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for CONSTRUCTION 


No. 27,749 


Wednesday December 27 1978 







HBCES. AUSTRIA Sab IS,. jt&CItlM Fr 2S; DENMARK Kr 3.5: FRANCE Fr 3.0: GERMANY DM 2.0; ITALY L 500: NETHERLANDS FI 2.0: NORWAY Kr 3.5; PORTUGAL Eke 20: SPAIN P» 40: SWEDEN Kr 3.25.: SWITZERLAND Fr 2.0. EIRE 15|» 


NEWS SUMMARY 


GEHERAt 


BUSINESS 




■< 




Petrol Bflston: 







muon 

conflict 

feared 


> ^ «*£ ' I Thousands of motorists reforn- 


:? e 


U £"- tag from. Christmas holidays 


.V- . were bit by petrol shortages as 

‘ - v -5 more aarasres dosed down la 


‘ 6 H . 


■A - ' 
. *>,.• 


more garages, dosed 
•: the . wake of the tanker drivers' 
: dispute. 

Motoring organisations, be- 
1 sieged by calls from people who 
'had run out of fuel, warned 
to 


,V An. drivers- not to; travel unless 
T tbexr joarney was essential. 

'i* -.4 !frayei problems were 

•" K w o^hS w f = M io 
: - - 4: •] two from Jaanuaxy L BackPage 


• BSC and the steelworkers 
union, the Iron and Steel Trades 
Confederation are . expected to 
confront each other early in the 
New Year over cutbacks at 
BSC’s Bilston plant in the- West 
Midlands. 

The corporation has achieved 
the cutback of 17.000 jobs in 
the past 22 months, by the clo- 
sure of iron and steel making 
at a dozen works, mainly' with 
union co-operation. 

But ISTC policy is to resist 
the Bilston closure, where the 
corporation aims to reduce the 


Crices.. : ^fo .trains ran between 
vitdudbiL and Bast Anglia and 
$*•; oiher London . 

. ' 5 ‘* • .7 affected:^; 


services were 


i;i '"I 

V-7:; 


-Esso tanker drivers, expected 
rio accept*, pay offer today, have 


' tKeir overfime share in in 

--bah hutV^seasonal closing, by li: “ £^~.J 
- ' . *: vearagesamf Panic bovine before the works. 


... . - garages and panic baying before 

. ‘.Christmas' meant shortages all 
. . over thfr tJK . Shell 'and Mobil 
-rc-open pay ; talks today. Page 3 


© BSC and Davy International 
have completed a study', for 
China on the modernisation of 
the big Shontu steelworks near 
Peking. BSC and Davy hope to 
hardware contracts for 
XK> modernisation of 
Back Page 


^ [Gandhi released . 

^Former Indian Premier Indira 

• • -T... s 5 . '‘Sandhi was ' released after a 

— -wjj. ^ek.-iB jail imposed by parlia- 
. j! - *■.. went for .breach .of . privilege. 

• • • • ,T ShbTetunied home toi Wild cele- 

. '■ sti bra lions by her supporters, who 

• ’ ^ ‘had rioted/when the sentence 

• -- ^ is®, ijfjjs .imposed: Pag* 2 . 


• US. and West Germany are 
to seek international action, to 
maintain a healthy free enter- 
prise-sector in world steelinak- 
tag at the UN conference next 
month on the world iron and 
steel tad ns try. Both' govern- 
ments are alarmed at the rapid 
growth of State involvement in 
the industry. Back Page .’ 


2*5 


Climbers die 


• STRIKE figures in Britain- in 
1978 are expected to show that 
only a few plants are affected, 
according to a Department of 
Employment official report ..rSo 



■ -‘rraittW- fir ov “ 1 ,l - u V“ c iuiUE LMUXIigurild. 

- S.SSiBW*. af 0ne has be€ « fonnd : is expected to be higher, magni- 


i;r^i ' 15 expecteo to ne mgner, magm- 

f « by the Ford strikeJPagn 3 

• v. wsl w 


- w Ha*-: ■ ^Ooflservatives ate to launch 

: -v 'j&aaotsi 'Sitroduceii lor trade 

•■=•••- /^yr'v^di^'.'dgcfiohs. Future Con- 

• '-ci* «erra^ye^glstatibn would mean 
. -' ^ (tfbody hetag SBt Tip to organise 

' .... VL [jmc^finante postal ballots. Bade 

• V. ^w-Sf^sapport ’ 

)01ster - ; Unionist MP Enoch 
>PbwbB; noth. 12.6 per cent of 

- itt^-votes, -has come top of a 

- conducted for the BBC’s 
iijfi'S : World at' One Programme to 

• litflod. the .-“personality of the 
’year.” prince. Charles was 
.."-second,- followed by announcer 
-Brian Widlake, James Callag- 
baiu MaTgaret Thatcher and Ian 

-VSnDlh. 


• WAGES in Spain will he ; 
allowed to rise between 11 peri; 
cent and 14 per cent next year? 
the’ Spanish Economy Mimster* 
has said. -The Hmlt will be .- 
binding on nationalised indus- 
tries and on private companies 
receiving State aid. The govern- 
ment aims to reduce inflation 
from a projected 16 per cent 
this year to 10 per cent in 1979. 
Page 2 - 


Iran oil exports 


stopped as strikes 


are stepped up 


Moreu.s.t Martial 



BY SIMON HENDERSON, IN TEHRAN 


prime 
rates 
put up 


By Stewart Heming 


Oil exports from Iran have ceased and output bas fallen to a new low after 
a sudden increase in intensity of anti-Shah strikes and go-slows by oil workers. 


Production yesterday was ex- 
pected to be about 500,000 bar- 
rels, not even enough to meet 
domestic demand. The fall coin- 
cided with assassination on 
Saturday in the main oil town 
of Ahwa2 of two senior employ- 
ees — one an American — of Osco. 
the Western service company 
which operates the oilfields. 

Yesterday there were spora- 
dic demonstrations in Tehran 
as crowds of youths taunted 
groups of soldiers before dis- 
appearng to regroup elsewhere. 

Soldiers fired shots into the 
air and used teargas. At least 
one person was said to nave 
been killed and several vehicles 
were set on fire. 

It was the fourth successive 
day of such violence, and pos- 
sibly the worst. 

At 500,000 barrels a day oil 
output is less than a tenth of 
normal, and even lower than the 
previous low during the Novem- 
ber strike. 

The present decline occurred 
just when production had 
started to grow steadily again. 
Last Friday it had reached about 
3.6m barrels a day. 

Tbe assassination of Mr. Paul 
Grimm, the production manager 
of Osco. an American, has pro- 
voked fresh anxiety about the 
future for more tban 50.000 ex- 


patriates working in Iran. 

Mr. Grimm was ambushed on 
the way to work in bis car by 
three gunmen using automatic 
weapons. 

The other man, killed in a 
separate incident, was an 
Iranian supervisor for Osco 
found shot in the chest in his 
car in a different pan of the 
town. 

This violence came only three 
days after sabotage caused a 
break in a pipeline from the 
main Gachsaran oilfield to the 
crude export terminal on Khargh 
Island in the Gulf. An explosive 
device slowed the flow to the 
terminal by 200,000 barrels a 
day, but was repaired by Satur- 
day. 

Throughout the weekend 
there were further outbreaks of 
violence in Tehran. Small 
demonstrations at points 
throughout the city were dis- 
persed by troops. 

On Sunday groups of Tehran 
schoolchildren stoned the car 
park of the U.S. Embassy and 
set a vehicle on fire as it tried 
to enter the compound. The 
driver was not hurt, but Ameri- 
can Marine guards use teargas 
to prevent demonstrators climb- 
ing over tbe wall. 

The fall in oil production led 
immediately to long queues for 


petrol and heating oil in Tehran, 
so far -.pared the winter 
snows usually common at this 
time. 

The refineries at Abadan and 
Tehran are among those dis- 
rupted by strikes, and further 
agreements are expected with 
Kuwait and Saudi Arabia to im- 
port middle distillates. 

Western employees in tbe oil- 
fields. mainly Americans but in- 
cluding some Britons, are 
reported to be staving at home 
after the murder of Mr. Grimm, 
Iranian employees are also wor- 
ried. 

Mr. Grimm’s assassins, who 
all escaped, are assumed to have 
belonged to an already estab- 
lished Iranian terrorist group, 
either Left-wing or Islamic, and 
to have killed him as part of 
tbe general opposition tactic of 
disrupting the public service and 
oil production To bring about 
the Shah's downfall. 

Dr. Gholam Hossein Sadiqi, 
the veteran politician now try- 
ing to set up a Government, has 
apparently made little progress 
in finding suitable Ministers, 
and no timetable is being given 
for its formation. 

Gen. Arhnri. rhe present Pre- 
mier. is widely believed to have 
had a mild heart attack at the 
end of last week. 


NEW YORK — Major U S. 
hanks, including Chase Man- 
hattan, J. P. Morgan and Conti- 
nental Illinois, raised their 
prime lending rates yesterday to 
11^ per cent, indicating that last 
week’s more by Chemical Bank 
to push the prime higher is now 
spreading across the country. 

