians totalled 

£18.000.000. Bills outstanding total 
£5,000.000. 


THREE RIVERS DISTRICT COUNCIL 
£450.000 BUIS. Issued 21.12.79. 
maturing 22.3.79. at 117'j:*i. Applica- 
tions total £1.350.000 and there are 
£4 50.000 Bills outstanding. 


Financial Times 




LEGAL NOTICES JlIK NEWS 



fl bf'-’i ' 


No. 002940 of 1978 
In the HIGH COURT Of JUSTICE. 
Chancery Division. In tha Matter of 
WAVIN PLASTICS LIMITEO and m the 
Matter of Tha Companies Act, 1948. 

NOTICE IS HEREBY GIVEN that the 
Order at the High Court at Justice 
(Chancery Division) dated the 4th day 
of December 1978 confirming the 
reduction of tha Share Premium 
Account of the above-named Company 
Irom £4.858.661 to £3.898.681 wee 
registered by the Registrar oi Com- 
par.ies on the 15ih day of December 
1978. Dated this 15th day of December 



Bumdept aims to 






1978 


SMILES AND CO- 
15 Bedford Row. 
London WC1R AEF 
Solicitors for the 
Company. 


THE ACQUISITION by the 
National Enterprise Board- of a 
51 per cent stake in tbe loss- 
making: mobile radio manufac- 
turer. Bumdept Electronics, has 


Much of the production pre- 
viously undertaken by Bumdept 
bad been taken from the com- 
pany and given to C. ML 
Churchouse lighting, which was 


T ncrar nf emo non la-rt vear are mainder is carved by a variety- in sax. Others tJ# Sfflins 

& - w'S?ffi?SS5S 

in 1978/79. Harris, Dymar and.Bnrndept. 

But the company will have to .Whether it is in second or altocadtm. 

fight hard, especially if. as it third place in the markefcstajees, matter of frequeney 


above-named 


1U1S1, wuiuusyi 4UCVUVUIW! uoo vrnuuii'ujt uumiig, «*“vu "• -e— •—-•If ' ' • . _ r- _ . , - Tlntt OfgrtifHV IS OH thfi hOtlZDB'iD 

been greeted by some of tbe itself sold off by Berec, to the says, the NEB connection Mill .Motorola must ^.reckoned to, - - 


No. 002690 of 1978 
In ihs HIGH COURT Of JUSTICE. 
Chancery Division. In the Matter a( 
ALLEN BASTICK AND BILLSON 
LIMITED and in Ihe Matter ot The 
Companies Act. 1948. 

NOTICE IS HEREBY GIVEN that the 
Order or tha High Court ol Justice 
Chancery Division, dated the 27th day 
o I November 1978. confirming the 
reduction of the Capital ol the above 
named Company Irom E 5 0.000 
£20,000 end the Minute approved by 
the Court showing with respect to the 
share capita/ of tha Company 
altered the several particulars required 
by tha above Act were registered by 
the Registrar of Companies on the 
14th day of December 1978 Dated 
this 20th dsv ol December 1978. 
HARVEY INGRAM 
20 N«w Walk, 

Leicester 
Solicitors lor the above-named 
Company 


company's competitors 
snorts of disgust 
They see its losses — said to 
total around £lm over the past 
six years — as stemming from an 
over-reliance on comparatively 
large, fixed price contracts, 
mostly for tbe Home Office, at a 
time when inflation was playing 
havoc with margins. 

This was coupled with an 
inability, they say, to develop 
an adequate range of profitable 
business in the private sector, 
together with a tendency to 
under-price its products and 
force the price down for every- 
one eJse. 


I cumicvuuu .jsutoruia uiu»i w w , - - . * .. . 

with Crompton Parkinson subsidiary not put it in a favoured posty®. have nfifelbe • tha Mobile Radio-Users* jissoerar’ ' 

of Hawker Siddeiey earlier this for Government contracts. Wnle over th ®S a 5- £Qur 1 ye fJ t * 7 

- - — - - the market is now expanding has a production plant at Basing- non is expressing couujtu uai 


frequencies should, \be-~ 


SeStrwS^rconcS rapidly -estimated as" worth fifth " empfariqg. Sated- This* in turn means 

‘ ' about £32m and growing at a workers, and n .thus eligible for 


trate on battery production, 


^thriefr&pun^bi ■ rate^oflietween 1(T an<fl5 per Consideration "for MjjM-jif* -MMf. _ 
ana mus ieii curauepi u urnu ^ # year— competition is: and nationalised industry eon- some# -and ?hat 


during the past two years. 

Mr. Pierce insists that the 
company has, however, deve- 


growing fast too. 

Tbe market leaders remain- 


NEWS ANALYSIS 

MOBILE RADIO 

BY JOHN LLOYD 


Uncertain 


tracts. The latter is particularly mdre . channels . . should . 
fertile ground. - . , ... .crammed -pa. tq nne frequency, 

Motorola, like everyone; else, ■; meaitiBg ttat-pi^^ 
is bullish for the future, and will heed to be modified- 
with some cause. ■■ - ’ - The struggle -over freqaC^- ;: /* 

■;The steady high growth In the- cles Wtilfind its-fotuni .atthe • : 4 
market is largely accounted for • ‘World'.', Adrainlst ra^ve ..Radio 

Gonferehce fn Geneva next Sept-. 
ember^: 7There, ^the variant 
interests. 1 . uwill , ;, present , thtifr: 
demands, and frequencies ‘ will 
.b£ allocated fmm 198$ ,to fthe 


-1- -r- 


No. 004009 ol 1978 
In the HIGH COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Matter or KENDAL AND DENT 
LIMITEO and in the Manor or The 
Companies Acts. 1948 to 1967. and 
in the Matter of The Protection ol 
Depositors Act. 1963. 

NOTICE IS HEREBY GIVEN, that 
Petition lor the Winding up ol the 
above-named Company by tha High 
Court ot Justice was on the 15th day 
ol December 1978. presented to the 
said Court by THE SECRETARY OF 
STATE FOR TRADE of 1. Victoria Street, 
London. 5.W.I. and that the said 
Petition is directed io be heard before 
the Court sitting at (ha Royal Courts 
ol 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 the making of an Order on 
the aaid Petition may appear at tha 
time of hearing, in person or by his 
counssl, for that purpose: and « copy 
ot the Petition will ba furnished by 
the undersigned to any creditor or 
contributory of the said Company 
requiring such copy on payment of 
the regulated charge lor the same. 
TREASURY SOLICITOR, 
Matthew Parker Street. 

London, S.W.1. 

Solicitor tor tha Petitioner. 
NOTE.— Any person who intends to 
appear on the hearing of the said 
Petition must serve on. or send by 
post to. the above-named notice in 
writing ol his intention so to do. The 
notice must state the name end address 
of the oerson. or. i( a firm ihe name 
and address of the firm and must be 
signed by the person or firm, or his 
or iheir solicitor (if any) and must be 
served, or. if posted, sent by post in 
sufficient time to reach the above- 
named not later than lour o'clock in tbe 
efrernaon of the 19lh day of January 
1979 


BurndepL of course, sees 
things differently. Its managing 
director. Mr. Roy Pierce, ad- 
mitted yesterday that fixed-price 
work bad played its part in the 
losses, and said, too* that the 
company was not as strong in 
the fast-growing commercial and 
industrial sectors as it might be. 

But at least part of the reason 
had been an uncertain relation- 
ship between his company and 
the parent company's .Berec. 
previously Ever Read Group, 
which still holds 49 per cent of 
the equity. 


loped a strong range of products 
which will find their share. 

Two are specialities: the 
computer-based radio switch, 
which forms an integral part of 
a large-scale radio system in a 
police network: and a small 
survival " radio pack, of the 
type used by airmen and 
mountaineers, in which, Mr. 
Pierce says, Bumdept is a world 
leader. 

Much of the £510,000 invest- 
ment by the NEB will be spent 
in strengthening these lines. 


by the increasing use of two-way 
radios in lorries and van?, as 
commercial operators -find that 
fl exib le Touting saves time and, 

more importantly, foell . ^ . 

■ :“The greatest:' news the fausi- .end: ^theoentiacy; aaal. possibly 

• ness has had came last week .beyond,.-. ^ . . / 

Pve of Cambridge, subsidiary of- with the OPEC price rase,” Mr. ' 

the Dutch company Philips, Bernard FI a shman , Storntfs of’ ^ 




whose share still amounts., even marketing director, said. 


claims, some 


after some decline, to over 50 . .^Operators are n o wjbeginning SO&fiOO ; ; ase<. j 


per cent of the market to see what we’ve been , preach- _ ahd Giat .tte’ imiab^' caald^ex- 

Storno. whose ultimate parent ing f or a long time — that ffirect ceed ixh over . ; -j - 

is the U-S. company General communication with-,-: - . .(heir: ■“ Our i i , - 

Electric, and Motorola, also a drivers is pure savings.* _ - ■ ’ 
UK subsidiary of a U-S. com- This is the industry’s Conven- cent flrianal grow ,th& use •/_ 
pany, vie for second place (both tional wisdom. The various- chinr ' of jxHjTnfe radio >i»4his imuntiy £ 
claim it), with anything from panies differ only Vin the degree will shortly . exhaj^t. available 
12-15 per cent of the market to which they claim s&yiQgs eamyrcfrah^ 

each. Then comes Marconi, he made. Some estimate 13ia.t:a'-/Vl£ aeetns sth.at.' v t he .>j ndii^ay 
which tends to specialise in radio-equipped fleet' , saves -one . wilt rim oiit/ of airwaves.' before-, .. 
defence equipment. The re- vehicle — and therefore driver^ - they. rim .out : of-, markets, :. r : - 


■v : 


Rising living standards 
increase stores’ profits 


BY COLLEEN TOOMEY 


No. 003926 of 1978 

In the HIGH COURT OF JUSTICE 
Chancary Division Companies Court. In 
the Maner ol OVERGLADE LIMITED 
and in the Matter ot The Companies 
Act 1948 

NOTICE IS HEREBY GIVEN That a 
Petition lor The winding up of the 
above-named Company by (he High 
Court ol Justice was on the 11th day 
ol December 19 78 presented to tha 
said Court by THE COMMISSIONERS 
OF INLAND REVENUE of Somerset 
House. Strand. London WC2R 1LB, and 
that the said Petition is 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 the 
mal-ing of an Order on the said Petition 
may appear at the time ol hearing 
in person or by his Counsel, for that 
purpose: and a Copy of the Petition 
will be furnished to any creditor or 
contributory of the said Company 
requiring the same by the undersigned 
on payment ol the regulated charge 
for the same. 

ERIC MOSES. 

Solicitor of Inland Revenue. 

Somerset House. Strand. 

London WC2R 1 LB. 

NOTE: Any person who intends to 
appear on tha hearinq of the said 
Petition most serve on or send by post 
to the above-named notice in writing 
of his intention so to do. The notice 
must Stete the name and address of 
the person, or. if a firm, the name and 
address of the firm, and must be sioned 
by the person nr firm, or his or their 
Solicitor f ■( any I and must be served, 
or. if posted, must be sent by cost 
In sufficient time to reach the above- 
named not later then four o'clock in 
ihe aftern''nn of the 19th day of 
January. 1979. 


A RISE in living standards, in- 
creased .. consumer confidence 
and bumper Christmas sales this 
year have helped to maintain a 
healthy sales and profits growth 
for department stores in Britain. 

A report that examines 60 
leading companies ' in the in- 
dustry and compares their per- 
formance says that this year 
sales volume is expected to be 
5 per cent higher than last year 
and to approach the record level 
of 1973. 

Over the three years to April. 
1978, sales and profits for the 
stores surveyed rose by 33 per 
cent- slackening off in the 
second half. 

Only three stores, Fortnum 
and Mason, Liberty and Fenwick 


managed to increase sales by 
more than a fifth annually. 

In spite of three difficult trad- 
ing years, department stores’ 
average return on capital em- 
pJoyed improved steadily, in- 
creasing from 14.3 >per cent to 
17 per cent. This, according to 
the report by Inter Company 
Comparisons, reflects greater 
efficiency and a policy of hold- 
ing back costs. 


Tourists 


Sales have risen faster than 
wage costs and the number of 
employees has fallen. The 
average employee remuneration 
rose by 35 per cent In the three 
years, while sales for each em- 


ployee increased by 41 per cent 

The influx of overseas visitors 
also benefited department 
stores. The British Tourist 
Authority estimates that 
foreigners spent about £75 Om 
in British shops last year. 

Oxford Street London, for in- 
stance. looks to tourists for as 
much as seven-tenths of its busi- 
ness. 

The rise in sales this year ha? 
been the direct result of a rapid 
increase in living standards but 
there are doubts, the report con- 
cludes, as to whether this can 
be sustained next year. 

Business Ratio Tteport on 
Department Stores. (Inter- Com- 
pany Comparisons, 81 City Road, 
London EC1 1BD, £44.) 


Retired men sought 
to aid companies 


BY RAY PER MAN, SCOTTISH CORRESPONDENT 


PROPERTY 


TO LET 


HALL 

WITH OFFICE 

(NEW BUILDING) 


about 2.000 sq. m. 

Prox. Frankfurt Airport. 


Please contact: 

Mr. C. C Winkler, 
Dreieichstrasse 5a. 
D-60S2 Moerfelden-Waldorf. 


THE SCOTTISH Development 
Agency is to recruit retired 
businessmen to provide a new 
counselling service for small 
companies. 

The agency’s small businesses 
division is looking for nine men 
or women, aged 55 or over, with _ 
experience in industry or retail- 
ing to help people set up com- 
panies. ' 

The agency was this month 
promised an increase in its 
budget to £S00m, aDd wants to 
expand its aid to small com- 
panies as pert of its drive to 
regenerate industry in Scotland. 


Mr. Campbell Russell, small 
business development manager, 
said: ,r We expect that most of 
the requests for assistance will 
come from the service and 
retail sectors and will range 
from people wanting to start in 
business to owners with finan- 
cial, technical or marketing 
problems. 

“Someone with first-hand 
experience of business would be 
the best person to offer special- 
ist help, and we feel that there 
will be no shortage of retired 
businessmen aad women who fit 
the bill.” 


Development Board aids 
fourth Hebrides co-op 


Guernsey 
company 
calls in 
liquidator 


Financial Times Reporter 


BY OUR SCOTTISH CORRESPONDENT 


CLUBS 


EVE. 1 B9, Regent Street. 734 9582. A la 
Carte or All-In Menu. Three Spectacular 
Floor Shawl 10.45. 12.45 and 1.45 and 

mush: ol Johnny Hawheswortti 8r Friends. 


GARGOYLE. 69. Dean Street. London. W.1 . 

NEW STRIPTEASE FLOORSHQW 

” AS YOU LIKE IT " 

11-3.30 am. Show at Midnlfiiit and 1 am. 
Mon-Frl. Closed Saturdays. 01-437 6455. 


ART GALLERIES 


AGNEW GALLERY. 43. Old Bond St.. 
W.1 . 01-629 617€. DRAWINGS FOR 

CHRISTMAS PRESENTS. Until 22 Dec. 
Mon.-Fri 9.30-5.30. Thgrs. until 7.00. 


THE MARKET PLACE GALLERY. Colvton. 

Devon. Tel: (02971 5284 1. "Beach 
wlcll an Old Breakwater by Tnitrxm 
Hlllier. RA.. and 100 plus other works 
hv artists ol Note and Promise. Until 

6th January. 


CLASSIFIED ADVERTISEMENT RATES 


EFFECTIVE FROM 2nd JANUARY, 1979 


per 

line 

c 

5 JO 

2.30 

5.30 


- 6J5 


Commercial and Industrial Property 
Residential Property 
Appointments 

Business & Investment Opportunities, 

Corporation Loans, Production Capacity, 

Businesses for Salc/Wamed 
Education. Motors. Cuntracts &. Tenders, 

Personal. Gardening 
Hotels and Travel 
Book Publishers 

Premium positions available 
(Minimum size 40 col umn eras.) 

£1.50 per single column cm. extra 

For further details write to: 

Classified Advertisement Manager, 
Financial Times. 10 7 Camion Street, EG4P 4BY. 


single 

column 

cm. 

£ 

16.00 

9.50 

H5.G0 


A FOURTH community co- 
operative to encourage industry 
in the Outer Hebrides has been 
set up on the island of Eriskay, 
with the help of the Highlands 
and Islands Development Board. 

Although it has aided 
workers’ co-operatives. in 
specific industries, for several 
years, the board only recently 
adopted the idea of multi- 
function co-operatives to pro- 
vide employment for areas 
with few job opportunities. 

There are now two full-time 
officers in the Western Isles 
helping to establish co-ops, and 
the board is willing to give 
grams provided the community 
shows its determination to help 
itself by raising money towards 
any capital needed. 

In Eriskay the board is giving 
£7,500 for management and 
administration of the co-op for 
the first year, and is likely to 
renew the grant for two further 
years. The islanders have so 
far collected £4.000 towards 
their target of £5.000. 

The island’s population has 
fallen from 219 in 1971 to 184. 
The hope is that by providing 
new jobs in knitwear, horti- 
culture and renovating derelict 
cottages for tourism, people can 
be attracted back to the island. 
Other projects planned but not 
so far costed include fish pro- 


cessing and ship cbandlering. 

Eriskay was the island on 
which the ship Politician, with 
its cargo of whisky, was 
wrecked— providing the inspira- 
tion for Sir Compton 
Mackenzie's novel, Whisky 
Galore. 


Oil men’s plan 
will spark row 


A row is expected to blow pp 
in South Pembrokeshire over a 
plan to accommodate more than 
2,000 oil industry construction 
workers in the area next year. 

With a camp for 360 men 
almost complete in Pembroke 
Dock, Texaco now wants to 
billet a further 300 there. The 
company is also seeking plan- 
ning permission for a second 
camp to hold up to 1.000 men 
near the Texaco refinery at 
Rhoscrowther village near 
Pembroke. 

The workforce needed to 
build a £300m oil cracker for 
Texaco and Gulf will climb 
over the next few months to a 
peak of 2,200— far more than 
originally projected. The 
scheme goes before South Pem- 
brokeshire Council's planning 
committee on January 17, 


Nuclear waste inquiry likely 


19.00 


5.00 

3.00 


15.00 

12.00 
S.00 


FINANCIAL TIMES REPORTER 

A PUBLIC inquiry is expected 
to be ordered into controversial 
plans for storing, nuclear waste 
underground in the Cheviot 
Hills, the Atomic 
Research Authority 
decided to appeal 
Northumberland 
Council’s refusal to allow 
drilling into the rock. 


Energy 
having 
against 
County 
test 


The authority said that if the 
appeal was successful it would 
not necessarily mean that waste 
would be stored underground in 
the hills. It was looking at other 
sites and merely wanted to find 
out whether 'the rock was 
suitable. 

The plan was turned down by 
the council after widespread 
protests by conservation groups. 


A DEFICIENCY of more than 
£1.6m was disclosed by Barnett 
Christie Finance of Guernsey 
yesterday (Thursday) when its 
director successfully applied to 
the island’s Royal Court for a 
compulsory winding-up order 
and the appointment of a 
liquidator. 

Giving evidence . of the 
company’s inability to pay its 
debts, including those due to 
depositors. Mr. Brian J. Chari- 
wood, managing director, said 
that the book value of the 
company’s assets and liabilities 
stood at just over £l-9m but 
that the realisable value was 
estimated at only £239,970. 

The defiicency did not take 
into account any recoverab-les 
from associated property and 
investment companies in the 
UK, which owed about £1.5m in 
loans and accumulated interest, 
said Mr. Cbarlwood. 

“ One of these companies has 
a very valuable asset that may 
be worth flm," he said. 

The Department of Trade 
applied- for a provisional liquida- 
tion order against ' Barnett 
Christie, London, the Guernsey 
company's subsidiary, last week. 
The hearing is due to be heard 
on January 22. 

Mr. M. J. Wilson, of account- 
ants Black Geoghan and Till, of 
SL Peter Port, was appointed 
as the Guernsey company's 
liquidator. 

• Judgment by default in the 
sum of £250,000 was awarded by 
the Royal Court in an action by 
the National Westminster Bank, 
against businessman. Mr. 
A. W. A. Savage and his wife 
Avril, who were said to owe the 
money on three bonds. 



furniture in 








..•s 


FINANCIAL TIMES REPORTER ; 


.-.ic? 


FURNITURE IS no longer 
-the priority when families 
spend their savings. The fall " 
in real income since 1974/.. 
resulting In less ‘ money to : 
purchase the same goods, has ? 
lured consumers more “ 1o ; 
electrical goods, ', home ipn 
provements and holidays. 


/remained; > from, 

-savings. - './"r'r: 

Moit of the : fnrnitorb-pnr- 
chases covered by the sorvey- 
cost less than-£30ft and mare 
than half were bought at sales 
or through store id to Bou h i 
offers. The jreasau for this, : 
according to Che assaciatiim, is- 


t „ fhatieenfitnnertf distrust mano^ 

In a Furniture Industry. - faefc a rers» ‘ recommended 
^tescarch^ Assodation survey r _ ^ prices -and are aware^rf bari ^ 
* gain offers.. 

.• The survey 


which interviewed more than 
.1^00 people, finance sources 
were pnaminw i, c omparing 
'holidays with fnrhltore/piuv 
chased. • 


showed v 

that people vMted sometfines '/ 
more than six^outlets before 
buying; new THrnitare. —-iMs* • . 
• - More than three-quarters or / count storcs and warehouses 
all holidays taken were paid r were-ab»nff4Se-most popular, 
for from savings compared r increasing their sales share ' 

- with 62 per cent for furtdtdr & r from 12 to 3I£ per -dent. ~ _ 

■ •The significant dlfferenc^ahe - L Furniture C&fts&lner Surrey 
association said, was that holi- - 1978. ::'PubKshed : < -by • ihe 
days were paidTof tanu Specf* ^ Furniture InS^bvVsJSesatrcls;. . 
fie savings, .‘while furniture. Awocmtfofci£35. - to FT# A 


was often bought with whadi members) 



Lwagen 
:> j0bs 
'training 


London subsidiary 


BY CHRISTINE MOW 



l- 


IN ITS SECOND significant fish a jaewnoiiipany, -CmSinffiital 


move into i&e UK insurance 
market tins year. Continental 
Corporation of the "U.S. is set- 
ting iq> a new subsidiary In 
London. 

Continental is 4he. iOffi largest 
financial company in the U.S. 
with assets of $6bn (£9bn). Its 
business covers all forms ;of in- 
surance and' reinsurance. 

Last May, -fihnmgh a UK siriK 
sidiary, Swett and' Crawford, 
Continental acquired a 20 per 
cent stake in Harris end. Dixon; 


Insurance (UK),: : which tjqH 
write piroiperty and ^casmalty -in- 
surance through brokers. 1 

The , company ;wfli have -an 
aotiiprised capSal'af $lQm and 
is expected: : ib LpEotiude $7*n 
net premiums in 'its firs: yeas*. j ^ 
Although this, is "'the first 
majoT^u^diary eon^ental has 
set up fn the UK, the group has - 
iong-egtabfished' links? -with the 1 
market in London and ^Manches- 
ter, where at (has hfflaxkihes. . 

It owns st-20 per- cent stafceia *. 


-i«. 


p: \T 


one of ihe old established Uoyd’-S' Phoenix Assurance," one of the 
insurance brokers. 10 largest insixraiice <WTipanip<i 

Now it has decided to estah- in Britain. i 


-av 


aero-engme group 
challenges Rolls-Royce 


■S 


BY *HtkAR. DONNE, AEROSPACE GORRE^ONDENT 


Hanson gains 

Irish farm 

tools agency 


HANSON TRUST has become 
the exclusive distributor of 
Massey-Fergusoa farm 

machinery in Ireland after 
acquiring the entire capital’ of 
Massey-Ferguson. I Eire; for 
£1.3m. 

Hanson already distributes 
Massey-Ferguson farm 

machinery in parts of England 
and Scotland through its Agri- 
products division. 

Sales by Massey-Ferguson 
(Eire), the existing distributor, 
were about £15ra last year. Dis- 
tribution arrangements with 
Hanson start in January. 


- 0rd ciaii 


ROmS-ROYCETS plans to deve- engine; of .26.0GQ lb thrnst; into -. - jpo J 

e."- 18,000 lb thrust powerpianl;- 


to be called the DR-18. 

CFM-Intemational ■■ said in 
Paris that tt intended tp develop 
the new engine if it could be 
'sure tbat/there ; Wotild be -a big 
enough ’ market 'to -justify the 


lop a new aircraft engine, the 
RR432 Of 18,000 lbs thrust, for 
100-130-aeater ’ airliners, faces 
competition froth CFM-Inter- 
national, a - Franco-American 
engine group. 7 - 

Hitherto/ '..-Rolls-Royce 4 ’has .-expenditure, 
been alone in this market, which r Although^ v:^ , ex- 

is expected to produce safes- of -peCted: such ; : competitiony " it 
several hundred Airliners in the appearsto have -emerged earlier 

19 S3£r* * ’ 'J- than: foreseen, ft adds urgency 

CFM-Iuternatipnal - jointly to the coznpaijy r s plana to' press 
owned by Snecma bf France '■ ahead with the RB-432, on wMch. 
and General Electric of the UH^. preliminary 'work -has been 
has decided to. adapt 'its CFM^6 done. ^ . 9®? 1 


‘••tr. 


1: \ 

V 

4- J? 

■■■ ?.s 


4.. 


More ships broken up 


By.Lynton McLain 


MORE THAN 200 ships were the ships, .73 Da t of the total, 
broken up, condemned or con- either V foundered - or wS 
verted inthe first qturter of wicked. ». Seren. wxfe'lastS 
this yea^.owr doubl^the num- -coHirioas. and ^18 ‘Ujrongh 


Concorde film 
wins awm'd. . 


ber for tile final quarter of last 
year,.;- according to Lloyd's 
Register of Shippings- casualty- 
returns. The total tonnage lost- 
in this way was slightly up, it'- 
l,63m tons. - ; - 

Aitotal of 103. merehant ships, 
with a combined, weight- of BRITISH AntWA^S-’ ^onCTide 
471,571 gross tons, were lost film. Supersonic ' Achievejnest. 
through accidents in the first 
three months of this year, 66 
ships more ihan in : the last 

quarter of 1977 and double the 

number lost id the third quarter,--: ^ and^ste '; 
of last year. ' - category: .' In tim^tttngpn 

Three of the ; ships . lost - ^ectiiul of the>ihfw3iart^— 
between January and the-.end and TV fesbval nf J^w:^ 
of March this year went missing” the- 'fiim --- 
for no known: reason. 















BecembBr - 22- 197S 


iri. *=» »-,*• 

o; ,** % 

- ^.J-V “Soh 
" 4i *£ ? %' 


: ■ 

'**«*l!? ,,. . -. ..- r-; 9 i 

By KennirthGaoding, - . 

. ' Mater : Industry Oarispi^Kterrt V 

THE British Safety CbnadU the 
Independent" industrial safety 
ozewti^ttKHi.V.'-asid- yesteriiay 
that' a provisional analysis-- qf 
j., the ■ result# of -a “hotline” 

.". \ g survey .' on * ncwr ^car - safety 

- 1: ' v ~‘ r j-» .A" showed that half of ell' com- 
plaints were : Jffiatte„against BL 
cars. 



LABOUR 




!•■<■ — _ .“ VI- it, 

5- l*.A . Btow 1 ! 




- - - . -ws*. 

*" V.V* * 


fit' 



?hs f : 3 W Callers' wh 5. telephone d the 

J -.i council's offices "during •*■ week- 

i>-, . The*, dj it. • mag scheme ‘. put. Ford liito 
second j>]ace 'with 27 per cent 
of. the ..complaints. Chrysler 

scored 9 per cent and General 

^V, Colors CVauxliall and Opel) 
^ g 1 pet cent - " '• ’• ■ '■ - • . 

.f -.v'--': • ' The council ' hopes that the 

h!.- scheme will enable significant 
” V. : "Ll 5 ftc £ - ■ statistical details "of defects : on 

*r^ ; ' ' -a t {articular makes and models of 
‘ ^ - cars to he assembled'. 

, ^ •„ :*• !!g k - 




shortage over 
‘unlikely’ 


BY SUE CAMERON 

THE TANKER drivers- overtime 
baa is delaying 'op zd 30 per 
cent of petrol deliveries, to 
garages by British Petroleum. 

Esso and Texaco. 

However, most of- tKe -Industry 
was confident yesterday ' that 
there: would be no real petrol <r„ AlIO L» 
shortage over Christmas., Few "UUiign 


The petroleum retailing de- 
partment of the Motor Agents' 
Association said that motorists 
might expect inconvenience. It 
added that petrol was reaching 
garages, however. 


eplace 

i family 
r <orities 


frea 


rv:&ais?il 

It. 

■ fc - 

V- s . - 
. 4 the •! 

e * ,aVtS e«rervd 


.It has several times un- 
successfully insisted that 3ZTe 
Department of Transport should 
I' atopt • a similar - scheme on a 
t full-time basis.. - "'.- - 

5 So the-- council went ahead 
' with a trial scheme and 1,100 
’* motorists who telephoned have 
t; hen sent questionnaires. . The 
i 'completed • forms- will', -be 
?■ totatysedby theU.S. Depart- 
pmentof Transportation’s com- 
puter. The. department jmhs a 
: hotline scheme in the U.S. 
f The car most widely criticised, 
with 12 per cent of alt cam- 
'.plaints against it lathe council’s 
5 -scheme, was. Die Mini Many 
“■ complaints concerned its' brak- 
r tog and.steermg. 

' ' BL has since announced that 
i : ft wzU recall 100,000 Minis to 
^ check for possible defects on the 
Drake master cylinder. 


garages had' been. forced to close 
because of = delayed deliveries, 
and BP, Texaco and Esso were 
the., only suppliers affected' by 
the overtime ban, - 
The real danger was.Jhat 
motorists would start panic buy- 
ing. but there bad been little 
sign of that. ■.-'•> •• 

The British Medical Asso- 
ciation said, however, that it had 
been inundated with calls from 
doctors saying that they could 
not obtain petrol. 

It has issued members with 
car stickers and called on the 
Government to say whether it 
has plans to ensure that doctors 
have enough petrol oyer Christ- 
mas. 


Petrol sales normally double 
in the week before Christmas os 
people prepare for the holiday, 
therefore it would be wrong to 
read too much into petrol 
queues. 

Esso, which sells petrol at 
6,305 UK sites, said that about 
a third of its deliveries would 
normally depend on overtime 
working at this time of year. 
There ought “to be enough 
petrol to go round" at 
Christmas, " as long as motorists 
don’t start panic buying.’* 

BP said that nearly all its 
petrol gales were by contract, 
and thus the brunt of the over? 
time ban was being felt by its 


retail customers. Few petrol 
stations had been forced to 
close, and these uaiy tem- 
porarily. : 

About a fifth of HP’s petrol 1 
deliveries are done in overtime 
bur tbe company has been more 
widely affected because of a 
rigorous ban on contractors* 
tankers. 

Most motorway petrol stations 
are reported to have adequate 
supplies. Garages supplied by 
oil companies unaffected by the 
ban are doing extra business. 
Tbe Institute of Petroleum esti- 
mates that on an average day, 
14.2m gallons of petrol arc sold 
in tbe UK. 

The overtime ban was provid- 
ing little opportunity for inde- 
pendent suppliers to fill gaps 
left by delayed deliveries. Costs 
on the Rotterdam market were 
going up, so few independent 
concerns would be able to 
supply UK petrol retailers on 
an ad hoc basis. 









‘Inflationary’ pay deal 
attacked by farmers 


BY ALAN PUCE. LABOUR CORRESPONDENT 


Rise in stocks of goods and 
raw materials may slow 


BY PETER RIDDELL, ECONOMICS CORRESPONDENT 


Mr. James Tye, director 


i-r 


Sii au? general- • of the council, which 
" lj l v,f n?itBEk.~; : ; has no- Government support but 
„ ^ drawstts- incomefrom 4he fees 

--rr s Tbe of the ; 28,000 corporate members 

3i r.-:<j;r> ; (/1 ^ and its industrial safety train- 
.n.M ing courses, ^commented: “ The 

‘acj'jrir. 4 nca^.'' statistics: arA 'disturbing for car 
2.™ owners and tbe': nation alike. 
:-£sts. :• **. They I indicatfr that British 

fjntv ^ x msurofactiirets'iMe not only lag- 
y '.-p'» n.ii^ ging behind' in meeting produc- 




.v 

il sets p 
bsidian 


.'Jvisst a 

' r} \ 

-:■!) id- 

-'2 >t»; ’ 

Bf-XflfiftetJi Gooding 

; . VOLKSWAGEN HAS . launched 

“•' •a 'ifidWBt-to provide job oppor 
• ' tanitfes’la Britain by retraining 
people? as .motor mechanics Cor 
-itsUK. dealer . network; 

The project, set np with the 
Manpower Services Commission, 
-is behoved to be the first time 
:. .that ^a- .company Iiw offered 
l' Spedah^ti^inHtg a? jpart of the 
c ' Government retraining scheme. 

.The commission is contribut- 
T iog^to ihe cost’ of the scheme. 
t The-plan is to provide 60 

^ fizz sklSed VIV-Audi mechanics 

- 1 - ’ ihnihg- the first year, costing 

•' 4 • '•■•...^ - Volkswagen- about £1^00 a 

v ''.“i; : P“J0iL • -■•• •.- 

, Volkswagen will take students 
. • , a y ...... - retraining ' as 1 motor -mechani ca 

"*■ at Government SkLUcentres and 
" ' :: r . - J: give them ' azi eightweefc 
— . -■ - : -'^ --; ( v , 'specWirt , ; course at its new 

.. training complex ; at- Milton 

Keynes. >and at. -the VW-Audi 
•• ' :T. . dealership that wfll eventually 

^ employ them. .. 

; : Mr- Bill Bawden. the com- 

J ' - , pany*s" : /parts and service 

" . ; r ; ,-s director^. said yesterday: “We 

are. aware that the number of 
’;7'V. :S t-y.;' ^ trained- ^ mechanics entering the ■ 
‘ motor ' trade has diminished 
dramatically: . This scheme will. 

. - — : not solve all the problems, but 
-• it will certainly help, reverse 

aroilp ftetrend -" ■' ■■■■ 


THE LEVEL of industry’s 
stocks of goods and 'raw 
materials rose sharply in the 
late summer, though- the 
increase may be smaller from 
now on. 

Revised figures for industry’s 
stocks and capital investment in 
the three months to the end .of 
September, published yesterday 
by the Department of Industry, 
indicate that stockbuilding was 
much larger than provisionally 
estimated. 

The level of stocks held - by 
manufacturers, wholesalers and 
retailers rose by £253m, season- 
ally adjusted at 1975 prices, in 
the third quarter. This com- 
pares with an original estimate 
of a £I32m rise. j 

The third-quarter rise 
followed a total increase, in 
industry’s stocks of £5l9m j Jn 
the first half of this year. 
The sharper - than - previously 


estimated rise in stocks explains 
some recent deterioration in 
company liquidity. 

Any future stockbmlding may 
he on a smaller scale since the 
present level ■ of stocks is 
historically high in relation to 
outpuL while company profits 
are already being squeezed and 
expansion of demand is 
expected to slacken in 1979. 

Survey evidence suggests that 
some reduction in manu- 
facturers' slocks of finished 
goods is likely in the short term, 
and may already have started 
after the sharp rise earlier this 
year. 

This could mean a slower 
expansion of output in the 
coming months, as stock levels 
are adjusted to desired levels. 

The main revision fo the 
earlier estimates has been in 
manufacturing industrys’ stocks. 


a £3 10m rise in the first half 
of 197S. Stocks of materiais and 
fuel, which had fallen ffr the 
five previous quarters, are now 
estimated to have risen by £20m 
in the three months to the end 
of September. 

There were large increases in 
stocks of the food, drink and 
tobacco, and in the engineering 
industries. 

In the first nine months of the 
year volume of investment was 
S per cent higher than in that 
period of 1977. 

On the same basis volume of 
spending increased by 25 per 
cent, or more in coal and 
petroleum products, vehicles 
and instruments and electrical 
engineering. 

Only three sectors, iron and 
steel; textiles; and leather and 
clothing had a fall in invest- 
ment The largest fall, 30 per 


ALA STAIR HETHERINGTON 

Guardian 
ex-editor 
quits BBC 
Scotland 


THE National Farmers’ Union 
yesterday attacked as “infla- 
tionary" an Agricultural Wages 
Board award which will in- 
crease full-time farmworkers 
earnings by an average of 13 
per cent 

For the second successive 
year the board made an award 
above the Government's guide- 
lines, although the National 
Union of Agricultural and 
Allied Workers remains dis- 
appointed by the settlement. 

The award will take the mini- 
mum basic rate for farm wor- 
kers from £43 to £4S.50. Mini- 
mum cates for craftsmen will 
rise to £54.56 and the highest 
grades of craftsmen will re- 
ceive increases of 20 and 30 
per cent. All overtime will be 
paid at time-and-a-half. 

Mr. Alec Lews, chairman of 
the NFU employment commit- 
tee, said that with the removal 


of the threat of Government 
sanctions the employers would 
have been prepared to grant an 
award of about 10 per cent to 
give agricultural workers a 
realistic increase ” without de- 
parting too far from Govern- 
ment guidelines. 

However, the 13 per cent 
award went " much further than 
we consider reasonable in the 
present economic circumstances 
of both the industry and the 
country as a whole and we feel 
unable to support such an 

inflationary award.** 

Mr. Jack Baddy, general 
secretary of the union, said that 
he was not happy with the 
award but his negotiators felt 
it was the best obtainable in 
view of the opposition which 
they had faced. 

The award directly covers 
135,000 farm workers in 
England and Wales but it will 


set the pace for increases In 
allied areas. Workers in other 
industries, where pay is tradi- 
tionally low. will be pleased that 
the board has made an award 
substantially above the Govern- 
ment’s guidelines. 

A settlement giving minimum 
increases of 10 per cent was 
reached yesterday for 20.000 
workers employed by paint 
manufacturers. Local deals 
above the increase in basic 
rates will also be possible. 

Mr. David Warburton, 
national industrial officer of the 
General and Municipal Workers' 
Union, said: “It is an important 
breakthrough in view of the 
negotiations due to take place 
in the New' Year for 120,000 
chemical workers.*’ 

The agreement will increase 
the industry's national minimum 
weekly rate from £38.25 to 
£46.75. 


up £l62m in the quarter after cent, was in iron and steel. 


aine 

)I!s-Roy« 

-f f '* c ~ 


Bedford claims 
market lead 


a:£ - 


. <■ 


BEDFORD, the .General Motors 
subsidiary, - claimed yesterday 
that it would emerge as the top 
. '-5 .' a UK truck, producer in 1978 as 

£'• well as the maiir exporter. ... 

Output ■ will reach 48,400 
■ -r.’&K i,; r trucks (vehicles of over 3.5 tuns 
; r? - yf' gross weight), of which 29,500 
: ■ ■*-' ' will be exported. 

: i '. •' ; With vans added to the total, 
Bedford’s .wholesale sales for 
‘ • 'Z& - 1 978 > : at about 1JS,400, wfll -be 
; 'qV the company’s - seCondhighest, 
- beaten only by the 1971 figure of- 

I - 323,568. - A ' V 

. - Total commercial . . vehicle 

V exports (including vans> -will 
" show a 20 per cent improvement 

.. .- to 5Si620. 


Big hauls win tax concession 


V: 


• BY MICHAEL BLANOEN 

-THE BIG banks have won . a 
significant concession over the 
terms of the Government’s new 


through their representative 
organisation, - the ; British 
Bankers’ Association, for tax 

vision of the banking system. comed ^ decision. . 

It has nqw been, made clear r-The clearing banks, in particu- 
that initial contributions to the lar, have accepted the decision 
planned deposit protection fund to establish a fund only with 
— which ; is intended-' to totals reluctance. They argued that 
some - £5m or £6m 1 —will he they do not need such support 
allowable against taxation. and should not be required to 
The decision was announced provide funds to back up other 
in a Government amendment to deposit-taking institutions, 
the Bill, now in its Committee . .Under the Bill, contributions 
stage, tabled by Mr. Denzil to the deposit protection fund 
Davies, Minister of State at the fall into three categories. These 
Treasury. are the Initial amount, related 

The .banks have pressed hard .to the deposit base of the insti- 


tution, further contributions 
which may be called if the fund 
falls below £3m and special 
calls to increase the size of the 
fund. 

The last two categories o! 
contribution would in any case 
have been tax allowable. The 
Government move makes it 
clear that the banks will also 
be able to offset their initial 
contribution against their tax 
bill. 

Against this, it was made 
clear that any repayments to 
the institutions from surplus 
resources of the fund would be 
treated as normal trading 
receipts. 


Fourth TV channel go-ahead 


BY ARTHUR SANDLE5 


channel 


THE INDEPENDENT Broad- ing ; for the fourth 
casting Authority has been given throughout the UK 

approval for setting up trans- ■ u eco ^^ 5 , .. aW ’ 

Ttritain'e authority will be able to use its 
mission facilities for Bntam s for purple. 

fourth television channel. The -According 40 Mr. Rees, the 
winner of the programme con- particular pressure is for a 
tract is not known. Welsh - language service 

Mr. Merlyn Rees,- Home Sec- scheduled to start in autumn, 
retary, said yesterday that he 1982. 

would introduce a short Bill -- However, although welcoming 
after the Christmas Pariiamen- the fiance -to do the necessary engineering, including the tem- 
tary recess to enable the : work,: the authority which has porary use of its own funds for 
authority to undertake engineer- long campaigned for the fourth the purpose. 


channel to be given to commer- 
cial television, expresses con- 
cern about eventual payment for 
the work. 

“The financial arrangement 
will need discussion when the 
terms of the proposed legislation 
are known. Pending decisions 
about the ultimate use of the 
fourth channel, the authority has 
said it will undertake the 


Optimism on UK-Chinese trade 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 

1 • 

THE DEPARTMENT of Trade in -the aerospace industry as the China the Harrier, the hopes 
hopes that British Aerospace -ley; to any possible additional, expressed by Mr. Smith for 
and other companies will be able ; sales to China, whether of aero- further trade deals worth 
to visit China soon to build on "space or other equipment from between £4bn and £5bn will be 

the sales talks held during the other, industries. - * 4Dn M£l ±i>Dn M 

past two- weeks with a Chinese *>-; Virtually' every aerospace 0 „ e “* .. . _ ... 

technical mission to the UK leader who has been in contact Nevertheless, Mr. Smith yes- 
But Mr. John Smith, Secretary .with' ;thq - emission has been left terday continued to express 
for Trade, making this point .rin ho doubt that the Chinese optimism about Anglo-Chinese 
yesterday at the conclusion of are pinning a great deal on a trade. He said that one outcome 

the mission's visit, gave no clue .positive UK Government of the mission’s Visit might be 

whether the Government would response to the request for co-operation on the extraction, 
approve the sale of Harrier . Harriers. . processing and refining of 

jump-jet fighters to China. Many of those industry chiefs minerals, including copper. 

This is now widely regarded believes that if Britain denies lead, zinc and titanium. 


By Ray Pcrnian, 

Scottish Correspondent 

MR. AL AST AIR HETHER- 
1NGTON. Controller of BBC 
Scotland for the past three 
years. Is to be replaced from 
the end of the month, 
tbe end of the month — 
midway through his employ- 
ment contract. 

Tbe 59-ycar-old former 
editor of The Guardian said 
yesterday that he bad re- 
signed, and would become 
station manager of BBC Radio 
Highland, the tiny bilingual 
JEngiish-Gaefic service run 
from Inverness. 

It Is clear that Mr. Ilether- 
ington’s departure is the re- 
sult of continuoni; friction 
between him and BBC senior 
management in London over 
how much autonomy he 
should have in Scotland; the 
amount of money available for 
expanding radio north of the 
Border; and the attitude of 
London to programmes made 
in Scotland. 

Only one hoar in 67 made 
by the BBC for networked 
television comes from Scot- 
land, and though radio ser- 
vices have heen considerably 
expanded in the last month 
the new-format Radio Scot- 
land has ran Into extensive 
criticism. 

Mr, \ Ian Trethowan, 
director-general of the BBC, 
said that differences with Mr. 
Hetherington had become- 
ir reconcilable. A new Con- 
troller for Scotland wonld be 
chosen in the New Year, and 
until then Mr. Andrew Todd, 
a Scot who is now deputy 
director of News and Current 
Affairs, would stand in. 

Mr. Hethingtan said that 
the crisis had come to a head 
two weeks ago when he 
briefed the lay Broadcasting 
Council for Scotland about' 
the fact that there would be 
no further money for expan- 
sion of Scottish radio services 
until 1983. 

He had already been warned 
by tbe Director-General that 
he shonld not brief the conncil 
in such a way as to imply 
criticism of the central BBC 
management 

The former editor's style 
has never fitted happily with 
the BBC way of working, 
which is closer to that of the 
Civil Service than to a Fleet 
Street newspaper. He admits 
to being belligerent, hot says 
he has suffered provocation. 
Progress toward the objec- 
tives he bad been set was 
painfully slow, and sometimes 
he had been needlessly 
obstructed. 

Mr. Hetfaeringtnn added 
that he bad asked to go to 
the manager’s vacant post at 
Radio Highland and bad been 
slightly surprised when Mr. 
Trethowan agreed. He is a 
keen mountaineer and 
recently made a television 
programme about climbing, 
but does not speak Gaelic, 
which is still used extensively 
in the West Highlands and 
Islands. 

Mr. Hetberington's salary 
and his pension rights have 
not been disclosed. 


TI C backs UN plan 
for multinationals 


BY OUR LABOUR CORRESPONDENT 


THE TUC is to urge the Govern- 
ment to give support to a pro- 
posed UN code to control con- 
duct of multinational companies. 

Members of the TUC 
Economic Committee have 
endorsed the plans, and seek a 
meeting with Mr. Eric Varley, 
tbe Industry Secretary, to ask 
Government support for them. 

Mr. David Lea, an assistant 
general secretary of the TUC, 
drew up plans for the United 
Nations Commission on Trans- 
national Corporations. They 
have been approved by the Inter- 
national Confederation of Free 
Trade Unions and the Trade 
Union Advisory Committee of 
the Organisation for Economic 
Co-operation and Development. 

Under the proposals multi- 
national companies would be ex- 


pected to provide Governments 
and UDions with reports on steps 
they bad taken to comply with 
international codes of conduct 
at least once a year. 

It is suggested that Govern- 
ments of all the countries' where 
a particular multi-national 
operates should be able to meet 
tbe company to discuss its plans, 
and that unions should set up 
a world-wide information and 
consultation machinists. 

Governments and unions 
which failed to obtain co-opera- 
tion from a company would be 
entitled to complain to the UN 
Commission. This body would 
produce a report, and the home 
Government of the company 
would be expected to take action 
to ensure compliance with its 
findings. 


Times launches appeal 
for more negotiations 


BY ALAN PIKE. LABOUR CORRESPONDENT 

TIMES NEWSPAPERS manage- 
ment last night launched a new 
appeal to union leaders to 
resume negotiations on the 
industrial relations problems 
which have led to the suspen- 
sion of all publication since 
November 30. 

Mr. Duke Hussey, chief execu- 
tive, wrote separate letters to 
Mr. Joe Wade, general secretary 
of the National Graphical Asso- 
[.ciation, and Mr. Owen O'Brien, 
generat secretary of the 
National Society of Operative 
Printers. Graphical and Media 
Personnel. 

Mr. Hussey said in the letter 


to Mr. Wade that the manage- 
ment was willing to begin talks 
*' at any time convenient to the 
NGA.” 

A formula for negotiations on 


the range of issues involved in 
the Times Newspapers suspen- 
sion of publication, including 
the question of who should 
operate a new technology com-, 
posing system, was reached at 
talks chaired by Mr. Albert 
Booth, Employment Secretary, 
last week. 

The talks have failed to take 
place, however, because of 
union objections to the com- 
pany’s dismissal notices sent to 
more than 3,000 staff at the 
weekend. 

Mr. Hussey said in his letter 
to Mr. O'Brien that many of his 
union's members, who include 
clerical staff on the shortest 


periods of notice, wanted a 
ballot on whether to accept new 
proposals from the company on 
terms and conditions for their 
jobs. 


Doxford 

workers 

given 

ultimatum 

Financial Times Reporter 
THE 1.200 workers at the Dox- 
ford Engines plant in Sunder- 
land have been given until 
January 12 to lift sanctions and 
return to normal working, or be- 
taken off the payroll. 

The ultimatum from British 
Shipbuilders follows the men's 
decision to black an engin r .' 
being built on Tyneside by 
George Clark and NEM. They 
fear they could become one of 
the first casualties of British 
Shipbuilders' corporate plan to 
be presented to the Govern- 
ment by the end of this month. 

Another measure taken by 
workers at the factory is the 
refusal to dismantle seven 
engines already built by Doxford 
and which are awaiting delivery. 

The unions involved, the 
Amalgamated Union of 
Engineering Workers. the 
engineers. Pattern Makers, and 
the Electrical and Plumbing 
Trades Union, have told the 
company they will continue to 
build engines, but will . not 
dismantle them once tested. 

The men want assurances 
from British Shipbuilders that 
the works will not be closed. 

Yesterday, the final meeting 
took place between British Ship- 
builders and the Confederation 
of Shipbuilding and Engineering 
Unions before the corporate- 
plan is presented to Eric Varley, 
Industry Secretary. 

Social workers 
in peace plea 

THE BRITISH Association of 
Social Workers yesterday 
appealed for an urgent initia- 
tive to bring an early end to 
the social workers strike over 
local bargaining rights. 

. The appeal was addressed to 
Mr. David Ennals, Secretary for 
Social Services, as well as to 
local authority and union 
negotiators. 


SACKING OF 12 BRINGS SUDDEN BBC STRIKE 

Behind the dark TV screens 


BY PAUUNE CLARK. LABOUR STAFF 


tfiiup Medical group wins court battle 


«-m> vy# 


. -f 

. • J I* 


"FINANCIAL TIMES REPORTER v 

THE MEDICAL Defence Unioa- to any evasions of the- Insurance beaming an important part of is likely to open the door to 

won its fiaht in the Hfeh Court Companies Art 1974,- which was the : commeicial insurance evasions of the Insurance Art. 

tram itTinHannn ■ passed to protect the interests of market, but the medical societies Where the body concerned, like 
yesterday to keep its maepen- policyholders among rnn’^h'eir own funds. the Medical Defence Union in 

the public: - Mr. . Justice MOgarry agreed the present case, is run by 

The union, which paid oat that -the fact that, the union honourable members of a 
more than. . £lm in Indemnity exercised . discretion over its particular profession, it may 

cover to its members last year, grants, although it rarely well be that many members of 

had sought to keep its self- refused them, was a main issue that profession will be content 

regulatory status which has been in'- the- case. to rely on its discretion.' 

in force for nearly 100 years. He said: “I do aot know a But I doubt very much 
There is no suggestion that whether a satisfactory definition whether anyone can establish a 

it does not have enough funds, of a. contract of insurance will thriving insurance business in 

„ . but it pointed out that it etffer be- evolved, but I feel which the right to pay claims 

of the jndmenl in tifc'-New Year, differed from' iiormal insurance certain -that the Medical Defence js left to the -complete dis- 
becanse it involves 'arguments companies -because its grants to :.Ualon«s activities do not come cretion of a board of directors 
over- tlm legal 'interpretatioii bi. members .are at the discretion of within .the scope of the 1974 Act w ho may decide to pay either 

.faisuranceljusiness ^cti mighr , its executive council. Quite apart from its discre- n0t hw or on iy as muc h ^ 

be of - importance / in other There are two other medical tlonary powers,, ns activities JJf. 

•quartets. --; ' protection societies, operating hover various- other matters, ™ 

Mr.- justice Megany rejected on almost identical lines. Pro-, such as profesionel advice. awarded costs against the 

ideas’ ihat his rnlrdg conld lfead fasional indemnity insurance is . ** I. do not think xhy . decisi 


dence as - a professional. 
Indemnity organisation for doc- 
tors. 

But the Department of Trade, 
which had claimed that it should 
be treated -as -an insurance. com-' 
pany. for solvency control and 
other operating purposes, ' inay. 
appeal -against tte decision. 

It will be studying '.the effect 


xhy. decision Department of Trade. 


New chief 
for power 
board 

By Richard Evans, Lobby Editor 

LORD KIRKHILL has 
resigned as Minister of State 
at the. Scottish Office to 
become chairman of the 
North of Scotland Hydro- 
Electric Board. 

He takes over on Janaary 
1 from Sir Douglas Haddow, 
former Permanent Under- 
secretary at the Scottish 
Office, who is retiring from 
the £9,370 post after being 
chairman since 1973. 

Lord Kirkhili will not be 
replaced as a minister of state. 
His responsibilities in the 
Lords will be taken by Lord 
McCluskey, Solictor-General 
for Scotland, and at the Scot- 
tish Office by Mr. Gregor 
MaeKenzie, the other Minister 
of State. 

Lord Kirkhili, aged 49, Is 
Scottish matters ond on de- 
volution in the Lords since 
his appointment in 1975- 


THE SUDDEN strike by 9,000 
BBC staff in the London area 
has added a sharp dimension to 
the present state of industrial 
relations in the Corporation. 

BBC management has made 
strenuous efforts in the past 
three months to ward off the 
threat of a television blackout 
Its efforts have been, directed 
at sorting out pay problems 
which have been the source of 
mounting frustration among its 
26,000 weekly and monthly paid 
staff. 

Since September the BBC has 
made representations to the 
Government on the issue, put in 
a claim for its staff to he made 
a special case outside pay 
policy, - and paid a 3 per cent 
lump sum to all as an advance 
on this year's wage increase in 
spite of the fact that no agree- 
ment bad yet been reached on 
pay after over three months of 
negotiation. 

The corporation probably 
could not have predicted the 
dispute which erupted into a 
strike called by the biggest BBC 
union, the 13,700-strong Asso- 
ciation of Broadcasting Staff, 
last Wednesday, 

Though the dispute is rooted 
in the pay issue, the immediate 
row is over a question of prin- 
ciple on which both union and 
management sides were standing 
firm. 

It was sparked off by the 
BBC’s use of contract— or free- 
lance — film crews late on Tues- 
day night to cover two major 
news events, the Brighton train 
crash and and the Surrey police 
hunt for a terrorist car. 

The BBC's own staff were not 
available to go to tbe scenes 
of the stories because of an 
overtime ban imposed by tbe 
Association of Broadcasting 


Staff at midnight on December 
12 in the pay dispute. 

Film-processors in the ABS 
refused to handle the films to go 
out on news programmes, and 
the 12 involved were promptly 
dismissed. By Wednesday night 
the ABS had called out ail its 
members in sympathy, and de- 
manded reinstatement of the 12 
before a return to work. 

The ABS claims that it made 
clear when the overtime ban 
started that the action covered 
use of contract crews as well 
as BBC staff. Freelances were 
expected to follow the same 
strict deadline on 'the 12-hour 
shift set earlier by tbe union. 

Management has so far 
insisted that the news editor 
at Southampton who employed 
tbe contract crews was in line 
with normal procedure, and that 
it was not a circumvention of 
the overtime ban. 

Frustration 

The mood of industrial rela- 
tions in the BBC is undoubtedly 
influenced by the overall dis- 
satisfaction felt by Staff. The 
strength of that frustration is 
suggested by the fact that the 
present action is tbe first to 
cause major disruption to 
services. 

Sporadic bouts of action in 
the form of overtime bans and 
work to rule have disrupted late- 
night BBC television pro- 
grammes Tor some months. 

The pay issue includes two 
major problems, both of which 
can be attributed to tbe effects 
of three successive years of 
restrictive Government pay 
policy. 

With the first phase of pay 
policy in 1975. tbe annual 
settlement date for the corpora- 
tion's 6,000 weekly-paid workers 


enabled them to negotiate a 20 
per cent rise, while 20,000 
monthly-paid staff were caught 
by the Phase One cut-off point 

In addition to the anomalies 
this created in the corporation, 
staff and management have 
joined in growing concern over 
the wide pay gas which they say 
has developed between the BBC 
and independent television com- 
panies. 

The gap is said to threaten 
quality of BBC television ser- 
vices, causing loss of good staff 
to higher-paid jobs in the 
independent companies and 
leading to training and recruit- 
ment difficulties. 

The path toward a solution 
has been made more compli- 
cated not only by the Home 
Office's recent refusal to grant 
special-case treatment to BBC 
staff, but also by the firm line 
taken by the union side that its 
^ght is with management and 
f.nt with the Government. 

Not only did the unions 
refuse to put their names to 
the special-case claim because 
it was aimed at helping the 
higher — rather than lower-paid 
but they also objected to public 
statements by management 
which implicitly put the blame 
on the Government for the pay 
crisis. 

Tbe . unions attacked tbe 
management for propaganda 
motives, for instance, when it 
decided to transmit a caption 
announcing industrial action 
over Government pay policy on 
blank screens caused by the 
overtime ban. 

Pay negotiations with the five 
unions in the BBC continued 
yesterday amid bopes that pro- 
gress on th»s issue might 
sweeten the air sufficiently to 
lead to a solution of> the film- 
processors’ dispute. 








ENERGY REVIEW: SOLAR PRODUCTS 


Br PEARL- MARSHALL 



starry-eyed over 



THE 1978 solar products market 
in Western Europe is only one- 
third of what was forecast a 
couple of years ago. Progress 
is also slower than projected in 
the U.S. 

There are two major reasons 
why. The first is to do with the 
current “ surplus " of oil which 
has kept prices lower than 
anticipated. This means solar 
products are not competitive 
with other energy equipment 
and there is no inducement to 
buy them. 

Secondly, there is a develop- 
ing awareness that some solar 
products are not meeting satis- 
factory standards of reliability 
and durability. With such a 
relatively new industry — solar 
only established itself three 
years after the 1973 oil crisis — 
there are no stringent quality 
controls in existence. 

As the industrial market 
research organisation. Frost and 
Sullivan, warns in a report this 
year on the solar power market 
in Western Europe: “ Mass 
failures in the initial stages may 
lead to future discrimination 
against solar equimnent/’ 

And Mr. Bill Schumacher, a 
member of the Energy Cerrrre 
of the U.S. “think-tank" SRI- 
International, recently told a 
London conference of energy 
planners that most solar manu- 
facturers SRI had talked with 
had been unwilling to guaran- 
tee their equipment for more 
than IS months. 


DOMESTIC SOLAR ENERGY INSTALLATION 

IN 1978 


Swimming 

pools 

Water 

heating 

Space 

heating 

Heat 

pumps 

(pure) 

West Germany 

850 

750 

250 

1,000 

France 

400 

3,800 

150 

1,000 

UK 

800 

1,200 

0 

500 

Italy 

100 

4,000 

50 

100 

Netherlands 

20 

200 

50 

4 

Belgium 

50 

250 

20 

150 

Denmark 

5-10 

30-50 

3—5 

300 

Ireland 

5 

100 

0 

50 

Austria 

30 

290 

80 

ID 

Switzerland 

50 

300 

SO 

800 

Greece . 

5 

7,000 

5 

— 

Spain 

50 

500 

30 

50—100 

Portugal 

10 

100 

O 

0 

Sweden 

120 

500 

40 

1,200 

reduction, the 

situation is ex- 

of 1980-85 

instead 

Of 1978-80 


Learning curve 


“ There is a long learning 
curve yet to be travelled.” Mr. 
Schumacher stressed. He said 
there was a danger of solar 
technology being pushed too 
quickly by government loans. 

The role of government loans 
to encourage consumer pur- 
chase is seen as crucial by those 
involved in marketing solar 
products in order to make the 
equipment competitive with 
other energy sources. 

Some 15 per cent of solar 
manufacturers in the UJS. have 
dropped out of the industry this 
year because of the indecisive- 
ness of Federal and state 
governments about offering tax 
incentives for solar installa- 
tions. 

However, the impact on sales 
is not as great as first may 
appear, as many of the approxi- 
mately 500 solar companies in 
the U.S. are very small and only 
make a few pieces of solar 
equipment at a time 

But now that a system has 
been passed by the U.S. Govern- 
ment giving installers of solar 
space heating and domestic hot 
water heating an end-of-year tax 


pected to improve. 

This so-called ’‘tax credit” 
system will come into operation 
in about a year's time and will 
amount to about a 24 per cent 
reduction in the cost of the 
units. However, only a few of 
the 50 individual states — such 
as California — offer similar 
credits against the taxes they 
assess. 

In Europe, governmental sup- 
port brings startling results. 

A survey conducted by solar 
experts gathered from all over 
Europe at last month's Solar 
Energy Products Markets Con- 
ference in London registered 
only four domestic space heat- 
ing installations in Britain and 
these are for experimental hous- 
ing. West Germany, on the 
other hand, with its govern- 
mental help, has some 250. 

A solar industry source visit- 
ing four new solar houses in 
Essen reports that the Govern- 
ment provides DM4,000 (£1,070) 
for a heat pump installation if 
it is being used for space heat- 
ing.. The cost of such installa- 
tions runs to about £4.000 to 
£5,000. The Essen equipment 
is linked to solar roofs. 

However, there is one country 
where solar units appear to be 
competitive on their own merits 
and are not supported by any 
special funding. This is Greece. 
As can be seen in the table 
produced by the solar products 
markets conference, some 7,000 
water heating installations are 
expected to be sold in Greece 
this year — half by a British 
Petroleum subsidiary. 

Survey organiser, Mr. Aldo 
Eggers-Lura of the Danish con- 
sulting engineering firm. Inter- 
national Solar Power Company, 
says the solar market is now 
likely to pick up in the years 


as anticipated. 

As in the US, the biggest 
problem facing small European 
manufacturers in the interven- 
ing years is survival. 

The news media is now 
“ anti-solar " as well as “ anti- 
nuclear " claims Mr. Eggers- 
Lura. Five years ago news- 
papers were promoting solar 
energy as a chance to *' save 
the world,” he says. 


Quality control 


As for the solar industry. “ if 
it is going to take solar energy 
seriously, it will have to take 
the quality control of its 
equipment seriously too.” says 
Professor Kay Maw, directQr of 
Central London Polytechnic's 
Built Environment Research 
Group, which is testing an 
experimental solar space heat- 
ing system in a house at Milton 
Keynes. 

“If anything goes wrong, we 
can tell from our monitoring 
.equipment,” he adds. “But the 
consumer can literally be sold 
down the river. That is why 
adopting solar systems requires 
a degree of rigour which has 
not been previously necessary 
with space heating." 

The main problems Professor 
Maw finds are with control 
equipment and electrical intal- 
Iations. “ Putting it bluntly the 
quality of the products we are 
using — largely from the 
British market — is just not up 
to the job.” Conventional 
domestic hot water systems do 
not require the same degree of 
accuracy. With solar heating, 
precision and reliability are 
crucial, he points out. 

As for manufacturers refusing 
in some cases to guarantee solar 
equipment for more than 18 
months, the length of its life- 


time still appears to be anyone’s 
guess. 

According to industry 
researchers, the aim should be 
20 years, assuming a moderate 
amount of maintenance. The 
longest periods in which solar 
equipment has been operating 
occur in countries .. such 85 
Israel, where some panels have 
already been in -use for more 
than 20 years. 

Of course the great difficulty 
in predicting service life of 
solar water heating equipment 
is the fact that they have not 
been in use sufficiently long 
for manufacturers to give long 
guarantees. 

Professor Brian Brinkworth, 
of the Solar Energy Unit at 
University . College, Cardiff, 
points out that firms guarantee- 
ing equipment only for 18 
months may only have had in- 
stallations' in service for. 18 
months or so. “And until they 
have gained more experience, 
manufacturers, are not going to 
make the type of long-term, 
guarantee necessary if these 
systems are going to pay for 
themselves," he adds. 

The pay-back period without 
any governmental credits is 
currently 10 years or more with 
other sources of energy avail- 
able so cheaply. Until the 
equation is altered by changes 
in energy costs; the length of 
life of equipment is going to 
be the most critical quantity. 

Professor Brinkworth's 27- 
man unit is the biggest research 
effort in the UK — and possibly 
Western Europe — concerned 
with establishing performance 
characteristics for thermal appli- 
cations of solar 'energy. 

Some £500,000 of R and D is 
presently in progress with fund- 
ing from the UK Department of 
Energy, Department of Industry, 
Department of the Environment, 
the Science Research Council 
and the European Community. 
There is also, liaison with 
industry. 

Much of the work at Cardiff 
is also for the British Standards 
Institute. Professor Brinkworth 
is chairman of the Institute's 
committee responsible for 
national technical standards in 
solar heating, and his colleague. 
Mr. Bill Gfllett. chairs the com* 
mittee concerned with length Df 
life characteristics — corrosion 
end the mechanics of degrada- 
tion and so on. “And we are 
still at the earliest stages," the 
professor stresses. 

In the U.S. some quality 
standards ha%'e been developed 
bv the National Bureau of 
Standards and the American 
Society for Heating and 
Refrigerating and Air-Condition- 
ing Engineers. But it is only 



deputy • merchant bankers, has 

FORTE, IS -W rinievwaft -MSMS ETTEBSa^GiNA£. : eJCbcn- 

Mr. Eric HartweU,.vice diai^ January ^ . ^ rr ^. ; . 

. man and joint chief -exeoafirc, - - '■ aV : j • . 

will be chief esBCOtiva LYLE SHIPPING. 't3C®EMfT- 
A formal amendme nt of ithe announces that Sir 
'articles of association ’.wSl be Stewart resigns from the Board 
Tuibnnttea « next yea^amraeft^bn December#, to re&fce ms 
•meeting, but the responsibilities, .business.: commitments. 
will be assumed nowi. : — - * ■ January L.the. Bnafcd hasrefeetefl . 

Rntvo Forte. a. director and> as . a- 'director. Sir.-- .Guam A.- 
Si^OiarlJs otd. has ' bear ;^ge^:g;:pai^r o£-Pa^ ari 

armoiirted deputy * 

Mr L A- Rosso, a - director rbfrSeqttish;. Northern 

ggp’ygfi H°SS jRSfiS.-' 

rprogetti, an engineering ^ 
tractor, part of tlm Italian-based . : 

TCnte Nationale Idrocarburi group-. - ; • 

Sir Charles, whose appointment^ ?- -SU^HHehael ltosOnsiat present 
. takes effect immediately, , :has = ^tractor; • has 

been associated with, the- groups aaaraonall^.been : “appobited a 
for nearly 20 years.. Snam-.--tre^tyrytahm^'anffrthe-cMef 
progetti. which • established e x ecotfre ZAND 


A solar simulator testing an energy collector at the -Solar 
Energy Unit at University College; Cardiff- . .1 


this year that an organisation 
in Florida — the Florida Solar 
Energy Centre — -has actually 
begun to test solar collectors 
and solar systems for domestic 
hot water heating. 

However, the Florida centre 
does not represent a complete 
solution to the problem. It only 
tests parts of systems and there 
are many other components in- 
volved that could cause 
problems. 


Conventional 


Mr. Ken Gerlach. an archi- 
tectural research engineer with 
SRI-Intemational, who has been 
visiting solar sites and research 
laboratories all over the U.S. to 
identify problem areas for a 
Federal Government report, 
paints out that a lot of the prob- 
lems are conventional — “water 
leaks, incorrect installation and 
Incorrect operation.” 

As for investment potential, 
industry sources stress the 
importance of placing solar in a 
secondary role to conservation. 
The consumer currently con- 
siders conservation as the most 
important way of economising. 


so looks first to heat pumps, in- 
sulation and other ways of cut- 
ting down energy use. Then 
comes passive arid lastly aptxve- 
solar collectors with pumps -and- 
water. 

This is borne put by figures, 
In the table. Heat . pumps : 
which lift temperatures' -to . X 
higher level — are .becoming -a 
popular item on the European-; 
energy scene. Some 1,000 heat 
pumps are expected, to be sold 
in both West Germany and 
France by the end of this, yeari 
800- in Switzerland and 1,200 in 
Sweden. .. 

The growth in demand in' this 
sector is illustrated by a small, 
but highly innovative company 
in Essex— W. R.' HeatpUmps-^ 
which launched its firk air-tb- 
water pool heat pump model: La 
March, hoping to 'sell 25 by the 
end of the swimming pool 
season. • ' 

But instead it received orders' 
for. almost 100. installations .in 
the UK and other parts of 
Europe and expects to product 
2.000 units next year not only, 
for the European market, 'huf' 
North America, - ' . £. 


■ ■ Financial Times 

AproiNtiiikt|fs 


1 '> 

Friday. Becenrt^;. 



Sir Charles Forte, i present ' 

denuty chairman and joint chief \ tlon director-. BE. S» ^.Warbiug 

SSSSpuiJf . mnrrlvr . TTrtTTCTJ'C 


P e 

(iP 


engineering offices at Basingstoke - CO.‘. present an 
in Hampshire hi I974, is themrai - 
contractor 
Engineering 
a 65,000. barrels 


catalytic cracker in South \^^es. D ^^ : ^ 7yBare haa.fertcdr'aa. 

* -chairman.- of ’ bot h the '.LONDON 
MONSANTO has: appoititecT ; TANKS]^^ 

Mr. Francis J. Fitzgerald -,a~, ' Tinker 

group vice-president and- manage Nominal Frei^ht'Scaiei, Assncia-"- 
ing director of . the company's tfoh ifi: Telinqnff hin g 1 the&e;offices : 
industria I ch emicals opemting vfrijnj ‘December 3L - He . wSl be ■ 
Limit to head its Europe-Airica;' succeeded ^-"<*ai£Diah Olathe' 
1 operations. He succeeds' C. \ Ltpdoh Tiuiker- : Brokers^ ^-^nel ' 

-Preston Cunningham, - '-'-area by Mr. B. L Everett, X director, 
general manager and chairman- of 1 John l. " Jacobs. and -Os cSiair-: 
of Monsanto Europe SA far- the; r mart of .the Internationai^Taiker 
past three .years.. Hr. ;.Gum»b^ teaq&tr. 

)iam will remain in Europe-'for tion by “Mri: Ei ' F. Sha wyer, map- . 
several months tq assist. ln ihe.^ ag^.-'direetOTMOf E-r iXSbstm; 
transition before retuntiing: to Shiphr okersi v'.'- <. 

the U.S. fora new assignment : tv 

.. Mr. Fitzgerald will be^managr . ' yrA Nn Xim' :‘:'sL£Tthi ajam - 
jhg director. Europe-A£n«i _and; ' BANK GROUP ~ axm6tmces : ^hat 1 
chairman of Monsanto . Europe Mbr. JL 'Ar has-been 

SA He will ■ transfer from ihe;- apptfinied managhM 1 ■ ■ direcidr of ' 
company's headquarters . in. St; sSard r - 

Louis, Missouri, U.S^ to its aorea .Bank " from 
offices in Brussels on January. i.-VBafllle will succeed.-Mh:^. ^ ■' 
Monsanto’s Board has. elected; MeWaiianr, who ix . to ' Secmne 
four new group vice-presidents; 1 - dimity V^ah^miTv nh~- 
Mr. E. H. Harblson Jr, Mr. R. ia pkce-of ^tr. A L Roher^^i^ 
Burke, Mr. N. L Reding and Mr. who is reducing his ' w tnimi b . 
J. T. Waggoner. Apart 

Mr. Harbison, who. succeeds- Mr. - He witi .rcsiaixr at direeioti 
Fitzgerald as managing director, : p,- Mdviij- hanc^igned iak a 
Industrial chemicals, they Jcop-V director' of .the er chant ;Bauk.‘ . 
tinue respectively ay MDs: of, - •• v ... 

textiles, agricultural products,, . I 

plastics and resins. Mr. E. A. ' THE POST : OFFTCE.'- has 
Bauer, executive vice-president, appoLnted twC new regionaLtele- 
assumes responsihillty fbr thX eonmranl^tto^dlrecttnx. SferG. 
commercial -products joperiltine 7 Broohs 'at. preseur directpr' of 
unit in lieu of the appointment -special ' studies, teXecOncmuhiea- 
-of a managing director. ■ v - ' / tions • ■ -bs^dqnailejs;' ." "becomes . 

* director, north, - -eastern ■••tele- 

_ jl • o : j- .- vi ’■ • •. . iVt mmiin i ca tions -region on- tiie 

Mr. R. C. M. Cooper -becomes MHnmont '•'nr. .*iB&^iVarmin 
secretary td the 

■«°" ' m . J \* e £&gk i Cr°^ itoad^b^tr : ^stems ' 
Mr. C. D. E. Keeling, who., teas planning; ^ telecomnmnleafions 

^vfn 11 headguartersi r will be .director 

sion from January, l&re. south east^telecdinniumcations 

‘ r; regfoa ^Jn . Marohrand in suc- 
Mr. Peter K. ; lHarhw, . 'lately cession .to Mr-^erty Barker who 
secretary lof Mer.cUiy Sgcpritte^ . Ss “retiring.' ' - ; v • - ■; 



This announcement appears as a matter of record only. 


New Issue 


December 5*. 1978 

i 


¥50,000,000,000 


Commonwealth of Australia 


Japanese Yen Bonds - Series No. 3 (1978) 


¥30,000,000,000 five Year 5.6% Bonds Due 1983 
¥20,000,000,000 Ten Year 6.5% Bonds Due 1988 


Interest payable June 5 and December 5 


The Nomura Securities Co., Ltd. 


Daiwa Securities Co. Ltd. Hie Nikko Securities Co., Ltd. Yamaichi Securities Company, 

Limited 


The Nippon Kangyo Kakumaru Securities Co., Ltd. 

Sanyo Securities Co., Ltd. "Wako Securities Co., Ltd. 
Okasan Securities Co., Ltd. Osakaya Securities Co., Ltd. 


New Japan Securities Co., Ltd. 


Merrill Lynch Securities Company 

Tokyo Branch 


Yamatane Securities Co., Ltd. 


Loeb Rhoades Securities Corporation Dai-ichi Securities Co., Ltd. Koa Securities Co., Ltd. 

Tokyo Branch 

Toyo Securities Co., Ltd. Yachiyo Securities Co., Ltd. 


Marusan Securities Co., Ltd. 
The Kaisei Securities Co., Ltd. 
Tokyo Securities Co., Ltd. 
Hinode Securities Co., Ltd. 
Maruman Securities Co., Ltd. 


Koyanagi Securities Co., Ltd. Nichiei Securities Co., Ltd.' 

The Chiyoda Securities Co., Ltd. 


Vickers da Costa Ltd. 

Tokyo Branch 

Ichiyoshi Securities Co., Ltd. Kbsei Securities Co., Ltd. 


Meiko Securities Co., Ltd. 


Mito Securities Co., Ltd. 


National Tabayashi Securities Co., Ltd. The Toko Securities Co., Ltd. Towa Securities Co., Ltd. 


Deutsche Bank Aktiengesellschafl 
Ord Minnett 


Morgan Stanley International, Limited 

Potter Partners 


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Victor Brand (left) of Victor Brand Associates talking to IhnlynEvajas afKiepizle Computers -• 

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David. Fishlock on the dangers of the daily constitutional 


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Gd. i ONE OF my friend* .waif on his 

.,-. .. .,.- •' daily constitutional m. west 

i , : • •' ’ v-i -L . : ~. London when, ie espied- his 

OUGHT YOU to -'be Studying boss jogging towards • him. 
I '■■ aSK ** 11 'J5 ?*****& . classes ? Having no wish., he - says, to 
-. .Kight; ytoUi . pefsuetis ■ your: .embarrass: a man 25 years his 
J employee --to .send you on a senior, he hid -behind -a free 
. _ ...computer appreciation course? until the danger fiad passed. 

• : . - - Coming .at: this time, of year.. This is justonbof the dangers 

-. such -questions are almost cer;. endemic in the fashion for 
; - tain to invite the answer "No." jamaog— to which -X for one. 

But executives really ought to have not yet succumbed. .' ' 

• formalise tbiar ow^er planting. j[ nm quite enough risks in 
by asking such, questi o ns oeca- fay own favourite form oF-reg u - 
si onally, and by indulgijngr “in i ar c-Terclse— walking/ briskly, 
deep, thought, rprnbahly^estepd- bead. high, up escalators;.-- City 
ing over serorat weeks, - accord- gents tend to stand smartly on 
InB-ta^a-Tpersionnel. expert from the right, as instructed/' with 
r ; PA-; .ManSgeufeat. Consul tarns. { their furled umbrellas /at- 45 
I" writing in the-latest issue of The degrees to both the vertical and 
1 Business Graduate * [the line of the escalator.’ the 

. ,.'. = Nine out of 10 manage'rs have I ferrule thus pointing -wickedly 
_ . t no idea _wpat took them into | towards the unwary 1 climber. 

' V their current/ job C personnel. [ a couple of vears agd the BBC 
- f marketing, production manage- Overseas. Service gave/ some 
{. men t or wh a tevcTj, claims Peter publicity to a story, authentica- 
• Greenaway. ■ ted by the II.S: .medical 

• If- -is -'no good doJDg one’s press, of a 53-year-old doctor 
. ; personal stocktaking -as one who,' while jogging in New 
dozes in the train on the way Jersey one winter morning in a 
home, he segues, it needs tune .temperature of minus 8 degrees. 
and structuro^a -number of key contracted incipient frostbite of 
;fopics around- which to arrange the genitals. 