The prime rate moves co- 
incided with open market inter- 
vention in the short term money 
markets by the Federal Reserve 
Board which suggested that the 
Central Bank is aiming for ,*in 
average weekly federal funds 
target of 10J per cent for the 
time being. 


declared in 
east Turkey 


BY METIN MUNIR 


Civil aircraft-makers have 


their best year ever 


OECD outlook 
‘brighter’ 


Violence threat 



go 

4 S'**” *5, x 
** i «.?*» mt 

rtesy 



Tolfce are forecasting an Inten- 
.sifleation of guerrilla violence 
' in Japan next year. The Nat- 
ional Police Agency says Left- 
-wingers are expected .to be 
J active during the June summit 
of . non-Communist industrial 
countries and the Bed- Army 
L^rohp.ls thought to be renewing 
r activity. ; 


• PROSPECTS for the indus- 
trialised nations as a group are 
considerably brighter than at 
any time since the 1973-74 oil 
crisis, according to City stock- 
brokers Phillips and Drew. ' Its 
latest review says that OECD 
member countries are likely to 
be more in economic balance, 
with a narrowing of inflation 
growth and trade differentials, 
which .should result in greater 
stability on the foreign exchange 
markets. Page 3 


vftun out of oil 




: ft’s clean-up time in the streets 
;of Jeddah, Saudi Arabia, where 
. shout 35,000. wrecked or aban- 
doned cars are to be taken away 
and -put through, a crusher. 
: Meanwhile, the local police 
; chief, reports . that only 10,000 
. drivers have been jailed for 
, traffic offences . this. year, a drop 
of 5,000 compared with 1977. 


• UK ECONOMIC outlook 
remains encouraging, according 
to an end-of-year analysis from 
stockbrokers Wood Mackenzie. 
-The report sees a deceleration 
of tbe growth in domestic 
demand, easing the pressures on 
financial markets. A modest, 
gradual rise in tbe. inflation rate 
is expected in 1979. but with 
the Government expected tdl 
maintain. control over the money 
supply, the rate should decline 
again in 1980. page 3 


Briefly... 

[Elections .in Bangladesh have 
been put back by two weeks to 
February 12 following requests 
from “ various political parties.” 

Israel’s Cabinet heard Foreign 
'. Minister Dayan's report on the 
* Brussels talks - with Prime 
r ’ Minister Khalil of Egypt and 
•/ Secretary of Stale Vance of the 
; UiS. Page 2 A 

^France has expelled a 26-year- 
-•• rid Pole charged with spying. 

Contraceptive sales have been 
' legalised in Spain. 

•: (Bomb blast destroyed several 
cars in central Borne. 


• BUILDING .SOCIETIES do 
not expect to repeat in 1979 the 
record nnmber of home loans 
made this year. In 1978, the 
societies ' expect to have 
arranged 800,000 loans, with 
advances reaching £8bn. Back 
Page 


• FT GROCERY prices shop- 
ping-basket rose sharply for 
die second month running, due 
to. the rising cost of dairy pro- 
ducts and fresh foodstuftb. The 
December index showed a rise 
of .1.43 points^ to 105.10. and is 
the highest since it was re- 
launched last Marc*. Page 3 


41 WALL STREET dosed 7.54 
op at ;S16Dl. 


CONTENTS OF TODAY'S ISSUE 


Y 






i- 1 


| Overseas news 
j' World trade news - 

f UK news— general ■ 

[ — labour 

i Management page 

Technical page 


Arts page 7 

Leader page 8 

International companies 10 
Foreign Exchanges 10 

World Markets 11 

UJK. companies — . 13 


bfi INI 


The Deadly Gun-Play 
for Basque Autonomy ... 
What was Really Is Your 
i .Christmas Brink- 


FEATURES 

■' Gardens 


8 


9 


Today: 
Approach to 
Killing 


subtle 

Weed 


Appoin tm ents ... 

-* Bonding No to* ... 
"usinesa Diary . 
Crossword 

Entertain. Quite ■ 
fmanetel- Diary 
ffisunmea • 


.13 Latttfs 

4\ Lex ' 

■’a • Loipbvd 

. t Mw «*d Maitwa 
■:13 - Slum Information 
It, Sport 


-9 

IS 

6 


14-1S 

-7 


TV and Badlo 

unit Tm*U 

.Weather 

World Icon. Inrf. 
World Value of C 


Ban Land. Rates 


It. 


For krtert Share Index ’phone 01-24G 802fT : 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


THE WORLD’S civil aircraft 
manufacturers have had their 
best year in 1978, with firm 
orders for more than 700 new 
jet ' airliners worth well over 
$17bn (£8.5bn). 

; These deals represent only 
firm orders, but options and 
letters of intent cover at least 
200 more aircraft. There have 
been further substantial sales 
of other types of commercial 
aircraft, such es executive jets 
and piston-engined and turbo- 
prop airliners. • 

. If these are included, the total 
of new commercial aircraft of 
all • kinds either sold or 
optioned in the year is prob- 
ably well over 1,000. worth more 
than $20bn (£10bn). 

Even allowing for a high 
volume of deliveries in tbe past 
year, \t is estimated that there 
is at least three to five years’ 
work in hand on new civil jets 
alone. This could build up 
rapid!; ‘ in 1979. 

.'.The) past year’s inflow indi- 
cates riearly that the doldrums 
in au transport of the mid- 
1970s, in the wake of the oil 
crisis and the subsequent indus- 
trial lecesgion, are over. 

Witl all the forecasts agree- 
ing tfat the present growth in 
World air travel is likely to con- 
tinue at an average annual rate 
of at -least 8 per cent into the 
iSSOs. it is thought that up to 


1985 at least 4,000 new airliners 
of all kinds worth more than 
$84bn (£40bn) are likely to be 
ordered, according to figures 
issued by Boeing of the U.S.. 
the biggest commercial jet- 
builder in the world. 

Three factors will contribute 
to this sustained demand: 

U The continued growth in 
air travel, leading to a 
demand for new aircraft, stimu- 
lated not only by increased 
availability of cheap fares bur 
also by increasing awareness of 
the benefits of air transport by 
countries in the Third World. 

1 The need to phase out exist- 
~ tag fleets, such as Boeing 
707s and Douglas DC-8s, many 
nearly 20 years old. 

3 The increasingly stringent 
noise and pollution regulations 
worldwide, which will require 
all the oldest and noisiest jet 
airliners to be eliminated from 
major airlines in the U.S. and 
Western Europe by 1985-86. 

As a result of these factors 
the big manufacturers are pre- 
paring for further substantial 
orders in 1979. 

In the past year inflow of 
new orders has been dominated 
by U.S. manufacturers, which 
between them have collected 
contracts for nearly 600 of the 
700 jet airliners ordered. 

Heading tbe list is BOEING, 
whose own contracts this year 


have reached a record 465 air- 
craft, worth over $11.5bn, in- 
cluding S2 Jumbo 747s: 128 
mediunvrange 727s: 135 short- 
range 737s: 80 of the new twin- 
engined 767s; and 40 of the 
smaller new 757s. 

Boeing has delivered nearly 
20Q jet airliners, including 10 
707s; 1 1 1 of the 727s: 38 of the 
737s: and 33 Jumbo 747s. 

Its production rate is more 
tban 18 jets of all kinds every 
month. This will nse to 22 jets 
a month early in 1979. and 24 
a month later in the year. 

Production of the highly 
successful 737 short-range jet 
alone wiil rise from five a month 
this autumn to eight and a half 
a month early in 1979. and may 
reach 10 a month later in 1979. 

Boeing's rivals McDONNELL 
DOUGLAS and LOCKHEED 
have also had a good year. Mc- 
Donnell Douglas has won orders 
for 45 of its DC-10 (ri-jets and 65 
twin-engined short-range DC-9s, 
collectively worth over $2.5bn, 
and plans to double its produc- 
tion rates. 

Lockheed has won orders for 
22 TriStars worth over 5! bn. 

In Europe the sales pattern 
has b een d ominated by AIRBUS 
INDUSTRIE, the consortium 
which builds the A-300 Airbus 
and is developing the new 200- 
Continued on Back Page 
World trade news. Page 2 


Last week the Fed moved to 
tighten credit conditions, and it 
was widely assumed that its 
federal funds target had been 
increased from 9 Si per cent to 
at least 10 per cent 

Those analysts who read ihe 
mores as indicating a higher 
target argue that the Fed's 
operations yesterday morning 
confirmed their suspicions. The 
Central Bank waited until funds 
were trading at 30} per cent 
before intervening to add 
reserves and hold the rate from 
risin ghigher. 

The latest movements In the 
money markets follow last 
week's shifts in short- and long- 
term interest rates which have 
taken rate? generally io the 
hisherr levels of the year. Long- 
term bond prices have now 
slumped to their lows for the 
year, falling below levels hit in 
July and November, according 
to data prepared by investment 
bankers Salomon Brothers. 