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-j. the facts and' collect ones The nearest, perhaps, to jng- 
thoughU. - - - . gee’s syndrome is a "condition 

}-• .Greenaway s key^ headings called athletic p^eudohepbrit is. 
!• are: Qualifications and Training; more colloquially translated as 
■ Work' Experience: P erso nality; ; jogger's kidney. The symptoms 
}- .and Domestic Consi derations. -. I are those of infiammatiaii of (he 
[ J ; Under the heading of expert- kidney, a potentially very' 
■j eoce, .he .warns that too many- serious problem, although in the 
j people talk af work as if it were case of the josser it" seems t» 

; a passive occupation; we tend clear up in a couple of days, 
to say “I was the marketing The danger is that the doctor 
manager of Gruncho Crisps’ will diagnose it as tbe real thing 
-'. when the more active way of and unduly alarm his patient, as 
; looking at- it Js to say “I W el! as prescribing some an- 
r made the marketing policy for pleasant tests. We’ll come back 
-• Cruncho." to the cause of joggers kidney. 

'Less a matter of aggressive More easily explained, it 
. presentation, and more one of seems, is jogger's nipple,' mainly 
;.*eal Substance, is Mr, Green- a female complaint, albeit ove 
' r . away’S question of why people which sometimes bothers the 
/succeed in "some jobs and not overweight male executive. The 
•; in others. 14 A good salesman, cause seems to lie in the un- 
3 -did- - I . make, a poor sales accustomed abrasion of the 
manager?" "tt Fulfilled and sue- nipples against the clothing. 

. cessful. in a head office staff 17ie cure, of course, is simply a 
. role/did Tjthen .find the posting little lubrication— or a bra. 
to the idahufacturlng sharp end All of which leads one to ask, 
less congenial— and probably in the true spirit of inquiry. 


less, successful? ” 

Under : . “ personality," . 


whether there is a scientific 
he basis for jogging. 4 ‘popular 


" hmludes such questions as M Can activity which is seen by' some 
■: T negotiate? -(Most of us think as a trifle exhibitionistic and by 
r -we 'C^r-but nan we really?) others as just too much like 
.‘ --'Am I . a-V.cool and logical hard work. But will those who 
: 1 ihtoke£ or* ^n intuitive seat-of- plan to ease the excesses of tbe 
• 'the-parits.: jfiiOTltant? ■ and coming weekend by donhing a 
! “Am- I - ai-fPst /worker or a tracksuit be doing more' than 
■ plodder? h . " merely basking in a virtuous 


* The ' -Business Graduate, post-prandial glow ? 

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• * ; ! Aut*rm J&B‘ Journal of the . Some of tbe medical folk who 

'r . 1 Sjismc^ Gradttaies Associatifni, have looked .seriously at the 
'* &J?rmyn Street, Lbndon SWlY subject seem to -'be convinced 
BID.- ?el: 01'£30 9368/9. 1 that- regular exercise does -you 


good. One nr iwn .studies have 
indicated that modern Western 
society has become quite in- 
credibly sedentary. One study 
taken in Dublin, for instance, 
showed that about 25 per cent 
of the population was remark- 
ably inactive both at work and 
in its leisure lime, moving no 
more iban a total of half a mile 
a day. As one researcher com- 
mented drily, there is now a lot 
of evidence that .something like 
one-in-four of us gets little more 
exercise than if we were to lie 
in bed all day. 

Professor Peter Fentem. of 
the University Hospital and 
Medical School, Nottingham, is 
one medical scientist who 
approached tbe subject of regu- 
lar exercise as a sceptic end 
became a convert. He has been 
doing some studies for the 
Sports Council and wrote of his 
findings in the New Scientist 
recently. 

It is said that exercise is 
good for ynu. Oddly enough, 
the scientific evidence for this 
statement has only recentiy 
been garnered, as a result nf 
some ingenious new ways of 
observing the human engine at 
work. One nf these, joggers 
may be a little discomfitted to 
learn, is to remove fragments 
from living muscles while they 
are working. Another is to 
take untrained volunteers and 
persuade them to train very 
selectively— one limb at a time, 
for example — so that direct 
comparisons can be made, nn 
the same human engine, 
between exercised and un- 


exercised muscles. I This must 
he the source of Monty Python's 
Ministry of Funny Walks.) 

What dearly emerges is that 
an unexerdsc-d limb is a less 
efficient biochemical machine. 
Untrained muscles release 
lactate, a chemical effluent 
which not only represents 
wastage or energy but limits the 
amount of power the muscles 
can offer and also causes pain 
and discomfort — in a word, 
cramp. Trained muscles, on the 
other, hand, make better use of 
their Tuel supply, harnessing 
perhaps two-thirds instead of 
only half the oxygen being de- 
livered by the blond. 

Of course, the muscle with 
which the jogger is usually pre- 
occupied is the heart; a gentle 
pump weighing about 300 
grams, which pulsates about 

100.000 times in propelling 

14.000 litres of blood a day 
round the human engme. Even 
at rest this muscle accounts for 
about 11 per cent of the body's 
heat output It demands about 
the same percentage of the 
body's blood supply. 

What can it do for my heart ? 
is the first question asked by 
most people who seriously con- 
template exercise. They may be 
disappointed to learn that exer- 
cise will not increase the heart's 
output of blood. 

But the heart muscle moves 
in mysterious ways. Paradoxic- 
ally, as Professor Fentem points 
out, a trained or regularly 
exercised heart beats more 
slowly than a neglecled one. 
However, a slower beat means 


that the pure p itself is demand- 
ing less energy to propel the 
same volume of blond. Again. 
less energy is needed to pump 
the same vniumc against a low 
blood pressure than against a 
high blood pressure in the cir- 
culatory system. 

And so. concludes the profes- 
sor. “ the c-ffcct of training is 
not sn much to improve the 
hear! '5 perfurmanre as to spare 
it by reducing the amount of 
work it has tn pertorm and. by 
increasing it* reserve, permit- 
ting even more exercise id be 
taken than before.” 

Following the consequences a 
tittle further round the sub- 
systems of the human engine, 
however. v;c find there comes a 
point when exertion 'will de- 
mand more blood than the 
pump can provide. The first 
organs to suffer deprivation will 
be the intestines and kidneys — 
hence the problem of athletic 
pseud ont-phmis or jogger's 
kidney. Trained muscles need 
less blond and hence raise the 
threshold at which the gut is 
drained of blood to fulfil their 
demands. 

Sn the scientific case, it 
would seem, is being eslablished 
that regular exercise — planned 
maintenance, as it were— is a 
good thing for the human 
engine. But what of jogging 
per sc ? It is fashionable: and 
the evangelists have sold the 
idea to literally millions of 
Americans, right up to Presi- 
dent Cartei^-as a drive round 
the parks of Washington nn 
even a cold and wet Sunday 


will testify. “Don't quote me." 
says one doctor, “ but execu- 
tives want instant health, and 
the attraction of jogging is that 
it is over quickly. Just 20 
minutes a day gives you 
results." He adds, however, that 
walking the same distance, 
while taking you longer, will 
give you the same results. 

The problem for the medical 
scientists is how to prescribe a 
universal regime of exercise 
which could do some good for 
the human engine yet not bring 
’he more sadly neglected nr 
ageing ones too dose to 
col lapse. The problem was one 
exercising the 300 delegates 
from nearly 40 countries who 
ai tended the International Con- 
ference on Sport.- Cardiology in 
R<iine earlier this year. Accord- 
ing to World Health, the WHO 
journal, there was general 
agreement that the precise way 
in which exercise improves a 
person's health is still not 
understood. But physical 
activity ought ti< be maintained 
above a certain threshold — 
“abijut 2.000 calories r8.4 raega- 
jouJesi per week should be 
expended m strenuous exercise 
durrr.g which the heart • rate 
should reach 130-150 beats per 
minute." 

Professor Fentem points out, 
however, that accurate measure- 
mem of heart rale after exer- 
cise is more difficult than it 
seems. The heart rate falls so 
fast that a delay of only a 
second or two w ill give a 
result that is loo low. “Thus a 
person can easily over-estimate 
his level of fitness." 

He offers instead some 
empirical guidelines. At about 
TO per cent of our peak capa- 
city for short-term exercise we 
all begin, to experience signs 
of distress, such as aching legs 
nr true breathlessness. No-one. 
he says, should train to a level 
which provokes such symptoms. 
Another is not to exercise 
beyond the point at which you 
can still hold a conversation. 
Yet another is to find a level 
of exercise you can sustain for 
an hour without distress, then 
matniain this level regularly — 
at least four days a week — for 
15 minutes at a time. 

He adds a note of warning: 
you can’t bank exercise. It is 
useful only while you are tak- 
ing it regularly. Food for 
thought, you might say, for 
those who are planning to unde 
the damage wrought in the next 
few days by popping into what 
Americans cheerfully call the I 
“fat farm” early in the New 
Year. i 


At eight miles hig 
one doesn’t need 
four breakfasts 

BY NICHOLAS LESLIE 


IT MAY well be conincidence, 
but we really were nigh unto 
Bethlehem when I saw tbe light. 
I was just tucking into my 
fourth breakfast of the morning 
when I was struck by the reali- 
sation that perhaps £ was over- 
doing the carbohydrate intake. 

We ectomorphs rarely have 
! to think about what we eat. 
Built like greyhounds, we’re the 
ones who don’t bore people to 
death about dieting. All the 
same, or so I have been reliably 
informed, even wc can put a 
strain on our systems by over- 
eating. It doesn’t manifest 
itself in excess weight but the 
rate at which we bum up fond 
can apparently give tbe old 
heart a bit of a jolt. 

So. when the warning came 
(could it have been from above? 
After all, I was flying eight 
miles up, so perhaps the recep- 
tion there is clearer than at 
ground level) I look heed. 

There is a very real danger 
of murdering one’s digestive 
system on long journeys 
through the firmament. Just 
think about it a moment. I 
had had a tight breakfast a 
little before 4 o'clock in the 
morning before catching my 
flight. Less than three hours 
later I was being offered a 
light snack — nothing too heavy, 
mind you. since we were going 
to be allowed to snatch a quick 
forty winks. Two hours later, 
somewhere over the Gulf and 
feeling somewhat refreshed, 
along came a very hearty break- 
fast. 

This time it was the works, 
the one really designed to fill 
you up. I wasn’t sure that I 
was that hungry, but then I 
realised how many hours we 
had to go before reaching Lon- 
don and I succumbed. After 
all, spinning out the meal 
might make another 45 minutes 
go by a little faster. 

Haring done greater justice 
to that meal than I expected. I 
found it necessary to ease the 
waistband a little and push the 
seat back into a reclining, and 
i inestimably more comfortable 
position. 

Well, In and behold, it seemed 
but a trice later that this 
friendly airline was tempting 
me to partake yet again of some 
light refreshment When. I 
thought, would it stop? We were 
now six or seven hours into the 
flight and J was satiated beyond 


belief. But. Tn be fair, local 
time below was around 7.30 am 
(give or take a bit, because I 
was losing track of things by 
this time) and in some people's 
book that is the hour for break- 
fast. 

So. yet again I began putting 
away th,e odd tasty morse!, 
washed down with oceans of 
coffee. Then, with some con- 
siderable force, cann* the 
realisation ihai this was not 
doing me any g««od. I had bad 
virtually no exercise for hours, 
yet I was eating much more 
than usual, and I was beginning 
to feel very uncomfortable 
indeed as a result. This new- 
found enlightenment was rein- 
forced by my recognition of the 
fact that within a relatively 
short period I would be served 
with lunch. 

Worse was yet to come. T 
was by now beginning to appre- 
ciate the way time slips when 
travelling from Wc»r to East. 
At what hour. I asked »n 

extremely attractive hostess, 
would we arrive in London? 
" About 12.15." she replied. 
With sinking heart l re.it i-ed 
that that would be just about 
right for an early lum-h *1 had 
not. of course, reckoner I with 
the gu-slnw or work-to-rule by 
Customs people whb-h stretched 
clearance through that denan- 
ment to over li hours i. Four 
breakfasts and two luncb-s 
within abouT 16 hours was i<>n 
awful a prospect. 

I resolved that next time I 
would abstain Trorn curiam 
meals, no matter what the 
temptation. In a helateri effort 
to compensate Tor my inactivity 
I began to walk around the air- 
craft. Perhaps special facilities 
should be organised lor pas- 
sengers so that they are press- 
ganged into some obligatory 
exercises — Oriental-style 

For overrating is not th-j 
only peril. Idleness compounds 
the danger, since it is 
supposedly had fur om-s cir- 
culation. A colleague had a nasty 
turn recently after returning 
from the East, when 12 hours 
of total inertia precipiiated a 
blood clot. The answer? Keen 
moving and don’t cross your 
legs when you are sifting down. 

These observations are 
backed up by no formal medical 
training whatever, but clearly 
even ectomorphs must have a 
care. 


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BttTEP BY ARTHUR BENWETTAMD TCP SCH0ETCBS 

$ COMPUTING 

Novas shrink but 


coupon ■ 
mdsaleslf 
reeded . 
fetation" 


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Large containers, while offering 
, an economical and easy 
S method of transporting goods 
over long distances are not all 
that easy to load, onload and 
. move around. Various types of 
». handling equipment have been 
developed to meet (his problem 
‘ and- one of the latest devices, 
; which Itself would fit inside a 
1 ' 20 - ft container, can be used 
to transfer 20- to 40-ton con- 
; tamers from one vehicle to 
another, from a vehicle to tbe 


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QPQ - tamers from one vehicle to 

TV K/M. UIVI VltkJViJ another, from a vehicle to tbe 

HARNESSING recent advances cycle to fetch data from memory; p®™”* on t« load- 
in' microcircuit technology io ils in most cases. J®? hanks and from «ine site to 

drive to improve performance* or . Instruction execution times another tn warehonses or on 
reduce costa, Data General has, are typically 400 nanoseconds quaysides. Push-button' 

brought out a new series of three for a start and 200 for an add. .. . control of Hf(/| 0we r movements 



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SsFlSrFI 

SS mfr JSMt - interconnections and 

are built on two boards and give gold-plated pins ^ se< * °° V?®. . . . 

* 50 per cent speed increase at - back panels allow extremely - 

much lower cost. reliable push-on connectors to - INSTRUMENTS • PROCESSES 

. One of the main targets for be applied. 

'Monitoring of vibration Metal pre-treatment chemicals 

for f seH^^iosScS eW TSS Ch wm ACCELERATION to current with an ic regulator, to mini- TRI-KEM, Northampton -based offers many advantages over company ten years’ experience 

immediately show users what the in navaUel -.-with the central nro- transducer which has applica- mise output variations. A diode manufacturer of process the conventional anodic system, overnight, so to speak. It will 

problem is ..and permit much cessor works much faster tion- in vibration monitoring „ ^ „ J F^emicals for the metal finish- the mam benefit being that of manufacture and market the 

quicker rectifications. . - - . ^. Hn s^nnar units in the past, has been Introduced by Robert- operation with the leads con- , ng mdustry, has negotiated a increased rust inhibition on the Chemfi i cathodic nre-lreatment 

Nova 4/X can store up to “ a ?.i5 a, ( 2; hie decision sbaw Skil of Skelmersdale. nected 1T * either polarity. The contract with the Chemfii Cor- finished painted product. „ - .v ifE- SS SIi- 

256,000 characters of jiff orma tion J - Lancashire transducer is a piezoelectric poration of Detroit to make and Chemfii Corporation claims to processes in the UK. Tn-Kems 


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Metal pre-treatment chemicals 


U STlSta ■ tafteTS febeen fiSSSd byRobert- operation »jg , ih= loads con- 
« torarry 1 out a doubleprecisionshaw Ski! of Ske.moradale. SS^S'^^aoTric 


2 a m; :x bee ^ 

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piezoelectric poration of Detroit to make and 


machines 


WHh ihpfr fmnroved sueeds:. Tho iim charge generator type, with an market under licence the latter s be market leader for all pre- current production of industrial 

irf 1 y-Tnaeities.^ the " internal pre-amplifier, whose pre-treatment chemicals for use treatments prior to cathodic cleaners and zinc, iron and 


VLUCi uiatai m ca oivac . — , . lumiioi (iis-ampiujw, prt-ireauneni CHeniJUflS IDT 

characters. Compatibility has .and greater capacities -meter is a. novel concept, in power is supplied by a con- jn cathodic eI'ectropaintin°. 

been retained with all exiting machines are suggested for acceleration measurement and staDt current generator. The Hitherto the technology 
models in- the series and .a medium to large systems mpn>; has a two-wire e ectncal lay- output of the transducer is cathodic electropaint ° 
variety of languages Including cess control and in .out for both signal and power, approximately IOmV per "G" cen tred in the US and lit 

Fortran and business basic is environments. For instance, in; thus -providing virtually un- peak acceleration with output j ng agreements' ’have 1 


in cathodic electropainting. electropaint. and to have a manganese phosphating pro- 
Hitherto the technology for major share of this business in cesses will continue side by side 
cathodic electropaint has relation to the automotive in- with the new products, 
centred in the U.S, and licens- dustries. The operation will be at 


approximately lumv per - u centred in the U.S. and licens- dustries. The operation will be at 

Circuit terting ' pe * k acceleration with output ] ng agreements have been Tri-Kem. recognising the Tri-Kem’s Northampton plant, 

nr negotiated throughout Europe advances made by Chemfii in and all UK sales will emanate 


supported. . : • semi-conductor circuit testing, limited transmission distances current 

These • microprogrammed the 4C is suggested as the brain' with no special wiring or ma t e iy L25 per cent of output 
machines have the same arebi- f 0r automated test equipment ‘.cables. It is self-contained in signal. 

tectnre as fte ' IB-bit . Nova 3 pusher details from Data a combination weatherproof . _ ' 
machines. , with- a high speed Further aeraiis inmi eX n losioa . Droo £ enclosure. T ? e 


by P.P.G. Industries Inc. of improving 
Pittsburg. Use of the cathodic treatments, 


phosphating from there. Sales in the EEC 
secured an countries will be handled by the 


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Further details from a «■ ' The new accelerometer is system in the automotive and agreement on access to this company's new Belgian subs!- 


tiiouuun. -1.1111 - — H" -r nnH OYnlncinn.nmnf onnlfvrnrp ilie new huciwuuicicj ,u>c auiuuramc UV...V.JO a “ 

buffer helping, to eliminate the General on 01-572 7455. . ‘ s sran d i rd 4-20m A USPd tQ monitor ribration domestic appliance market technology which gives the UK diary, Tri-Kem Europe SA. 

. »*» ' £^5£?5 s3ST a . ~ 

improvement of carpe ts 3 S£-j5rS j 5 SSS Linking the designers’ efforts 

BRITISH Carpet Manufacturers include a detailed assessment j ^ circuilrv dale 23671 

Association, backed on. a 50:50 carried put in mills of present 3 a ’ MODERN production machine farturer of the hj’draulic equip: " attention 

basis by the Department of Jri- methods of yam jointing, coup- = ■ tools make extensive use of ment and that full use is made work sys 

dustxy throkgb the Garment and led^with an “J, 1 '?/ . • hydraulic equipment. Hydraulic of the knowledge and expertise and . mail 

Allied Industries Requirements . Institute of masting jointing ad- . -wjm-m . • * J power is used for damps which . . r equipmei 

Board - (GAI®), has commis- hesives and potential new ohes* - Vlfiril Tl #YTI are required merely to produce or the latter. will be i 

sio neri a contract research, and of methods of jointing. Out-' - -▼ wlIUll * Lvl/A UvU a f orce; f or work-manipulation A seminar has been arranged th e h; 

Moiect at thh Shirley Institute come of the project will be a re- : . .• w and tool-changing applications by the “Machine Tool Industry industry. 

tolSroveSlmSs Medior port, making xecommendations ; AMONG. A number of seismic m terms from a millionth to whjch invoIve s aL 4 s0 ™ control Researth .Association with the The . 
iointine carnet yarns.- ' - on the most appropnate . amLvibratioa measuring mstru- four g. of speed; for feed drives (both co-operation of the Association interest 


Linking the designers 9 efforts 

MODERN production machine facturer of the hj’draulic equip- ' attention will he paid to pipe- 
tools make extensive use nf m en t and that full use is made work systems and the assembly 


Vibration is recorded 


tools make extensive use nf ment and th 
hydraulic equipment. Hjdraulic „ f the j^owl 
power is used for damps which . . . 

are required merely to produce 01 ine ,a . er ' 
a force; for work-manipulation A seminar 


of the knowledge and expertise 


A seminar has been arranged 


and maintenance of hydraulic 
equipment. Most of the papers 
will be given by experts from 
the hydraulics equipment 


blockages caused by joints that lene.' 


m terras <rom a mil Qnui 40 which involve also some control Research Association with the The seminar will be of 

ur g. of speed; for feed drives (both co-operation of the Association interest to all concerned with 

Airnis to reduce the number methods for jointing individual - meats made by Kinemetrics in Several optional acceleration constant-velocity and positioning of Hydraulic Equ ipment Mann- the design, specification, assem- 

of yarn breakages resulting yams including wool, acrylics. tfc e UJ5. and available in this sensors are available to match types* involving also a require- facturers (AHEM) and will be bly or maintenance of hydraulic 

from weak, joints in winding, polyamide, polyester. country from Fenning Environ-, the orientation (horizontal or ment for high-stiffness; and for held at MTlRA's Macclesfield equipment on machine tools. 

&.J&9L.”!* f^“ U “ I “-“-“ dl>0 ' yPnWy - vertical) .«! the : ampti.ude P Sff’iJSlS 5SS 

nge required. Filters with mus t he minimised. machine tool manufacturers and Industry Research Association, 

w pass frequencies of 1.5, 3.0, Recent and furthcoming deve- users to make the best use of Hulley Road, Macclesfield, 

j and 25 Hz are built in. lopments will probably extend hydraulics for their machine Cheshire SK10 2NE. Maccles- 

The single channel is re- use of hydraulics for some of tool applications. field (0625 ) 25421. 


introductory paper 
the machine tool 


By agreement between the 


yarn ' that?: Is more . easily, pro- - and ; there was a clear desire 
cessed by the carpet mariufac- for Improvement. 


This self-contained unit can ^ ^di/sec. Operating from whatever the application, how. 


requirements for Fjnayu^ia! Times and the BBC. 


tumvand both productivity, and 
the quality : .‘bf the- end-product 
will be improved. . : . '. . 


record levels from' three orders internal rechargeable batteries, 
of magnitude below the thfe instrument weighs 25 lbs. 


Shirley Institute. Didsbury, threshold of human perception More from 1X2, Leagrave co-operation 


ever, for the best results to be of hydraulics in machine tools 
achieved, there should be dose will be discussed and some new 


hydraulic equipment, the role infannation jTOm me Technical 

of hydraulics in machine tools n „ - „„ * r, , ... 

will hft rlisciKwri and some new P°Q e W nrailubie for use bu til*. 


Stages developments described.^ Some Corporation's Werwi! Service* 


- - Main Hnea.bism^ investigated . 8141. 


Manchester, M20 8BX 061 445 up to ten times the level of Road, Luton, Bedfordshire between the manufacturer of typical machine tool applications as source materinl for its over- 


structural failure — in aceelera- LU4 8HX (0582 26538). 


i he machine foal and the menu- will be discussed and particular sea; broadcasts. 



company ten years' experience 
overnight, so to speak. It will 


• HANDLING 

Secure lock 
from Israel 

A NEW typ* of lock, not based 
on the cylinder system, and 
haring keys which can only be 
duplicated in the factory mailing 
the locks, has been invented in 
Israel. 

The closure has four lock- 
ing tongues, instead! of the pins 
used in cylinders. This lock 
can be opened only if these iotir 
tongues move at the same time. 
The number of combinations for 
this system is lorn. 

The key is also different from 
the usual ones in that there is 
no need to turn it in the Jock. 
The buyer gets a special card 
and spare keys are only issued 
on presentation of the card. 

Dr. Shnuerson. “ Zerned Mata- 
chot," POB 30S67, Tel Aviv, 
Israel. 

* SAFETY 


on the spot 

KOMATSU Forklift Company is 
releasing a newly-designed 
range of side-shifter attachments 
fnr all Komatsu forklift trucks 
from 800 to la.uuu kg capacity. 
Tbe side shifter hydraulically 
moves the carriage to either side 
so that loads may be picked up 
&nd deposited accurately with- 
out the need to manoeuvre the 
whole truck. 

This means loads can be 
placed closer to the sides of con- 
tainers and warehouse, walls, 
thus ensuring maximum utilisa- 
tion of available space. 

An important aspect of the 
side-shifter is the way in which 
it saves time in the vital opera- 
tion of placing the luad. Instead 
of moving the whole truck in 
order to reach the right spot, 
the operator can drive the truck 
into roughly the right position 
to set down the load and then 
use the side shifter for accurate 
positioning, in this way 
unnecessary movements of the 
truck arc avoided, saving time, 
and the work-load of the 
operator is reduced. 

Komatsu Europe, Mcchel- 

sesteenweg 586. B1500 

Vilvoorde, Belgium. 










BY DAVID LASCELLES IN NEW YORK 


A «lu«rt while nzr*. Mr. William 
1'iiler. chairman of the Federal 
■Reserve Board. ->airi of the U.S. 
ecuiunr" “ We will have no 
recession unle** we talk our- 
•selves into it." Today, every- 
body seems to be doing just 
that. We have just entered the 
tr.'litional year-end forecasting 
period when economists at 
banks, brokerage houses and 
businesses put our their predic- 
tions for the year ahead. In 
mr:At coses these reports are 
lovt-hly produced, and equally 
l.v.ishly presented at Press 
luncheons 't receptions. So far, 
the contents have been almost 
universally sUwmy. differing 
. only on whether they think the 
inevitable recession will start in 
the first or second half of next 
-year. 

:. N«*v Mirnriuingiy. this sudden 
‘■v.vller of bearish news has had 
li*. effect on the markets. Shares 
hd-.t- faltered, and bond prices 
. ir.ve g-’-ne into a decline. One 
i of the leading brokerage houses 

■ managed single-handedly to 
Jtni ick ihree points off the Dow 

; -Tones index with its forecast of 
; record interest r3tes and reces- 
1 -irn at the end <if 1H73. No one 
. doubt 3 -f ha r these forecasts are 
, put out with the best of mten- 

■ — v< inform and stimulate 
; the economic debate. But the 
’ sinking point is :hjt few if any 

ui them are subjected to much 
cntical -cn.i'iny. The market 
simply reads, reacts and moves 
<»n m the ne?:t one. And in most 
cv.*»? one suspects, dealers 
' : -A ftet less to the report itself 
j than to how they expect the 
r-M of the market fo react. 


Data processing 


j V.'har it amounts to is some- 
1 thing of a charade. ;vifh ccono- 
s ill. si if making predict ions which 
! have an immediate imoact but 
I get forgotten long before they 
, ^re proved right nr wrong, and 
I "ith markets i Tying to anticipate 
i reaction. In short. .Mr. Miller is 
I rigor. The fact that the fore- 
I casters ar p all predicting gloom 
only increases the likelihood nf 
| their being proved correct. It is 
nor entirely the forecasters' 
j fault, of course. The publicists 
j and the markets must share some 
of the blame. But economists, 
j particularly those engaged in 
Jung-term forecasting are lucky 
people. Their forecasts are 
quickly forgotten. and few of 
Them are ever called to account. 
Also, since many people are in 
the business of predicting in one 
form or another, the pressure to 
bring forecasters to hook is very 
-■man. But perhaps the dangers 
Mr. Miller harped on could be 
lessened if the forecasters' per- 



BBC 1 and BBC 2 television 
programmes may not be 
screened owing to industrial 
aetion. 

BBC 1 

t Indicates programme in 
black and white 
9.50 am Paddington. 9.55 
Jackanory. 10.10 Why Don’t 
You 10.35 Charlie Brown. 

+11.00 Buck Rogers. 1L20 The 
Fantastic Journey. 12.03 pm 
Tom and Jerry. 12.20 A Christ- 
mas Carol. 12.45 News. 1.00 


Pebble Mill. 1.45 Heads and 
Tails. 2.00 '* The Adventures of 
Huckleberry Flan." 3.45 Tom 
and Jerry. 3.53 Regional News 
for England (except London). 
3.55 Play School. 4.20 Pixie and 
Dixie. 4.25 Jackanory Writing 
Competition. 4.40 Captain Cave- 
man. 4L30 Crackerjack. 5J35 
The Clangers. Cartoon (London 
and South East only). 

5.45 News. 

6.00 Emu's Broadcasting Com- 
pany. 

6.35 Rolf at Christmas starring 
Rolf Harris. 

7.10 Star Trek. 

8.00 Citizen Smith. 

8.30 The Liver Birds. 

9.00 News. 


F.T. CROSSWORD PUZZLE No. 3,855 



ACROSS 

Zealous reporter with intelli- 
gence te sell (S? 

Minor puiti?* to waterways <6> 
Skill of pajnter on railway (Si 
What one usually does with 
cupper's cat i(S> 

Spare time during period of 
depression (4-5) 

Chop painting organ i 5 ) 
Photograph injection (41 
Busy female worker on point 
of guing to drinking den (7) 
Mixture confused lag between 
one morning and another (7) 
Fresh start with ancient 
enclosure (4) 

Shelter church offers old 
doctor (5i 

Neat example of hard-up wind 
player (9) 

Gosh— go by air with bovine 
biter (6) 

Trial kit jumbled up on the 
shore (Si 

Cnn e ull oo how to begin work 
(4. 2) 

Present person with a West- 
end offer (S) 


7 Set in motion a transcribed 
cat duet (8) 

8 Character oF .sgib urban bouse 
established in interval (Si ' 

11 Is doubly a flower |4 » 

15 Beast gets definite chance to 
keep everything for himself 
(3. 3, 3) 

17 Illumination of which Georgie 
has not much (8 » 

IS The French seller of perfume 
(SJ 

20 Greenstuff not in Uie Rolling 
Stones’ collection (4) 

22 Tradesman working in 
bloomers. (7) 

22 Low sound revolutionary tied 

up (6) 

23 Rod gets point or view right 
f6> 

26 Tax at 10 per cent (5) •- 


SOLUTION TO PUZZLE 
No. 3,854 


DOWN 

1 Almost reach Pole in good 
time (6j 

2 Intelligence young Henry dis- 
plays as well (6 j 

3 Shy at becoming hurried (5> 

4 Authority (nr attack on tub- 
thumping (7) 

6 Unfair treatment nf limber 
before planing (5, 4) 


ebqqhbbe^^heBb 
a e -h h a n 0 e 
0H0EET" B3BBEEEBE] 

BS D-'-.Q -D .:,E..n::. r. p, 

EEGQaSEEEE.- EaOH 

E 01 0 --#•••; v- rj 

HBssnaQ staassaE 

H H ' B v : m - 0 

3aS0BgS":03B0BBE 
3 • S 0 B a H 
BDQEJ - -EHESEQaEaEB 
3 • D D 55 . Q :■ 0 • Q - 0 
33EnEBnHE : Basac 
BOB B S -52,-0... 0 
BEEBE '■•• gaBEGncigE 


— ' ~ - “ -*r ■ - 1 t +•'. . ' % ‘1 ‘ "r •; ’■'c'y r rJ>-~ i.T”-. T 

- •• s. :. 

••• .. A 

- ** - - -*’C • t * ._*-••••' * -a %*. , . 

■ _ ■ l A .j. . T V- 

Financial TiineS' 



formance was more closely fol- 
lowed, and the winners and losers 
invited to bask or wriggle in the 
glare of publicity. 

This suggestion is bound to 
upset the forecasters. They al- 
ways say that retrospectives are 
unfair because predictions are 
“ modified ” as time goes by. But 
that evades the point. We are 
talking about the impact of- a 
prediction at a particular 
moment in time. If they don't 
care to be held accountable at 
that moment, then they would 
do better to keep quiet. 

But cart they keep quiet? Not 
in New York, where it is incon- 
ceivable that a major Wall 
Street institution should fail to 
come out with its annual predic- 
tions. It would be like omitting 
a dividend, and since these pre- 
dictions usually make good copy, 
they are picked up and publi- 
cised by the Press. But if some- 
one is to keep track of the fore- 
casters. who should it be? The 
Press would have to play some 
kind of role because the results 
must be publicised to be effec- 
tive. But the Press is by nature 
less interested in the past than 
the future. And since it is also 
to some cxLent in the forecast- 
ing business, it is unlikely to do 
the job with much enthusiasm. 


IT’S A common 'misapprehen- 
sion that greetings card manu- 
facturers take it easy at Christ- 
mas, having done their work 
months ago white the thoughts 
of the rest of us were on other 
things. In fact they are now at 
their busiest, not only plodding 
on with the production of birth- 
day. get-well, marriage, new 
arrival and ell the other year- 
round cards known as " every 
days" in the business but pre- 
paring for Valentines. Easter, 
Mother’s and Father's Days 
(“spring seasons”) and gear- 
ing up for the trade shows that 
will decide, what sort of cards 
we will be offered at Christmas 
1979. 

So the season of ringing cash 
registers and overloaded post- 
men means intense activity for 
Dundee, a city that has been in 
the greeting card industry since 
1825 when John Valentine 
began engraving wooden blocks 
for linen printing. 

His descendants have been 
making cards ever since. The 
family firm. Valentines of 
Dundee, was bought in 1964 by 
John Waddington of Leeds, the 
playing cards and games 
makers, but a direct link still 
persists through Mr. Andrew 
Valentine, who left the com- 
pany eight years ago, taking 
several senior executives with 
him to set up a new business 
of his own. 

The two companies — Valen- 
tines of Dundee and Andrew 
Valentine Ltd. — have grown 
alongside each other, providing 
work for more than 900 em- 
ployees. not including outside 
printers, freelance artists and 
verse writers. 





It is a highly competitive 
industry, 4 but the future looks 
good. As a nation,. Britain 
ranks in the top league of card 
buyers, behind the U.S. and 
Canada and a short way ahead 
Of Australia. West Germany and 
Holland. Last year we bought 
1.7bn cards, worth £150m. This 
year, the Greeting Card and 
Calendar Association estimates 
we will buy 5 or 6 per cent 
more. 

As you might expect, we sent 
most cards at Christmas. The 
desire to keep in touch with 
people we hardly give a thought 
to for the rest of the year and 
the attemot to send a card to 
everyone we expect is going to 
send one to us, means that 
Christinas cards account for 
nearly two-thirds of all cards 
sold. “ Every days ” make up 
little over a quarter, Valentines. 
Easter and the other “ Spring 
seasons” about 7 per cent and 
singly boxed cards — highly 
regarded in the industry be- 
cause of their high value — about 
1 per cent. 

Yet the card manufacturers 
are equivocal about the season 
of goodwill. They cannot afford 
to ignore such a substantial part 
of the demand, but they do not 
like the distortion it gives to 
their cash flow, nor' the rela- 
tively low return. 

For while the average greet- 
ing card buyer will happily 
spend between ip and 20p on 


“Everyday” cards, she (90 per 
cent of cards, are bought by 
women) wants to pay very much 
less — probably about 4p — for 
each Christmas card. So, in- 
spite of their volume, Christmas 
cards bring in only a third of 
the total income of the cards 
industry, compared with mare 
than half from " everydays.” 
Those highly prized box. cards. 


sale two Christmases hence. A wearing paper bats,.: but- this 
second selection is made by the . year we are back to uie.-tradi!- 
retailers, who choose their stock :fional cards— snow - swne?, 
ten or eleven months in advance.', robins and Santas, Afr. val* 
The aim is to get as accurate braith said. . ; 



■ .,-v l - : 


DUNDEE 


\ 


an impression as "possible of the ''The designs come ‘ from a; 


market demand, and it appears number of sources, either 
to work. Mr- James Galbraith, Valentines’ own artists, or regu- 

j: .- 'l.. ^..Unndr nr. from ahiralfl- 


By RAY 


often elaborately printed on 
stuffed satin pillows or glossy 
acetate, earn 9 per cent of the 
total revenue. 

Valentines of Dundee has 
already produced its first edition 
of cards for 1979, which is about 
20 per cent of the final total it 
will make for next Christmas. Of 
125m cards of ali types manu- 
factured each year, about 70m 
are Christmas cards. In the next 
two months sales shows in hotel 
rooms up and down the country 
will introduce the range to the 
retailers and their orders will 
determine the size of the final 
print and how many of each 
design are published. 

The company thus gets two in- 
dications of what the pubiie 
wants. Actual across-th e-counter 
sales each Christmas influence 
the choice of themes given to 
the artists a few months later 
for the cards that will be on 


managing director. of-Valentines/ lar freelances or from .ahrd&d;. 
estimates that the stock left in Valentines have a link: 'With j 
his warehouses is -worth not Valentines of Australia (once- an : 

: associated company, now TT.S. . 

— — — — ■ “ "owned) and with Gibson -' Greet- 

PERMAN ' ihg Cards of Cincinnati: .“la; 

’’.■te nd to find the Australians are. 
very good on Victorians*. .whoro*- 
more than £20,000. whereas-total- as the Americans have ’bags of , 
sales this Christmas will be £2m.- colour and go for what. J. cali 
Valentines will destroy ail un- -paper sculpture with die-cute 
sold cards, preferring to pi^h - and- embossed cards,” JCr. Gafc 
duce new designs each year, vhraith comments.. 

Andrew Valentine Ltd. (AVL) V But the verses inside cards 
also -gets its designs from home come from only one source: Mr. 
and overseas sources and has a Don Ferguson, the ex-garage 
link with Norcross of Phila- mechanic who has been Valen- 
delphia. "U alike its bigger neigh-, tines’ verse writer for seven 
bour, AVL rests designs for. jL years and writes around 2 7 000 
year or two and reissues ihero^; -verses a year. These 'days-his- 
perhaps with different verses,"' job is l ess acduous than when he 
inside. Editorials, as the traded started: “ People now' want, 
calls the words, are usually writ- shorter verses, four lines instead 
ten by freelances. Dundee seems ./of eight, and Whereas they, used; 
to be unusually fertile ground to be very sugary, they are. now.; 
for part-time poets who can .^hpt so slushy.” _ _ , • V 
channel their inspiration to the-; '--"Traditional. Christmas themes, 
strict format of .the greeting, ^provide Mr. Ferguson_-3rii3>'..n^ 
card. ready stock of key works- oanffr 


and Valentines for. next .yesir^ 4 .;^ • ’ 
js, now atoking afocuid^o^ ;(• 
and opto 4boro,-for; ;• 

: "days .": T ‘ : 

: AVL offers , the .full' range ^ 

styles ^ whimsical,- 

(there - is a. - . difference)* tradt^ ! 

1 tional and so ? oif— "but st fSfljSt*.. ; 
inas relies^'heavily on 
favorarttes.jor .what .BS v Bn me:_‘ , 
Gibbs.’ -y aSes - devdopmont r 

manage^. c^f.^'^padcagGS-.o^" ' 

' ' /*;■ »'.%:/:■ 
-Ay^>-- las already n? a its ■ t 
1979^mpJek:mnl“:«: prej^mg . 
to unveff-theffr tb'-ae;x«teBOrs, - 


m.t-: 


it . r - •• 

V* ’■ 


■I "'ll \* J 


To ‘ 'Joe' "; ' 


“We feel that the design has: thymes, but he is always 'lobk- . 
to change from- Christmas to; ing for something new.^ He Jaas: 
Christmas. We are . in a fashion -.^ . writer’s reluctanc e .fo ;. speak .. 
industry 1 , we’ve bad sick humour,. . about work in . progress^'-' 
ctitie-type - with f unny animals^^javing wrestled-. with Chri4to^s.7 


cheaper, cards^ : : 'it 

abandons; ' of . 

indivjdtiBj ^filmrWrappedv cards : 

whirff -optoeil oiitso: ffiat i 
y ini' : J 

buyfdg^fh^vb^of^^^ : 

or the . 

prkss'i>F‘ dual - cards ^y-/up [ - 
to* a . haif^ vSvrt'^Hfea’: ItS 'Iarger. | 

' Du hdee' &!£&; I fes x 

-’to ’ rpmemoS', 1 :^ e veif I ■ 
mas; ^th'at' -ifc^dbes Jjest ■ , ' 

'more ^"■espensive^ out - of ;ther- • 
J ordinary 'desighs:' ' • j ' 

Tb 5 > ; ,bf xW iisr'for: itext .yeart:-. 1 
■j’Qr-,.£2L5Si;' : a. yard* rsb ;^Sapta;'t 

\ tal&lan Jl • an * 3 +n'- kniPl- t " A* IlHI P t) .‘l • 


packed in lijp bWn box. * 'A ijaril j : 
that - Would ’give -any/tempotaiy 
paspnan a ; heart attack.' - ^i'- 


ll would presumably have to 
be left to a specialist organisa- 
tion or publication, which is 
probably why one of the few 
attempts at matching last year's 
forecasts with fact was made by 
Euromoney. the London 
monthly. Their survey, pub- 
lished a few weeks ago. showed 
that of all the hundreds of pre- 
dictions made for the U.S. GNP 
growth and consumer price 
rises, only six were on target for 
the first and seven for the 
second. And only one organisa- 
tion.. Chemical Bank, got them 
both" right. 

In Britain, only the London 
Business School a'nd Item Club 
were right on GNP, and nobody 
correctly predicted the rise In 
consumer prices. 

By any standards, this is '-a. 
dismal record for what is now a 
multi-million dollar business 
with ail the latest data proces- 
sing technology at it* fingertips, 
and one would do well to bear 
this in mind while the year-end 
prediction rush is on. Not that 
economists are wholly unaware 
of their failings. As one quipped 
here the other day: “ I hear the 
crystal ball manufacturer just 
issued a big recall.” 


Underrated jumpers can repay 
interest in the New Year 


WITH NO racing for a second 
successive afternoon, now seems 
a good time to look at some 
jumpers likely to repay support 
over the next three months. 

. The six I have picked should, 
given luck, produce some long- 
priced winners for the group 
contains several who appear to 
be underrated. 

Birds Nest (R. Turnell). This 
Entanglement gelding has dis- 
appointed in three attempts at 
the Champion Hurdle but there 
seems little reason behind one 
offer of 16-1 against him achiev- 
ing that goal in March. On his 
day Birds Nest remains the 
most difficult hurdler in the 
country to beat. He proved this 
twice last season, accounting for 
Night Nurse in the Fighting 
Fifth and beating Dramatist in 
the Buia. 

Blue Braes tR- Head). 
Unlucky not to land a novice 
hurdle last term this son of 
Inyanga's sister. Strathaven. 
will be all the better for his 


outing of a few days ago and 
might well prove a long-priced 
winner in useful company. 

Border Fort (R. Turneli). 
Anotlier strong sort, this Border 
Chief gelding is a smart hurdler 
and seems -sure to prove an 


RACING 

BY DOMINIC WIGAN 


even better 'chaser once his 
jumping improves. But for a 
jumping error. Border Fort 
might well have beaten Koiro 
Scott at Cheltenham last time 
out. 

Cancello (N. Crump). Although 
a disappointment to some when 
only fourth behind Dyscole at 
Ascot on Saturday, this Middle- 
ham gelding -can probably be 
excused his piacings. The two- 
mile trip was far too short for 


him and he would also hare 
been better served by more 
give in the ground. 

Major Thompson (M. H. 
Easierby). One of the most 
illustriously bred geldings to 
have made the transition from 
the fiat, this Brigadier Gerard 
gelding could, given normal im- 
provement. go rigbt to the top. 
But for the lack of a previous 
run Major Thompson might well 
have accounted for Kybo at 
Ascot 

The Dealer (F. Winter). 
Without doubt in my mind 
the best novice chaser seen 
out last season, this hay son 
of Raise You Ten may well 
prove capable of creating an 
unusual situation for his trainer 
and jockey in March, for by 
that time The Dealer, due to 
make his reappearance in eariv 
January, could well be the only 
home-trained chaser standing 
between stable-mate Midnight 
Court and a second successive 
Gold Cup. 


9.25 Stank? and Hutch. 

1(1.15 Max Boyce. 

10.55 News. 

11.00 The Late Film: “ The 
Thomas Crown Affair.” 
starring Steve McQueen 
and Faye Dunaway. 

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

BBC Wales — 1.45-2.00 pm 
Meiiu WynL 5.35-5.45 Wales 
Today. 7.10 Heddiw. 7.30-8.00 
It's Welsh Rook. 10.55 Regional 
and National News. 

Scotland— 5-35-5.45 pm Scottish 
News. 10.55-il.00 Regional and 
National News; Weather. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.35-5.45 
Northern Ireland News. 6.35-7.10 
Christmas Carolcade. 10.55-11.00 
Regional and National 1 News. 

BBC 2 

11.00 am Play School. 

3.05 pm Leonard Bernstein at 
Harvard. 

4.50 Mountain Days. 

5.30 News Headlines. 

5.35 Christinas Matinee: "The 
Nun’s Story,” starring 
Audrey Hepburn, Peter 
Finch, Edith Evans, 
Peggy Ashcroft. 

8.00 Country Game with 
Angela Rippon. 

8.30 Leo Sayer. 

9.00 She Loves Me. 

10.50 News. 

ll.OS Emerson. Lake and 
Palmer Special. 

11.55 Late Niebt Story. 

LONDON 

9.30 am Frosty and the Snow- 
man. 10.00 Sacred Ground. 10.55 
The Christmas Martian. 12.00 
A Handful of Songs. 12.10 pm 
Rainbow. 12.30 Three Little 
Words. 1.00 News plus FT Index. 
L20 Thames News. 1.30 Farm- 
house Kitchen. 2.00 “Monte 
Carlo or Bust.” starring Peter 
Cook. Tony Curtis and Susan 
Hampshire. 4.15 Doomboit 
Chase. 4.45 Magpie. 5.15 First 
Christmas. 


News. 

Thames At 6. ; 
Emmerdale Farm, 

The Muppet Show. 

Sale of the Century. 
Survival Special. 

Vegas. 

News. 

Gene Kelly's Dancing 
Years. 

Swingle Bells, 
am Christmas Pie. 

ITV regions as London 
. at the following times: — 


Uie Doves.” 5.1S This is Your Riaht, 
6.00 Granada Reports. 6.20 Kick Oft. 
12.15 am Ule Night Movie. 


11.30 Swingle Bells. 

12.15 am Christmas Pie. 

All ITV regions as London 
except at the following times: — 

ANGLIA 

9.55 am The Tiny Tree. 10.20 A 
Christmas Two-Step. 10.45 Cartoon 
Time. 1.25 pm Ana lie News. 2.00 The 
First Chrisrmes. 2.30 Family. 3.30 God 
Bless Us Everyone. 4.00 Cartoon Time. 

5.15 Roatlw Rosio 6.00 About Anglia. 

12.15 am The Christmas Story. 


HTV 

9.S am The Tiny Tree. 10.20 A 
Christmas Two-Step. 10.45 Bony Boop. 
1.20 pm Report West Heedlines. 1-25 
Report Wales Headlines. 6.00 Report 
West. 6.15 Report Wales. 

HTV Cymru /Wales — Aa HTV General 
Service except: 1.20-1.25 pm Penawdsu' 
Newyddion y Dydd. 4.15-4.46 Plant y 
Byd. 6.00-0.15 Y Dydd. 10.30 Outlook 
Special. 11.00-11.30 It's A Dag's Lite. 

HTV West— As HTV General Service 
eirccDt: 1.20-1.30 pm Report West 
Headlines. 6.15-6.30 Report WasL 


• ATV 

9.30 am . Pinnccluo. 9.55 Survival. 
10 20 Wi/kie 'On Water 70.45 Lord 
Trama 11.10 Rudoloh The Red Nosed 
Reindeer. 1.20 pm ATV Nev.-sdesk. 2.00 
The First Christmas. 2.30 Movie 
Matinee: It Happened One Christ- 

mas."' 5.15 Happy Days: Gi-ess Who's 
Coming to Chrisrmes. 6.00 ATV Triday. 
10.30 Mary Hartman. Mnrv Hartman. 

11.00 Gene KeMv's Dancing Years. 

12.00 Swingle Balls 

BORDER 

9 55 am The T.-ny Tree. 10.20 A 
Christmas Two-Step flJO pm Border 
News. 6.00 Lo'Aaround Friday 6.30 
Christmas Cedidti. 12.15 am Bolder 
News. 

CHANNEL 

1.18 pm Channel New*. 1.30 Stars On 
Ice. ZOO The First Curistmas. 2.25 
The Fndav Mnii-rr ' A Drum for 
Christinas.' 4.05 C-mnnn;iinp 5.15 
Emmerdale Farm 6 00 Peocn At So. 
B.35 Woobinda The Rountv Hunter. 7.30 
The Best Of 8.00 Survival 

Soacial. 10.2B Channel L*te -News. 
12.15 am News and Weather in French. 


SCOTTISH 

10.00 am The Tiny Tree. 10.20 A 
Christmas Two Step. 10.45 Cartoon. 
1.25 pm Scortish News. 1.30 University 
Challenge. 2.00 The First Christmas. 
2-30 Fridnv Matinee: "The Dangerous 
Days of Kiowa Jones." 5.15 Mr. and 
Mrs. 6.00 Scotland Today. 7.30 Sounds 
Ot Britain. 11.20 Christmas Celt. 11.25 
Geno Kelly's Dancing Years. 

SOUTHERN 

9. 55 am The Tiny Tree. 10-20 A 
Chnstmjs Two Step 10.45 Cartoon. 
1.20 pm Southern News. ZOO The First 
Christmas. Z30 Flight 01 The Doves. 
5.15 La verne And Shirley. 5.40 Week- 


end. 6.00 Day By Day/Scene South 
East. 6.30 Out Of Town. 1Z15 am 


East. 6.30 Out Of Town. 1Z15 am 
Southern News Extra. 1Z25 Weather 
Forecast followed by The Holly And 
The Ivy. 


GRAMPIAN 

9.25 am First Thino 10.00 The Tiny 
Trao. 10.20 A Christmas Two Step. 
10.45 Cartoon Time. 1.20 am Grampian 
Headlines. 5.15 Emmaidnlp Farm. 6.00 
Grampian Tnda« 7.00 Welcome To The 
Chnstmas Ceilidh. 12.15 nm Reflec- 
tions. 12.20 Grampian Hrjdlints. 

GRANADA 

9.55 am The Tiny Tree. 10.45 
Cartoon. 1.20 pm This is Your Right. 
1.30 The Amazing World ol Kresbin. 
2 00 The Firci ChHsima* 2.30 Friday 
Matinee- Ron Mocdy m ■ The Flight of 


TY NE TEES 

9.25 am The Good Word. 9.!3 The 
Tmv Tree. 10.20 A Christmas Two Step. 
■■0.45 Cartoon Time. 1.20 pm North 
East News. 6.00 Northern Life. 6.25 
Spoiiatime. 12.15 am Epilogue. 

ULSTER 

10.20 am A Christmas Two Step. 
10.45 Cirtoon Time. 1.20 pm Lunch- 
time. 1 30 George Hamilton IV. 4.13 
Ulster News Headlines. 6.00 Reooru. 
6.30 Sponscssr 12,15 am Bedtime, 

westward 

9.20 am In Praise Of Christines. 9.55 
The Tiny Tree. 10.20 A Christmas Two 
Step. 10.45 CartoonUine 1ZZ7 pm Gus 
Honeybun's Birthdays. 1.20 Westward 
Nows Headlines. 1.30 Sura On Ice. 
2.00 The First Christmas. 2_25 The 
Fridc’- 1 Matinee: ‘ A Dream for Christ- 
mas.” 4.05 Cartoon. 6.00 Westward 
Diary. 6.35 Time Our. 7.30 The Beni Of 
Bermo. 1Z15 am In Praise Of Christ- 
mas. 

YORKSHIRE 

9.55 am The Tiny Tree. 10.20 A 
Christmas Two-P*et>. 10.45 Cartoon 
Time. 1.20 pm Celrndar News. 6.00 
Calendar Christmas Party. 


1 BBC Radio New Wavelengths 

BBC Radio London: 

1458kHz. ajfcm & 44.9VM- 

-f IOS3fcffe/28S«n 
• 1089k Hr /775 m 

3 m5kHz>H7m 

Capital Radio: 

& W-92-Svtrf stereo 

ISdBfcHbr. IMm Be 95Jvtrf 

Q M3kHz/433m 

A 2BQfcHz/I5D0m 

London E road tasting ■ 

Sc 88-91vhF stereo 

^ Sc 92-eSvhl 

1151kHz, 2Um & TtJvtiP 


RADIO l 

(S) Stereophonic Broadcast 
5.00 am As Radio Z 7.00 Dave Lee 
-Trevis- 9.00 Simon' Bates. 11.31 Paul 

Burnett including 12.30 pm Newsbeat. 

2.00 Tony Blackburn. 4.31 Kid Jensen 

including 5.30 Newsbeat- 6.00 Round- 
table. 7.30 As Radio 1. 10.00 The 

Friday Rock Show (S). 12-00-5.00 am 
As Radio 2 

VKF Radios 1 and 2 — 5.00 am With 
Radio 2. 10.00 pm With Radio 1. 12.00- 

5.00 am With Radio 2. 

RADIO 2 

5. DO am News Summarv. 5.03 
David Allan (SI including 6.15 Paune 
for Thought. 7.32 Terrv Woqan (^» 
including 8.27 Racing Bulletin, 8.45 
Pause for Thouaht. 10 03 Jimmy Voung 
(S). 12.15 pm Waggoners’ Walk. 12.30 
Harry Rowan's Open House ( S ) includ- 
ing. 1.45 Soarts Desk, with teeing 
results. 2.30 David Hamilton fS) includ- 
ing 2.45 and 3.45 Snorts OasF- 6.30 
Waogoners' W elk. 4.45 Sports Desk- 
4.47 John Dunn (R) including 5.45 
Sports Da«k, 6.45 Spnrtn Dealt. 7 02 
Sequence Time (SI. 8.02 Geoff Love 
fS), 8.45 F"day Niohr is Music Night 
f SI. 9-55 Soorta D«k lO.QZ Support 
Your Luca 1 10.30 Christmas Song. 11.30 
Brian Matthew introduces Round Mirt- 
nioht. inrludinn 12 00 Nows. 2.02-6.00 
am You And The Night And The Music 
fS). 

RADIO 3 

6.S5 am Weather. 7.00 News. 7.06 
Overture (S). 8-00 News. 8.05 Morning 


Concert (S) Rossini. Bach, K'odaly. 
9.00 News. 9.05 This VieeF's Com- 


posor: Chaikovsky (S>. 10.00 Holiday 
Special Fanfare IS). 10.20 BBC Concert 
Orchestra in Portugal: Bliss. Delius, 


Elqar (5). 11.20 Young Artists Recital 
(S). 1R.15 pm Midday Concert: 

Wegner. Walton. 1.00 Hews. 1.05 Play- 
bill IS). 1.2) Midday Concert part 2: 
Chaikovsky (S). 2.15 Songs Of Christ- 
mas (S), 2.50 Ryslian 2in<:rman Piano: 
Beethoven, Brahms (S). 3.45 Interval 
Reeding. 3.50 Recital, pan 2- Chopin. 
4.20 Youth Orchestras Or The World: 
Elgar. Brahms (5j. 5.45 Homeward 
Bound (S) . 6.30 News. 6.3S At Home 
,{S\. 7,30 Berlins; I'Eniance du Christ 
fS). 8-30 Victor Hugo 9.W Berlioz; 
I'EnTance riu Christ, pan 3 (SI 10.00 
Srorie9 On 3 10.15 Alan Rawsthorne. 
10-40 Music Now. 11.25 BeaU'Ovcn and 
Schubert (S). 11.45 Nmiv 3 . 11.50-11.66 
Tonight's Schubert 5oii(i-(S). 


The World At One. 1.40 The Archers. 
1.55 Shiopinq forecast. 2.00 News 2.02 
Wimzn's Hour. 3.00 Nows. 3.05 Joseph 
And The Amarinq Tcchnicplaur Dream- 
coat 4.20 A Jaw At ChrfarmAs. 4.3S 
Story Titt.»“. " The Thirty -Nine Steps." 
5.00. PM 5.50 Shipping forecast 5.55 
V/nall-er- mon ram me news 6.00 New, 
S 30 Goma Places. 7.00 News. 7.05 
The Archers. 7.20 P'ck Of The WeeF 
lS‘. 8.10 Profile. 8 30 Anv Ouactions? 
9,15 Letter Ftnm America. 9.30 Kaleido- 
SCO09. 9.S9 Weather. 10.00 The Worid 
Tonight. 10.30 Week Endinq (St. 10.55 
Friu On Friday. 11.00 A Book At Bed- 
time 11.15 The Meanina 01 Christmas. 
71-10 Archive Feature 71.45 fu.« Before 
Midntaht 12.00 News. 12.15-12.23 am 
Shipping forecast. 


BBC Radio London 


5 00 am As Radio 2. 6.30 Rush Hour. 

9.00 London Live. 11.40 Lobby. 12.03 
pm Cali In, inciudmo 1.00 London 
Nows Desk, 2.03 208 Showcase. 4 03 
Home Run. 6.10 London Sports Desk. 
fi.35 Good Fishinn. 7.00 Young Jazz. 
1.30 Bf.mL Londoners. 8.30 Track 
Record. 10.00 U>te Night London. From 

12.00 As Radio 2. 


RADIO 4 


6.00 am New* Brfofmg fi.io Farming - 
Today. 6-2S Shipping ' forecast. 6.30 
Today Magazine. Includinq 645 Prayer 
lor the Day. 7.00 and 8.00 News, 7-30 
and B.30 News headlines. 7.45 Thought 
for the Day. 8.45 Serial Reading. 9.00 
News- 9.05 Baker's Dozen (S)T 10.00 
News. 10.05 From Our Own Corres- 
pondent. 10.30 D.nly Samce. 10.45 
Morning Story. 11.00 Down Your Way. 
11.40 Announcements 11.45 Listan 
With Mother. 12-00 Newt. 12,02 cm 
You And Yours. 1127 My Word! f SI - 
12-55 Weather: programme news, 1-00 


London Broadcasting 

5.00 am Mornm^ Music. 6.00 A.M. 
with Bob Hnlnesa and Douqlen 
Csmoron. 10.00 Brign Hayes Show, 1.00 
pm LBC Report*. 3-00 George Gale. 
4 «10 LBC Rep'-rtu (continues). 8.00 
Alter Eight with lan Cilchul. 9.00 
Niohnina with Afon Nr n . 1.00 am Night 
E*ira with Hugh Williams, 


Capital Radio 


®-® “ m Graham Dane's Breakfast 
Show (S). 9 00 Mich.191 Aspel. 12.00 
Dave Cash (S'. 3.00 Roger Scott (S). 
7.00 London Today (SI. 130 Adrian 
vc s Oortn Line (SI. 9.00 Nicky 
Hj?f pe J Your Mother Wouldn't Life It 
fe. 1 ’ law Show 

isj. ^.00 4m Ian Davidson's • London 
Link International (S). 


y^iji 


■o*-» 






















11 


I: - 1 y.i.sU'.i, & f 1 *£/, • •" z j'. ■ •■ ' : ■■ 4 '■• '• •.. ; ’ ’ 


■=3; 


H)L 


«v -•• rV, 1 . -:- -x 



THE ARTS 


this Christmas 


ANDREWS 


**n;. 


a> 

■<:;i 


in* 


& 


nam War, Tbf) film . appears at 
least five-years to&ieje, ittoems 


■ 1 j ± 






: : r^. 

..:■ •■■ ,? Sh?S: 




T^’f^lst^SreatTraia-Jlofbbery __ 

^1/Lei^wSjuare TTi^e _ to ^ iTnce Vot v ^2y:*^. the 
Pps^SofiHeys ••(*&„• ;•• war itself suited- ; tot; -*> to ; a 

T^ivn - 7 Tt! . i'^Vnr^ifY ”• S*eat "degree Sfe?>tbe£ 

“ r ^^ xat .chanted aftermath; that mood of 
“ desperate scepticism ‘abd mural 
<AA> Warwr - disorientation vwhteh^iad us 

• T y r >>--r-r^r ABC CnUiam Road . catharsis^m Waterget^’ — • 

.* . 1* -Victorian England and • Beil’s film- baaed o'tr a hovel 

t-embrnlrtcrlrtgr- t>« - Way"- by_Bobert Stooe,- tells the .story 

i^^ ofTfeld^uIlSJ theft^ • of an American soldier return- returned Vietnam comrade. 
fSST ine from Vifetimm-fNicfcNoite) Siege, shoot-out and showdown 


money to pay him. Narrowly 
evading the attentions of a 
ruthlessly inquisitive CIA agent 
(Anthony Zerbc), Nolle takes 
to the. open country with Miss 
Weld, finds a hilltop hideout, 
and waits for the world to come 
to him-. -In due course the world 
does sot- in the shape of Zerbe 
and his henchmen, newly joined 
(under . duress) by Nolte's 






J8SS. JJtefcaei • CritSttonV The 
Robbery Is 
so unlikely and' hugely enjoy- 
ab}e' fhaBge*of-paee . from the 
f wriftt^dtrectorr -^>f Westworld 
. torf-' Coma. ' Crichton- has 
; fibuivfed his flair . for eerie 
Science Fiction : tales-: of. man's 
J inhumanity;, to . man. .. ami 
J constructed - ,a‘ -“caper.’* movie 
,tiat after- initial funibl ings (an 
•overdose i of .. stiff “-.Victorian 
J pastiche in, the dialogue and. of 
'-arch-': slapstick: id the' action)' 
•emerges - a& irresistibly lively 
j griEL stylish! J- ‘"..p" 

{ v Jf'yoa are short- of ideas for 
'.FitpKy TSntertairiment this 
• Christmas, look no further. The 
.-! Ilia ;■ • ..Soastsi some h andsome 
i jikOtomlm^-style settings — from 
. i a;|litterihg. moefeup of Crystal 
j^xace-to - g colourful backdrop 
-t^ ; ’SE r “ ; PiauiV- : ahd a whining 
.d&»|fesfef;hy : Sedja. Connery and 
©oa^v £totherland. '“ Connery- 
; twfris'.hh beard as a -Victorian: 
-i_. ploTorrat- with. a taste for Per- 

in j u = . . . “sATsg jr - ^ tCrimes--and Sutherland is 
v *' *• •' . vi ; : ;*j r tnjd. ^.^fis/shady Irish accomplice adept 
"'i-H ’u^C. ■ ’. fct'/c risking - both safes (other. 
• s.®?| # ^i : / .^andv-knudfles- (his 

r- » dWfl}C;,r^ : •. 

» ■ . s :- :: ra^'V ^flnnery s inspiration to 

'i coif l.-Jiafn .darrymg government 
- ysvunjf -d ^ ; jt^&'Mmilion to the. coast for 
■" ' w ihfe . Crimean War. 

f*u. c: T r ,'.. ^v,; . ; Tt^iftrst prohlfetn Is to find and 



■who : agrees .to smuggleiTihroiii 
back into the ' States-* id? one 

of his serviro friends IfiHchacl 
Mori arty). -In! America ^con- 
tacts his fri end's; wife (.Tddsday 
Weld) as instrucifed, butiearns 
that she knows Hothihg-hf the 
deal and! 1 - 'does ndt - -have the 


follow. 

Reisz appeared on TV 
recently., eagerly promoting the 
idea that Doq Soldiers is 
basically a modern Western — 
a “high adventure” story with 
modern moral and sociological 
trimmings. What bothers one 


is that for an updated Western 
it seems more old-fashioned than 
most, real Westerns. The 
screenplay — laconic, espletive- 
filled, self-consciously “ hip ” — 
is like a do-it-yourself American 
dialogue kit later 1960s issue; and 
m the action sequences we are 
□ever allowed simply to watch 
the spectacle qua spectable. but 
always nudged into seeing it as 
spectacle qua allegory. 

What that allegory is all 
about, if it is a tout anything 
beyond the transcendency glib 
aenrewiia that life is a moral 
jungle not only in Vietnam but 
hack on the home front, remains 
an -enigma. St rone, sensitive 
photography tby Richard H. 
Kline), and ditto performances 


-■•« fn?£V* ; ; daptfsate-'' th* four safe-keys, 
• ifljWf-: ; wfaidj.>‘;hSVe. 7 diverse owners. 


. . 

'•-iHlL.7 * 


J TMcStodi)* problem- is to break 
xnio ‘Ow'guar d compartment of 
■* * break out 



■ --.IT -is- 

r 

' v -i-*L sur 




*• V” 


first occa* 
of -elegant 
with sexual 
Connery’s 
Down), 
jwith acrobatics 
* > - ,rr-- M Wayne Sleep as 

: ,* 1 Specially sprung 

r bis criminal 

; i ^^l^c^^Ui^ires' a cliff- 
v.ife resistance 
jy.; M: Tb^dpi' Connery, 

' ‘6gHals<>wh-Slunts, runs 
^ ^^breadtfa of ;a fast- 
*' ofeotivcf roof While 
looming' up 
•-^a^ffir^atenihg- -to, decapitate 
j^6if?lt.'have: never seen so- 
pbatic . ducking and 
’heads hi. ah audience 
. J tins, sequence: At the 

C'ttt the-film. m -a mixture of- 
* *f^tpprtfbaiSon and nervous. 
' _t< Jdh;-/ihe : Press show 
s-bioke into happy and 
. . -r. » % 

?.-. '.r ; •• ..-?41K|rtt:iR«ji«'k Dpg. Soldiers is 

. and-' 1 ' curiously 

the Viet- 




9 

wait- 

i W '•■-•• 

*rSL - 

! « i-vietr-- , 

. ; wy. •■ 

•si:!. sM-** U 

. -iAcaat*-. .-4 
■■ i.-eaiV“k| 


.. .'3 Z,\ 

r, a 



Sean Connery arid -Leley-Anne Down in “ The First Great Train Robbery ’ 


Smith Square 


,.sm„ , v 'W- 

• • D O M I NIC GILL 

■' 1 ' down- 


duo 




■Sgdppiug dpwn for. the eyen- 
hts.Tostfum with- the 


talgic,. grandly rhetorical. 

They also gave the duo sonata. 


r : ■; - ' ^fc'^mpbony Orchestra. Gen-’ Of Muisorgsky— a rather thinly- 
: worked “symphonic exercise of 
.y ^ 1860; and with singers from the 


: -• ’?x5P!&£?£^- - ^ >osto ^ ttnra ’ BBC Chorus ah interesting ftve-J 

’ .'jV-.p^hgi^ame of; fourfiand piano ininute fragment discovered in 
St Jdha'Son "Tuesday, .the Mussorgsky Archives in the 
- ^ ^-^^-^aitlagrtoahle. Jnf ormal 1930& and -apparency here petv 
• ? ;'i ; J o^- • /odcSsJuif. ,Rosifi(le£±vensky- is < hot '/.'formed in publ ic for th e n ret ■■ 

' : - : " ,, 'Tfi^pntert pianist of the same -time, of a Market Scene Trom 
.: ■ caSfot as Postoikova : byt they the unfinished opera -ballet- coi- 
'* r ‘ -..'j ■«*,'„ - -Tra^ a-isWly ensemble honethe- laboration Mlada- Their second 

‘ ,f * ; - ‘ ; ' " l^.jafitisiisgly tolanced, quick 
''dad/'-i^pdnaye. The most sub- 
te^ttal^work ; of*, their : Russian 
flr^tlulfwas. Rakh ru'a ennav’s- se t 
^Si*-.;Pie<9te Op. It, which ftey ■ 
wdiivei^d with ..style, nicely syn-^ 

-dtibhfeirtg the tricky Tubatos of 
Not2 . aha emphasising the cop: trastmg colours 


,*r. 


^.fr 

- ’JS*":-: 


,\2WJ 


<S ' 


half was id; SJhiilisfi: a light 
: hearted, selecfjdii: of four-band 
■ baubles -by - Wdrlock, . Raws- 
thorrie, Grainger, • Lambert and 

Berkeley— mcst. efiective the 

Grainger “ Let’s -.dance gay fn 
green meadow;" - a play of con r 
5 . Talc 


id out with 


. ■ * Jj, \ 


s ’.- l 


tra^ts.of the finaTe, quietly hos^' - characteristic Ivesian ebullience. 

/news in 


:■ . K •- 






A ^veek of dance with Kate Josef Baisz (Seeker and Warburg 

FTatfir XHtnceCpihpajjy , vand the' .f3.9fi) and 

L4^q;delurt trf;;^ ^! ,e : J wd?f d H History ^ 

soiofetS— Lucinda ..CJbilds and - : (Alacmillan. £7:95). 






phk» from January. 10 to 14 
tSeRtverside 'Studios, Hamm er- 


tJon party at Stationers Hall 

John Whiting 
.Award 

The* Arts Council 


has 


» /Lucinda 'Childs. Ain erica's 

fotiraost expffliriaeintal -daheer/ 

. lie J . pferforni'er, will present a pro-. 

* gramme of solo works including — : 

\ ■ -Plaza .fl977j t 'Katema (1978), .'announced that the John Whit- 

* •*-' '* /Work In progress with Philip ing Award 1977 Is being shared 
'■ Glass- (a- section pf a. five part by itwo playwrights, David 

iwcfirf^-be. presehted in l^ew Halil well-rand Stioo Wilson. 
York next y tor .in collaboration David HaiTiweU’s award is for 
' ,s'-fv= '. wjav/; i &jl 'Lewitt), 'on‘_ January prejudice; which was presented 
" 13 it 9 pm.; . She. by Texnbat'SntHL, Wilson's is for; 

Te^ntfck . appeared in. Robert The Glad Hand, produced at the 
W^&bVprwttfctiori: of Patio at Royal ' Court ' .L ' T : 
t SV. Sojiftl ' Court .-Theatre’ but The John Whituig- Award was 

thiis/'ttoEkS 'hfer-.fltsL perfonh- -. instituted in- ~-1065; to com- 




- ahi^s'ln London as -a dan cer. 


, *■• 


r.[; 




mem orate . - the. - * late John 
Whiting and his -contribution 
to post-war British' theatre. The ■ 
award (this year i75ff tq each of 
the winners) is. given for work 
which demonstrated' a. new and 
distinctive . development - in 
dramatic, 'writing, and', is 
particularly . releyadt -to;, con- 
temporary. society, Past reci- 

w&ftffef-sKo. iwiarks by, J^mes . David 

'Solomon' /nr. and *™-g- 

David Lap. 
year were- 
Farleifh, ..actor 


Vi.'Dance-i* programme of 
fWkt dREices - and. ./new /. dance 
KorkS - inspirett ,: by. her- recent . 
jimm^y^thTbugh Greece^ Bul- 
girifticRdmahia, Hungary; / .qn.-. 

^>12i l3-at 7, pm. 
/•©Jz^eth /Wididitlfdrinerly a 
Ic&diTig-yij^ember ;pf' the Paul 


■ " .- WaSnft^Itts Sqfomon- Jnr. and : 

• •■'.■;* D eui AV Rggoher 'at -'8 pm' on Rudkin and Dfcvifl J 

- . ... . .-jSuSfFT- yeariR-winner was-. 

* ; -Vi; . - : 4. ;• The judges tills 

-.-v-iVi: " . ' -1 : : v.: - r '- ■ ., ; r /; . actress* • .Isyoh . Farl 

• . *- ■ J 1 . ••'• ".'--im I-'-:- vVm'- " iti.nntnr 'A ntnn .T 




h^'-h^to'Vbu by'Dto-Jarobson, shared tie award, in 1968 with 


V =S- 


• Iitf ^hls, nosel -'-Gonfesslons: of.. Edward Bond, * . . 


'Elizabeth Hal! 


Schubert/Webern 


by RONALD CRICHTON 


The fourth evening of the 
London Sinfonietta’s series, on 
Wednesday, brought five Schu- 
■tyart works (one of them a group 
oif ’ songs orchestrated by 
Webern) and eight by Webern — 
shot .counting tbe Schubert songs 
but'.’ counting a very dis- 
^tingiiish'ed Bach arrangement. 
; Alfhough the concert was as 
eojoyable : .as it was in various 
wdys instructive, one can’t hope 
f^eyeh to mention, let alone dis- 
cuss: all the works. David 
Atherton conducted the Sin- 
L'fbiuetta and attendant chorus, 
Jghyllis [Bryn-Julson was the 
soprano .soloist. There was n 
’-gqod audience so concentrated 
/on the music that there wasn't a 
cough to be heard (a typical 
hurst -of South Bank coughing 

could annihilate about three 
pieces /by Webern) in spite of 
foul weather. 

.yebertt's Symphony op. 21 was 
Ljiven for the first time any- 
[where in the original version, 
with the. strings reduced to a 
-sold quartet (at Webern's own 
suggestion), the two existing 
movements played in order of 
composition, with the Variations 
firet, bod' tbe projected third 
movement “ reconstructed from 
t/tie 'composer's sketchbooks " by 
Alan' Stout— at first acquain- 
tance th® scoring of this finale 
f sounded plain, compared to the 
rest .biit - consistently so. The 
“E&ght. Orchestral Fragments of 
1913, were beaTd for. the first 
ti,m® -in this country. 

Ir.iaie - Sinfonietta’s program- 
ming /and programme editing 
/are so -generous and imaginative 
tint one 1 hesitates to say that 


the evening’s booklet was not 
very helpful about this work, 
while the Moldenhauer book 
adventurously bound into the 
programme for the whole series 
has not so far yielded much on 
the point — is this a later version 
of the “ screw pieces for 
orchestra ” apparently begun in 
19117 They are related in their 
moods to the Five Pieces op. 10, 
also included on Wednesday, 
but even tinier and (compara- 
tively) coarser cut. 

Another side of Wehem was 
illuminated by tie beautiful 
setting for chorus and orchestra 
of Hildegard Jone’s poem Das 
AupenlifiUt (which made a deep 
impression at the London ISCM 
Festival of 1938) and the First 
Cantata, to words by the same 
poet, in which this often fugi- 
tive (but not indefinite) com- 
poser becomes at moments posi- 
tively assertive.- The five 
Schubert songs (though, the 
RosoTnundc ' Romance, strictly 
speaking, hardly needed this 
attention) sit very well on 
Webern's orchestra. 

The restrained purity of Miss 
Bryn-Julson's style was more 
suited to Thranenregen " and 
*‘Ihr Bild,” than to “Der Weg- 
weiser” from Die Winterreise 
or "Du. bist die Ruh." She nego- 
tiated two groups of Webern 
songs with a cool- ease almost 
entirely unruffled by some peri- 
lous leaps. The Schubert items 
included the remarkable Kleine 
Trtmermu&ik for wind (D. 79) 
in which the Sin&mietta horns 
atoned splendidly for one or two 
minor lapses earlier in the even- 
ing. . - 


Plays and Players awards 


T :The -.Plays and Players 

annual theatrical awards, the 
■choice- of '.the London theatre 
.rtritlcis, confirmed. Whose Life Js 
ItjAnymu/^ as tie best, new plav 
and its author- Brian Clark 
"shares the most promising new 
playwright .award with Nigel. 
■WiHlams (for Class. Enemy). 
Best performance by an actress 
went, to Diana Rigg for Nitiftt 

and Datf? best by an actor was 
Nicol Williamson in LiadTrtw- 
sible ‘EuWcHce; best actress in 


a supporting role was Dorothy 
Turin in The Double Dealer and 
Michael Bryant in the same 
play won the best supporting 
actor award. The best new 
musical was considered to be 
Annie ; the most promising new 
performer David Threlfall of tie 
Royal Shakespeare Company; 
the best production by a 
designer was Harold. Prince with 
Evita and for a designer Tanya 
Moiseiwitsch for ■* The Double 
Dealer at the National. 


J 3.i 


Palladium 


Aladdin 


by MICHAEL COVENEY 


from Tuesday Weld and Michael 
Morlarty. make the film seem 
even mare of a sad waste of 
energy and intelligence than it 
might otherwise have been. 

After Pardon Sion Affaire, 
Too One fears . the worst 
from French comedies open- 
ing at the Curzon cinema. 
But Dear Inspector is a surprise 
and a delight. It is co-written 
and directed by Philippe de 
Broca, who has had a pic- 
turesquely up-and-down career 
in the French cinema, with a 
tendency to disappear without 
trace- between isolated successes. 

I This is one of the successes). 
And .it stars Annie Cirarloi — 
spiky, volatile and attractive — as 
a Paris police inspector: a lone 
bastion of feminine distinction 
in a world of aggressively exclu- 
sive/Male Chauvinist Piggery. 

The film 
Philippe Noiret as the man Mile 
Gijrardot knocks over on a 
bicycle one day and falls in love 
with. M. Noiret returns her love, 
goes on teaching Greek at tie 
Sorbonne and has no idea that 
MUe. Glrardot is a "flic." While 
that plot thickens, another oqe ; 
starts up. Numerous French j 
Deputies start to die off after 
being punctured in the back 
with sharp instruments. (Awls, 
to be exact). Can Mile. Girardot 
fa) solve the crime (b) keep 
her professional identity a secret 
from M. Noiret, whom she thinks 
it might deter romantically? 

The film works like a charm. 
The crime plot has just enough 
exotic plausibility to compel 
interest and suspense, and de 
Broca beautifully interweaves 
with it his off-centre sad-funny, 
middle-aged romance. - Well 
worth a visit. 

★ 

One cannot say the same for 
Every Which Way But Loose. 

" Philo's your regular easy- 
going guy " says the Press synop- 
sis about this film’s hero, played 


Never — well not at least since 
last week's new British musical 
— has so" much money been 
thrown away after so liltle. You 
would have to go a long way to 
fiDd a more complete travesty of 
the spirit of pantomime than this 
vulgar, thinly written, badly 
produced, appallingly choreo- 
graphed explosion of bad taste. 
The microphoning and amplifi- 
cation is a disgrace, tie acting 
dreadful and everyone on stage 
melts like butter in advance of 
Danny La Rue. 