As one analyst put it: “1973 
is going out with a whimper.' 1 

In many cases the new lows 
for prices and highs for bond 
yields were set last week amid 
growing concern about the infla- 
tionary outlook following the 
decision of the Organisation of 
Petroleum Exporting Countries 
to raise the oil price by 14.5 per 
cent, a move which has disturb- 
ing implications for the U.S. 
inflation rale. 

These anxieties about infla- 
tion have not been eased by the 
slower growth in consumer 
prices reported for November. 

The 6 per cent annual rate 
of increase in the consumer 
price index for that month is 
generally interpreted both 
within and outside the Carter 
Administration as an aberration. 


ANKARA — The outbreak of 
violence in Turkey, which led 
yesterday to the declaration of 
martial law in 13 of the coun- 
try’s 67 provinces, was “ a direct 
insurrection against the state," 
Mr. Bulenr Ecevii. the Prime 
Minister said. 

A joint session nf both Houses 
of Parliament yesterday over- 
whelmingly approved the Gov- 
ernment decision to declare 
martial law. The- vote was 537 
for and only one against. The 
three-hour-session of the parlia- 
ment was occasionally disrupted 
by angry exchanges of accusa- 
tions between pro-Government 
and Opposition deputies. 

More than 10U people lost 
their lives in the eastern town 
of Maras over trie weekend in 
the worst case of civil disorder 
in recent Turkish lus to ry. The 
incidents were sparked off by 
the murder of two Left-wing 
teachers and turned into a 
battle between opposing Moslem 
sects — the Sunni and the 
Alevi. 

Rifles were used and the dead 
included women, some of them 
pregnant, children, old people 
and policemen. 

Hie Government is hinting 


that supporters of Mr. Alparslan 
Turkess Right-wing Nationalist 
Action parry are behind the 
violence, llr. Turkes is claim- 
ing tiiat the Maoist Communists 
were responsible. 

Whoever it was. the Maras 
fighting lias apparently shown 
Mr. F.ccvir and his ruling 
Republican Peoples Party that 
wuhoui trie army the country 
jrnglii erupt into civil war. 

Most of the provinces which 
come under martial law are 
tho.-e where sectarian tension is 
high. All of these arc in eastern 
Turkey which is generally un- 
derdeveloped and poorer than 
the west. 

Of the S00 u ho have lost their 
lives in political violence this 
year. 650 were killed in these 
13 provinces. 

Left and Right wing students 
are reported to have staged 
protest marches and boycotted 
classes an Monday in the major 
urban centres of Istanbul. 
Ankara and Izmir in reaction to 
the mts in -he ?rea. Officials 
closed universities in the three 
cities. a> veil as all secondary - 
schools :n Istanbul, ior at least 
three days. 

Editorial comment Page S 


BACKGROUND TO THE F3GHTBNG 


Political 


£ in New York 


Doc- 26 


Prevail* 


Soot £2.0 125 4)145 *2.0060-01 10 
1 month 0.20 0.10 dis ,0.18-0.10 dis 
3 months . 0.50-0.35 die ‘0.48.0.40 die 
22 months 2.00-1. BO die 2.00.1.80 dis 


ANKARA — Like hundreds 
of towns in Eastern Turkey. 
Maras has a large proportion 
of Alcvis or Shl'ite Moslems, 
writes Metin Munir. They are 
regarded as heretics by . the 
Sunni sect, which claims an 
80 per cent following among 
Tnrkcys population or 40m. 

The Right-wing traditionally 
appeal to the Sunni, Turkish 
sentiments, while the Left- 
wing attract the Kurdish 
speaking, .minority -Alevis. 

Political violence in Turkey 
started In the late 1960s as a 
student movement protesting 
over tbe education system. 

Soon, however, the extreme 
Left wing gained control of 
the movement, which was first 
directed at undermining Tur- 
key’s ties with the West and 
then the Government. In 1971 
the Army moved in. Mr. Suley- 
man Demi re! , the Right wing 
Prime Minister (and now the 
main Opposition party leader) 
was unable to cope with grow- 
ing Left wing terrorism, and 
was forced to resign. Anny- 
supported governments ruth- 
lessly crashed the extreme 
Left In the vacuum, the ex- 
treme Right wing began to 


develop but its real growth 
occurred in the 1975-77 period 
under tbe Dcmircl coalitions. 

Mr. Turkes served as De- 
puty Prime r.:inis,cr to Mr. 
Dcmircl along with Mr. Nec- 
mettin Erbakan, chairman of 
the pro-Islamic Nationalist 
Salvation Party. 

Helped by this Nationalist 
Front, the extreme Right 
opened a sustained campaign 
against the extreme Left and 
the- urban Intelligentsia, it 
strove to establish its supre- 
macy in universities, student 
hostels and even cafes fre- 
quented by students. 

When Mr. Turkes was 
Dc-nut y Prime Minister his 
followers — called grey wolves 
or commandos — infiltrated 
the police and civil serrice. 

The ousting of tbe Demirel 
coalition by Mr. Ecevit a year 
ago was a bitter blow to Sir. 
Tnrkes. 

The political Mood fend 
accelerated. Violence spread 
from the cities to the country- 
side east of Ankara. Sectarian 
prejudices between Sbi'ites 
and the Sunnis were exploited 
by both Left and Right-wing 
fanatics. 


Pension funds ‘not obliged to be 


re® 

:on 


concerned with public good’ 


BY CH 


R1STINE MOIR 


PENSION fund trustees should 
•have one duty only — to their 
pensioner They should not be 
obliged t > concern themselves 
with any mitside interests, even 
the pub! c good, the National 
Associate n of -Pension Funds 
,and : the Confederation of 
British Ii dustry have told the 
Wilson C mmiuee on the City. 
y’- Their v ew emerged in - confi- 
dential an rwers to the last ques- 
iions pose I by the committee in 
'the part o its study on the role 
Of -the per sion funds. 

Sir Hirold' has made it 
obvious tl at- his committee was 
-concerned With the enormous 
growth exjected in the pension 
movement in the future, and 
Whether some of that Inflow 
should be directed into specific 
investments in the light of the 
overall ne^ds of the economy. 

The fun have continuously 
warned against direction of in- 
vestment and any alteration in 
the way pensions are funded. 
Now they have also rejected the 
ultimate basis for concern — 
that their growth will distort 
investment markets. 

They have commissioned their 
owh -research which Indicates 
that -the growth of the funds 
will not be as overwhelming as 
has been expected. 


Tbe study says the belief that 
the much-quoted £20ba of cash 
flow expected by 1985 will have 
a massive impact, is a " myth.” 
It will not have a distorting 
effect on investment. 

In terms of real purchasing 
power, such a figure would 
represent about 5.1 per cent of 
estimated gross domestic pro- 
duct in 398^ — little different 
from the 4.9 per cent the total 
represented in 1976. 

Moreover, in terms of the 
nation's savings, such growth 
could actually represent a fall- 
ing off. In 1976, the £6bn new 
income into the institutions 
represented 22.5 per cent of 
total savings and investments. 
By 1985. a figure of £20bn would 
more likely represent some- 
where between 20 per cent and 
25 per cent of total savings. 

The study commissioned by 
the funds is seen as a big last- 
ditch effort by the movement to 
persuade the Government, 
through. the Wilson committee, 

not only that it would be un- 
wise to tamper with its invest- 
ment policies hut also that it 
may not even be necessary. 

However, in its last meeting 
on the role of the funds, tbe 
committee was strU asking 
whether the funds should have 


wider obligations than just to 
their pensioners. 

The second and third ques- 
tions on the list of five final 
questions drawn up by the com- 
mittee's working party on the 
funds made the trend of the 
committee's thinking un- 
mistakably clear. The committee 
asked whether the pension 
funds. Like banks and the build- 
ing societies, should come within 
the constraints of the overall 
monetary policy. 

Then, more specifically, it 
asked whether the funds of the 
nationalised industries should be 
required to help fund the bor- 
rowing requirements of those 
industries. 

To both questions, the 
National Association of Pension 
Funds and CBI gave resounding 
noes. 

The funds say investment in 
the industries from which their 
pensions arise would have 
serious disadvantages for the 
economy. 

It would give the funds less 
ffree money to invest directly in 
Government Securities. And 
such investments would pro- 
bably have to be backed by Gov- 
ernment guarantee — in effect 
making it the same as investing 
in Government Securities. 


I simply flew 

\®en he said 




Vith Pfrftmif. Parfam tie Toilette. Ean de Toilette, 
Kan de Cologne. Tale. Savon and new Bath-time 
luxuries — Je Revien* ha* many ways of making 
your life middrnly more exciting. You’ll see. 

From hi. zh dnss jtorw, wfrderf chemists 
and the larger brandies af Boots. 