Now Danny La Rue I admire. 
I admired him more as a' club 
performer and I even quite liked 
him in his last pantomime, 
Cinderella. But he is not a panto- 
mime dame. He is a baritone in 
lush drag, a twinkling alchemist 
of poor material, safe for the 
mums these days, alas, and quite 
a neat mover. But Widow 
Twankey's tale is one of rags to 
riches. Danny first appears with 
a washing basket on his head 
and baby clothes round his 


9 i«» Stare nartiv I a P ron * complete with nail 
iff 5 ?- ! varnish. There is no transforma- 

tion needed for this already 
confident Madame, who steam- 
rollers any competition into tie 
wings. 

We first see Princess Belrou- 
badour (Wel-Wei Wong) in the 
Palace gardens, which look, like 
a setting for the next Camay 
soap commercial. Abanazcr 
(Alfred Marks) is finally foiled 
in a grisly Star War. 11 ! commer- 
cial. Money is behind everything 
in this show. The ghastly Abba 
hit number "Money”, is the 
theme and traditional panto 
sentiments are buried under a 
welter of awful cheap-looking 
glamour and phoney ensembles. 

Children in the audience 
warmed only to the trampoline 



Danny La Rue 


antics oF the Pekin Police, 
changed by wealth into an ob- 
liging circus clown troupe. And 
Danny is his impeccahlc self 
with a delightful selection of 
kits for tie penultimate sing-a- 
long. The kits cost no money. 


Wayne Sleep does himself 
little credit in his corny dance 
sequence in the Palace of 
Jewels, settling for a sort of 
camp muscularity he nn douht 
feels appropriate for his tawdry 
surroundings. 


The Warehousei Covent Garden 


Awful Knawful 


IN The Adventures of Au\ful 


by Clint Eastwood. Those wish- i Knairjul. the Royal Shakespeare 


ing to model themselves on 
Fhilo-Eastwood’s easy-going 
regularity may wish to know 
that it includes having an orang- 
utan as a best friend, develop- 
ing a state-hopping amour Jon 
for a Country and Western 
singer (Sandra Locke) knd 
using his fists to pulverise his 
fellow men at frequent inter- 


Company's Christmas offering 
for children at The Warehouse 
ih Covent Garden. The Voice 
is intent upon taking over the 
world. Until the final scene it- 
exists only- as a disembodied 
public address system, but it 
is served by Jakopo and Marla 
— a couple of punk hooligans in 
black skin-tight outfits, played 


vals, in the service either of ! Si** I™* R°ry 


financial gain — he invites bets 
on impromptu boxing fights — 
or of self-defence. Instances 
of the latter are precipitated by 
Eastwood's simultaneous har- 
assment by a large gang of 
spider-tattooed Hell's Angels 
from Los Angeles, and by two 
L\ policemen whom he in- 
advisedly fells in a bar-room 
brawl. 

The orang-utan steals the 
film. Not that there is much 

competition. Mr. Eastwood, 
playing a Californian trucker 
with what seems to be an awful 
lot of time on his hands, re- 
peats with Miss Locke their 

Immovable - Force - and - Irresi- 
stible-Oject romantic duo from 
The Gauntlet: while Ruth 

Gordon overacts almost certifl- 
ably, like a pixie on LSP. as 
Eastwood’s eccentric mother. 
The film has a desperate and un? 
salvagable untidiness. So incho- 
ntely does the -avalanche of 

American virility cilch<5s tumble 
from the screen that one neither 
knows, nor greatly cares, what is 
coming next. At the Press 
screening, as if to prove tie 
point, two reels were shown in 
tie wrong order; with no one in 
the audience perceptibly discon- 
certed. 

Clint Eastwood has developed 
a habit recently of homing in 
on British dnema screens at 
around Christmas-time (last year 
with The Gauntlet, the year 
before with The Enforce r). The 
timing is apt, since Eastwood's 
increasingly far-fetched movies, 
gift-wrapped in machismo, but 
so preposterous as to be in- 
offensive, offer the closest 
approximation currently avail- 
able to adult Disney. 


Edwards and Michele Copsey. 

Awful Knawful (Richard 
Derringtcm). all in white, is 
hunting down The Voice — 
presumably the name of truth, 
justice and ■ beauty though 
that is none too clear-helped 
by Geronimo. a highly coloured 
soil of rag-doll-cat who speaks 
with Donald Duck's voice, -a 
feat achieved with great -charm 
(and presumably some mechan- 
ical device?) by Charlotte 
Cornwell. 

. Geronimo is one of the crea- 
tions of Professor Madcbat, who 
has also made The Killer Robot, 
and a zombi called Croton who 
proves to be the hit of the show. 
Dressed in a von Daniken space- 
man suit, topped with plastic 
dreadlocks scarlet spectacles 
and big rubbery lips. 'Croton 
(played by Nicholas le Prevost) 
repeatedly proffers kisses to tie . 
audience. 

Since the Warehouse is -. a 
miniature theatre-in-tie-round. 
this is a perfectly practical pro- 
position producing squeals of 
delighted horror. Parents not 
wishing to “volunteer,!’ army 
style, to give a blood donation to 
Dr. Blood and his well muffled 
nurse. Florence, or to serve as 
a model for tie Professor’s 
strangulation demonstration 
(both honours falling to our 
critic much to tie hysterical glee 
of younger Dunkleys) would be 
well advised to avoid the front 
row. 

Other notable characters in a 
cast unusually large for this sort 
of modern Christmas produc- 
tion. included a grinning green- 
faced giant spider; a couple of 
cowboys; Lasse Fever, the faster 
runner on earth; Dr. Knotinhis- 



Leonard Burt 

Richard Derrington 

hankie, *the greatest memory their lime watching Starsky and 
man on earth; and P.C. McKnee, Hutch and the like, it is sure- 
the greatest policeman on earth. catena! 

As m«r te gathered flv.mU.is., Caird snd Howsrd 

Davies have directed with terri- 


Peler Flannery and Mick Ford 
have written a show which offers 
little or nothing to children who 
enjoy sentimental songs- or cry- 
ing their eyes out over Bambi 
or Snow White. But for the 
sort of tough, modern children 
who are supposed to spend all 


fic pace, and children from the 
audience are allowed to roam 
over the rope ladders and see- 
saws on stage before the show 
and during tie interval. 

CHRIS DUNKLEY 


This announcement appears as a matter of record only 


E.B.E.S. 


Societes Reunies d’JEnergie du Bassin de I'Escaut 

Belgium 


BF 2,500,000,000.- 
GUARANTEE FACILITY 

in connection with a fixed rate loan made by the 

EUROPEAN INVESTMENT BANK 

Managed and provided by 




Socieie Generate de Banque 

Amsterdam-Rotterdam Bank MV. Banque Europ&nne de Credit 


Credit Lyonnais 
Industrial Bank of Japan 
Society Generate 


Credit Suisse 
Midland Bank Limited 
Union de Banques Suisses 


Banque Nationaie de Paris 
Deutsche Bank A.G. 

National Westminster Bank Ltd. 
Westdeutsche Landesbank Girozentrale 


Agent 

j @ ■ 

Societe Generate de Banque 


December 1978 


J 








12 


FINANCIALTIMES 

BRACKEN 1 HOUSE, CANNON STREET, LONDON EC4P 41 ST 
Telegrams: tfnantfmo, London PS4. Telex: $86341/2, 883897 
Telephone: 01-24S 8000 


Friday December 22 1978 


Uneasy New 
calm 



THERE IS a sharp contrast be- 
tween the actual New Year 
forecasts in the new OECD 
Economic Outlook, which are 
reassuring, ami the prose 
assessment which exhibits a 
y ii« id deal uf anxiety about the 
future. 

The forecasts are reassuring 
because they show not only a 
continuation in the present up- 
ward movement in the main 
industrialised countries which 
make up the bulk of the Organi- 
sation's membership, but be- 
cause of a change in the com- 
position of that growth. The 
U.S. growth rate is expected to 
slow down while that of Ger- 
many to increase, thus revers- 
ing the previous pattern of a 

U. S.-led recovery. Other things 
being equal this should ease the 
pressure? on both the dollar 
and Lhe mark. 

The CECD forecasts perform 
one useful purpose — even to 
tiv : ? who arc sceotical about 
such operation. This is that 
they can he much more frank 
about the likely slowdown in 

V. S. growl h — now seen as fall- 
ing to 1 per cent in the course 
nf 1979 — titan the Administra- 
tion in Washington, which tries 
m nretend that n has rejected 
:i:l thought of recession to curb 
in Hamm and currency weak- 
ness. 

Fine-tuning 

Elu it one looks at the OECD 
forecasts in more detail, not 
only the U.S. but most other 
countries 3re expected to slow 
down hv the second half of 
1979. The German and Japanese 
upturns are e.'rpected to lose 
momentum: and the U.K. 

growth rate is also expected to 
de •elera'e to 1 1 per cent, imply- 
ing a renewed rise in unemploy- 
ment. This, coupled with a fore- 
cast of an improving IK cur- 
rent payments balance, gives 
Mr. Healey a figleaf to cover 
the electoral nakedness of his 
broadcast hint about lower 
taxes. 

It is at this point that one has 
tn remember that the OECD re- 
present*; a particular point of 
view, that of active demand 
management. As it sees the 
world, demand and output will 
always be growing ton slowly or 
too fast, nr in the wrong cuun- 
rrie>. without highly active and 
co-ordinated demand manage- 
ment by governments. Jt is a 
philocpphy observable in its 
figuring. One sees the fiscal 
stimuli it had so much com- 
mended giving output a boost 
at the end of 1973 and the be- 
ginning of 1979. but then wan- 
ing in Their effects as next year 
progresses. One wonders how 
international growth was ever 
achieved during the two cen- 
turies before the so-called 
Keynesian Revolution. 

The alternative to the OECD 
approach is not. as is often 


alleged. “ to leave things to the 
markets." as if that were a 
policy. What is required is 
some study of the conditions 
under which markets will func- 
tion best and of the general 
rules of action — as distinct from 
ad hoc interventions — by which 
Governments can promote that 
stability. The OECD warns that 
unless the readiness of indus- 
trial countries to adjust to a 
changed system of demand is 
stepped up. the world “could 
risk stepping back by half a 
century " into trade war con- 
ditions. 

One of the most interesting 
single estimates which the OECD 
doys provide is that every 10 
per cent rise in the dollar price 
of oil adds 1 per cent to the 
average national inflation rate. 
As the OECD assumed a very 
moderate oil price increase the 
rise just announced by OPEC 
will .add the full 1 per cent to 
the inflation rate — assuming 
accommodating monetary 

policies — and thus make it 
likely that world inflation will 
after all start to rise again in 
the course of 1979. The abrupt 
shock would have been avoided 
if OPEC had priced in SDRs and 
thus made a gradual adjustment 
to changing currency values. 

Even more interesting is an 
OECD estimate of what it calls 

the productivity shortfall since 
1974. This is rbe amount by 
which output per man has fallen 
below its previous trend line. 
Part of the shortfall is assigned 
to cyclical factors, in other 
words to the severity of the last 
recession and imperfect recovery 
from it. But a large part of the 
shortfall is not directly due to 
business cycle factors. The two 
countries with the biggest short- 
fall here are the UK and Italy, 
averaging 2 to 2{ per cent pa 
each, which in terms of annual 
rates is very large indeed. 

Job-Saving 

The OECD mentions ‘'employ- 
ment-supporting" measures, such 
as industrial subsidies and 
special public sector employ- 
ment programmes, and legis- 
lation increasing the cost of lay- 
offs. It would be interesting to 
know if these measures have 
been larger in extent, or simply 
more restrictive in design and 
application, in Britain and Italy i 
than in France and Germany. As \ 
for the results, unemployment-— 
on figures which the OECD tries 
to put on a common basis — is 
higher in Britain and Italy than 
either in France or Germany or 
the general average. These 
figures do not prove that “job- 
saving” activity destroys jobs, 
but they do at least suggest that 
Mr. Callaghan should stop boast- 
ing about the sums of money he 
has forced the taxpayer to put 
into a myriad of industrial 
schemes until he can show 
better evidence of results than 
any so far available. 


A ten-nation 


GREECE’S negotiations for 
membership of the European 
Community have now passed 
the critical watershed, and the 
event is one which should, on 
general political grounds, be 
warmly welcomed. Like the two 
other applicant countries, Spain 
and Portugal. Greece has long 
sought closer links with the 
Community and for many years 
the Community insisted that 
only democratic countries could 
be offered membership. Now 
that all three countries have 
once again become democratic, 
it is inevitable and appropriate 
That the way should be opened 
for them to join lhe Com- 
munity. 

In Greece's case the political 
arguments are particularly 
telling. Greece has been asso- 
ciated with the Community ever 
since IP62. and the motivating 
force for that association — the 
need to link the country more 
1 closely with its Nato allies in 
Europe — still holds good today. 
Indent, it is arguable that 
Turkey, which has also been 
associated with The EEC. for a 
very similar length of time and 
for identical reasons, should in 
turn become a full member, if 
only this might help ease Die 
conflicts between Athens and 
Ankara. 

Problems 

These general political argu- 
ments in favour of the enlarge- 
ment of the Community can 
not hide the very real practical 
problems to which it will give 
rise. When negotiations became 
a practical issue, these prob- 
lems began to loom much 
larger, and fell into two main 
categories: the free movement 
or workers, and participation in 
the common agricultural policy. 
The Germans, who benefit?d 
from the immigration of large 
niun hers nf “guest workers" in 
the boom years, and then were 
saddled with the problems of 
what tn do with them in the 
slump, have been afraid of mass 
immigration from . the poor 
Mediterranean countries. The 
French and Italians have been 
afraid ihat Greece. Spain and 
Portugal would offer unaccept- 


able competition for their own 
agricultural industries. 

In the event, this week’s nego- 
tiations have settled both these 
issues on terms that are much 
more favourable to the Greeks 
than those which the Germans. 
French and Italians were 
originally prepared to offer. Yet 
it is clear that the problems 
posed by Greece in these two 
areas are much smaller than 
those of Spain, which has a 
population four times as large. 
The unanswered question is 
whether the Greek terms will 
constitute a benclimark for the 
negotiations which have started 
with Portugal, and which are 
due to start next year with 
Spain. 

The central question here is: 
what are the real intentions of 
the " French Government? 
General de Gaulle was a vocal 
advocate of enlargement to the 
south, on the romantic grounds 
that France was a country with 
a Mediterranean vocation, and 

would be strengthened by the 
adhesion of Mediterranean 
allies. 

Since then, however, popular 
opinion in France has become 
much more hostile to the idea 
of enlargement. 

The one problem which has 
not figured in the Greek nego- 
tiations is the effect of enlarge- 
ment on the Community’s 
decision-making procedures. In 
a Community of nine, decisions 
have proved even more labori- 
ous than in one of six; when the 
number is enlarged to twelve 
decisions will be even mnre 
difficult, especially since the 
three newcomers are poorer 
and more agricultural than 
their northern neighbours. 

To the present British govern- 
ment. this may seem a positive 
benefit if it averts the (quite 
illusory) danger of federal 
decision-making in Brussels. 
The government may also hope 
that enlargement will bring the , 
farm policy crashing down. 1 
These hopes are contradictory, 
however, since a radical change 
in the farm policy can only be 
achieved (if at all) by majority 
vote. 



troubles 


• •••• '■ ‘--V 

i wn^riai Times- riiflay December • j|! - tP 









U.S. 


- ... - . ' .■ - v J' 



BY PETER RIDDELL, Economics Correspondent 


T HE SHARP fall of the U.S. 
dollar this week and the 
further rise of U.S. 
interest rates are a reminder— 
if one was needed — that the 
problems of the U.S. currency 
were not removed by President 
Carter's support package of 
November 1. 

It is too early yet to talk in 
terms of a crisis on the scale 
of hectic selling of late October, 
the rally yesterday suggests that 
there is likely to be some respite 
until after the end of the holi- 
days. But the events of the last 
week have exposed both the con- 
tinued frailty of the dollar and 
the foreign exchange market’s 
doubts about its immediate pros- 
pects. Indeed there had been 
signs of weakness even before 
last weekend's announcement of 
larger than expected increases 
of oil prices in 1979 triggered 
the widespread heavy selling of 
Monday and Tuesday. 

The result is that the dollar 
has lost nearly a third of the 
ground it gained last month 
against the Deutsch Mark and 
Swiss franc in response to the 
Carter package. Between the 
end of October and November 
the average value of the dollar 
against the currencies of its 
main trading partners rose by 
roughly 7$ per cent, but it has 
since fallen by 3 per cent, back 
to the level of the early autumn. 

The fluctuations of the dollar 
have dominated international 
financial discussions this year, 
and look like doing so again 
in 1979. .The persistent weak- 
ness of the U.S. currency has 
exposed fundamental flaws In 
the international monetary 
framework as it has developed 
since the breakdown of the 
fixed exchange rate, or Bretton 
Woods, system seven years ago. 
The resulting search for 

stability has been the main 
pressure, for instance, behind 
the creation of the European 
Monetary System, due to start 
on January I. What happens 
to the dollar from now on will 
be a key determinant of 
whether EEC currencies can 
remain liked together in the 
EMS and of the prospects for 
a broad recovery of world trade 
and activity. 

There is no easy or straight- 
forward explanation why the 
dollar has fallen by nearly 15 
per cent on average since the 
middle of last year and by much 
more against the world’s strong 
currencies. Consequently there 
is no sure way of saying when, 
or if. a lasting rally will de- 
velop. 

At one level some economists 
argue that to talk of a dollar 
problem is misleading and is 
to mistake the symptom for the 
disease. On a longer-term view 
it is. of course, possible to point 
to the great expansion of dollar 
holdings overseas oyer the last 
decade and to the desire of 
major investors to spread their 
portfolios among a range of cur- 
rencies besides the dollar. 

But the decision to switch in- 
vestments also reflected a more 
immediate concern about the 
U.S. economy. In particular, the 
initial pressure in mid-19, « was 
prompted by the downturn from 
sTU-S. current account surplus 
of $4.3bn-in 1976 to a deficit of 


$15. 3 bn in 1977 and between 
$1.7bn and SISbn ibis year. In 
addition, there was concern 
both about the rate of expansion 
of the money supply and credit 
and about the prospect of 
accelerating inflation. The 
annual rate of increase of con- 
sumer prices accelerated from 
53 per cent in 1976 to 7 per cent 
in 1978, compared with an 
average of 6J per cent for indus- 
trialised countries as a whole, 
and much less in' Japan and 
Germany. 

While the current account 
has improved during this year, 
the existence of a large 
cumulative deficit and the 
recent acceleration of the 
inflation rate explain a large 
part of the dollar's continuing 
decline. But as this morning's 
report from the Organisation 
for Economic Co-operation and 
Development points out, “ none 
of these factors, alone, could 
reasonably have justified the 
position of the dollar at the 
end of October.” when it had 
fallen by nearly a fifth io 12 
months. 

But “together they may pro- 
vide a rough indication why — 
without external help — a fur- 
ther decline of the dollar may 
have been required to convince 
enough investors to move into 
dollar assets, thereby proriding 
the necessary financing for 
the continuing current account 
deficit, some structural capital 
outflows tU.S. investment over- 
seas i, and possibly some 
diversification of official 
reserves from dollars into other 
currencies.” 

The importance of capital 
flows out of the U.S. is shown 
by new OECD estimates of 
official purchases of dollars to 
support the rate made by cen- 
tral hanks of the major 
industrialised countries. They 
amounted to $47.5bn in 1977 and 
the first nine months of this 
year combined, compared with 
a total current account defirir 
for the period of S29.6bn. More- 
over there was intervention of 
S6bn in October alone. These 
figures understate the scale of 
central bank activity, with gross 
market intervention of SSabn 
between February and the end 
of October. These totals high- 
light the point that no amount 
of intervention can mop up 
downward pressures and pre- 
vent a decline in the rate if the 
monetary flows are in the- oppo- 
site direction. '* 

These pressures appear to 
have been aggravated by the 
diversification of reserves by 
oil-producing states and other 
developing countries. In the 
first three months of this year 
there was a switch by OPEC 
countries of a little over Slbn 
out of dollar assets into those 
denominated in other currencies 
in Euromarkets, even though 
OPEC states added $1.4bn to 
their financial investment in the 
U.S. In the second quarter 
identified OPEC financial invest- 
ment in the U.S. fell by S2jbn 
— the first drop since the in- 
crease of oil prices in late 1973. 
However, in this period, the 
aggregate reserves of the OPEC 
countries dropped by $31 bn and 
the reduction of dollar invest- 
ments may have largely 


SSSSSSS 


FLUCTUATIONS IN THE DOLLAR 


sssssss 


£60 





■ there is unlikely to -b.e a: quick 
improvement 

. cast rise oF tonsumer price&for 
197^-was revised upwards, Ifits. 

■ weefc frqra^'WS. 5 :=peri cent-td : - 7 r. 


^ percent ' v-* 

w ‘ ' The.' deeEne eU ’the. '.current 


account deficit ml y. also, not 'he' 
atf: Tapid a^ pr^roxtsly ^hsipecl 

.partty; eeonomac^acti 1 

vity -is, jstill .lajriy-Stxo.hg iff .the , 
U.S, and. manufactured imports 
may, be buoyant-early? next year. . 

' t .02 T imports. laaywajr - were 
. Tik ely '.to'., rfeehextyeaT' since 



1 2-OOf 


1-80f 


DOLLAR against the 

DEUTSCHE 

MARK 

\-6cf- 


prices. mnoujaeed.^Iaatweekend 
will a dd arqtmd ' 55b tt to imports 
next yearpVffile thls-ir aot of 
' itself crucial, tb^'prupbsed' 
increase is ? c±iaractei^tic ufthe^ 
i many!, contin tring ,T*prdbI emsr: nf 
r the DJ5! economy..' . -v lV 

• In addition, there" ar&^no real 
signs yeriof a efrange! Of policy 
* in those countries wrhich - bad . 
'been * switching out.- of . , dollar 
. .holdings. Even if. -some' of .the 
short-term •' dotiBts>. may ~ ~ be _ 
removed in time^ overseas Invest 
tors appear unlikely: 'to? place 
. their faith in- the •doDar.fas 
strongly as they did in the past. 

What . all this ’ adds to for . 
the dollar in 1979 is still mnfe a 
guess than a forpcasL 'WmSe/an 


lucre aging number • of! ; people 
make; a - ; tot 'of • moody, -from. 


. forecasting : exchai^p'.:' rates,' 
journalists are unwise To be 
among them. But. far what if is 
worth.- the’ forecasters Think die • 
dollar is unlikely to.' recover 


reflected the reduction of their 
invertible surplus, and the cash 
squeeze on some countries. 

Non-oil developing countries 
increased their official holdings 
in the U.S. by less than Slbn in 
the first half of this year com- 
pared with a rise of some S6bn 
in their reserves, and there is 
a widespread belief that some 
of the smaller central banks 
may have reduced their dollar 
holdings since then. 

In any event the selling pres- 
sure became so intense by late 
October and the lack of confi- 
dence so deep that the Carter 
administration was forced, to 
announce a wide-ranging sup- 
port package. This followed a 
series of what were seen as half- 
hearted measures, such as the 
activation of swap facilities with 
central banks and an increase in 
sales of gold'. 

But the package of Nov- 
ember 1 was more comprehen- 


that the current account deficit since the beginning of Noyem-. • 
would decline by about $lQbn- : . her. '• 


in 1979 to between S7bn and . 

S8bn as exports benefited from 
the sharp improvement -of the 
competitive position of the US. 
and from the expected faster 
growth in Europe. 

The unstated hope was this; 
would be sufficient to contvnce 
market sceptics that the dollar.- _ 

had. as all the politicians countries are ; womed 

claimed, been undervalued. .In 


Countries other than the. U.SL. 
have an interest in: the stability ~~ 
of the dollar. . Both" West Ger- j 
many and Japan are, keen td-, 
avoid a further appreciation ;of 
their currencies— -after rises of. 
nearly a sixth-., and- a - fifth 
respectively ih the past year. 


about the impact of. such 
many respects the success of the .^ aQ?es , o^Jbe-^ompefitiye.posi- . 
operation might be judged . by “9, n y , ei r exports. The 
the extent to which it was-.-"T®^ U1 ?® - 0 *' J apaiHJse. - *xix*rts, 
unnecessary to draw on the - instance; . is estimated!, to 
S30bn support facilities. F6 r . have fallen at an aimual rate; qf ; 
instance the tunmmnd of con- P 61 " cen t l* 1 lhe -second half 
fidence in sterling had been of this year. The’ tmag i^eiat 
reflected in the drawing of only, intervention wiirvbobst"r the 
half of the IMF standby credit growth of the money! supply..* n . 

and none of the Basle safety-net j the country th3t does intervene . 

to protect against sudden with-: and hence . jeopardies,; its itary- growth.. . .. 
drawals of sterling balancesu chances of containing^ inflation. . • The^irture ■Wvel.^F aouar 

But confidence has not yet The demonstration.", by. /the ~ has 1 key in^mcation S; _for^ tne 
returned in the dollar. After the central banks • of i'jtfieUnutJir sfarf of . fh^ L .EMS^. 
initial sharp rally the market countries ot their wiltingriess.: to-, "tnne.. Dollar, instability would 


.With- a ' range of forecasts- of . 
either slightly more or ‘less than 
the cdrreht rate. The 
tibn' rate is stiff, after all. likely 
to; be higher "than the ; inter- 
national . average; so : a~ higher 
rate would hot be- justified .on ! . 
competitive; -grounds. - 
. ’ There are certainly plenty , of 
potential difficulties apartTroni 
the. U.S.; econo toy- -itself— not- 
ably the political' position in 
the middle; East .and-Jxan- AIL '/ 
this couid dp&et eiirrOTt-' caicn- : 
Lations andthehnarfcet is appre^. 
he^sive-" about what. ; further 
action the?, U:S/ Administration 
tal»— «urii»s more^irect 
controlsovercapitalmovements. 

^ere Is^ihpwever^ an; expects- . 
tion. that higher interest rates 
will! be needed to restrain mone- 


•riecm 


L 


sive both id the extent ofthe has tested tbe w jifi 0 gness 0 f the intervene heavily, was., at .first put severe .strains oh the links 

fiTvnn'-'iiil oirvnnrr — shnnt s^llhn ▼▼ r- .1 - . «• • . , * . • - r • . - ‘ .* inn tFw» 


financial support — about S30bn 
from central banks, from the 
International Monetary Fund, 
from the issue of foreign cur- 
rency securities, and from sales 
of gold — and in the nature of 
the domestic measures. In par- 
ticular. the market was 
reassured that the U.S. authori- 
ties appeared to be tackling a 
fundamental cause of the 
“dollar problem ” by tiehtening 
monetary' polio' through a. rise 
both of interest rates and of the 
banks' reserve requirements. 

The hope was that this would 
finance a bridging operation 
until the current account 
improved substantially. The 
Carter Administration could 
point 10 widespread projections 


U.S. authorities and foreign cen- 
tral banks to intervene both to 
maintain orderly markets and. to 
prevent the dollar from weaken- 
ing. This policy was reflected in 
the comment, after the rally.by 
Mr. William Miller, the chair- 
man of the U.S. Federal Reserve 
Board, that the dollar was now 
in an appropriate zone. He said 
it would be premature for the 
dollar to become much stronger, 
while if the dollar became 
weaker that would be ' “in- 
appropriate and unacceptable.” 
Mr. Rimmer de Vries, a senior 
vice-president of Morgan 
Guaranty, estimated before this 
week's pressure that the major 
central banks had spent between 
$6bn and $10bn on intervention 


regarded as a -welcome signal -between- say ’lira *he- 
of a change of sentiment.;- But.-.^ ^-Deutsche Mark sun». most of .the . 


the intervention /ihas jtbw , upward /pressure ' woulcf pre: 


become a more negatiye inftu- Siimably -. be . on> -the -Jaiter.- 

- J; 1 iv 


ence and ; ."has . been 'seen ,&s a'. Tpdeei one of - the unals.- reasons- 
sign of the foreign- exchange why WestrGermany Was so keen 
market’s ’ continuing '' nervous- on -la un c h i n g -EMS was - to pre 
ness." ’ • ' vide what was, far "Bunn* . an ; 

The renewed. pressure on the.’ acceptable way. of creating ’a . 
dollar in part- reflects doubts .European currency bio? ana a 
about the rate of improyemriil' reserye asset Jo counterbalance . 
of the- U.S. economy. Therft -"rhe dollar,; Sevoral JEtiropean 
have been doubts abouf ' the .leaders ard keen To broaden- .out.. 
Carter administration's willing- -any zone of -stability tt> include 
ness to press home the battle -the Yen ai)d the dollar. AVhat the 
against inflation an .view of the- events _ot the last , 18 months 
risks of producing" a recession .' .make clear is that this can only 
with less than two years .to gb .-. ' be! -achieved if ; eqopqtmc!. and 
before a presidential election, monetary conditions are -right 
The la test -rise -of interest rates. 7 -Gtherwise:no. jamounf of inter-, 
gives some, reassurance, though ..- vention will produce stability. 


MENA 



Stepping down 
a slot 


“ A bull in a china shop ” is 
how Alastair Hetherington used 
to admit he was described by 
critics after he took over as 
Controller of BBC Scotlaad. 
Accustomed to the powers of 
a Fleet Street editor to make 
snap decisions, he inevitably 
became frustrated at the slower- 
moving processes of Broadcast- 
ing House. But though he won 
sympathy for his attempts to 
speed up the processes he also 
quickly used up much of the 
good will which had greeted 
him, according to one senior 
broadcaster yesterday. 

The row that led to his resig- 
nation was over finance and his 
offending the BBC's starched 
canons by briefing in advance 
his own lay broadcasting 
council. 



all that" the practice of giving 
gifts to journalists has “tended 
to die out-” Colleagues would 
question whether in general it 
has completely perished but The 
National Union of Journalists 
tells me that it at least is 
delighted with the Germans' 
move. “Bloody marvellous. This 
giving of gifts can be pernicious. 
It is about time companies did 
something sensible with their 
cash." 


Liquid Gold 


Hetherington had also been 
battling with London over pro- 
grammes. He alleged dis- 
crimination against those made 
north of the border hut Bill 
Cotton, controller of BBC 1 TV, 
was said to be particularly in- 
censed at this. He felt he had 
bent over backwards to be fair 
to Scotland despite, in many 
people's views, the quality of its 
output. 


“How far to the Right can 
it safely lean 7 ” 


Such criticism from Auntie 
bad apparently been felt in the 
news field too, with London, 
threatening to put its own 
foreign correspondents i n 
Glasgow, according to reports in 
Scotland. Worse still was the 
general slating of Radio Scot- 
land's new approach — ■“ From 
Radio 4 it has degenerated to a 
cross between Radio 1 and a 
Scottish Women's Rural Insti- 
tute” one colleague says. 

Such comments in part reflect 
the problems that Hetherington, 
now 59, had inherited on 
leaving the Guardian three 
years ago. That he has 
stood up for more autonomous 
Scottish broadcasting 3nd 
worked to improve quality is 
generally accepted. 

At a time of rising nationalism 


his own Scots credentials too 
have never been questioned. 
Now he is to take over as head 
of the tiny Radio Highland in 
Inverness. The previous head 
has just become senior Press 
officer for the BBC in Glasgow 
and by taking the pust ex-Major 
Hetherington has apparently 
joined the ranks. But he will 
be able to make more pro- 
grammes about his favourite 
pastime, mountain climbing. 
Those who 1 ike such pro- 
grammes thought highly of his 
last film on this specialised sub- 
ject 


Back hander 


Ford of Cologne are proud to 
announce that $hey have “looted 
the cash box” for journalists 
and instead given Transit buses 
to three West German chari ties- 
It is a step which -Ford of 
Dagenham are unlikely to 
emulate. Firstly, the company 
tells me that it does not like 
to publicise its gifts iu charities, 
in part because doing so “leads 
to such a wave nr begging 
letters.” And secondly because 
in the wake oF “Lockheed and 


There were some chuckles 
yesterday in that usually 
sombre office. The Royal Mint. 
“ In 30 years here nothing of 
that sort has happened.” I 
was told in tones of amaze- 
ment by one of its employees. 
The something in question was 
the small confession by the U.S. 
Treasury’s Assay Office in New 
York that it has mislaid some of 
the country's gold. It is not sure 
how much, hut it is at least Sim 
worth. Nor is it sure when it 
happened, though maybe it was 
between 1973 and 1977, maybe 
before, maybe after. 

All that is known for certain 
is that at least 5.200 ounces 
cannot be accounted for. It is of 
course a mere fraction of the 
20,000 ounces that pass through 
the office each week. But it does 

amount to 200 bars of the stuff. 

“The truth may never be 
known,” says the Assay Office. 
To this the Royal Mint, adopt- 
ing a more serious tone, started 
talking to me of “ natural losses 
in refining." But when I told 
them of the last time the U.S. 
lost track of its gold— in 1955 
when a charitable employee of 
the Denver Mint was asked to 
retire after giving 1,800 ounces 
to needy recipients— a chortle 
followed and the comment: “ It 
is rather difficult to contemplate 
HM Treasury giving to a carlty, 
however worthy.” 


first female Prime Minister. She 
is. in a sense, following the 
Thatcher mould and is already 
Minister of Education — or was 
no one was quite clear in 
Copenhagen last night For now 
both her present post and her 
future aspirations have received 
something of a blow. 

Her problems result from 
£5.700 bill she ran up while on 
a 13-day trip to Paris for _ 
UNESCO conference in October. 
She took a suite at the Ritz 
(£2,600), hired a limousine 
(£1,700). gave a lunch party 
costing £230 and a dinner party 
which set the Danish taxpayer 
back £1,030. Paris, everybody, 
knows, is gay, but the opposi- 
tion was not impressed at it 
being so expensive as weLL 

With Anker Joergensen ! s 
government already facing 
Callaghan-style problems with 
the Danish TUC, the last thing 
the pugnacious ex-unskilled 
worker wants is a vote of 
censure on such, conspicuous 
consumption. So yesterday he 
told his high-flying colleague 
that she could either pay £2 000 
towards the bill or consider her- 
self dismissed. 


The exception 
m that could prove 
'g " to be your rule. 


The figure was calculated as 
the difference between the 
actual cost and what a reason- 
able cost would have been. But 
last night the Minister of Educa- 
tion was refusing the suggestion 
that she had been sent to stand 
in the comer. Asking why she 
should pay for a normal of* 
trip, she protested: “As I have 
not been dismissed I consider I 
am still Minister." 


Frank and Dank 


Economy lesson 


Riti Bjerregaard. a cool 37-year- 
old brunette, is frequently 
tipped to become Denmark's 


My thanks to tbe refuse collec- 
tion department of the London 
Borough of Waltham Forest for 
tbe undoubted saying of the 
week: “If collections are run- 
ning normally, dustbins and 
sacks will be cleared up to four 
days late from Tuesday, -2nd 
January. 1979.” 


Observer 







t 













' December 22.1978 

'CMS^ii^SCyt^'BlDviwiTHS FOOD 



13 




A iVS-oT., 


BY RICHARD LAMBERT, Financial Editor 





the crisps 





>**•. ». *S? 

• • • • •-• • -V 




‘JIT !WOUU) have been laveTy 
this bad happened .in. a. year's 
“time,” says: Dr. Keith ■ Bright, . 
Associated-'. BisaiiiTV.'MahU; - 
. facrurers* chief executive, ‘‘Biit.- 
if ypu don’t grasp opportunities 
>jv- when they come, yotf iose. out.”-- 

ffr “This” -is . toe ...\ highly 
a _ • y u .»• ambitions ■- takeover agreement , 

: a-.. - • v W*,,'* announced - last . week. whereby . 
v.r . v, is Associated . Biscuit.- - Manu- 

■ faciurers (ABBO -wilLAxiy the' 

■ ' c -^i ' Hz Jwfe S?- Smiths Food Group from its 
, '■" a ^ i» 5 present owner, - -General ' MiHs 

' 1 - Inc., of the - UvSi for ; i-f iA4iit - 

Subject ' to : Us. shareholders’ 
approval, the deal will. 'increase 
AJff&Ts food sate^inMRe -CK- by. 
50. per cent at * stroke. - - 





■■■■• y 

Z'™--*' ;*** ■$> 


The bid foil ow^iS-roon tbs pF. V- > 
hectic activity * <st >\A#M iince _••; 

Dr. Bright Jotoetfcthegrpubtoj .. - V1: 
July. 1977.-. Ke.arrtwtfdpt-a-'iime -i 
when-thegroup^posttianiirrthe . J 



-rX-.S^L-^r ™ 


heavily, 
harrow .sector 
biscuit 

market, with just two brands 
Jacobs. ..Club ~ and :jacohs 
Cream i Crack^rs ^ accounting 
for more thanon£-lhtrd of its 
UK biscuit sales, : These brands 



fir. Keith Bright. cMef executive of Associated Biscuits: 


Hugh Hau led jl 

ambitious corporate plan. 


?: rf: '^tjj.P-.were under : *ttabfr-itu an in- operations. The biscuit division 
■- f..p erraangtr competitive market- - has a new managing director. 

iL 1 -^ tt."n ihg environment — and ABM sales director and ' marketing 




pu ^ . had failed 


to : fight back 
effectively. ' - . 

Si; A&! r £ CEor some years, short-term 
' profitability. seems .-to. have had 
priority 1 " over long-term brand 


T: 


,f ? frj 


Cin 


HA 


development. The' group had 
responded io pressure -on its 
profit margins by , cutting back 


. V ;i!; r V SW* 21 margins by ..cutting back 

promotional spending as a pro- 
.'r ; ; ju?- portion "of Its sales, and by 
' - . r '^i- ; pushing up its prides in advance 


‘ prtfits growth ran out of 
• ‘~i* ™ '# . idomentum id ' 1975-76. 

f)r Rrfpht. who infneri ITtif 


of , iis ‘.(stronger) competitors. 
Witb market share declining. 


ML 


a?eT 


sales director and marketing, 
director; the speciality choco- 
late company has a new up>m- 
tions director and a hew sales 
director: -and several . of the 
overseas subsidiaries also iiave 
new sales or marketing heads. 

Tire next priority was to slop 
— and reverse— the decline in 
UK market share. The advertis- 
ing budget this year is »p by 
50 per 'cent, and is' running at 
about 3'. to ■? per cent of’ sales. 
This, claims Dr. Bright, is about 
average for ;he industry, anti 
the proportion is set to-rksjp fur- 
ther next year when AKIff plans 



- - fariT- ^e neaanuniem, aimed at sfiav 

rS : v} : ‘ Mho- have ' duly obliged with a bff eorpurate 
' Appoint- sales force w 


; menl^_ Across ; ABM’s . entire 


■ v-:'; v 


: v " ! i- »il 
’ •’ P; ■' r < at* 1 ' 

■■r 12 * t 

'-/£■ £{' "- J 

agencies 


overheads.' The 
was redirected and 
reduced in numliers, and some 


lij .000 small accounts were 
closed. And l/ic UK fci.-.cuit 
division has 750 fewer employ- 
ees than it did n year at*n. Ko 
far, Dr. Bright says, the savinus 
ai’i! up Lo a!?out £3m a year. 

i:i addition, ABM has 
expanded ns business on the 
Ci-ntinent and in North America 
via a series of small acquisi- 
tion?.. So far this year, it has 
brouy !il high class confer- 
litmery cumpanies in France 
and West Germany, a biscuit 
inaoufacturer in Chicagt*. and 
'.vli.'it said to bt* Germany’s 
leadiiig marshmallow maker. In 
Britain, chucidate confect ioner 
Bendicks i Mayfair) joined the 
fold in November. 

il is much too soon to say 
whether this burst of activity 
is going lo produce results, ur 
headaches. Over the very short 
term, markpt share has been 
bought hack at the expense of 
profits. ABM’s slice of the UK 


biscuit market is now put at 18 
per cent, compared with maybe 
lfi per cent earlier this year 
and as much as 22 per cent six 
or seven years ago. Profits for 
1 he year ending this month are 
expected to Tall from £9.2m to 
££.Sm before tax (partly thanks 
to a reduced shareholding in its 
Indian associate) but there are 
sisns that next year's outcome 
could be noticeably better. 

However. Smiths Food is 
much the biggest test for the 
new management at ABM. 
There are several reasons for 
ihc acquisition. Wilh an extra 
£7Um nr so of sales, it will give 
the enlarged zrnup a much 
greater clout in the market 
place. The two businesses are 
broadly complementary — long 
life convenience foods often 
wilh a ccrcal-type base — and 
there are some successful pre- 
cedents. United Biscuits, the 


UK’s bigSw^t biscuit manufac- 
turer. has been broadening its 
product ba*? for years, and KP 
Nuts was one of its most 
successful acquisitions. 

ABM already ha* a small 
position in the snack food busi- 
ness. which account-; rur around 
30 per cent of Smith’s sales, 
with successful products like 
Twiglctx and Cheeselets. Nuts 
make up about a fifth of Smiths’ 
.sales,., and crisps t3ke up the 
rest. 

The hope is that the takeover 
will lead to mure efficient dis- 
tribution and marketing 
systems. ABM’s strength m the 
past has been in 'elling to the 
grocery trade, whereas Smiths 
has much stronger links with 
licenced trade outlets. Bringing 
the two together wiil. according 
n» Dr. Bright, bring scope for 
increased penetration in both 
types of mulct. 

Smiths hai a poor profits 
record, and actuaily made a 
loss of £261.000 in the year to 
last April. But this may at least 
partly be t" do with the way 
that it has been managed since 
General Mills tuck full control 
in 1967. The purchase came 
at a time when the U.S. group 
v.as bent on expanding its 
snack food business around the 
world, but in the words of a 
company spokesman. “The 
emphasis nf our business has 
changed. We have not expanded, 
as aggressively .n S anticipated 
into snack foods.’’ 

In the view of one British 
food manufacturer. General 
Mills’ horizons these days are 
the RDCkie* on one side and the 
Appalachians n n the other. 
Certainly Smiths has lost out 
badly to Golden Wonder, a 
business whi-.h was largely con- 
fined to Scotland when the 
Imperial Group acquired con- 
trol in the early 1960s. Since 
then, it has carved itself out 
the number one slot in UK 
crisps — a business worth an 
estimated £1*3' »m a year at re- 
tail prices — with just over 30 
per cent of the market Smiths, 
which dominated the scene at 


one stage, ii down to 26 per 

com. 

Golden Wonder has enme up 
with innovation*, like film 
wrapping, end ha* led the way 
nut nf the- pubs, into the super- 
market chain*. It has alsn been 
consistent!* more profitable, 
making something uver £3m a 
year. Its market share fell 
slightly a couple of years ago 
but now seem* to have stabi- 
lised at around one-third. 

Smith has hod half a dozen 
different managing directors 
during its stay <n the General 
Mills camp. ’However, -the busi- 
ness does seem u» have been 
pulled together :n the Iasi year 
or two — reorganisation costs 
were one of the reasons for last 
year's los-scs — and it expe-Ls 
to make £2.’Jm pre-tax in the 
current financial year. ABM 
believes that it ought lo he 
capable of making a pre-tax 
margin of over 5 per cent un 
sales, and because of the way 
the takeover has been structured 
its profits: will be free of tax 
for some years to come. 

In some ways, the challenge 
posed by Smiths is similar to 
that at ABM itself. Both are 
long established businesses with 
well known names, which have 
been suffering in recent years 
from shortcomings in product 
development and marketing. 
And both companies are faced 
with very strong competitors. 
United Biscuits and Associated 
British Foods provide formid- 
able competition on the tradi- 
tional biscuit side: and although 
Smiths is said to be number 
one tn the overall market for 
crisp?, nuts and snacks — with 
a share of 26 pgr cent — Golden 
Wonder and KP are both bigger 
in their particular sectors. 

Dr. Bright believe* that 
stability has returned to the 
crisp market and that the days 
ol the price war — when 
Golden Wonder was making its 
way in — are over. Em it still 
seems to be a lough market 
place, and the trade admits in 
a good deal of what is euphemis- 


ILK. SAVOURY MARKETS 


250, 


200 


£m 



r 


1970 ’71 '72 73 ’74 75 76 ’77 ’78 79 


tically described as ■■ bonusing” 
during the last year ur so. 

Demand fur the product can 
vary enormously according to 
the price nf potatoes, and ihc 
great weakness scents to bo the 
Jack uf a s/rung brand follow- 
ing. In spite of ail the fancy 
flavours that are available these 
days, crisps seem to rank simply 
as a commodity in the con- 
sumers' eyes, and there is not 
enough abuut them to attract 
cither a strong brand image or 
even an individual character. 


doubtable managing director, 
" Crisps are crisps. And if 
Associated Biscuits is not will- 
ing to trade as flexibly as the 
competition, it will lose our 
business.” 


la the words nf Miss Daisy 
Hyams. Tescu's Whnlesale’s re- 


Tiiat would be bad news for 
Smiths, for its sales to Tesco 
are mughiy as big as Golden 
Wonder's tn spite of its 
apparent emphasis on sales to 
the licensed trade. ABM's new 
management all had established 
reputations before they joined 
the group: they are certainly 
setting themselves an ambitious 
course. 


Letters to the Editor 


Protective 


ingly . 
stead 


FVoTn.^o|csior i). Johnson 

- 1'i. -. £*•; Sir^Curieiltir I am eiamin- 

— - i^tbb; rea^)ns :i for_ and implica- 


moro suicidal wars m- 
of. if the world were 
“ structured.” referring their 
conflicts to a central ' world 
legal authority whose decisions 
would be legally binding- on 
them. 

..-T~r-.-r-r (Mrs.; Mia Lord. . 

.-■jW tiom ^ihe ^■paradox of why u Ewlim- Court. 

mahy - Western ; intellectuals Connaught Gardens. NJ0- 
argue-wgoyermneht regulation / • 

initfie privately pro- 

duced, gewisvand services, but 
vigorous! jr support laissez-faire 
in . the^/inarket' for ideas— the 
free en&ug of religious beliefs, 
d',‘VritTng,.' : P«tting it 


-- a*- 

: : re::-; 


: .'.-L025 ! 

rs x }.’ 


.. .,1- u 

awther way, why is it' that the 


..'.•t-tu 


u 


. u->: ^..T 

• ~. ac ; ; 


Government is assumed com- 
petebt"-to regulate, say. corn- 
flakes /but not "•editorials, and 
why consumers are assumed to 


Telephone 
refunds h 

From Mr. D. Neal 


Suv-rOver the last two years 
I have been promised some 100 
refunds by telephone operators 

v_ ^ ^ . . .. . .. . . for ray losses through mulfunc- „„ „ 

seff protection in one field but Zoning call-boxes. The sum u heat croft Rond. 

nttCMiother ? - involved is avut £3. Not one M^rpool. 

Ttf the course of working on penny of this has been 


grouped criteria, applied at 
•■academic graduation time." are 
good indicators of the future 
"success” of these graduates, 
after a sufficient amount of time 
lias been allowed to elapse to 
enable them to become estab- 
lished in their jobs? 

What prognostic value is 
attached to general personal 
aeceptibility. mental toughness, 
physical toughness, pertinacity, 
ability to think quickly and 
rope Kith new situations, speed 
of recall, ability to formulate 
imd communicate ideas, 
thoughts ancl views, ability to 
woi^: as a member of a team, 
ability to work alone and ambi- 
tion to succeed? How are these 
qualities assessed ? 

Louis Rosenhead. 


above, and contemplating refunded. Reminders to tele- 
z:- Afc b iimAn condition. I realised phoue managers at Dial House 


; technological changes have and Cbenies Street bare not 

•• ^ religions into been answered. 

... • 'j 


•j .^-^ liucreasuig contact wirit people Tlte.P.O. Director of Public 
: ^econbmies of scale), with. the Relations says in your columns 



An appropriate 
trade union 


^Votm the Assistant General 
.Secretary, Association of 


or- where the caller has raisi Scientific onri Managerial Staffs 

• Sir, — I read wilh considerable 
pleasure the news item of 


(December 12) “it is our policy 
to give a credit without question. 

This applies to wrong numbers 

J '- duchig) --'new varieties of 
« *. :* 1*357 -'life! And. .thar this dialled.” 

• »rc£/' 'nu^ptr. has been segmented- by Perhaps he can say when this 
s' l'y^iis 'religious groups (again polie>" takes effect. 

* prodptkfiexs) ■ supplying an .array ' D. Neal. 

r-offeiixigS' (consumer services) 9 Compayne Gardens, NWS. 
appeal: mostly to young • - 
■ foSovreas under the age of 30. 

/toiat:riile should the various 
\ ;ontomer ‘ protective' agencies 

Validating ‘the, untested 

' isbf self-style'd religious . _ . , 

^T-.jnvtheir-claims. Jo From Major E7. Anderson 

nin^V.tbLth^ MveS; 1 Sir,— I congratulate the Post 
'^IrituaUy - hungry tie- Office on the pleasant designs of deeisions^which 

Christmas stamps, but ; 5 ij a p e of industry i 



Christmas 

'stamps 


December 19 which reported 
that the president of the Insti- 
tution of Chemical Engineers 
had recommended all his mem- 
bers to join an appropriate 
trade union. 

This advice, of course, stems 
from a growing realisation that 
such staffs must join a trade 
union if they are adequately to 
safeguard their standard of liv- 
ing and to take part in the- key 
influence 
in the 


of accountancy figures. This 
particularly applies to deprecia- 
tion which is an accountant's 
judgment of the amount of 
assets which have been con- 
sumed in adding value. It would 
be better if the added value 
approach were to be linked lo 
the cash flow principles and to 
the balance sheet aspects of a 
business in this way the whole 
financial link between money 
flow, money used and sources of 
money were shown rather than 
produce an unrelated additional 
financial statement. 

If depreciation is treated as 
using up assets then it should 
be related to the amount of 
their use. i.e., shift working 
and not as a fixed amount per 
year and in any case with rapid 
technological development a 
machine with an estimated ten- 
year life could be obsolete in 
four years. 

Fortunately work is being 
done to resolve these problems 
in a practical way and dealing 
with the behavioural realities 
which have to be faced when 
added value is used in the busi- 
ness performance and pay nego- 
tiating areas rather than in the 
accountancy reporting systems. 

It is to be hoped that the 
accountancy bodies look at the 
practical uses of added value 
statements as distinct from the 
accountancy uses when trying 
to find a solution which David 
Fanning i December 13) is 
looking for. 


G. Smith. 

Halford House, 

Copse Hill Rnad. 
Lower Slaughter , 

Nr. Cheltenham Gins. 


ilL 


ftftigue for ■ sbmie, ; type :of fhey pose a problem. Without cq^im; period of rapid techno- 
mfcitt _in]teiyentlo.n:.'.when careful inspection it is unpos- logical change 
ther^^ differentiate between ./;• 2 saddened however to 

• tte^bbijirhdo^- vnr spillover the. 7p . and Sip .stamps. How -do that toe advice to his tnem- 

-Str 0 ** SQrtfiIS C0Pe tors to toe chendcal aodpSs 

VThere : *^sm many 

thiKe~wSo:^ropasate.‘ teroduce) meraoranve stamps winch may m u ' cnc t vet aaaln revealed a 
Since . -be ; wed; How ran sorters i? sr Xdi” of tiie 

«. »"gw« i s£MtLd -rrtitiS 

. these deserve first-class Wt*- jg-oihom. privlte industr j.. 

:■ 101 each ta * »* -*• ™ u,d 

S ftTn^ iptCTfestmg/ dDermnas . for .- Major E. W. S. Anderson. 
suotKuSeri -'L of^ - '-^bverniaaent. - C>rchard Cottage,. Fomihvpe J 

Hereford. 


Market 

forces 


From Mr. P. Frost 


snbnbaers: 
re^afinrt- 

• “ ^<^^:juhnsen - a 


,,'TIpivoi^itybf .... . 

Str^Mpi'^Ssfe'Senlor Eesearehr 

: ; 

5 v 

Depfuri&dnt qf:Ecptaomids.'and ■ 

•: BapS&g ScfioolTof Business > = - • 

.' LStod^SL^V.-L'r L’ 

'/ S 4 ,Mporgate, : EC 2 . ' '■ 


■ .Wdl be a recipe for further 
.aggravation and difficulties. 

An introduction to The oppor- 
tunities of trade unionism by 
. Joining an inappropriate trade 
V-nnion could be the worst pos- 
sible experience for those 
genuinely concerned with the 
.. problems and needs of their col- 
leagues and themselves and the 
all-important requirements of 
.’British industry. 

Six,— The. well-presented Pun- . .J. S. bavison. 

IfirSffA, Jamestoion Road. NW1. 


Sir. — I like your main 
editorial of December 15 and 
would sum it all up as a “ return 
to market forces and the obvious 
disciplines this brings." Pre- 
cisely what the Opposition and 
many thinking people have 
advocated for some considerable 
time. 


■Assessing 

qualities 


From Professor L. Rosenhead 





Unstructured 

world 

Frtm Sfrs. M. LoVd 7 ?,-. ■ v ' 
Sir, — Soon the- foor leaders 


of iite ■Western -*worId:; - Presi- 
dent-: - Carter, : . :ChanceDor 
Schmidt, . Prime Minister .Callag- 
han- and -President :d*Estaing, 
are.ta ,meet in Guadeloupe for 
an informal .discussion, of -~toe 
state of toe world ? at the- end 
of 197ft. In Washington, .officials 
described tha,' meetiRg ; .as 11 an 
unstructured eotajEerancer '-What 
a forfnftbusly significant phrase 
an ; : 'imaarictniiBd 
dace 

■ _ The w*orld is.-.inr toe^an- 
crvtliaed; warring - state - it is , in 
at the end' of. .1878, precisely 
and categorhally : because the 


_ht comments • of Michael 
Dixon' (November. 30> in bis 
article on- University qualifica- 
flons merit some additional com- 
ments acid a few questions. 

-Mr. Dixon brings clearly into 
public .view., the fact, which is 
rediscovered .'from time to time, 
that toe- academic staffs of vari- 
ous .Universiies in Great Britain 
have no. uniform attitudes to- 
wards the academic significance 
of an “honours degree.” In addi- 
tion, if -it were possible to 
quantify this significance, I 
doubt whether uniformity 
would be found even within any 
one University. 

Would' this kind of uniform- 
ity; if It existed, be of any help 
to those who recruit for 
commerce... industry and public 
- .. service? Is.it not desirable, 

confer- w hen.' dealing with- human 
material tali' of, which is of 
“reasonably gobttqucdily"! and at 
a very: sensitive period of its 
life’s.: . pattern) to welcome 


The concept of 
added value 

Fr&m Mr. C. Smith 


Sir,— It. is a great pity that 
tibe concept of added value is 
being written about <as a man- 
agement fashion- since it is 
linked to the fundamental 
economic activity of any society. 

Customers buy goods and 
services by the piece and these 
are created by changing the 
fomr or location of materials 
or services.. It is this process 
of ichange which adds value to 
materials, and which requires 
tlife skin, time and energy of 
people which can be multiplied . 
by. the use of tools, equipment 
and. money. 


r , '.Until. this fundamental equa- 

divereily bf/attltude bn the part tiotx Is understood, it is useless 
of its assessors, tatoer than uni- to tiy and present a series of 
Vniep n^ons-^ formity? - . ; . v : figures which are just substrac- 

they ■“siug 4t^e*’ i Li increas- .-•W^.t-'lndiyiduaL’ criteria, or -tionyror additions of a series 


" v. worWT" ‘..is? ? unstructured;’ 


I would, however, take issue 
with your implied notion in 
paragraph eight that people 
working for government bodies 
cannot be sacked. This is the 
very portion of our working 
population that needs to be 
reduced, and reduced drastic- 
ally. especially on the adminis- 
trative side. 

After all, why should the rest 
of the population sit back and 
see our very rich North Sea oil 
bonus being squandered on a 
continuing proliferation of 
unnecessary government 

agencies? 

One factor that would help 
immensely in getting the 
economy moving again would be 
if government would make our 
membersbin of the EEC worth- 
while instead of the constant 
dithering. A*ter six vears of 
membershio I don’t know of 
anyone who now exnects that 
any of the nrnmised bene*** 
made at the rime we joined will 
actualiv accrue, so +hh Govern- 
ment does rot need to be con- 
cerned wito letting neo^le down 
because this has already taken 
place. 

I would also suggest a share 
redaction in taxation JeveJs and 
a drastic cutback in government 
borrowing together with a 
definite commitment to the 
European monetary system. 

P. T. Frost. 

11. Mossfield Close, Lc.rden, 
Colchester, Essex. 


Today’s Events 


GENERAL 

Mr. Cyrus Vance, U.S. Secre- 
tary nf Slate, concludes two days 
of talks with Mr. Andrei 
Gromyko. USSR Foreign 
Minister, nn the Strategic Arms 
Limitation Treaty (SALT) Mk. 
II. 


Mr. Carlos Rafael Rodriguez. 
Cuba's deputy president, ends 
three days of talks in Lisbon on 
Portuguese Africa. 

Rhodesia's new constitution 
due to be published. 

OFFICIAL STATISTICS 
Department uf Transport pub- 


lishes new vehicle registrations 
for November. 


Commerce. 395 Mansfield Road, 
Nottingham, 11. 


COMPANY RESULTS 
Final dividends: Bluentel Bros. 
Interim dividends: Continuous 
Stationery. 

COMPANY MEETINGS 
Burton Transport, Chamber of 


LUNCHTIME MUSIC, London 
Organ rec<tul at St. Paul’s 
Cathedral — Christopher Dearn- 
Icy. 1~30 pm. 

Organ recital at St. Stephen 
Wnibrook— John Wright, 12.30 
pm. 




The Tqvo Trust & Banking Co., Ltd., Tokyo, Japan 


international Department: Address. 2-5. 1-dtome. Nihonbashi. Chuoku. Tokyo. Japan 
, Telephone: 03-271-7BB1 Tele*- J22123 TYTBhJJ 

New York Branch: Address 140 Broadway (37ih II ). New.- York. N Y 10005 U S A. 

Telephone <212} dflO-1234 Tele, 222675 (TTBCUR) 

London Branch: Addr t iss Wmr.h&K-r Mouse, 77 London Wall. London EC2N 1BE. U.K. 
Telephone: 01-63&2191 Tele* 885619 TYTBK LDN 

Hong Kong Representative Office: Address 26lh Floor. Alevandra House. T5-20 Chater Road. Central. Hong Kong 

Telephone. 5-265657 Telex 8519 STHHK 


■ r~ 






r 

i 


fs 

*!* 

5 

J: 

f 

i 




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r 

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f: 








14 


Companies and Markets 


UK COMPANY NEWS 




' ' 7/ : •■77-;, > 'r £ • :>v'. 

Financial- TimeSPriday ftcemiber. -22>:±Sfe 


DIVIDENDS ANNOUNCED 


INCLUDING ror-ults from Card- 
ln:4 Group and Carden la Cheese 
Company Inc., for llie period. 
Taxable profits of Unigate surei'd 
from £9.5m iu £15. Ini for llie 
24 week* ended Si*|) l e in her 9, 
197S on turnover Weil ahead 
from £435m 10 £500»i. 

The director* stale that 
although the achievement in llie 
first half is saiiafactery. it wuuid 
he unrealistic to expect this rate 
pf progress to he maintained in 
the second perind in the light of 
intense compel! lion and political 
and economic uncertainties. 

Profits for llie whole 1H77/7S 
year were a n-i-ord £31 4t»m on 
turnover nf £973.Sm. 

for tile tirsi half Die trading 
profit of ITS in tni’.dni) whs 
split to adivity as to: hi ilk and 
milk products £Li.f»m dMim, 
meat and meal products £3m 
(£2.4ml. and iransporl. garages 
and other aciivilies £2.1 in 
<£1.5ni>. 

The directors report that while 
the results from some sections 
nf the dairy business are 
encouraging, overall the return 
is less than that needed in meet 
the requirements of a developing 
business. 

The improvement in the per- 
formance in ihh meal and meat 
products cliviscinn is saiisfadnry. 
they add, despite the diliiculiies 
experienced in the industry. 

Transport, garage and engin- 
eering aciivilies performed well 
and continued to make progress 


and the group's overseas activi- 
ties made an important contribu- 
tion: and future prospect* are 
encouraging, they say. 

Earnings per 25p share are 
given as 5.96p compared with 
3.74 p and the interim dividend 
pay out is raised from 1.33p to 
1 fip net— last year’s final was 
2.105 »j. 


Turnover 

ln/ero«;t ... 
Associated comoenics 
Proliu bntore lax 

Tii> 

A: m by table 


24 weeks 
1978 1977 

COOO coon 
500.000 435.000 
30.000 3.0CO 


a\/U ^ vr • 



Current 

Date 

□f 

Corre- 

sponding 

Total 

for 

Total 

last 

? i'fil ' 

Batleys 

.int. 

payment payment 
1.43 Feb. 22 

div. 

1 

year 

year 

3.64 

BriL Benzol 

.int. 

0.5 

Jan. 26 

Nil 

— 

0.6 


Cbanerhse Grp. 2nd int. 

i24 

Feb. 23 

2.1S 

— 5 

3.36 


Charter Trust 


1.7 

Mar. 9 

1.45 

2.45 

2.15 

(adjusted 2.7p), the Interim divi- 

A. Gotten 

.int. 

2.15 

— 

1.93 

— 

5.43 

dend is effectively lifted from 

Donanakande 

.int. 

0.55il 

Feb. 2 

0.33 

— 

1.45 

0.6555p to 0.731 9p net — last year's 

Forminster 

.int. 

1.54 

Feb, 23 

L3S* 

— 

2.79 v 

payments totalled an equivalent 

Homfray 


LSI 

April 3 

1.81 

3.13 

3.13 

2.11475p. 

Lindustries 

.int. 

3.3 

April 2. 

3 

— 

9 ' 

The company, whicli has 

Norton and "Wright 

int. 

0.73 

— 

Q.66* 

— 

2.11* 

“ close ” status, is involved in 

R. Paterson 

.int. 

1.04 

Feb. 10 

1.04 

— 

2.55 

the production and distribution of 

Trusters Corpn 

.int. 

l.St 

Feb. 6 

1.5 

— 

4.S5 

lottery 'tickets, fund raising cards 

Unigate 

.lDL 

1.5 

April 2 

1.33 

— 

3.44 

and schemes. 

Wearwell 

.int. 

0.3f 

April 2 

Nil- 

— 

Nil 


■k 


S' 


M* 




Charterhouse rises 
to £9.81 m so 




BOARD MEETINGS 


Bevefopinent arose Nn-ISife^sgc 
riuMths to September,^;' 
However, since that, -datej 


J2C THE current extended 15 
months accountins period, pre- 

tax profits of Charteriiouse ... - — - . - — - .. .„ . ---.-.4,-. 7 

Grtmn excluding its banking - The fotto**M eompamarhay. ftuufiad have btfen production dSflaysafid. 

s,r«ri S£i •jLssaf£2& - "■» 

£6.Slm 10 £9.31 m "for the 12 hew lor the putoose ot conaiewnnfl wUr ,be betpw Mni^- «EE«£E8' 
months to September 30. 1978. . div.dends-^Offioat ,n^catiofl4 »re w* tides, f-*. ■ 

When reporting first-half &**„«*%, fmafa. and the seb-drvfsieos.' ' A'seeoad itrterim ifivideitff M • 


See Lex 


too 

15.000 
3 100 
11.900 


700 

9.500 

1.900 

7.400 


Norton & 

Wright 

upsurge 


A. Cohen 
slumps ■* 
halfway 


-t-j 

V-’K 


.*«?• 


#- U > 
.’■#U . . 


Dividends shown pence per share net except where, otherwise stated. 

* Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues, t As forecast and 
to reduce disparity. $ 3.6905p to date in 15 months period. * To 
reduce disparity and includes O.OlTp for tax adjustment. - 


WITH TURNOVER well ahead at 
£2 S'Jm agmnsL £ 1.56m. pre-tax 
profit* of Norton & Wright Group 
jumped From £316.671 to £740.352 
for the half year to September 
:ii). 1978. In the last full year, 
taxable surplus reached a peak 

£941.001). 

After tax of £385.000 compared 
with £165,000. first-hair net profits 
increased from £151.671 to 
£355.352. 

Front stated earnings of 6.33p 


PRE-TAX profits of A. Cohen 
and Co., metal refiner and non- 
ferrous alloy manufacturer, 
slumped from fl.lm to £620,000 
for the half-year to June 30. 197$. 
buL the directors say that 
taxable profit* for the full year 
will not he Jess Lhan the £ 1.67m 
for 197”. They add. however, 
that net profits will be lower. 

Turnover for the first half was 
down from £2 1.89m to £20. 44m 
and profits were subject to tax 
nf £345.000 against £428.000 and 
minorities £155,000 (£213.000). 
Earnings have fallen from 24.63p 
to 6.53p per 20p share. 

The interim dividend is in- 
creased to 2.15p net compared 
with last year's 1.925p— the final 
for 1977 was 3.5052p. 


Homfray fall slows 
in second half 


ON SALES ahead from £37.9m 
to £40m Homfray and Co., carpet 
manufacturer, turned in pre- 
tax profits down from £ 1.72m to 
£1.05 in in the year to September 
30. 197S. At the halfway stage 
pre-tax profits fell front £l-2m 
to £643,000. 

The Board says UK results for 
the first two months of the 
current . year, indicate some 
improvement, but trading condi- 
tions remain difficult in 
Australia. 


Lindustries chairman looking 


for better year’s figures 


ON' TURNOVER up 12 per cent 
from £ 45 75m in £51.U9ni taxable 
profits of Linilu‘.-/m\s went ahead 
from £3 67 111 Hi *‘ 3.8201 for the 2 S 
weeks ended October 14 , 197 S. 

Mr. W. E. Luke, ihc chairman, 
says he ex pen s l lie rcMjIls for 
the full ytf.tr to show an increase 
for llie previous year, profits 
were £6.83 in. just olf the record 
£7.02 111 for 1975-76. 

Earnings are shown as l:tp 
( 12.38pi per 25 p -hare and (he 
interim dividend is increase*! 
from 3p l»i 3.3 p net — last year’s 
final payment was 6 ji 


companies were satisfactory in margins cost Lindustries heavily, 
that sales and profits for the m~terms of potential profits fore- 
period both increased. gone, during the first half. And 

Companies engaged in the ihe two factors are likely to 
automotive, general engineering, .restrict second half profit growth" 

as well. Although a diversified 


2a Wk-i 


Turnover . . . 

Engineer my 

Polymer 
Te«ule 
Overseas .. 

Fioiit 

Engineering 
Pnlvmer . . 
...Testiia 


fee. 


, Overseas ... . 

Inv. income, mh. 

I Imerest payable 
} Sn. piQhu v»I JJaoc j. 

.• Profit balore tan . . . 

■ ITa, 

• Net protn 

• To minority interests 

1 Attrrbuiable . . 

t Includes a provision lor dclertcri tax 
' to the e a rent liioi. in (lie opinion of 
the directors. H nwv become payable 
. in ihe loreseeabie tuiure. Comparauve 
1 figures have been adjusted accordingly. 

.Results of the engineering 


197a 
CvW 
C1.0B7 
21 763 
9 .M 7 
10.780 
8.692 
'5,918 
1 497 
679 
6» 
1.167 
101 
27S 

3.824 
1.205 
2.019 
1 66 
2.454 


WTJ 
EOXl 
46.747 
17 89*7 
S.ffiU 
10 877 
8.176 
3.741 
1.18b 
497 
1.150 
903 
48 
181 
62 
3.870 
1.105 
2.005 

144 

2 3 G 1 


nd maclnno tool industries di? 
Well i*ui the manufacture of 
e-jupmient fur the arenspace 
industry continues to he un- 
Iiruliuhle. 

FIiumii^ of customer eonlracls- 
adversely affected the irudinu nf 
companies manufacturing equip- 
ment fur ihe brewing, textile 
machinery and mining ' indus- 
tries but this situation is 
improving and it is expected that 
reMJlts »*f ihcse euuipanies will 
be better fur the full year. 

The 8 coup's polymer based 
Cum panics also showed an 
increase in sales and profits. 
Losses made in thn past b> the 
largest industrial rubber emu- 
paoy have been slopped and Us 
trading is improving, but size- 
able reorganisation costs, now 
being incurred, will at best 
restrict profits fur some linn*. 

Mr. Luke say* the textile com- 
panies have faced strong pre- 
sure on margins resulting in a 
marked reduction in their 
profits. 


• comment 


cunulomeratc in the product 
sense, about 30 per cent of its 
sales are to the I'K automotive 
trade and the hulk nr ilmse sales 
are to Ford. Put the period was 
not without its bright spots. 
Engineering sales and profits are 
well ahead of last year due to 
improved marker, share, nurticu- 
larly of ear healers. The St. 
Albans wet suit subsidiary's sales 
and profits jumped hy more than 
30 per cent giving (he poiymer 
division a significant honst and 
the- overseas division was 
buoyant. The contraction in ihe 
industrial thread, twine and 
braid market vominue d and is 
now around 15 per cent below 
real levels IS months ago. As a 
result Lindustries’ interim 
textile sales are marginally down 
and profits are 45 per cent lower. 
There are sisns of a slight 
upturn but il will nor he or mu*-h 
help in the short term. Overall 
group profits for the year will 
Fie ahead of last year — peril ups 
£7m — so the shares, at 137p. 
stand on a prospective p/e or 5.3 
(assuming last 


Trading profits for the year, 
from the European carpet side, 
including the UK. fell from 
£720,000 to £474.000, and profits 
from »he Australian carpet 
operations slumped from £l.J2m 
to £605.000. UK textiles reduced 
losses from £116.000 to £33.000. 

Interest charges were up 
from £449.000 to £472.000 and 
depreciation rose from £I.19m 
to £1.24m. Tax was £521.000 
1 £890 .000 1. 

Under extraordinary items 
exchanges losses, mainly Aus- 
tralian. were welt down front 
£921.000 to £395,000 but other 
items, mainly terminal losses, 
rose from £46,000 to £221,000. 

The final dividend is main- 
tained at 1.8125p per 25p share, 
making a total of 3.125p t samel. 
Earnings per share are shown as 
3.4 p |5.4p». 


been turned into a profit increase 
as overcapacity, particularly in 
woven carpets, has squeezed 
margins. As well, Homfray has 
found the going very’ tough in 
Australia where both sales and 
profits have slumped. Europe, 
especially Germany and Scandi- 
navia. were also very’ quiet. 
Unfortunately the outlook for the 
industry over Die next few 
months is not particularly bright 
so while profits may have 
reached their nadir, the climb 
back to reasonable returns on 
capital employed could take some 
lime. Homfray's fortunes are 
likely to mirror those of the 
industry. The shares dosed lp 
down, at 40p giving a p/e of 
11.2 and a yield of 12.2 per cent. 


profit* of £3.0m the directors, 
said 1978 should show a signifi- 
cant increase in profiL 
To produce a more even half;*’ 
yearly *piit of group profit, the- 
cootpany is changing its year-end 
To coincide with the calendar!' 
year. 

The profit of the hank. Charter- ] 
house Japhet, is no longer' 
grossed up at the standard rate - 
of UK tax. but is shown after, 
tax and transfer to inner reserve, 
at £531,000 f£S15,000>. / 

This method is in line with 
the bank's own published.; 
accounts and will be followed 
in the group's sannual accounts' 
for 197$. the directors explain. 

The pre-tax result was struck . 
after interest of £5.4 7m (£5.17ro). 
Tax charge takes £3. 24m 
(£2.13m) and after minorities, 
attributable profits rose 32 per 
cent to £6.Sm. . 

Results were after making a 
first time provision of £300,000 


Shown beta* are baaed mainly, on lest 
year's tnnoiable. 


TODAY , . .* . 
Continuous , Stationery. 


2j05O5p - '(2.175p final* ; "foet, | . 
idakeS' total to datr.S.6903ft< • 
comj)ared“'Vitii ’ X35Sp ip.jroft’ 
preUtofcs. 12 monttts, a fiso e fifife •' 
£S25Stn . tjES'Ofca^ . j- \ - -V -Vv. j 

T^^ direclprs-w^.rectKDHaesd - 
a final cHyideod -ift- 397$, 

at the - same v : time - : ii5-c. .that- am. 

. results;:, for. :fht: IS,. ^nontfas /jib . 

(or deprecation .of freehold! 

grijup, ffiu|r%qjxiits^htid'al ineet- i 
ins " 1 


Interims: 

Sobr;m«. 

Final; Bluemal Brothers. 

FUTURE OATES 

Finals: 

Allied Textile • 

Birrunijham Pallst 

Investors -CapiUl Trust ...... 

"Kershaw (A.J 


"Jin'.' 25 
*Jan. 4 
..-.Jan. 9 

Jan. 2* 


long leasehold . properties 
accordance: with SSAP 12. 

• The directors say . Nevyage 
Engineers, performed 


ggHtSS;. 1 

Naprolour inore^J ' 


Charcon, although benefiting ..... .... .-w 

from the sale of a major . loss-. . - Howese?, 
making activity, .continited. to. 

experience problems in another, bfe ayaihu^;;thev idm l lTtn^ ^Tmli 
suhsidiarv. Glaiivill ' Edthd-fta : - consent nf - 1 

produced lower profits. j - vdll; attifliirn- i tjie: mfiejpg^’d j. 



The first profits ^ ^ contribution ^uhd-228^^ l 

from Charterhouse .Petrofeuin'. . ■^irii^ See tts . , -.J" ^ 

Trafalgar 

large newspaj^iiii^® 


KNv 


Batleys 
up at 

halftime 


comment 


llomfray is a little unlucky In 
the timing of its financial year. 
Industry statistics suggest there 
was an upswing in carpet buying 
during the second quarter of this 
year and il is Likely that this has 
continued into the. autumn and 
winter. Wilh a September balance 
sheet dale the company has 
about six months of the upswing 
and it has been able to report 
higher sales. But the increase 
in both volume and value has not 


INCREASED pre-tax profits of 
£270.387, against £252.161. were 
announced by Batieys of York- 
shire, the cash and carry' whole- 
saler. for the half year to 
October 2$, 197S. Turnover 

expanded from £24m to £2S.35tn. 

For the whole of last year the 
group made a record ' pre-tax 
profit of £536,000 and paid divi- 
dends totalling 3.643p net, 
against 3.26JSp. This time the 
interim dividend is raised from 
lp to l.lp neL Stated earnings 
per lOp share are down from 
6.67p to 6.09p. 

The tax charge of £25,344 
f£l 1.901 1 is based on SSAP 15 
and does not include u provision 
for deferred tax. The compar- 
able figure has been adjusted. 
Net profit comes out at £245,043 
t £240,260). 


NO MORE major acquisitions aPr- 'already having Jnpst dT. the; neces-- ^ 

planned at the moment by sary resources. .uot--tor mentio J n: lXOQO : ^ot ^ -.’-Were 
Trafalgar House but the directors - their preference for , giving cdo? ; oversea^ \ 

will continue to buy small com- tinued gainful employment, to = During' 1977-;7S tHe .j jfdufl V!! 
panics as the opportunity arises, personnel who might otherwise- Ttetk -egrriers^ "all ran**' " J ' 

Mr. Nigel Broaches, the chairman,! he' surplus to requirements. - .-'r ranf; losses --and ..’’the', 
comments. . ...... '..The Lumround at Express .-..W?? ft is diffi 

The most recent key purchase. Newspapers was in the context of . 

Alnr-an-Gramoian bought in personnel, premises and modem .'Ape 

Janu^- T ? Xeadv makiS' Plant appropriate to levels of ^ : >tfie^.groupr 
anSr^aW more monev thanat : daily production' that have-pot revenues - must coroe from 
?he P time ‘0? a%“rition. WiS applied for Some years, he '“KgJJffljte;’ 

this and Express Newspapers. : out. ; • 

formerly Beaverbrook. now back. In line with the group’s norm-#, 
in profit he is confident that ;the - practice profit from, newspaper'! 
new newspaper and magazine -and magazines is shown !■>»' the 

division will soon be a source of profit and loss' amount at £3 22m. ^ X’ ; v . 

substantial profits. , after interest oh the cost of the' ,y. 

Overall the group’s & act ^ 

formance was enhanced last year AO ,ra - v > ! Ijkfcly. a' return'- to a- reasonahld 

by unusually high receipts ; in'\ . For the year to September:^), level of profitability- next! year If 
certain areas, while other areas 167S, group taxable revenue -vras . npiitblk ‘he adds!' - ■' B - 1 
bore unexpected burdens. The ahead to £60.63m (£46.41m) !^The -QE2 is current!'* duod^ - 

di rectors look forward to a more , despite a . sharp setback in shipr . gbihg^a maipr jqflt and modefrzji 
c.-.nvpntinnai haianap in the; pin a. aviation jind - hotels from sabon. jiear : ehd,'cfets'of 



year* tax rate) 
The Ford strike and tight textile, and yield 11.1 per cent. 


Cullens hit hy stock 
losses and shortage 


f Wearwell pays 0.3p inter! 


ANNOUNCING A sharp im- 
provement in half-year results. 
Yi’earwell, the clothing group, is 
returning to the dividend list 
after rwo-3nd-a-half years' 
absence with an interim payment 
of Q.3p net. 

Turnover Tor the six months 
to November 30. 1978 almost 
doubled from £2.1 6m to £4 .03m. 
while pre-tax profits jumped 
from £111,000 to I30S.Q00. 

Pre-tax earnings per 5p share 
are shown higher at 1.99p 
((UUpi. and at 0 96p (0.43p) 
afier lax. 

Tax charge takes £160.000 
(£58.000) and a Her the interim 
payment costing £46,000. 
retained profits emerged ,<t 
£102.000 aaainst 153.000. 

The direclnrs say ihe first six 
months' trading has seen a con- 
tinuation of ihe buoyant condi- 
tions mentioned in last August's 
chairman’s annual statement, and 
full order bonks indicate that this 
buoyancy will continue. 

In his annual review. Mr. A. 
Nadir, the chairman, said that 
the current year out lank was one 
of continuin'.* buoyancy in 


exports and a more gently rising 
volume oF sales to the home 
market. 

However, the board wanted to 
see a return to the liquidity and 
profit levels of 1975 before corn- 
milling themselves to recom- 
mending a dividend. 

In the 1974-75 full year, pre- 
tax profits reached a record £lm 
— last year. £Q.33m was reported. 


Meanwhile the group reports a 
net deficiency before lax of 
£115,000 for. the six months to 
June 30 this year against a sur- 
plus of £22,000 in the same period 
last year. 


INCREASED stock losses in its 
branches and a stock shortage at 
ils Battersea wine and spirit 
depot, has adversely affecred 
profits at Cullens Stores for the 
26 weeks to August 31. 197S. 
The directors report a fall from 
£1162217 to £70.477 at the pre-tax 
level on turnover ahead from 
£7. 11m to £7.64m. 


last year's figures, they add. 

As already announced, the 
interim dividend is up slightly 
from G.66p to 0.67p net per 20p 
share — last year's total was 4.32p. 


conventional balance 

figures before long. £17.66m to 

As for the current year be says ^ 

that the group hopes to be free . . , . . , . .. 

from the exceptional costs and 10 5./6p (5.16p) and a one-foiv -,1979.;- -.-.. - . 

interruptions of 1977-7S but mi two svnp issue is proposed.-- - j-Tn-tennsdfrnnniber-df'sdh^mJM , i 
the other hand will not enjoy the At vear ' end. art funds- tjftw grerafrs invofvenierit in^pro^ *3 
exceptional levels nf receipts that showed ' a decrease: of- £X57ot periy-is, Bf^er thanit has ever 
arose, in two divisions.. He fup £3.73m > „and capita? ; cqnrfnlb tieehVand.'. al though:-- hfst. yfearis 

ments - amounfed - to "lliSfim 
(£8. 09ml of - which £t87xf 
i£1.75tnl had been authorised 
but not contracted. 

It is expected -some' 
employees wi 11 participate 
the . nrdoosed . ' profit 


believes that in a no-growth 
world there will still be scope for 
well chosen enterprises to 
prosper. It will be in the second 
half that the financial effects of 
current policies begin to appear, 
he says. 



: >SE C»0 


Bishopsgate 

Property 


R. Paterson 
slumps 


They state that it is unlikely 
that profits for the full year will 
equal the £251.399 for 1977-78 but 
they are confident that the down- 
ward trend, " can, and will be, 
reversed." 


Charter 
Trust 
higher 


• " . • - -/if- **%*■'•? ;■ 

BIDS and DEALS : ^fItSf 




26 wgelr^ 
1978 1977 

C C 

7.641.913 7.110. S41 


If good prices are not obtained 
on the realisation of most of the 
remaining assets of Bishopsgate 
Property nnd General Investments 
prior to September 30, 197!). the 
yroi.ip will face insolvency, the 
directors tell shareholders. 

The ability to repay the balanre 
of borrowings and to discharge 
other liabilities ' is dependent on 
these good prices being obtained. 

It is ihe directors view however 
that shareholders' interests are 
best served by continuing 10 
achieve the necessary favourable 
realisations in the hope that in- 
solvency can be avoided. 


PRE-TAX profits of R. Paterson 
and Sons slumped from £584,000 
to £182,000 in the six months to 
the end of September on turn- 
over also down at £6.99m, against 
£7. 97m. 

Bur the directors say current 
trends indicate a better second 
half, so they are reasonably con- 
fident the full year's results will 
be satisfactory although they 
will not reach last year's record 
£1.02nt (£458,000). 

Tax comes down from £325,000 
to £95,000. 

The interim dividend is main- 
tained at 1.0375p net per 25p 
share— last year s final was 1.5lp. 
Staled earnings per share are 
down from 3.72p to 1.25p. 


47.655 

54.672 

32.050 

70.477 


95.399 

49.410 

29.192 

116.217 


s.229 

75.776 


12.362 

128.579 


Turnover 

Trading profit 
Rems receivable 

interest 

Profit before Is* 

Suro/us on props 

disposal 

MaVing 

The stock shortage is currently 
being investigated. The Josses 
in the branches are to some 
extent due tn the swing towards 
the sale of fresh and perishable 
foods, resulting in a higher 
proportion of wastage than in 
the past and requiring a bigger 
profit margin and more skilled 
management. 

The direclnrs have taken steps 
to remedy the position. It should 
he noted that hut for these un- 
explained losses the profits would 
have equalled, if not exceeded. 


ATTRIBUTABLE NET earnings 
at Charter Trust and Agency 
were lifted from £849,955 to 
£1.009.918 — equivalent to 2.53p, 
compared with 2.22p. per 25p 
share — for the year to November 
30, 197S. Including investment 
income at £l.SSm. against £1.6m. 
total income was £0.37m higher 
at £2.02 m. 

Attributable net assets at year 
end stood at £29.75m (£27.44mi, 
equal to 7.4p c7I.Spj per share 
including full investment dollar 
premium and after deducting 
prior charges at par. A net final 
dividend of 1.7p raises the total 
to 2.45 p (2.15p) which costs 
£979,444 (£322.054). 

Expenses for the year took 
£336.594 (£241.719) and the tax 
charge was up from £531,272 to 
£640.774. Preference payment 
again amounted to £30.800. 


Bank Bridge rebMdiidg in^ 
entirely new epmpan^|i^l 



OIL and GAS NEWS 


Benzol profit doubled 


Another Fortescue Field 
find for Esso/BHP 


ESSO EXPLORATION and 
Production Australia and 
Hematite Petroleum, a subsidiary 
of Broken Hill Proprielary. have 
had further success in their oil 
and gas exploration eifnrts in 
the Gippsland Basin, offshore 
Victoria. Hydrocarbons have 
been encountered at the Fortes- 
cue Nu. .7 well. 

The existence or (he Fortescue 
Field was established in 

September when drilling at 
the West HaJihul 1 well proved 
' the existence of hydrocarbons ?n 
. the area. The southern extension 
of the field was outlined by 
successful results from the 
Fortescue Nu. 2 well which 
revealed a seven metre oil zone. 

Fortescue No. 3 reached total 
planned depth uf 2.625 metres 
3nd five cures were cut over the 
intervals 2.4 id lu 2.417 metres 
and 2.440 lo 2.480 metres. 

Sandstones with mdienliuns of 
hydrocarbons were recovered 
over the interval 2,440 tu 2,405 
metres. Electric bigs have been 
run and indicate the existence 
of hydrocarbons from 2.434 lo 
2,461.5 metres. Oil was recovered 
on a wireline test run at 2,440 
metres. 

The hole has deviated from ihc 
vertical and, as a consequence, 


ihe measured depths are deeper 
lhan the true vertical depths. 

On a less happy note, drilling 
in Queensland has again proved 
disappointing. Following hard 
on the heels of the abandonment 
of ihc Dunya No. 2 well, the 
Esso/BfTP partnership say that 
the Parkimok 1 well has been 
drilled and cored lo a depth of 
2.163 metres, hut that two tests 
have revealed only small quan- 
tities of gas with ho commercial 
significance. 

* + ★ 

The Beaufort Sea exploration 
activities of Dome Petroleum's 
drillships will be carried out 
with greater safety and for 
longer periods from the Jattpr 
part of the 1979 drilling season 
if a new experimental icebreaker 
enters service on schedule. 

Dome recently awarded . 1 
contract 10 St. Juhn Shipbuilding 
ami Drydock. New Brunswick, lo 
construct a new Arctic Class 4 
powered experimental ice- 
breaker. 

The 16.S00 horsepower vessel, 
would he. the second most power- 
ful icebreaker operating in 
Canadian waters and its. new 
design should make it Canada's 
most effective icebreaker. 

The new vessel should con- 
tribute substantially to the 


development of Arctic marine 
technology in Canada. The 
vessel will be entirely financed 
by Dnme, while Ihe usual ship 
construction subsidy will be 
awarded to the shipyard hy the 
Federal Government. 

+ * 

The Elf-Aqnilaine oil group 
has been awarded three explora- 
tion permits in the African 
Republic of Nieer. covering a 

total area of 345.620 sq- km. 

The permits, which will run 
for five years. Include 280,000 
sq km in western Niger. 62,000 
in the Bilrna region in the east 
of the country, and 3,620 in the 
Manga region near Lake Chad, 

The oil group is committed to 
drill at least two wells during the 
five-year period. 

* • + 

Another natural gas well has 
been found in Roger Mills 
County. Oklahoma. Dyco Pclro- 
leum says that The well, Spurlin 
Unit No. 1-23. in which it has a 
2S.5 per cent working Interest. 
Unwed at a rate of 3m cubic feet 
of gas per day from a depth of 
14,817 tn 14.S35 feet during a 
four-hour test. 

Other particapaots in the well 
include Ferguson Oil and (las. 
Euro-Pctro and Hoover and 
Bracken Energies, alt based in 
Oklahoma. 


REPRESENTING an encouraging 
half year position ahead of expec- 
tations taxable profits of British 
Benzol Carbonising, coke and 
smokeless fuel manufacturer, 
more than doubled from £255,000 
to £551.000 for the six months 
ended September 30. 1978. on 
sales of £8.55m, against a pre- 
vious £7 .73m. 

The directors say that this per- 
formance has continued to date 
and they expect it to be main- 
tained throughout the remaider 
°f t he^ye a r— pre-tax profits Tor 
the 1977-78 year were down from 
f 1 41m to £792.378. 

Earnings per lOp share are 
shown as 2.9p compared with 
1.3p and the directors announce 

an interim dividend of 0.5p (nil) 
net — last year's final payment 
was 0.5974p. 

Tax for the half year took 
£275.000 (£133.000) and the 

amount retained was £229,000 

(£ 122 , 000 ). 


tax took 


t £426,423 1 and 
£500.870 (£442.7511. 

At November 30. net asset 
value was )9S.5p compared with 
192.8p a year earlier, after prior 
charges at par. 


Detour deal 
of Seltrust 


Trustees Corpn. 
moves ahead 


In the half year ended Novem- 
ber 30. 1978, Trustees Corpora- 
tion pushed up the revenue 
available fur ihe ordinary from 
£778.804 to £931.498. 

The interim dividend is step- 
ped up from L.5p tu 1.S net per 
25p share, as forecast and to 
reduce disparity. Total for the 
year ended May 3. 197S. was 


4.85p. paid from available 
revenue of £l.54m. 

In the half year 
totalled £1.84m 
Expenses came lo 


revenue 
(£I.B6m I. 
£394,933 


By Kenneth Marston, 

Mining Editor 

THE UK Selection Trust group's 
Canadian subsidiary. Sefco 
Mining, and the U.S. Moore 
McCormack Resources subsi- 
diary. Pickands Mather, have 
reached agreement in principle 
over a possible change in their 
equal ownership oT ihe Detour 
cnpper-zjnc-silver-gold venture 
in north-western Quebec. 

Under the agreement Seleo 
has the right to acquire from 
Pickands Mather — and the latter 
has the right to sell to Selct^- 
Pickands Mather's 50 per cent 
stake in the Detour joint venture 
at an amount approximating the 
latter's investment; Pickands is 
believed to have spent some 
Slim i£4,6mi on Detour. 

Additionally Pickands Mather 
will have no obligation to con- 
tribute to further project costs. 
Test work on the Canadian pro- 
ject is to continue under Ihe 
management of Seleo, it is 
slated. 

As already reported, Ihe joint 
venture has located three 
mineralised zones at Detour 
which contain encouraging metal 
values. Underground tests have 
been carried nut on two of these 
zones and studies are continuing. 


THE LONG saga of Bank Bridge 
Group is nearly over. A com- 
pletely new company is about to 
emerge under the Bank Bridge 
name which the directors say 
will have no connection with the 
liabilities which have dragged 
the company down over the past 
three years. 

Yesterday the company 
announced that it had sold all 
its remaining subsidiaries (0 one 
of the directors, Mr. J. 
Reading, 
the past 

of Bank Bridge as it is today, 
according to the company secre- 
tary Mr. R. TV. Chambers. 

That move will leave Bank 
Bridge as a shell company. Into 
it the directors intend to inject 
a private company. Rock Motors 
Parts, owned by a Mr. and Mrs. 
J. A. Darham. 

The deals are still conditional, 
not least upon Stock Exchange 
approval. Yesterday Bank 
Bridge's shares were temporarily 
suspended pending publication of 
the full detail. Meanwhile it is 
not yet certain whether the com- 
pany will retain its Slock 
Exchange listing or will need. to 
seek a requotation. 

If the deals go through Mr. 
Reading will take over the three 
main subsidiaries. By way of 
payment he will assume respon- 
sibility for Bank Bridge's Joan 
stock (£141,000 1 and. the current 
liabilities of the company (mak- 
ing a total of £2142292). In addi- 
tion Mr. Reading will cover the 
jnierest payments on the loan 
stock for two years, amounting to 
a further £22,598. 

The second half of the deal 
involves Rnck Motors, for which 
Bank Bridge is to pay in shares. 
As a result the Dadianis will own 
72 per cent of the increased 
share capital, worth around £jhi. 

Rack is said to be an expand- 
ing company operating in the 
South and Wcsl In the nine 
months to Septemlier . it made 
pre-tax profits of £173,621 and for 


has now' purchased a further 10 fwny whose 'only 4ipsef ,'Xy tbe' 1 
per cent- of the-' capital of. Kings-. freebWd -- jrrtcrest : £h' ; Centric 
mead Hotels of which it already . HOukd; . Shoreditch, ghopdozL ■_ 
owns. 80 per, cent. ; ; The 'property ' comprises ' tight 

The consideration of £106,395 industrial - premises ^ ana'.bffites 
has been satisfied by. -the. issue of •.■ t0tailing ',«oihe .s-92Si00p;v 
60,054 ordinary shares. yaUied-at The .head: ' lease^tissr;.'bfl&ri 
89 p per share) and by - £53,447 .acquired: by B am b<?rs ; for a/, hi 1 

cash. . ; - -’ consideration at'anfoftiU 'aimhal 

• ■ . . 7 -' rental:/ -of . vEl'CKhOOO,'; "’^pprbir. 

nAVin tttvaw - . ; . ; ;,-"-1204WO sq,Tt 3£ai eititeriheeh' sito- 

DAVID 1/LvOlX - let. or. is :bemg offered, for ^ s3b^ 

The interest in .David Dixon - letti 



j. s... fne mterest in Davtb DUOn lertipg for periods'up to 20 ye«rs 

He will assume “all and Sons Holdings acquired by -add^ is expected -that: pn&al 

and Future liabilities'’ Binbinghain and .Midland annual ' rentals . Twrtll--' 'aggregate 

Counties ^ Trust Was 400,000 share* some-' £76,500.-. " > :. ■. 
(22.02 per /cent), and nor.5DO,0GQ ..■■Asa^result ofi&d'^ailisi twn 
as reported yesterday. * Bambers Taasi entered , ,mto. -a 

Following the recent , rights . ' jti&t. and'several guaranitee .with 
issue,. -Mr. H. Turpin, chairman -flic' ■ otfter 50 -perVcfeht/aliare- 
afld director of Dixon, now holds hfiiaer.mEnaburst ofb.oit.bwififei; 
210J25 ordinary and .27.000 -ancujrfid /by : Enahursf.' up/ tb -a 
preference shares, representing maxiinnni d f- £650.000. ■ -tffie ware- 
12.0 per cent and 49.3 per cent. House WUJ facilltale tiie.'ntadndd 
respectively of the capitals. expansion 'of Bambew’ bqsiness 
BMCT announces the purchase' ittto • the 'ktriy. -part' df^ffieTiCxt 
of further shares in- Bernard 
WardJe, to bring its holding up’ 
to 3.063.000 (17 per cept). ; 

"On behalf- of. - Manchester, 

Nominees, account Mr.- Graham ... 

Ferguson-Lacy (chairman . of ah# jiackaging jnahufacturer^wiU. 
BMCTV, Hali day Simpson has acqvureTHiotsons Containers,' ah 
sold 150,000 shaYes in 'Yorksliire operating irabsidiaiy ofSt'RegiS 
Fine 'Woollen Spinners. Paper Company (UKj.'Withteff^ 

. - .. - fro nf January -21 • • ' -j,.-. ;.;c .’v %; ' 


; ri 


de^de/; " *• 


iyipURCRASH 




TPT, international paperboard 
hqjiac.' 


uli ere 


-' r;- . . 


-n.-s 


_• • ca 


-flwfDISPO&lm.ES ’ 

• - Antony (Hbbs,?thc banker- and-.- i : ^ r- ^edriwjday.cina. 
manufacturers, of timber' pro- - - -jr 

ducts, . has a>W a series of /• ' jr-jr- : • 

strategic stakes ih a number of BANKWG DEPASTM^ft'; . 
its . commodity..- broking: sirb- :v:;- ’’ 


sidiaries'and associate companies *r^l 


for than £ 2 ra cash,. .- 

Ralli Brothers, a subsidiary ot sp p:t Deposit®, 1 .owjbo.ow - v a., -- . . .. ... 

rhe Bo water Corporation, has — ,-....1 

bought, the group’s 50 -per ; cehf- • V, 

stake in. Gibbs Nathaniel and tfi*-- 
38.32 per cent holding in Gibbs • ' <• < 

Nathaniel' (Canada) for- £L9tn;., H^yi- 
Ral.ll has also acquired • • the I". : - ’ AMetr ■ t ■" r :~-: • jj*'-. 

remainder ef the shares in (SbW^SSSStfiBESS^ - “ “ 

Nathaniel. ; 

In. addition Mr. H. Nathaniel,: ‘.ZM 

executive chairman of the Gibbs - V other sbcrJ. 




‘‘-TV* 


r! 

C5-;* 


Nty 


the IS months to the* end of .next Nathaniel, group, has bouRht-4 he v - H 

vair id tn w-iIsm CQ7K flAn jIQ noe Anwt ‘ 4 


year is forecast to make £375.000. $9 .per Cent stakes to^pStanJiir : 


Net tangible asset* in September 
were £462.000. 

Turnover rose slightly in the 
six months to Sentember from 
f 1.99m to £2. 12m. but at the pre- . 
tax level there was a loss nf 
£70.000. compared with a £12.000 
profit at the comparable. date last 
year. Again there is no dividend. 


and Comak previously heftFby 
Antony Gibbs. ~ 


KINSMEAD HOTEL 
Management Agency and Music 



.jfltfW’ 


--".r’zs; c.tt: m— - ^ 





9 'M, 


THE POUND SPOT 


FORWARD AGAINST £ 


Tbe dollar gained' ground in 
■->s nervous trading yesterday. 

Trading baa tended wind Anno 1 

t o war ds the . .end of -the year. • 
?: while doubt* ■ about -.-'the future 
. . : ‘v ^'^trena in currency ; movements 
.j-' : sr> :: si, owl n Kurile. -OPEG 1 oil price 

•v 4 ,>3h >>11# *bA nemwere about the. 
' •->- •- a. Si'-- start of the European Monetary 

7 -. ^ vVL Sysiem, has brought; trading to. 
." ^ a .low level. . This may have 

••'■ ?• , " ^ • encouraged one or two centra! 

’ ,-? 5 ° ^ .Wbanks to ok rth opportimity to 
wt push up &e 'dollar, while there 
'; r was no pressure to the market. 
-.*> • The U.S. currency began • tnfe 
, ■•• v 1 * y‘ ' ing fairly steadily, but then rose 
tJ sharply to the rooming for no 


I'H'i • 

1 w'le. • 


I in.-. SI , tan- ' 

■ ♦ I 


Him- jh'-jjUi - [i n. Tlifti li« “ j«. 


- T^^r; 


| I HIU.tlHU S I W-*. 

< *<" | (I, 

UniKUii K | 8 | 
I Daat-.li K ■ 8 i 


1.8880-3.0 1 tO 2-0000 2.D020 
2,5580 2.HS0 2.S8S0 2.SM0 


jDAfi^67fl. \ .compared with 
l; ."L HuT DM 1-8410 previously. The dollar 
fr-' 1 jv improved to SwFr i.6S3Qln toms 


: • if? ? 

- •*' - 

: •? ..v^wv 


'SootmfAaritaGftataKj 


••V&a- 

.\l 


■1UBPIBSBH 


ex Pec| 

Profits! 



.- . ‘ k ^ i fr <jf ; the- Swiss - franc, : a nd dosed 
' ^ •& of : the /Swiss ■ franc, and closed 


... l r *t'SwFr ‘1:8570, eoro pared with 
SwFr 1:84125 on Wednesday. 

• 'a c-t The best level touched against 


. «&&_■ The best level touched against 

• " ‘ : -■ '4. ,tfie '^pahese yen . was Y195.80, 
- i 1 ^ ^ md; the; doDar' closed at Y1M.75, 

*: ^^'COiKpitad. ..with Y 194.25 pre- 

— V* 1 *- 

■■ C ’‘ >&• -thi- Morgan. Guaranty figures, 
. - tit kf ItodbEar’s trad Mvelgh ted depre- 
. ? v,i ^ ciatlDir-jianwed .to 9-3 per cent 
-k : ftom ms ■ par. cent. - . ' 

i<fk Staling'? trade-weighted index, 
-■ ' "•• ni-; sis calculated by the Bank of 
" • ^|i 'England, was unchanged at 63.3, 
^ilJjiftar^i&naipgrat .$32 at noon, 
•f* and£3#Tiv the‘ mornnig- 
" v Jj? : ~ The .pound opened at $2.0100- 

2,0128,- and touched a high point 
: - v-Vl of S2U12O3D140. before falling 
" - sharply tp 515860-15880 in the 

jr -mar nmg, as the doHar rose is 
general. It traded between $1.99 
* -J- 1 and $250 for the rest of the day. 


1 and closed ar $ 2 .(JtHKJJ> 0 Zb,'filall 
"Of 1 cent on the day*; ; v-.s •; . 

- NEW YQSKr-ln 

trading the dollar drifted down, 
« with small transactions having a 
disproportionate effect os. rates. 
The small amount of .bu sin es s 
mostly, reflected end of year took 
squaring operations., ~ 

PARIS— The dollar lost greund 
In late trading; after a subsUn- 
thU improvement in. the momicg. 
Business .was very thin and ner- 
vous on news that OPEC^may 

- increase oil prices by zsoiw than 
14J> per cent for the next -year 
if ’.the dollar's weakness ..con 1 - 
tianes. The U-S. currency 
finished PFr 45850 against ~the 
Frencfi franc, compared with a 
fixing level of FPr 4.2765,: but 
this, was much firmer- -:than 
Wednesday's fixing level' ;of 
FFV 45020. The D-mark ro»'to 
FFr 25967 from FFr 25930. on 
■Wednesday, while . the ;‘Smss 

.franc finished at FFr 25716, 
compared with FFr 2.573CT 

FRANRFUEtT -^ The Bundes- 
. bank did no! intervene at yester- 
day's fixing, for the first 4nme 
this week. During the previous 
three day's fixing the West 
German authorities ; bought 
S132.Sm. Trading was -qalcl 
throughout the fixing, the 
dollar gaining on Interest- rate 
factors, following the rise of i 
per cent to 11} per .cent in 
Chemical Bank's prime rate on 
Wednesday, which is expected to 
spread to other banks. The fly- 
. ing level for the dollar . was 
DM 1.8615 against -the Deutsche 
Mark, compared with D1S 7 L8S43 
previously. There was no sign 
of early market interventiba by 
central banks yesterday -but the 
rise in Germany money supply 
at an annualised rate of 175 per 
cent in the past six months, was 
seen as the result of the Bundes- 
bank's support for the /dollar, 
and came as little surprise. 

In late Frankfurt trading the 
Uj>. currency tended to lose 
ground, as dealing -Spreads 
widened ahead of the Cbnstjinas 
holiday. Business was. very 
quiet towards the close, with the 
dollar quoted at DM1.S570. - 

TOKYO — The dollar rose tn 
Y194B5 against the yen from 
Y19350 on Wednesday. ' This 
followed a general firming of £&e 
dollar earlier in New York, When 
it closed at Y19450, against 
Y193.Q5 overnight. The opening 
level of the U.S. curroicy in 
Japan was Y193B0. _■ 


J» -Murk j S | 
I'nn . Kr. • IB ' 
Sjwu. Pub. B I 
I0«b' 

' Nrnpi. K. 7 . 
I frwwh Fr. del 
J HRiHlinUKr, 6 'b 

I Ven 61 ] 

AiwiaSch. 4ig 
tfwias Fr. t 


8J7-4.M 4.81: 4.DS: 

68.teU.e8 68.70-U.B5i 

18.27- 10.18 . 18.68- 10. SB 
S.Bflj I.7Sj ' 6.71-6.72 

a I. mi -95.00 I Bite H2.EV 
140.70- 14 U«, 141. 20 141 66 
1.878-1.682 1.EM-1.B82 

10. H 10.21 I 10.19 10.31 


8. -17 -8-64 
B.868.72 
884-684 


162-8.64 
6.884 - 8 . 1 1 & 
38B-69I 


!7 .06-27.60 j 27.28-27.60 
8.28-8.664 6.61-6.62 


8.17 8 ni.'.inu 
D.ED 8 SOr.piii 

II- i-.imi 
16 6 ,-.(iiii . 

l^ ii »ri ili« . 
3. 5: pi pm 
8U- 1U6 
|4ir-7S •-.ill* 
2-4 lire -lu 
z;-i 

5U-2Ui.-.i>iii 
! j-i utv pm 
4.40-4.00,1 pin 
17.7n*»ji*n 

41a-Ji 9 r. iwnl 


0.72 0 47 8.i7i-.pm 
2.79 l.Ji-1 
2 23 <i.- 3i-i . pi.. 
2.04 60 6d..pi>i . 

-2.S9 .u. .::i 

9. SB 3-8 (-1 {.in 
10 71'ISO fiTU <-.,!» - 
a. 19 IbO-MiD rt,. - 

-2.14 ?-K) lire ills - 
1.47 *i 2i .<n- j-iu 
3.87 3 6 pm 
2.41 6J-41 iirppin 1 
12.92 I i.46-10.80ypn> 
5.26 .47-67 gm pin . 
13.12 Uli-ajf. ptu | 


Belgian rais is lot canvcftiblo Irenes. 
rinencisJ franc S9. BO- 53. 90. 


Sia-month forward dollar 1.9S-2.0QC 
pm, 12-morrh ZOO-ZJOc pm. 


THE DOLLAR SPOT AND FORWARD 


Poc. 21 

Canadat 

Nuihlnd. 

Belgium 

Don mark 

W. Go r 

Porrugul 

Spain 

Italy 

Norway 

Franco 

Sweden 

Jap.in 

AliSlIlS 

Swiu. 


Dey'e 

spread 

84.4S-84.fi9 

1.9933-2.0175 

29.12-23.49 

5.1350-6.1900 

1.B42S-1.S610 

46.00-46.55 

70.25-70. B0 

830.75-802 00 

5.0630-5.1020 

4.21 BO-4.2725 

4.3220-0.3535 

194 40-195.40 

73.S1 -13.67 

1.6425-1.6620 


Cle ee O ne month 

84. 66-64. K> 0.03-0. 12c pm 
2.01S3-2.0175 0.43-0. 33c pm 
29.47-29.49 5-3 pm 

B.1BSO-S.170O 1.20-1.7Sorodis 
1^3630-1.86 s i 1.42-1 30pf pm 
40.30-46,55 40- 50c dis 

70.50-70 80 2fc-45c dis 

840.00-641.00 1.50-2. 50) ire die 
5.09EO-E.09SO 0. 75-0.25ons pm 
4.26-4.27 1.50-1 JOc pm 

4.3515-4 3535 1.Q5-O.B5oro pm 

194.60- 194.S0 2.05-1 .90y pm 

13.60- 13.63 5 5041.50 pro pm 

1.6570-1 6620 1.78-1. 71c pm 

t U.S cents por Canadian 


p-a- Three month a p.a. 

0~S7 0.21-0.24C pm 7.07 

2.08 1.62-1 .42c pm 2.05 

1.S1 13-ICc pm 2.44 

-3.13 3.60-4.10wDdis -3.12 
8.11 3. 97-3.91 pf pm £42 
-11.63 90- 160c dra -10.77 
-5.41 120.150c dls -7 £5 
-2-7? 5. 50- 6. SO 1 1 rod is -3.0l 
1 19 1.00-0. 50ora Pm 0.59 

3.10 3. SO- 3. 40c pm 2.06 

2.40 2.30-2. lOora pm 1.94 

10 M 5JO-5 10y pm 10.49 
4.04 17. 50-15. 50prapm 4 38 
11.62 4.90-4 S3c pm 11.83 


CURRENCY RATES CURRENCY MOVEMENTS 


December 20 


Canodtnn dollar . 
AuBiri.ni schilling . 
Belgian franc ... 


Deutsche Mark 


5wndish krona 


Spac iol 

European 




Drawing 

Ufl't Qi 

Docombar 21 

England Quaianty 

Rights 

Account 


Index changes*'. 

0.646412 0.679497 

Sterhni] . .. . 

63 26 

-40.S 

1 .30058 

1.36714 

1/ S. ilbffat ■ . 

83.60 

- 9.3 

1 .63885 

1.61926 

Cmadijn dollor 

79.39 

-TO.n 

17.4733 

18.3699 

Austrian schilling 

. 146.71 

+ 19.2 

37.7558 

39 6882 

Bolgiun Irene . . 

. 1)4.18 

+-15.0 

6.66222 

7.01254 

Danish kiono . 

. 117.91 

+ 7.1 

2.3E5E5 

2.60310 

Deutacho Mark . 

14C.86 

t 41 .7 

2.58620 

2.71925 

S wills franc 

. 196.19 

+ 85.0 

5.46504 

5.74532 


.. 124.59 

+ 20.6 

1077.86 

1134.22 

French l, u nc . . 

53.48 

- 53 

2S0.B82 

264 060 

Lire 

54.06 

-49.3 

6J51200 

G 87539 

Yen 

.. 148.32 

+46 8 

91.2266 

95 8420 

Based on trade weighted changes Irani 

5.59900 

5 83845 

Washington anrnamnnt Dctrsmbor. 1971 

2.12580 

2.234I& 

(Bank of England 

Index - 100 ) 



OTHER MARKETS 


i .NmIc iUien 


Irconl Inn Peru 

Au-rralJa Dollar.,.. 
I' in lari. I lUrltka.... 

I'nrll ('rurniru 

1 nrk llnu'lmui 

Di.fi'r JiiiDf; Uiilltr. 

lieu Ifinl 

Kuweit Dlmr(Kli) 
I jjxtralwnirc Frono 

\Th.Ih\ aia Duilar 

Vfir /.hiIbihI D<ill«r 
^bi»J I Arabia Rl^nl. 
■Slnmiotv DulUr... 
.“iinili African Itnmi 


• 1.979 1.983 i 
1 1.7420- 1.7470' 
i 7.9200-7.9500- 

40.34-41.34 ; 
73.139-73.799 ■ 
9.57009.6000 
148.85-1 52. B7 > 
| 0.543-0.553 } 

• 58.70-58.85 
,4.3660-4.3900 
1 1.8885-1.8896 

i 6.63-6.73 I 
4.5050-4.3400 I 
i 1.7174-1.7522' 


989.00 99!. 00 Ansi rle 

0.8703 0.8714 IMsmiiu 

3. 9 520- 3. 9 540 1 Dull nmrfc .. .. 

20.16-2D.B6 ;Pranr,i 

36.05-36.88 'llt-rmanv 

4.8010-4.8030 irali; 

74.39-76.40 Jsrin 

0.27 14 -0.2764. Vet iKTlmds.. 

29.36 29.41 '.\nmv 

2.JB4S-2.1855 , I'. J rtiiffU 

0.9403 0.9438 Siwui 

3.3 1 33-3. 36S3lKwiiirrlsiiri . 
2. 16 60-2.1 670 JJ nit «l Mhk 
0.8582-0.8757 Tu "usin' ib ... 


26-ii 273. 
59U-66I4 
10.50. 10.40 
8.45 8.60 
3.65 3.75 
J630 2680 
387 397 
3.95-4.05 
10.10-10.25 
91-97 

142 1]- 1451; 
3.25-3. 35 
1.9900-2.0100 
41-44 


Raia siwn far Am ulna Is free raie. 


PCdiANSg /QBQSS BATES . 

• '•■■Sefi. •*; - 1 Pound rtwiiogl O.s. Uolmr J ueui- enema n»| Jn[*ntM> Xrul nun ■. Fn*iu| *vm» fm.i. |iiuIi:ii um , 


■ 1 .UM I .tin I 1 mil u, .**• 11 I 


ZtondfitpUrig . i. 

tr^: D6H»r . ~ •- i 4 • a bo 


390.0! /. 8.530 

1S.4.9-.’ 4.263 


. Sminta JTiaiKi io' / 

;.firt»Tano 


-0.269 


U.5.0 .1 ' 2.296 

IQUU. ; j., AI.87; 


I 452.5 0.636 | 15-32 

4310. 6.062 < 150.7 


:i0B*elrOniW*r__ 

1,000 


i£naup 100 


0.586 1 '4 SB 
,1.406 ! 34.96 


1.402 1.706 

6.64D i 6.861 


1 . J 24.86 

4.023 •' • ICO. 


■SffitOrCURRENCY INTEREST RATES 


Ml **-? 1 







t. Minium.. 

■ l 

' 

Wuu tier man 





Storting . 

C.3. IMIpr 

■JoHor 

Uuu'ii l iur*H * 

rwlM^tanc 

Hark- 

Frein-li fnm- 

Ifriixn f.ini 

A-ioii S 

Jip«:i^e Y* ii 

■ iiviM* 



9V10 | 

“itt 

25*-8T a 

6v#-7Jj 

67* 7 1 * j 

S-9 



7 14-I4J*. 

10 I«- 10>2 

: 71-ai* 

flSt-lD . [ 

44-45# 

12-14 

}»;;-«* 

- 11 - .15 

18V 13 ’s 

1158-1178 

IOttUtV 

9&*-9T« 

“re -fit 


8ffc-9ia I 

14-15 

14.^24,! 

i ; , ! 

. " 13-lSJe 

i iie-i&t* 

iqvui. 

. 918-95* 

4-1* 


8i 8 -91, 

14i s -ldii 


li*“ 

23* 23>* 

lSia-lB6e 

-JUi 

8 : b -SH« 



B4-94 ; 

IS- 16 

72,t, 

2 »* 3.*o 

151*1311 

iiTs-iata 

1068-11 

84-31* 


37*4 

10 .04 ! 

15lj-16i; 

s.i 

o,;-3 


m2 into! 


B 0 toitowl/ifl nominal raw were quoted for London dollar certificates of deposit; -one month 11,55-11.65 per com; throe months 11.90-12 per cent; sut mou'hs 
£35. par cent; one year 11. 30-1 2.00. per c«n. . ' < . . 

igrterm Eurodollar, deposits; Two years 10VH*« per conn throe yeere UpsiW** per cenr. four years IO^-ICPi por cent: flvo years lOb-IO 5 ! per cent; 
I, doaGig .raws. 'Short-term rates are cell lor oierling, U.S. dollars end Canadian dollars; two-day cal for gulders end Swiss francs. Asian rains arc 
. fetwr. rt Singapore. ‘ ' 


INTERNATIONAL MONEY MARKET 


GOLD 




KS. interest fates firm 


ir^Vi/ Treasury bill. rates were firmer from 4. 
■■ , : - :]^f»terday v/ith IS-week bins- at month 
’■ ‘ mnt ' mrnmrrkl wfrh 4.254.3! 


_ ,V/;-y/fiL2&^'per ceut compared with 4.25-4.35 per cent 
- ,z* tr aad Wr cent" late on Wednesday. PARIS— Money Tnarket rates 

“• ; f \ana 26-week bllls at 9.62 per cent were easier throughout with call 

_ : ^Xruiirl 9.65- per cent.' Qaie year'- money at 8j per. cent compared 

-hills were also firmer at fi.frt per with 6 J per cent and one-month 
; V ''T-Vrenr , against 9.61 . .par cent numey at 6J-6} per cem against 
: ' _r Federal fond® were trading at SA-Sfi ner cent The three-month 


15-125 per cent Twelve- .10J-111 per cent and the one- 
money was unchanged at month rate fell to 10 - 10 } per cent 
5 per cent from lOj-203 per cent Three- 


Weaker 

trend 


RAWS— Money Tnarket rates month money remained at 10f- 
ere easier throughout with call .10$ per cent while the six-month 


money at 61 per cent compared rate rose from PJ-10 per cent tn 
with 6} per cent and one-month 10J-2O4 per cent. 


money at 61-6} per cem against , BRUSSELS — Deposit rates for 


-■ \ ;> i V.lQ per cent, little changed from 
-' ' : '>>'-fee prevfeus day although the 


6A-6H ner cent. The three-month the Belgian f rare (commercial) 


: fT J -ths prevfeiifi day although the 

•• ;• Fed has not intervened in early 

::i i ;jradh\B. ••••■: . . - ' 

‘ ’X/' FRANKFURT Interbank 

./ --aretes were slightfy easier where. 
. < changed, with call money : at 

r‘ : Vt : V.2.7-ZS Iter cent against 2.95^05 
per cent previously One -and 


rate fell from 6jj-6j| per cent to took on a firmer loc!: through- 


63-6} per, cent, with six-month out, ^vith quotations nn n rather 
money, easing to 8}-6S per cent : iride spread. Ooe-month deposits 


-■ tree-month ■- money , reinmned at 
• v^.-Al-AZ -per .cent, whileuie six- 

.nrnnlh riitn'MI in d 1-4 9 nar nont 


£ month rate fell fp. 41-4.2 per cen t 


from per cent 32-iuonth .-rtBe.to 101-10J per cent from 9J- 

money was quoted at 7-7} per. -K>- per cent and the three-month 
cent a gains t 7ie-7rfr per cenL _ -rate firmed from PJ-9J wr cem 
AMSTERDAM — Interbank ' .to per cent. Six-montli 

money market Tates were easier- ..deposits were quoted at SMO, 1 
tn the short end, although per cent against £3-9} per cent 
longer "term rates showed a and 12-month deposits rose to 
firmer tendency. Call money 8J-10} per cent from 8}-9 per 
eased to, lOj-11 per cent from cent 


Gold foil S2J to . close at 
S21S-213J. Trading begrn quietly, 
at S2l5i-2io'j. but the metal 
moved down sharply m a pro- 
loogeU morning fixing lu 8212.25. 
It touched a low point of 
3^10^-2111, but rose to C2i2.eo at 
the afternoon fixing. 

in Paris tiie LM kifo gold bar 
was fixed at FFr 29.700 per !;ilo 
($ 216.00 per ounce) in after- 
noon, compared v.-ith FFr 29,400 


lAv. ji I'cr. Dj 


UK MONEY MARKET 


U,4il Rnllli.n In nnir' 

ou uni i 

fJtAr 

Opening... 

ilpnuOR fixilio; .. ■■ 


Afternoon fixing . .. 


■ 1'] 
if'! - rl 


S^li# 


Full credit supply 


Cold Coins... 

ilomebtlMU)' 

Krufitmuiif 


5213-! IBi 
S216A21&1 
9213125 
■i'iflE.572i 

-'aizsu 
rl‘ 106.220) 


52151-216 
S219 -!:o 
^I3.7i 
it. 137.^21 

iC 101.56 IS 


" -'Rank- of England yin inborn 
• 'Lenfitssg Rate, 13} per cent 
"-(since; November s, 1978) 




Bay. to dai’ credit was in good 
-.supply; -in the .London, money 
.. marlrer yesterday, and the, 
authorities intervened to soak up 
' the surplus by selling an excep- 
tionally. . ; large . amezint of 
, Treasum' bills-: botii diiwetly to 
the • discount houses- and to 
banks. :. Discount houses were 
paying llf-ll} per cent for 
secured caO... loans -at the start, 


with ■ closing balances taken, 
between 6 per cent' and S per 
. cent. ' Factors - affecting the 
market appeared.aB on one side, 
with . banks bringing forward: 
balances, a modest way above, 
target as well as a moderate 
decrease in the note circulation. ' 

There was also a very large 
excess- ^of Government disburse- 
ments (including Rate Support 
Grant) over revenue transfers to 
the Exchequer. 

In. the interbank market over- 
night loans opened at 11 - 11 } per ' 


cent and eased on the forecast 
. to 10-10} per cent Rates then 
poached 10^101 per cent before 
falling, away U> 4-5 per cent 
during the afternoon. However 
last -minute money proved to be 
sdmewhat more expensive at 10 
-per cent- Longer term rates 
'tended to remain firm, reflecting 
the upward trend in U.S. interest 
rates after last week's OPEC oil 
price rises. - 


New Suvcreffins 

Old Sorerefipis. 


Qnlri Cniroi. 

fuuniatipnallj ... 

Kmiiwnnil 


S225J-22W 
.icna-ini 
*62-54 
.2611-324) 
SfitM «iS 
i£im-5U) 


6225-230 

(£■151-114: 

P84-W 

(£6i;-6Cj) 

SSli-fiJ; 

lOii-alli 


Xew SnveralRoa .... 
Old Sovereign* 


SSO Eoglea 

>10 

>1 KokIo* 


if21B-2Z0 
jifjM 1101 
5304-58* 
[•CUi-iCUi 
>Bl)4b2* 

■ lkOi-aW) 
iiso-aas 
Mts-ibd 

Ui id. he 


S222I-224? 

«£l iOi- 1 1 in 
S67*-ESi 
iCtii *-•.! 

ital - ..j‘ 
>£95-'-;( 

•> ibD-ltS 
Mil 116 


-'.Rates in the table below are 
nominal in some cases 


LONDON MONEY RATES 


Starting 
CerrtSeUa 
ua departs 


ntan|ria-„._J ' — 

8 diyB — 

7 *ipa — 

1 dspTJiPtiw • — ' . 

One tnonili^ 117S-J.1H 

T»n tnpnl ha.- IE A- IS J, 

jrtonUw—^; 

■Jifle monllu | 

OnnyAr.»...™| lalS^a 


- 1 - Lbcol , 

Tpfrhanb ( Authority 
- f ttouslti 

LookrADtb.- 
nMpAiable . 

Win n» 

Bouho 

Deposits 

Company 

Deportta. 

4-114; — 

j 11V114 

iOSt-lliai USb-18 
llrt-.Urtl 11)8-18 
124.12 nil — 

- ra,VIZ* 184:134 
124-184 2176-134 

-3Srsti>iv» 

• - - ! 12-184 

-12-124 

194-124 
124-124 
23- 12 ig 
124-124 
12^124 

32 

124 

124 

124 

123« 

124 

124 

104-H4-. 
!ll4 1 

124 

124 ; 
— , 


I JilipiliJu | 

‘ Bank ; FlneTniiJa 


($215.67) in the mornins. and 
FFr 29.450 ($217.99) Wednesda;. 
afternoon. 

In Frankfurr the 12J kilo tar 
was fixed at DM12.760 per kiln 
(S2132I1 Per ounrci. comnared 
with DM 12.330 ($217.27) 

previously. 


Hit 

11*. Ilf* 
HI* I 


U4*-iilF 

uti-ia 

la.', 

liii-is 


,r • t«ar Burtoriiy art fihanM ' houm aevwi days’ . notice, otkers sewon day£ Tiiod. ■. Long-iarm .lgcal auihorfty 
nwrtgaga nm nominally thrm. ^yuart 12V12 1 * per wnu tout years .12*«-12* pet cent five years 12 V 12 5 * per cent. 
0 8enk bill -ra tea- in -.table art buying rates lor prime p&pBt: Buying lor- lour-monrti bank bills 12 par cant; tour- 
month irada tulls' 12\" pta- cant. ... . . ... 

ApproxhiistB hallina ratea for eno-moeth Traoaury bills 11 V per -cant^ano two-mbr»h 11V par cant; three month 
‘11*h. "per'. cant;' ApproxiniatB^eeni'iM Tetfl far onC'inonth bank. bill? IMi-li^o percent: two-month 11 **»-l1 , f par cont; 

antf tfuw-mondut tlTpar aanf; orte-rtontb .pads Wifa. 12 1 * par’ cant; j wo -month m ptr. rani; and also thraa-month 

P^ 2 * 1 FfnenS^iiaimin Ra« {published to the Finsrtca A* BCCiationVIlVper cent from December 1, 1978. 

Cleortng Bank; Deposit RUit for imsll sums at **voi> days’ nbtle* 70 iw cent.- awnnB Bank Base Rates lor landing 
TPx.par.Ctnti'. Truamv; Bflbi: Ayungo lender, raiea. of diseoM>« 11.576S por.caht. .... 


RSOIEY RATES 

NEW YORk 

Prime Rote 

Fed Funds 

Treasury Bill • ,'13- week) 
Treasury Bills (26-week) 
GERMANY 

Discount Rato 

Overnight 

One month 

Three months . . 

Six months 

FRANCE 

Discount Rat? 

Ovoreight 

One month . 

Three months 

Six months 

JAPAN 

Diaeounr Rate 

Cell (Unconditional) . .. 
Bills 'Discount Rate 


11.&-11.75 

10.0 

32J 

9.62 


‘v ’ • ?• v". ' • . •' s’- 

S-* ->> - --a fc 5srrr-"— -r - . 




THIS AW\'0UMCEi’ 4EM APPEARS ASA MATTER Df HECQRD ONLY 


SVENSKA PETROLEUM AB 


U.S. $100,000, 000 
MEDIUM TERM LOAN FACILITY 


GUARANTEED BY 

THE KINGDOM OF SWEDEN 

[THROUGH THE SWEDISH NATIONAL DEBT OFFICE! 


MANAGED'AND PROVIDED BY 


THE CHASE MANHATTAN BANK. N.A. 


PKBANKEN 


BANKERS TRUST COMPANY 
CHEMICAL BANK 


SKANDINAVISKA ENSKILDA BANKEN 
SVENSKA HANDELSBANKEN 


THE NORWEGIAN BANKING GROUP FOR PETROLEUM FINANCING 


ANDRESENS BANK INTERNATIONAL S.A. 

BERGEN BANK INTERNATIONAL S.A. 
CHRISTIANIA BANK OG KREDITKASSE INTERNATIONAL S.A. 
OEN NORSKE CREDITBANK (LUXEMBOURG) S.A. 
FORRETNINGSBANKEN A/S 
UNION BANK OF NORWAY LTD. 


ESCROW AGENT 

PKBANKEN 


CO-ORDINATED BY 

CHASE MANHATTAN LIMITED 


• SEPTEMBER 1 97B 



The Sumitomo Bank's profitability showed an upward trend in aii major 
areas' of the bank's activities for the fiscal t'erm ending September 30, 1978. 


Business increases 

Stockholders’ equity rose to V3J? 7. 7 
billion (U.S.SI.783 million), and a 
per-share dividend of V2.S (10 percent 
per annum) was declared to the bank’s 
stockholders. Deposits for the term 
were up 4.4 percent, reaching ¥S.547 
billion (U.S.S45,I27 million). Loans 
rose to ¥6,832 billion (U.S.S36.074 


million), up 3.1 percent, and securities 
held increased to ¥1.611 billion 
(LLS.SS.508 million). 


Representative Office was opened on 
September 6. 1^78. 

Outlook for 1979 


International activities 

The ban k .conducted brisk activities 
abroad. Throughout the term, the 
bank emphasized management effi- 
ciency and employee productivity at 
all of its offices overseas. The Seoul 


T7ie severe business environment is 
expected io continue well into 1979. 
The Sumitomo Bank will meet the 
challenges of the next fiscal term, 
utilizing its resources and experience 
to work on behalf of stockholders and 
customers. 


The Sumitomo Bank Limited Condensed Balance Sheet 


l As of Sept. 30, 197S) 


Cash and Due from Banks 

Cali Loans 

Securities 

Loans and Bills Discounted 

Foreign Exchanges 

Domestic Exchange Settlement a/c. Dr 

Bank Premises and Real Estates 

Other Assets 

Customers’ Liabilities for Acceptances and Guarantees 

Total 


In thousands 
of Yen 

1,320,727.169 
76,705,772 
1,61 1,375.973 
6,832,336.305 
464,344.793 
180.555.213 
129,708.154 
56,244.103 
1.06-8,163.013 
11,740.100.495 


In thousands 
of U.S. Dollars 
6,973,216 
404.994 
8,507.793 
36,073.581 
2.451.602 
°53.301 
oS4.S3 7 
2 9o.0ft0 
5.639.720 


hi .986.064 


Deposits 

Call Money 

Borrowed Money 

Foreign Exchanges 

Domestic Exchange Settlement a/c. 

Accrued Expenses 

Unearned Income 

Other Liabilities 

Reserve for Possible Loan Losses . . 
Reserve for Retirement Allowances 

Other Reserves 

Acceptances and Guarantees 

Capital (Paid-up) 

Legal Reserves 


Other Surplus . . . 
Ifadivided Profit . 


Total 


In tlKuisjnds 

111 thnU'.jIliU 

of Yen 

ol l 1 . IS. FMbrs 

8,54 7 . 074 .P 5 2 

45 . 127.1 10 

365 , 588.472 

1 . 030.245 

742 . 774 . 22 d 

3 . c > 2 1.722 

106 . 825.007 

564.023 

1 65 . 220.243 

872.335 

148 . 554.165 

784.341 

• 42 , 673,591 

225.309 

42 . 2 1 8,543 

222.909 

91 , 662.454 

4 S 3 ,% 2 . 

51 , 749,658 

273.229 

25 , 397.155 

1 34,093 

1 , 068 . 163.013 

S. 63 Q .720 

89 , 100.000 

470.433 

. 20 , 644.503 

10 S .999 

213 , 010.000 

1 , 124.657 

19 . 503.913 

102.977 

1 1 . 740 , 160.495 

6 1 . 986.064 


(U.S.SI=Y189.40 as of Sept. 29, 1978) 


♦ Sumitomo Bank 


London, Dusseldorf, Brussels, Vienna, 

New York, Chicago, San Francisco. Seattle. Houston, Hong Kong. Singapore, Jakarta, Seoul, 
Sydney, Mexico City, Beirut, Tehran, Cairo 





16 


Companies and Markets 


INTERNATIONAL COMPANIES and FINANCE 


... : -s. V-IV;. •. 


jrafiancial fariesi^ 




NORTH AMERICAN NEWS 


EUROBONDS 


AT&T 
profits 
attacked as 


Occidental Petroleum 
drops $lbn Mead bid 


Flexible 
DM loan 
calendar 


excessive 


BY DAVID LASCELLE5 


By John Evans 


By Our Own Correspondent 


NEW YORK — Just after 
American Telephone and Tele- 
graph announced an 1S.3 per 
cent rise in earnings for the 
third quarter. its largest 
customer, the U.S. Government 
with over a million phones, has 
complained that its phone bill 
was to high. 

The General Services Adminis- 
tration. which handles the Gov- 
ernment's business affairs, as- 
nuw asked the Federal Com- 
munications Commission to 
investigate AT & T's profits, 
claiming that they are excessive 
and should be cut. 

The GSA says that the FCC's 
profitability ceiling of 9.5-10 per 
cent should be reduced to 9 per 
cent so as to cut telephone costs 
for the entire country. 

AT & T acknowledges that its 
rate of return will probably be 
over 10 per cent this year. But 
it claims this is due to increased 
productivity, and it says that, 
if anything, profitability ceilings 
should be raised. 


NEW YORK— fn one of the 
most dramatic turn rounds of the 
U.S. bids and deals scene for 
for some time. Occidental 
Petroleum has backed out of 
its four-month battle for. control 
of Mead Corporation, the Ohio 
forestry products company. The 
end of this takeover attempt, 
valued at nearly $lbn and 
among the largest this year, 
places a big question mark over 
Occidental’s corporate strategy. 
Mead, though now victorious, 
may not have come through un- 
scathed either. 

. Occidental's admission of 
defeat came in a terse state- 
ment from its Los Angeles head- 
quarters. It blamed “ the 
ferocity of the Mead manage- 
ment opposition " and said this 
made it unlikely that Mead 
executives would co-operate 


even if the merger were to go 
through. And in a bitter final 
comment on the episode. 
Occidental remarked .on the 
drain on time and money repre- 
sented by the “corps of lawyers” 
involved in the legal wrangling. 

Occidental's bid. announced in 
August, was aimed at exploiting 
the company's high cash flow 
from oil operations in the North 
Sea and elsewhere to gain a 
foothold in new resource areas 
through acquisition. Mead was 
chosen for its rich forestry 
assets, and Its long-term poten- 
tial which would balance out 
Occidental’s wasting oil assets. 

But the bid encountered 
immediate and tough opposition 
from Mead. The management 
mounted a barrage 'of defences, 
ranging from anti-trust to the 
sheer inadequacy of Occidental's 


offer.' Mead was later joined 
by the Justice Department which 
objected on grounds on anti- 
trust and the possibility that 
Occidental could transform 
Mead into a dominant force in 
the paper market 

The latest development in the 
battle was an order from an 
Ohio judge barring Occidental 
from pursuing theh offer until 
the end of this month so as to 
give the court time to study all 
thhe issues raised by Mead and 
the Justice Department. But this 
could well have been thhe last 
straw for Occidental. 

The failure of the bid could 
now cost some high Occidental 
executives their jobs, analysts 
believe. But whoever is made 
the scapegoat, Occidental's cre- 
dibility as a takeover bidder has 
taken a hard knock. 


Dictaphone agrees terms 


BY OUR OWN CORRESPONDENT 


Bendix credit 


Rpndix Corporation has made 
new revolving credit and term 
/nan arrangements totalling 
SlfjOm through several banks 
and has also completed a $50 m 
private placement -borrowing, 
reports Reuter from Southfield. 


NEW YORK — Pitncy-Bowcs 
and Dictaphone, the two big 
names in office equipment, con- 
firmed that they are to merge. 
In a S12orn deal which had been 
revealed last week that it had 
been approached by a then 
unidentified suitor. Dictaphone 
will be absorbed into a wholly- 
owned subsidiary of Pitney- 
Bowes. 


Terms of the deal are roughly 
the same as those announced 
earlier. Pitney Bowes will make 
a tender offer of $28 in cash 
or up to 2ra of Dictaphones 
4.3m shares. It will acquire the 
rest through a new issue of 
convertible preferred stock with 
a stated value of $28. The main 
improvement negotiated by 
Dictaphone seems to be an 
increase in the dividend carried' 


to 


by these shares, from $2 

$ 2 . 12 . 

Now that the boards of both 
companies have agreed terras, 
final approval is dependent on 
definitive agreements and the 
shareholders' go-ahead. 

The new combined company 
would have annual sales in the 
region of $lbn, it is estimated, 
making it a leader in the office 
equipment field. 


INTERNATIONAL CAPITAL MARKETS 


Iran turmoil prompts precautionary moves 


BY CUR EUROMARKETS STAFF 


LaTER NATIONAL BANKS with 
large loans extended in Iran 
have started to t3ke the first 
precautionary steps to protect 
themselves against any further 
deterioration in the country'. 

At least one bank has begun 
a process, ip connection with a 
SlOOm syndicated loan, which 
could potentially empower it. 
along with other participating 
banks, to call for immediate 
repayment. 

The growing political in- 
stability in Iran, which has 
disrupted both the Iranian 
Central Bank (Bank Markazi) 
and the domestic banking 
system, has caused widespread 
concern in the international 
banking community. 

It is clear that Iran, one of 
the most regular of the borrow- 
ing nations in OPEC on the 
medium-term Eurocurrency mar- 


kets, would have little success 
in attempting to raise new 
finance at the moment. 

In the main, however, most 
banks participating in existing 
Iranian Eurocurrency loans are 
reporting a surprisingly high 
degree of reliability by the bor- 
rowers in meeting due interest 
and principal repayments, des- 
pite the banking disruption in 
Tehran. 

One London banker said 
“ most oF the obvious 
characteristics of default, such 
as delays in payment or the 
failure to make regular reports, 
are generally not occurring with 
Iranian loans.” 

In addition, several banks in 
the past few days have allowed 
a private sector Iranian com- 
pany to start drawing on a Euro- 
credit arranged earlier in the 
year. This, one bank pointed 
out, illustrated that confidence 


was still being displayed in the 
resilience of the Iranian 
economy. 

A few banks are said to have 
encountered slight delays on 
payments, and are watching 
carefully to see if the volume 
of missed payments starts to 
build up to worrying levels. 

Chase Manhattan, the agent 
bank for a $100m syndicated 
loan to Iran, has advised bank- 
ing members of the syndicate 
group to consider an “adverse 
material change” clause con- 
tained in the loan agreement. 

As the agent Chase is ensur- 
ing that all syndicate members 
are fully aware of their rights 
under tbe loan agreement. 

The clause itself would 
empower banks in tbe syndicate 
to call for immediate repayment 
of the loan, although it is 
stressed that this is unlikely to 
happen. 


In response to a telex by 
Chase, most syndicate members 
have apparently replied with 
answers showing little im- 
mediate concern. 

Repayments of principal and 
interest on the loan, -made two 
years ago to the semi -State 
Industrial Credit Bank of Iran, 
are being made on schedule. 

The “ adverse material 
change ” clause — inserted in 
loan agreements in sections 
covering events of default — 
refers to new political, economic 
social or financial conditions in 
a country which could have a 
serious impact on tbe borrower, 
to the extent that the loan 
could be jeopardised. 

The loan can be called for 
default, if the majority of the 
banks involved in the credit 
decide that such events place a 
serious question mark over the 
transaction. 


These securities having been sold, this advertisement appears as a matter of record only 



EUROPEAN INVESTMENT BANK 


AS 400,000,000 

Austrian Schilling Bearer Bonds 1978/86 


Creditanstait-Bankverein 


Girozentrale und Bank 
der osterreichischen Sparkassen 


Osterreichische Landerbank 

Aktiengesellschaft 


Aktiengesellschaft 


Bank fur Arbeit und Wirtschaft 

Aktiengesellschaft 


Bank fur Karnten 
Aktiengesellschaft 


Bank fiir Oberosterreich 
und Salzburg 

DIE ERSTE ’ 

osterreichische Spar-Casse 
Osterreichische Postsparkasse 


Bank fur Tirol und Vorarlberg 

Aktiengesellschaft 


Genossenschaftliche Zentraibank 

Aktiengesellschaft 


Osterreichische Volksbanken- 

Aktiengesellschaft 


Osterreichisches Credit-1 nstitut, 

Aktiengesellschaft 


Schoeiler & Co. 


Zentralsparkasse der Gemeinde Wien 


Abu Dhabi Investment Company 


European Banking Company 
Limited 


Banque Bruxelles Lambert S.A. 
Kredietbank S.A. Luxembourgeoise 


Swiss Bank Corporation (Overseas) 

Limited 



The big German commer- 
cial banks have set a flexible 
Deutschemark foreign loan 
calendar for January under 
which maximum total of 
approximately DM 1.11m of 
issues will be launched. 

Last . month’s calendar of 
DM 1.2b n proved difficult for 
the German bond market to 
absorb, and four issues were 
subsequently cancelled. 

According to unofficial Indi- 
cations after the mid-week 
meeting of the Central 
Capital Market sub-committee 
In Frankfurt, nine Issues- will 
be scheduled in January.- 

In addition, a DM 100m 
bond is . earmarked for a 
supranational organisation, 
which does not have to be 
cleared by the sub-committee. 

However, depending on 
conditions in the foreign 
DM market next month, the 
size of the calendar can be 
reduced to as little as 
DM 850m. German bankers 
reported. 

For instance, Westdeirtsche 
Landesbank is said to be 
scheduling up to DM. 390m of 
issues, but with licence to 
reduce this figure to DM 340m. 

The calendar provides for 
DM 220m of is uses from 
D res drier Bank. Commerz- 
bank with DM 100m. Deutsche 
Bank with between DM 250m 
and DM 350m, and Deutsche 
G enossenschaf ts Bank has a 
DM 40m private placement. 

Prices in the Deutsche 
Mark Eurobond sector were 
little moved in dnll pre- 
Christmas trading yesterday. 
The DM 150m 10-year bond for 
Norges Kommnnalbank has 
been priced at 99. with a 6} 
per cent conpon. according to 
manager Westdeutsehe 
Landesbank. 

Trading in tbe Enrod.ollar 
bond market remained light, 
with most prices little 
changed. The dollar rallied 
slightly and short-term Euro- 
dollar Interest rates, after 
after nearing 13 per cent at 
one stage. subsequently 
moved lower. 

Some support was encoun- 
tered for floating rate notes, 
with the SlOOm Bank fner 
Gemeinwirscbaft issue quoted 
at 971 to 981, up nearly 
S. G. Warburg, manager of 
tbe new ECSC $50m issue, 
lowered its bid again to 96 
yesterday from 96$ on Wed- 
nesday, according to dealers. 
• British Gas this week began 
its programme of commercial- 
paper sales in tbe U.S. By 
mid-week, the state under- 
taking had placed about Slim 
of its paper with investors. 
The placements were mainly 
concentrated in 30-day matur- 
ities, where prime-rated A-l 
and P-1 paper (the rating 
awarded to British Gas) cur- 
rently commands around 10$ 
per cenL 

As known, British Gas has 
set up a $250m Eurodollar 
standby facility to back up an 
equivalent amount of commer- 
cial paper operations, which 
are being handled by Goldman 
Sachs. 




.V-Y 


BY RUPERT CORNWALL ; -• V- fcU [- ... 

ROME— Istifuto per la Rko- strurturing existing ^uplTmm- concentrating o'tt.stetg^r higji j r “ ' 






. Vrvrjrv iiiCUl — ; - . uinuiusiH- •««. 

iWStaiJ?4a2 ' schemes, concentrated, mg^jintd /greaV.detail- 

and 19S1 totalling ^ the telecomm^ca3a<^ j|h^^ 


programme which was 5iott of ^ ' 

set out in a document from 0n *** Ll$,000fra :;op.-; t£e : . nnd^ciwta£satiqn. pf ~ 

ItivvTlareest industrial sroun in 1977, HU reported an .Overall 
to the loss of L722bn ($800m). Modest 

siot^Ieal^^ththl sStiTSS profits generated by the bank- ; ^^fiaTO40:-pro^d^.^nn- e 


tor. is based on the matot^ “g and service interests of &e of. . ... 

farce at' group were totally eclipsed by - 

1 — ,4 - *1- flp/f fAlr +K. -ff ’ 


a : 


nance of the IRI workforce at « 

about its present level of 520JKKI-. heavy losses m its steel . r • i . Tr ..T-- s .-, 7rT . - 

and tbe return of the group -to -automobile divisions, _ tls&fa lelepbque. tariffs 'dragged 

financial balance at the end of The document stated that-lRT by^^sabsidiarj- SB?. that com- 
the period. . - hopes to.. meet its goal, of get-; panyxwi^ijnot 

Of 
lent 
13 per 


~shte"to "cover 1 



Profits slump at Thyssen 

unit despite sales rise 


BY ADRIAN DICKS 


DUSSELDORF — Thyssen; European Co m munity were 1 now 
EdelstahL the special steels, “buying” business, tt- only to 
subsidiary of the Thyssen .help cover fixed -costs. . Private 
group, has announced a drop. in." -companies in the special. 1 steels 
after tax profits from DM 38m -field could no more withstand 
in 1976-77 to only DM 500.000- subsidised competition from 
f 8272,000) for the 1977-73 bosfc \ statoowned groujK thah mass, 
ness year to September 30. Heyr steel producers, ; Herr Gofedde.-] 
Alfons Goedde, the company’s - warned. • 
executive board spokesman, ^ • Herr Goedde "also pointed, oat 
said that *' this is not an ade- .that the motor-' industry, 
qoate result for us." ' although a major consumer of 

On a pre-tas basis, pyssen' ^l^ 

Edelstahls profits fell from 








ifp.m 

.of : i ; ■' 

Didret-Werke. West Germany’s i 
•lead^-WiMacturen of refrac- , 

'lory . bricky _ajid':flrc prooftog ^ •’ 


products^ ',v*;are“ -htgher ; thap 
expected- this year j - 
'profits -are tikels 1o*-be mate- | 


substitute lighter parts ." for 

j Lacmaai s uiums ibu umu , . .... 

! DM 66m to DM 35m : 

' while sales registered a 2 .per. ' s H ad iti P i rmL 

cent increase to DM 2.16bn- . Il ? p ? r !f 

per cent, although for some pro? 
•l!L *K I Si2S e -i5.C Suets the proportion, of impolts 

in the West Gennan maiketiis 


more in volume terms last year, 
but Herr Goedde stressed that- __ « 

ttt pr^ margm on all pro- ^ c " mt for the West Gennan 
ducts has suffered. , i j' special steels- industry as. a 
In particular, the volume of. whofe Herr Goedde said. bUfbe 
sales for hot and cold rolled : ^ ^ stressed that the quotation nf 
rust and beat resistant sheet prices in dollars ha d~ meant a 
steel products climbed by- 15.6 farther deterioration irf export 
per cent— the second year .of profitability. 


a 24 per: 


strong growth after 
cent rise in 1976-77.' ' 

Yet the company suffered,, in 
spite of a worldwide increase in 
demand for special steels, from 
considerable overcapacity and.a~ 
consequent pressure on prices; 


For tbe current year, Thyssen 
Edelsfbal is making no firnt pre- 
dictions. .in part because of the 
uncertain effects of .tbev steel 3 
industry dispute!- The: first two 
months of the new business year 
had, however, improved in/terms L 


so that some companies, in thd. of output, ordets and profits,,: ^ 


turnover .for f he parouf .aSheern 
for the first *10. month? of 'the 
yeftr 7 ; totalled/.: vDM' :. L48&m . 
■(‘5265.^m‘) > indfeittng-:ap.:aimiial 

totdL Of- almost- DM /Mttmv itSiiiir - 

- - 

: ; At;fhe',group:annuiri . ibeerfeL 

at the end of /hme . Dr. .Tidartm - 



adverse-- faSnfs-* nuifie * 

cult for -to’ reach Its 

tatfceisu-ia;.i9?iy: He?" cited Sie 


BY WILLIAM DULLFORCE 


German state loan 

The West German govern- 
ment is coming to the capital 
market for DM 1.7bn (5925m) 
writes our financial staff. The 
issue, the traditional New 
Year fanding from the Fed- 
eral Republic, will he in three 
tranches of six, eight and ten 
year bonds. The shorter 
maturity will raise DM lbn 
with the balance spread be- 
tween the eight and ten year 
offers. 


General Dynamics 


Marblehead Lime, a General 
Dynamics unit, said it plans a 
655m expansion programme 
that will make it the world's 
largest producer of time. The 
company is to spend $20m to 
add 350,000 tons annually to 
the capacity of its south 
Chicago plant and replaee 
140,000 tons of obsolete 
capacity. About $10m will be 
spent at tbe Thornton plant to 
raise its capacity by 250,000 
tons a year. 


STOCKHOLM— The Kockums 
shareholders yesterday accepted 
at an extraordinary general 
meeting the Skr 20m ($4. 5m) 
state offer for the stock of their 
company, but not without some 
criticism of the government 
from their chairman. Mr. Nils- 
Hugo Hallenborg. 

Parliament now has to 
approve — probably in March — 
the state purchase of the last 
major Swedish shipyard still in 
private hands. The state offer 
of Skr 7 a share compares with 
the Skr 50 nominal price of the 
shares and the Skr 10 to Skr 11 
at which they were trading when 
dealings were suspended' on the 
Stockholm Exchange on Novem- 
ber 6. 

Attempts to save Kockums 
were thwarted by the failure to 
find a buyer for the two LNG 
tankers it has been building on 
its own account at the Malmoe 
yard. The group had liabilities 
totalling Skr 5.4bn. of which the 
government had already guaran- 
teed credits amounting to 
Skr 3.4bn. About Skr 1.6bn of 
tbe debt is owed to foreign 
banks and credit institutions. 

Mr. Hallenborg told share- 
holders that the Board was 
recommending the state offer 
because the only alternative was 
bankruptcy but he criticised the 
way in which the government 
had handled the takeover 
negotiations. 

• Pripps, Sweden's largest 
brewery, will not after all offer 
its shares for private subscrip- 
tion on the Stockholm Stock 
Exchange. The Liberal minority 
government's proposal to sell 
9 per cent of the State’s 60 per 


cent holding in the bpewery 
group on the stock exchange - was 
unexpectedly-defeated on ~Wed-j 
nesday ‘ In Paxliamerjt,. ^ 3 r: a 
combination of; Social-Democrat - 
opposition votes and.:- -pro? J 
temperance.'. ; MFs ^ v V; 

The - parliamentary vote adSo 
means that Pripps’ other owner;. 
Beijerinvest, /wm hot he able/ 
to sell 15 per .cent orits shares 
in the hrewefy to its owh share?' 
holders. Instead BrygginvesL^ 
the State investment company 
set up hy the-new Act, will' buy 
the 15 per cent.' It will then, 
hold 75: per cent of fee Pripps 
stock,, leaving 25 per cent - m-j 
fee hands of Beijerinv«t ' 


in^-climae^exge^ve Crises' in . ’ 
HOit: l:wag&r ..costs//:, shlftir 'in | 
foreign texchange rate& signs > ' 
of .Tprotecti bmsin ano- a SO^per 
■eeht'-.increase: hi: taxes oh dis- 
tributed profits/ ; • ;;; : 
TA-di^.in’saies, ; froml976’s 
DM affim.hadheen unavoidable, I 
J ffe Mid, -adkhBg that 1978 wOnTd ! 
^beranother/dffiicnlt year; tVhfle j . - . 
he--was -optimistic- -about J the ! , 
cOnceriiV-long^er^ ' ; - 

was iy no-means ^sh-confident f 
. Sbaut; the -yearis- outepme. The- ; 

| j- 

whiher oh not'. 'the - company 
‘ would ^sueceed/ in maiirtaining 
ite!977' performance. T 
i TWtiti - the yeara turnover , 
figu tes forecast at i976 T s levels, * j 
de^ite the current . strike which k 
has^ciit produOtion at many of ' 

.^the; ' Federal Republic’s, most, 
important'" steeSplanf^pfufits 
k^e ^ectedrto remain at about 1 
Jast year's level of just over 
Dftf . llm ($6nr). -Tiros share- . 
hoWersr'caa .look-forward, to at- 
least ^iri^eat ' of last gear’s 
DM 4 per’ share dividend. . -; - - 
- The erreniar makes hb men- 
tidn of -4he Hkely dividend and, 
therefore, -it . remains ucclear 
Wbether holders csua ^»> expect . 

‘•a.- "repeat of 197Ts- DM l. per ■■ 
share bonus. ; r . " ' > ^ ' '• 


5*i1 

l i -i : 


CLIVE INVESTMENTS LIMITED 
1 Royal Exchange Ave, London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at December 19, 1976 (Base 100 on 14-1.77) 

Clive Fixed Interest Capital .129.92 

Clive Fixed Interest Income 114.50 


US $10,000,000 


Floating RateLondon-Dollar Negotiable 
Certificates of Deposit, due June, 1980 


The Sanwa Bank, 
Limited 

London 


& 


In accordance with the provisions of the Certificates, 
notice is hereby given that for the six months interest 
period from December 22nd, 1978 to June 22nd. 
1979, the Certificates will carry an Interest Rate of- 
1 2 per annum. The relevant interest payment date 
will be June 22nd. 1979. 


Credit Suisse First Boston Limited 
Agent Bank 





CREDIT COMMERCIAL DE FRANCE " 

U.S. $25,000,000 Frosting Rate 
Notes Due 1981 - 


Forthesix months ■ . ■ ■ r ■ T 

' 22nd December, 1 978 to22nd June, 1970 
the Notesrwjl F carry an - r ,j: - f *. . 

- interest^ ^rate of 

Listed on the l^^bobrg'StixdcExchaTiga. "r - 
By: Morgan Guaranty Trust Compaoy dfNewYork, London 
Agent Bank ' 


45 Cornhili: 6S24. 2 

Index Guide'as ^at Derewber 21,-1978 

Capital. Fixed. Interest Portfolio' 100.17' 

Income Fixed Interest Portfolio 100.38 


The Nr 




v- - •< 

iMii -u « c~ : : 


U.S. 

Guaranteed 


jyvyji 

Notes di>e 




For the six months 22hd 

In . accordance with- AeV provmbnr Vpfj ndie ; • l^dtei";TS^cer.2*, ; . - 
hereby given that the 

per cent and that tee jntw^^ V 

: payment ni»i inTo --- 

iiSS$4J7, 


’■■1 AA -i-i" 


- - The wu««ci-KB) na«aa-Bam(:« «.'l- -- 

.i-;- - ' 1C. . 

: '-'r * ‘ 

r ^ ..-A 








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re- 

3 












,..- r ^ -Becemlser 22 1978- 

I INTL. COMPANIES and FINANCE 



17 


Markets 


6 [ifALlAN^ BOURSE WATCHDOG 


Stale appointment proyokes catcalls 


#r RUPERT COftKVfcELL' r \ .'y-S--'] 

►X '.'l - HOME— A storm has broken picked only because of /BEs close 
v ^”~fout 1 ia - Italian fibaacwf itn* ties wife the entourage QjfvStE- 
political circles; ov%' the^. %£$ „***?**'' - **■■&** 
ppsed^ppofetu^t o£^ ©romp iJajso provides none loirpro- 
figjire ti'irtii tbe-’entertaln-. misinga curtain xaiser forjthe 

major . nominations ' .to/ giant 
public corpora dons like till ,apd 
ENT. .which are due : enydaiy ao w 
after months of intricate politi- 
cal nuneouveri ng.v -/ 7 ; 
rThes ' nominee:.:: / himself. 
! although ''no official -announce- although be was onec a" senior 
i ni«tt: Kas.yet been, made^ris Sig. executive : at ' the'v Genba-bgsed 
Bruno Fasti* vfcerpresiffwtst: of sugar- company of ‘Eridama, has 
-AssociazKrae Generate rJtnliana ‘^admitted; his lack of specialised 
Bello Spettacdo ^C ACTS) ahda knowledge and Sis. Ftilppo 


... .-„ -. s; » . - v worMt&fee^ Board of 

-:•>,?* T- v the Console the TOperviiwEy body 
-;n ? . f - : ’ -.1 ■*<?, . ' for the country's ailing ; stock 
'cS - ;«£change«L;::. 

-s. ■- ‘ ^ /- +/ -Tl^C^erxtae^ 

-or^. •<*«■?: raithoufib' no official announce- 


>sf'- 

■> 4;. 


L 


by 


* 


P* !'«n 

‘naint^; 


well known^ctnema; end theatre 

. which . blew, up 
Irorttficnatfely Rafter the leak of fee 
de&Biau Jo.Vffie Italian 'Press, 
'centres' on' fee lack - of any 
geniuine expert qualification for. 
the job on the part of Sig. Faad 
and allegations that ha -was - 


Font, head of the Italian _5tock- 
brokers Association, has publicly 
suggested that the choice is 
illegal, since the Consbb statntes 
stipulates that its members must 
have "specific and -proven 
experience'’ in the securities 
field. 

On the political front,' an 


even stronger onslaught has 
come from Sig. Urbano Alctti, 
a Christian Democrat senator 
and Milan Bourse president, and 
Sig. Giorgio Napoli ta no. a senior 
member of the Communist 
Party's central committee aud 
its top economics spokesman. 

In a letter to Sig. Andreotii, 
Sig. Aletti said his first reaction 
was to send a telegram consist- 
ing of the single word “ shame." 
But on reflection he considered 
that the nomination might he 
the final detonator of real 
change, to produce a worth- 
while and effective bourse 
agency. 

Sig. Napolitano declared yes- 
terday that the move “ smacked 
almost of misconduct ” and then 
added witberingly, “ I only hope 
that the expert in striptease can 
persuade companies to bare 
their own balance sheets a little 
more." He. flatly denied reports 


that the communists had been 
consulted over the choice. 

Consob— or “ Commissi one 
Nazionale per lc Societa c la 
Borso ” to give it its full tile — 
was set up In July 1975 amid 
hit*h hopes that It might develop 
into lady's equivalent of the 
U.S. Securities and Exchange 
Commission, and fee catalyst of 
a revival of the country's stock 
exchanges. 

Bui its record has been dis- 
appointing. Recent studies sug- 
gest that merely 2 per cent of 
savings find their way into 
quoted stocks and shares today 
against a figure of around 20 per 
cent in the 1960s. The market 
retains an unsavoury reputation 
for insider trading. Many major 
transactions are channelled out- 
side it, while company disclo- 
sure rules are far from strin- 
gent. 

In January, however, the 


Senate here is due to restart 
work on its proposals for an 
overhaul of stock exchange prac- 
tice, including increased 
powers- for Consob to give it 
sharper teeth. Experts from the 
Senate commission have made 
fact finding visits ro both the 
London Stock Exchange and the 
Paris bourse. 