PARIS 

Worth Mumtc Ltd* zto Tfcma-kcad* London W 4 . 3 RE. Td:OS-9M *37* 


- ^ .y . "/'j v 'i'f' '■ 













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. ^^triancial Tinies Wednesi 

WORLD TRADE NEWS . :I 


-W. - ~r:f 


: ' 4 " - 
• . . ■ -j.i- it f 





puts back expected 
ALT treaty 



BY DAVip BUCHAN 


WASHINGTON — A U.S.- 
Soviet summit, to sign a new 
strategic arms treaty, is now 
unlikely to be beld next month. 
This was the estimate that 
'President Carter, who had 
earlier said he hoped to meet 
■President Leonid Brezhnev in 
• mid-January, gave reporters on 
-Christmas Day at his Georgia 
-home. 


Soaring expectations that a 
; SALT agreement had at last 
r been reached were killed on 
Saturday, when Mr. Andrei 
; Gromyko, the Soviet Foreign 
Minister, in a surprise move 
on the third day uf SALT nego- 
tiations in Geneva with Mr. 
Cyrus Vance, the U.S. Secre- 
tary of State, hardened his posi- 
. tion on the riming of a protocol 
to accompany the proposed 
SALT 2 treaty. 


Mr. Vance, who has doggedly 
plugged away at the two crucial 
l foreign policy issues of a SALT 
2 treaty and peace between 


Egypt and Israel, was given a 
consolation prize of one pound 
of bacon by reporters accom- 
panying him on his way back to 
the U.S. with the quip “this gift 
contains no salt and has been 
rejected by both parties in the 
Middle East." Both Jewish and 
Muslim religions law proscribe 
pork or bacon. 

Russian caution on Mr. 
Carter's sudden move to normal- 
ise relations with China, and 
resentment that Moscow’s over- 
riding interest in a new SALT 
agreement Is taken for granted 
in Washington, are the motives 
that U.S. officials privately 
ascribe to Mr. Gromyko's un- 
expected decision to make the 
SALT protocol’s timing a major 
issue. The U.S. wants the proto- 
col (whose expiry would lift 
restrictions on the deployment 
of American Cruise missiles and 
would require the Soviet Union 
to dismantle some 130 of its 
missiles > to run out no later 
than mid-1981. Moscow wants 


it to last for at least a year 
longer than that 
Mr. Carter last week re- 
ceived, in the wake of- his China 
announcement, -a message from 
Mr. Brezhnev. Mr. Carter’s 
public interpretation of that 
message appears to have been 
either misleading, as the Soviets 
now claim, or tactless, as some 
U.S. officials privately feel. The 
White House has refused to re- 
lease the test of Mr. Brezhnev's 
message. But on television last 
week. President Carter flatly 
stated that "I can say without 
any doubt that our relationship 
with China will not jut any 
additional obstacles in the way 
of a successful Salt agreement.*’ 
Hopes for a pre-Christmas 
SALT pact had been raised by 
Russian concessions to one of 
the remaining American de- 
mands: that the Soviet Union 
should not encode its missile 
test data, in such a way as to 
foil American verification of the 
proposed SALT 2 provisions. 


Madrid plans ceiling on wages 


BY OUR OWN CORRESPONDENT 


- MADRID The Spanish 
Government announced here 
yesterday that it will fix a 
■flexible 11-14 per cent wage eeil- 
Jng by decree, following the 
fsDure of talks which were 
aimed at the creation of a new 
pact on economic guidelines for 
1979. 

The substitution of a decree 
for the policy of concensus 
which led to the Moncloa Pact, 
which has governed the 
country's economic affairs this 
year, brought an immediate 
reaction of annoyance from 
Spain's biggest trade union, the 
Communist Workers' Commis- 
sions. 

I Sen- Fernando Abril 
1 Martorell. deputy Prime 
Minister and Minister For 
.Economic Affairs, had hardly 
. finished his Madrid news con- 
ference. at which he revealed 
■economic guidelines for the 
New Year, when a spokesman 
; for the Workers' Commissions 


told reporters that the decree 
would cause conflict “because 
or course management will try 
to keep wage rises at the bottom 
of tiie flexible scale." 

Last week, a Labour Ministry 
spokesman claimed that the 
current strike level in Spain is 
similar (o that of other months 
th is year, and said that he 
did not forecsee the prospect 
of a "hot winter" on the labour 
front a Workers’ Commissions 
representative — anticipating the 
lack of a pact — said that “hot" 
was not the word: "It will be 
volcanic." he said. 

The proposed decree, along 
with the complimentary draft 
legislation to shore up Spain's 
sagging economy, was sent to a 
parliamentary committee deal- 
ing with urgent legislation for 
its review before publication. 
The other measures include 
such things as increased facili- 
ties for public spending, simpli- 
fied hiring procedures for tem- 


porary help, and the prolonga- 
tion of programmes designed to 
stimulate employment and offer 
more ■ opportunity to school- 
leavers. 

Public spending will be 34 per 
cent higher in the coming year, 
than in 197S, the deputy Prime 
Minister said, pointing out that 
never before has public invest- 
ment increased by such a large 
percentage 

He said that the wage ceiling, 
set at 13 per cent with a “ band 
of oscillation” between 11 and 
14 per cent, would be obligatory 
for government agencies and 
ministries, but merely “indica- 
tive ’’ for private industry where 
management' and trade unions, 
would be allowed to negotiate 
freely. He added that the pro- 
posed decree incorporates an 
escalator clause, so that the 
wage ceiling will be raised 
higher, if prices go up by more 
than 6.5 per cent in the first 
six months of the New Year. 


Gandhi 

released 

from 

prison 


to 


AFTER A week in jail, Mrs. 
Indira . Gandhi has returned 
home amid wild cheers from her 
supporters, K. K. Sharma writes 
from New Delhi. “ I had a good 
rest, 1 ' said the beaming former 
Prime Minister. Mrs. Gandhi 
was released after the proroga- 
tion of the Lok Sabha (Lower 
House). She had been sent to 
prison until the end, of the 
session on being found guilty of 
a breach of privilege for ham- 
pering collection of information 
on her son's car company. 

Her imprisonment led 
violent incidents in the country 
mainly in the southern states 
where her Congress Party is in 
power. But the agitation seems 
to have petered out in the last 
couple of days despite reports 
that several hundred thousand 
of her supporters . had been 
arrested. 

The Desai Government was 
plunged into renewed crisis 
when Mr. L. K. Ad van i, the 
minister for information 
resigned from the Cabinet. This 
followed the deadlock in the 
Rajya Sabha (Upper House), of 
which he is the leader, on the 
issue of charges of corruption 
against Mr. Ranti Desai, the 
Prime Minister’s son. 

Mr. Advani later withdrew his 
resignation when the Cabinet 
agreed that a group of ministers 
should examine the whole case 
afresh. 


Lisbon pledge to control debt 


BY OUR OWN CORRESPONDENT 


LISBON— Sr. Manuel Jacinto 
TSTur.es, Portugal's Finance 
Minister and Deputy Premier. 
J has promised a shake-up in the 
machinery established to deal 
' with the country's entry to the 
Common Market and outline his 

• tactics for reducing the external 
debt. 

7 In a Christmas interview with 
a leading Lisbon weekly paper. 
'Sr. Nunes said Ihe present 
.‘European Integration Commis- 

• Sjon headed by former Finance 
Minister Vitor Constancio would 

'be remodelled to make it more 
efficient. 

He added that access to vital 
Information from various mini- 
.. stries and other bodies would be 
: improved. 


The shake-up is intended to 
make negotiations over the next 
few years run smoothly and to 
produce definitive studies of the 
sector by sector effects of 
membership. 

He described the present 
government as less monetarist 
in the short-term than its pre- 
decessors and said its aim was 
to emphasise budgetary control 
of the economy as well as 
development 

Sr. Nunes said he would Try 
to reduce the pace of the growth 
of the external debt and, by 
boosting public savings, hoped 
to diminish the deficits on the 
forthcoming budget 

He admitted that Portugal had 
exceeded the public sector credit 


limits imposed by the Inter- 
national Monetary Fund mainly 
because this sector has easier 
access than the private sector to 
such financing. But he added 
this was -something he did not 
want to see recur. 

-The Finance Minister stressed 
that his policy would be to 
ensure that foreign loans were 
directed at financing investment 
and not consumption 

Sr. Nunes also dealt with the 
contentious of topic of compen- 
sation for companies and indivi- 
duals expropriated after the 
revolution. He said he hoped 
the first issue of Government 
bonds to dispossessed share- 
holders would be made before 
the end of 1979. 


Vatican envoys 

Cardinal Antonio Sam ore. the 
Vatican envoy, has arrived on 
peace mission aimed at averting 
war between Argentina and 
Chile over three disputed islands 
in the Beagle Channel at the 
southern tip of the Americas 
Reuter reports from Buenos 
Aires. 


S. American growth 

Latin America’s economic 
growth rate averaged 4.1 per 
cent during 1978. 0.4 per cent 
below the rate last year, the 
Economic Commission for Latin 
America (ECLA) reported 
Reuter writes front Santiago 
ECLA executive secretary Sr. 
Enrique Igleslas said it was the 
fourth consecutive year of poor 
economic expansion in the 
region. 

Be said the region's balance 
of payments deficit had 
increased significantly to 
$l.?.90bn this year 
S10.60bn last year. 


from 


EEC 

has 


Brunner oil plea 1 

Sg. Guido Brunner,’. 

Energy Commissioner, 
called on oil-producing countries 
to meet the West and Japan 
to discuss what he called the 
insupportable new oil price 
increase. He said in a radio 
interview: "Nobody is served 
by price increases if they can 
not be borne by the market' 
Reuter reports from Stuttgart 


More German 
steel plants 
likely to strike 


French Communist Party 
attacks EEC enlargement 


BY DAVID WHITE 


Tokyo bankruptcy fear 

Governor Ryokichj Minobe, 
fearing bankruptcy for Tokyo 
early next year, has proposed 
major cut in the prefectural 
(state) work force to eliminate 
1.2 per cent uf the 220,000 
employees on the public pay- 
roll. 

The spokesman said the pro 
posal was predominantly a sym- 
bolic act — to reduce labour costs 
to get permission from the 
Home Affairs Ministry for 
crucial $297m bank issue. 


!•- By Adrian Dicks 

BONN — Leaders of the West 
" German steel workers' union. 
: IG-Metall, 3te expected to an 
.'nounce an extension of the four 
' week-old steel strike to several 
njore plants during the next few 
! days. 

Over the Christmas week-end. 

• when pickets were manned 

• around the Hock. Herr Eugen 
Loderer. IG-Metall president, 
was reported to have been urged 
by many strikers to stand firm 
on the issue of progressive in- 
troduction of a 35-hour work- 
ing week 

Despite the increased strain 
on its financial resources, the 
1 union JS interpreting this as an 
‘..endorsement by the rank and 
‘'file of its decision to bring out 
several more steel plants in the 
North RhineAVestph?lia. Bre- 
men and Osnnbruck wage bar 


■ gaining regions. Sort? 37.000 
'•■IG-Metall members have beer 


on strike, and 43.000 more have 
| been locked out or laid off on* 
i of an industrv total of 200,000. 
'since the dispute began on 
i‘ November 23. 


PARIS — The French Com- 
munist Party took up its cudgels 
over the Christinas weekend, 
reaffirming its hard-line opposi- 
tion to the entry of Greece. 
Spain and Portugal into the 
EEC. 

France Nouvelle, The weekly 
publication of the Communist 
Central Committee, carried a 
strongly-worded attack on the 
positions of both the French 
Government and the Socialist 
Party on Europe. 

The timing of the attack 
underlines the ad hoc alliance 
which has emerged between the 
French Communists and the 
Gaiillist leadership. While the 
Gaullists* campaign about 
national sovereignty has caused 
a serious division between the 
party leadership and Gaul list 
memhers of the Government, 

tnp Communists' onenly nation- 

alistic stance has distanced the 
French party front Euro Com- 
munist counterparts in Spain 
and elsewhere. 

The article, signed by M. 
Jacques Denis, a Central Com- 
mittee member, described EEC 
enlargement as “ the key part of 


a veritable plot " to •submit 
French interests to those of a 
European bloc. 

The same expressions were 
used m a declaration published 
at the weekend by the French 
and Portuguese Communist 
parties 

The declaration admitted 
there were divergencies between 
the two parties but said they 
would seek to strengthen their 
links. The Portuguese Com- 
munists opposed Common 
Market entry because it would 
hit parts of the economy and 
restore the powers of foreign 
monopolies. 

For the French Communists. 
EEC enlargement was aimed 
" to insert France more tightly 
in a Western European con- 
glomerate dominated by West 
Germany under the tutelage of 
the U.S.” 

• A current account surplus of 
FFrl.44bn f£J67ml in the third 
quarter confirms this year's 
recovery m the French balance 
of payments. 

The surplus was however 
much lower than the second 
quarter's FFr S.63bn. 


1 Japan growth forecast 

j The Japanese Government 
j appears to he moving closer to 
; selling next H*ral year's real 
i economic growth rate target at 
. about 6.3 per cent, a much more 
i optimistic level than privare 
! economic resen rch groups think 

• possible. Richard C. Hanson 

• writes Troru Tokyo. According 

• to reports, the Economic Plan- 
■ ning Agency. Finance Ministry’ 

and Minister of international 
' Trade and Industry are agreed 
: on the target nl around 6.3 per 
i cent (nr the year from April 1. 

! The Cabinet of Prime Minister 
I Masayoshi Ohira is expected lo 
! adopt a formal target later this 
. week. 


U.S. mission to Taiwan 


Israelis discuss Brussels talks 


A top-level l- .S delegation is 
cn route 10 Taiwan to establish 
a framework for trade and cul- 
tural relations be; ween the two 
nations once they sever formal 
diplomatic ties on New Year's 
day. AP reports from Washing- 
ion. Mr. Warren Christopher, 
the Deputy .Secretary of State 
is heading what probably will be 
the last official U.S. mission to 
Taiwan. The delegation ex- 
pects to slay only two days and 
return before ihe U.S. recog- 
nises the People s Republic of 
Chiua. 


BY L DANIEL 


J TEL AVIV— The Israeli Cabi- 
■ net me t yesterday to hear Mr. 
i Mpshe Dayan, the Foreign 
, Minister, report on his meeting 
ia Brussels on Christmas Eve 
with Mr- Mustapha Khalit, the 
Egyptian Premier, and Mr. 
Cyrus Vance, the U.S, Secretary 
of State. The Cabinet Secretary 
Stated after the meeting That 
discussion of the report will 
- continue next Sunday as only 
j some of the Ministers had been 
able to speak yesterday. 

Mr. Dayan suggested on his 
i return that " the differences ran 
| be bridged, if both sides move 
{ towards each other's position 
and if the Government decide 
they are ready for this 1 ' How. 
some Cabinet members 
; fed that Israel has made all 


the compromises she can make, 
without rendering the peace 
treaty meaningless. 

The Cabinet is still bound by 
a decision taken 10 days ago to 
reject Egyptian demands for 
changes to the draft peace 
treaty agreed by Israeli 
and Egyptian negotiators m 
Washington nearly iwu month* 
ago. 

There appear' 1 u» he a change 
Mr. Dayan’s views on peace 
negotiations with Eeypt after 
his talks in Brussels. Two 
weeks ago, he said that there 
was nuthing more For the 
Israelis and Egyptians tn discuss 
and that the Egyptians should 
either accept the draft treaty 
or reject jt 

AP adds: Mr Bosin said latp 
yesterday that l«rael was pre- 
pared to renegotiate two snags 


that have blocked the peace 
treaty with Egypt. He said his 
Government would reconsider 
arrangements for Palestinian 
autonomy In occupied territory 
and Egypt’s military deploy, 
menl in the Sinai peninsula. 

But Mr. Becin reaffirmed 
Israel would stand firm in re- 
jevling Egypt's latest d-mands. 

Although Israel would re. 
evaminc the article in a draft 
peace treaty outlining military 
arrangements in Sinai, it would 
not submit to Egypt’s demand 
for an automatic review after 
five years. “A peace treaty is 
not signed for five years or 10 
years . . but forever." hp said. 
H A did nof po in’o details on ihe 
letter Ezypt want* appended to 
the treaty covering the auto- 
nomy question, 


Yugoslav budget 

: Yugoslavia's Federal Parliament 
; yesterday approved a budget for 
1979 amounting to 99.4bn dinars 
I (about $5.4bn> or 18.7 per cenr 
more than this year. The major 
part oi the /'edcra! budget is 
' earmarked for defence, but the 
figure was nm disclosed. AP 
writes from Belgrade. 

Chilean reshuffle 

President Augu>l» Pinochci 
reorganised lus Cabinet yester- 
day with i he most significant 
changes being the Ministers of 
Economy and Labour. AP re- 
ports from Santiago. Although 
he said the outgoing ministers 
resigned for health or other 
personal reasons, many observ- 
ers felt that a major factor in 
till* chan?e« was the expected 
international economic boycott 
against Chile. 