Against this background, fee 
selection of. Sig. Pazri has been 
widely seen as fee last straw:, 
conclusive proof of official in- 
difference and of the insincerity 
of fee Government protestations 
feat it seriously means to try 
and reactivate the stock market. 

But Sig. Napolitano. whose 
party is also backing efforts to 
help the bourse function more 
effectively, yesterday served 
notice feat the communists may 
well raise fee whole affair when 
the senate considers the whole 
problem next month. 


'“ft 


Growth performance 
from Stinnes 


V 


l*. 




•r 


BY' JONATHAN CARR 
BONN -^ Stinnes, the 


.;. r " ».!*/■ ■ BONN -^ Stinnes. the West 
-trading, transport and 
• • • '..^services ••• enterprise,' has an- 
% i nouheedd: marked improvement 
i : ■ J‘ *$1 £:• in -turnover and -profits lor. this 
- ' r ■ ■'year: -, and. - a big reorganisation 

• t ?>*? lolf Wfl- This latter is neces- 
;;;. because of the deaf 

>- i - ; V; 1 - fti- jflhnoiihced in. June between 
1 - a: ; Yeba .in which Stinnes is a key 
.. subsidiary, and Deutsche BP. 

expects -its annual 
•'o *se.X' - tiinih^er.-. to... the end of 

• : ‘ '"December :to - fetal DM lO.Tbn 
'• . r '' :: «;!vN;C^Sbn) .pi;. .8 per cent more 
:.fe^a line 1977, with group profits 
- = /• £- r - * rising . . : by ■/ 14 per cent to 


Under fee Veba-BP deal, 
Stinnes loses to BP fee^Sfemes- 
Strom eyer Brennstoffhandef 
(fuels trading) organisatipn aiid 
the Stinnes-Fanal petrol, station 
chain. These two Together 
make up an annual turnover of 
about DAT 2.5 bn aiid 'employ 
about 2,500. 

However, in return Veba- is 
to receive, among other feings. 
DM 800m from BP. ' Stinnes 
clearly feels that- the necessary 
reorganisation combined with 
an injection of extra funds will 
enable it to expand- and. im- 
prove important remaining 
sectors of its activity. 

Its plans include a.straigthen- 
ing of its international fuels 
trading through Stinnes-Iriter- 
coal and Stinnes Imeroil, a 
rearrangement of its building 
materials business, establish- 

dU- 


‘risiiig - :by .14 per 
iStf '108m ($5Smy. Major 

wscfehl--c6ntTibuting to the im- 
• '/proved' je^dts included liquid 

J r .’files' tiratitng, .self-service stores, 

- ?■ *35.: • . Jtx^isport . ; and storage, and 

.. ‘ iV industrial- services activities in 

. ^ . the U4~ : ; V ' . — 

' 3i; V Coal /sales fell Rightly by meat of chemicals trading dU- 

' ^ ^ v i - but priee increases tribution centres In the U-S. 

^:- meant a jtise of 1S.6 per cent and an extension of its pres and 
"• , tn:.«aiek..va3fedi C The unusually minerals trade in North" .aud 

' ' ' - : ".cold waathfer meant bigger heat- South America. 

isEf j.' Stiff . Sales -and fee booming The Veba-BP deal has.- been 
* bons&untipa industry brought forbidden in its present /form 

■■■-■ -rr if. higher- vtfesadfer of building by fee Cartel office — andrthe 
: --: jT = r - ' maierialk But profits were down matter has now gone before fee 
'• in domestic-cheimcals trading \Ti*,i=+ ar - 


Economics Minister. 


Massey-Ferguson Australia 
returns its heaviest deficit 


BY JAMES FORTH 

SYDNEY — Massey-Ferguson 
Holdings (Australia), fee local 
offshoot of the Canadian agricul- 
tural machinery group, suffered 
a loss of A$6.3m (U.S.$7JMzn> in 
the year to October 31. This is 
the heaviest deficit since fee 
group was formed in 1930. It 
compares wife a loss of 
A$963.000 and follows a deficit 
of AS3.3m in the first half of 
fee year. 

The setback followed a 10 per 
cent drop in sales, front A$98 9m 
to AS89m (U.S.S102.3in). reflec- 
ing the depressed state of much 
of fee rural industry during 
1977-78. However, fee direc- 


tors arc confident that fee worst 
is over for the group because of 
a solid improvement recently in 
the rural industry, particularly 
in wool, wheat and meat. 

Mr. M. E. Davis, the manag- 
ing director, told a Press con- 
ference in Melbourne yesterday 
that Massey-Ferguson could 
make a profit in 1978-79 with 
the current level of activity. He 
said the group would probably 
need a 10 to 15 per cent lift in 
sales to achieve such a result, 
but this was only a 3 to S per 
cent increase in real terras. 

Mr. Davis added that group 
sales and profits in the first 


Malayan Cement steady 


BY WONG SULONG 

KUALA LUMPUR — Profits ar 
Malayan Cement Berhad. the 
leading Malaysian cement manu- 
facturer, for the financial year 
ended November, were almost 
the same as fee previous year, 
despite buoyant demand for its 
products by the Malaysian con- 
struction industry. ■ 


• ^ 

3 S INTERNATIONAL BOND SERVICE 

- •• ' r a'- s^V-. ‘ 

■■ ' 




sa -.•/ . ... . . . .. . 

^•te^-Tbe-list shows fee 200 latest international bo nd issues for which an adequate secondary market 
. :r:,r. exists. For furtherdetails of these or other bonds see the complete list of Eurobond prices published 
.jrr-at ^ second Monday of each- month. •' Closing prices on December 21 


fee second Monday of each: month. 

^ hljUJUt ..•••■■. Cbanaa on .’ 

: : Ined Btd Otfmr day mek YWW 



^ t n- p. 


£RCiA- Lf - 
3C0 ?io 
Due 19 s1 


* AkL at SS .... : 

t 7. c.-i-. ^astn&z fiM 95 

^r- 

' . “ « .-.^SMrtce Foods- 71 S3 .. . • 
■,!--S. : r .CRCA?SI.87 i — 

v: scares 

w • — • — •_ 



' " an ® . : 

GwadaiU5» 

- Canada 9 83 : 

. . . -£- ' T •Canada M 98 ... . . . ... 

-. .Coudotr &i 83 

T; {.■'.■ Honuaioo Bruise CO. 9 86 

• .. * KLU H «8 

» . • ".Ejapottfinans IS,. — . 

Finland 8{ «3 - 

. Fnfland » 8S 

Hospital 0'S 9 85 . 

I«?t Finance 87 00 

TV -J. C Praney.fi «} . ... 

* - 'M«e Btoedel 94 95 

NZ Dev. Fin. 81 83 

i-.lA'Z Dev Fin. S* 8S .7- 

- -. • Xn. wmi,. 9 «r : 

1 ^ -v JCenffinnxJliiml W 88 .... 

'• in*. Bfc. si -SB 

~ .--jrorBM, Romm. -91-98 

Bydm at M 

i 7h Tferwar Tf S3 . — 

'}£■■' Xmwxe 

V.:- OtiSdeMftl Si © 

0yan> 8* S3 

0«J»c HrdnS 9i 93 
..^Swafen M ; W ._ 

• UK 81 
UK SJ » 


35 

325 

TS 

188 

SB 

2S 

' 3.- 

75 
30 
350 
353 
03 
358 
79 
25 
.335 
SB 
ZOO 
IN 
S 
V . 
109 
-SO 
•38 
33 
15 
SO- 


W 

m 

m- 

Ml 

«a 

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w 

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-aa 

92 

TO 

TO ; 

TO 

93i 

* 

Kt 

«a 
w 
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734 
V 
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961 


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TO 
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91*. 
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-01 

0 

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-04 
-04 - 
-81 
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—02 

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-14 

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10M 

*.63 
9-62 
«S» 
.9 M 

am 

*M 

9.90 

<US3 

9.72 

9J9 

9.78 


.TO:, -OS 
2S - 95.-; TO -‘-OS 
.. . 75 » -.TO --0V 

m 50 TO W 0 

.....SB 921 934 

.... 150 96 981 

75 9S TO 

... 125 . TO: TO 

...V «r -TO 974 

^ 135 974 TO 

299 • TO 

.... ISO 954 TO 


-0* 

-9S 
-11 
-1 
-U 

-u 

-T»i 
-li 

-U 18.02 
-M 10.26 
-M 9.76 
-11 9.79 

—94 -1 10.16 
-04 -li .10JU 
0 — -8S 937 

-84 -1* JJM 
r : « —l 9.66 
-04 9J6 

T-W, -1 1BJ2 
-« . -li 8JBZ 
‘ -a nja 

-IS 9.16 
-11 9J2 

rU 9-76 
-M 1AZ 
-01 9.91. 

—12 mm 
-1 1 0 .51 

-14 9J6 

-0*. -14 9JZ 
—81 -W 9.76 
-94 -11 9.76 

-0* -11 Ml 


-m 


+01 
.-01 
.. 0 

-04 








h 


DEUTSCHE MARK 
STRAIGHTS 


Aracnlina « gjr . 150 

Aslan EKrvcVsp. Bk. 5J 88 IN 
AlEMraBa 6 88 - 2SS> 

.Awstrla 51 90 

B*n«imTtc« 51 W . • iso 

-Bane. E*L Atewte 7i B5.^ 1XB 

;rECA e 88 V- 15B . 

Canada 44 83 ....... 800 


Orange an; 

Bid Offer day week Yield 




Cbase Manbattan O'S S B3 
Commenbant lot. Wff 3i 
Commeietbaale lot. XWM 
’ CancnboEun . City s 90 — 
<»iHKdl of ..Europe G1 1... 
ConncU' of Enropo Si . 

EZB t M ■...* 

EH AqafUiae 51 W . .. 

; Finland 8 81 

: BiSjtcM Ship, 5133 

' 1B1 5 *t . .....rJr-. ... 

, Indonesia 7. 84- — ■ 

■ Kata,: cit*- of 51 W 

. LBfhi ServtcoF.de .Elef- ... 

“MndcO S OS . -.. 

Mitsubishi Petra. 54 SS'.:.' 
Nlnpon Steel Sl.BS 

.. Norses Konnn. fi 99 

v Norway 44 83 ... . 

Norweclaa lad. Bit. 8 SB .. 

Qcddental .51 90 

rOKB fl>-» 

Petrotwi Bra211 " 88 ... 

.. PK BanKon 51.38 ;• 

. Quebec. Province of 6 90 
Hirnh « as. — : — :. — 

Spain. 8.83 1— * • 

statoa 6-os ......... : 

: IHJS Group 53 83 ,.... 

Vpoezuela. Bi SB- ^.... 

World Bank 64 S3 


TO W —84 
92i TO +ttt 

iou uni o. 

TO To -04 
99S 996 -i-M 

TO TO -M 
TO 974 0 

•Sfij. .. 98* - 0- • 
ids 'Jm 1B2 -04 

in 103S U42 +84 
Iflff as 832 -fli 
75 994 TO 0 

M3. TO ■' 953. —04 
130. .971 904 -IS 

380 . TO TO -84 
Uft- 93S W 0 

150 an : M o 
ss joa iw -k 


-M 
o. 
+"» 
— oi 
0 

-M 

-04 

.0 

+S1 

.+«. 

0 


727 

6J9 

5.77 

Ml 

502 

7.90 

6j« 

SJB 

in 

3JU 

&tt 

619 


—04— 657- 
-U . 6SL 


138 

IN 

188 

ISO 

200 

MB 

M0 

MB' 

3M. 

US 

150 

MS. 

IN 

ZOO 

153 

33 

230 

150 

65 

350 

no 


w 

’S 

TO 

-974 


icai 

m 

■ZN2 

974 

973 


-« 

-0* 

-0i 

+«i 

0 

+W 

D 


1CB4 ZOkS 

mi' zsu 
TO 972 
93 . 972 

974- 971 
973 TO 
M» ..MM 
99 99| 

-TO ..TO 
951 9U 
2CU MM 
9M 


971 

944- 

97£- 


-« 
a 

+M 

-M..+0* 

+M +04 
+84 +1 - 
+02 +04 
+01 -OS 
.0 -8S 

+04 -»l 
+06 +0* 
+04' +01 
+84 +04 
-04 +01 
+01 +« 
954 :+Di 
-8U O -01 
91 0-0 

« ‘ 8 
TO' « HU 


Mi 

602 

+Jff 

S.63 

SMS 

1ST 

5.70 
706 
6-46 
5.65 
5.58 
503 
6.32 
603 
7JC 
6JU 
UB 
6.62 
602 
502 

6.71 
601 
601 
.707 
.655 


r& ! ‘ 


.-•js 


„.rt, 


I* 


* SWISS FRANC 
STRAIGHTS 

Acesa 54 88 - 

Amcijcan Exp. 1st. A 83 
Aethers Tunnel 4 83 — — 

Austria H S3 — 

BrarU 44 

Manhar ljn 4 83 ... 

Bankamertva 31 03 

BNDE 2 SB „ . — *m* 

Dtnnrartc 44 90 -.. . 

Denmart Monsaeo Bb. ... 

BIB 44 93 

Earatom 45 08 . 

Sanfth 41 89 .... 

Finland 4* W ...... 

' Ttrst Ctdcaso St 03 

GZB44S3 

Bita.u«ftica9teln' 41 

IC? Fin. KV 41 « 

Malaysia 43 99 . .. 

MajiltfltM 4 83- ... -. .... 

- Neras 4 S3 . 

Xorm Koamt « 90 

ORB 4,te . ..... 

Qy Nokia s W 

Safe 41 W . 

Sandvik 4 00 . 

Seas 4| Eg 

V0Mt-A*W86 « n -200 
Voraihens Krall 4 S3 ^._- • M 
• Vtetaia 4 83 • uo 
, Wotftt Bant 4* 03 .. ...259 


Cbaraeou 

Usual Bid Offer day. wank Yfadd 


48 

•.or 
ins 
1M 
70 
80 
• B 
188 
80 
MB 
8ft 
25 

a 

. 70 
300 

a 

198 

8ft 

239 

TO 

m 

88: 

29 

SO 

.85 

IS 


-04 

B 

-HH 

+ft4 

+0i 

+M 

+« 

+81 


+01 
+0i 
+14- 
+M 

+«a 
+21 
+21 

last +u o 
iaa +«-.'+i2 
- 0. +0* 
,+BS 
-Oi. 


IBS 104 
180 IBM 

UOt toot 

. 95* TO 
971 -9H 
1044 IOU 
:uu. 2SU 

10U 102 
IBM 

K)2 

.1834 XB3£ 
an* in* 
uu uni 
slH3 1331 
4971. W 
ina ins 
un wot 
1032 l£4i 
-TO JM1 
262 1021 
20, 2011 
ms r« 

.'3083 IPlt 
1321 3Ui : -fli 
UEt JBH +M 

iOU BB -oi 
-MH 'IWJ -+61 
•2626,1021 +W 
lUU U2t 
102 021 
U2j. 20A 


0 

+0J 

+o; 

+0*- 

+04 

+05 

+04 

+92 

+Ci' 


+04 
. 0 
.+« 


+15 

+ 5* 

+04- 

-a 

+03 

+n 
+81 
■Hi 
+« 
•.+ 21 ' 
+ 11' 
+1 
+M 
.+«. 
+04 
-+06- 
+14 
+W 
,+M 
+2t 


'4.73 

3M . 

XV 

3JK 

455 

3AB. 

3J59 

A75 

4. U 
BJS. 
4J4 
4JK 
4J1 

in 

3JA 

43 

U6 

343 

4. 25 

xn 

348 

iH 

3.W 

«9 

4JB 

340 

5. W 
4J6 
3JD 
X89. 
AM 


YEN STRAJGHTS ' 

Asian Dov. Bk. 51.88 

BFCE (U 00 

EnroHma 0.3 DO 

Norway 5.7 KJ . 

sncf 6.R oo ;•„ 

Sweden 64 90 

• OTHER STRAIGHTS 

V.al.i. O. S Hold. 115 AS 
Aulo Cide Ba'so.7 93 EUA 
Coacnhaccn ? S3 FUA- ... 
Finland. Ind. BW. 7 83 EUA 
Komm. Inst. 7i 93 EUA_ 
Panama 6; 93 EUA 1 . ...... 

SDR Frrmce 7 B3.EQA... 
AlKemMW Bk. M «FE1 — 
Braall 7i 83 Fi ..^ 

TFE Mexico 71 83 FI ...... 

EIB ?i Hi FI ; 

Nwlcr. MJddeub. 64' S3 F 1 

X> -w Roaland RI 84 FI 

yorwoy «i fa Fi ..... 

OKU Ai Si Kl . .^. ....... 

EIT Aqnlralne DI-iB FFr 

E1B 9. 3S FFr - I..-. 

Unlfcrtr 19 S3 FIT 

BAT S 83 LuxErA:. - ,.:-.... 1 
Tiaycr Lux. S no LnxFr ... 

El B 7: SB LmFr — 

Finland I. Pd. S SJXuxFr 
Nnrwai- 71 ffl LusFr -j.: . 
Renault 75 W UxFp 
Sol ray Flu. 9 KS OixFi* .' 
Swedish I. Bk. 8 88 LnxFr 
Gi>eieuer HM. BV A '881 
Whitbread lftt 90 

FLOATING RATErV 
NOTES . . 5 

American Expraar82. 

Arab fnU. Bank MC4 83 ... 
Haute El Salvador MS 93 
Banco Nac. Argesr. KS 85 
Bank Handtnvy M8 8S 
Bank of Tokyo M5V83 ... 
Uunquc Wormn .Sf5T%S- 
Bn. Bft. d'AlR: Wff.373 M 
Bom-. Ext. d'Al£. M74 85 
lajue. Indo « Sue* Mfij . 

Bn. in*. Air. Occ, Mff.5 S3 

CCCE 11 5.33 PS — ...... 

CCF ms: 35 
Chase Man. OS 2G5-.93.... 
Crcdh Notional. M34 BS _. 

Gotabanken M6 88' 

Ind. Bank Janau TO} '83 .. 
ishiknwaVima MSI SS ...... 

Liubljansta MT^te ... 

LTCB Japan TOT-05 .. .. 
Midland Inti MSI >5 .:.... 

War. Wen. MM ; . 

ORB- M52 89 — ’ 

Ofiahorc Minins 86 ... , ., 
FnvCudtla Banka Ms Bfl .. 
Standard Cha«a* Mj.S^O .. 
FundbvaUshanktro MA Hi . 

Util. Ovcrai-an Bk. MG S3 
CONVERTIBLE ' 

BONDS 

A8L.a 51 03 ....iv. 

Baker lnt.-Fn. M-S3 ... 

Rriot'i Hi S3 'i 

Coru-Cola Bonliaelfil 

Ilft-Vakado 52- S3 . 

Novo Indus! rl 7 89 

Tt-sas /nt. Air., n --83 4/79 

morn' int. rut. r-ss ...... urn 

Tyro fur. Flit 8J..88,. 9, TO 

Typo Inr. Flu. S 84 5/78 

AwihJ Ooilcal 3f DM JQ/7S 

Casio Cornu. Si as DSL. .11/78 

laumlya 31 66 DM. UH10 

Jusco 31 W DM .... 
Konlshlrokn 31 85. DM 


■ • Chanso on 
Issued Bid OITar day- week Yield 
15 W.5 471 +01 


951 951 
9U 9U 
ua+ mi 

TO 972 
9S 9SJ 


-01 
-ft! 
-OJ 
-fli 
. a 


+04 

0 

-08 

+« 

-01 

-oi 


b_2Q 

7J0 

6.06 

5A6 

7.11 

7.01 


Cheese on 
Issued BM' Offer day week Yield 
12.74 
7^4 
735 
1M 
7.67 
8.66 
7.3Z 
8-52 
6.97 
8.47 
B.« 
8.25 
8A1 
S3* 
8.47 
9.99 
9.96 
4.S9 
8.tft 
8.75 
3.42 
6. 62 
6.44 
812 
7^7 
5.07 
23.02 
22-94 


12 

95 

961 

+04 

+34 

16 

94* 

»! 

11 

—81 

30 

TO 

Oil 

fl 

-U 

15 

9M 

TO 

D 

0 

15 

98 

99- 

0 

-04 

23 

964 

971 

• 

+BJ 

22 

■ 9bfl 

974 

0 

-at 

75 

oil 

9Zi 

+01 

+M 

75 

TO 

95 

+01 

*ot 

75 

9M 

97t 

+04 

+ 01 

75 

93/, 

TO 

+U4 

+ 04 

75 

915 

94 

+C1 

+01 

75 

“I! 

921 

+fli 

+0-1 

1 03 

WJ 

9AI 

ft 

+U! 

75 

901 

901 

+W 

+c: 

1 50 ■ 

TO 

TO 

D 

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2-3 

TO 

TO 

0 

u 

138 

mi 

I03i 

a 

0 

250 

956 

954 

0 

0 

19 

95A 

961 

0 

0 

253 

954 

TO 

+01 

0 

250 

95*. 

%1 

B 

0 

ISO 

TO 

9/5 

0 

0 

sea 

97 

98 

+31 

fl 

500 ' 

IBM 

mi 

-84 

+04 

500. 

99 

183 

ft 

fl 

' 13 

384 

89! 

+64 

+i: 

15 

654 

m 

0 

+04 

Ore-ad BU 

Offer C.datc C.'chb 

A4 

98S 

994 

28/4 

194 


Oi 

II 

u 

14 

01 

04 

04 

Oi 

04 

01 

u 

01 

04 

Oi 

Oi 

01 

S4 

1 ; 
•1 

u 

at 

w 


10.72 

958 964 SSfl 94 9.78 

TO 974 22/4 11 JI U.66 

961 972 21 1 f! 9.65 

971 .978 23/22 12.94 1329 

TO 974 M/4 10i 1024 

TO 98.! 1S/6 12 12J5 

962 972 9/2 9! 9.92 

954 9U 2/5 12J 13 JO 

96 mi 25,1 94 9 .54 

97 971 22A W 9.64 

97 971 3/2 9J1 9.45 

994 992 3.S 121 L231 

97| 971 27,1 9-U 9.54 

978 9B4 11,1 9 J9 939 

97J 98 15/S 1231' 12 id 

93J TO 1/6 12J5 12277 

971 9ft 27/4 2U IL51 

953 ' TO 19/1 231 18.68 

90S ' 9Sj 9.‘5 22-06 1223 

97} - -98 20/2 9.44 9 M 

TO ■ TO as XZj 12.76 

993" 99 S 18/4 10.56 10M - 


04 

98.. 

TO 

19/1 

.9.44 

4.61 

Oi 

952 

TO 

22 aa 



— 

01 

96! 

971 

28.-2 

8.44 

9JU 

01 

164 

97 

4-4 

in.flfc 

10.43 

04 

TO 

99 

4/5 

ZUl 

1231 

Cmr. 

Cnv. 



at 0. 



4ue. pdn Bid Offer 
9/78 623 IOU 1021 

1/79- 34 -ftffili 1035 
2/79 Zlb 912 92! 

3/7° 9 W ' TO 

6/70 1473 +I2bi 1271 
4/79 259 TO TO 

343 /3! 88 

3A7 - 1321 1031 
21 198 991 

IA3 fW 
588 094 

8Q ; 99J 

■TO 
TO 


1/79 12lft 
1/79 . 612 


Marudai Food 31. DM ...2/79 1033 TO 
Murat a Mon.. 34 88 CM .11/71 BS4 - 94 
Nippon Air. 9.6 68 DM ...12/M 588 891 

Nippon Shiapan 81 DU ... 3/78 73ft 1102 
Nlpoon Ynsen 3S flffDM-. 1/79 SI 954 
Nissan Diesel 36 M'DM... 2/19 477 TO 

Olympus Optical 34 SS DM 2/19 733 964 

Ricoh 34 M M Jam *17 99! 

Sshkyo Electric 38 DM 6/18 169 3036 

- Sanyo Electric 3J T5M OI/78 295 08} 

SelTU Stores Oi ST DM 9/78 1273 XUU 
Sharp Caro. 34 TS DM ... 2/79 487 904 

5I3SIO' Efccblc 3j; DM 11/78 623 91} 

Tokyo Electric 31 97 DM 4/79 476 941 

THOuEcnwood 31 8* DM..4Z/38 711 87 i 


day Prom 
-84 12.29 
-rOi 12-53 
—32 -0.22 
+U 26.78 
-4 -237 
+04 4X4 

9 11.49 

-0J -273 
+ 01 16X3 
+0i 159X6 
—14 232 

-15 3.27 

-U OJM 
-11 UL51 
-25 2J3 

-IS 11.76 
-1 -2.41 
-Oi 3.93 
-11 1X9 

-14 0X9 

-IS 9X6 
-li -233 

-k ms 

720 
5X7 

1111 -Oi —4.30 
TO -U —262 
924 -11 8.99 

TO —13 -3J9 
-684 +84 13X9 


76 
934 
1835 
« 

911 
911 
97 S 
96 
931 
uii 
TO 
914 
97* 

in: 

1I»5 —1 
391 -81 


* No i alarm anon araitabln— previous day's price.' 

♦ Only aoe marker maker supplied a Price 
Stntflht Bmda: The T*ad la the- yield to redemption of the 
mid-price; the -amount issued la in aiillioua of currency 
units cirpjrt lor Yea bonds where It Is 10 billions. Chouse 
on weeks C1uW6?-«v4r (rice a .week earlier. 

Floating Rate Uaias: Denominak-d in dollars unless nUu-F- 
w'tfo tndlcared. .M— Minimum coupon. C.dau--Djit next 
coupon becomes effective. Spreed=Mar?lu above sU-moiith' 
offered raw for. US. dollars. c.cDO=TPe current coupon. 
C„v)d=The current ideM. , 

Convert! bla bondaz DenourinYed In dollars unless 0 the nr iso 
Indicated. Cbg. day-Chanee on day. Car. daic^Fim dale 
■ 'for cotwondon intn ahaiw. -Cnv. pnrr— Nominal amount 0T 
bond per. slwro .expressed in. currency nf >hare sf conver- 
sion rate fixed at Issue. premcPerretuasc premium of the 
current cffcctWi- price, of acutdripB shores vis the band 
over ike swot recent price of the sbsccs. 



O The Financial- Tbnoo UiL, 197B. ' Eeproducdon io whole 
or la pan to-any farm net permitted with oat vrittca consent. 
Data fincpiltsj by Jntor-SWJd BerylcM.- 




The company pointed out feat 
this was because the company 
had to bear rising costs, while 
the Government continued to 
refuse an increase in prices. In 
Singapore, fee continuing exist 
ence of considerable surplus 
capacity ensured that the situa- 
tion remained highly competi- 
tive. 

Pre-tax profits amounted to 
5.3m ringgits ($2.43m), and 
tax of 3.1m ringgits is expected. 
A final dividend of 12.5 per 
cent is declared,- bringing the 
total for the year to 22.5 per 
cent, the same as the previous 
year. 


Sales up but 
profits fall 
for Fuji Photo 

TOKYO — Net profits for fee 
Fuji Photo Film Company for 
the year ended October 20 fell 
13.6 per cent to Y12,4.1bn 
(S64.4m) from Y14.07bn the 
year before. 

Sales, however, rose 4.9 per 
cent to Y27S.79bn from 
Y2«5.Sflbn. 

Exports in the year totalled 
Y67.5Sbn. down 1.6 per cent 
from Y6S.G5bn the year before. 

Exports to fee U.S. were 
Y22.Q5bn, down 4.3 per cent 
from Y23.06bn a year earlier 
whereas those to Europe totalled 
Y24.4Sbn, up 2i> per cent from 
Y23.87bn. Exports to Asia 
were 'Y13.71bn,' down 2.8 per 
cent from Y14.10bn. 

The company attributed fee 
profit fall chiefly to foreign 
exchange losses caused by fee 
yen’s steep appreciation, which 
amounted to YI5hn. However, 
more than SO per cent of 
exchange losses was offset by 
mark ups in export prices, cost 
reduction and a decline in 
material costs. 

Fuji expects this year’s net 
profits to rise to Y13.5bn. ap- 
proximately 5 per cent higher 
than the recently completed fin- 
ancial year. It hopes for an S 
per cent increase in safes for the 
year to next October 31, to 

Y300bn.- 

The company will continue 
efforts to reduce- production 
costs and cope with a possible 
appreciation of -the yen value 
against fee dollar by setting its 
own exchange rate of Y385 a 
dollar for the year. 

Agencies 


Increase for 
HK Realty 

By Anthony Rowley 

HONG KONG — Hong Kong 
Realty and Trust Company, a 
property and development off- 
shoot of the Wheelock Maiden 
group, raised its pre-tax profits 
by 2S.3 per cent to HKW6.fim 
(XJ.S.$9.7m) for fee first-half of 
its financial year. 

The increase, for fee six 
months to September 30, arose 
from a general improvement in 
the results achieved by group 
companies. It was accompanied 
by a maintained dividend of 7 
cents' per '“A” share and 1.4 
cents per “B” share. A total 
distribution of not less than 17 
cents an “A” share and 3.4 cents 
“B" share, is forecast for the 
full year. 

Profits after tax and minority 
interests for the haif year was 
HK$22.8ra, to show a gain of 
31.2 per cent 


quarter were comparable or 
above last year’s. The Aus- 
tralian company’s ordinary 
shares are all owned by Massey- 
Ferguson of Canada but fee 
preference shares are held in 
Australia. 


Worldwide banking service 
from the Japanefherlands. 



euro currency finance 
trade finance 
term loans 

4- 

underwriting 


TOK AI BANK 

A wholly owned subsidiary 
or the Tokai Bank Ltd., Japan 
CXfice: Keizersgracht 43i 
Amsterdam/Holland 
pnone: 020/23 96 25 - telex 12606 


NEDERLAND N.Y. 

The Tokai Bank Ltd. head-office: 

Nagoya, Japan. 

Overseas offices: London. Frankfurt. Paris, 

New York. Los Angeles. Sao Paolo, Mexico City, 
Sydney. Hongkong, Jakarta, Singapore. Teheran. 



- 

. - • • 



FOOD PRICE MOVEMENTS 

December 21 

Week ago 

Month ago 


. £ 

£ _ 

£ 

BACON 




Danish A.1 per ton ... 

1,140 

1,140 

1,140 

British A.1 per ton ... 

1,110 

1,110 

1,210 

Irish Special per ton . 

1.110 

1,110 

1,110 

Ulster A.1 per tonH ... 

1,110 

1.110 

1,110 - 

BUTTER 




N2 per 20 kg 

12.61A3.40 

12.61/12.74 

12.61/12.74 

English per cwtt 

81.11 . 

77.30/81.11 

79.14 

Danish salted per cwtt 

80.98/83.72 

80.98/83.72 

79.14 

CHEESE? 




NZ per tonne 

— 

1,225 

1,200 

English Cheddar trade 




per tonne 

— 

— - 

— 

EGGS* 

- 1 - 



Horae produced: 




Size 4 

3.00/3.20 

3.20/3.40 

3.10/3.40 

Size 2 

3.90/4.00 

4.20/4.40; 

3.70/4.00 - 

I December 21 

Week ago 

Month ago 


p 

p-. -. . 

P 

BEEF 




Scottish killed sides 




ex-KKCF 

— 

55.0/59 J) 

S4.0/5S.0 

Eire forequarters 

— 

34.0/37.0 

34.0/37.0 

LAMB 


, 


English 

_ 

4S.O/52.0 

50.0/54.0 

NZ PLs/PMs 

— 

— 

— | 

PORK (all weights) 

— 

35.0/46.0 

35.0/46.0 

POULTRY 




Broiler chicle ens 

33.0/38.0 

35.0/3S.0 

35.0/38.0 

* London Egg Exchange price per 120 eggs. 

t Delivered. 

J Unavailable, f For delivery December 23-30. 



This advertisement is issued in compliance with rhe 
requirements of the Council of The Stock Exchange. 

Rivingtoii Reed Limited 

Rights Issue of 1^500.000 
9i % Convertible Cumulative Redeemable ' 
Preference Shares of £1 each at £1 

The Council of The Stock Exchange has 
admitted the above securities to the Official 
List. 

Particulars are available in the Extel 
Statistical Services from whom copies may be 
obtained during usual business hours on any 
weekday (Saturdays and public holidays 
excepted), up to and including Friday 
5th January, 1979, also from: 


Panmure Gordon 
& Go., 

9 Moorfields HighwaJfc, 
London EC2 


Haliiday, Simpson 

& Co., 

73 Cheapside, 

London EC2 


Hambros Bank Limited 

41 Bishopsgate, 

London EC-2 


22nd December, J93S 


-c* 


% 

0 1 , 





'Z’Z. ^ina&gi&l 


Companies and Markets 


WORLD STOCK MARKETS 


i '>’-; : '••. '•" ■■ r i ■■•'■• j 


Early extension of Wall St. technical rally 


INVESTMENT DOLLAR 
PREMIUM 

S2.60 to £1 — 821% <80}%> 
Effective S2.W110 40*% <39J%) 
THE MILD technical recovery of 
the past two days on Wall Street 
was continued yesterday morning 
in active trading. 

The Dow Jooes Industrial Aver- 
age was 3.20 firmer at 796.S6 at 
1 pm. while the NYSE All 
Common Index added IS cents at 

Closing prices and market 

reports were not available 
for this edition. 

S53.01 and rises outscored 
declines by nearly a two-to-one 
margin. Turnover reached 
20.10m shares, against Wednes- 
day's 1 pm level of 19.06m. 

Analysts said the ability of the 
market to pick up in the face of 
mostlv negative news on interest 
rates and Inflation was encourag- 
ing and drew some buying 
interest. Also, volume is some- 
what stronger than in recent 
weeks. 

However, they noted that with 
U.S. money supply figures due 
after the close, the market could 
remain in a narrow trading 
range through the day. 

Active Occidental Petroleum 
gained 1 to S18. The company 
has dropped plans to acquire 
Mead, which slipped l to $231. 


Dictaphone jumped 4} to $25. 
It is backing a Pitney-Bowes’ bid ’ 
to acquire its shares at $28 each. 
PUncy-Bowes eased }'no $23*. 

Boeing advanced 1| to S73. 
With an order backlog of about 
$3bn already, it has now received 
orders for nine more jet air- 
craft. 

Du Pont gained 1} to 3123}, 
Smllhkline U to S91J. General 
Dynamics lj to $795, Digital 

Equipment Si to S5Q1, Texas In- 
struments 1} to 878}, Amstar 1} 
to $15} and 'Bally Manufacturing 
l* to S40L 

Gold shares were weak, but 
Petroleums gained further 
around. Among the- actives. 
Texaco added } at $23; and 
Exxon i at 849. Standard Oil 
(Indiana! rose $1 to $56} and 
Atlantic Richfield } to $57. 

THE AMERICAN SE Market 
Value Index gained 0.93 more to 
148.33 at 1 pm in a fair business. 
Volume 2.50m shares (2.21m). 

Executone advanced IS to $15}. 
Continental Telephone has 
agreed to buy Executone for 
stock. Continental, on the New 
York exchange, eased 4 to S14’«. 

Topps Chewing Gam climbed 
1 to S7 1 after reporting higher 
third-quarter profits and project- 
ing increasing full-year earnings. 
Iroquois Brands slipped 2 to 
S3 as. It is to pursue merger 
talks with several companies but 
has received no new- offers. 


Canada 

The recent hardening trend 
W3S continued on Canadian 
markets in active early dealings 
yesterday. The Toronto Com- 
posite Index was 4.0 higher at 
14184.5 at midday, while Oils and, 
Gas remained a buoyant sector, 
rising 22.7 on index to 1,803.6. 
Metals and Minerals put on 4.2 
to 1,071.0' and Utilities 0.80 to 
194.49. but Banks shed 0.92 to 
303.88. 

Among Oils, Dome Petroleum 
gained 2} to C$945. Imperial OU 
"A” } to CS23J, BP Canada J to 
C$20 and Alberta Energy 1 to 
CS19*- 

Common wealth Holiday Inns 
rose 2 to C$7} on higher year 
earnings. 

Tokyo 

Mainly on active selling by 
corporations, the Tokyo stock 
market fell sharply over a wide 
front. 

The Nikkei-Dow index de- 
clined 101.50 to 5.S73.17, its 
largest one-day fail since 
retreating 126.48 to 4,597 .26 on 
November 24 last year. The 
Tokvo SE index receded 5.S5 
to 440.71. while trading volume 
was a sizeable 460m shares 
although below Wednesday’s 
620m. 

One broker said “There was a 


NEW YORK 


AM-11 UN* 



Ai.’irm Lite A. 1 a i 

Air|>ri-lm.-i- 

Al.vn Humid 



All.-. LinUmii....: 
Alie-flieny IWt-r 
A III— <1 1. Ih-hiLmi..' 

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Allt-l'lialunsf....! 

AMVX 

Ai,i?ra.ln He>>»... 
Au>er. Airline*.. I 
Aititrr. f-mtiil-. .. ! 
Ain.-r. Vnnilix'i. 

Arner. Can 

Amer. ■- mnimml 
Alln.T. Jl|M. J Cl— 
A nn-r. Klevl. Vf.u 
Amer. Kipr*-«- .. 
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Airier. Nut. II w.. 


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A:ilieii'«r Uine-li 


' lie.-. I Jiii*. 

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Pm.-. ; De>'. 
'id T 9 


• Dec. 

1 tier. 1 

1 20 
-1 

1 ^ 

1 ‘ 


('iTuiim iiuiM.... 1 54ae 

« pi.. ini'm'iKi'iiii 49i-» 


*. nun* 2Si 9 

t-nn-ier Sa*i Z4U | 241j 

i. ii*irn Zont-rmi-li 1 30 If ■ 301* 
L'liiiiinin- Knciue 321* 33*; 

Gurri*- Wri"bc... 131* J 131* 

Dana > aaij I 28.;* 

Liarl i n-ln-4 ne- 3BI* j 51i» 

Deere [ a3i? 

iH'l M>.inle ‘ 4H; ] 4H a 

IielTonn ‘ 8*'e i 9 

Lttrntspl.v Int ; H J i I 145* 

Detroit Kdiw-fi 13-a 1*1* 

Diiunoinl Sihanirk- 195? 19Sg 

Di-.-LMibraie 1 2QU Z0U 

llisiim f-jiuip..-. 1 49 U 48 

, l'i-ne.v iW B iti 3B a7i« 

lk,viT Gorj-'n | 424 43 

Ili.n Cbeinien) StS4 tS's 

' 29 7* 28>j 

In«*M-r 36 J* £6 

Dupont 12Ut 12Hs 

bale I’itotier 1 31 j 21 

haul Airline* 85* 8-4 

Ka-irnaii Kulak .. 1 68oj J 5B7s 

Eaton 344o | 34fcj 



167a 16 1 *. 


E.C. A li J 

Kl Piw Nat. U»-l 

Kura. j 

timer-, ni Kiwlne 
KliiWVAirFr i*till 

birilinn 

E. .U.J -. 

h-u^ellnn 

tk.ma.rt, I 

Kain.-lailil Camera; 
Fell. L»e|*. StMrr-| 
KirtMone Tins....! 
K»|. Nat. Huslnii.: 

Fimi Van 

FlmiEMc | 

Fk-n-ta Hi*wer....j 
Fluor , 

F. U..C : 

Foul llntnr 1 

fine raid McK...., 

GnVLM.ni 

Franklin Mini ...' 
Kreejw-r Minetn.: 

Fmiilmuf j 

Fill (tin lmls I 

fi-A.F ; 

ijenueii 

Uen^Vmei.tm. ..j 

li.A.TA I 

lieu. Cable 1 

i.vn. 1 ‘ynmruia,..' 
lion. Klw.-lra.s -~-. 1 

tiou. F-xIs 

Central 31 ill*.... ; 
General ilolnni..' 
lion, l’ull. t ill..., 

Gen. | 

Gen. Tel. Klert-.i 

UeiieaiM I 

Ge-;iT{iH Haeifie...] 

•.■eOM^Jr.-i: j 

Getty GlJ I 

Gillette I 

GiMlrirh B. 

Giolymr lire.... I 

Guillit ; 

Unuir W.H j 

Grt. Ai,air Piu.-l«.i»l 
Git. .\r-rth 1 1011.-1 

I , ll-ylllHIInl I 

1 in If A VV i.-jli-ni-.J 
Him I'ii | 

HnMIuirii.ii 

Hamm M’lullu— } 
Hvlilsrlifvt.’i.'i.... 

Harri- '.‘■■rim 

Heinz H. .1 

UcuMeln 

Heu I tit l-aukon'.l 
Hull-la > luiij. ...... 

Hi -nits Lake. 

Hunei well. 

tiirnsi 

H-r<|>-l.'or|i. Anier 
HiiiiiIuii Nat-Un- 
Hunt iPli.\)L'hm 

Hoiion (E.P.i 

I.C. Jn-1itsiriia' ... 

I.NA 

Iu;«m.|| I {a 1 ul... 

lnlaiut Ol eel 

Inn 1 lev. 

IUM S 

lull. FI«v<hus....[ 
lull. Hane-ter..., 
inii. Mm ALheni] 
lull .llimilnil,...i 

liu'i | 

lull. J^i-er ! 

Inu. IliMlflrr 

lull. ‘lei. A Tel.. • 

l-.wa Ue<f 

(I. Iiileniaiimuu.i 
.lim Waller 


Juba- .Vliniillc../ 
Jotuiaifi Jnlmnon 
Julin—ia l.onlrul 
JoyMnuina imV 

K .Mar Cr-rp. 

KaiserAiuinlni'mi 
Kaiser Jndn-nrle-' 
Karni-r oiwL i 

Jia.v i 

KohneeotL. 

Kerr 3IcGee 

Khl-le Waller 

kimiicrly Clark- 

K upper- 1 

Krafl— 

K mcer Co 

Leuny T rani... 

Leri Minus 

Libby Ua-. Font..) 


Gmup.... 

Lilly (Kill 

Lirtira IdciusCi-ics 
L uckbeeii Airer’n 
Gone filar Inillnt 
bung Jklurt Lltl. 
IjJulaUlM taibl... 



Lneky biore* 

Lykee Corpn 

llacMtllnn 

Alaev K. H — 

Jilts. Hanuivt.... 

Ala per, 

ManilinulIU 

Marine Alktlami.. 
AlnnJull Fieul... 


Mav Dept. Storv: 

MCA- : 

AlL-Uernnm 1 

MeDnnneii Dutim 
lie iraw Hill.—.: 

Aiemorex — | 

Merck -...i 

Merrill Lyncb 

Mesa Fetmlwiui.l 

11UM 1 

Mmu 31 Inu A. Mir 

Alot'il Corp ! 

Mooniitn. 1 

Atnr}9aii J. P 

AluloroMU 

Murphy Ul 1 

AnLnneu 

Naiei'i Chenilml*. 
National Can | 

Niu. Distlliem.... 
Nat. s'eivioe Imt.l 
Naluinai Sieei....: 

Nair-nuu- ) 

NCIC 

A t pi u lie Int 

New Knclmui E.. 
Aew Kn-Laurtlei 
Xuwm Mohawk 
Nlncora Share.... 
N. L. Inrinatrles .. 
NorUHicAWe-iioiTi 1 
North Nat. tiai>...j 
Nllui. states Pn r] 
Niliue*i Airiinu 
Ntbwest Bancorp 1 
Norton Simna .... 
UccnleaiaJ Peirm 
Ospliy Mather... 

iiliiu Bdiiou 

Oliu ... 

Overseas >hip»_. ; 
Owen- Coming... 
Uwelu, Illinois— 

PaeiHi- Ga- 

Ha.- 1 lie Ll^tiline.. 
Pan Par. A Glp— 
PaiiAinWurlilAlr 
I’arker HaiiuiUb.! 

Pauuiy lull J 

Penn Pw* L.... 
PeuuevJ. C I 

HeiiU!..'li | 

Peoples Drug 1 

Peoplee Qar ] 

Hsp-liw I 


PerlrinKImer | 

Pfizer I 

Plieqa IK*Lkk.— • 
Philadelphia Kle. 
Philip Morrlr...... 

Pill Hips Pelru'ni 

PillshuO' 1 

LT they -Rowes— .| 

Pill id on • 

PiM»ey Ltd A Dili 

Popatueo Klee. j 

PPG ImluDtrie-. j 
PruAer Gamine. 
Pnh. scr. KhaA... 

Pullman J 

Pure* 

Quaker Oar- 

I Input American. 

Uavtbeom 

RCA 

llepuhlk- Mrtl..,. 

Htinn* Int 1 


ReviuD 

1 lei* no Ids Moral*. 
Reynold* K. J.... 
Rlcli'-on Merroll 
Rockwell Inter... 
Rohm & Hma— 

Rnyai ftut-Ti I 

KTB A 

Unae Togs i 

llyder byvteio — 
Siifewav Stuns... 

Joe Mineral i-. 
MG Regis Paper .. 
banta Pe Ind*. ... 

aau> IncBsi ... 

aasnn Iml* 

Scbi it a .Brewing, 
dchuniherjser.... 

SCM 

scou Ri|ier. I 

r-crivit Mrg I 

Scudder Duo.Cafi 

Sea Container ....I 

Seognun I 

Searie iG.D.K — j 

nears Roebuck 

SUDCu 

Bueii l*ii 1 

Shell 'J tauapr>rt..| 

signal j 

Btunode Corp 
Blni|HiL-ny PM. -I 

B inner 

Bmlth inter. 

Snuth Kline- 

B-riltnn 

SiiuUufciwn 

auuUwm Cal.lvl. 

.-Southern L'<i. 

sRbn. Nat. He*... 
Huuiheru Paciltc. 
Sou them Kail way 

Snitbianu — | 

H'w't Banslmrea-! 

Sperry Hatch 

Speny Rand 

Bqull-h. 

tkamtard Undid.. 
Utd.OUCMitomla 
Utd. Oil Indiana. 
Std. OU Uhw. .... 
UUnlf Chemical- 
aienmu Unist.... 

dtuiltihaker 

-Sun Co 

sjimdstrand. 

Svntea 

TodLniKUior 

Tektronix i 

Teieilvne. } 

Thiex 

Teneuo. - | 

TesomPetroiennU 

Teacn. 

TVAOsguii 

Tom Kaalem .... 
Texas inet'in^.... 
'feaaa Oil A Gaa.. 
Texaa Utilities... 

l'miea tua 

Times Mirror. 

Timken 

Trane. 

TrniP-niarKM— ... 

I'nnKu 

Tran Union- 

Tran -wav Iiitm.. 
Tran World Air.. 

■ira veers 

Tn-Cuaiineura...| 

I n ton Oil A Grs.I 

TRW 

ilalilciuuiy Pox 1 

U^t.L. i 

LARI i.i 1 

Llil 

U'llllCS ei ; i 

Llllleier N v : 

Uuion B«iii*..r|---| 
hr, ion Car1iule._.| 
li uiun Crua rueree 
Union Oil Calll...i 
luvuu Paei fie I 


Unipnai- ; 

United Brands —| 
Us itani.xin'— — -j 

US Gy pHim 

US Siwe... - 

US Si eel — 

Cl«l Teehru-li<pi» 

li\ lnnn-lrle 

Virginia Elect 

Walgreen 

M'allaL«-Murray . 
M'ajtier-Luinniu.. 
Warner- Ls nitieii . 
Waste- Maii'meui 
WcHs-Fnrgo ...—. 

We? tern Baneon 
Wotern K. Auiei 
Watern Union... 
Wt-tiugli'-? Kie-.- 

Weyerhaeuser. 

'Vhir/pooi I 

WUIte Con. Inti. | 
William Co. ....... 

\Vl*mn*in HKvt 1 


187 S I 191? 
6 6 
397a ' 39*3 
26'g i *6 
4SI- ! 44Tg 
E5t; [ Z5<; 
235b ; Z3J? 
3.96 4.00 

64Sb 1 64 ig 

am I 20l< 


rumour in the market that the 
Bank of Japan and Finance 
MinisLcy authorities are con- 
sidering restricting, new loan 
lending by commercial banks in 
the first three- months of next 
year. Another rumour circulat- 
ing was that Ministry of Finance 
authorities may move to 
strengthen tax regulations 
volving purchases of securities." 

He added, however, that “the 
rumours were not true, they are 
mere rumours. The drop in share 
prices can be attributed to profit- 
taking by corporations before 
the year-end.” 

Steels and Heavy Electricals, 
which led the recent rise, were 
also prominent in yesterday’s 
decline, with Nippon Steel fall- 
ing Y6 to Y130. Hitachi YS to 
Y257 and Mitsubishi Electric Y7 
to Y190. 

Pharmaceuticals, Oils, Light 
Electricals and Non-ferrous 
Metals also moved lower, along 
with some Marine- Products 
issues. 

However, some speculative 
issues and Electric Power 
Producers were firmer. 

Kokusai Densbin Denwa lost 
Y100 to Y4.300, Mats n hit a Seiko 
Y80 to Y1.120, Talhei Dengyo Y70 
to Y1.130, TDK Electronics Y70 to 
YL690, Pioneer Electronic Y70 to 
Y 1.500, Santen Pharmaceutical 
Y60 to Y1.230, Yokogawa Bridge 


Drv. \ 

SukU 20 1 

IVwlKiinli : IB 1 

Wyiv 4 i 

Xerox SI >n j 

Zi|oti io>i ! 

Zenith Radm. 12^t j 

U.s. Tmas.42l9B: (93 , 
l'STraw«i%lajR| »78i& ; 
liM. tUnlay hiHB.l9.19j . 


CANADA 

Ault I l/i l*aper — I 
Airnlco EiujIp «...| 
Alcan A'umlni'm 
AiRoirut Stev -... 1 
Aoheatos ........ ~.j ' 

Bank of Mniw 
Bank NovuGcmia 
Basic Haamreea.. 
Bell Telephone... 1 
bow Valler Ind. 

BP Canada .! 

Hr wsn { 

Brincn j 

Galaary Power — ( 
Gan 1 tin Alines ....I 
Uanada t^ement J 
Cnruu1« N'W Lan.i 
Gen. Imp Bk Com 
Canada Indinl t 

Gan. Pacific I 

Gen. Pacific lnv.| 
Gen. tiupca- Oli...| 
Gar'inttU'Keele.J 
Co-vier Aw«*ta.< 
Chieftain... — _.| 1 

Common — 1 

Gan*. Bathurar.'.j 
lAmiainer Gas.... I 
Gcneka Resource* 

Custom -I 

Deon Devel — .— 
LH-nUun Mine*— 
Dame Mtne»..— 
DimePewoieum. 
Duinintuu Bridge 1 

Uoinuu-„. — - 

Dupont 

Feluca'ge Nickel. 
Pan! MuU*t Gan.J 

Gemtsr 

Giant Vei-wknilei 

UuiiUl- Ganoila..! 
Hawker Slrl.Crm.' 

Hmlinger : 

Home Ull *A’. — 
Hudson Hav Mng 

Hudson Bey 

HikUio UiiAUa- 
I.A.C 

InjaM-o 

Imperial Oil 

Inia'A' 1 

Imlal - 

I aland Net. (ie*.| 
lnl’p.v. Pipe Glut, 
Kaiier Ke*ouz«»[ 
Laun Fin. Coni..; 
GoWaw Gooi. ‘B'' 
Alemd'n Bioed...' 
Mai-Mev Fenni*“ii| 

McIntyre ! 

Moure' Gorpu. I 

Uiaiutain Stele K| 
Nutende Mine... I 
Nunien Kneni.v .. j 
Nth. Tei*!.*!*!!..... 
N’umac Oil A Ga- 
Unkuia .1 PfUii'K 
t’a-.-itk-Go|i|ur .VI [ 
PHciti*.' I'd njieiun- 
Pan . Gh n.Pel nilnu 



I*euples Ue|g.»..., 
Pie.-e cen. A <»»•-• 
Piaceilleieliipinii 
PiiwwOinx'iwi’n! 

Pni-e ' 

(jiMHa'Slur^on. 

Hanger Oil ! 

Uceit bten hmiMi.. .-. 

RiuAigiim 

Koval Bit. 1 . 411 .} 

KoyalTruM cu I 

aceptneKi* uuivo-; 

seugramr i 

■shell Ganaila j 

Sherrill G.Mme-' 

Sieiieiu-O.G I 

simp-un i i 

.Heel <.4 Gann- la...; 
Sti«|i Kis-h Inm • 
1'exnco Gamuia ...j 
Tkiciiio IN 1111 . Hu. j 
Trans GanPIfa-Lii! 
Tram Mount 



Uru-iu Gut. 1 

bniilsiwie.Umi-, 
We-ker Hlmn ...: 
Weal GWxhi 'I tan- 1 
Weeiu'i I-jB ; J 


t Bid. 1 Asked, s Traded. 
11 New slock. 


EUROPEAN OPTIONS EXCHANGE 


! Jan. ‘ Apr. 

I Vol. | Last I Vol. . Last 


F.360 

F.570’ 

F.380| 

F.S5i 

F.27.50' 

F.30 

F.32.50 

F.35, 

F.70; 

F.75I 

F.4O0 

F.440, 

F.160I 

F.32.50- 

F.35' 

F.401 
F.45i 
5240; 
SEBO 1 
S3001 
F.120 
F.13ff. 
F. 133.30 
F.140 
F.I.S0 
F.1S2.40- 
F.I60) 

F.noi 

F.98.9Q! 

F.no' 

F.22.50: 

F-25; 
F.27.50! 
F30 1 
S50 1 
F.480, 
F.530I 
F.560! 
F.120 
F. 130- 
F.120 
F.130S 
S50, 


BA SBC 

SLB S90: 

TOTAL VOLUME 


36 . 0.40 
15 . 0.20 


_ I - 1 

— 1 — I 

15 1 0.20 > 


6 5.50 i 


8 ; 0.80 


I 2.70 l — 

! 0.60 I 31 

j - . 10 

• 0.10 | 375 

; 27 Bi - 


26 ; 4 

12 ! 0.70 

10 : 2.50 


Feb. 

2 : 2*s‘ 

2 : 4 i*. 

IN CONTRACTS 


6 ;19.1Q 

30 ! 2.30 
110 j 1.20 

7 1 0.80 
2 | 8.60 

10 '24.70 
5 '10.60 

7 1 4.40 

8 ’ 4.50 
37 [ 3.30 

4 [ 1.30 
28 I D.50 


3 9.40 

20 i 4 


July 

Vol. I Last 


- : - F. 369. 50 

Z \ Z. 1 ” 

- ! - 1f.2B.70- 

2 4.30 

2 3.20 

13 2.50 ! „ 

7 i.4o ; 

3 9.50 IF.75 

4 5.50 ,. 

5 j34.E0 IF.392 

14 j 7.10 [F.l4b 

- 1 — F. 34.40 


11 16 >2 

2 14.50 !f.123 

3 10 ! 


i i 1 I 

— | - jF. 109.40 

- | — F.24.70 

75 I 2.20 

10 I 0.80 ” 

— j — 5491? 

5 157.60 F.480 

4 123.40 ” 

13 9.30 iF.l 22.30 

4 : 3.50 1 

— ; - .f.izi 

- i - j$«” 

August 

- ; - i 57178 



BASE LENDING RATES 


A.B.N. Bank 12}% 

Allied Irish Banks Ltd. 12}% 

Amro Bank 12}% 

American Express Bk. 12} % 

A P Bank Ltd 12}% 

Henry Ansbacher 12J»% 

Associates Cap. Corp.... 12}% 

Banco de Bilbao 12}% 

Bank of Credit & Grace. 12}% 

Bank of Cyprus 12}% 

Bank of N.S.W 12}% 

Banque Beige Ltd. ... 12}% 
Banque du Rhone et de 

la Tamise S-A 13 % 

Barclays Bank 12}% 

Barnett Christie Ltd.... 13}% 
Bremar- Holdings Ltd. 13} % 
Brit. Baok of Mid. East 12}% 

■ Brown Shipley 32}% 

Canada Perm*t Trust.. 12}% 

Caj’zer Ltd 12}% 

Cedar Holdings 12}% 

■ Charterhouse Japhet... 12}% 

Choulartons 12}% 

C. £. Coates 12}% 

Consolidated Credits... 121% 

Co-operative Bank *12}% 

Corinthian Securities 12}% 

Credit Lyonnais 12} % 

Duncan Lawrie 124% 

The Cyprus Popular Bk. 12} % 

Eagii Trust 12}% 

English Transcont. ... 12}% 
First Nat. Fio- Corp. ... 14 % 
First Nat Secs. Ltd. ... 14 % 

■ Antony Gibbs 12}% 

Greyhound Guaranty... 12}% 
Grindlays Bank 12}% 

■ Guinness Mahon 12}% 


■ Hambros Bonk 12}% 

■ Hill Samuel §12}% 

C. Hoare & Co tl2}% 

Julian S. Hodge 13}% 

Hongkong & Shanghai 12}% 
Industrial Bk- of Scot. 12}% 

Keyser Ullmann 12}% 

Knowsley & Co. Ltd.... 14}% 

Lloyds Bank 12}% 

London Mercantile ... 12}% 
'Edward Manson & Co. 13}% 
Midland Bank I2}% 

■ Samuel Montagu 12} % 

■ Morgan Grenfell 12}% 

National Westminster. 12}% 
Norwich General Trust 12}% 

P. s. Refson & Co 12}% 

Bossminster 12}% 

Royal Bk. Canada Trust 12}% 
Schlesinger Limited... 12}% 

E. S. Schwab 13}% 

Security Trust Co. Ltd, 13} % 

Sbenley Trust 14 % 

Standard Chartered ... 12}% 

Trade Dev. Bank 12}% 

Trustee Savings Bank 12}%. 
Twentieth Century Bk. 13}% 
United Bank of Kuwait 12}% 
WhiteaWay Laidlaw ... 13 % 
Williams & Glyn's ... 12}% 
Yorkshire Bank 12}% 

■ Mambvrs gf tha Accopting House* 
ComKliliee. 

• 7-day dapoaii? 10%. 1-mg«lh 
deposits lO 3 **™. 

f 7-day deposits on sums of C10.000 
and under 10% up to E25,000 
10‘j% and aver £25.000 10V/,. 

t Call deposirs ovar £1.000 10'i. 

§ Demand deposits 10%. 



Works Y60 to YL190 and Taken 
Kogyo Y53 to Y436. 

Resisting the downtrend were 
Kaken Chemical, up Y30 af 
Y2.140. Kokurlkn E3«tric Power, 
Y2Q harder at Yl^OO, Seitetsu 
Kagaku, Y15 higher at Y210, and 
Hokkaido Electric Power, ..Y10 
firmer at *5fl,0S0. 

Paris 

Share prices strengthened 
across the board in active 
trading, with the Bourse Indus- 
trials index rising 0.9 to 77.2. 

The market’s rise was mainly 
attributed to buying by small 
investors wishing to take advant- 
age erf tax concessions on share 
purchases made before the end 
of the year. 

Bonygaes advanced 2S to 
FFr 926, Afrique Occidentale 26 
to FFr 397. Imetal 3.0 to 
FFr 53.2. Paribas 2.1 to FFr ZUU, 
Pern od-Ri card 12 to FFr 320. 
Telemecanique 23 to FFr 823 
and Peugeot-Cltroen S to FFr 
489. 

Germany 

Market tended to improve 
afresh, lifting the Commerzbank 
Index 3.4 more to 817.7. 

AEG was actively traded in 
the Electricals sector and gained 
DM 1.30. while Volkswagen 
added DM 1.50 in Motors. 

Deutsche Babcock, which the 
previous day reported higher 
earnings for 39<//7S and on 
unchanged dividend, rose a fur- 
ther DM 6. 

In Banks. Bayernhypo moved 
ahead DM 3.50 more, while else- 
where. Krupp strengthened DM 
2.90 and Prcussag DM 2.70. 

After the recent weakness. 
Public Authority Bonds were 
mostly steady yesterday. The 
Bundesbank sold DM 5.5m of 
paper after purchasing DM SBm 
on Wednesday. 

Australia 

In rather slow pre-holiday trad- 
ing, Industrials were inclined to 
harden, along with some Mining 
leaders, but Oils displayed an 
easier tendency. 

Market leader BHP was also in 
dull mood, losing 4 cents to 
A8S.70 just beFore the close after 
the company announced that both 
its jQueensland oil drilling wells 
were dry. The Bass Strait 


NOTES: Oversea* prices shown below 
exclude S premium. Belgian dividends 
an? alter wchholdinK tax. 

+ DM SO dH»m. unless otlnrwlse staled, 
Fields based on net dividends pins tax. 
qp Pta 5M dunam, unless tuhenvlso slated. 
A DKr 100 denom. unless otherwise stated. 
■T>Sw7r 500 denom. and Bearer shares 
anle5fi otherwise staled. -Y50 denom. 
unless otherwise stated. 5 Price at time 
of suspension a Florins, b Schillings. 
,■ cents, d Dividend alter pending rights 


Fortescue well result, however,', 
was tip to expectations. 

Among the Oils sector, Ampol' 
anri Bridge both Shed 5 Cents, 
while Vamgas lost 3 cents 'and 
Beach 2 cents. _ ■ - ' <-• 

Among Minings. CRA gained: 
another 5 cents to. AS3.48 aht^ 
MIS put on 4 cents more to 
AS2.47, while Western Mining 
hardened 2 cents to ASLK&. . ‘_ 

Small gains r occurred ^. nt: 
Retailers in the wake of a pre- 
diction of good December 'sales?; 
with Woolworths A8154 and; 
Waltons 79 cents, firming 2 cents 
apiece. „ , . ‘ 

Banks edged forward. , wiul 
ANZ adding-. 3 cents and CBC 
2 cents. 

Hong Kong 

Stocks remained fiimer- 
inclined in slack trading, the ; 
Tlang Seng index rallying 3.44 
more to 502J23. •• . / 

News of a sharp rise in Hoxig , 
Kong’s November visible -trade 
deficit to HK$1.24ba - rfrtto 
HK$402m in November, ■ 1977, 
came too late To affect the- 
market. - . jV; - 

Hongkong Bank improved 2M). 
cents to HKS17.60 a nd Ho ng 
Kong Land 10 cents tn HKS7.80. 
while East Asia Navigation 
gained 5 cents to HR$4.65. . V 

Hong Kong Wharf rose 2u 
cents to HKS 26.70, but the. 7:75' 
per cent Loan declined . HKS2} 
to HKS79^0 on higher interest 
rate fears. ’ V .'. 

Switzerland 

Widespread gains were scored 
in brisk trading, helped by a 
firmer dollar and Wall Street 
overnight improvement. 

Nestle rose 45 to SwFr 3,140, 
Sandoz 50 to SwFr 3,825, Swissair 
14 to SwFr 799 and BBC “A" 30 
to SwFr 1,670. 

Domestic and Foreign Bonds 
edged higher in livelier .trading. 

Amsterdam 

Stocks were in good form, 
buoyed by the stronger dollar. 

Unilever and Royal Dutch 
advanced FI 120 and FI 260 
respectively in Dutch Inter : 
nationals.- 

Elsewhere, shares with . gains 
ranging between FI 2 and FI 3 
included Nationale Nederlandch, 
Algemeine Bank, KLM, Naarden, 
KNS3X, and OCE-Van der Grinten.. 


and'or scrip Issue, e Per share, f Francs. 
a Crass <Dv. b Assumed dividend after 
scrip and/or rights Issue, fc After local 
taxes, to % lax free, n Francs: In c hiding 
UnQac tDv. pNam. q Share split. sDt?.- 
and srjdd exdude special payment. £ Indfc_ 
cated div. b Unofficial trading, o Mindritv 
hoUers only, v Merger pending. * ASfcRL 
t EkJ. 5 Traded. {Seller, r Assumed, 
xr Ex rights, xd Ex dividend. : xc.Br 
scrip issue, xa Ex all- a Interim since 
nureased. 


206.4&1 204- 



Ttiadinc vol 


Baxis of Index ctaogeS Aijg^. ^ 






Amtn dklfi SE.® ' 6 35/Et 


Belgium (3) 1 9L45 


DgnSarkl*" 88.98 


Franee ett)’ 


GannanyftJ). '812.7 


Vo n«md (iff S£L3 } JZBjf. 


ijp eaAs-«w»,__., . 

^ « . . 

Jinan (Bi.440.tl <48.56- 4Q2.KJ- 364PC 

• - .1- 

Hln gmnor gtf) Z45.1S. msl 1 AM®- 2&ao 








tf|i tVBttfrtBnt j 1 % 




I Price ; + >.« 


Mu 

R* 

tin 

Iyer 

yer-Hyj* 

rer-Vcrein.'ii 

lx 

balnLNeiLwr 

mmm 

Deguwa 

Oeinajt...... ..... 


Krupp UM1U0 


6.9 

5.5 

4,4 | lmtii bn l.lorp 

3.6 ( Toyota Motcr 
7.3 
4.B 

138 i + 0.8 I U.Sbi 3.6 

4.7 

5.8 


Jpec 


fiwgdi*xnfc : „! 



ISori* iirohea H’dings 


Wwm 






industrial 777^0 : ‘ 

Sancam. 4*eFr,:^o,To 

C«A=.lAiri5trt«M*. %ysO' ! . ; 0.03 

- I+fWll 

XhC. BdPlr.ibiUnstli^ vii'tW.OO “ -• 

-T2;9a^-->-0.05 




90/: vf*- 5- 




































































'll 


22 :1978 •. 

V-l-VTS'**? •■'*•.-■ 1 ■•'. • 




COMMODITIES. RAW MATERIALS and AGRICULTURE 


China will 


quadruple ' 

;ll|fewooI: : biijdhg 

t ' rij V CHINA ZS committed to a • big 1 

- " 'Jft ? « *nfi modern- 

i;j " <L*:';lntion of its^ wool •" textile 

. : industry .anfl- expects, to import 
- s:-a:,- iecortf_ 140,000 i bales of 

*: w ' :: Australian wool. in X§73. . • 

U. This - is ^ around four times 

;C>s. V-s-more- than, tbs present -annual . 
dgnre, according ■ to cAe Xnter- 
■^^j. ^ natfonal Wooj Secretaziat. .'■■* 

-.'Quoting the chairman" of the’ 
>j;lv AnstraRair; -Wool : Corporation, 
\ * -Ur. Alt Maiden, yesterday the 
-r i-X ilWS said C3uiw was also- look. 

1 tog far a - large 1 growth . -Ip 

;; "j u V’ exports of wool textiles and 

increased dontesttoconsuiriptjoa 
-•- ■/:: irj ^ r . as living standards tos^. • . r ’■ 

§1'- 1 He added. the .Gbipe^ibeejr 
Indust^.eotaaih^.M'expected ' 
\ ;1 tS to develop the 'capacity for the 
j A pnJdurtwh of rbigh -quality fibre 
^7-;^. -.which - could be substituted for 

's’. Australian -woeL. . . 

T^-vh Mr. Haiden. said he under- 
j\ stood Australia'- would have a 
....major share of .the. continuing 
.increase, following the proposed 
■■. modernisation . and .-expansion 

- |t£-s?."plahs of the Chinese wool textile : 

£ U industiy. ;■••••■•.•* 

■ : j? 7 i* .AWC-'also welcomed news 

■VT t of the Chinese totentton to apply 

- ul ■■- for 1 membership of the IWooI- 
i' mark programme conducted by 
the lWS: : -; 1 ■ - : 

India may end 
pepper tax 


Future of Fleetwood fish 
dock hangs in balance 




5;-; - J4EW ‘ DELHI— The Central 
— h --Government . has started dis- 
" " mssndns’with the Kerala Gcrvern- 

.. :: mept : on the possibility of 

.5 exempting export pepper from 

'^F a : '*ec6nt3y introduced sales tax, 
*- s - - toe ", Press Trust of India 

;-.... .. '~'*.>'Tewrte&; yesterday. _ 

' ' * r S;- 1': importers complain the tax. 

- .. ikj- which totals 7.08 per cent,- has 


-BY. RICHARD MOONEY:'- 

. THE FATE of 178 onshore 
workers at the lancasbire j>0Jt 
of Fleetwood . was discussed- in 
L o ndon yesterday when M i nfe cry 
of Agriculture officials rmet 
members of the - Fleetwood 
Trawler Owners* Assocfetiop 
.which has threatened to go: into 
liquidation. because of escalating 
tosses. ‘ . ■ 

- The. , Assodatkm • operates 
Unloading ^and other ancillary 
services at the' port. ‘ ' ■ 

>’ No statement was issued fol- 
lowing the talks but it is thought 
the owners were warned, that 
a: promise, of Government- aid 
‘night, be withdrawn unless; they 
undertook to keep dockside ser- 
vices at the port going. >->> 

" Last week the Ministry 
pledged £12m to cover half this 
-year's dock and landing charges 
at Fleetwood, Hull and Grimsby. 
It was later estimated that Fleet- 
wood’s share would work .'out 
at about £180.000. The Assoda- 
. lion had requested a direct-pay- 
ment to cover its losses, esti- 
mated this year at £150.000. 

But the money would be p3id 
to the owners themselves and 
it appears that they are reluc- 
tant to pass it on to their asso- 
ciation . Last Friday, a few days 
after the Ministry announced 
its grant offer. Mr. Mark Hamer, 
the general manager, announced 
that the association would go 
into liquidation anyway. . . 

This decision was described as 
“diabolical” by Mr. Alf Davies, 


Blackpool and Fleetwood district 
secretary of the Transport and 
General Workers* Union, which 
represents 138 dockside workers 
at the port. “ They have 
pocketed the money and run 
away/* he declared. . 

Mr. Davies immediately asked 
Mr. John Stikin, the Agriculture 
Minister, to withdraw the aid 
offer. 

Mr. Silkto stated on Wednes- 
day that account would be 
taken of new developments 
before an order enabling the 
money to be paid was laid 
before Parliament. This was 
taken as a thinly-veiled threat 
that the Fleetwood owners 
might not, after all, get their 
£180,000. 

An association spokesman 
yesterday explained the reason- 
ing behind the owners* attitude. 
He said they were losing money 
and were not in a position to 
pass any extra funds that came 
their way on to the association, 
" where they would simply 
drain away.” The Association 
already owes the vessel owners 
“ scons of thousands of 
pounds” he added. 

But since the owners hold all 
the shares in the association the 
Government evidently regards 
money paid to them as 
synonymous with money paid 
to the association. If the grant 
is not going to reach its 
intended beneficiary it will 
probably not be paid at all. 

There is no denying the 


problems being faced at Fleet- ! 
wood. The Vessel Owners* 
Association employs 118 
dockers, far more than is 
necesarv to handle the diminish- 
ing work-load at the port. At 
the beginning of this year 39 
trawlers operated from Fleet- 
wood but has since shrunk to 
19. 

But the men are officially 
employed by the National Dock 
Labour Board, a statutory body, 
and enjoy almost total security 
of employment. They can only 
be disposed of voluntarily and 
would even then be entitled to 
severance pay averaging £6,000 
a man. It would therefore cost 
the association more than 
£250.000 to bring its workforce , 
down to a realistic level. 

If the association folds the j 
dockers will simply become 
“unattached,” not unemployed. 
But the 52 other people it 
employs (mostly in administra- 1 
tion) could find themselves on ! 
the dole. 

It is possible, however, that 
even if the association sticks 
by its decision to go into liqui- 
dation ancillary facilities at the : 
port could be kept going. 

Ur. Davies said some mer- 
chants and transporters ha'’ 
expressed their willingness to 
join in a scheme to take over 
the association's functions and 
Wyre Borough Council has 
authorised a loan or grant (of 
unspecified amount) to any new 
organisation set up to land fish. 


German chrome stockpile urged 


BY ADRIAN DICKS . 
DUESSELDORF— -The 


Herr Goedde did not specify However, officials went some 


:i-. ; Sterner Reports between April materials was challenged yesteiv tne sums involved were too as chrome, manganese, cobalt 
- : : : V ^ \ ahd^October ‘ 1978, were 4,889 ^ b ? one ° f the country’s great for the industry to bear and platinum. The fear in both 

■ 'J^- ' ,c ~ tiiimes compared with 10 <1G5 in leading users of scarce metals, alone. industrial and official circles, 

the same.iBTT ueriodl ’ - Herr Alfons Goedde. spokes- Herr Goedde described the even if not directly stated, is 

^ flOltif--.- r? - ! mnn fni* +V* a A"AAiitiTiA t?nntv? nT nnl ifinnl mm that 1Tnit<%4 Vntirtrte en-inh' A«iC 


— "7 1 - tonnes, - compared with 10,465 in 

the same 1077 -periodl Herr Alfons Goedde. spokes- Herr Goedde described the even if not directly stated, is 

^ . . man for the executive Board of political risks to chrome sup- that United Nations sanctions 

•r: - Evi‘ ?/:•£.. v- ~ • Thyssen EdeJstahl-Werke, the plies as the responsibility of the against South Africa could stop 

" . ' • . . special steels subsidiary of the Government, not of the induVry. shipments. 

7 „'.- - i - tig 7 - rn r i tfL 'gip TTIftm ■ T^ysseu Steel group, called on He argued that access to the 

; . • Bonn to finance a stockpile of strategic stockpile ought to be Herr Goedde wpmed that 

• chrome equivalentto two years' automatic, rather than subject without chrome, specifically, 

: Z - 1 - *»? : - , a 7 v ^ 7^7 - . consumption in order to 'guard to Government decisions, as in large sections of the special 

\ .:L t.;3*V PEKH^G irrT^vo- - . Chinese against the political risks, to the case of the U.S. model. steels industry would be unable 

' . -5 ; - r^earch - vessels, have found supplies from Southern Africa. In early October, a meeting to keep working. 

7 .} ‘i z r2) i t valuable^reserves -Ot manganese Two years supply of clmune of senior officials and representa- 

- '*•' nodules iri the-Facifie Ocean, the to the West German market tives of West German industry The official attitude in Bonn 

2 \. -T " New China- -News -Agency. sai± would cost something betwren at the Economics Ministry con- has been to encourage users of 

It did % hot- J»y. where the .DM 300m and 400m (£80m! to eluded that there was no general potentially scarce materials to 

nodules were , found, but said £107m), to which would have case for a strategic stockpile build up their own stockpiles to 

...1 they were between 3,000 and to be added interest costs and along the lines of the American higher levels and to cover the 

•23V 5,000 metres gej*pr 7 storage charges. ' one. cost of this themselves. 


-1 ggr CHINESE FBVD 


as 5^‘ 5,000 metres ^e^pr;* . I storage charges. ' .; one. 

?■ COMMODITY MARKET REPORTS AND PRICES 


■!?£ •.. COMMODITY Mi 

BASE METAIS 

.'*• •• eo iyay-n ucmfd jnxtuy o»» tii* 
tto London Metal Exchange with For- 
VT ward vwtal climbing initially From £792 


Chilean mine .caused a rise to £733-3. 
The cime on the Kerb alter a day of 
quiet trading was £791. Turnover; 
23.475 tonnes. 

Amalgamated Metsl Trading reported 


Official I — Dnofuaia.1 


cost of this themselves. 


*_«' COCOA 


Pressure 
over cotton 
export ban 

By Our Commodities Staff 

COTTON BUYERS need to 
know by the end of next week 
at the latest whether Pakistan 
is going to honour its export 
commitments, Mr. A. J. K. 
McBride, chairman of the 
European Cotton Merchants 
Association, emphasised 

yesterday. 

Mr. McBride was comment- 
ing op a Reuter report from 
Islamabad quoting diplomatic 
sources as saying that 
Paid stan wil buy cotton on the 
world market if necessary to 
fulfil existing export con- 
tracts. 

However the report added 
that the Pakistan Govern- 
ment expected to review the 
situation in six weeks after 
assessing the size of this year's 
cotton crop. 

Mr. McBride said a six-week 
delay . was totally unaccept- 
able. Cotton spinners needed 
to know, prior to the start of 
January deliveries, whether 
they would get Pakistan 
cotton or would have to seek 
alternative supplies. He 
pointed’ out that rumours of 
Pakistan possibly preparing to 
buy in cotton from world 
markets were not the same as 
a firm statement of policy. 

Pakistan announced earlier 
this month it was banning 
cotton exports because a poor 
harvest might mean there 
were insufficient supplies to 
meet its domestic require- 
ments. 

Copper price 
rise next 
year forecast 

By Our Commodities Editor 

WORLD COPPER prices will 
nse. to 1979 to hetiireen 80 to 
90 cents a pound — an increase 
of about 10 cents above present 
levels — Mr. Ehonosuke Niwano, 
president of the Japan Mining 
j Association, forecast in Tokyo 
j yesterday. 

Mr. Niwano fold Reuters that 
j world copper demand was likely 
: to exceed production by about 
200.0DI) tonnes next year. 

This, together with an esti- 
mated deficit of 300,000 tonnes 
in 1978. should substantially 
reduce world slocks of about 
2m tonnes. 

Meanwhile, there were uncon- 
firmed reports yesterday that 
the Andina copper mine in Chile 
had been flooded and might be 
out of action for two to three 
months. 


CEREAL GROWING 


Grade £ 

_...i 6930-90 


6900-10 —-85 


5 months. 688046 6846-60 ,-80 


SetUooTi- 6980 | — 78 — . 

Standard ! I 

£W) 6926-45 1-77-6- 6900-10 —80 


ri; SSfisy *18?* i-? - :::::: 

rr. -.T *# I 1 Unafflchr . “Vha^WtaAM. ihSa months £793! **" Ym " ” Lr^ : ! IS06-IM0.0 [-15.0 T«5. 0-06.0 

XT, 'ST-.' 7 ”^' "» j"T ” v ~ — Z 7~ S2J. 92. 81. 90. 91. Morning: Standard, three months Man* 19W.B-BO.O ,^.05 mb.lMljO 

r ^ grt^iiJ : 1 £ . r ■* £ • J £6510. B.eao. Kerb.: Standard, three May +5.0 »10.U-W0 

”r"-frS?^”i ' t tx; wo ,* 5 TIN — Lower, as tho forward pries months £6. 860. SO. 40, 35. 30, 40. 50. July SMS.tW.O j + 7.0 1MI-0-I3S8 

: - U J ■ SSaSa fffn- ~ g ; US is' tli ® i »PP®' 1 »osn (ram £6,910-E6,930 to 56, 50. Afternoon: Standard, cosh £l* M12.0- 18.0 U 8.7b S0J7.0-0B.D 

■ a S'to?S54“ [ - 5 £6.830 with soma stop-loss sailing- £5.910, threo months C6.8G0. 55. 50, 51. 2005.D-W-D j+ 14.76 20 15 0-1398 

T 7 ® . ! “ r — - — • aceantustlng movements in a thin Kerbs: Standard, thraa months C0.WO. M«reh ',9M 8-2000 ; + 11.0 2005.IMBM 

- . .n marlrrt TJta East was lower over- 30.-25. 20. 10, OS. 6.800. 10. J5. 20. rm\ tax in , 

• A-MO.--- -17683-90-6— I -Zn 762- .5 +1.5 . niqht. Irf the afternoon the price, s. 30. ■ Sales. 4.750 (4.002) lots of 10 tonnos. 


In quiet trading conditions cocoa 
prices initially gained £25 before 
weakening throughout the rest of tho 
day due to Commission House and 
trade aelllng to close overall unchanged 
on the day. reported Gill and Duffus. 

YetiPitlav'sj -f> itr7~ Buttn*:^ - 
rOrilA 1 L'lree — I Horn- 


X-i. 1 

| i-'lv+r ; 


JVpar Ywriri — I .J * . _ iJn- 1306.0-10.0 (-(5.0 1955.0-06.0 

Morning: Standard, three months Min* 1948.0-50.0 |-r0.05 1375-IMI.0 

f B g in 6,830 Kerbs: Standard, three May 1990.0-91.0 i+S.O 2010.8-1990 

SSEh* £^0. 30 . 40. M 30 40, X. July MflS.0-07.0 i + 7.0 2021.0-1998 


5“ [ .. 7B3-.5 +2 

■:^’CMh^j758i-80*U.2&^ 76S-.6 ]+l 
^ JmmrthiU 77S-.5 -1J5 78Q-.5 +X 

V "aourauab; 7605 r -+l • - 

» UABmU ~ ' ...w* *72 ! .... 

jC^ANNaSflRI* V . " , ■ 


1- ?r •- 


Jan 

Ft-:. ’■ 

Jnn-M^r 
Ai-r- Jnt- 
J v-Jjtrt'l . 
Oct- ur • 
Jitn- Altt 
Ajc- Jrie 

Jj'-t-'-' 


57.20.57.25 
58.15-5020 
53.55-55.40, 
50.35-60.Sa 
5 j. 10-53. IS 
55.40-85.45 
57.70-57.75 
70.05-70.10 
7245-72.40 


market. Tin East was lower over- 30, 25, 20, 10, OS, 6.80 0. 10. IS. 20. 
night. Iri the afternoon the price.. 25; .30. - 


dnftnd down from £6.860 to £6.80 
before steadying to close on the Kerb 
at CB.S30, Turnover 825 tonnes. 


LEAD— Lower after moving narrowly 


International Cocoa Organisation 
(U.S cents per pound). Daily price 


*>" . " adl "0 . movarnants , or Dec 2Q. 176 30 (773,22). IndJcotor 

fnflu encad by *e changing, raw on pr j co , or Dk . 2 i : 15-day average 180.22 

th *r5j?&U*? :h " nfl 2 S ' M y >t *“ n,nq (181.06): 22-dsy avorage 182.62 
■l £400- £402. forward metal moved up 103 091 
to £403.9 but than drifted to £400 before • ' 

eldaJng on the Kerb at £401.5. Sales: 

4.85° tonnes. COFFEE 





0.01. J-}- nr p.m. w- or 

LBAD 0 racial — Unofficial — ROBUSTAS were once again ataady 

— - within the established range in a 

£ I £ £ market lacking feature, Orexel Burnham 

Ci«Ji. 1..„. 423-. 5 -—6 419.5 -4.5 Lambert reportod. In the olrernoon 

3tnonU)s. 401.3 i-6 400.5 -4.5 ' radB buying prompted a sharp rail 

ttetL?mest 423.6 <— 8 — with ' atop loss covering above 1280 

ILS.ripot, I *36 36 basis marks. Buying on the close ficm 

- . ~ two penicular houses took tho market 

' ■5, trn, ' n 9 ; Cash £420. 22. three months to tho highs end final values were 

£403. 2,5, 2. 1. 400. Kerbs: Three £20 to £45 higher on balance. Dealers 


• : C C 

Ca«h 423-. 5 1—8 

3montha. 401.3 i-6 
Battfmrat 433.6 Lb 
,(U. jdpot. — ! ...„, 


- -. £20 to £45 higher on balance. 

.montha £402.. 1.5, 1. 400 5. Afternoon: ettributod the strength m the n«arbj> 
Three . months £401, 1.5, 1, 400 r 1. positions to producer interest. 

Kerbs: Three mantha £401.5, 1, 1.5. — — ; : 

ixestenMy e I 

COFFEB Ctoee Uor i 


ZINC — Slightly essier in a thin COFFEB Cloae + or Business 
market lacking stimulus. Forward — Dome 

■ metal traded within a narrow range. 4; per (none * 

moving from £351 to £353. back to 

,£350'. and then to a close on the 1 

Xorb. of £351. Turnover; 3,73 tonnes. Jsoasiy 1448-1449; 446.0 1450-1305 

— _ ■ nm " ,ta^r -March- - j 1294-1296 +56.0 1297-1258 

FIVO Mfflrtri T— l.atrerfr* M *y 1316-13*8' +18.0 1226-1186 

- ° tiaetei I ~ L’»mk-I.lf - JuJj . . 11B0 . 118a , + ,9.0 1186-1165 

I *• I c e 1 E dep*eaiber_j 11 60-1 168 ; 4.2 1.5 1168-1156 

1 rJ.%. 3 ai 6 LTb tonii L 75 A'nwnher..? 1110-1145. +20.0 1115-1110 

SSS*: HM^Sud” Jaaueiy i 

1 ri'meiit :... 342 ,—1.5 - Salas: 3,354 (2.27B) lota of 5 tonnes. 

Ftiin.a'eM — I *U3-45 f ICO Indicator prices lor Dec. 20 

■ V.- - fU.S. cants per pound): Colombian 

..Mamina: Three months. £352. 51 5. Mild Arabieas 171.50 (came): un. 
Kerbs; Three months £351. 50. After- washed Arabieas 143.00 (samel: other 


SUGAR 


Smooths. 
S'mebt .... 
Frun.v'taij 


turn. 



Offiefal 


I'zialBrlalJ 

£ 

£ 

£ I 

341-2 

-1-6 

340-1 

361-J 

-2.2b 

380.6-1 > 

348 

—1.5 

- 

- 

•35A4A 1 


LONDON DAILY PRICE (raw sugar) 
£99.00 (£101.00) a tonne cif for Nov.- 
Doc. shipment. White suqar daily price 
wbs liked at £100.00 (£99.00). 

Prices were contained within a 50 
points range in moderate trading con- 
ditions, reported C. Czamikow. 


Fair-to-all grain 
tests needed 

BY JOHN CHERRINGTON, AGRICULTURE CORRESPONDENT 


WHEN I STARTED farming it 
was still ihe custom for some 
Wiltshire farmers to take a sack 
or grain weighing 2 or 2i cwts 
to Salisbury Market Hall. 

This sack represented the 
bulk of the farmer's parcel, and 
delivery would be made on the 
basis that the bulk -was up to 
sample. 

It was a fairly cumbersome 
procedure and fell out of favour 
at the end of the thirties, to be 
replaced by a small sample in 
an envelope or sample bag. On 
this the deal was made and as 
long as the delivered grain was 
up to the standard of the sample 
nothing more was needed. 

There were, of course, dis- 
putes. Grain in store can 
deteriorate, or the samples 
might not hare been fully repre- 
sentative. But on the whole the 
system worked well. 

Until about 10 years ago the 
buyers worked by eye and 
experience. Milling wheat, for 
instance, was judged by what 
the miller called “ strength " — 
a mysterious appearance of the 
grain — together with his assess- 
ment of gluten, the element in 
wheat which causes dough to 
rise. The test for this was 
simply a matter of chewing the 
grain, and the buyer’s decision 
was then final. 

But now science has raised its 
ugly head. Milling wheat is 
now tested for protein by the 
Hagberg method which demon- 
strates nullability and gluten 
content -by a series of laboratory 
tests. Malting barley is judged 
on the percentage of nitrogen — 
the lower the better the quality. 

Buyers- no: only test the 
original sample but every 
individual lorry-load is separ- 
ately tested. If it fails to meet 


the criterion of the earlier 
sample it is rejected. 

This can also be most expen- 
sive for the farmer. The cost 
of haulage is becoming 
astronomical, and the price 
differential when wheat is down- 
graded from milling to feeding 
quality is substantial. 

I am not a scientist and I 
have no idea as to the accuracy 
of the tests in use. But they 
do seem to vary. I grew two 
varieties of milling wheat this 
year, drew a sample from each 
and divided each sample into 
four smaller ones which I sent 
to four separate buyers. 

The protein content of one 
variety varied from 9.8 to 10.6 — 
the other varied from 95 to 10.1. 
The Hagbergs of both showed a 
variation from 216 to 260. The 
very minimum protein standard 
for breadmaking wheat this year 
is, I understand. 10.5. 

It was obviously going to be 
foolish to attempt to sell the 
high protein wheat on that 
sample alone. However I did 
sell the other as soft milling 
wheat and delivery started. Two 
loads went in all right and then 
one was turned down for an 
absence of gluten. 

This upset me considerably as 
there is no mention of gluten in 
the contract and as far as I 
know there is no statutory 
standard, except that by custom 
milling wheat has to contain 
an unspecified amount. There 
were 120 tonnes in this parcel, 
and of this one load was 
rejected on this test 

What I can’t understand is 
why one load should go down 
out of the whole lot as the 
whole parcel had been treated 
identically after harvest in dry- 
ing and cleaning. The grain 


was up to sample and on the 
basis of earlier practice accept- 
ance would have been enforced 
and, perhaps, it could still be 
enforced today. The whole 
situation is likely to aggravate 
the misgivings among farmers 
over tiie accuracy of the tests 
against which there appears to 
be no appeal. 

Farmers don't even know if 
there is a common standard of 
performance for the testing pro- 
cesses and tolerances within 
which to work. Not only traders 
are involved. 

It is quite possible that before 
long sizeable quantities of 
grain, probably barley, will be 
sold in to intervention to stop 
market prices falling too low. 
Intervention standards are very 
strict and the stores are often 
situated a long way from the 
grower. Although there is a 
standard delivery charge of 
about £3 per tonne at present, 
the return load, if rejected, can 
cost twice that. 

There is also the export trade. 
Recently there have been rejec- 
tions on the dockside for 
various reasons, again leading to 
greatly increased cost to the 
grower and bad feeling all 
round. 

Nothing, of course, excuses 
deliberate delivery by the 
farmer of grain not up to stand- 
ard. But if it has been well 
sampled and is up to>standard, 
the fanner has done his part. 

He should not, I believe, be 
penalised es a result -of tests 
which are completely out of his 
knowledge or control. There is 
obviously room here for a com- 
mon and universally agreed 
testing procedure so that the 
results do appear to he fair to 
all. 


Irish act to curb calf exports 


note. Lewie end Peer reported the 
Malaysian go-down price was 238 (236) 
cents a kilo (buyer. January). 


Ilrtlixia • Vi 1 - Inna 
C‘i'*e J Ltiiue 


57.90-68.25; BB.aQ-S7.20 
58.50-58.90: - 

SB.7a59.7b 5B.65-58.2S 
6t40-BV6Bi bl.50-60.90 
35.70-65. 75: 65J0-M-I6 
86.00-66.10i - 

6S.2S-68.45l 67.75-67.70 
70.60-70. 7tt - 

72.9s-75.0S' 75.00 


Soles: 9 (11) Ion of 5 tonnes. 148 
(329j Mr of IS tonnes. 

Physical closing prices i buyers) 
were: Spot 57p (57.25); Feb. 59.3p 
(59.25): March 60p. 

SOYABEAN^MEAL 

>*.wFfeyi + -ir ~bii«.in , rt 
■ CkMf — ■ D-iin: 

■- 1 

iei.ertoniH| I 

Devcmi<er ....; 175 Ofl 17.5— 0.16 — 

FccrtiAO' 11*8 Ba-k7.0 -Q J5 23.0a27.D0 

Aim IU6 60 -6.0 — 0.2S 27 M-26.0U 

June ...ilia 50-i6fl —0.5 .25.30 

August IK4 0>2S6 +CL3B' — 

October .„...! 124^016.6 +0. IB] — 

U««-vmii<T....-jl5!BJO-27.0 — Q-2 5| — 

Sales: 33 (27). 


BY CHRISTOPHER PARKES 

THE IRISH Government has 
taken action to stem the flood 
of calves to Italy which has 
forced prices up to levels too 
high for Ireland's fatteners and 
drained away stock needed for 
domestic beef farms. 

The action includes measures 
to delay shipment, tighter con- 
trol over the amount of space 
given to each animal in the air 
transport and moves which 


activity is one reason for the extended 
closure. Deliveries have slowed as the 
holiday nears. On prices, individual 
negotiation is still the rule. 

MEAT/VEGETABLES 

MEAT COMMISSION — Average fat- 
stock prices at representative markets 
on December 21. 68 cattle 71.6&P l»r 
kg. I.w. (t 0.26); UK sheep 123.7p per 
ky. esu d.c.w. ( + 1 6): GB pigs 60.0p 
par kg. I.w. (—5.6). England and 
Wales: Cattle numbers down 81.4 per 
cent, average prise 71.72p (+0.12): 
Sheep numbers down <34 9 per cent, 
average pr.ee 13«.Sp ( +2.8) : Pig 

numbers down 93.0 per cent, average 
price EO.Op (-5.6). Scotland: Cuttle 
numbers up 18 2 per cent, average 
price 7T.67p (—1.541; Sheep numbers 
down 1.1 per cent, average price 121 .5p 
( + 1.7). 

SMlTHFIELD — Pence per pound: 
Poultry (Grade A) Fresh — Chickens 

2- 3 lbs 32.0 to 34.0. 3-4 lbs 32.0 10 

34.0. 4-5 lbs 33.0 10 35.0. 5-6 lbs 38.0 
to JO.O; Cepons over 6 lbs 44.0 to 50.0; 
Hens 4-6 lbs 12.5 to 17.5: Ducklings 
4-5 lbs 4S.0 to 50.0, over 5 lbs 48.0 to 
50.0; Turkeys— Hens 9-13 lbs 58.0 to 

62.0. 13-16 lbs 56.0 to 58.0, ov?r 16 lbs 

54.0 to 56.0. Cocks 20-25 lbs 46.0 to 

48.0. over 25 lbs 46.0 to 48.0. 
Oven-ready — Chickens up to 2} lbs 

36.0 to 38.0, 2J -3 lbs 34.0 to 38.0. 

3- 3J lbs 33.0 to 38.0. 3J-4 lbs 33.0 to 
38.0: Ducklings up to 4 lbs 52.0. 
over 4 lbs 52.0: Turkeys 4-7 lbs 46.0 
to 48.0. 7-12 lbs 46.0 to 48.0. 12-19 lbs 

46.0 to 48.0. 19-25 lbs 50.0 to 51.0. 
over 25 lbs 51.0 to 52.0 

Rabbits (skinned) English tarns 67.0 
to 68.0. Chinese 45.0 to 46.0* Australian 

38.0 to 40.0. 

Partridges — Young (each) 2DD.0 to 

240.0. 

Pheasants — Best (per brace) 300.0 
to 320 0. 

COVEN7 GARDEN — Prices in sterling 
per package excaput where otherwise 
stated. Imported produce: Lemons— 
Italian: 120’s new crop 5.25-6.00: Greek: 


seem likely to force exporters 
to establish housing and feeding 
facilities close to airports. 

Mr. John Corr. chief executive 
of the Irish Livestock and Meat 
Board (CBF) said he thought 
the controls vrould have only a 
marginal effect on the Trade. But 
sources close to the Minister of 
Agriculture said shipments 
might be cut by as much as 50 
per cent. 


PRICE CHANGES 

Price In tonnes unless otherwise 
statod. _ 

1 

Dr-. 21,4* nr I Tlooth 

1878 — ogre 


Metals I 

AlnioinftiR £7 ID 

Free market. le/s| .|si.200.-50 
Cvpperessli Wflir£777.5 • 
5 inniths do. ilo. l i.'795.25' 

Cash Cathode. te762.25: 

3 mraitba do. •1o.\C780.25: 

fir-.Ui ..Tiw <tz.'S2 15-576 

U-»l revli £420.26 

3 montlis.. £400.75 

Nickel ' : 1 

Free il*rkrt(df)vlM'S 1.64 

I 1-76 , 


! £710 

SI.1SOISO 

+ 3.6 £754.75 
-3.5 £774.25 
t 1.5 £743.76 
+ 1 £768.75 

— 2.23.S2MB2S 
-4.5 £396.6 
-4.5 £586.25 

” 51-68 

-0-025 152 


Platinum tnw iiz.. 

Free Moriwi 

Quicksilver... 

Silver troy ox 

3 month* 

Tin cash - ....... 

3 mnotbs — 

TnnjErten (s). 

Wolfram 22JA df . 

Zinc cash 

S month" 

Producers. ........ 

Oils 

Cournot (Pbm 

GrnuodnuU 

Unseed Crude. 

fvhn Udijw.-... 


. £156 ' £142 

. £172.20 -0.46 £168.2 
.S162rlB7, + 4 S 139143 
. 298.E5V + L-S6 505.4p 
.’306. 1|> it 1.76 318.Gp 
.'£6,905 :-80 *7,570 
.(£6.647.5 — 75 (£7.883 

. 8145.56 - 'S141.8B 

. S154M4Q — 3 18140/45 
. £340.5 I-0.75X348 

.6550.75 -1 6358.75 
.[5780 | |g720 

! ! ' 

,i5980v — 16.0 5845 


6336 '£540 

S610f 8598 


nupar , . Italian: izu s new crop o.a-d.uu: uieeic; 

Pm. 1 cst entry's P,c\ i-.it* ! ftmnnj 5.00-5.50: Cyprus: Trays 4.80-6.20, 

L.'uiili. ■ lu« * Out* | Dune Boxes 80/]80's 4.30-6.50: Spanish; 


noon:. Three months £361. 
Three months £350. 


Kerbs: Mild Arabic** 130.00 129.33): 

Rob ua res ICA 1976 129.50 129.00): 
I in hr RobUSUS ICA 1968 130.50 130.00). 


SILVER — Mover narrowly in light «odusws itw 

trading, forward metal held around Daily average 123.75 (129.17). 
£622 and £823- before closing on the 
Xorb at £823.5 iri « market lacking 
fresh features. Sales: 225 tonnes. tlRAKlvS 


Sales: 225 tonnes. GRAINS 

*0— * . » 1 . LONDON FUTURES (GAFT A 

■ - •+ nr - V-J- T-k"* opened unchanged to lOp I 
gl — Unofficial — wheat. 6p lower on barley. 




to walk or stand. 

It was Angela CoIetta’s job to find ‘ 
him sympathetic foster parents. Just part 
of her life as aBarnardo s social worker. 

It wasn't easy. Butiye’re happy to 
say that Jamie is now being looked after 
by a warmand experienced couple who are 
realistic as weU as fond of children. 

Feoplelike Angela Coietta and 
Jaime’s new parents are essential to 
.. Bernardo s. Also essential are the funds to 
enable ns to continue. Caring for c hildr en 
"demands a great deal of money. Will you 
help? 

Please gree^yoMrcaringisn^: enough. 

_ Send your chequWPO r madapayable to Df. Bamardo’s, 
. to: Bamarcjo’s. FT266, 

Freepost, Hfordi Essex IG6 1BR- L . - 


^ ,, LONDON FUTURES (GAFTA)— Grains 

A 00163 m *?". - • t+nrt pjm. t+^r ope ned unchanged to lOp lower on 

Offictal — jtJnoffliaa — wheat. Ep lower on barley. Values 

. ; " ~ eased slightly rn the morning^ session. 

• * . I *■ in reesdnable volume. In the afternoon 

r *r ,"; __T_ :*s:| values improved' with good demand lor 

months. 688-3 t1-26| 628.5 tZJI ^ spot to cla8S io p up xo g p lower 

J-— 1 on wheat end unchanged to 5p higher 

* Cents Per pound, t gK per picuL on barley. New crops saw vary littlo 


^ • t J 

3 mbo'iiji! '622-3 . jtTasj 


t On --previous unofficial close. 


trade end closed unchanged on wheat 


1 Morning; Mid-January £625, three to 5p higher on barley. Acli reported, 
months C822. Afternoon; Three months — — ; 


SILVER 


WHEAT 

[Testerday’. 
hl‘ nth I c+ee 


»j+or T 


edwday'a'4- nr 
ckwe I — 


Sitver was fixed- I.Kp an ounce Jeu ... gx.ao j+0.1 83.40 1-0.05 

higher -In the London bullion market xi.. 93 90 ... 86.80 

yesterday at 238- B5p- U.S. cent 96.35 po j?6 e.8.30 

equivalents ol the- fixing levels were: to bS Bft.65 '+O.D5 


vqurveienis OI tits- fixing levels were: a.9 B6 

spot 5944c, .down 18c; three-month gu.50 

608.0c. down 4.0c; s.*- month 623.0c. 
downd.6c: a (id 12-month 861^c. down Business d 


83.66 S-O.D5 

86.50 Uo.ua 


down- 3.6c; a (id 12-month 661.5c. down Business done — - WJtWft Jen. 91.80- 
2Ac. -The metal opened et 2964- 297 Jp 91.50. March 93.90-93.75. May 96.40- 
(597-S38icl end- dosed et 297j-29S^p 96J0, Sept. Nmr. n,l Salos: 136. 
(5S5-So!-c). ■ Barley: Jan. 83.50-83.20, March 85.85- 

: : — B5.S. May 88.35-B8-25, Sepl- 83,55- 

•.J:- :. ) t I 1 . 83.55, Nov. nil. Sslas: 142. 


£ per tL'iiue 

Man-b ..;1D8.86J8J5 109.05-09.10 10.90-08.40 

V«V Illl.10-ll.a0 111-95-12.08 12-28-8 8.00 

Ani I H.7a- 1440 115-68-15.70 15.76-14.50 

Her. '117.20-18.00 118. 18-18-25: 1630- 17.26 

lk-.-. l i:oAo-ei.t8ia.oiMi.:b2uio 

Hsreii..:iZ4J5-24.50il24.7b-2B.&0 - 

Hay . . l27.Ca.2i.6qU7.60J 8.IIO( - 

Salas: 2.038 (2.277) lots ol 50 tonne3. 
Taw and Lyle ax-refinery price for 
granulated basis white sugar was 
£284.85 (same) a tonne lor home trade 
and £1 73.00 (£174.00) lor export. 

International Sugar Agreement (U.S. 
cenrs per pound) fob and stowed 
Caribbean port. Prices for Dec. 20: 
□oily 6.03 (9.21); 15-day average 8.21 
(B.00). 

WHITE SUGAR— Close (in ordor 
buyor, seller, business, sales). Feb. 

97.50. 98.90. 98.76-97.60. 50: April 

102.00. 102.25. 102.25-101 .75, 214: July 
106.65, 109.50. 109.50-108.25. 117; Sept. 

115.25. 118.00, 115.50-116.00. 52: Nov. 

121.00. 121.25, 121.25-121.00. 23: Feb. 

127.25. 127.50, nil. nil: April 129.50. 

132.50. ml. ml. Sales: 204. 

WOOL FUTURES 

LONDON— The- market was dull and 
(eat u Mess, reported BBche. 

Salas: Nil (same). 

Austral uuT lY‘*Tertl'y»j-+ m Uiuinrae 
Greasy Wor»1 1 Cinse — | D-atc 


.Bntafflf • HQCA — Location ax-lsrm spot prices. 

itoToe. Other muling wheat N. Lincoln 90.10. 

my.QB. price j Feed bwfojr. N. Lincoln 793a Hants. 

SpcS — 898.86a sTS 298.1 p [+0.6 , nr 

3 month.. 306-lp Ul.7B 505.65p +0 A hSoinSSi^^SmSS *25 wh 

BnHmihw. 314. Ip ClJE — DscBmb8r S Wl11 

l^Tuonth. 330j»p- p-sTl — remain unch anged. - 

|| IMPORTED — -Wheat _CWRS No. 1. 

T..C - — ^ — JT-r 134 per cent Doc. 95.90 Tilbury. U.S. 

- ,J£SrrT“ rn ?Y er ■ F? 2 „ -55 Dark Northern Spring No. 2. 14 per 

cent Dec. 88.75. Jan. 90. transhipment 
**• 5 Au JS iSf- Thr»« east coast US. Hard Winter 134 Per 
5, r.rh,* Th,« rannth? « nt Dbc - B7-25- Jan. 87.50. Fab. 67.75 
mmdhj 385.7. Kerbs. Three months . THbury _ KC unvoted. UaUe: U.S./ 

French Dee. unquoted, Jan. 107. tran- 
rV in i-im i i r ", , ahipmoni east coast. S. African Wnna 

■ COTTON Jan. 87.5a S. African Yaltowa Jan. 

c , 67.60. Barioy: English (aed lob April- 

■ LIVERPOOL COTTON— Spot end ship- j un8 90.25 paid east coast 


Spot — — -J 288.66p 
3 DWDtlU. i06.ls 
6«onib>J3l4.1p 
12TJn»thJ3SOj4p- 


illlon + of] L.M.S. f or 
ilut; — dose — • 
rice 

.66p 298.1 p f+OA 


+1.78' 805.66p U-OA 

an' = r=; 



n r in i i i anipmBni essi coast. Si. Aincan wnire 

■ COTTON Jan. 57.5a S. African Yaliows Jan. 

c . 67.60. Bariev English (aed lob April- 

' LIVERPOOL COTTON— 5 pot end ship.- June 90.25 peid eaax coeat 
men*, sales In Liverpool amounted to 

128. xonnes, -bringing the total (or the 

week bo far to 32/ tonnes . Modest KlfRRFK 
operations wore mostly in North end 

South American -styles.- Support was SLIGHTLY STEADIER opening on the 
'forthcoming in certain African and London .physical market. Fair interest 
Middle - - Eastern qualities. throughout the day, closing on e quiet 


December... 217JMSJrt . — 

March 218.0-25.0 ...... — 

Slav 284J1-53.S 

July 251-0-40.1* ...... — 

Ocioivr ZWJMOJ) — 

l'ecwiiitier ... 235JJ-42.0I — 

M«relr 936.0-44.tt’ ...... — 

Slay - 239-ttHUli _ — 

SYDNEY GREASY— Close (in order 
buyer, seller, business, sales). Micron 
Contract: Dec. 343.0, 343.5. 343.0-342.0. 
32: March 351.0, 332.0, 251 0-350.5. 14; 
May 357 Q. 357.8. 357.5. 357.0. 18: July 

361.0, 361.5. ml nil.; Oct. 363.5, 364.5, 
nil, igj!; Dec. 366.5. 367.0. 367.0-367.0. 3: 
March 370.1. 371.0. 370.0-370.0. 13: May 

372.0. 374 0. 372.0-372 0. 10. Sales: 88. 
NEW ZEALAND CROSSBREDS— Close 

(in order buyor. seller): Dec. 184.0. 
190.0: March 183.0, 1BS.0: May 185.0, 
186.0; July 187.0. 190.0: Oct. 190.0. 
153.0; Dec. 192.0, 197.0; March 133.0, 
198.0: May 193.0. 198.0. Sales: Nil. 

BRADFORD — Moat firms are closing 
for o lull week over Christmas. Dealers 
said difficulty m matching orders with 


4.00- 4.20: Israeli: 4.80-5.05. Clemen- 

tines — Cyprus: 10-kilos 3.30-3.80; 
MoraccJp: 3-20-4.20. Satsumu — 

Spanish: Trays 1.60-2 20. Grapefruit — 
Texas: Red Blush 4.5O-4.G0: Florida: 
4.60: Cyprus: 2.20-3.60: Israeli: Jaffa 
40/75 3.40-3.60, Apples— French: Stark 
Crimson 40-lb 138/1t>3's 4.40-5.30. 20-lb 
84*5 2.20. 72‘s 2.40: Golden Delicious 
20- lb 72 s 1 .80-2.20. &4’s 1.70-1.90. 

40-lb 138/163/175' a 3.60^00, iumble 
pack, per pound 0.07: Granny Smith 
20-lb 72 s 2.30-2.40, 84 's 1.80-2.00 large 
boxes 138/150/163 3.60-4.60. jumble 
pack 55/60 31-lb per 0. 06-0.07. Bananas 
— Jamaican: Per pound 0.14. Grapes — 
Spanish: AlmariB 3.00-4.00, Negri 3.00- 
3.80: Californian: Red Emperor 20/23-lb 
B.50> Avocados — Israeli: 3.30-3.50. 
Melons— Spanish: Green 5.00. 15-kilo 
boxes E/12's 10.00. Onions — Spanish: 

3.00- 4.80: Dutch: 2.00-2^0. Tomatoes— 
Spanish: 1 .20-3.90: Canary. 4XD-5.00. 
Cucumbers— Canary: 10/16'a 3.40-3.80. 
Capsicums— French: Per pound 0.30; 
Canary: 0.30; Italian: 14-lb 2.00. Dates 
— Algerian: Per glove box 0.28-0.43; 
Californian: Tube 0.30. Lettuce — Fiench: 
12*s 1.40: Italian: Round IB's 1.30, Cos 
2.70. Walnuts — Californian: Per pound 
0.40-0.42: Chinese: 0.30-0.31. Brazils — 
Per pond LMW 0.42-0.46. Tocentun 
0 36-0.40. Almonds— Spanish: Semi- 
soft per pound 0.42. hard shell 0-30. 
Chestnuts— Italian: 10-kilos 4.S0-7.00; 
Spanish: 5-kilos 3 .00-4 .50, 10-kilos 4.40- 
5.80: Portuguese: 5.00-6.00. Filberts - 
Italian: Per pound 0.30-0,31 . Pecan 
Nuts — Californian: Per pound 0.60, 
Potatoes — Italian: 20-lb 3.80. Mistletoe 
— French: Crass 1.00 plus VAT. Celery 
■ — Spanish: 5.00-8JXH Italian: &'s 3.00- 
3.30. Cauliflower* — Jersey 30 's 7.50, 
24' s 8.50: French: 8.00-8.50. Fennel — 
Italian: 4.50-4.60. Peaches — S. African: 
23/28's 3.20-4.30, Apricots— S. African: 
Per pound 0.60-0.70. 

English produce: Pota toes - P er 25- 
Icilos 1.40-1 SO. Lettuce — Per 12 round 
1.30-1.40. Mushrooms — Por pound 0.56- 
O.60. Apples— Per lb Bramley 0.06-0.12: 
Cox's Orange Pippin 0.0441.13: Worces- 
ter Peomuin 0.04-0.06: Russets 0.06- 
0.09: Spa nan 0.06-0. 10. Pears— Par 
pound Conference 0.09-0.14: Cornice 
0.14-0.18. Cabbages— Per crate 1.00- 
1.20. Celery — Crates 14/'8's ■. 40-2.00. 
Cauliflowers — Par 12's Kent 4.00-4.50. 
Beetroot — Per 28-lb 0.70. Carrots — Per 
28-lb 0.80-1 20. Capsicums— Per pound 
OJO. Onions— Per bag 1.80-2.20. 
Swedes— Per 28-lb 0.60. Turnips — Par 
28-1 b 1.00-1_20V Parsnips— Per 28-lb 
1 .40-1 .50. Sprouts— Por pound 0.10- 
0 . 12 . 


Seodtt I I 

Copra Philip ;S620p S550 

tfuyatean 16289 k 8276 

Graiaa j j 

Barley . I 

Horae Future J1B5.30 +0.3 ,£83.5 

31a ire I 1 

French Xo. 3 Am £107 +O.S £104.5 
lVlion 

Xo. 1 Hed Sprituj£95.5 -0-5 l£94.75 
Xo^Hanl\Vtnterli»7.26 '— 0.5 l£89.76 

ira^Iub Hilling f '£95. 5« ' ’£92.5 

Other Oamtoditia a 

CoL-(«'5bIpuieiit....|£2.000 + 1.0 <£2,177.5 

Future iUr.. Sl.949 +0.5 £2,137.5 

Coffee Future 1 

Mur j£ 1,294.5 +38.0^1.469 

Cotton 'A' Lodes. ..'7a26u — 0.3 '79.4c 

Rubber kilo — <S7ju i— 0.26 60p 

bum- itatw>_ £99 -2.0 ^102 

Vooltop* 64s (kilo)-!270p _ _ J— 1.0 274 p 

• Nominal, -f New crop. 1 Unquoted, 
n Jan. -March, p Dec. -Jan. u Jan. -Feb. 
t Feb. uJan. 'x Per ton. r Indicator 
prices. 


INDICES 

FINANCIAL TIMES 

'DecTadT Dec.'lS Mum iTi^y VrtTipi 


255.331256.921 262.84 | 235.40 
(Base: July U ]Bi:=iM) 

REUTERS 

'Dee. 21 Deo. 20 3f until atr* J Vrar bro 

1500.7 15Q5.B 1 , 1514.5 l 1415^4 
(Base: September 18.' 1031=100) 

_ DOW JONES 

"Dow ) Dec. | Dee. i Month | Tear 
Jones j 20 J 19 ! ago ) ago 

Spot.... 388.59584.67 594.80361.06 
Futures 379.49381.75 395.68 324.57 
(Average . 1924-2540= 100) 

MOODY'S 

PDee. . Dec. Month Year 
Moody's | BO I IS i ago ago 

SpLeCommiy 976.4 976.6 9B5.3 078.3 
(December 31. I83!=i00i 


GRIMSBY FISH— Supply poor, de- 
mand good. Puces at ship’s side (un- 
processed} per stone: Shelf cod £4.50- 
£8.40, codlings E3.50-E4.4Q: medium 
haddock E3.40-E3 80. email [3.20: large 
plaice £7.00. medium C5 .20-117 .30, best 
smell CS.20-E6.40: large skinned dog- 
fish £8.00. medium £4.00: lemon soles 
£7.50- £9.50: saithB E2.60-t3.20. 


Ejqsnrts of calves to France 
and Italy in particular have 
grown from virtually nil early 
in the 1970s to I3S.000 head this 
year. Sales took off first in 1975 
when the Italians first dis- 
covered the Irish reserves of 
young calves. 

Exports then were 75,000 
head. The following year sales 
were 6S.000. 


NEW YORK. Dec. 21. 
Copper— Dec. 68.70 (68.05), Jag- 
68.80 (09.15), Fab. 69.55. Match 70.45. 
May 71.85. July 73.1 a Sept. 74.10, Dec. 
75.45. Jen. 75 90. March 76.75. May 
77.60. July 78.50, Sept. 79-30. 

tSMaize — March 230*j-23(M« (231**). 
May 239V239U (240). July MMgy. 
Sept. 248V248V. Dec. 253, March 261. 

Soyaboera— Jan. 695**-697 (6964). 

March 7114-708 (710**). May 7194-7204, 
July 7£3-724. Aug. 7)6. Sept. 689. Nov. 
675-7744. Jan. 682. 

' | Soyabean Meal— Jan. 194.60-194.30 
(1^9.101. March 193.C0-I93.60 (194.501. 
May 132.K'-1 92.50. July 192.20-191 .80. 
Auq. 191 .80-191 .50. Sept. 190.50, Oct. 
I 187.50. Drc. 186.80-187.00. Jan. 187.00. 
Soyabean Oil — Jan. 25.40-25.42 
125.631. March 25 50-25.47 (25.62). May 
25 40-25.35. July 25 30-25.25, Auq. 
25.15-25.20. Sept. 24.45. Oct. 24.05. 
Dec. 23.00-24.00. Jan. 23.65. 

•■Wheel— March 333*4-038 (342), May 
3294-3294 (332). July 3184-319, Sept. 
3244-3244. Dec. 336- 
All rente per pound ex-warehouse 
unless otherwise stated. • Ss per troy 
ounce — 100-ounce lots. 1 Chicago loose 
Ss per 100 Ibe— Dept. Ol Ag. prices 
previous day. Prime steam lob NY bulk 
rank cars, t Cents per 56-lb bushel 
ex-warehouse. 5.000-bushal lots. § fc 
par troy ounce for 50-oz units of 99-“ 
per cent purity delivered NY 9 Cents 
per troy ounce ex- warehouse. U New 
*■ 8 " contract in 5s a short Ion for 
bulk lots ol 100 short tons delivered 
fob cars Chicago. Toledo. St. Louis and 
Alton. •• Cents per 59-lb bushel in 
store. tt Cents per 24-lb bushel. 
** Cents per 48-lb bushel ex-warehouse. 
§§ Cents per 5B-lb bushel ex-warehouse. 
1.000-bushel lots. « CSs por tonne. 


USSR buys 


soyabeans 

WASHINGTON — The Soviet 
Union has bought 700,000 
tonnes of U.S. soyabeans for 
delivery through Ihe 1978-79 
marketing year, the Agriculture 
Department said. 

Officials said 312.000 tonnes 
•were new sales reported by 
private exporting companies 
and 388.000 tonnes had been 
reported previously as going to 
•■unknown” overseas buyers. 

Soyabeans are not covered by 
a long-term agreement, now in 
its third year, that requires thfr 
Soviet Union to buy a specified 
minimum of U.S. wheat and 
corn annually. 

In the year That ended 
September 30, Russia bought 
about 14.8m tonnes of the two: 
grains. So far in the third year 
it has bought 280.000 tonnes of 
wheat and slightly more than 
lm tonnes of corn. 

INDIA MAY BUY : 
JUTE SUPPLIES 

NEW DELHI — The Indian’ 
Government is considering im- 
porting 300,000 bales of raw 
jute to meet a shortage of high-: 
grade jute used in goods for 
export, Industry Ministry 
sources said yesterday. 

No decision has yet been 
taken, and discussions are cur- 
rently under way on the ques-’ 
tion of subsidising the imports,' 
which will cost more than 
domestic jute. 

The jute industry, which has; 
been lobbying for the imports^, 
wants government subsidies to; 
cover the difference between 
imported and domestic costs.: 
But the government feels the> 
industry should cover some of 
the gap. 

Reuter T 







' - 1* y— " ' 


Y 



in'- 




Glaxo and Boots feature quiet seasonal markets 

Both close lower but 30-share index unchanged at 478.2 




FINANCIAL TlMES STOeK INDICES 


Account Dealing Dales 
Option 

''First Declare* Last Account 
Dealings tions Dealings Day 
Dec. 11 Dec. 28 Dec. 29 Jan. 9 
Jan. 2 Jan. 11 Jan. 12 Jan. 23 
Jan. 15 Jan. 25 Jan. 2$ Feb. $ 

Little of the Christmas spirit 
which was abroad in Throg- 
morton Street and surrounding 
areas yesterday found its way 
into stock markets. Business io 
all sectors continued to be 
affected by seasonal influences 
although official markings, at 
3 .333, were up just over 300 on 
the previous day. This probably 
reflected the fact that dealers 
had more time on their bands 
to mark transactions on the last 
full day of trading ahead of the 
weekend; the trading floor closes 
at 1 pm today. 

Equities were featured by 
pressures emanating against 
Glaxo and Boots, the former 
dropping to 510p on talk of a 
bearish circular coming from 
brokers Rowe and Pitman, Hurst- 
Brown. but rallying wetl to end 
5 off on balance at 5lSp follow- 
ing confirmation 'that the brokers 
had downgraded their profits 
forecast for the group. 

Speculation arose about 
another broking house having 
revised lower its profits predic- 
tion for Boots: after completion 
of -a selling order io the region 
of 250,000 shares, which caused 
the price to Tall below lSOp ami 
trigger off a bearish chart signal, 
conditions in the stock remained 
sensitive because of the possi- 
bility of fresh sizeable offerings 
and the close was 4 cheaper at 
l?Sp. after 187p. 

Both Glaxo and Boots ore 
around 20 per cent below their 
respective peaks for -the year 
compared wrth a loss of less than 
10 per cent from the 1978 high 
in the FT-Actuaries Industrial 
group index. Yesterday's falls, 
however, made no overall 
impression on the FT 3(Vshare 
index which, after registering a 
loss of 1.7 at 11 am. gradually 
recovered to dose unaltered on 
the day at 478.2. 

The Gilt-edged market passed 
another uneventful session with 
the shorts retaining small open- 
ing improvements after looking a 
shade uncertain at one stage. 
Medium and longer maturities 
again traded very quietly, busi- 
ness comprising a moderate in- 
vestment demand and switching 
into stocks of a longer life. Re- 
flecting interest accruing over 
the four-day holiday, quotations 
were raised * late resulting in 
scattered rises of J. 

Early institutional support for 
investment currency later waned 
and, after touching 831 per cent, 
the premium closed Is higher at 


821 per cent.- This makes a rise 
of 6i since the Government's 
clarification on Monday of the 
UK-Irish exchange control posi- 
tion. Yesterday's SE conversion 
factor was 0.7123 (0-7144). 

A further contraction of. Busi- 
ness in Traded Options saw only 
201 contracts completed by the 
close. compared with the 
previous day’s 257 and last 
week's daily average of 403. 

Mil lefts Leisure Shops . en- 
countered buyers at the outset 
and gained 7 for a two-day rise 
of 10 at 135p. 

Banks mixed 

Narrowly mixed price move- 
ments were the order of the day 
in the banking sector following 
a thin trade. Still reflecting the 
decision to allow licences under 
the consumer credit act to its 
subsidiaries. Julian S. Hodge and 
Co. Ltd. and Hodge Finance Ltd- 
Standard Chartered hardened a 
couple of pence more to 440p. 
Barclays, a penny dearer at 364 p 
and Midland. 2 off at 356p. were 
the only changes in the home 
banks, while quietly dull Dis- 
counts had Alexanders 5 lower at 
24Sp and Union a like amount 
easier at 305p. In Merchant 
Banks, Antony Gibbs eased a 
penny to 49p: the group has' dis- 
posed of its interest in Gibbs 
Nathaniel Canada. 

Arthur Guinness featured 
Breweries with a rally of 6 to 
164p following a Press recom- 
mendation. Scottish and New- 
castle met no further reaction 
on the reduced interim- profits 
and held steady at 61p. 

Building issues displayed 
several notable mixed movements 
despite the low level of trade. 
Taylor Woodrow finned 8 to 411p, 
but Richard Costain shed 4 to 
226p, the latter on talks of a 
fairly hefty line of shares over- 
hanging the market News of 
the. provision of adequate over- 
draft facilities - following ' the' 
recently announced half year .Ujss.'. 
lifted FPA Construction a penny 
to 11 d. A Press report that 
Consolidated Gold Fields is -not 
at the moment interested in 
acquiring T. W. Ward's 26.6 per 
cent stake in Tunnel .B, prompted 
occasional selling of the last- 
named which cheapened 2 to 
322p. On the other band: Leigh 
Interests, which has trading 
links with Tunnel, held, a fresh 
gain of 6 at 138p. A.’ Monk! 

shed a penny more to S2p-in con- 
tinued response to the -disap- 
pointing interim figures and the 
chairman's bearish statement 
about the full-year results but 
James Latham, still buoyed by 
the mid-term profits advance, 
added 3 to a high for the yaer 
of 135p. 


1C1 recovered from a dull open- 
ing to close 2 up at 365p, but 
Fisons eased marginally to 303p. 
Among other Chemicals. British 
Benzol hardened i to 35 Ip on 
the sharply increased interim 
figures and the chairman’s cheer- 
ful statement 

Cope sportswear up 

Apart from a rally of 3 to 47p 
in recently oversold Cope Sports- 
wear and an improvement of a 
penny to 35p by Wearwell in 
response to the sharp increase 
in interim earnings. Stores had 
little to offer. 

Inclined easier initially. GEC 
picked up to close without 
' alteration on balance at 329p, 
but EMI settled 2 lower at 139p 
after having fluctuated narrowly. 
AB Electronic, at 160p, gave up 



4 of the previous day's rise of 
9 which followed news of the 
proposal by CTS Corporation of 
America to increase its holding 
in AB to just over 20 per cent. 
Campbell and Isherwood traded 
firmly at 127 p. up 4 while Press 
mention stimulated a little buy- 
ing interest in Electronic Rentals 
which gained 3 to 145p. Kacal 
: hardened a few pence more to 
|346p, but Laurence Scott 
.shaded a penny to a low for 
the year of 85p. 

The majority of Engineering 
leaders rarely strayed far from 
overnight closing levels. Scat- 
tered offerings, however. left 
Vickers 3 cheaper at 193p, while 
-Tubes also tended easier and 
closed a similar amount down at 
37Bp. Elsewhere, Edbro re- 
mained a depressed market on 
the second-half profits warning 
and fell 8 for a two-day loss of 
.31 to 193p. Sharply lower 
interim profits prompted dullness 
'in A. Cohen, which reacted 5 to 
-160p. but Danks Gowerton held 
steady at 57p following the 
increased half-yearly dividend 
and profits. Occasional support 
was again forthcoming for 


Charles Clifford, up 2 further at 
120p, while game of a similar 
amount were marked against 
Jones and Shipman, 160p, and 
Lake and Elliott, 56 p. On the 
other hand. S. W. Wood gave up 
2 to 48p and Benjamin Priest 
shaded a penny to 754p. 

Although the interim profits 
impressed, the chairman’s accom- 
panying remarks deterred buyers 
and Unigate held at the over- 
night level of 74p. Elsewhere in 
Foods. Tate -Lyle found a 
little late support and firmed 4 
to 190p and British Sugar hard- 
ened 2 to 137p. A good market 
of late on the Board's confident 
statement on current trading, 
Avana added another penny to 
73p, but Press criticism of the 
share and management deal left 
Louis C. Edwards that much 
lower at 23p. Cullens Stores 
gave ground cm the reduced, half- 
year profits and the disturbing 
statement; the Ordinary and A 
fell away sharply od the 
announcement to llSp and 116p 
before small buying at the lower 
levels left the closing quotations 
just 2 cheaper on balance at 124p 
and 122 p respectively. 

Glaxo dip and rally 

Early rumours, later con- 
firmed, that a leading broker is 
downgrading its profits forecast 
led to a large selling order in 
Glaxo which fell away to touch 
50Sp before rallying to finish 
only a net 5 down on balance at 
51Sp. Boots also came under 
pressure following bearish noises 
from a chartist and, after easing 
to lS7p, closed 4 down on the 
day at 188o. By way of contrast, 
buying on hopes that the group’s 
Canadian subsidiary sale talks 
will reach a satisfactory conclu- 
sion helped Reed International 
put on 6 to 154p. after 156p. 
Elsewhere, Philip Harris jumped 
11 to 9Ip on further considera- 
tion of the excellent interim re- 
sults and the bullish remarks 
about second-half prospects. 
Sotheby's, up 9 at 345p, con- 
tinued to draw strength from 
Tuesday’s favourable results, 
while Christie's International 
gained 5 more to 156p in sym- 
pathy. Gieves found support at 
95p, up 3, and similar rises were 
seen in Peter Black, 190p, and 
Caplan Profile, 13Sp. Dun do Qian 
softened a penny to 51p on ad- 
verse comment 

Standing 5 higher awaiting the 
interim results, Norton and 
Wright gained further ground on 
the more-than-doubled profits 
and dosed 10 up at 148p. 

In quietly easier Motors. 
Wilmot Breeden gave up 2£ of 
recent gains to close at Sip fol- 
lowing comment that the talks 
with Rockwell may not result in 
a full bid. Rolls-Royce moved 


against the trend, and added 24 
to 96p on a follow-through of 
interest stemming from an in- 
vestment recommendation last 
weekend. 

Among uneventful Newspaper/ 
Publishers, Ault and wHborg 
moved ahead in late dealings to 
close 2 up at 42ft> on bid hopes 
following reports of a $40m fund- 
raising issue planned by Sun 
Chemical Corporation which 
already owns about 44 per cent 
of the Ault and Wiborg equity. 

Properties adopted a firm 
stance in the absence of sellers. 
Among the leaders, British Land 
were notable for a gain of 1} at 
44p. Secondary issues continued 
to attract limited support with 
La mg Properties A 5p better at 
125p and Property and Rever- 
sionary A the same amount 
higher at 320p. Ha unperson A 
firmed 7p to 630p and Slough 
3p to 121p while, in smaller- 
priced issues, Westminster put 
on 2p to 25p. Annual profits in 
line with market estimates failed 
to sustain Intereuropean which 
lost a penny to 41p. 

Oils little altered 

Another extremely quiet day's 
trading left Oil shares with little 
alteration. British Petroleum 
edged up 2 to 926p, sentiment 
being helped by news that the 
company had received Govern- 
ment approval to start develop- 
ing the Magnus oil field in the 
North Seal On the other hand. 
Shell drifted a few pence lower 
to 576p, hut dollar premium and 
currency influences left Royal 
Dutch another | up at £42). 

Occasional losses in the Trust 
sector included General and 
Commercial, 135p, and Wemyss, 
266p, down 5 and 4 respectively. 
Charter Trust, however, im- 
proved a shade to 524 p following 
the interim figures. 

Dealings were temporarily 
suspended in Bank Bridge at 2p 
pending completion of the pro- 
posed reorganisation of the 
company. 

In Textiles, Homfray reported 
a 65 per cent drop in taxable 
profits, but the downturn was 
only slightly worse than was 
generally expected and the 
shares eased only a penny to 40p. 

Plantations tended narrowly 
firmer following small buying 
interest Highlands rose 4 to 
109p, while Kuala Lumpur 
Kepong gained 3 to 69p. 

Golds turn easier 

A further $2^5 reaction in the 
bullion price to $213,375 per 
ounce prompted a downturn in 
South African Gold shares for 
the first time in four days, 
despite a rise in the investment 
currency premium. 


. Share prices . were marked 
down at the outset qwing. to 
overnight American selling and 
thereafter gave further gnnind 
following Johannesburg and 
London offerings- . 

However, . a. modest rally iii 
the bunion price towards. - the 
close of business saw v some 
American “ cheap " buying enter - 
the market and prices generally 
ended the day a shade ahoye 
their lowest levels. 

Nevertheless the Gold BBnds 
index gave up 22 to 1392, white 
the ex-premium index fell 3_8to 
992. -:-• 

In the heavyweights, Bandjffea^ 
tein came under pressure and 
lost a half-point to £27f, white 
Taal Reef fell i to £121 -and Free 
State Geduld 4 to £134. ■ 

Among lower-priced- .issuer 
losses of between . 5 ..and &were 
seen in Blyyoor, 29$p, Doornfop- 
tefn, 232p, Elsburg, 76p, and 
Libanon, 435p. 

The ‘ downturn in - Golds 
affected sentiment in Smith' 
African Financials. General 
Mining, a firm market of late 
following the share split* reacted 
on profit-taking to close 5 easier 
at 350p, while Anglo American 
Corporation dropped 4 to' 29£p. 
De Beers held steady at 368p, 
following a good ; two-way* 
business. . 

London-registered Financials 
tended to drift lower despite r tfie 
late steadier tendency of - the 
UK equity market Once again 
Australians were featured by ■' a 
good London interest in high 
quality issues. Western Mining 
added 4 more to 138j>, while 
si milar gains were seen : th 
BofigainviUe, - 12Sp, Coatlnc , 
RJotlnto, 276p, HIM Holdings, 
196p and Peko-Wallsend, 43/tip. ■ 

Diamond exploration .stocks 
failed to attract much attention: 
but renewed speculative selling 
lowered Otter Exploration v 2 
more to 24p. -■£ . 

Tins were mixed with the:3IK 
registered Strath Crofty easing ^ 
penny to 59p. But Malaysian^ 
domiciled issues reflected ;tbe 
firmer premium with. Rerjuntai 
and Snngej Best both 5 better 
at 210p and 275p respectively. 


RISES AND FALLS 
YESTERDAY " £ 

Up Down Sam*. '■ 

British Funds 63 — ,.' 

Corpus. Dom and .«*A‘ 

Foreign Bands ... 1 7 S3, 

Industrials 261 148 1;120; 

HiudcaI and Prop. 77 48 387 

Oils 7 4 .26 

Plantation 11 . T 2ft; 

Mima 21 48 71. ; 

Recent Issues 5 T JTT, 


- -- — ~ °sf; & 

k— i 

Rod .W wua. tootT /ami. TO.T* TOMf.acuBt? 

induatriri 47*2* 4782! 47 fell, 4jW^ 481#. 477^48Lfi: : 

cold Mih«(Ex-« pen) -SM «n-0 * iota -»**£■ . «*a(ry ~ J 
ora. Dtv-Vwd .'G. qk. 

EamlnsftY'k! % (fulb isaS -MA 8 .IS30|V 

P/E Ratio (net) CL-..- : 82l '*13| : 

Dealing* marked-— SJM 


Dealings marked-— s-sa* .r*V7 

Bjuity tu mover r '— *. - 

EquHybars^lns'tetW. V JX0,k84'12;88s iLS^lB| 12,S4lk- 13,553 a*5» 

10 aro 4722. /it? am*47B:5> : >fed ff-.477 A.r :4 J pm'477 •£-'<■ r ;L X- / ^7 

. ' ...... 2 : nut . 477 *.; 

Latest Jndox br-Sosaa*:.- ; r. , .. 


Basis 109 Govt Secs. 15/10/ 4R "fuyw , hi*. , fMD. ; niuwpyw. viv. ■ . a 
1/7735. Gold Mimw 12/9/55^ . EfeS'pai.T irda*: _*ar£sd rJun* 1S7Zr\ SE 
Activity July-Dee. 1842. -r . -f 

ghs -mo ‘ i:oW#- 

High' | Uvr. ^gh gjuritg t 

8L27 OS.80 J 1SD.4 ; V 

(8/t) (M/ll) {28/1W!) WWtL ' f ^7-0, .^30.1 

535.5. 453.4- : 646/2 -V. >‘A '. 

awn ; -■»*»■■ ;• -^r 

a&f ^ ^S£fWSuSSRyi&-^uiar. 

138.5 StL3 - 33^:1 •> 54^ < . Spaomaflve. { J IX8JJ - 

a^8) ta/smij.. trotafs ^ j 




HIGHS AND LOWS 


Govt Secs.’ 
Fixed Int- 
Ind. Ord. - 


Gatd Mn 


Gold Mines 132.5 
lEx-5 pm)— 0-4v8) 


' No.- V- 

... .DePOFphia^Qf, - Closing.; Gnfinge,' : 
Stock •<••' ' tioxi , -marks piScje^pi'. bn Say:' 

BP U.- £L ■ - : •; 

Id £1 365 -- + 2 

Shell Transport, : 25p - 676 -’. •? — 2 . 

„ a ■ ‘ .ico. "A..t5. 


Hongkong 6c 


BOC IntL ,'SSp , - 5 GF 

GEC - - 25p ; - 4 5 - - /-r-r; 

Marks 6c Spencer ' 25p , : -v >; - - 8?; .. 

Metal Bor. ‘ New ’ 'Wi'/gdi’:. ^v'54jttn 
Rank Org. . 25p-. : ‘ •;.:':-246v> : . ^.V — 


:i'v 

- - . V 

Z- . r V-L ; • r rf 

higfe-ri.'iW' 

',964. .720: : 

_349: & -256 ' " 

= .42t^.>r323t'"-: : '. V- . 

= ^602'r'j; .- 

- ■ • 

'.;648..-.^'-!K» - :a : : : 

: •• '■ . -• ! Ifr •/ . • • 

a3»/i.,r83^^;: •*.- 
63’^'.. 

.'v349 r ^2S3.'7 ; - v 
;^ r 70®rni^rf^m, 4 




Share Information Service :, : 
DEALING DATES : ^ 
First Last Last.-.-'^For-; 

Deal- Dead-' Dedara? Tseffle* 

tngs ings 1 tlon - raeht ; 

Dec. 19 Jan. 8 Mar.22 Apr;' 3 
Jan. 9 Jan. 22 "Apr. S .Apiylfi 
Jan. 23 Feh. 5 Apr.Td '|^#^l, 
For rate mdieertiens xee. emi <>f 
Shore Information Service 


::Stod&'& 

InchidEd.' Lttnrim, 

>AUei 4 ^ShaW Garpets,; L*%oKfr, : 
“Wayrafits, ' Parifi^ Copper Kode 
•Lott/ - -FJCJ^G,- Kdbeq ; 

British Qta. and jiataers. i Pufe 
were- completed m New- Ttote- 
morion .Warrants and Trieentrol, 

" and :. v a .- Rouble : was . arranged; M 
Bnrmah. • J' -v . '■ j- '• .X ' 


NEW HICMS AND Cows FOR 1978 


■> ' • ' ’’ ' ' 


Cle Bancalr* 


Hrltfl 

Lax ham U 


BANKS. O) - v ; -..vlv ntOTEKTY W -: 

BOIUMNOSO) '.‘jv ; 7 - 

• Nonrott Hbbt v .. t- V ^ NEW LOWS (4Jr . ; V ” 

■ ' STORES \ : ~ :: -•“■■■ • 

, iK. o.): • ^ .s.^; ’ s ; xuctiocals oi . ... ... 

-r.' .• 


Totals 446 257 T.718 


BoirtUnan CX. O.V ’ v'' ■.* 

OKUNEUtlNGim 

Bak«r 

Avana * ^^M«4fc.a (Wj 

UnroanEdwdS- 


wsaa^ 


WEARWELL LIMITED 

INTERIM FINANCIAL STATEMENT 


THE UNAUDITED GROUP TRADING RESULTS 

FOR THE 26 

WEEKS TO 

3rd NOVEMBER, 1978, are: 


■ - . 



26 weeks 

26 weeks 

53 weeks 


ended 

-• ended 

ended 


3rd November 

28th October 

5th May 


1978 ' 

1977 

1978 


£000 

! £000 

£000 

Sales 

4,026 

. 2.156 

5,101 

Group Profit hefore taxation 

308 

111 

332 

Taxation— (estimated) 

IGO ' 

5S 

(119) 

Group Profit after taxation 

148 

..«»>■’* 53 

451 

Interim Dividend 

46 ' 

* ■ ' ' ' . 

1 

Retained Profits 

102 

53 

451 

Earnings per share before taxation 

1.99p 

• 0.91 p 

2.S0p 

Earnings per share after taxation 




based on notional tax at 52% 

0.96p 

', 0.43p 

3.S0p 


** The first six months' trading has seen, a continuation of the buoyant conditions 
mentioned In the Chairman's Statement of 23rd August, 1978. Full order books indicate 
that this buoyancy will continue. 

The Board is pleased to announce an interim dividend of 0.4477p per share gross 
(0.3p per share net) payable on 2nd April, 1979 to shareholders on the register at 
5th March, 1979." 

ASIL NADIR, Chairman. 


TOYO TRUST BANK 

An advertisement appeared in the Financial Times of 20th 
December announcing the opening of the London office of Toyo 
Trust Bank. The Financial Times wishes to extend an apology to 
Toyo Trust Bank whose London office in fact opened on 16th 
October 197S. . . 


INVEST IN 50,000 BETTER TOMO RROWS! 

50,000 people in the United Kingdom suffer from progressively paralysing MULTIPLE 
SCLEROSIS — the cause and cure of which are still unknown— HELP US BRING THEM 
RELIEF AND HOPE. 

We need your donation to enable us to continue our work "for the CARE and WELFARE 
OF MULTIPLE S CLE ROSIS sufferers and to continue our commitment to find the cause 
and cure of MULTIPLE SCLEROSIS through MEDICAL -RESEARCH. 

Please help— send a donation today to: 

Room F.I, The Multiple Sclerosis Society of G.B. and NX, 

4 Taehbrook Street, London SWI 1SJ. • 


BUILDING AND CIVIL ENGINEERING 

The Building and Civil Engineering page is published in the 
Financial Times every Monday and carries news items relating to 
contracts and important developments in the Construction Industry 

For details of the advertising space available on the page 
each week, and costs, you are invited to telephone 
01-24S 8000, Ext 360 or write to: 

THE ADVERTISEMENT DIRECTOR 

Financial Times ^SatSSSEUb 

10 Cannon Street f 

London EC4P 4BY u . L* rv Y 1 1 • t. 



RECENT ISSUES 


EQUITIES 


ji=> n co 
Issue 1 QTJ 
Price |E* 5«a 


r ■•Ll-Mi [ill 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 



21 (NON-DURABLE) (171) — 

22 Breweries 114) 

23 Wines and Spirits IM 

24 Entertainment, Catering (17) 

25 Food Manufacturing (19) 

26 Food Retelling (15) 

32 Newspapers, Publishing 02) 

33 Packaging and Paper (15) — 

34 Stores (40) 

35 Textiles (24) — : 

36 Tobaccos (3) 

37 Toys end Games (6) 

41 OTHER GROUPS (99) __ 

42 Chemicals Q9) 

43 Pharmaceutical Products (7) 

44 Office Equipment (6) 

45 Shipping (10) ! 

46 


i, T .m 1 1 ' i.ii-tj 


FIXED INTEREST STOCKS 



“ RIGHTS ” OFFERS 


I c-S- Latest 

eauo | 3" Rsnunc. 1970 

»ric6 Dato 

p) -<o. • ■ High ' Low 


a a 

sS- +o 

ora _ 
5ft 



045 568 IBaochani 62$ + 1 

204 19ij Boulton (Wm.) - 19i s 

414 372 Brown (J.) 374 

77 71 ■ capjwr-Neiu 72 

122 107 (Clifford {ChA5.). n 122 +6 

116 101 Dixon 0>.) 122 +6 

3‘rpmj 2pm Foster (John) 3 i?p'm + h 

147 140 iHoeki ns * Horton - 143 -2 

34pm 32pmup Group 24pm +2 

161 150.M. L Holdings 152 -3 

70pm 48pmlMetal Box 54pm ...... 

13pm 12pm Milbury...™ 12pm 

230 | 210 iStothert & Pitt... 223 

8pml 6pmiYork Fins Woollen )6iepm 


Renunciation date usually last day lor dealing free of stamp duty, b Figures 
based on prospectus estimate, K Assumed dividend snd yield, e Forecast divi- 
dend: cover baaed on previous year's earnings, e Dividend and yield based an 
prospectus oi other official estimates lor 1979. <r Gross, t Figures assumed. 
1 Cover allows for conversion of shares not now ranking far dividend or ranking 
only for restricted dividends. 5 Placing price to public. p» Pence unless other- 
wise indicated. 1 Issued by tender. |( Offered to holders of ordinary shares as 
e .** rights.” ** issued by way of cep'mliseiion. §§ Reintroduced, il Issued Sn 
connection with reorganisation, merger or take-over. ||H Introduction, n Issued 
to former preference holders. ■ Allotment letters (or fully-paid). • Provisional 
or portly-paid allotment letters. * With warrants. 



61 FINANCIAL GR0UP(100) 

62 Banks(6) : 

63 Discount Houses (10) 

64 Hire Purchase (5) 

65 Insurance (Life) CIO) 

66 Insurance (Composite) (7) 

67 Insurance Brokers (10) 

68 Merchant Banks C14) u 

69 Properly (31) 

70 Miscellaneous (7) 


71 Investment^ Trusts (50) 

81 Mining Finance (4) ! 

91 Overseas Traders (19) 


16 20-yr. Red. Deb & Loans (15 j 6cas r ti3‘S2 l 55.151 atis 
ig Investmeni Trust Prefs. (15) Bi.ii -isjjo 

17 Coral, aod Indl. PteJEs. (20) 72.42 moo I 72.74 


niaiiWiiiaiifia 

































































tiff 


December 22 1978’. 




7JfiS>«y Oflft Trt. Ma}R. U£ (i> '■' 


AUTHORISED UNIT TRUSTS 




i^TFinr na '■ - ajJifrj!. 
roeTHTJU^I ftfij -»0^ 


**“■ **k?«697l «*“*« Fund .Managers Ltd. 

. ainMimi’ £4? - 4L6| .1' 117 MilMer Hse . Arthur Bl FC4. 

f + as- Ui ww* o # t . n ... . pa *o s 
IncwT'.t... JlOS# mad -.03 7.6a E.. mpr Uc. M [fib 1036 


% 0FFSH0R 
OVERSEAS 


Provincial Lit# Inv. Co. Lid* Save & Prosper ccntinued 

CU-U31D50 C:-;.b.iH>inga|ii. CC.1! 01-247 #333 Scot hits Securities '.toy 


'.Tfl InCWnr-tM.... iiw# iuuj«aa 7.6; t>. wp Ne.. JU |99# 1036] 

«-;«affJl==3H . mM & Si **** **»"*■ L “; 


=1 2tt 


PrSliliL Un.!i . ... IB? J 88 3*0 41 327 Cfrenfl |J T ■- 

High lra.oin»...._ |l! 7.8 3»«ijI-C:l 7 TO ic«..?W- - - . |S" i 


*7e •. % ’‘pAlfcd HzJtfern Group* fa) (g) 

NiSairasiffeasfaB^Bi 

l-r. -i ». ssfitlr.* Me--. Bri ■ ... 

* i > ®*a5fe<E=zKt. ^ « 

'.Ji. -Jh V . -lB o t" * Fwte ■ .. 

■» '* [ 1 tv-iW»vi«iaFa !72.a ■ ■* .-7»+07 

4 Jit,, fe. i*c — . «. 7 f _.. 


law . taaMl-L^ OfcJDuerqlww SIVJAQJC. M-W07J33 Pruai - »"9«- «a-V ' 

2jI Frieivdi' Prhtdt. Unit Ti. Mgn.V' ' Mlauim? ..WL1 an 51 | i.il Holin'" fi-ir*. EC! N?Mt. 0 

ft«ta»E«Lft>*ura- • ''“*■*»* Murray Johnstone U.T. Mb«L¥ (a) P,uDrmu[ |,3M 13601 

• - Eh i?S Zoj AM *“' e Mw Slr "*- CUv »°"« c - - gM WJ i?1 ” 31 Quitter Management Co. Ltd* 

m.aran.v~ - -P'-V ■ »«*-«■« MJ European. 1811 86 4] ♦J_J| 357 Is- 5is. l«wp«ca -HP. 

GX Unit Manners LM* P«n<«g tur Fima,. amenm G*n Fd . . 1105 1 mS[ 

IhEimnuryCfirut, IC7M7DD . " 014aB«131 Mutual Unit Trust Managers* Ou-dunC Ikobw — ,|UJ3 1J6JI 

C T C». mr w.« l-S JS. &*»*»« A**.£tt«7SII. 0H4)#a00J PrKmrr Unit Mnrt Ltd « 

□# «<« J5? 1055 *W 1 2? Mmuai Sm. Piuv ... 151.7 55 3d « OS 6.65 " ehsnCf Unit Mgrs. Lta.V . 

Fo.-Ufl 4J5 a* ?4 7 S "2i:54n MuiujI Ire Til U*5 1»J] .1 7 75 Rehiac^H^. tmrMvlVrlK. M I 

Mr U.S AOja . -i?07 asl +94 340 Mutual BlurCh»_ .Gj6 4TM...I bh Opp-.iun.iyr-. ‘t* F 714! 

£J-gE»A&«.„_ eoji ,J3.* ' i-|2 MuuuiHuyiyw . b#< w».7| ...._ o.sb T 'Acc-i „ «sj *t i\ ■ 

©I ^ ffi National and Commercial db^l- 

ft.T.FaurM(?o ,535 ; . -•. J v ^ S 9“ J *^ 03J-5569151 Rtfgrfieid Manaqrnirnt Ltd. 

C. A 5. Trvst (aHft) ...... . •.- ■ _■_ iauum. Unini. '_”_.'^l Q ^59 " H 5.»7 31^40 Knoedy Sl, lianc'ietler Oi 

? -RjylriO» Sow . Bmtmooi lD277tZZ7XO Capl On 33.. .Jui.f 1363 .. 4 33 £W^!" ,UT Jffl 

e. in [325 i*ttum. Uratvj .... . ]lt04 lab.fl .. | 4.33 Pi** l«lc Incamr .. J43 51c, 

Bartnore Fund Managers* t»Kg) Rothschild Asset Manage nmrt 

• m ^83 35 31 N i£Sf ST ts.*’ 5 3MH «, ' t> ‘, 3 1^2* 7? -W. C Hem#-*- R« . a*i e-«. y . 

Sg 1S1 iril' 

lai in NPI (Viea*.. T ruu. ._ , I?4 9 132^ . ...1 240 Sf Fj* "cLL 1 — tS l 

}S u ^ 11 N ' -» ,“«?“«■ »• X S; Snltlr C^sFaf:! 1576 1*7 : 

. 53 -eb.1 7 00 National Westminster* (a) 

-UUeaiK 4 04 itii. cteapuda. EC2W6EU. 01^066060. Rothschild & Lowndes Mgrut. 


M-0307J73 Pn,4 ‘- Port!oli ® Mngrs. Ltd.* fa^hXc) 
40 51 | ;.;i Halbnrn &w. EClN?hH. 0H05 VS2 


PiuOTtuI 1138.0 llt.01 | 4.7# 


tMlS 


GX Unit Managers Ltd.* 
» IfeflnsnuryCfixuc EC7M7DO . 

f-teSSfer* i5 


.... 'ts. Mi %*** am IOC 4- 

, ■^eaas.'sib 

r. - r -=. VUSA.EbWWO.J 

' -. irSpcoBd FanU 


•011 Jm 

7J» 


'4 ” 

“ 4! 


-*i .. ,J 5 , '.■iSmhrrCo.'i Fa. ^_J3T5 
-Met MU. * r;«y. _ *6 

Sp ifeesssr® 

'*■■ iPv w lol.MM ll>a Taut' 


- - J Jfi 

-tjjet Mbit & r-pv.^iM 6 42.a^ail- S46 

»*«o#db.-vO?3 fis ; 

‘Anderson Unit Tnat Mnogcn-Utf. - uiwtlu-lAtcj 

:r 15& Fmelweti St. EC3M 6AA. 6234231 ' _ ... 

AndemmU.T Qflj, _ 54 3 j 500 ;«*• ha (Antony* Umt Tit Mgs. Ltd- 

A-tocher Unit Mgmt-Co/tid. ■ r ?**^*?* 1 **?- 
Ittarfest- 601774*. Vin-6»6376 4» ££ -i 

lnt.MonWrftBBJ_.Wfi. 1751 . — I ft« taM.C.FarEasi-...}zSO _ 272| j . 

‘Arbuthnot Securttte LbL l*J(eJ ' ... - 0e * ia ^ «M 

37, Quen El- Londm WHBK ‘ 01-236 5Z?1 Gontt (John)* 


4.-H7JEI 

fill IM 

III 

l.ioil 510 


*Gi.Pmr.6».Fn (W63 _ 1H5J...... 

. 6.T. H»‘I. Fund h«:« £572 -*07 

&.T. Four Vdbfp {533 -■ . 56-7^-.,.. 

G. fit A. Trust (4(s) r.l" 

5 Riflrifl" Pooo. Bmitoood (02771 

C. i*. P2B 3SZt»Cf 

Gartmore Fuad Managers* XaHg) 

2 Sc.J4aT A«e. EC3A6SP 
tr'iAnencan Tst _„|33 8- 'SM-MMi 

BrlUU) To. iAcc.1 _ .*56.5 ..MAeOJ 


ifl 

J ? ' i.w 

■♦OJ ?aq 


o;-6P#*a. 

J.fl :..:J ».! 


Schlesinger Trust Mngrs. Ltd. (a) (z) 


I 140 ■so.rn Slree* Oe*»«r. .. 

61-6Wi‘.?7 An- Eiemo(-»» •!• • • 22® -On 3 « 

309i' . . I 4 52 Am CfPOtt. — ‘ !-’e ■ 26* -3.1 2 ?i 

336 4 8 04 4ir Smail-yCi* . ?o ' 20 -Oil 0 44 

E.rirs* H^iriu— |.ts 2?C' . | 7.« 

**f «•' • ,2b 2 2-4C. 1 { 4 70 

o«:* 227-1 S-Sil , S.3Vj::.*gj ^ 

o> | 52 !§. 2 ^-3i sis 

-Oj 5.(1 fc!a-irt LrJdrr. — 2*7 J --2^ I 4 71 

■*UVi».a - -. --i.fi .>0 41-1.3, — 

P-»i sfiiR Tnm— l.ud 24 c; . | 13 as 

biCgMvttar- ‘tf- ?7 4|-0J* 2 hi 

S0KWM.1i! I... |5; 3 .34 o' . . 3^ 
Ur 5«r> Aca*"'3.S --.’a, . . f i« 

0 f G-Ji Oi!t. - . .110 4 20 ■>=! I 5.99 

J. Henry Schroder Wagg & Co. Ltd.V 


‘#6 8 714' I 6>J | n -10*aWdr«l.. ] JO 2 

C.«_l4SJ 46 4 .0’! Sel ln» Tv Unui- -4.9 

. . . .1433 4b 3| - 0 5.(1 Ma'irl LrJdrrs— |39-j 

•nil v,».a' .. . . -,-P : 

lanagement Ltd. S^SJPfi'dsJ 

St, M-mme-.lcr 061-Z ifc £521 j,'-. xn . . . |j: a 

IF **lt . >:sr !j 7 Grip AKuri'XS 

v .. J93 98«il . J 4.W Ob G-Ji Di!t. - . .119 4 


38-40 Kennedy S) 
PkJvliel’ I"! UT 
Ridvt-lielc Income 


Rothschild Asset Management (g) 


130. D-e.'PMdf. Ef 2 


♦DJ 3.62 

^ HI 

-oi g.o 


ifl— Bimifit*. 

I nil CcenW Hi _ 
IzIWtlu-IAceJ 


V 01-6236376 taiA-G-firawartT 
1751 . — | 472 ta/A-G. Ear Ease". 


i^ 7L '®i % 37, Queen Sl, Lfln*r. EC' 

WSSt>=MS2fcsi 

- -- .-JEafra Inwsefd. 


£«M liswseFd. 

‘ Jnc FwBl , 

mu UffllsF 
Wdml.UisJ 
. . rose fund 

(ACCOM. Until I 
< Capua! Fund 


'«} '' ' v ' . _ OeWg 

01-236S281 Gonett (John)* 

mm sMrsr.^, 


» (42 & 

Pr.:Bs 

Jechns *Tu«. ■ 


Capital i Acorn , 65 5 

Eitrainc 65.9 • 

Fiiuaxlal - 34 2 

Groeimlnw 86 7 

Income... M 7 

Pcrtlailo In*. Fa 69.8 

Unm-rul Fa.fdi 53-5 


. 01-5884311 KSnrr.T:: 

»6f ....J : . JS Pori loll# In*. Fa!"..!'. 
•9 — • -j J 5 Un,*i-rwl Fd.ldj 

.*• -—l -V-OU uri Te,fc# M.. 


3# 7 .. 

m :° 

7,t.m -fo 
56.4 H) 


01-6066060. Rothschild & Lowndes Mgmt. (a) 


IWOWVK I- ■!-- > 

I AC* un. UoW> - 3E i 
•P..fcCUFdDec J W- 1»! 0 


5< SwrtlWti Loir, Lwi- EC4 


77 London WaN, EG2 01 

E-Wr. Dec. 15 — : 1334 6 1419) „ 

Do. MCunt. Uoil _ 1163 4 172J „ 

Wert oeafmj dry J la). S 

Grieveton Management Co. Ltd. 


Unm-rul FO.Idi _|KJ 56.4| -rO 3 

NEL Trust Managers Ltd.* (aXg) 
Milton Court. Dorking, Sonry. 

NrhUr K9.7 62»...- 


*061 5 30 

„..n oi 

*o.i tab 


NewCI Eneirpi , JU24.0 33101 . . .' 3.9B 

i-S Pricet on dec. IS, Nert dealag Jac. 15. 


Wwa-Wi -pS^ryWc S'. "l?0^ 


:h3 i=s . , 

jici I 

3CI !•[ ...J 

2»? • 
i:#J! . ..J 

zest :.! 


Rowan Unit Trust MngL Ltd.* (a) 2flriA'*re»sSo.£4>rtv 
CKyGJ>eh*r..FinsDur*5q.ECZ 01406 3066 I'**"* iee- 


rn-MBSKo S!SisurH^i."iBe":™|8Q 5il-i-a.1l i 

liU HJ ,lfc Norwich Union Insurance Group (b) 


#25 

65 5 

17# 5 

186 5 

53 6 

5b 3 

TfiJ 

82 3 

n. 7 

81# 

95.9 

100.7 


p a. &>. a. werwic*. uni we. 0603 22200 Royal Tst. Can. Fd. Mgrs. Ltd. 
CrtwpTsi.Fd 1363.4 382S) *0J| 5^9 54. Jrrmyn Slreet. S.W 1. 0! 