FRENCH MOTOR INDUSTRY 




An ima 



BY TARRY BODSWORTH 

companies we should can be siimmed^up thus; 



THE FRENCH motor Industry is . Germafl companies we should can be summed uptm^s: ;••• .tentacles 
now drawing to the close of one now have had a bigger presence .•PSA Peugeot-Citroen-.is buy- wbuffe multi a. . 
of the most eventful years in its overseas," says one of. the ing Chrysler Europe. jbe-f-.aext . stage w this - , 

history. Crowned by - the industry’s leading economists., ©Renault is trying to buy Its strategy of . internationalist- ■ 

In 1975, Government policy way into the U.S. market by tion M has already begun m the 
changed radically, when the in--; wa y of American Motors; ; ., v components industry. . ;.. The 
dustry was allowed to raise : © Renault has decided on a con- French believe that there is now 
prices by about 30 per cent The^nderable expansion in its Mm-, little room for, further large 

_ collapse of Citroen, later to be ; can and Turkish affiliate fae- stale -productivity .improve- 

eluding the Renault negotiations taken over by Peugeot, is seen" r tories. and signed a deki which, merits, throughrationaiisationin 
to set up a manufacturing .and in France as one of the deter-L; will give it a central role in the theircar manufacturing sector. 

mining factors in this abrupt • creation of a Portuguese motor But the components industry is 
switch; it showed the Govern- - industry. . 
ment, said critics, that the l© Citroen has 'announced*, a 
price control policy was gradu- ; licensing agreement in East 
ally strangling the industry. * Germany, for manufacturing of 
Since then,' the motor manu- its front wheel drive universal 


spectacular PSA Peugeot- 
Citroen bid for Chrysler Europe, 
the last 12 months have also 
seen a variety of other impor- 
tant expansionary moves, in- 


distribution base in the U£. in 
collaboration with American 
Motors. 

The big French companies, 
dominant at home and expand- 
ing overseas now- present an 
image of vibrant self-confidence. 

This drive for expansion is 
clearly being propelled by one 
of the strongest and most stable 
markets for cars in Europe. 
After the records achieved last 
year, when the French industry 
produced 3m cars, and enjoyed 
a market of 1.9m, France is 
almost certainly heading for a 
further improvement in 1978 
and forecasts suggest another 
advance In 1979. 

The Government has already 
done its bit to keep the vehicle 
market rolling with a L5 per 
cent reduction in the price of 
consumer credit for cars from 
January 1. 

This relaxation of credit 
restrictions, announced recently 
by M. Rene Monory, France’s 
expansionary-minded Economics 
Minister, is an instructive 
example of the understanding 
treatment which the motor 
industry is given in official 
quarters. 

There was a time, in the 
early-1970s, when the manu- 
facturers felt they were always 
on the wrong eod of Govern- 
ment polity. Price controls 
were strict and year after year 
the industry complained that it 
was not being allowed to make 
an adequate return to finance 
investment in the future. 

"If we had the ability to 
raise money like the U.S. and 


ripe for such -developments. 

“The development- of the 
world" car. concept,- in which, the 
same parts go into vehicles made 
all over the world, has given the 
U.S. companies great oppor- 


facturers have had a more joint components.' uo . WUItloUiW , 

sympathetic hearing on prices, ©Peugeot has- come to another. ~ ^ official. “To 

and this year, the industry has licensing, agreement to Yugo- achieve g^n.-ir progress we have 
become one of the first sectors si a via which will involve wn - 


to be allowed price freedom strutting a factory 



- FRENCH CAR INDUSTRY 




{TfflQs) 

Built up 


Years 

Production 

Registrations 

exports 

'. -Import srfai. 

1977 

3,092 

1,908 

1^21 

■ 423'-' 

1978E 

3.113 

1,940 

1,950-2.000 

1.600 

420 . 

1979E 

E— Estimate 

3,210 

NA 

NA 


under the new liberalisation 
policies. As a result, increases 
fhig autumn have ranged 
between. 2.8 per cent and 4.2 per 
cent • 

The change in thinking on 
prices coincided with the 


to improve equipment manufac- 
turing- techniques,, increase our 
■ investment ■' In- .research, and 

.develop co-operative -production 

efforts to reduces the cost of 
parts;” - • ' - . • 

. .'The question France's com- 
petitors ‘ af e now ' asking how- 
ever;- - is" how ; far - these moves 
.towards: “liberalisation " and 
" internationalisation of the 
country’s >motor industry will 


These raovK haveeffectively gQ . are pleilty ot sighs 

put the French todurtry -into the . qjd protectionist -in- 

poll piwmon ip the Iberian . stincts are not dead as yet and 
Peninsula (Renanlt Citro^o and - fhat-^at ctflical points competi- 
Peugeot arp all ax \fuH. weaknesses will be 

force) and , made jt into^ajfcy buttressed - by a sympathetic 
tuuiuiucu wiui w»w ^ ** bureaucracy.-. 

moves made by the French * n the development of •■■X' case' in- point was the way 

Government at that time to- r-f^SSSSS 8 '"- “ ^ in which the^rench establlafa- 
wards a more international COMECON connpie&- ..... -.jnentrEaHied round 'earlier this 
stance for industry. Indeed, in .Both of thesd geographical year. to set' itself'' 1 successfully 
some ways the motor manufac- areas will play an hnportantrole so far ” against the bid by Lucas 
turing sector has provided the; in tbe expansion of the. eWorld of the tf^.far’Ducellier, a key 
case for Mr. Mommy's vision of " motor industry- in: the next ftew -company id the electrical com- 
a strong and competitive, years, and both lie pLose enough poneum sector in France. 
France, in which self reliant h? France’s traditional' maAets Yet another was the official 
international companies un- for them to be gradually iptb- warning given to the Japanese 
restrained by the muffles of; grated into existihg'sales ‘arid Ambassador l'Sst • year that 
State intervention, will compete- distribution networks. ; . Japanese, car imports must be 

freely at home and aggressively ' The expansion -into . the checked— -a /highly successful 
overseas. American market, via tinks wtth Intervention which . has been 

U.S. manufacturers, is a' {means 
of tackling what the French see 
as the most impor^f chalTenge 
of the 1980s— -the extending 



The proof of this new inter; 
national stance has unquestion- 
ably come this year, with a 
series of developments which 


followed by -a' halving of 
Japanese car Sales in France 
this year from.. the 3 per cent 
or so'they had achieved in 1977. 


GEN Chep expands into Europe 


BY HAZEL DUFFY, INDUSTRIAL CORRESPONDENT 


GKN IS embarking on a major be operated by. C hep Eusop*. -But the derision :ta expand 
European expansion of the which will act as a holding com-; Into Europe is- viewed- by;: the 
pallet pooling system which it pany for similar operations in' management as less risky.' than 


has built up in the UK under 
the GKN Chep title. 

Its partners in the European 
programme are Brambles Indus- 
tries, the Australian company 
with which GKN set up its UK 
operation, and Compagnie 
Bruxelles Lambert Each will 


other parts of the Continent '“ setting up the original opera 
The pooling system will bo tion in the UEC simply beicaase 
based on two standard sizes of It can point, to the fact that -it 
pallet-— 1,000 mm x 1,200 mm; been accepted by customers 
and 800 mm x 1.000 ram. Most uf '* n this country- 
the business will be generated ^ only real competition 
domestically as this is where the offered in Europe comes from 
greatest demand for pallets lies, the railways, which agreed -bn a 


Philippine 
Airlines 
buys Airbus 


have a one third interest in the but it is also intended to offer \comraon pooling of . pallets: 'hist 

r j vx n^T on ivitnr-mfirtr'f c«nni>o hrvtn • j 


newly-formed Chep Europ BV, 
which will be based in Holland. 

The size of the investment in 
Chep Europ will be on a scale 
commensurate with the £5m 
initially committed by GKN 
Chep in the UK just over four 
years ago. The plan is to expand 
Chep Europe to cover aJl of 
Western Europe eventually, by 
which time the total investment 
by this company will probably 
be in the order of £2 5m. 


an inter-country service, both after the War. r But this is "not 
between the UK and the Conti- mucb 0 £ a pruftlem -^relatively 
nent and between countries on little freight goes bv jail. 

fUm. mar! a n , ‘ . , 

The system quite simply 


In preparation for the Euro- 
pean expansion, four depots 
were set up in March, 197S. by 
Chep Benelux — two in Holland 
(Alphen aan den Rijn and 
FTiJvarenbeek) and two in Bel- 
gium (Bornem. between Ant- 
werp and Brussels, and Nivelles 
in the south}. These will now 


the Continent. This is made 
possible by the fact that pallets 
and systems are universal 
throughout the Continent. 

GKN Chep now owns about 
1.5m wooden pallets, and 
recently launched a container 
division pooling cages in the 
same way. The cost of setting up 
such a system is high, which is 
probably why the company lias 
so far not met with any real 
competition. 

The originl a£5m investment 
by GKN Chep has probably 
doubled in the past four years, 
and it is doubtful whether the 
operation is yet profitable 
enough to finance its expansion 
on fts own. 


provides for -the exchange 
of pallets at depots, which 
the company has set, up 
throughout the UK, and: Intends' 
expanding throughout Europe^ 
The pallets are hired by tile 
customer. - and the' contract 
price includes maintenance. The 
quality of the pallets Is; high",' 
and . the system as a whole 
largely eliminates the hig prob- 
The original £5m rnyestiniint 
lem of a high loss rate and dam- 
age to pall ets-HSometh ing which, 
was recognised in a Department 
of Industry Study of the subject, 
although GKN. Chep was not 
specifically referred to. 'V' 


Byiynton Mdjun - 

PBiLIPPlNEr AIRLINES is to 
buy .tiwo ASOOB4 Airbus aircraft 
from Airbus Industrie in - a 
contract worth up ta £45m. 