•Reepyery Dec 5 . 1201 « 209 tl 1 4.59 

■For U> erersi rr.iy 
Scottish Equitable Fnd. Mgrs. Ltd.V 
CO Z 1 Anerr<*i So. Ea>nhj*jij 031-556 9101 

Income Unis. j|9? • I 5** 

Axum. Units.. -— !5S- ttq.. . I 5.4# 

OeJury Cit V.erinca. 

Sefcag Unit Tst. Managers Ltd.* (a) 
po Bd» 51L BcU6rr Hie E.C.4. 01-23# 5 DOO 

ScM9 Costal Fd >34 4 36.0! -0 II 4^2 

■3;tuj income Fd. . !3! ! IZftj -Oj| 8.48 

Sec catty Selection Ltd. 

If. 19 Lmcobi'y U» ne' *:. V.C2. 0’«1 #936-9 


'. -4Tqfc <t- - (Cdpnoi ™ 

" **( vniws. vrdrwl.U.1 


STOCKS 


^CtercFand 
(Accnm. Unku 
GxeatAFuad 

teSSr 

, .LAmcr-fiint-Fd. 


[jm 1 59 Grestam Street, EC2P2DS .01-6064410 
_ IVn-gua Dec. 20 OU1 22631 I 

S’*) Itecum. Uplti)_ 

2 91 Endear. Dec. M 

277 <Ac an. t/iU£s/_. 

2_27 GmOitr. Dec. 15 
5*2 . (ACOBTL U"4J>„ . 
ala LnMrsK.DK.20 

4G« (ACCUBi. Unrtll 

jJJ Guardian Royal Ex. Urdt Mgrs. Ltd. . 
P™ Royal Exchange. EC3P 3DW 01-6288011 

J- 00 (ay'GuarrtHHTsJ W3-2 . MJ( -<Uf tL35 


.01*6064433 p f*rl Trust Managers Ltd. (aXflXz) 


252. High Hoi bom. WC1V 7E8. 

Pearl Growth Fd 124.0 3S.« -Oil 4 90 r ’ v ' 

AwimUnUs ,-...128.6 30.a-0.zj 4.90 e,-. 

Pearl Unit Tn 37.7M ■ ■ -1 5 *5 4 - Cr * 

(Aeon. UniQi R4.1 49 « . ..( 5J5 ^-.3 


01*405 8441 l ESI r 


w & Prosper Group 

Great St. Helene, London EC5P 3CP 


!a Hendersttn Adaiim*tr*il«i* ( aXf 

■s' ■ twodte. ZL Not srtu dqr Jm* <• ' U K. Fnndi 

Bereiafs Unicom LM.* faKcXo) ?“ e fcSS?£^!:-~-!2? §2-| * B 

i. Uitom Ho. 2521 RoatfonlRd, E7. . 01-534 SS«' ^ ^=6 

5SJBPSES=BJ StisSsF® 

Define (Szi i* UMh InrJta W ^* 111 t LI a 


SrEfiSfczBI 

.. : DO. E4M Income 28 9 


; th. — rniLi 

.. i . B0.-E *M mcome —128.9 

Sf.B£aE2^=#l 

* S ^General fo.4 

IS g2.4 

■i * - Do. Income ja, te#£ 

4 . »£jd. PrJ.A^s. 7sL— 1146 < 
U ■- . .- Prices at Hot. 'A Ne: 

lISseIv 


5.9 fll 

u 

ft 

tgppk 

ft 8 -w 


®hons 


— • WBt.uu-n.il 

5i rJ.D8.Aom.- 


Income & Astew J?3A 

High I*s« Ponds 

i® Htgn Income _....|631 

f-tf CaMU Extra Inc 56.6 

S-S CahKPreJJiGut |4a9 

f n Sector rondt 

If, masstzM 

430 International 

644 Cawt.... (871 

517 .MeraaUona: 316 

I. . V/di: Wide 0«. 15_..|741 
602 Ovtnui Foods 
514 Australian— I36.B 

“ finff=dsi 


521 

2 h 


a ,_J - 7.95 
♦02 

___ -1200 


S Ukrd 


09 Pelican Units Admin. LM. (gXx) 

4J7 El. Fountain Sl, Manchester 061*236 5665 

4J7 Pelican Units 186.6 93J| *0Ji 4.63 

Perpetual Unit Trust Mngmt.V (a) 
a.,, ah. Hart St, Henley on Thames 049126866 

TVF P'petujlCp.Gtn._,.|42.4 4 64] -0.4| 3.86 

Piccadilly Unit Trust (aXh) 

' Antony GUfts Urdt Trust Managers Ltd. 

4&t 3. Frederick's Place. Old Jewry. EC2R 8H D. 

17236 oi-5M 4111 

, . , Ertra income ,_GU 3?Ai 10.80 

*96 Small Co's Fd J9.h 43.5*0.1 5 .TJ 

S-93 Capital Fund 433 466 b -0.1 4 80 

fVi . I’d Ems & Assets ...07 47 OB *01 610 

Pniste Fund ».l 3*( . . * M 

• , Accumltr. Fund 654 719 -0 1 240 

1.96 Tettmoiagy Fund 6L7 M .. 3 80 

8.87 Far East Fri 267 ?H I -02 T -B 

ZOO AmencanFund 15 1.3 23 3 +0.1 330 

Practical Invest Cs. Ltd.* (yXO 
i 44 Bloomsbury 5a, wci A 2RA 01-6238893 

Pr,uiKa>0e< 20 11471 15631 ... I 4 60 

2Jn Accnm. Units _fc22 225^.. ..J 4#0 


68*73 Qurrn Sl, EoMurgh EH2 4N< 

Dealings to. 01-$54 B£<>9 or 031*226 7351 
Save & Prosper Securities Ltd.* 
InieriwiiOral Funds 

LuMtai 1 36 3 3’ DBj +031 2 M 

I fU 74 6 .’#J| . I 4 42 

Unlw Growl h IbT b 72#1 -03| 2 IB 

Increasing Income Fund 
Hign-Vieid .. - . |S3.B 5.».ti(-oy 7 

High tricorn Funds 


<5 Charlotte So.. Ecmeurgn. 

7 Stewart AmeHcon Fund 

Ciandirt UruB 157 ’ 

Axum UmCS- •■ • — I#.-.' 

WiltW-Swa* Umh* . .U*0 

•Stewart ■i tt hh Camta. Fund 


60 V -021 Z 5 
US 26 

49. 1 -.02 - 


. 51.61 -24! 405 

Arcuir, Umts !ltJ 3 176 7] -2 jj 4.05 

Dcabrg , , j*-, r. fr. -AVS. 

Sun Affiance Fund MngL Ltd. 

Sue Alliance Hw . Hor*Ju- 040364141 

E.o Ej.Trt.Dec.LJ. , Jt.V- 2 2J7 -9 1 A 48 

Wine Family Fd. . I 1 ’’ 2 103 j| -0 l[ 3.96 

Target Tet. Mngrs. Ltd.M (a) (g) 

31. Cre-lHin Sl EC2 D- aungi C29# 5941 


Hi*Reium 1672 

Income 142.7 

UX Funds 

UK Equity 144.8 

Otertets Funds!:] 

Europe — „]S7 2 

Japan ... ...101 7 

S t. Asa ,.137.# 

US..., 147.1 




Target Tst. Mgrs. (Scotland) (a) (b) 

19. mnu Crescent. ES-. 3. 031-224 8621-2 

Tarqel Amer E j;'*'24 1 25 W *0.4j Lg 

T.trpef Tti.*;ie .. d3 J “D.l! 60 

Etu Income Fd.„ 649j , j 10J>4 

Trades Unian Unit TsL liaoacw n* 

100. ’AOM itreee. E 2.2. 01628 Rill 

TyUTDeJl 150 2 53 51 ... | SJ4 

Transatlantic and Gen. Sen. Co.V 
91-99 Near Lsndm RC. Chrto'ona 024553651- 
AarCKanDet.Cl. — 175 2, _T9 71 —0-31 5 87 

•Aicun t'rits 1 . - . ill# 6- 123 ej -0.4 5 87 

Ban, Eeix Nor 29 .[fi5 3 87 *2 . |« 

B»e,*w-i Dec 21— ,749 S3 n -1 J 53b 

'Accum L'mls 1 — - 'lOO 6 104 M -1.4 5ib 

CotmsDee.lS- . _ II??.: 13<|j . ... 4 to 

• Actum U«Mi. _ !1576 1#5 j! ..... *jb 

Cu«re>i Pec. 73 J51 4 53 K I 55 

'Accum L*e.») — ... ,57 & bOJH 7 SO 

Gle-1 Dec 19 . 52 5 . 5#0| . .. 5 50 

tAccum U-iai. .'#84 72 b ... 5 50 

ttirioam Dec. 19— .150.3 52.R 337 

■Acaue. limst . ,.rS7 9 6071 .... 3 87! 

ViM. G*tn. Dec 19^|49;1 5Lg . ... 3 74 

» Accmt. Unit: 1 -. 1510 Mjl . ... 3 74 

V» “H« Dec 19 - I.1.S _75S 9.06 

Van- 7 re Dec. 20- .{C 7 4# J« 5.97 

■ Ac*jm UiM< 1 . -*46-3 48 B 5.97 

VOewr Dec. 21 . — .1419 65 5| -0 « 5.17 

(Accum. linns'. i74 4 78 7 -0.5 SJ.7 

WiciDn. Det. 15 ^7.1 7L« *3? 

rv, a,.-,— __ »7B a 84 S 15 


Tyndall Managers Ltd.* 

18. Conynge Pooe. Brrtlo:. 

Income Dec. 20 |97J 102 

I Accum ume: 1832 Ip 

Capital Dee 20 126Z 132 

(Accum llncv! - .. _|l790 188 

E«e^0ee.20 _Jl322 US 

‘Acom Until JlaL4 369 

Ire. Ear Dk. 20 245 0 27 

( Acoirrt Urut\< _l278 0 292, 

Prel Dec. 29 flOb 2 ju 

i Accum. Uruttl ]134 2 S<2 

*4, CmHi St, EdlntBVBlL 

Sect Inc Dec- a.._ [1656 174 

San. Cap Dec. 20 — U7.4 lU 

I Accum Umtij ]i664 J74 

London WUfSraop 

Cipul Growth <80 9 46 

Do. Accum 84.6 W 

Extra lac. Grown— 38J> 41 

Do Accum — 46.8 50 

nranciai Pr’rry 16.4 17 

Da. Atom .. 2DJ , 21 

High inc. Pncrity 59.0 631 

International 26 9 28 

Special Sit i 35.0 37 

TSB Unit Trusts (y) 

2j. Cesetry Wai. Andmtr. Hants. 

Dea&ngs to 0264 63*3 

(b.TSB General (45 5 4S 

Cal Do Aennn — 515 62 

tb'i TSBlPcome 597 636 

•b> Do. Acoan. 44.1 6S 

TSB Start **6 S27 St 

<b' Do. Ascum. 895 95 


027232241 

Zil tt 

4 90 


-0 3! :,.U Seder Fundi 

+0.l| 3 30 Commodttv ..|75 3 

del Energy. . . ... .147 8 

Financial Sec; . .. #6.0 
01-6238893 Htgh-MhWn— Fnndt 

... I 4.40 Seirtt inieriwt 1214 9 

.. ..J 4 #0 Select Income. . JS3 4 


AS II I 514 Tarem Commodity . |J£ i 
" J| - " 1 s A TjiwI Financoi „ . .-oO 3 

93 7bT *9 3 3 33 7 «" If'AL---*, l<V, 

*Kl-«d j-j? S!5i-iRS s ?~j3®3 

7'aCa'il Orf Target G.u Fu.d»_ US A 

7* D| + 3 o| O.MJ Tarqel Groain . .123 5 

Tar jet Politic Fd 5 

653-0? 4 2? Do. Heinr Unin-. . L; 2 
7c fl *0 III 199 Tarqr! ley. .-. .. ..|li4 

3.73 — ( Tqt Pr. Dec 20 . . 154 4 

Itf. Irxz. ,I? T 4 

!534j *7(1 2«? ToLR-et. !lj; 

Sb5|*U2l 7.#8 7oi Sae&aiSHs. 


j:4ci*o.: 4 07 
obO -0.4 470 

40 So +0 5 6 14 

2190c ... 4.90 

385 rJ b w 
li-Alj-Dl 300 
30 #1 . 4.94 

2s 3l -0.3 2.13 

M3 


nam 


30 K -0 1 


T74« _„,| M6 

Md 1:” 

h 9 « 
— DJL 638 

::::■ 1 % J 

-01 4.® 

+0.1 4.® 

63JM ...- 9JS 
28.7 -rOJ 3Z7 

3U 5JB 


Zl, Doatry Wn. Andmrr. Hants. OZM 42188 

DeaBngs <0 0264 63432*3 
(b.TSB General __...|45S fSTj-OOl 4.M 

cal DO Aenrni — 585 625J -O JM 

tb'i TSBlPcome 597 63&W -O 7.49 

•b) Do. Acoan 44.1 t*a -03 7 69 

rSBSMCti-A g.7 ««+0.3 ZJS 

(biDo.Aacum. 8 95 95 -S *0^ 2-U 

Ulster Bank* (a) 

Waring Street, Bel lotL 0232 35231 

tbiutner Growth |370 39.7] -D.l] 585 

Unit Trust Account L Mgwt. Ltd. 

Kl*4 William S'- EC4R94R 01*6234952 

Frlam Hte. Fund [40.4 — J 4 52 

VVie'er Grin. Fej |J0 9 32X1 1 4.47 

Do Amer |36 J 3SJj — J 457 

Wider Growth Fund ■ 

King Wiman SL EGAS 9AR 01*623 4951 


Income l/nlt-. [30 9 

4 'cum. Vrv 15 }%ko 


01*6234951 

| | 4.67 

I J A67 


•*\M Amw. j: 174.1 77^1 +Qj) 520 

'* atriw Bntotn & Co, Ltd.* (a|fx) 

6 8a.Leod4diianStA.EC3. 01-5882830 

L BS£=*®!*I II 


INSURANCE AND PROPERTY BONDS 


I tQJJ 520 N. Am 34 9 

- IsVtV Cabot Am. 5m.. _M5 4 

Ecr fundi 

01-5882830 (96.6 

-2.61 416 N. Amer 113 6 

-3J 4J6 Smaller Cat..-, 9U 


- L-Aik efWitWK Progrtaahra IffginL C«.* 
Hi*. fZLT iJLNWwtrrECZ. ffl-5884 


< ittd 


' - : V 1 jTr BiHB* Food Msmagws ^s)(e) 

- '■■■l ; ft** nw-MtagWlitan Sl, EC4. . 

- -^KSa>anl0tp4— KL9 . ».2 

RT'-anj •• s r *^SfeKir® * . Sl 

- .•KS£.t_: Kj. 43i 


* 195.1 

l 


■ „ Hill Samuel Unit Tst Mgn.t (a) 

45 Beech St- EC2P 2llx 01- 

Ol-saaszm (bIBr.tishTrau.. 150 4 2W9T-0 

I ...- ( 403 tg> Inti Trull 3»J 37J7+0 

..—I 4.83 (q) Dollar Tnm 70 5 7551 +0. 

. -J 259 - lb) Capuil Trna g.9 323+0. 

-...4 259 (b> Financial Trust .... 90 6 973-5. 

.9. fb> income Truu 2# 5 28 4j .. 

10 » Security Trust- - 518 55JI -J). 

01*623 4951 r.TwTJV^ 3J *-: 

J L49 Intelfi* (aKg) 

..„.J 757 35. Cftrlitn&frStrvel. E.C2. ' 02-I 

• •-] 3 §» Intel. Iw. Fund |294* 31iy| ... 


2MJ4T-Q. 
375f +0. 
7551 +0J 

im- 

28 3 .. 

553 -D. 


01-623 4951 

I 1.49 

I . .... 7J17 

.... . 3 88 

ill 

468 


Abbey Life Assurance Co. Ltd. 

Tijt 255 1-3 St. Paul's Churchyard, EC4. 01-248 9 

-L9I .09 EauayFund hi 38 3] - 

. I Equity A« 31 3 .33 0 _... - 

(a) Properly Fd 152.3 1« I - 

O1J62880U Property Acc 1U3 171 ■ - 

-fl5t S50 Selective Fund .1. 91.9 9#l - 

vki XT? Convertible FuiM 134 8 1«L9 - 

+06 ?« VMonev Fund 1252 131! .... - 

Ins 4 74 VPrep Fd.S«r.4_.... 133 l7 140.1 - 

tfit 4 3 VMan.Fd.Se-. 4 .... 135 3 142 5 .... - 

. . ,•« V Equity Fd. Ser. 47.. 35 J 37 r „... - 

nl SJ7 VComr Fd. Ser. 4 ... . 1150 1211 .... - 

~ 858 VMoney Fd. Ser. 4 _. 132.9 118.91 .... - 

— H -y Pncei at Dec. 19 Valuation normally Tuei. 


Crtwn Life Assurance Co. Lid.* 

01-248 9111 ( r«*n LH* H^r . W>Ainq. CU21 lr.W 0486? JO 

i _ M ang'd Fond Acc.... 1035 10a 91 .. .. | _ 

I _ Mora'd Fd. Incm 101.4 lObri.. . SI 

Mjnq'd Fo I nit 101 5 10e H .1 — 

Equity Fd. Acc ....98 0 103.1] +na — 


“■ ■yPTiS {Albany Life Assurance Co. Ltd. 


■Alter Sub. Cfiritica. 

Key Fund Managers Ltd. (aKg)- 


31i*| ... .J TiO- 


,+5b5l lnc.t-. r -.--..|]S J -14.^ ... J 468 ■ Key Fund Manager 

NO LOWS &SK 

*%'Erifwada Tnist Mttbflvnaiit (aMg) Key Equity & by _._te 


I 31. Old Burlington St, W.l . 

I V Equity Fd. ACC, 11964 

VFoedim. Acc 14} 7 


Gntwada ram iBznagement laxgi k« igi. _._»6 b 

• ^dT-6^0479 

• -T ^-'S SsU^ W S8:.d3.§ u!y smu co-i F (i:::|iDs.a 

•■Tim- ■ Coowiiod- @15 . 6?.n — -g-^J 454 Klebiwort Benson Uni 


Ifa 


01-6067070 I VGld Money FdJVc ... 1173 
> I tn viotl .Man.fdJkm.... 1092 


"^3 f.gsifczz 

> Extra Inccwt— - 

•ww: fcStes 

-.ciaui,- jsESir 


Inc & Growth ._]l 

IntlGrawiii -Ji 


■ij.’namij imescTi 
J«:- Miaerafa 


: INDICES [igfcrll «li 

V.Tbt BrfOib Ufa Office Lid* (a) 

;* •• T^K'Bec'sOexl drahg leil 


f Nat.HWb«L,_^.__j; 
- HWteW-A-A-l-— (j 
- Kwtl l IWwri O n— A p 


Kfeniwort Benson Unit Managers* 

20. Fenchwtb SL. E.C.3. 01-6238000 

KJ. Unit Fd.lhc..- [88 4 95.71 534 

n B. UnltFd.Ac 1118 121.fi 534 

.Fd.litr.Trts...... 553 602 4.77 

K.B Fd.ln-TsLAec..- 493 523 ....- 658 

KBSnhrCo sFdlnc.-. 493 523. .. bM 

KS.Sm-Cm.FtJJlet.... 493 52.3 • 6.^ 

HigbYid, Fd. Inc 457 493 b B35 

HJghYM.Fd.Aee._- .Rb.5 m 3 ...7} 855 

L & C Unit Trust Management Ltd.* 
The Stock Exctagr. EC2N 1HP. w -01-588 28M 

Hd ^ 

Lawson Sees. Ltd.* (aKe) 

37, Queen's SL. London EC4R IB Y. 812365231 


*Prao.Fd Acc 115.4 

-«ia VM'ple Inv. Acc 170.6 

<•» Equity Pmt.Fd.Ace. .. &4A 

Flredl.Pen.Acc 1813 

G'ld Nhui.Pm.Acc_... 134.7 
r n In-JMruPnFdAtt ..._ 1162 


Prop. Pm. A« 133 0 

M'pie lnv.Pen.Acc ,_|211.S 


S -2 31 
+01 
-0 1 
-a 4: 

-09 
-Ifl 
+0 3 
+03 
—0.4 

-12 


_ Mang'd Fund Acc. .. . 10 ’5 

I Mona d Fd. I non ._. . 101.4 

I Mjnq'd Fu lmt._. 1015 

Equity Fd. Acc 98.Q 

| " '“ Equity Fd Incm 9 #J 

_ Equity Fd Ini! 9# 5 

I Property Fd. A <cr 9# 6 

"— PrapertyFtf. Incm._. ®6 

"- _ Property Fd. InlL. .. 94 9 

“" Inv. TiLFrt. A(C._.... 995 

— "" 1n>.T%l. Fd. Incm 9«> 9 

'"' __ Inv T-.t. Fd. InH 97 3 

alfv i fi Fived InL Fd. Acc 100.4 

any lues. Fi(j |m F(J lnl;n| __ 093 

Inter 'I.Fo. Acc 1DB5 

j Initr l. Fa. intM. }W5 

„ Mav; Fd. Act ® 2 

01*437 5962 Money Fd. Incm.. _... ® 9 

-2 3| — Dei. Fd. incm. . 1027 

+0 1 — Crown Brl. Inv. 'A'.. ..|15V 2 


114.3 »0 l - 
3)4 2 j -02 733 

1033 

luO.® +0.1 10 CD 
108 ij . . «#1 


LJoyds Life Assurance 

20. Chiton Si, EC2A AV*. 

Tui tiilLGi.ilBi.30.. _ i l 3300 C 
860 0s.5‘A'Pr. Oecl- l; 


AMEV Life Assurance Lid* 

Alma Hv. Alma Rtf.. Re i rule. Reigate401l 

AMEV Money Fd. .._ 107.7 113.4 *02 — 

AMEV-Pitm. Fd J9.6 1M.8 — 

I - 

Ftomplan — [100.7 106.1] — 


; . Trices Dec. 20. NeM drahg 
— / Brnw it S hi pley fi Coi 'Lid* 
s *\-3®»%ft««letS CL, EC2- 

SJ 


0892 22271 

:d I* 

......I 9.E8 


4 Raw. Materials [38 2 «!. 

9iAccum. Uiutsi 43.6 47 

■Growth Fund 56 9 - 

•t Accum. Units! 43.4 — 

ttC.liaad Warrant .. 37 8 40 

fesSSr—iti i 

DraL iMofL *Ti*s: ft**d. 


. . AMEVIftqmEogten 

A me neon j 

81^365231 Income. -a 

I 6113 I ra. Growth 


! _0 4 _ Crusader Insurance Co. Lid. piapm,- Fund. 

.... — Vmuila House. Tower PI, EC3. 01-626 8031 uta. DtM'i! Ff 

I3S Z Gth. Prop. Dec. 5 |74.4 E4 2| _....] - M & G Gre 

+Q3 — Eagle Star Insurf Midland Assur. Aw«nFd'9i 

-03 - 1. Thr«i*ie*dlf Sl, EC2. 01-5881212 Com.DeM'Ji' 

- Eoale/Mid Units 153 6 55 6J 1 6.16 {*>Zwa3C 

A ~~ Equity & Law Life Ass. Soc. Ltd* Foinuy 79-00- 

Anwrtlum Rood. High Wy combe 0494 33377 

Equity Fd . 115.2 12L2I +0.1 - ?£,%£;, gin 

Reigate 40101 Property Fd. ,..._ 11* B SS - 

1^3 = K?Ras: 

q *02 — Mimed Fd |11 j 5 119.4] +BJ property Be." 

7 Inj Z General Portfolio life Ins. C. Ltd* Rc “£2L F i^ 

S — 60 Bartholomew Cl, Wallfum Cross. WX31971 Merchant li 

3 — Portfolio Fund — ...| _ 144.9 . | — I — , _ u , . 

i — Patttolia Monogod __ [42 £ 44.71 J — Leon H^, 233 

J— PMt. Fed. Ini 147.5 500) J — PmoertY.™. 

„ , _ Gresham LHe Ass. Soc. Lid. Equrt-f 

y _ 2 Prince of Wales Rd,B'meuth. 0202767655 ghjOg"*- 

a - J - tteSSttcja 1H ::::■]= S KR 


4S5 a •• - KU, RJdL Gl NOV. 30.. _ i ; 1360# . • ..._.| - 

860 06.5'A'Pr. Oet.1- . lltA n 151 — 

irun,n'*l — Op 5'A'EqL Dec 14:3,-08 — 

Sl-rJ; r-m oe 5 'A'm*:dis. :i 15? 2 i<-:q-D.2 _ 

TUI 21 ”S ‘J ? 22 0r5'A-Min.Der ril}:3 J lelU-C^ — 

101 fl Dll ** ('C.I.S'A'Dpt Dec :i]l^- 4 251 31*0 3 — 

101 3+Ql 1175 London Indemnity & Gnf. (ns. Co. Ltd 
49 3 ... J — 18-M. The Fcrbury. R- temg M3511. 

Jgij -f'-N — . Money Umwgrr.. .'32° 75.41*0 1! — 

lJtt<H-y*j 6 56 M M. FieSSffl .. . 29 4 3t.ll +ull — 

n “S tl 8 ‘ b Fi-rd imerest 34 l 36 il I — 

104 3 *0^ i-'jD The London & Manchester Ass. Gp* 
114.3 ’oil - WKitlade Parir, ? ■*«+-. 0392-52155. 

3)43 -0.2} 7 23 £u CrawthFune _ 2366 — 

j03A — 4>Fl?i. Exempt Fc 140 5 — 

luo.* +0.1 10® d-Eirmpt Prop. Fa % t .... — 

108] . . 4 #1 ie.m lnv. Til. Fa 159 7 ... — 

- J J — e lex Me Fuad . _. . 1150 — 

. . inv Trust Fund .. __ LlT 5 — 

Jd. pruperi,'Fund.._ 65.4 — 

01-626 8031 Gia. Deposit Fd . .. 1019 — 

E4 21 _....] - M & G Group* 

. Ihret Quays. Tower Hiil. EC3R6BQ 01-6264588. 

ASSur - AmerBanFd 9a.*._. 4? # 50J| „ .. - 

01-5881212 te.tae«r 12LQ 1»3 .. .. - 

55fl I 616 Equity Bond* L.-. 9 144.91 -L > — 

616] 1 6.46 E *VSldF*JM.- — -|K7 90.ll — 

Soc. Ltd* Famuy 79-atf :#jl — -0 5 - 

0494 H377 Fannfy 81-8b"‘ *9J g _ £1 — 

-i-n -v GHt Band-"* 10. 4 l!2« .. .. — 

+01 - Jirtematnl Bond"- 96 7 1053 -1.6 - 

I£2 - — Manaarfd Bd.**« ii° I 346J — 

ISs ?] ~kx Pt-rt. Peflion*"’- . 24: • — J . . — 

-* 0 - 1 Property Bd.~ Its ! 175^ +02 — 


Royal Insurance Group 

New Hall Puce. Lrrerpooi. 051*2274422 

Poyai Shield Fd |145.7 154.1] .] — 

Save & Prosper Group* 

•> GvSl H elm's. Lpqn., EC3P 3EP. 01-5548899 

Bal. Irv. Fd ]131 J 139 0) +02 — 

Property Fa.- 142 7 l72.ll — 

GrttFd .1123 0 i29| +C.1 — 

Or po-.il rfft —_;126 7 133.41 — 

Ccrmc.perr, Fe t SP4 5 220 61...... — 

EquttyPeas.Fa.___ ,18r 6 19aS-0.4 *- 

Prop Pens Fa * '237 S 251« — 

Gift Pens. Fo M5 2 100J+01 — 

Depot. Penj.Fd T.._..{l030 1083] +0^ — 

•fttset on OKembee 19. 

TWfrtrJr eealrf®. 

Schroder Life Group* 

Enterprise Hcuse. Portsmouth. 070527733 

fes.t^=tB^Wtl=i = 


070527733 


« q e 

il = 


K5. WAJiT/i 

!-ol EE:| E 


Property Bd."* — . ..Jits 6 175J] +-D.2] — 

RccoreryFii Bd" ..Ib9 J 

Pnces 00 »0e: 20. "0*- 21. ••'Dec. 15. 
Merchant Investors Assurance* 
L*onH:e,233Hi5nSL,Cro,dort. 01^36917 


80.11 — 

98.M ..._. - 
9Ll| - 


Far Anew Ufc Asmnuice see 
Provide nt* Capital Lffe AasorMce 


Legal & General Tyndall Fund* 

mAflflK2n 18 - C*»»we Rwd» Bristol. o; 

ai-KtuiOM um. ics a la ra 


0272322*1 
— .T 4.85 


Barclays Life Assur. Co. Ltd. 

, ZSZRwiford Rd, E.7. 

134.31 


-• GiwtbAmxn. 
. .Grama lams 

'* KTIfth li wim m. 




•mew 1 am Ws.Nov.14- 162.4 . triffl —I 4.85 

' 37.41 ..i.j 4J8 Leonine Administration Ltd. ■ 

•— • ?■$ 2, Oofce SL, London W1M6JP. 01-4865991 

5.06 LeoDisL I77J 8141 ._..J 4.86 

K.0 T— ■ 5j 7-. Leo Atcunv-ZZI—J 84.6 . 89.1| . — *| 4A4 

x.( EZ ^34 Lloyds Bk. Unit TsL Mngrs. Ltd* (a) 

3874 +02 -322 



fc|ii7.9^2iJ ::::J = Lt t 

Fd I 17,971] — MIHon Cowl. DorVing, Sun 

Nrlet Eq Cat 81 8 

loyal Exchange Neir< Eq Aron. U8J 

W.E.CJ 01-283 7107 Jjejet Htmey Cop #Z5 

os 1197.0 205 2| . -. | tKotb^Cra^a? 


,sei mm m 

Can a d a Life Unit TrsL Mngrs. Ltd* 

Jw WSLPBtUss Bar, Berts. - P. Bar 51X22 

'S&aSs=M 5i|:d 

ri06iE=dB ; *'S1=l a- 


I +03 ■ 322 Registrar's Dept, Gorlng-by-Sea, 

I 453 VlortWng, West Sussev. 

+0Jj 6.11 Balanced 51 9 

| .--J 457 Do. ( Accum. Iw 72.6 

lid n WorldwidrGirin...... 531 5 

• txfl ' y Do. ■ Accum.) M.J 

P. Bar 51122 - Income. 83-1 

I „.._l 4g Do (At cum.) 116.4 1 

I ..,..J 4.42 Extra Income 5). 6 65 

] 8.26. Oa-iAmanJ 70 S i 


01-6231288 

I S4S 


m-oj ii§ 


; *f « ■& , u CHcl^ian®sl Jfingt ~lid* 

--- rr: .*■■: .twotafOnwisu ec?w ibr 

- D - ImtaL IB3.9 8' 


, ---I 0^0 Uaytf s Ufe Unit Tst Mngrs. Ltd. 

_ rr ^^ n 72-80, Gatebmse Rd, AyWxry. 02% W1 
.GMHflflH Equity Accum |16L8 170J] 1 4.76 


*Currem onHs value Dk. 


Beehive Life Assur. Co. Ltd* 

71, Lombard Sl, ECJL 

BOl Horse Dec. 1 — 1 13ZJ3 ] 

Canada Ufe Assurance Co. 

2-6 Hi® SL. Ponen Btu. Herts. 
EqtyOJiFdDet. 1 _J_| M.7 I 

ReniLFed.0ec6._l 120-3 1 


j l Md j.§ 

rl 1 -'MtrthAa*rlua — (93.6 - Mil ... 1 JJJ4 

\1}1 - A . -L , . Price ac Dec, 20. Next dealing oau Jan. J. 

: ^ ’ Whr«n»t Fd. M B«- Lt A* (aKe) : 


See aha Stock Exctaogr Deail 

American I4J.9 

CAtzrun. Uoitsl.’ (45.9 


Cannon Assurance Ltd.* 
01-626 4588 X Obrqpfc ®y, kYeiobley HA9 ONB. 


:;r.- “ . cz ' - . Iftrt dram date Jaaaty 3 u ^»fh_.i6u 

Ji 

^ ^ iVlS.fltwM.'Uxidon, KC2.' 01-6384121 ifcogMm g* 

-:r. :i- 3J;-Cta«te OfflcW. Invest Fd* -fS 

— .55l'77iosa»WaJtEC2RIDB. ■ 0t588 183S ' Sc^uSSIIIEji 

-j? ^AlfeazdBS = JMl*.8S£We=l 

-• : --0 r _ *awuth. Onb available (0 Reg. Cterftrt.. General ; — 16 

■: ! :'■! Ti ' For CharitrimtHe Japbet see Jams Finlay _ ttow.Umu) 126 

.'J- -JX- Trust Managers Lhf*.(aXg) utamuSmuSmEp 

■J.! pv. HNewSL J CC2M4TP. 01-233 2632 japop 16 

1 ; HM ffl 


«mr«i .-.■■■■— — — 

UUxuxr. UmtS)___ — 

High Income 

(Acauh. Units) 


01-233 2632 Japan 

l+OJ 220 lAcaan. UrVts) 


-*•: cs S&tiBstaczjt*' H43-I| 

i-s ■.*■:; m-ysssuzr- 


: - X' ^ . ssasss^±jz*.7 zisi .— j (j*. 

r *JtS *' Carried eraH an MIJUL Lid* 

- -"I 1 K l ' StLCtaocery Lane.'VTCZA 1H£_- ^62420282 

*; B & <WtwthFund,..^-|4L6 . 48.0] IZL 

r.: ., CofBnofitm -Fund Managers : . . . ' ’ • 

..•V ^^-i-3aftu*ltm*i,Lend«»*WlX9EJb 


437 . i Accum. Units) — . — 3MA 

7J4 Necovoy 68.9 

■ (Accum. Units). 92J_ 

UbbStl UmtsT ite.r 


Equity UrtB- 
Property Units 

Exec 


Growth & Soc. Ufe Ass. Soc. Ltd* 

Wen Bonk, Bray-on-Thonm, Berks. 0628-34284 

ESSSSEd B5i„ ]::::: I = 

— Landbank Set. Acc — 1117.9 lZLlJ .._.J — 

— G. 8>S. Super Fd 1 17,971 ] J — 

+0.1 — Guardian Royal Exchange 

[12 ? — Royal Excbaitge, E.C J. 01-2837107 

1 _ 3 Property Bonus 1197.0 2052] . _. | - 

“ Hambro Ufe Assurance Umited* 

_ 7 Old Part Lane. London, W1 01-499 0031 

— Ftowdlm-Dep 128.4 U5a+oa — 

— Equity. 1833 1932] -1 71 — - 

— Property 1711 181 21+02 — 

L MafU9.il Cjp 144.9 152.^ -0^ - 

asej2=fe _ 

GW Edged 126* 133.S -02 — 

»+=“■ SSSSterS. 3gp = 

tsxsnst=m m= = 

Pm. Prop. Acc. 3U 2?5.jj — 

p tt™ cl 3*2 Pen. Man. Cap — SB S3 71 — — 

P.Bar 511-4. p^.van.aa J7L1 29: aj — 

• - — Pm.GlllEdq Cjp. — ia.9 128.1 — 

--■I— Pen. Gilt E09. Acc — 130 6 1373... — 

Pen. B S Can 127.7 134 d — 

Pm. B 5. Acc. 147.6 155J] — 

, Pen OAF. Cap 104.7 | — 

01-9028876 Pm. OAF. Acc. 107 8 | — 

Z Hearts of Oak Benefit Society 


GSkt— & a 

Money Mari ei 344. 

Mc ne* MkL Pen: IBS. 

DeoOK 132 

Drw.uPW. 146 

Manager 109. 

Monqped Pent _. — 344. 

Inti. Equity 

tntl Mwnaqed 100 

Do Pen; ... — 102 

NEL Pensions Ltd. 

Mill on Court. Dorking, Surrey. 

Nrlet Eq. Cat 1818. 

Neirr Eq. Atom. 


01^36 9171. 




03-6231288 

I— J ~ 


Ed* Nelrx Gin Inc Acc .. -I5L5 542] .. . J — 

“■y 0031 m 5;*: f?: .eJlS M = 

+03 — Hen Sub. da D-rnber 25. 

I “id “ NPI Pensions Managemsnt Ltd. 

_{L7| — J8 GracrctxxTh Sl. EC3P3HH. 01-6234200 
-0^ — ManagedFunJ. — .1157 6 1W2] ......| — 

-Os — Pnwi Dec. L Next dealmo Jan. 2. 

-0J - New Zealand Ins. Co. (UK) Ltd* 

" 4 '1 “ Maitland Home, Suuthend SSI 2J5 070262955 

"■;1 _ K.»iK?+lr» PUn_..[152B 1579.. -I — 

1 ::::i _ smaucviFd «j mih-ojI — 

J — Tn.-diTOieayFd- - (J0A5 . 2222/ ..._J 1- 


ra = 

a+oit — 


Pen. Prop. Acc.EE. 3 LI 295.4 — Tecfinoft-ry Ftf. W«-5 . 222L — . 

Pen Mon. Cap.. ?1 7 5 2237 — EnrfllncFd _....9JI 99} — 

Pen" Man *" 2711 1 29: a Ertrjlnc D»s: rd 99 3 lWr . .. — 

Pen GIliEdq Can 'E 121.9 128.( — Amencar Fd. •_. ..9Lo 963 +0-* — 

Pen Gill Edq JkiL. 1306 D7 4 .. . Far East Fo.. . J380 113 r -D.fc — 

Pen. B S. Cm 127.7 1342 — Grtt EnnedFd aOt il Ul-' — 

Pen. B 5. Acc..- ...147.6 U5J — Con Depo-.il Fd ._ OB. 9 104.11.. — 

Pen" DA.F. &p._._ 104.7 — Norwich Unton Insurance Group* 

Pm.OA F.Acc. 1078 — pi) Btu 4 Nornicn NR1 3NG. 0t>0322200 

Hearts of Oak Benefit Sociely S u,J9 ? i L l, ' < 

15-17, Tavistock Place. WC1H 95M 01-387 5020 !X£ r .y Fim! “T. Ip - .! feJ+fiJ - 


|i: 6 i z 


Hearts of Oak — _.._|37.8 39. 

HBI Samuel Ufe Assur. Ltd* 
N LA Tvrr, Addkcombe Rd, Crtjr. C 
♦ P rop erty Units 1162.6 1J0.71 


Fixed In'- Fia«) 1516 

Depotll Fund _ 1090 
Nor. Una Dec. 15. .._ — 


374 4 +0i — 
1426 +QJ — 
L595 .. .. - 
1M7 +0J — 
215.1 .. — 


Property 4 165.1 173 9 — . 

AAS&ovi. Sect. 4. ..123.6 1302 — 

B.S. Pen Cap. S 15 3 131.6 — 

B S. Pen Acc. S _ 1364 145.3 — 

Ungd. Pen. Can. B 210 7 221.1 — 

Mnga. Pen. Act B _. 254 6 2681 — 

F. InL Pm. Cao. B960. 10L2 -.... — 

F. im. Pen. Acc. B ®Z 1035 — 

Money Pen. Cap. 97.9 I0J2 ...._ — 

Money Pen. Acc. B ._ 1002 1055 — 

Prop. Pen. Cap. B._ 189.2 215J — 

Prop. Pm. Acc. B lllb 117 jj ___[ — 

Scottish Widows’ Group 
P.0. Bm 002. Edrtwrgh EH165BU. 

031-455 bOdO 

lni.PlySrvDec.15 M73 187* — J — 

In*. Ply. Sene* 2. 01 1 06. a ...._] — 
lirvell. Cain Dec. 15 - 100 6 105. J . ...J — 

E r Uu Acc. Dec 6 42.9 149^ ..Jj — 

Ex Ut. inc Dec 6 __ 1 m3 1413 „_J — 

Mag. Pm. Dec. 13 ,_.p714 2724] ..__] — 

Solar Life Assurance Limited 
10/12. Ely Place. London. EC1N hTT. 01-242 2905 
Solar Managed S . ._ 128.2 135 « +0J( — 

Solar Property 5 113-4 D7.j ..... — 

BsteTL^r&l = 
ssm—& ®aj=- 

So Ur Equrty P 1703 1793 -0Ji — 

^ F C».- P —\£Z ^ ^ = 

Solar I ml. P 86.1 9L5j +U| — 

Sun Alii once Fund tfangmL Ltd. 

Swi AUlarce House, Honham. 040364141 

EapTO-litOetlS—jaBaj, —..I - 

lm.3n.Dec.19 P O2J0» 1 ..—I — 

Sun Alliance Linked Life I ITS. Ltd. 

Sun Alliance House, Horsham. 0403 64141 

Equity Fund D29.0 MMj +D2J — 

FI xetfl nter WtFd 1055 1U4 ...... — 

Property Fund 116 5 122.7 +01 — 

International Fd. 95.B 100.9 +15 — 

Depnslr Fund.__ 993 104.6 +0J — 

Managed Fund ll8.4 11*3 *l>3 — 

Sun Ufe of Canada (UKJ Ltd. 

z 3. 4, Codfipur Sl. SWIY 5BH 01-9305400 

MaoleLf.Grth. 1 204.7 ] -L2J — 

Maple LI. Man®. ._ 1355 I J — 

Sfatd II t-d = 

Target Life Assurance Co. Ltd. 

Ta^t House, Gatehouse •>^SS^ S m 


1093 

SL* +13 
1345 +0.3 


040364141 

— 


04J+0J — 


LAE 111 j' 2 ^ — 

. Current value December : 

Capita/ Life Assurance* 
Conhton House, Clupel Ash Wlnru 

Xeylovttt. Fd 1 10JJ5 

- Pacemakerlm.Fd. _| 87-01 


Managed Units__ 
Managed Series A. 
Managed Series C 
Money Units 
Money Series A 
Fixed InL Set. A 

Equity Series A 
Pm. Managed Cop 
Pro- ManwettAcc— 
Pnv G'teei Coo. 
Pm. G’teed. Acc. 
Pens. Equity Cap 
Pens. Equity Act 
Pin.Fw1.inL Cap 
Pns.Frd.lm. Acc 
Pens. Prop. Cop 
Pens. Prop. Act 


01-6864355 pearl Assurance (Unit Funds) Ltd. 


170.71 — J — 
212.4 — 

1718 +39l — 
1013 +05] — 
47J +0« — 


252 Hrgli Ha'tom. WC1V 7EE. 

Managed Fund... 11152 121.: 

Eouhy Fund _ ... 11198 126. 

Property D»si — J112.I 118 j 

Property Acorn {126.6 131. 

Phoenix Assurance Co. Ltd. 
4-5 Kmc William St, EC4P4HR. 


1 1 Wealth Aj-_ .- U2J H8 SI | — 

Eb'r. Pti. A-.s ... 78.6 J i — 

"™ “ Eb’r. Ph.Eq E. R78 3 — 


W E = 
3U = 


Prop. Equity & Life Ass. Co* 
219Crawtfjrd Street, W1H 2A5. 01-4860857 

R Silt* Pros 8i 1 184.9 I I — 

Do. Eourty EU. 762 I .— I — 

F)<» Money Bd 1 149.6 | — -I — 

Property Growth Assur. Co. Ltd.* 


0<5022fl5TL Imperial Life Ass. Cg. of Canada 


!:d - 




■••li JL 
■ :: : u.f ^ 

: -v V ; : ^ . 


t Tst Mars. Ott. 


jss>5g';- Cndgmount Unit TsL Mgrs. Qrf. . tfarifndpmu 19—.. ,046.7. 149 

■ ? H. . VgSSiSSSF- ™ 

*SkAmtrftaa :p*4 : MannUfe Management Ltd. 

- s ' J ', Wd Motml Htgli inc.. (49.4 5Lri -~4 ?®l sl George's Way, Stevenage. 

.!** 5 Crescent Uidt TsL Mngrs. Ltd. <»Kg) Growth Unks __.___]56Z 59 


Chart erhoose Magna Gp* 
j togte im Hse, Brunei Centre. Bieltfil^MHum^ 

S.tenrp.. sa-:d- 
8saafcw WB .a=r = 

u**ta Bid. Soc. 134.5 ^ — 

Magna Managed 15L0 j — — 


' — Imperial House, GirikHord. 

I — Grt.Fd Dee. 15 115.4 82J> 

Peni.Fd. Dec. 15 . -.|647 >5.7, 

Unit Linked Portfolio 
Managed Fund — __|9*.S ,!?-5 

Mian Fixed mt Id ®.9 lOO. 1 ? 

641272 Secure Cap. Fd._.... 08 « 1035 

[ — Equity Fund — ._ — (99.7 104.4 

I “ Irish LHe Assurance Cl. Ltd. 

— 11, Finsbury Square, EC 2. 


Leon House. Crordon CR92LU. 
Property Fund.. 191.1 


02-6800606 


n»i RSSSSxc: 

— Agnctiltural Funq — 

— Ague. Fund ' A' — _ 

A&bev Nat. Fund 


SL George'S Way, Stevenage. 
Growth Units ______ 1562 


rasa 

59.21 i 4^9 1 West Prop. FwM 


City- of Westminster Assur. Co. Ltd. 
nomad Home, 6 WWttfuwe (toad. . „„ 


ra rtf 9, NsfvHleCres. EiBrrtJingb j. 

J— I-'/. Crrt. Amer. Fd. 22-4 

'J.:- < CreLlpertufL 57.8 ■ 


D31-2264«n Mayflower Management Co. Ltd. . ^ gBSSi — 7 S V 
I'S 14-ie. Gresham SU EC2V 7AU. 01-606 KN9 FaSnLnd Fund 03 

P S'lrd lf b ts^--zzW- 

3.00- 


?«■ Aw. Fd. 122.4 2A« +03 l-s 24-18, Gresham SL. EC2V 7AU. 

CreMateroat L —— 157.8 62.0] ^Q-d( i™ jhhw’Sk. 19 11062 1119 

sssjsf^ssr^ 

DrLlwrOec.8- .11784 1903^ .—f 4.99 - Merc. GeiL Dec. 13-I2MA 217.9 

E. F. Winchester Fund MngL Ltd. ; - . ni 


OUJewry, EC2. .01-6062167 Acc.Uts.Dec.20.-_P2 1 76]i 

V " Great' Winchester |1S5 203 . ... I 4 « - Mem. ££,»«.£ ___fe|Z.7 

r.GLUfin0hrsterO^e»-|l83 ' 2021 ;-.J 4.40 AccnLUtS. Hoi23~.~]28ZO 293.fi. 

Em ton A Dudley TsL ItagonL Ltd. . - Midland Ba (ft .Group 
aVArttngwn st_ S.W3. . . -01-4.99 7551 Unit Trust Managers Ltd.V (a) 

Emm Dudley Tst. ._ 168.7 73-91 .__4 600 Courtwood House, SHver Street, Head 

Far Equitas SeCBftia Ltd. shetfleM,si3RD. Te-I 

set Abbey Unit Tnstftfngrs. ' Cwomod«yAG«L_ 643 703- 

^gidty & Law Un. Tr. M* (aJ(bXc) c^nib.^XZZ:. Ai sfiw - 

.Aitwshxm Rd, High Wycwrt*. ; . 0<W 33377 - . jH h 

Entity A Law |665 69.91+031 438 Do. team- Zfj gl - 

James. Finlay Unit Trust MngL Ltd. ■ feWgfr — HI - 

HM4, West *MVr Street, Glasgow. 041-204 1331 ]>SeroaiiDnai__ 413 «.7a - 

J- Fhrtay intenaCI—CT- 8 23.4] 22£ no. Atom. 47.9 - 

■lStes±;B'.-a=: fi aWSt^Bl J: 

Prices ScTSi. Next ftaSiqi Dec. 2T -Frees « Dec 15. Nett dNimg D 


Pm. Mngd. Cap. ..—.IX 

Perni Mngd. Acc. |1 

01-6004555 Pens. Money Cap. _.|4 

4.72 Pms. "tWta. If 

4.72 renv Equity Cap. -u_. 15 

_... 3 48 i’ero- Equity Acc ]5 

I 3.4B _ .- Foodarremiy tic 

!'!!!. 4.95 Perform Units J 


nrM- 

I lo new jovritmenL 
223-6 ( ] — 


Managed FtBif_. 

Ltd. 

01*84966* JJd 

..._. — Prp.Md.Grth.Ser.il 1102.7 M8H .--J 

-oj — Kl "B * Shaxson Ltd. 

— 52. CortihUI, EC3. 01-622 

--■j — Bond Fd. Exemel __I1B136 ,102.681 1 

J — Next dealing date January 3. 

"H _ Langham Life Assurance Co. Lid. 

.1 — Longmis Hse_ Holmbrpq* Dr., NW4. 01-20 

— Harvest Plan ®3 103 2 | - 

-i -J L3Tqhxm ’A' Plan 6h 4 64 91 — 

-oi - ^s^Mi-Fd-ljh- 1 mI ::-J = 

""j __ Legal & General (Unit Assur.) Ltd. 


Abbey Nat. Fund IS 9.4 

. — — Abtev Nat.rd (4>._. 159 2 

— Investment F«ne — . *93 -0.1 

.....J — Investment Fc.-Al.... H7 -0.1 

+ — Equity Fund. . gfg -03 

Eqaily FunClA' — _ 3^6 9 -03 

Miner Fund.. . — _ 1452 

01-628 8253 Marvrr Fund ia- 1441 

.J 5.00 Actuarial Fund 115 9 . .. 

Glli+dord Fund . _ ■ 120.4 -0 4 

■■■■'" _ Gin-Edged Fo 120.4 -0.4 

_ — ♦Retne Annuity • 1M-9 ..._ 

— $lmmfd. Annjv 153.5 

_ irtermhcnai Fo 2000 

— ' Prop, firovith Pensions 4k AmmHrtt Lid. 

' _ _ All Wther Ac UU. 130 4 13731 . ...J 


* WAil Weather cap — , 

. OPInv. Fn llu 

01-6235433 Pension Fd. Uts 

| CvrN. Pens Fo _ 

t 1 Crw, Pnt. L-tB. UL 1 

Man. P hk Fa 

Lid, Men. Pens. G»b. UiJ 

01.203 'ill Prop. Pans. Ft 1 . 

iu- | ’'il - Prop Pens. Cap Uts. 

— 6dgq. Sot. Pen. UL| 

— BlJg Sac.CflP Ut- .| 


City ef Westminster Assur. Soc. Ltd. 
Telephone 01-684 96M 


KinqswDod House, Kinsswood, Todworth Surrey Sel M*c-_ Fo. Sid —.11010 
KT206EU. Burgh Heath 5345# Ptnwan £quil< llii 2 


Providence Capital Life Ass. Co. Lid. 

30 LI. Bridge Road. W12 8PG. 01-749 9111 

Sei MM Fd. Cap -11010 10671 1 — 

Sel Mir.FB.Std 1 1010 gSShjJ Z 

122 bl -a.il — 


£S5SS?ySB: 1 SHrtr swl * »42 7984?l SS^userz^i 4 


Sheffield; 51 3RD. 
Commodity & Gen.— 643 . 
Do. Accton. — ■ ; ■ T5.9 

GrtfHlb 35.4 

Do. Ascunr. 

Caplul K5 

Do Accum Z7-9 

Income 515 

DO. Accum. — 600 

Internal icxial 4L3 

DO. Accam. 44.4 

High Yield +.: 62.4 

Do flmm i . . 680 

Eqo Ity Exempt* 1062 

Do- Accum ■ 106 2 

Japan* Pacific 47.0 

Do. Accum. — 470 


1 5 Commercial Union Group 
331 St HeJeo's. 1, Undershaft. EC3. 
4.58 Vr.An-Ac.0ec.16_] 5684 
4.58 Do. Anodty Ots 18.85 


64.^-al 
4*.7m +0.f 
47.jj +0.4 

734I +6.1 


+ttl 5.6 

+oJ] 5.6 


"PricBs'at Dk 15. Next dMln Dec. 


CORAL INDEX: Close 475-480 

INSURANCE BASE RATES 

tProperty Growth — — ; — - — — — 

tVanbrogh Oaraiiteed-'ll-lli — i— — — 

ll'. : tudreu im under tmorance and Property Send ToMe. 


Confederation Life Insurance Co. 

50, Chancery Lane, WCZA 1HEL 03-« 

V Equity Fund _-B62.1 3TO.71 

.Bs£=j| md = 

-Equity Pension 2480 2543 .... 

Property Pension ]15L9 S5.1) . 


Cash Initial 96 5 101 61 

. Do. Accum.. 99 8 3,05.3 

' — ! Equlifinflial 1252 lll-S 

oi-28375oo dS!aS£ 1S 1.' 2 3 1 

] | — . Managed Initial 1190 125.3[ 

H_(Ui _ . Do. Amim. — 123 0 1 29 a 

Property Initial 100.4 105.^ 

Do Accum. ■ 103 B 109.31 

Co. Legal A General (Umt Pensions) Ltd. 

01-242 0282 gngS-^^JMy & 
1 _ Exempt Eqiy. I nil 133.1 14021 


101 61 .... 
105.3+0 2 
1310^ -0 1 
13# 4] -D.l 
122 W +01 
126 fi + 0.1 
45 0+0 6 
47 1 +0.7 
2253 +0 I 

129 M 

105.7 

104.0 


B«fc. ' Aylritxxy (02%1 5941 

Mon Fund Inc- [979 103 i! — 

Man. Fund Acc. flZU 12/51 ..._. — 

Prop, FC. Inc___ lll8.7 124* — 

Prop. Fd. Act. L“ 153.0 .1 — — 

Prop. Fd. Im 1170 — I .... — 

Fixed InL Fd. Inc. — 1011 10fi.d — 

DTP Fd. Inc 197 7 1B?-Sj tO0 — 

Ref. Pun Ac. Pen_. .{73.9 ® 2 ] - 0 _t — 

Ret. Plan Cap. Pm |6L1_ 66 .fi -0.4 — 

Maur.Pen Fd Acc.__.jl28S 135^ + 0 ‘ — 

Man.Pefl.Fd.C4i: to.l J223 +0 j — 

GiltPen.Fd.Acr. p43 1410+01 — 

Gift Pen.Fd. Cap — _02f7 13L3 — 

Prop.PtflFd Arc. I}64.7 l73.fi — 

Prop Pen Fd.Oop 11627 1715 — 

GlOr.Pen-FdJllx. I0T.0 103 U — 

Guar. Pen. Fd. Cap. [96.9 302 g — 

D A-Pen.FdAcc 97.4 1025 . — — 

DJLPen.Fd.Cap 196.6 10171 - -4 — 

TransintematiQnaJ Life Ins. Co. Ltd. 

2 Bream EJflqs. EC41NV. : 01-4056497 

fiTuiip Invest. FC. — 11470 15501 — 

VTuhp Monad Fd — U b 0 UU . — — 

fiMan. BowFd 121.1 KmJ 

Man. Pen. F0.Ca»._. 123.7 1300 — 

Man. Pen. Ft Act _. 529 . — — 

MMnqd. In/. FtiriL.. 98.9 1M.M — 

OyMngt Inv. Fd. Arc.. 99.9 105 lj — 

Trident LHe Assurance Co. Ltd* 

Renslade House, Gloucester. ■ 045236541' 

Managed J123.9 1313 — — 

GidUgd. 1473 155-2 - 

ISSSsm :z:a* rUf:::: = 

s5ir=-fe »= = 

InternationoL lOOl jg#0 -OA — 

Fecal 1283 135. ( — 

Grawlh C 4 B 126.8 1343 — 

CrcrfllhACC 1322 1*0.8 — 

Pens. Mngd. Cap 1150 33 * — 

Pent. Mr^.Acc. 1216 J2S! 

Peru Cld.Dep.Cap...- 104.7 110,‘ — 

Pens.Gtd Dtp -Act U0.7 317j — 

Pens. Pety. Cap 1173 124.1 — 

Pent. Pty. Acc. U39 13Lr ...,_ — 

Trot. Bona 36.8 3W -0.1 — 

•TrdLG.I Bond r ,970 — 

■Carti value for C 100 promiun. 

Tyndall Assurance/ Pens! ms* _ 

IB Conyroe Pooo. BnCcl 0772 32241 

3-Way Deo 21 | 127 2 I -10 — 

Equity Dec. 21 162.5 - 

BondDec.21 166 7 -10 — 


Alexander Fund 

37, nr OgwJinr. Lure too re. 

Aiexarder Fund _ ... I SUSb 70 [ _. ..] •— 

Net l xahie «Vc. 17. 

Allen Harvey & Ross low. Mgt (C.U 

1. nmigOw Si HH.m *,.C.l 0534-73741 

AHRGiH Edg.Fd. — IL30Z2 1023] .. 4 «-W 
Arbuthnet Securities (C.l.) Lirroted 

P.o. Bex 284. SL Heller Jersey. 0534 72177 
Cap. Tu. (JenryV.. |US 11* J 420 

Ga.'tSec.TT ^^^r ,.13200 
hen deaSrw we Dtcrnsn Jv. 

Eflrtilnti Tu (Cii 103] ...] 3 #1 

Nril oeaHnp sue Decencxr 28. 

AwtraRan Selection Fund NV 

lUUrt DppoftmHirv « Q Imn Young & OuthMoite. 

127, Kent Si, SyWiry 

USS1 Sham -I 3US1.48 I ...4 — 

Net t>ul value November 74. 

Bank of America Infcmatfonal S.A. 

35 Boulevard Royal. Uormbourg C.D. 

WldnwHt Income . ..fh'DL-lZ 116101 . ,. I 732 
Pncev oi Ok. 14. Next tub. Mr Ok. 20. 

Banqtse Bruxelles Lambert 

2, Rue D» u Regence B 1000 Bniwit 

Renta Fund LF 11.883 - 1941] +1] 804 

Barclays Unicom int, (Ch. fs.) Lid 
1. Cturrog Crou. Sl Heber, Jty. 0534 73741 
Overseas Income — ,M7 0 44 <1 . . .J i r . 7 0 

UoMMtar Trust (jUSiaTl 11071 . ...1 170 

Unhood Trust (H'SIDIU 1023#! .. ,.J 850 

Barclays Unlearn InL (LaJHan) 

X 7)unui Sl, Dougut, l a.U. 0624 4856 

Unicom A usl Ext 50.0 53 9 -0#i 170 

Do. Aust.Mln.__ 313 31 7® rO-Oi 1.3) 

Do. Gnr. Pacir.c #6.* 710 .....j - 

Do. imJ. Income 371 34.fi .1 8 80 

Do. I . of Mm Tst 46.4 49 fi... J S BO 

Do. Manx Mutual __-|25.2 273) 4 150 

BMhapsgatc Commodity Sar. Ltd. 

P.D. Sox *2. Douglas, I o.M. 0600-23011 

ARUAC‘Dec.4 Ja)52«3S 3124] | — 

CANRHO“ Dec.4_. D.09S 13*4] .. 

COUNT— Dec. 4 — 62.627 27M ■ . .1 188 

Origuully luuea at *S10 asd — tl.OO. 

Bridge Management Lid. 

P.D. Box 506, Grand Cayman. Cayman It. 
N’hmMDecJ 1 Y17.8S8 I [ — 

ippw!' FdTV^Tb^lW^ h5 21561 4 0.77 

Britannia Tst. MngmL, (Cl) Ltd. 

30, Bath SL. Sl HeBer, Jcrsy. 0534 73114 

S t W oB DtniolwM Fdt. 

EiK=.fc Sf 31 im 

ftansnfc-w 

High InLSUg-Tst 110 93 0.96a] .. .1 1250 

U5. Bote Denominated Fdt. 

Unhtl.STtL 1SUS520 5.471-0 08] - 

loUfifltilnLTc ISUS0.96 D.99rfJ-30l] 9.19 

Value Dec. 21. Mem sealing Dee 27. 

Brawn Shipley Tst. Co. (Jersey) Ltd. 

P.O. Smr 583,Sl. Nrter. Jersey. 0534 7J777 

SUng.Bod.F6lh) — ..|U00 10 OH ...,_| 1200 

Butterfield Management Co. Ltd. 

P.O. Box 1®, Hamdtoa. Bermuda 

Buttress Equity JUS231 23fi _...] 1-79 

Butxrra Income— (511320! 209] ..] 8.01 

Pnces at Dr- 1. Ned tub. Cl, Jan. S 
Far Cipdirex SA see under Key ser U liman 
Ltd. 

Capital International S.A. 

37 rue Notre- Dime. Luxemburg 

Capital InL Fund 1 SUS17.65 I — 4 — 

Foe Contra! Acsets MngL Ltd see under 
Keycer Ullman Ltd. 

Charterhouse Japhet 
1 Paternoster Ren. EC4 01-248 3799 

AOroM PW38M 3L7W-0i)! 4^3 

Adhwrpa PiM9j8 KJffl ... 4 J5 

Fonda* mini## 313M+020 4#0 

Fondrt K*O0» 21. Wj-rflJO 530 

Emperor Fund — f S3. 25 3301 — 

HHrana pfols 4437| 2.74 

Clhre Investments (Jersey) Ltd. 

P.0. Bex 320. St HrSer. Jersey 0534 37361 
CBveGUt Fd. <C.i.) _|9.64 4.651-0 D2| 11 « 

Clive Gilt Fd. I Jsy.) _.|4.60 9.6l]-O0l| 1L4S 

Cnrnhin Ins. (Guernsey) Lid. 

P.O. Box 157. Sl Peter Port, Guemtey . 

I nod. Man. Fd 11635 2780] ....J — 

DWS Deutsche Ges. F. Wertpaptenp 
Grundwrgweg 113, 6000 Frankfurt 
Invest# IDU3MD 34J0|*02IH - 

Delta Group 

P.O. Sox 3012, Nassau, Bahamas 

Detains. Dec. 6 ISUSI64 1.77] — 4 — 

Deutscher Investment-Trust 

Ponfacfi 2685 BMergaste 6-10 6000 Frankfurt 

Caaceucra- ^Bua.48 2LKn+<U0j — . 

im. Reirtenfonth ...JWf&TB 70 ®] — 

Dreyfus InteicontiMnta! Inv. Fd. 

P.O. Box N371Z, Nassau. Bahamas. 

NAV0ecJ9 )SUS15 l48 16.471-017] — 

Eros ort A Dud lay Tst. MgL Jrsy. Ltd. 
P-0. Box 73. Sl Meher. Jersey. 0534 20591 

E. D.I.C.T 1123.5 1310] ] 300 

The EngRsh AssKbti.oB _ . . 

4 Fore Street, EC2 " 02-5887082 

tefetfR^KB Bfl:d = 

•Next dealing Dec. ST-Next dealing Dec. 27. 
Eurobond Holdings N.V. 

Handebtadr 24. Wiilemsud. Curacao 
London Agents: IntcL 15 Christopher SL, EC2. 
Tel. 01-247 7283. Tdei: 8814408.^ 

NAV per stare Dec. 15- SUS2D.SU. 

F. A C. MgmL Ltd; Inv. Advisers 
1-2 Laurence Pountney Hill. EC4R OBA 
01-623 4680 

CenLFd. Dec33 1 SUSS 43 | | — 

FMeKy MgmL & Res. (Bda.) Ltd. 

P.0. Box 670, Homitafl, Bermuda 
Fldeky Aol Avt. —I SUS22.99 I [ — 

Fidelity InL Fund _J SUSp 21 I — 

FldrRtJ Pac. Fd J SUS54.30 ..... - 

Fidelity Wrid Fd _| SUS13.9b |-aOfi — 

FideRty MgmL Research (Jersey) Lid., 
Waterloo Hse., Don Sl, Sl Helier, Jersey. 0534 
27561 

Series A ffnhtfJ K3J4 / ,._.J — 

Series B (Pacific) — E9.0B ._ .1 — 

Series DlAmJta.»_|U4.59 1 -1 — 

First Viking Commodity Trusts 

10-12. Sl Gearge't St, Deogiu, lo».M 0624 25015 

S»h&a-=H 8.3:® 3 1“ 

Fleming Japan Fund SA. 

37, rue Noue-Dame, Luxembourg 

Fleming Dec. 20 1 SUS6L91 | .] — ' 

Free World Fund Ltd. 

BuderflaM Bldg, Hominan. Bermuda. 

NAV Nov. 30 1 SUS189J8 ]. — \ — 

B.T. Management Ltd. 

Park Hie., 16 FlntOury Clrcur, LoMae ECS 
Tel: 01-628 8131. TLX: 886^00 
London Agents for; 

Anchor -Frinits SUS101 104 ,208 

Anchor Gill Edge £9 40 9.4i - □ D1 13 « 

Anchor InL Fd SUS4.93 5 07 -001 2 07 

Anchor In. Jty.TB__a0 „ 29.9 .. 109 

Berry Pac Fd SU553.99 - 05t> 0 83 


1 . -£.l 

i-::J ^i*3 


Key»er Ullrrunn Lid. 

25. L'iIIi Stf'i-t. EC 2\ “■ '£ 01 1 • 0 

Fcn-rfl*. .. . S'. : j"" .’*;V .3 00 

bnnMi’i jv. . . I — 

C.m*.tV-l C.if - .. i“ 2b. + - — 

King 6. Shxxtbh Sfgr*. ..... 

linxmC': . * — h . •- 

vjr , r>*>-, '• r.t->r* 

1 Tnc-ma Sir.-- 0?.-i ■' • C. >' 

C*H fu-»? J*- • . ..' *C-.J I ---5 

GiH Tcjj n.tr t IV <* HZ 

G'*t Fnc C-j-“ >•■•..+ 1! Ir.’j 

loti. 6ov*_ 5w. Tit 

r,. ; 2.. - x ”•+'•. . - 

fir.: lull . \i'. "i . I — 

Kltinaort Srntsn L-raiua 

10 Tencu’-.-' -x iZi : o* %'ht 

Cunn.fi-- .u- F • ; 3 

Gu"nie, :rc. . - f 9 r — v i f ?• 

Do ACSuisi . .1 1, -I 

hB Far En*t Fd . .1 4vf!?6J 1 : -2 

KBiMi fuk .... • 

Kb J.lp.iri Fare" _ . . .* >i7_2 . . [ K -A 

K.S b S.Gfl'J FI .! SvSi:.l« ... 0 .J 

Sicnrl BfrmuS.t. . ' ■: . [ . il 

Inli-nvJ. 3d FC • . • •• ! — 

Lloyds Bk. (C.l.) U,T M?rs. 

PO Be. 195 Z,: ilfi.*- Jc-... C-33J 775:1 

Lloyd, Tt 1 .. O'- r-o, . .:?5: :l». . ' C.i' 

Nr,- O.i’. r.-, Cite ■ 

Uay3i Tnnl G.l- . ..■! - i .. - .’ —60 

Ke.t > j:.- : D-’i-- :.-.*T7f 2. 

Uoydt Beak IntemaLc.-i?:. Serova 
P.O Be I 4.’S. 1212 G^-.\--+ __ 

Llcvctr irs Griwi. SO’ ;C| .. . j 1 .-2 

Lk-yfll lr,L [tear, . .S r :i5L ,-...| . ■ li,. 

Management Irternslicr:'. Ltd. 

Sank of Be*mi-+ i- 'i "7 ter- ^.'1 
Coneamiry Dv; 15. ■>. -i 12 ] .. . ! — 

M & G Group 

IhieeQuJVi. Tc nr Hil* E5T>' :LC ~ZJ~ 

AiimuCti i« .. |v.::t : cf:. i - 

A.ut _E». Drc .■’1 . Z — 

GtdEi.Atc Dr-: ■ s i 1 

HI3n«. 129 7 1- »_J -J..> r 7 ' 

(Accum Uniti' . . .isc 1 -fi- -" l l -si 3 - ; 

Samuel Mcntssu Ld.t. A^er-ls 

114 Cl<* Bread :r.E /J o:r'S 

ApolieFd EV:.:0 •-57..-. a. 1 L'-’ ; 2f 

JaofrttDe: If s'. :;i . 1 ;• ■ 

117 uruus Dl-T 1> |S. • 1 J .n 

117Jf'wvD^. 13 'if:;- r-.C:-..^i :• 

Jlid'iPri.e.. . n5'3 — 

Murray, Jobnstorte ilav. A3?i*?r.> 

1#.! Hope Sl. liUij-.. u.‘‘ fr-2i 

•Hose 5t Fi. _ . : ■-■ST—:- 7C 1 | — 

•Murray rural .. Ufl. | ... , — 

t .Vi If. 

Neqit SJL 

12i Boulrt.i-J RorSi Lv.'i::.-; 

NAVDc: 13 ; i-.y2.2Z | -.4 — 

Neoit Ltd. 

Sank el 8-.-.-iri3i Fl^.. . 

NAV See. If . _ lit Vi — ', ! — 

Phooni: ln:e,-n:L:n=l 

FO So- St ■- p .- fr«"i*+ 

lnte*v Dol'd: rur: .. 2.:-']-CC-.| — 

Guest Fund Mngr.nt. L;a. 

POEo. Ihj 5-. ,i l . :r j. 0:'.~ ITl-’l 

Qul ■ Z v 1 F.i : r? ’ f '■ | 13'*> 

Quv,nitfS*« . Ktf-s;.: \ ;«< 

Qjlu! iitm 5J. . *•:— 1 - 1 V.U’j ■ 

Pn m -r fi-: .V •. -• > m Uv, l'i:. -V. 

Richmond Life Ass. Ltd. 

4£ Aihc! 3urr- Di j. 1 ■. fit 2: r, l-i 

I'tTne Sl.v+r I.-j-.t !:* — 

Richmcnii A: S : . -11+ 9 t ~ 

Co. Platinum k: - . if:-.' 7 -Ojl _ 

Do. Dtj-nou to a r ] 

Do Eri . . I,;; 

Carr.llcn l'.G 1 £ : ■•’f v 20. Ci , — 

Rothsckrid Ansi fr'anig'-Ti?:'.! 1C.?..' 

PO 3(.5c 3i .'-.-li-. C-. . Siii” - ’ XI ’.aril 
OCEqFrrtf, ‘0..1. *0’; I .'-2 

OClvFj. Dr: i . I'i.'l Jl '•'■.* ! 

oc.ufli.FBt .M:.> - ■ . 2 

OCSmCoNc. 32 ;i ■> i ?;'•+ ! 3 V 

PC.CpmmOiV ' . i--'" l: < 1 —1 

O. C. Bl’.Conv'* * . . .fid 'O — ilfl 0 ‘A 

■Fnrrs in Tv: .5 ' a-.r'r?. 2n 2’ 

tPr.'.f, ti- [+i II !.(•• o -.- .-r+ Z. 

Rothschild Asset r/gl. <3errrL'J.V; 

P. O. Bc< eo5 El . c: tr-nuu L'-‘ £vr— c'J 
Reserve 4-«is 'a ’.SO 1 -,- r - tel. J. — 

Pnlf on CVr U, »y,l n^ l.;:. 

Roya! Trust (C.L) Fi. f‘;L L\l. 

P O-Eis, 19a P^vf' T K'.-. .'.-is - -. Of W 27—1 

RT.im'i.Fj... -ivo-i-t ; t’-i . : -on 

R.T. Int'!. ' Js •.'•?■) 1C 23 t>C' ■ I :.i. 

Pncet v. S<:. i- t.cn dcau'v l-«. 2 . 

S2ve « Prcsper ln:err.:‘.iar- 


Dealing fc- 

37. Broad Si.. Sl He'wr. J.-r'e.. 


0;.3J:P511 


JWer'.ly Oefllinf. *D : ft iX'-iiii?' 

Scfiir singer Iriaraatiaxl Sr n;t. L'J. 

41, La Mctte it. 11. Heliir, J«jey. V: 7? 53e 

i.A0L-:.r::“:::j:|6'37 0.921 ‘j 

G.lt Fd 2! 7 2i A . . 12- 6 

Iml.Fd Jmr. . ..-I-' , ..2i. +., ..iS 

IntnlXd Lvmbrj (ICC lj ,r q 1 *' ) ' K To, 

•F#rE3strune - .|luO #J0bl ] ^£3 

•rtf— l »jf. w- 9x*T . Cvr a.- 

Schroder Life Grouc 

Enterprise H:ute Porurrokffl. 117C527735 

Internatierul Fareii 

EEquIly C4J 23} 3 .. - 

SEquIIy L- ' -1 r 5 - s l .. . — 

£ Fixed Iwenr'. LJ0 J-, 1 '! ••• 1 ~ 

SFiaxt Imereti .-3-d ;24- ’ — 


i=a= 


— SManaged 11171 12< rl ... | — 

— . J. Henry Schroder W:j5 u Cs. Lie. 

d„ 120. ChripsJde EC?. O’ -f.- 2 -'MO 

0534 Cheap 5 Dec. 20. . 1117 -O.'-.J ?£# 

Trafalgar No.- JO .... SWMJle., ... — 

Asian Ffl. D+C. 71... . iLIi'W fl 1 .. 4 -5? 
Dartinoro. On J6 _. fAi.T ,'«•» .. i : yj 


,._J — I Anchor InL Fd__.„_ 
1 1 Anchor In. Jty.TU __ 

Berry Pac Fd 


... 208 
-DM 13 4? 
,001 2 07 


|Je e 


Berry Pac Fd IUSL. - . 

Berry Pac Sirig 31500 329 6S -3 12 0.91 

G.T.teurd.. SKKZQ13 loit -004 3.W 

i .T. Asia Sterling — £13.86 14.67 -030 273 
.T. Australia Ff__SUS9.71„ 10.11 .. . J — 

,T. Bond Fiji* — __ SU5U.76 6.00 

.T. Dollar Fd «JS6 89 „. 145 

.T. Dir. (Strig.) Fd£846„ 92* . .. - 

.T.PacfficFd — H/Sltfil — —i)04 0 93 

C . T. PhBipuine Fd — PUS9-79 10.40] — 

Gartmore InvesL Lid. Ldn. Agts. 

2. St. Mary Axe, London, EC3. 01-263 3531 
Bartmarc Fund MngL (C.I.) Ltd. taRh) 

a Broad 5i_ SL Hefier Jersey ... 0534.73741 
Fond (Jersey) — (&00 IOO.D| . .. J 1225 

Bariatw* Fund MngL (Fir East) Ltd. (a)Oi) 

1503 Hutdman Hse, 10 Haitnurt Rd. H.Konq 
HKtPac-U.TsL-._l3.715 3965] . 200 

Japan Fd ISrSlia 19.(4 pio 

N. American Tst fSUSlfl34 10 M . .. 1.80 

IntL Bond Fund iSJSlDJ* lO.B^ 5® 

Gartmart lamstflwot MagL Ltd. (a) _ ,, 

P.O. 8m 32, Dwgias. Id” ' 0624 3911 

GartmoreTnll. Inc I2L1 22-3 -0.1 11 30 

Gartmore Inti. GnlJU0 65fi 260 


GartmoreTnll. Ine |2L1 

Gartmore Inti. Grth|61 2 


0624 23911 
-0.1] U 30 
260 


Hambro -Pacific Fund MgmL Ltd. 

2110, Connaught Centre, Hong Kong 

Far East Dec. 13.... — [WKHJJ 15141... J — 

Japan Fund }SUS98fc 10 3#| 1 - 

Hambras Bank (Guernsey) Ltd./ 
Hambras Fd. Mgrs. (C.l.) Lid. 


P.O. Box B6, Guernsey 0481-2#521 

| C.l. Fund 1148.8 1585m _. 3.70 

Intm Bond SUS 109 47 112 36 . .. B50 

InL Equity 5U31D.99 JL3J . . 210 

InL Sags. ’A’ SUH1.07 110 . ... - 

Im. s«m- ‘O’ SUSJL12 1.13 - 

Pnces on Dec 20. Next dealing Dec 27. 
Henderson Baring Fund Mgrs. Ltd. 

605. Gammon House. Hong hong. 


l premium. 


ilEjr 


[ Ccrohfl] losurancc Co. Ltd. 77 * 0 *. m twa in; 

32, ComUD, E.CJ. 01-626 5410 LGGP/p.Fd. 

&4£3Z:8=m - - J =1 = W Assur. CO. of * 

Mo-hUL Nev. 23 __|172!5 182fl — 39-4T. Men Bond SL, W17 


Exempt Eqty. InlL-... 133.1 1402 — 

Do. Accum 1372 144.5 — 

Cvempt F?«o /mi U6 2 12+.4 — 

Do Accum ..... .. 119.7 1261 — 

Exempt Mngd. Inn. 129-5 1364 — 

Do. Aeoxn 133 4 3f0-5 — 

Evrmpi Prop- (mL 98 8 1W 0 — 

Do. Acorn. __|101.7 107 J . _ — 

Legal & General Prop. Fd. Mgrs. Ltd. 


— PvrskmFid Im 11B9 1226-0.2 

— Drixr+I Fd. Cap 47.4 503 .. . 

— Dfpowt Fo tec 47« 500 

— Eqmr, Fd. Cap 4S.T 51^ 

Equilv Fd. Acc 4o 7 4B2 -1)6 

— F»n. Im. Cap .. 477 ’ 503 -0.1 

— fii Int Ajt— - . _ _ 47.7 303 -0.1 

— Intnf. Cap... 45.7 475 -O.- 

— Ininf. 4cc 45 7 473 -05 

— Ma.iagrd Fd. Can 46 5 49.fi -0J 

— Manaqen rd. ACC 4#J 400 -QJ 

— PrUDCrtj Fd. Gap 492- SlJ -02 

Proper:. Fd. Acc - ... 492 51 -0 21 

— Provincial Life Assurance Co. Ltd. 


222 Ei'himsgaie. EC2. 

Pro. ManflejdFd — 11191 

Pro. Ca»n Fd 1107.1 

Gilt Fund. . J115J 

Properly Fund 1014 

. Eaiiirr FurM . . ... 1029 


, Eauny Fund . . ... 1029 10841 +0J — 

. Ftd. Int Fund. .- — ..|965 101_7| | — 

Prudential Pensians Limited* 

Hclocrn Bare. SC1N 2NH. 01-405 9222 


I fXgEz if 

B5S23S*-- i§| 

>WavP»c Dec. 2d_. 354 0 

Oreailnv.Drc.21_ 74 6 

Mn.Pn3-W Dec. 1 .. . 377 6 

Do. Eouny Dec. 1 .._. 278 b 

Do. Bond Dec. 1 279 B 

Do. Prop. Dec 1 ®4 

Vanbrugh Life Assurance 
4 ] -43 Maddox St, Ldn. W1 R 9LA. 

Mjyuaed Fd -I15D.8 257. 

Earn? Fd. ... 24] .2 §3. 

I ntm Fund 955 100. 

Fived Iroerst Fd. ... 167.0 17#. 

BSBtznilte? m 

Vanbrugh Pensions Limited 
41-43 M odder St. Ldx. W1R 9LA 
Atanaged — .1101.0 M6 

Property llOLO 206 


-12 — 

:fi = 


01-4994923 


11, ttieen VlOorla SL. EC4N *TP. 01-248 9b78 MH - 


L 115.% 

.10-87% 


UCPm.FH. Dec*. I».7 104JI .....J — 

fk-rt +*. day Jamary L 

Life Assur. Co. of Pennsylvania 
3MT. Ne* Bond SL. W17QRQ. 01-493 8395 

LACOP Units 1986 1055] +001 — 

Lloyds Bk. Unit TiL Mnars* Ltd. 


Cradrt & Commerce Insurance Uoyds Bk. Unit TiL 

120> Regent Sl, LocHdq W1R5FE. 01-4397081 71, LomtartSL, EC3. 
CACBUfid-Fd. P230 1310] J - Exempt (?85 


F»dlnl.Novl5 £1918 19.431 — 

Prop Fd vm J5 ....l£2M0 2887? ! - 

Refiance Mutual 

Tumvidgc wells. KenL 0892 22271 

Bel. Prop- Bds. _! 221.9 | ....J — 

Rothschild Asset Management 

St. Sflithms Lane, London EC4. Dl-626 4356 


01-623 1288 ff,c.Prop.~ .... —11206 1283] J — 


1014] .....4 702 


fieri £jfl. do Btcermer 29. 


Managed D-01.0 1UAJ ...... I — 

Property llOLO 206fi . — 1 — 

Cmrame+3 tee -Ira. Base Rain' taUc. 
Welfare Insurance Co. Lid*. 

Wmstade Park, Exeter. 0392-52155 

Moneymaker Fo.. | 1055 I J — 

For ether tixos p tew rr/er a The London i 
Mxnshrfter Group. 

Windsor Ufe Assur. Co. Ltd. 

Royal AIDert Hse, Sheet SL, Windsor 681*4 

Lite inv. Plans 72 2 760) — 

Future AssdGiMa ) __ 170 „ — 

FulureAssd GtMM — 44 M — 

Ret. Aud. Pent £26.10 — 

Flex. fm. Grpwtt— 1002 205JI — ' 


Hill- Samvel & Co. (Guernsey) Ltd. 

8 LeFebvre Sl, St. Peier Pori, Guernsey. C I 
Guernsey T« _.|149.7 1#02*| 3.69 

Hill Samuel Invet. MgmL intnL 

P.O. Box 63. Jersey. 0534 27331 

NS Channel Is. F.„_. J12L2 129* .J 3 32 

Box 2622, Bern, Swturrtind. Tefei 33425 

H.S. Overseu tSfSD.41 18 631-fi.l'. — 

C.S.F. Fd. JAcc.) SF1550 15 84] - 

Crm»bo»Fd.tAcc.)_ 5FS68 3 7S . — 

iTF Fd. (Acc.l SUS7.92 B.04l-O13| — 

International Pacific Inv. Mgmt. Lid. 
P.O. Box R237. 56. Pin St, Sydne.. Auri. 
Javelin Equity Tsl_..]SA233 2-45] ....] — 

J.E.T. Managers (Jersey) Ltd. 

P.O. Box 98. Channel House, Jersey. • 053* 73673 
Jersey Extrol.Tsi — 1158.0 1#B 01 . .1 — 

-As ar Nov: 30. Next sub. day Del. 31. 

Jardlne Fleming & Cu. Ltd. 

'46th Floor.' Connaught 'Centre' ' Hong K'org 


Jarduie Eun. Tu HKS296 41 

Jardlne J'pn.Fd.” H 109,13 31 . .. 

Jardlne S.E.A. KXS16 74 

Jardlne Firm. Int HKSU 30 

lnU.Pac.Sccs. I inc.)_. HK313M 

Do.CAccwr.) H 1013 78 

NAV Dec 14. -Eouraalrnl SUS8332 
Next tub. day Decenttei 29. 


j“^Fd”3«.i4.::iS3U4 m* i i»+; 
Sentry Assurance Ir.terrJiJior:,! Ltd. 

PO. Bd* 225. Hjnilnn 5 Eeroutfl 
Managed Fund 2.L3iv| ... | — 

Singer & Fried lander Ldn. Ag;r.^. 

20. CannonS',. EC4 _ +-0 

Drkalcnd'. .... - ISl'I-,” 2;.S3| ...1 h 12 

TokypIfl. 'iO.. -1 .| :i'!»HD 1 ... .J 1 -.3 

Stronghold Mancsenenc Limited 
F 0 Bo. 315. Sl Hei,i>r..jer;e v. _ 0534-71460 

Comnodnv Trurt Ifa ?3 a I?.| | — 

Surinvest (Jersey) Ltd. (.-* 

(Xi+ens Hse . Don Fd St rit lit' Jr,. 0374 2"49 
Amencaa irs.Tjt — - 

Copper Trust fl’ ij l-.ia-Ju. — 

Jap. IndeiTs: |L!0.77 li O.y-5 — 

TSB Unit T.-uet Mascgers ;C.t.) Lti. 

Bagstei'e Pd . St l-fl>io,i Jerx ;. _ i-ZZA TZr'.Fi 

Jener Fund - Ml 2 Fy 25 • • I i 

Guerntrr Fun-J .... Hi' 2 . s ' 1 ' ■■ '3 

Price! jn Per 2J fis t fi:b. D::. 

TSB Gilt Fund Managers (C.!..» Ltd. 
tagaietie Sd.. 5 l j.'-j. 05 VI 

Gift Fund (■'.iu f£ - 10| .] 17- 'C 

Gilt Fund 1 J'.v.' !•- J .01 '*1 1, 12-0 

Pnii-t cn LvC. .? .‘.c.l jut. ia \ LX.:. 

Tokyo Pacific Moldir.^s 'A.'-'. 
intimis Mon®* men' li (.ntca. 

NAV per i-ivc Dec. 11. Sl'S'ait”. 

Tokyo Pacific Hide;. (Seaboard) tier. 

IIHimlt Manacrme.it Ce rj Cuiaicc. 

NAV per -j.are D«: iL 5u 5-57^5. 

IfndEll Group 

P D Bee 125b H.". pillion 5 Ec-rnio. 2.27#0 

Dec. lO I* - '.'' f 55 l^l'-Ofri b W) 

'Accum Unit'. . ,'P.itlCl 1 'il-t.-'l — 

3-lifly InL Del. la,Si'51.7S L F — 

2 New SU SL njlicr. J:r;*r 'Jflj- 77331/3 

TOFSL Deu 21 ,. . |£’ IP 7 '31 2cO 
tAcaiin. Stare-.! ^5 I’.'P !- ? r .\ — 

a.t vr.cifl De-L 21 .. . ;:7 0 i5 yo; ; 2. so 

'Atcurtshareii ._ rt'.U Z: - . P — _ 

Fa; Eau G« 21 . . S' ’1 fi] - 1 - 5 00 

(Acumi <.tare!.' ... At C c - 0; -2.‘. — 

J*-.pv Fe. D*:. ’0 . .. iPi 2 I'",, -iSl .■ 7 .si 

• Non-J.AM. U:: ■■ ..I"; 8 3-iill “'0 
Gill Fund Due 20.. . Kr;4 1C: -j 11 >9 

1 Accum Staresi _ ,|1JL2 -P2I — 

Victory Maos*, nought isle ot fc'.;n. 9.-24 24111. 

Name Pec. »J. . .’U:-. it: Sl £,( — 

Unilrte Assurance twrsrceifj Lid. 

PO Eo; 1353 Hflir.ilijn r-71. f-.rit.hlfl 
Intoml. Mngd. Fn fjjju '-u - I . I — 

Union-InvETtmenl-Seseil.-chaf' mtri 
Postlflch lo7#7 □ eQCO riOD- urt \+. 
AHaniidcn.'. .... .IIl r -3 il ry[ . . J — 
Europj'ondi ... 2 Fj •. . ] — 

UmlonJ' Ij7 rj J'+Tj . .| — 

Unlrar.tfl . . . .. - Inf 55 — JI . l — 

U-.itpecal 1 15913 vl ifi-C 1C| — 

Utd. Intnl. Mn«mnl (C.M L-S. 

14. Muluslui S'.juci. Ti h.li-.r. Jr»v.-jr 

U I 3 Fund I0:i:i . ..] 7.53 

Unfled States Tsi. y.-.l. Acv. Co. 

14, Po* lidnnger L'MCnM^rL 

U. 5. 7s». Inw. Fnd .. .15111 '■■( — J-&.MI ?.?b 

Nei atrats Dccrirre- 2C 

S. G. Warburg & Co. Ltd. 

30. Greshimf.tr!.i\ E 12. 01-6004555 

Cnv Im Dec 20 . | fi)«9Jl l-J-MI - 

Eng. inf D-c 20 . SUfl'r'fl 1-5 i’l — 

Gr 5 l SFq Nov 30. t si'i/ j I 
M»-c . em Di.:. re . Ky.\<: y, in 47 - ):* o :iiz 
MereAfeMkiDr:. 18 . Is 15 20 jl'Ji] .j ~ 
Warburg Invest. f.lngL i-sv. L'.d. 

1. Cna-lng C.jy Sl h. «• r. .1' r .C i U3.« 7^741 

CMFLId Ne. 20 . .pUfllifa . . .] — 

C BIT Lid No. 30 . h.!:#* lji'2 ) — 
hhlal-. Fit .W Jt /■ 12 77 r .t . .: — 
TMTDec 14. . . 2t'j:C= iOtr . I — 

TCMT uo.Dc:. 14. lapfe lO.rr] . | — 

World Wide Grow In hfcr.ccetr.uniq- 
IC't. Ro*M. Lii-cnTCbrj 

V. 'iflrldnide C:n Fa| 5U214 ti ]. 0 12] — 


Prices do rat Include S premim, ever pi +nrre imficurd t, and are in tv-nre . r'rw.v m .mi-ciied. 
Yields Ishoxm In lau column allon fo- all BujrilW esPenr+{ 5 pn-. : :i e-pni-n'. 

b Today’s prices, c Yield based on oHer price, d Eumuirt g Tqd.it tn.T.tC o^v !■ Ihur.KCW l-ue 


-'If 





FT SHARE INFORMATION SERVICE 


Financial Times Friday 


FOOD 


rstivi 


EUablistwdWOinLOMlQn 

29 St. George Street. Hanover Square. 
London W1 A 3BG 01-5299292 

CITY fir ! OfJDOfi I IS OLD £S?WD ^TPEET 

ijJX -.iff EC/*.' i^ff 01-62! ■•■36 1 


BRITISH FUNDS 


BANKS & HP-Continued 

-1578 1 

1 

n# 1 1YVI 

ffigfa Lew [ 

StKfc j 

Pike j — j IW |Cvrj&s|P. 

114 {88 

Klelnwon B.L .. 

94 — 14.18 -J 6« - 

297 242 

54 I 42 
i,.s line 

Lloyds i 1 

Manson Fin. 20p , 

U.rruru 

278 T925 4.8 5.0 i 

47 ...... 332 J-l 1L2 12 

117 170 _ 9 01- 


6 1120 

3 2.16 

6| h 867 

f 953 

6«j 8.45 

3lj 4.00 






1 


13$ 
57?p 
13S 
733p 
14* 

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19«| 
1SU 
16'% 
245 I 204i 

i&lgt 



in- 


13 25 
1186 
12.47 
6J1 
1251 12 
13.13 13 
12.07 12 
15.71 13 
1325 13 
6.92 
1325 13.26 
12.73 1302 
1214 12 68 
12.43 1236 
13.69 1355 

13.09 13.18 
1236 1272 
12.73 13.01 
1311 13.19 
990 1225 
13.20 13 21 
12.40 12.62 

12.10 1236 
12.45 1256 
13.09 13.10 




S 


CHEMICALS, PLASTICS— Cont. 

•"tail Stock | Price | + 4 S |chr[S(w 

234 [156 IHtea Welch 50p. 

fc>«ltaDM5. 

UftRuiOMte-L- 
ln 9 t.Chsm.El 


LovcJXG. 



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313 5. 

14.69 3 
tL29 Z 
th3.97 3. 
AM 1 


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Both' I 
Brijtt 
G.L.C 
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Glasgow °’.ipcJ10-82 .. 
H*rrts 




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ti 



FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET, LONDON EC4P 4BY 
Teles: Editorial 836341/2, 883897. Advertisements: 885033. Telegrams: Finanfimo, London PS4. 

Telephone: 01-248 8CC0. 

For Share Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P 0 Bor 129b. Amsterdam-C. 

Telo, 12171 Tel: 240 555 
Birmingham- George House. George Road. 

T«i e » 338660 Tel 021-454 0922 
Bonn: Prcsihaus 11 '104 Heuwallee 2-10. 

Tclo 8609542 Tel: 210039 
Brussels- 39 Rue Oucate. 

Telex 232S3 T*i ; 512-9037 
Cairo: P 0. Box 2040. 

Tel: 938510 

Dublin: 8 Fimriifiari Square. 

Tele* 5414 Tel: 785321 
Edinburgh 37 George Street. 

Tele*: 72484 Tel: 031-226 4120 
FrjqWurt: Frankenalk-e 71-81 6000 
Frankfurt am Main 1 
Tele* 416052 Tel: 7598 234 
Johannesburg: P.O. Box 2128 
Tele' 8-6257 Tel: 838-7545 
Lisbon: Praca de Aleqria 58-10, Lisbon 2. 

Telex 12533 Tel; 362 508 
Madrid; Espronceda 32, Madrid 3. 

Tel: 441 6772 


ADVERTISEMENT OFFICES 

Birmingham- George House, George Road. 
Tele- 338650 Tel: 021-454 0422 


Manchester: Queen's House. Queen Street. 

, Tele* 666613 Tel: 061-834 9381 
Moscow: Sadovo-Samwecrtnara 12-24, Apt 15. 

Tele* 7900 Tel: 200 2748 
New Vorli 75 Rockefeller Plaza, N Y. 10019. 

Tele* 66390 Tel: <2121 541 4625 
Paris: 36 flue du Sentier, 75002. 

Telex 220044 Tel: 23657.43 
Rio de Janeiro- Avenida Pres. Vargas 418-10. 

Tel 253 4848 

Pome: Via della Mernede 55. 

Tele* blO032 Tel: 678 3314 
Stockholm: c/o Svewska Dagbladel, Raalambsvagen 7. 

Telex 17603 Tel: 50 60 88 
Tehran: P.O. Bo* 11-1879. 

Tele* 213930 Tel: 682698 
Tokyo: 80i Floor, Nihon h'eizal Shimfaun 
Building, 1-9-5 Otemachi, Chfyoda-ku. 

Tele* J 27104 Tel- 241 2920 
Washington: 2nd Floor, 1325 E. Street, 

N.W., Washington D.C. 20004 
Telex 440340 Tel: i202> 347 8676 


Manchester: Queen’s House, Queen Street. 
Telex 666613 Tel: 061-834 9381 

Edinburgh: 37 George Street. New York: 75 Rockefeller Plaza, N.Y. 10019 

Telex 72484 Tel: 031-226 4139 Telex 238409 Tel- (212) 489 8300 

Franl-furi. Frankenal/ee 68-72 6000 Paris; 36 Rue du Sentier, 75002. 

Frankfurt am Main 1. Tele* 220044 Tel: 236.66.01 

Tele* 416193 Tel: 7598 221 Tofcvfl: Kasahara Biulding, 1-6-10 Ucltikanda, 

Leeds: Permanent House, The Headrow. Chiyoda-ku. Telex J 27104 Tel: 295 4050 

Tel. 0532 454969 

Overseas advertisement representatives In 
Central and South America, Africa, the Middle East, Asia and the Far EasL 
For further details, please contact: 

Overseas Advertisement Department,' 

Financial Times, Bracken House, 10, Cannon Street, London EC4P 4BY 


subscriptions 

Copies obtainable from newsagents and bookstalls worldwide or on regular subscription from , 
Sucre npi ion Department, Financial Times, London 






W 




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Carr (John) 


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December 221978 

INSURANCE— Continued 


L?nP-i J J o^ 


PROPERTY— Continued 


,-ff. 1 : 

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338 104 LmtooHcfei 

159 105 MEPC._... 
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.S : B8Sft= 

6? _ PwSDsiqp 

39 Petrocoo 12 I 2 P- 
14 . WBpfttents- 
. Ptmto-MeSOp- 

■ ■ ta&CBsLlOp. 
•.. Prtyrorkiop... 


§ * 

65 +1 


(A -1 
.?*2 


aflflMB 


1 18.4 — ; 
b.5 8.4 I 
8.4 Z0.4 
9 J 12.9 
83 45 
66 8J3 
43 40 
f53 — 
- 77 1 
65 70 
83 40 
80 65 
3.714.1 

A 9! 

80 50 
45 — 
14.9 — 
64135 
20 B.O 
60 85 
73 65 


motors; aircraft trades 

Motors and Cycles 

38-1 20 B.L50P— 22 — — 1 — — 

272 185 Gen.Mti.UoUs 189 +4 027.5c 17 73 65 

53 37 Look Car 10a- 48 — — — 102 

1 7h 5h ReUant Mtr.Spl 9?» — — — 170 

2 20h Rofli-aoyceMtB. 96 *2> 2 M504 24 8.1 93 
£35 [762 b«*» Xr50___ | £U\ +i»llsSi»| 20] 5.9 60 

Commercial Vehicles 


87 74 

78 59 

123 89 

IOO 72 
107 88 

42% 29!; 
129 100 
£175 £340 
290 216 
288 170 

76 3112 

77 56 
)7 m 2 

139 82 

25 18 

>20 240 
(63 119 
365 262 
29 13tj 
28% 16 
46 30 


H.Timwrjn ‘A 1 
H»nw 7;i^. 

HjsJefwrf IDp 

UK Lam* HK55 

imry Property 

'nrcnwofiejn I'ki 
Jermyn liwest . 

LlipqPrW. ‘A - . 
Lind Invc - 1 . . . 
Land Sec:. SOp. 
Dt5V&v 83 
Oq n5 

DaKi-.Conv^ 
LiwLand 20p„ 
Lend Lew 50c 
L 0.1 Pnw Sho 10p 
Lon. Shop Pm 
LjfTHon Httji. zap 

Marlborough 5p 
Mailer Ea-nes . 
Mcloerney 10p. 
McKay Secs. 20p. 
Miami Wh. lOp, 
Moumview 5p.. 
MucH«v{Aij.J 

NoHon. 

Peachey- 

Prop.Hldg.6lnv. 
Prop. Pan'sltip. 
Prop. A Rev. ’A' - 
Prop. Sec. Hit5ap 
Ftotan Prop. 5p_ 

Reparian 

Regional Prop- 
Do. 'A 1 

Rich bTontAjrn 
Samuel Props... 
Scot. Metrco. 20p. 
Second City 10p_ 
SloomiEMs — _ 
Do.lfl%Cow. , 90 
Slock Convenn. 
Switer IB) tnr.. 
Swire Properties. 
Town Centre .... 
Tomi&CItylOp. 
TraHord Park— 
U K. Property- 
U«. Real Prop. 
Wanvr Estate- 
Wamtort ln*.2fti 
W'anwcACtyP. 
WTmttfter P. 20p 
Winston Eds.— 


630 t7 

351; ..... 

262 

115lj <4 
388 

41 -1 
46 

125 +5 

42 

245 *1 

£188 *1 
(158 tl 
(156 «3 
52 *1 

195 

148 

73 

328 

150 

23*2 

35 

28 

300 

48 

90ni ...._ 

124 

45 ...... 

92 .. .. 

320 +2 

100 

320b! +5 

125 

23* ■;:::: 

.78 1 

74 j 

103 

91 +1 
105a 

40 

121 +3 

065 +2 
290 +2 
264 

44 +1 

74 

14 

124 ...... 

24 

317 

149 . — 

347 

27 -J 2 

25 *t 

41 


1 3 1 ?J60 0 

I 3 2 ZKirjll 

2 J 2 ^262 

1 3j 4 U 194 
IS 0 H 96 9 
* 92 * 
115 3 25 7 
2.X 3.5203 
1U 3 ei37 J 
3L5J ?3 Z84 
63 « J — 
63 MO - 
6 3 It 4 _ 

0. 3 241HJ 
1.9l 4.0 83 

3 « 0 8^33 5 
® J 6 a a 

2 5j 2-3203 

3 . 32 a 0 
5 « illlOl 

Fo ioa 4.9 
sil O. 8 J 330 

69| Fj Fb 
23 3.oll92 
2-M 6.7tf7 m 
L« 3 2(24 0 
12 34)40.1 
2« 3 7 211 

1. h 2.4353 


INVESTMENT TRUSTS— Cont. 

•Al ^ UMEURIk 

llo 183 ISea.W i.O*| 53 I [3 20 ( 1.U 5*233 

179 1140 IBritJue,: ! 360 492 I 10, 4 61325 

BrtMWHVv*,} Ml |-i I »S2» I 10> 65i2;7 
* 91 


FINANCE, LAND— Continued 

MB I I kml Ok | |nd| 

Ifc; L=» Siffk j Price I - | Met jC«r|Sfs!l 


Lll 2.9 
111 2.9 

82.91 2 7 
d2.3 13 

H197 13 
hl.75 28 
T230 10 
1 010% 13.4 
203 53 

4je 0.6 

w t 

0.01 - 

4 09 1.7 

0.33 3.1 

5.62 1.1 

12.70 L6 
T7D6 12 
3.0 16 


129 1-H 4.7 


21 23 5 

22 223 
«.2 0U> 
3f G651 
28 442 
65 63 
20 292 
162 - 
2 0 27 0 
25148.1 
5.6 4 
10 g 


78 
2a 

T 2 
2 S ' 2 

148 
186 
118 

Do. Cani I 139 

Do. Far casterrJ 371? 
Do. Premier...! ISO 
5*2 

Do. Capital £1 1 206 



SHIPBUILDERS, REPAIRERS 

83 ( 62 IHawthorn L 5ft) 67 — — — I — 

160 125 Swan Hunter Cl_ 152 +1 430 a 29 * 

230 135 Ivosper 192 .... r50 45 39^ 71 

345 260 |Y arrow SOp 318 5.15 33 2.417.9 


t50 4.5 39^ 71 
5.15 3.U 2.4 17.9 




M fc 


m 

DttPBWSa TO — 

SSSlF 

wjre-u-u; _wi a ..... 

fcnoai “m' ;r 

iwlter. 44 ”.... 

•A 1 . W 2 


-R3B5 a ■ = 


♦4.14 3.7 
th3.07 3.9 

# ¥3 
N2.41 5.7 

titto n 

1007 50 
t435 3.6 
438 L4 
8— — 
603 4.9 

16505 5-7 
Q5*j% 50 
tSil 24 

m b 3 

«« 

56b 22 

+131 3.7 
0.41 - 

012 % - 
16 9^ 

33 

*$08 30 
WT7 30 

t279 ti 
48.12 20 
06 23 

504 50 

tL02 0.4 
HL8 5.6 


7.9143 
It 3 - 

52 7.9 

4.4 8.7 

i 1 - 4 

23 93 

4.0 60 

53 64 
3.7 8.2 
43 4.9 

6.0 64 

16.7 5.4 
— 27.0 j 
20 90 
Z4 88 

9.0 - I 
93 67 i 

7.4 8.0 
53 93 
a 2 46 

4.7 7.0 

4.8 96 

6.0 56 

tiz 

I f I! 

83 50 

« 63 
33(12) 
90 6 
5-2112 


58 44 

52*2 3Uz 
70 55 

129 107 
91 52 

72 56 

304 152 
90 63 

199 96 

336 240 
•62 31* 


115 78 


22 9X 
105 72 

■138 107 
45% 34* 
44*2 IT 
95 80 

531* 40 
26 19 

113 64 

44 29*2 

47*2 35 
102 74 

-80 64 

54 39 

59 44i 2 

38 29 

51 21 

126 92 

*110 74* 
•135 112 
149 88 

95 72 

46 51 

84 65 

*91!j 66*2 
76 48 

S; 2 ^ 
'V 5 * 

141 77 

48*2 2fy 
88 43 

54*2 33 
130 68 



Components 

46 [ 


SHIPPING 


46 d26B 30] 8.7 

37 -1 *2.46 43 3DJ 

. 66*2 -1 0222 3.7 5.1 

112 -1 534 « 7.2 

72 8.59 B5 2.9 

65 3.73 lb 8.6 

26l 2 LOB 3.7 6.1 

£20 +h 0140c 33 30 

261 -L 4 50 4.0 20 

65 538 1.7 12.4 

167 +2.89 K5j) 2.bj; 

10*2 

50 ~b 
301 ~f 
53 


M -2*; 3.13 

89 ..... T3.8 

80 ...... 4.47 


938 40) 44 

ti.MM.a 4 1 


509 252 
>00 112 
L87 112 
J48 206 
157 10O 
41*2 31*2 
40N 25 
145 107 
155 200 
39% 121; 
130 6 b 
136 103 
! 3-8 761; 

L40 5B 
46 29 


Erit& Com.50p. 
CimvTwi Bn». 50p 

RMier(J) 

Furness Withy Cl 
Hunting Giton. £1 
Jacobs (J.!.)20p 
Lai O' Sea - .. FrUs. 
Lyle Shipping ... 
Man. Linen 2Cp 
Mersey Dk. Unite 
MlHom Docks £1. 
Ocean Trair^nrt.. 
P, 6 0. Deid. Cl.. 
Rearton Sm. 50p 

Do. ‘A’ 50p 

Ruociman (W.). 


295 +1 
178 +5 

187 . .. 

239 ri 
100 -2 
39 

39*2 +*’ 
132 -S 

220 

34*2 

120 

107 **2 

83*2 4*2 

77 

34 

60 


34 49[ 93 

77 lMo 
4 0 5.3 60 


0.5 5.6 580 
13 3.5ll63 
- — 15 

16 11.7(30) 
0.9 119| 

Fl 93 30 


.. T3.86 S!3 b.b 
.. 4.47 14l 83 


Garages and Distributors 


72 
17 
B9 

107d 
33 
36 
80 
51 
22 

105 
32u«a 

o4i a 
91 
76 
46*2 
49 
33 
49 

106 
206 
125 
112 

83d 
40 

&! 2 
79*2 
60 
76 

T 

10 

Peny (K.) Mlc,'_] 109 

S ' 3 


.. . M634I 

7.87 

-*4 +2.16 
.. .. tL40 
.... *40 

2.51 

tl.44 

t6.50 

-i 2 d2.41 

+U1.73 

. ... 332 
.... t5.1 

+185 

. ... L55 

1.27 

d0.47 

tM.18 

t40O 

t3.71 

3.64 

d6.05 

1.98 

14.21 

b40 

+150 

6.09 

6114 


3 01 971 5.4 

— - 205 
15 100 72 
20110 4.2 

3.4 8.5 30 
40 5.8 5 4 
3.1 6.4 40 
23 7.4 8.6 

12 9 8 6.9 

13 9.4 7 0 
U 11 1 (1151 
40 5.8 4.0 
50 5.4 30 
2.810.0 6.2 
30 91(331 
6 4 4.7 5.0 
15 5.717.4 
17 4 1.4 53 

30 5.9 6.7 
57 «6 33 

3210.4 5.6 
3.7 4? 6.7 
3.010.9 4.6 

4.4 7.4 3.1 
26 8.8 60 
3.7 8.4 40 
50 63 3.0 
1.9110 5.9 
13 110 9.9 

— — 20.8 


30 16*2 

65 50 

80 56 

(OB 93 
60 30 

109 64 

86 47 

54 36 


58 46% 

48 33 


41 1BU 
1)8 66* 2 


SHOES AND LEATHER 

lAfletxme 10 p* .|25irtd) ] gl.15 1 

0 Booth (lntn‘1).. 52 4 46 


Aflebone lft*. 
Booth (Intn’l)-. 
footwear Invs. . 
Garoar Scotbltir , 
amj5p. 

Hilton*. 20p 

< Sloes 

Lamoert Hth. 20p 
NcmSoML Bwt'n, 
0liver{G)'A' — 

Pittard Grp 

Stead i. Sun 'A' 
Strong & Fisher 
Stylo Shoes — 
Turner W i> E lCp 
Ward Wil.tr — 
Wearra lUa— ■ 


8439 

t4 57 

HL7 

T4.97 

3.0 

1322 

1284 

tl.9 

tlEl 

lib 

.. . . 4.73 
-1 L75 

thl.18 

AM 02 

L45 



59 
55 37 

103 70 

lli*j 76* 
191*; 130 
57 37 

391; 34 
71 49 

1*3 98*2 
157 120 
% 73 

190 125 
150 97 

117 88 

99 72L 

12S 72*2 
114 84 

no 71 
105 67*j 

86 60‘z 

56 

97 
55 
Sf . 

90 
67 
70l» 56 
70 48 

89 69*2 

110 78 

204 
91 

m 

m 
60 
84 

17t 


lcofuna(S) 


3B «.Jl 9. 
81 o7 5.1 

♦ I 7M 4 


SOUTH AFRICANS 


125 SO 
>35 410 
97 42 

175 95 

125 37 

190 288 
102 35 

190 130 
90 56 

j80 445 
72 49 


Abercom ROJO 
tndo Am. In. Rl.| 
Gold Rcfe. P. 2*s 
Gr'L-nn*. ‘A* 50c 
HoJell'tCpn Rl„ 
OK Bacaan 50c 
Prtnrose lOcls. 

Truetew'4'5uc 
SA. Brews. 20c.. 
Tiger Oats Rl_. 
Umsec — 


... 1016 1*1131 61 
... Q63c 2M 7 21 5.7 
... Q5c A Ui 
... 020c 4 2 93 23 
... Q28c 1S17.W 36 
... 1058c L9J 9^ 50 
... «Q5*2C ♦ 5.3 * 
... Q2fic ll 

011 c 2.Slly 20 

+Q52c 3-fl 50^ 4.4 

WO** i3\l2£i 6.7 



-1 162.73 73 3.7 3.8 

tI07 60 5.9 4.2 

004 27.9 11 33 

_.. +213 20 7.7 70 

(2.46 8.4 3.8 30 


12.16 34 
12.16 3.4 
2.99 L4 
TL34 5.6 


« Vi 


NEWSPAPERS, PUBLISHERS 


TEXTILES 

(Allied Textile... ] 146 
lAtkirs Bros 49d 



200 
258 
68 
65*2 
252 
138 
152 
152 
398 
70 38 

92 J 65 
92 I 55 


1-4 I.+5.9 I 


270 
| 233 

S jt* 


bon Bros. 2 QpJ 43 


411 5.2 6.7 
20 00 

8.0 3.7 

5.9 8 7 

5.0 90 

7.6 93 

5.1 76 

5.2 7.4 
5 5193 

5.8 51 

4.8 6.5 
9.1 6.0 

4.9 11.9 

2.8 8.5 
(70 - 
12 6.9 

13.6 7.1 
5.0 05 

4.6 7.4 
b.4 6.7 
90 60 
31100 
30 7.4 
6.4 60 
30 9.7 
5.0 6.9 


PAPER, PRINTING 
ADVERTISING 


67*7 I 46 lAssoc. Paper— 


46 29 

83 62 

*S6*il 39 
77 
68 
no 

48 38 

27 15 

93 65 

100 46 


102 50 

27 18 

22 1 12 
192 




-jiiiii^flyWvA 


JVM 



LrJ | 

1 fir' ! 


V-l 




i.T-f ir?W[r»ii ■! 

S3 

L 




PTjfrrrrna 



! J| ^Kl.l 

Tcjd 


1 !v > ?1 If yk 

til 

PM 



ik'l 


'-LS 


J >]ti [fB 1 H/Jj 1 ; 1 *7] II 



r-'J 1 


58 
234 
12 
93 
23. 
82 
-95 
62 
83 
153 
192 

* 280 
54 48 

«0 S? 

5.9 

120 .^z 

M S' 

363. 
' 330 
. 70 

73 93 

93 42 
— 257 





£43 
427 

H 

74 

50p. 197 
id.. 73 
TsL 112 
.509 79 

•A'. 262 
lnv_ 131*j 
ean. 39 
1 97*jd 

kTa 107 

98*; 
641; 
73 
89*; 
87*; 
178 
791; 
77 *; 
176*; 
410 
U1 
78 

110*2 
248 
54 
113 
164 


e chiKriogy. 

empkeBar 


ribune Invest.. 
rotevesLlncJSOp 
Do. Capital £1 

rust Union 

r us tees Corp— 


American Trust 
American Tst.“B’ 
Anglo Ant Sets 
Angle-lnt. Dlv... 
Do. Asset Shs. 


Green{R.)10p 


26* 

25 14 
136 93* 
69 56 
£241; £10 
•32$ 215 
46 27* 


15W 12 
2S" 22 
180 ]D0 

24 % 
34 25 

11*; 71; 

B5 is 

250 147 

22 22 
135 a 

49 25 

49 S 
95 44 



4.7 L 
t335 1 
30b Jj 


i *v 


I- ,1*. 

:5 J 15 

4i3 !250 
14 S’ 

42 i 2f-; 
par 

”T ! 54 

£52 i£4S 
b9 51 
£54 lZFi 
£ 12 9v3 
2S 23 
i£*; 30; 
■lo « 8*’ 
87 bS 


[Lnc-i*?- . 
.Lcn. Ejcp. Grp 
Jlci Merciia iL. 
I'A i. G Hiny. 5o 
‘M; ;a<r Ir.i. 10b 

V.rr.s|!»P|5 P 

iKrelN* k* i:y 
I'Ao3iCia(£l)... 

■ 

Paramoe ^Ga... 
Par. Pia» Ijw. 
Pertc(S)61on . 
£t. Geonje 10a. 
Sck. b Mfrr.'A' 
S-E-fAifpcAnn.. 

SirulhEros 

1 SkteFIn. MF1G0. 

TrarH’.LTT-Jt . 

Wan. Select. 2£>p 
;Ve‘to' ErgUrd.. 
Vorkwwn lOp . 
VLieCattolOp. 


+5 BSLlb 


j n 

d.81 

.... 0 49 

... 3 57 
'::: 

■—*4 0151^- 
.... JW302 
.... 2.13 

1.54 

H033 

L41 


mi 

C«f | Sr's j P'S 

G.9 3 Pl’t 3 ?; 
4.7 2 4 13 0 
4 ’J 1 <^17 1 
3 7 aC 4 4 
26 J 0)373 
h " Si «. 

16 i”J F2 


44 J : 70 
36 48 36 
1.0 58)252 
12 5 5 23.4 
- 82 - 
13132 80 
— 6.0 - 
16 1 4 

12 11 6 11.1 
40 43 65 
- 3 6 282 

3 a 3.6 7.7 


3 bttty integrated banning service 




Head OH ice. Osaka. Japan § 


M I N ES — Continued 


AUSTRALIAN 


OILS 


125 M 
96 t>n 
Its 134 
954 720 i 
7b*» 65 1 

39 42 
£021(i£51 
£13*a 750 

40 39 

65 49 

30 21 

£2V, £221t 
450 >323 
413 375 • 
104 E6 
98 93 

33 24 

1« 126 
•IK* £97 
415 284 
45 13 

723 178 
19 !21i 

£13iBp 

£49 £aa% 
620 320 
602 4S4 
69 57 

«4 22b 
£64 r-:52 
190 130 
254 1E2 
*61 120 
195 So 
1°5 So 
S2 59 


rtArwEnererrL 

AMccV 20p 

5riL Bemeo lOn . 
Si.l PeuarntLl 
Do.8 a » Pt-il 
Bumahil — . 
u3 8i.-Ln.9196 
nCCPtehSoa. 
rtCariecca Res- 


CharierivriTSp.. 
lie F«. Petrol' B. 
nCluff oil £1... 
Do. Cos. “A".. 
rtC’rtr PrlftJ £L 
Hunting Petrtrf . 

KCA 

LAS 140 

uswji'.wi-a. 

tASJAO-Op.'lOB. 
to7»! t'ewslfc- 
DviEwpl. 10p_.. 
Premier Coos. 5p 

Ranger 0*1 

Remote D:v. lc. 
R>|. Dutch FI0O- 
Sceptre Res — 
Shell Trans. Reg.. 
Do.7°.Pf.n. 
HStberelUMil 
Tf'dai-HtlbCmi- 
Tricenlral — — 
UlSamar 

Do. 7p: Cw. Cl 
M KaL 10 ns. 
Do. P!C CM. 10C 
•Voocside A50c— . 


60 

86* 

926 +2" 

W a- 

£01 

*»’ :::: 
61 -.... 
23 +N | 

£23 +ty 

350 -2ff 

375 

88 

86 

33 -1 
135 +1 l 

£102* 4 

415 . — 

26 

222 ...... 

141; 

837 i +27 

576 —2 

621; 

268 -2 

£52*2 

154 

226 

133 

150 

150 

54 


t£s4 15 6 5150 
12243 3.0 30110 
5.6% «M 124 — 

QBtfi - eM3 — 


BMJtr. 1.9) 7.7 18.0 


102 80 1.7 8.4 

6405 30 &1 63. 
mO.l 153 00 140 

Q14% — e!4 c - 


_.. 234 3.1H L4 3L5 


7, (c3.7:*j 24 b jj 71 

2 t 15 94 41 Tl 50 
.... 4.9% 1102 1L7 — 


QVS, — !9j — 
1L34 5.8 1314.0 

~7% 240 7o — 

Q*0V ~ 73 — 


1973 ; 

fEgk L»| 

15 9 | 

140 64 

131 63 

820 150 , 
33b 148 I 


J+ nr] B*. t |rid 
] - j Het I Cvr | fir’s 


OVERSEAS TRADERS 


410 345 
320 60 

170 96 

75 45 

bS 25*; 
*30 83*; 

UA ej* 
i70 £*9 
575 375 
97 66 

445 295 
33 21 

19 9 

73 55 

49 38*; 

275 207 
107 68 

235 165 
223. 160 
54 27 

9o 4*; 

135 44 

250 175 
6 * 40 

E1C0 £27 
73 41 

72 41 



270 ...... 

345hS 

116 *4 
151 

70 

62*; +*; 

86 

153 +2 

£66 

487*2 

68 

297 .... 

21 

11 ...... 

62 

39rrf 

210 

77ri 

175 +2 

170 

33ri +2 

50 

93 +1 

190 

SO ~2 

£91 

47 -1 
47 -1 


190) 2.G 2.7 
300 5.2 33 

13 19 494 
40 4.1 5.7 
4> 14 C ® 
31 3.610.0 
3.0 3.9 45 

2.8 4.7 9.7 
2 4 1.9 220 
22 7.4 9.4 
10 94 8.4 
22 75 7.4 
63 - 3.4 

Fa 160 (33) 
1.9 130948) 
00 5.5 (EH 
31 5.7 6.4 

6.9 »B 32 
6.9 7.0 31. 
- 03 - 

14 32Z17 
4.4 52 5.4 
2.7 =4(4.7) 

180 IB.9 — 
73 2.7 7 9 
30.6 (3.9 - 


6 E 18 
158 81 

40 ID 
223 125 
22 10 
40 10 

56 12 

143 79 

16*; 8 *; 
50 12 

17B 115 
42 10 

TO 30 
£15*; 725 
40 12 

570 310 
300 50 

ItJ 84 
100 35 


30 23 

420 2W 
60 45 

305 190 
185 111 
11 B*j 
350 220 
320 130 
.93 70 

11 7 

84 63 
640 450 
470 260 

78 40 

18 50 

270 165 
B7 49 
70 **7 

245 140 
340 230 
240 134 

85 55 

103 S4 
100 74 

270 148 


Acme* 25 e 
Bougainville 50 Toil 
BH Scui.i50c.. 
Central Pacific 
Cfltcir: fticluKO 5Cc 
Enoiavour 20 c . .. 
G.M. Kalgoarlie 51. 
Kaoma Geld II.L 
Kamptn Areas 5p. 
Metals En. 50 c ... 

f.:.i a. HMct 50c 

Minefields Ecol. 
iMount LyeH 25c 
(Newiretal 10c... 

I North B. Hill 50c 

Nth. KaJgurli 

NUi. West Mining 
a*, bridge SA1 
tOilmin N.L. 
Pacific Copper. 
PanconH 25c.. 
ParinuM&EiJo 
Peto-WaJIserd 50 
Sajlhem Pacific. 
(WesiTL Mining 5tL 
JWnun Creek 20c. 


|+3 I tOflc 1 14 5 9 


+2 JQlOc 20 + 


+1305 2.0 50 

+3" Q9c L 7 I F8 


rl | Q8c U 47 


I D12c 1.9 104 


-.1-1- 1 


+S Q15c V 71 
+4 0J~ 07 Fi 


■ TINS 


Areat. Nigeria.— . 
Ayer Hitam SMI . 

Serali Tin 

Berjuiitai $M1 

Gee-.or 

Gold 4 Base 12 

Gopeng Cons. 

Kcnglong 

Idns lOo 

Jarnar 32*>c 

Vcununting SM0.50. 

killing lull 

Malar D’e^ingSV.l 

APahanc 

Penokaien lOp .... 
Perai/nsTMl — 

Sami Piran 

Scuth Croliy 10p. 
5ft, m Kmta SMD 50. 
Sian taalayan SMI . 
Sungei SesiSML. 
Supreme Corf SV2. 

Tonjangl5o. 

Tongkah Hrbr, SMI 
Trouoh SMI 


24 

310 

56 . ... 

210 t5 

155 

10 

295 . ... 

312(il 

73 • 

9*; .... 
54 rC .. 
620 . .. 
345 -5 

43 

60 . ... 

210at 

80 

59 -1 

165 

275 +5 

200*4 

65 

- 103 

85 

195 


COPPER 

104 (54 [Messina ROJO....] 56 |. 


■1 - 1-1- 


MiSCElLANEOUS 


1773 

ffth Low 

104 75 

127 65 

17 11*; 

65 31 

305 165 
57 2b 
52 23tc 
12*4 

403 211 
129 b5 
135 56*; 

.89 <1*2 

591; ?) 
197 69 

B3 36 
*>5 30*; 

81 55 

127 103 
93 37 


RUBBERS AND SISALS 

Low I sack I Price | + -1 te |c 


68 35 Barymin — 54 — — { — 

17 9 Bjrntl Mines 17*^1 13*; +*; — — — 

300 170 Cons. Murch. 10c. 170 {Q30c 2.6 t 

465 245 Nonhgate CS1 .... 360 ... - - - 

263 164 R.T.L - 229 +1 90 20 60 

90 30 Sabina In&.CSl. 40 — — — 

£12 667 Tara Eiptn. SI 712 +12 — — — J 

185 120 Yukon Cwis. C$1. 170 Q7e 2.9 20 

GOLDS EX-$ PREMIUM 

Umdon iyjDUl»is for selected South African gold mining shares ht U0. 
currency excluding the investment dollar premium. These prises are 
avadaft/e only to iwn-UK residents. 



-1 2.79 
...... 305 

™" 6L73 
+2 535 
+1 *hL4 

Q5.0 

00.6 

+2 >05.0 
..... d4.0 

+4 025c 
+3 QlSlvc 
+1 QILk 
+1 M6.0 
+1 M15c 
+2 60.48 
...... 94221 

+1 — 
96102 


SlOMBuHels R1 
830c lEast Drie R1 
Erz Rand Pro. R1 
F.5. GeduldSOc 
P«s. Brand 50c 
900c St. Helena HI. 
313c Siliramein 5Cc 
516*4 Vaal Reefs 50c 
ja West Drie R1 
$19 West Hldgs. 50c 
895c Western Deep R2 


$11*4 -14 017Dc 10 17.4 
950c -25 tQ78c 1J 90 
370c -10 - - x- 

S19* a -S 0315c « 19.0 
$11 -h 0150c « 15.7 
$30*0 -*f 0190C » 216 
450c -10 1022c 23 50 
S17^ -*a 0115c 33 7.4 
$31*2 -4 0385c L7 143 
$22 -S 0415c « ZL8 
$10*4 -U 0820c 2.4 93 


TEAS. 

' India and Bangladesh 



NOTES 

tfrdeu ether wise Indicated, prices and net rfhridemfa are In pence 
and denominations are 25p- Estimated price/eunings ratios and 
covers are baud on latest anmd reports and accounts amt. where 
possible, are updated on half -yearly figures. R/Es arecafentatedoa 
Ue basis of net distribution; bracketed figures indicate 20 per 
cent or more dtterence it calculated on “nil" distribution. Carers 
are based on - maximum" distribution. Yields arc based as nridde 
prices, are gross, adjusted to ACT of 33 per cent, end aba fer 
value of declared distrihotions and rights. Securities with 
denoniiMftaiiK other than sterling w untried incMw of the 
investment dollar prerrfcnn. 

j. Sterling denominated! securities wWeh lottoie teS Weal Mar 
premium. 

0 "Tap” Stack. 

* Wghsjnd Lows ported thus lore been Hasted (DataferflgMS 

issues for cash. 

r Interim since increased or resumed. 

t Interim since reduced, passed or deferred. . . 

3 Tis.frrr hi non-residents on appllia t iofl. 

4> Figures or report auralKd. 
ft Unlisted security. 
p Price at time of suspension. 

9 Indicated dividend after pereEng scrip arellor rights tssw: ana 
retries to previous dividends or fore cists. 
b Merger bid or reorganisation in frop-n- * 

t tint LorguraUe. 

a Same interim: reduced Final and/or reduced earnings Modfrf. 

} Forecast dividead; cover 00 eamnigs updated by latest interim 
statement. 

; Cjvrr attows for conversion of shares not now rapling for tJMdeods 
or ranting only lor restricted dividend, 
ft Cover does not a/kw lor shares which may also rai* for dMdend a 
a future date. No P'E ratio usialiy provided. 

9 EvchKOng a final dividend declaration. 

* Regional price. 

II No par value. 

a T» free, b Fi gives based on prospectus or other official 
•slimaie. e Cents, d Dmdend rate paid or payable on part of 
capital; cover based on dundemt on full capital, e RedenviUon yield. 

1 Flai y*eld- g Assumed dbioend and yield, h Assumed dividend and 
.ieM ritcr scrip issue, j Payment Vrom captal soiuco*., k Kenya, 
in Interim higher than previous total, n Rights issue perafing. 
q Earnings based on prettamnary figures 1 Dividend and y«ld exdude 
a special payment. 1 Indkated ihridend: itvrr relates to orevnous 
dividend, P/E ratio based on latest annual earrunc,;.. u Forecast 
jlndrnd: cover based on previous year s earnings, v Tai free up to 
kOo In ihe £- w Yield aHows lor currency clause, y Dindend and yield 
based on merger terms, zftvmendandyiefdincludea special tayment: 
Cwr OoK not apply U sofctil (OyirrnL A tiler dividend and yield. B 
Preference dividend passed or deferred. C Oiadan. E issue pnee. F 
Dmdend and yield based on pnrc«ctus or other official estimates for 
1979-80. G Assumed C&mdend and yield alter pending senp andior 
rigiits issue. H Dividend and yield based on prospectus or Other official 
esursues tor 1979-7«. K Figures based on proved us or other 
official estlmaies Icr 1978. W Dnldmd and yield based on prospectus 
ar ether official estimates for 1978. N Divrdeinf and yield based on 
prospectus or ether official estimates for 1974. P Figures based on 
prospectus or other official estnrufes for 197&-79. D Gross. T Figures 
assumed. Z Dividend total to date, f} Yield based on assumption 
Treasury Bill Rate stays unchanged until rubriiy of stock. 

Abbreviations; »d e< dliideod; tte<saipisaK:ireiriglii:.;»wan:jS 
ei capital distribution. 

“ Recent Issues n and “ Rights ” Page 20 


This service is available to every Company dealt in m Stock 
Exchanges throughout the United Kingdom for a fee of £400 
per annum for each security 


REGIOWAL MARKETS 

The following is a refection of London quotations of shares previously 
listed »uly in regicml markets. Prices ot Irish issues, most of which are 
not officially listed to London, ore as quoted on the Irish e> change. 



Albany Inv. 2Pp. 


Bertarn 15 

Bitg'Mtr. Esl.50p- 323 ..... 

Ctav-rCrolt 28 

Craig & Rose El — 615 ol .... 
DysontR.AIA — 35 

Ellis AMsHdy. 66 . .. 

Evervd 24 +1 

F.ie Foigc 52 

Fmiav Peg. 5o 21 . .. 

Graig Ship Ll. . .. 135 -5 

Hinsons Ere*..—. 74 

Hell (.’es) 25a .. 252 . . 

I 0 Nl.Stm Cl .. 195 

N'lhii GoU'imUi 74 -*2 

Pearce (C. H ) 198 ... 

Peel Mills 22 ..... 


Sheffield Bricl 52 

Shell. Refrsbmt— 67 
Smdalf (Wm.J 118 


IRISH 

Com-. 9% •80/82- £90 

Alliance Gab. 99 

Arnoft . 37Di 

Carroll IP. J.». 97 

ClonttllLIn 1Q2> 

Cortreie Prods... . 130 


99 

370ri -20 
97 -2 

1021; -* 2 


4 Heiion(Hlt£s.|— ■ 50 

12 . . In?. Corp 160 

15 In'-n Ropes . .. ... 105 

4 -*2 Ja-xm 50 

8 .... T f.i G 390 -5 

2 Umdaie 80 



Ly 

117 | 70 Ru 


ben. Arcident 
Sen. Efeiinc 


CENTRAL AFRICAN 


210 (140 lFalconRh50c._.. MO 060c 

24 13 jRnod'nCora.lbZfl. 13 007 

80 I 52 Roan Com. K4-. 70 — 

41 29 ItVanlie Col. Rli.l 29 09c 

11*2 - 


L84 | 0.7|1L4)Z53‘ 17* 10 Zam.Cpr.560004., 



























































































94 



r ‘ Manufacturers oi 
Europe’s widest range 
of hating, ventilation, 
air conditioning and 
IlM refrigeration equipment 


Friday December 22 1978 



fears 



BY ARTHUR SMJ7H AND TERRY DODSWORTH 


CHRYSLER UK management 
has warned the trade unions 
that losses this year might 
approach last year's £21.5m 
deficit The company lost 
£43m the previous year. 

The warning came several 
days before yesterdays 
unanim ous decision in Paris 
by shareholders in PSA 
Pengeot-Citroen, the French 
motor company, to authorise 
the necessary capital increase 
for the takeover of Chrysler 
Corporation's European Inter- 
ests from the beginning of 
next year. 

The full extent of Chrysler 
UK's losses this year will not 
be Known until the position 
becomes clearer in Iran, 
which takes components 
worth more than £100m a 
year. 

Delivery of British Chrysler 
components kits worth mil- 


lions of pounds, to be assem- 
bled by Iran National, the 
State-owned car company, has 
been delayed by political and 
economic disruption. 

Iran’s troubles have merely 
added to those of Chrysler 
UK, which has been harmed 
by strikes in recent months. 
Hopes that the company 
might break even for the first 
time since the Government 
rescue in Z97S have been 
dashed. 

The Government is com- 
mitted this year to meeting 
only half of any deficit, up to 
a total of £15m. Should losses 
exceed that, which on pre- 
liminary estimates provided to 
the trade unions seems likely, 
it will be for the Chrysler 
Corporation and PSA Feugeot- 
Cltroen to decide who picks 
up the bill. 

PSA is believed to have 
Indicated that it will continue 


to support the UK operation* 
but there are bound to be 
reservations about the 
troubled industrial relations. 

Chrysler plans to locate a 
new ear at the Ryton assem- 
bly plant, Coventry, to go into 
production towards the end of 
next year. The vehicle Is a 
derivative of the Alpine, built 
at Ryton. 

The vote of PSA share- 
holders taken at an extra- 
ordinary meeting at the 
company’s headquarters, 
clears the way to the estab- 
lishment of Europe's largest 
motor company, and the 
world’s third largest after 
General Motors and Ford, 

PSA said afterwards that 
the transaction will take 
effect on January 1, when the 
Peugeot group formally takes 
over ownership or Chrysler 
Europe's interests in France, 
the UJK. and Spain. 


The French company has 
obtained full approval for the 
deal from the Governments 
of all three countries. 

Under the contract, PSA is 
acquiring Chrysler’s U.K. and 
Spanish interests for 3230m 
In cash, and the French 
business through the issue to 
Chrysler Corporation of 1.8m 
new shares worth $2 OOm. 

The American group will 
emerge with a 15.4 per cent 
share in PSA, in which the 
Peugeot family holdings will 
come down to slightly less 
than 40 per cent, and the 
Michelin group’s to 6.9 per 
cent 

The American company win 
receive no dividend on its 
shares until 198fr but Mr. John 
Riccardo, its chairman, will 
Join the PSA supervisory 
board if there are no anti-trust 
objections in the U.S. 


Times 
Newspapers: 


an apology 


ON Thursday 14 December we 
published under the heading 
''Executives ‘given Thomson 
stake before oil merger”’ 
summary of an article appearing 
in the then current issue of the 
New Statesman, Contrary to 
what we reported .no Thomson 
or other shares were at any time 
given and the value of. the 
arrangements depends entirely 
on what success the Thomson 
business achieves in the future 


We entirely accept that there 
was no insider trading, no 
attempts at concealment nor any 
impropriety whatsoever in these 
transactions. We apologise to 
the Thomson executives con- 
cerned, particularly Mr. William 
Rees-Mogg, Mr. Harold Evans 
and Mr. Marmaduke Hussey for 
distress and damage occasioned. 



acts to save 
shipyard 


BY RAY PERMAN. SCOTTISH CORRESPONDENT 


THE GOVERNMENT is acting 
to save the U.S.-owned Mara- 
thon Shipbuilders' oilrig build- 
ing yard at Clydebank by 
placin'? an order, for the 
second time in two years. 

A company is being set up 
jointly by the Scottish Office, 
the British National Oil Cor- 
poration and the Gas Corpora- 
tor. in negotiate for a jack-up 
ri which could cost between 
£14ui and £17m. 

It will be used by the two 
Slate concerns for drilling in 
Brill’: o waters, but the new 
company will z iso try to find 
coirro-rcijl contracts for 
period.* when they have no use 
for it. 

Finance will be provided by 
the Ship Mortgage Finance 
Company, a private lender 
which entered into an arramie- 


rnent with the Department nf 
Industry in 1972, unde rthe 
provisions of Section 10 of the 
Industry Act to make ship loans 
at concessionary rates. 

The Government will guaran- 
tee the borrowing, terms nf 
which will depend on the 
import content of the new 
structure. 

Marathon has been out of 
work since it completed the 
second of two rigs for Penrod 
Drilling of the l".S. Redundancy 
notices began to be issued to 
the 1.100 workers at the begin- 
ning of the week. 

The new arrangement has 
been made at Ihe prompting uf 
Mr. Brui.-e Alii fan. the Scottish 
Secretary, and Dr. Diokson 
Mahon, the Energy Minister, 
who are anxious to avoid 
funner unemployment at Clyde- 
bank. The town is already 


under threat of the closure nf 
Singer's sewing machine works. 

Originally it was suggested 
that the National Coal Board 
should join the consortium, but 
it declined, saying that its 
limited programme of offshore 
drilling for coal could be ade- 
quately carried by contractors. 

The siz of the Government's 
commitment and the number of 
jobs the new order will secure 
at Marathon will not be known 
until negotiations on specifica- 
tions and price of the rig are 
complete, and it is seen how 
much use there is for it 

Rigs built at Clydebank are 
suitable only for shallow water-' 
drilling. 

In 1976 the Scottish Office, 
using BNOC as its agent, 
ordered a speculative rig to pre- 
serve employment at Marathon. 
It was later sold to Penrod. 




ruling gives 



BY LYNTCN McLAIN 


L O CAL AUTHORITIES 
throughout Britain were given 
the go-ahead yesterday to 
impose selective bans on heavy 
lorries. 

That is the effect of a High 
Court ruling yesterday by Mr. 
Justi.ee Neill that an application 
from road hauliers to end a 
lorry ban imposed by Berkshire 
County Council should be dis- 
missed. The hauliers will not 
appeal. 

The Berkshire ban has been 
in force for seven months. The 
industry claims its ban has 
added at least £200.000 to lorry 
operating costs by forcing 
detours around Windsor. 

Hauliers, led by the Freight 
Transport Association, the Road 
Transport Association and the 
National Formers Union, which 
jointly brought the action 
against Berkshire. reacted 
angrily to the judgment last 
night. They are to pay the 
£30.000 costs of the action. 


Weakened 


Cumbria County Council, 
which has been planning a simi- 
lar ba non heavy lorries for 
some month, said last night pro- 
posals concerning a stretch of 
the A591 between Kendal and 
Keswick near Thirlmere would 
be published early in the New 
Year. 


Other counties may follow, in- 
cluding West Yorkshire County 
Council, which has considered 
a bao on heavy lorries over 13 
bridges in Leeds. 

Mr. Richard Turner, the con- 
troller of planning and traffic 
services at the Freight Trans- 
port Association said the ruling 
“ seriously weakened industry's 
safeguards against future bans 
on essential delivery vehicles. 

The legal ruling cleared the 
way for local authorities to 
exercise “ total discretion under 
the law to regulate heavy traffic 
in any way they see fit, while 
hauliers had no right of redress 
at all." he said. 

Hauliers wishing to make 
deliveries at short notice in the 
Windsor area are effectively 
banned from entering the area 
by the Berkshire ruling that 
only permit holders may pass 
road check points. The associa- 
tion claims the permits were 
issued on an “ entirely 
arbitrary" basis. and the 
criteria were not published. 

The Berkshire ban was 
introduced in June under the 
Road Traffic Regulations Act 
3967 and the five year old 
Heavy Commercial Vehicles 
Act This allows lorries to be 
banned on amenity grounds. 

Tbe Berkshire ban applies to 


most goods vehicles over five 
tons unladen weight. Petrol, 
fuel oil and milk tankers, 
animal lorries. breakdown 
trucks, tractors and read-mixed 
concrete vehicles are exempt 
But other heavy vehicles which 
have not been granted a free- 
access permit by the council are 
baner from one 2a yard and 11 
50 yard stretches of road in and 
around Windsor. 


Express appeal lost 
by journalists’ union 


BY PHILIP BASSETT, LABOUR STAFF 


THE National Union of Journa- 
lists failed yesterday to reverse 
a High Court decision which the 
TUC considers will severely 
restrict the freedom of trade 
union members to take 
sympathy action^ in industrial 
disputes. 

The Court of Appeal under 
Lord Denning, Master of the 
Rolls, refused the union leave 
to appeal against its decision to 
the House of Lords. 

The union was appealing 
against a decision by Mr. 
Justice Lawson to grant an in- 
junction to Express Newspapers 
ordering the NUJ to lift its in- 
struction to . Express group 
journalists to black copy from 
the Press Association news 
agency. 

The NUJ will today discuss 
its next move with the TUC. 
which is prepared to finance an 
appeal to the Lords. Mr. Len 

Murray, general secretary, said 
after the High Court judgment 
last week that the case involved 
" a matter of great importance 
to the trade union movement 
generally." 

The instruction to black Press 
Association copy was given lo 
all NUJ members on national 


newspapers, radio and television 
stations in support of an official 
.strike by 9,000 provincial pour- 
nalists. 

Lord Denning's rejection of 
the appeal turned on the inter- 
pretation of Section 13 of the 
Trade Union and Labour Rela- 
tions Act, 1974. which has pro- 
vided legal immunity for trade 
union sympathy action if it is 
done “ in furtherance " of a 
trade dispute. 

He said: "It is not sufficient 
that there should he intent 
alone to further, advance, help 
or encourage the union side 
with a trade dispute. There 
must be a reasonable prospect 
or capability of advancing the 
cause in order for it to be given 
immunity." 

Lord Denning acknowledged 
that this test of the furtherance 
clause of the Act was a new 
point of law. It was agreed by 
the other sitting law lords. Lord 
Justice Lav/ton and Lord Justice 
Barndon. 

Some labour lawyers saw* the 
new limitation yesterday as the 
most important restriction on 
trades union activity that the 
courts had imposed for years. 
Times appeal for more nego 
tlatlons. Page 6 


Continued from Page 1 


Callaghan and CBI 


AJSected 


The ban has affected com- 
mercial traffic over 40 square 
■miles. The road hauliers 
argued that, by not specifying 
the total area to be affeojed 
by the ban, the council was 
breaking the law. But the 
judge ruled that the Act 
•required only the specific roads 
affected to be named in the 
banning order. 

The hauliers also said the 
law imposed a duty on councils 
to maintain reasonable access 
■to areas affected by a ban. But 
the Act only pointed to the 
“ desirability ’’ of maintaining 
such access. 

Finally, the hauliers attacked 
the arbitrary use of permits, 
but the judge ruled that the 
Act was wide enough to allow 
the council to introduce discre- 
tionary permits as they saw fit 


Bank lending to industry drops 


BY MICHAEL BLANDEN 


INDUSTRY'S demand for bank 
finance slackened significantly 
in the three months to mid- 
Novemher. the latest breakdown 
of lending published by the 
Bank of England shows. 

The overall lending level 
nevertheless continued to 
expand sharply, in spite of the 
restraints imposed by the 
official corset controls on the 
growth of bank interest-bearing 
deposits. 

The Bank reported that total 
sterling advances to irK resi- 
dents nose by £S10m between 
mid-August and mid-November. 
Of this, £667ra was lent to the 
private sector. 

However, the Bank calculated 
that seasonal influences would 
have depressed lending during 
the period by almost £2Q0m. 
Allowing for these factors, there- 
fore. the underlying increase in 
lending would have been around 
£850m— not far short of the 
adjusted £950m recorded in the 
previous three months. 


The Bank pointed out at the 
same time that lending by 
acceptance credits — company 
bills backed by banks — 
slackened sharply. ■ In the 
previous three months, accep- 
tances jumped by £828m, 
largely reflecting the distortions 
introduced into the banking 
system as ? result of the corset 
controls. 

In the November period, 
however, the rise was a rela- 
tively modest £22 Im, as the 
pressure for the banks to switch 
lending out of advances into 
other forms of credit eased due 
to their success in returning 
below the corset ceilings. 

The total increase in sterling 
lending before allowing for 
seasonal adjustments was 
mainly in loans to the services, 
personal sectors, and to the 
'other production category. 

Advances to the manufactur- 
ing sector, however, rose only 
marginally by £38m, or 0.5 per 
cent, The figure was depressed 
by further repayments of bank 


borrowing by -BL — formerly 
British Leyland — after the 
second tranche of the company's 
rights issue. 

Lending to chemicals and 
allied industries advanced by 
£I68m, or 15 peT cent. But there 
was a fall in borrowing by tex- 
tiles, leather and clothing. 

Advances to manufacturing 

industry had risen much more 
strongly in the previous three 
months. The Bank pointed out 
that taking the last six months 
as a whole, borrowing by manu- 
facturers rose by 8 per cent, 
compared with an increase of 
6 per cent in the previous sii 
months. 

In the services sector, the 
biggest rises were in retail dis- 
tribution, up by fllfim or 7 per 
cent, and in public utilities, 
local and national government, 
where there was an Increase of 
JE127m or 20 per cent 

Lending to the personal sec- 
tor, other than for house pur j 
chase, increased by £l99m or 5 
per cent 


organisation is thought to be 
under consideration by the 
Government. 

Mr. Healey also announced 
that the confederation is to hold 
talks on the economy with 
Ministers in coming months in 
parallel with the similar exer- 
cise agreed this week with the 

rue. 

Tbe Government’s main 
achievement this week has been 
its restored relations with 
leaders of both sides of in- 
dustry. 

Mr. Healey said yesterday that 
his talks with the TUC on Tues- 
day had "restored the status 
quo ante' 1 after tbe TUC’* re- 
jection of the joint statement 
with the Government on pay 
last month. Yesterday’s talks 
built a new accord with leading 
industrialists after tbe Govern- 
ment's decision to abandon pay 
sanctions. 

However, no detailed initia- 
tives were produced, although 
the confederation and. the TUC 
have agreed with the Govern- 
ment that there is no sign of a 
rapid increase in the levels of 
pay rises. "I don’t myself be- 
lieve there j-s going to be a pay 
explosion and neither do the 
TUC or CBI/’ Mr. Healey said 
last night. 

Mr. Healey said on Welsh 
television this week that “pro- 
viding we can keep inflation 
down. I ought to be able to cut 
income tax." His remarks fol- 


lowed warnings, repeated yester- 
day, that he might have to take 
strong fiscal measures if there 
is a wage explosion. 

The confederation emphasised 
that, since most this winter’s pay- 
deals in private industry hid 
been within the Government’s 
guidelines, it was up to the 
Government not to allow the 
public sector to break ranks. 

It ' acknowledged the 
difficulties of persuading low 
paid workers in local councils 
and similar areas to accept low 
rises. It urged that cash limits 
be maintained and that com 
parabiiity claims should not be 
studied on an ad hoc basis 
simply to buy industrial peace. 

Later Mr. Healey emphasised 
that comparability exercises 
could only provide facts for sub- 
sequent pay negotiations and 
that any large increases might 
have to be in stages rather than 
in one settlement. 

“ The unions must persuade 
an employer to pay. We are not 
going to force anyone and the 
Government has made no com- 
mitment above the five per cent 
limit.” Mr. Healey said. 

The exercise could only be on 
the basis of '* comparable pay 
for comparable work, comparing 
like with like." The Government 
would “ oppose efforts to settle 
large groups of public sector 
workers with different jobs in 
large ad hoc groups in the 
private sector.” 


Weather 




UK TODAY 

SLEET or soow. and cold 
generally. Brighter in western 
areas. 

London. S.E.. E., N.E. England, 
E. Anglia, Highlands, Scottish 


BUSINESS CENTRES 


Amtrfm. 

Athens 

Bahrain 

Baclona. 

Beirut 

Bel I as r 

Belgrade 

Benin 

B'Ham 

Brussels 

Bristol 

B. Aire# 

Cardiff 

Cairo 

Chicago 

Cologne 

Copnhn. 

Dublin 

Edrbgh- - 

Frankft. 

Geneva 

Glasgow 

Helsinki 

H. Kong 

Jo - burg 

Lisbon 

London 

Luxmbg, 


Y day 
midday 
“C *F 


C —2 


70. 


Madrid 

Mnchsr, 


C ~t 
C 1 
F 0 
C 2 
S 32 
C 2 
S IS 
S — $ 
S 2 
R 2 
R 4 
C 2 
F —1 
C 1 
C 4 
S— 17 
C 19 
S 27 
F 6 
SI 3 
F —1 


Malbno, 


Mex. C. 
Milan 
Montr). 
Moscow 
30 (Munich 
341 Nwcstl. 
32 ;N. York 
36 ! Oslo 
89 Paris 
35. Perth 
64' Prague 
21 'PqyKjvk. 
36 Rio J'o 

36 J Rome 
35 ! linger. 
36i3tct.hm. 
30IStrabrg. 
34 1 Sydney 
3B| Tehran 

1'Tel Aviv 
65 'Tokyo 
80 Toronto 
43 1 Vienna 

37 Warsaw 
30 Zurich 


Y'day 
midday 
°C a F 
C 3 37 
C 1 34 
C 17 63 
S 20 68 
R 2 38 
Sn>— 2 28 
S— 19 —2 
C —* ZS 
R 2 36 
S 6 43 
Sn— 1 30 
C 3 37 
S 24.75 
C 0 32 
S —8 IS 
S 27 80 
F 15 59 
C 28 62 
S —7 19 
C — 2 28 
C 22 72 
S 2 36 
S 18 64 
C 9 48 
S —4 25 
Fa— 2 28 
S — 5 23 
F— I 30 


Islands, E„ S. Scotland 
Cloudy, occasional rain or 
sleet Max. 4C t39F). 

Cent S„ N.W« S.W. England, 
Midlands, Wales, Lakes. Cent. 
Scotland, I. of Man, N. Ireland 
Dry, with bright intervals. 
Max. 3C (37F). 

Outlook; Cold. Rain, sleet or 
snow. Frost and fog patches. 


HOLIDAY RESORTS 


.Aisccio 

F 

Y'day 
midday 
°C °F 
IB B1 

Jersey 

F 

Y'd 

midi 

■c 

4 

Algiers 

F 

13 

55| 

L. Pima. 

C 

19 

Siam. 

S 

8 

46j 

Locarno 

R 

2 

'Blcfcpl, 

c 

1 

34 

Majorca 

R 

10 

Bordx. 

s 

7 

45! 

Malaga 

F 

11 

fiotilqn. 

c 

0 

32' 

1 Malta 

S 

17 

Cblncj. 

R 

15 

591 Nairobi 

R 

20 

Capo T. 

c 

2 f 

70 

Naples 

F 

10 

Corfu 

s 

17 

53 

Nice 

C 

14 

Dhrvok. 

F 

T4 

57 

Nicosia 

s 

18 

Fun j 

F 

10 

50 

Oporto 

c 

7 

Florence 

F 

9 

48 

Rhodes 

s 

19 

Funchal 

F 

16 

61 

Salzhg. 

F —3 

Gibrljr. 

C 

12 

5* 

Tangier 

C 

13 

Gurncv. 

c 

4 

39 

Tenerife 

R 

13 

Innsbrk. 

F 

2 

36 

Tunis 

F 

18 

Invrnsi. 

C 

3 

71 

Valencia 

C 

9 

I. Man 

c 

4- 

39 

Venice 

c 

3 

Istanbul 

c 

10 

50 





S-Sunng. F — Fair. C— Cloudy. H— Rain. 


Sleet. Sr>— Snow.- f g — F og. 




The sharp upsurge, in Uni- 
gate’s profits in the second hall" 
of 1977-78 caught the stock mar-:, 
ket off guard and there- was.a- 
tendency to dismiss it as just a 
flash in the pan from a company- 
with a pretty mediocre profit 
record. However, a 59 per'.eartr ■ 
jump -in interim pre-tax profits 
to £l5.1m in the current finan- 
cial year underlines - the fact 
that Unigate appears to be mov- . 
mg bn to a higher level of profit- 
ability. Even if there is no; 
growth In the second half, prft-, 
tax profits for the full year 
should rise to £37m ( against 
£31. 5m) and it is more than 
likely that they will top £40nt V - . 

The first point to make about;, 
the company’s improved perfor- 
mance is that it is recovering^ 
from a very depressed leveL la- 
the first six-months of last year; 
Unigate, which produces haif^of; 
the UK's butter and a third, -of' 
its cheese, was suffering from 
Serce foreign competition. .This 
has abated and - althbugh- 
vo! tunes are hardly changed 
Unigate has been able to -i in-' 
prove its margins. For a: group 
with an ann ual turnover of ■oveti 
£lbn tiny moves in margins 
have a dramatic impact rods 7 
profits. If, for example. Uni- 
gate's margins had been ihe 
same as those of Northern 
Foods (they would need more ■ 
than to double), Unigate’s pre-' 
tax profits during this period 
would have been *<.;»< and net 
£15. lm. - 

Clearly, even after the'., up? 
surge in the last couple of half 
years, there is still plenty of 
re ho very potential at Unigatoiu 
This year could see the dividend, 
rise by around a flfth-T-potting 
the shares at 74p on a prospec- 
tive yield of around Si per cent 


they; 'y-wrr 1 ! :‘y“a i 

theXrerti states -eai^ .aiways. $e 

sold ; 

*** * +***&*■'£ aftiraEgYmosr 


between 1973 and 1976, are noy 
rising quite healthily^ At 
-pre-tax level profits are 44 
cent Highest 
adding in ^ 
closed after-tax .bank 
attributable earnings 
just under a thirfi at 

■5? 

oscillate, quite shaiply: ■ ■ 40wr:; 


ter issues 
*£»t\i9Q8 

^^WhJcijL 
:This_has 




Ji 


4- -I 


Charcon Businesses naye^qeen , 77 .7 -i-'xF-'-'* . 

turned round into profit (wort^r - nominal tejpisi. 

over £lm) and the- "Newa^‘"bundr^;;thousa^^p^^;/of / 

engineering side has performed 

“ outstandingly Well.' 1 ■ In idcfi-’ 

tion, the ' first North 

began tD flow timmgh into 

fits last year but whereas it jwas ■- 

originally expected, to ^ ' 

perhaps £lm. 

Thistle resulted in -a 

At o3p, the shares yield \. exetfee^idr , disclaiming 

cent and profits conld be np.hy ■?.. . • ... 

a fifth in the current year. : 

Cbinese bonds vv .’.jjgfjjj 

Staider conventional investors toi'lii 
may have preferred to -spend ; the 
the week at Christmas. - parties v to k. . 
but the Stock Exchange - has- ^Thtsr raB 

t: — £-11 - 




.may- 

—'"^-Sissued 
'before 
Etfrirtng 
.WirvicingL 
the : . bands 


been enlivened by steady / fringe' ffpr-Te^ 
speculative demand-for ! Ghine&e^wh ^ Jftaditibn 

bonds, which has pushed ' ajr and-. a : - .oainy '- ^record as 

issue such as the’ five per 'cent- -borrowers— -the v&inj 'rdynarfy 
Boxer 1925 up to £20 
The buying is- 
the improvement 
relations with 


.i,* iT 

W*' ■ 


i’orr.r 


Charterhouse Gronp.;% 


■ The Charterhouse Group has 
changed its financial year- .end' 
from September to December 
and has stopped presenting: the 
estimated pre-tax profits of- the 
banking side, so the results .6m: 
the year to September slLsbfly 
confused the stock market Even 
so it is clear that Charterhouse’s 
profits, having moved sideways 


Cayeae .rose 

- ,-r. - — . fiiYMon -is 

not quite the. figure tt ; was^ia, -\expecf^sopa fohet3»^ipttirag 
real terms buck £ ISlflU* HBotl -tt| 
of these bonds hmst ' JMrve-^d rsr >. shipftirojiTrafaiBarisuggests that 

m PhivMiaA. i AAfilif 


the bearer certificated . . . -_ = _ 

The argument <13105 as follows: .-/from 
only £60m nomiaal of Chineser ing its 
bonds are listed, and feOm-i^^Tlfe- 


fears * 



ipreau keh era 1 ■ 1 ««***■?*•. ■ £ if. 

' '• .’’A-.'; v- * ■'i’V-'-*. ’i ? v'-;.'- 

... , .-A-- : - ;■>’•’ a '; .- 

- •> * • - ' 'J . 

- • •' ' v- ' ..f '-*■'* 




1 ■ -- ■ •••> . V . : ■-* PL* V : • 

* •*. i ■ ' v-v-. 7 t - iv 




Change of year end 

The Annual Report and Accounts for 1978 wi 
51st December 1978 . The Preliminaiy 
in April 1979. 




immaiy^aiinouncemm^^ will^be: 




Second Interim Dividend 
The Directors have declaredaseCo^interim.^vidend 
2.T75p) per fully paid ordinary shire^making a total for the twelve moriife^^ 

30th Sepcember 1978 of 5. 690 jp (1977 — 3.35 5 p) r ^hese'diyid<^ds.^rt^^h^'".4-.. 
absorb £3,545»ooo (*977 — £5»o7^°®o)*' TherS^ndjnlienm 
on 23rd February 1979 to sharWiolders bn the fegjstc 


Directors will be recommending- the paymrat,'of a i fi^^vidend; in Ap^. itg^-tobc 
paid in June 1979. : • . . - ‘ . ' ■ ;• v ,' t a 


Results 


■p, 




;^!0 j. 

'fer,*r c 


£*oo° - 

The Group excluding the bank •: - 
Profit before interest payable -. 
Interest payable 

Profit before taxation • 

Taxation • . . T ., 

Profit after taxation 

The bank - • " 7 ; 

Profit after taxation and 

transfer to inner reserve ." . 

Group profit after taxation "••• 
!NHnority shareholders > interest - t - 
Profit after taxation ■ . ... 

attributable tt) the company ’ 


6 months 
ended.- 
31.5.78 

(3,130 

Jalii.r 

-3,5^5. 

w-: 


.j2>yqo\ 


-j^months 

'l -etided i . iteaded. .j^endedy. . .... 

' ;;^^,78 ,. -3b9-7S ;v ! 

;■ 6 jii-ir’-r ■ ^806’-^. 





!;'■ '-^496; ' ' • ’ 


O: 2;56 o.