THe order brings to 169 the 
total inumber • of A900 aircraft 
ordered by IB airlines. The 
anders.., indude 50 options. 

Neariy-60 -aircriaft have already 
been delivered.,-. - 

.; -The latest aircraft will be de- ' ? j 
I fvered to Philippine Airlines in -ij i H . P 
'October. The airline has taken v 

but' options on a further two 
aircraft- . - v- - .- - 

' Other tiriines in the South 
East Asia region flying the A300 
include Korean Airlines and 
Thai InternationaL Malaysian 
. Airline System has also ordered 
-the aircraft 


Saudi award 
for Greek 
consultants 


Egypt signs $38.5m oil 
concession agreements 


a tin i 




Rigsfor China 

LTV Corporation said its Con- 
tinental-Emsco unit had reached : . 
agreement with. China far the 
sale of seven drilling rigs valued 
at more, than 840m. Reuter, 
reports from Dallas. LTV said 
the purchase involved two land - 
rigs and fife offshore rigs, with. - ... 
the land rigs the. first to be pur- ... "' 
chased by China from the U.S. 
Deliveries are expected to cover “ 
the 'period 1979-80. 


BY ALAN MACKtE 


By Our Own Correspondent 


j CATRO — Egypt has sold an nil 
! concession in the Gulf of Sue?. 
; and is about to finalise agree- 
ment for another in ihe Mediter- 
i rancan, according tn official oil 
j sources. i 

The two agreements, worth 

Municipal and Rural .Affairs of , f** ™; 

Saudi Arabia under which it j 

will prepare the third five-year i * he ^63 ptian General Petroleum 
v (1980- I Corporation (EL PC l Jtins year 


Japanese contract 

Kanefru. 


ATHENS — Doxiadis Asso- 
ciates. the Athens-based consult- 
ing company, has signed a new 
contract with the Ministry for i 


to SI 37m. 

The Gulf of Suez 


development programme 
1S85> for 107 municipalities qf 
the Kingdom and 110 selected 
villages. 

According to a spokesman Tor 
the company, the S.5m Saudi 
rials contract, signed in October, 
also provides for the follow-up I 
of projects implemented under ! 
the current second five-year plan i 
and the training nf Saudi pro- . 

fasc-ionals. i 

Some 40 professionals from , 

Doxiadis Associates, including ' 
economists, statisticians, archi- : 
tects. town-planners, engineers. ■ 
computer analysts and pro- ( 
grammes are taking part in this : 
project. An extensive survey 
of the study area is currently ' 
under way. 

Previously. Doxiadis Asso- f 
dates had prepored the first and \ 
second five-year development ; w jth Deutsche BP. a 
programmes for the municipal!- j Brit j sh Petroleum, 
ties nf Saudi Arabia. 

Thp third five-year pro- 1 
gramme, which will include { 
villages as well, is expected tn 
lay emphasis on the develop- i 
ment of the rural areos in order 
to control the increasing rate of 
urbanisation and provide incen- 
tives for the settlement nf the 
nomad*. 

Established in 1951 by 
"onst anti nos Doxiadis. the 
acclaimed town-planner and 
architect. Doxiadis Associates < 
has provided consulting services , 
more than 40 countries i 
around the world and has been 
operating in Saudi Arabia since i 
1967 with offices in Riyadh, j 
Dammam. Hofuf and Bureidah. 


between Petrobcl Company of i Kanebu. in conjunction with 
Egypt and Agip of Italy— for a : Hitachi. -Marubeni. Corporation 
2,400 square kilometre plot off- and Tokyo • Bussan. have 
shore from Port Said. - ' i initialled a Ylflbn contract in- 
IEOC has undertaken to spend : P*Wng for the export of a poly. . 
over seven years pros- *rier polymerising plant, to.*., 
porting, and to pay a $lm signs- '[ China. Reiilef reports. The rnn-. .. 
tore bonues. ; tract will be denominated. in U.S. _ 

Last month EGPC initialled T ^°!|a rs *nd ; the -plant, .with - 
two agreements with British 

Petroleum and Conoco for con- ) «™ dul f pd tn __ be . completed - 
cessions, in Israeli occupied i .vrrttiiia^Cour - - 
,inct®inn Sinai arid is soon tr> auction}-. : 

has been bought by rJie Amen- more lots in occupied territories i IV-pOWer app-FOval 

can company Quintana. It is a in an effort to keep prospecting I mi. i* il 

135 square kilometre plot at 

Sinai well primed. 

These last two agreements be- 
come effective oner the. comp- 
pan ies can- move into the." vaCa-. 
ted lands. The other, agtoferaenta 


interest in the Cult SfiKSS f F ^£g??. C *gf$!' 7 
Sinai well nrimpri . - . Eramatonre, ; -which- , builds 


nu.cleal- ' power- -plants; under 
licence ^from. 'Westinghouse ot 
the . said, it had won U.S%jw 
Gqvoriurwnt- approval, to sell 
power' stations .to China, Reuter 


East Shuqair on tho west coast 
of the Gulf of Suez. Quintana 
has undertaken in spend SI 8m 
on exploration over the next 
eight years and pay a Sira signa- 
ture- bonus, become effective ftonTthe 

The second agreement is with ot initialling evert though 
the International Egyptian Oil. still have to he Slfi&d; by the ; heelS M V 
Company— a 50-30 jo,m vontore topics trough ;V j Sa? p^iaf'Ehi^ h^di 

rated its intention to place sucl 
' an.prdcr. li would- be the firs 
sale of nuclear teciionoiogy b* 

. . ™ ^ - j a non^Cohmiunist .'power to t 

ALGIERS— The Algerian Slate over -a 39-year, period starting .* Communist country 

in . • • ■ •• . .. . 


IN 1 9 - 


Deutsche BP in gas deal 



bydrorarbnns concern Sonatrach 
has ricned ail export contract 
for liquefied natural gas ( LNG » 
unit of 
it 

announced here. 

The contract provides for the 


l . 


in 1985. 

The contract , provides . ftr . { TTro«;^» *~n«. 
transportation: of the LNG to Be 4jran, °ni talKS . 
shared equally, by.. Algeriau^ud I ,^apanajpd Australia hare con- 

(.prman earnefv. " f ninriaH « • _ir . 


was 


German carriers. 

Although ffie contract has 
heen signed by. Che'twp. parties, 
it still has to be approved by 


sale to Deutesche BP of 4.5bn ;the Algerian and West "German 
cubic metres of LNG annually Governments. . -AP-DJ. 


World Economic Indicators 


U-S. 


Nov. *78 
148J 
0<t, T8 


INDUSTRIAL PRODUCTION 

% ehangft 
aver previous 


eluded a two-year preliminari : 
study,. endorsing joint construe 
tion of a large-scale plant to en - 
rich Australian uranium... Ar-- 
official of .the Japanese sciene 
and technology. ,flgency_ sail ; 
Japan was - seeking its 7 owi -. ' 
technology to enrich natura'.' 
uranium,- for use iq-ligfat-wate 
commercial reactors. • * • ' • r * 


Italy 
France 
Holland 
W. Germany 
UK 


Oct. 78 
147.2 . 
Sept. 78 


Scpt.78 
147-5 
Aug, 78 


Oct. 77 
-W9.7 
Oct 77. 


year 


Index : 

bose- 
• year 
1947=100 


Argentina majorify ; , 

Chrysler-. . ■Fevre^- ArgentiJw. 


ImpnTtam assignmpnts under- 
taken by Doxiadis Arovfletes in 
Saudi Arabia include the master 
pJas of Riyadh. 


Jjpen 

Belgium 


14TA 

136.6 

ns 

128.1 

128.0 

128.0 

1 27.0 

12241 : 

128.0 

129.0 

12XXI 

126.0 

123.6+ 

1 231) 

100.9 

120*2 

I09J 

110.4 

11M 

H}S4 

Sept- 78 

Aug. 78 

July. 78. 

Sept. 17 

154.7 

122.9 

12T.4 

MSL8 

Aug. 78 

Juiy 7R 

June 78 

Aug. ’77 

107 JB 

77.9 

116i ; 

108JT-- 


-9.9 

^4.9 

•fU 

+3 S 


which 
^ars. estate 


hwaufaetu«s . 

ta+A t^ars,: pkktrps afli v ■ 


1970=100 \ trucks 'at lwo : plantsmear BufiBOr. -’ . 
1970=100 ■ Airds now. has ; :a :: majdrife T b*.;‘s. ' ’*• 





t Provisional 


*• 


1975=100 

j Sundays ■ 

1970= 100-1 ^9S>tto../air.. tea gjit> 







Hi 


^(5 ■:■.;• ■■- . .- ’ _v. i . .*-4' Y, -:*■■ •„ v . , *:.■•■■.: 

■ -V'7^v : _• ■* -v-v. ■ ■ 

;; f ’■'.; I)ecembfer ^27 1978 

' r ^'' 








- ^ LABOUR 


'-'W . ,* .*.. if: 


.’* ■ fo "* ’■*’ 


Tv. ^1 
•-r.'^>' o; l V 
•*a/^=«4 

i'iS&S? 

"• ->r * 

•,. ;'«**:*. 
■* ; - J«« 

;...;■• 

• • ... / a&Vi . *V> 1 

■ ■A^wis; 



BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


::• ■W 

J ^ 

i;** 

'-e- 

• -Stf* 

. ""■*.£**.• 
3 - v 


JAPANESE .- CARS ingetiera I, 
and Diri«n* : cars 'in particular, 
seed 'tb'4 lent warranty. work, 
according TO V axurvey- initiated 
by motor trade . consultants 
Pn nfti j. SMHaft and Associates. '•• 
2 iUL-.t&^0C&er«nd ofihescale. 
Continental cars, . beaded by 
Alfa' Bemw; r rfiqture',t^e. .most 
warranty worid .0 :/ ■ i. •/:-:■ 

Tbe Japanese car^ inability 
record,- ls-Jitmically. sometinns 
of a'. drawwcfc; for the; dealers 
te agg rWrttf departments id 
Japanese- dealership networks 
appear to be low-profit. conlribu- 
torr whetr .'compared with UK 
and large Continental. manufac- 
turers. 

- - “A shortage of new cars and 
the resultant . spin-off. problems 
in used '.cars obviously -is a 
severe threat to Japanese opera- 


tors as it appears their activities 
are very much linked T&selling 
motorcars. 

“ They do. not appear.:!* en- 
joy The benefits of workshop 
activities to supplemenra short- 
fall m profits from the sates de- 
partment.” the survey sa^s- 
The reporL based on returns 
from hundreds of-dealers Yaking 
part id a warranety labour rate 
survey, is claimed to be the first 
of /Its kind On the UK 'motor 

trade. . . -£*,?■ 

On Continental cars warranty 
work accounts for up to'Sfr per 
cent of workshop hourar'sold. 
compared with .2 per cent for 
Da t sun. 

Sewell also found that 7 pay- 
ment-levels for warranty work 
lend to Jag 10 per cent, below 
normal retail servicing.; rates, 
largely because manufacturers 


‘need 

work’ 


revise their rates on a yearly 
basis some lime behind the 
trade's own rate adjustments. 

The survey reinforces manu- 
facturers’ claims that they are 
trying to move warranty labour 
rates to a close relationship 
with the retail labour rate. 

Dealers seem in general to 
take a similar view bur. “the 
feeling is that little or no 
account is taken of the consider- 
able management and super- 
visory staff experience and 
effort lhat is devoted to keeping 
a warranty operation profitable. 
Tl is these many extra oulside 
areas that seem to disturb a 
large number of operators.” 
Franchise Studn o { Retail and 
Warranty I.nhonr Rates. £7 .50 
from Swell's Pro tit and 
la format ion l- nit. 15 Arpijlc 
Street, Beth. 


Weights Bill set 
for easy passage 

BY OUR LOBBY STAFF 

THK GOVERNMENT seems to British food and drink manu- 
have smoothed the way to bring facturers from unnecessary 
forward the unexpectedly con- jjjjjj* m ** fflckm S "^uire- 
trovcrsial Weights and Measures m The Bill will introduce the 
Bill again. The Bill will autho- European system of checking 
rise the introduction of a Euro- the contents of pre-packed 
pean style system of monitoring items by taking averages. What 
the contents of pre-packed food was at issue was the future of 
and drink to fulfil Britain's the British svsiera of monitor- I 
obligation under an EEC mg contents' to see whether i 


directive. 

The Bill’s second reading was 
delayed last month by' an 

alliance of Opposition parties. 
Informal discussions have now 
j taken place between those 

[ responsible for consumer prn- 
. lection in the various parlies. 
J and the Conservatives are 
I thought io have indicated that. 
I subject to certain assurances, 
I they will not block the Bill. 

The Government regards the 
negotiations as successful 

because it has not had to make 
big changes to the pn\nused 


i 


‘Brighter prospects’ 
for industrial states 





BY DAy© FREUD - 

PROSPECT^ FOR industrialised 
economies as a group are con- 
siderably brighter than at* any 
time since the 1973-74 oil crisis, 
according' to the City stock- 
brokers .Phillips and Drew. 

In . its review, the firm said 
member-cotintries of the Organi- 
sation for Economic Co-opera- 
tion. and Development were 
likely to he in better economic 
balance," with . a narrowing of 
inflation, ; grourth and trade 
differentials, resultingin greater 
stability on foreign, exchange 
markets. 

Divergence, in .interest rates 
in OECD -countries caused by 
the oil crisis began to narrow 
only. In mid-.' 1977. \ .... 

The gap between highest and 
lowest inflation rates was now 
about .9 percentage to 10 per- 
centage points, against about 17. 
points in .1074.- The average 
rate.' of. inflation was much; 
lower- ..'. ' 

Distribution of world accounts 
had moved in. favour of the 
OECD economies; - . said the 
report. 

In 1974: the seven maj n OECD 
economies .had an aggregate 
current account deficit of S20bn. 
In 1978 they would probably 


have a surplus of about $4bn. 
and S5bn in 1979. . 

Current accounts ■ were 
expected to fluctuate in a 
narrow range, either side of 
balance. The exceptions; were 
the U.S. and Japan. , . A reduc- 
tion of the former's large deficit 
was forecast and a fall in Japan's 
surplus. 

“The price effects of. cur- 
rency depreciation in the U.S. 
and appreciation in Japan have 
so far outweighed the volume 
effects, and this has led to a 
worsening in the U.S. trade 
account but an improvement in 
Japan's. 

“In 1979 we expect that the 
volume effects of currency 
changes will begin to work 
through more strongly, reduc- 
ing both the U.S. trade deficit 
and Japan's trade surplus^. 

It was clear that the Govern- 
ments of the UK. France- -and 
Australia were following -poli- 
cies of entrenchment, against 
inflation despite high levels of 
unemployment and underutili- 
sation of capacity in their 
economies. 

Only West Germany. Japan 
and “ perhaps Canada *’ bad 
“taken worthwhile steps"- to- 
ward stimulating their econo- 
mies. ■ • . 


- • - • 

r~' 


Leigh Interests wins 
waste tip appeal 


ji : 2» -or >.fins 


Ijrt&it**-; 


a*tf- 


BY COLLEEN TOOMEY 

’ LEIGH INTERESTS, the £I to-a- 
year waste treatment and dis- 
posal group, has won an 
appeal to. be allowed to tip 
up .to i5m gallons of toxic waste 
a year. -in a disused colliery in 
' the .West Midlands. 

.. Mn, Peter Shore, the Environ- 
ment Secretary, has granted 
permission .for’ treated liquid 
waste, to'. be /-tipped in under-, 
ground: workings at Empire 
Works in Aldridge. 

A 13-day inquiry was held in 
June and July this year into an 
appeal by. Leigh, Interests 
against the failure of Walsall 
Borough Council to- give the go- 
ahead for tipping; ' ’’ 

Since tfieri,- residents have 
been : joined to - - their fight 
against it -.by three Labour 
Members of Parliament. 

The three MPs from the Mid-, 
kinds have arranged to meet Sit 
Derek Erin, chairman of" the- 
National Coal Board, to .urge 
him to refuse permission for the 
NCB working? to. he used- . 

- Residents are concerned that 
depositing liquid waste into the 
disused colliery might lead to 
pollution of ground water sup- 


plies and to the collapse of other 
mine shafts in built-up areas. 
They are also worried that Ald- 
ridge will become the dumping 
ground ‘for toxic waste from a 
wide area. 

But. Mr. Shore, in making. his 
decision. ‘ said that he agreed 
with this inspector’s conclusions 
that planning permission should 
be granted. 

The decision is subject to sev- 
eral conditions ensuring protec- 
tion of the environment includ- 
ing . stabilising or capping re- 
maining mine shafts that could 
be .-effected by the waste, and 
monitoring of three bore holes 
to - maintain the leva’ a! the 
liquid. 

Mr. Edward Wilkinson, man- 
aging director, of Leigh In- 
terests effluent disposal subsidi-. 
ary. said he was delighted with 
the decision. 


Economic 
outlook 
‘more stable’ 

By Peter Riddell. 

Economics Correspondent 

THE OUTLOOK for the British 
economy remains encouraging, 
according to a generally opti- 
mistic end-of-thc-year analysis 
from stockbrokers Wood 
Mackenzie. 

The brokers stress lhat they 
expect greater financial stability 
than in the last 12 months. As 
the growth in domestic demand 
, decelerates there should be an 
' easing of the current pressures 
; on financial markets. 

Although a gradual rise in t he 
inflation rate is forecast, the j 
upturn should be modest and | 
short-lived. With Ihc Govern- 
ment expected to maintain 
control over the money supply 
and public spending, the 
inflation rale is expected to 
start declining again in 1980. 

But Wood Mackenzie warns 
that this trend is likely to be 
accompanied by a slowing of 
economic growth in 1980— 
partly due to a downturn in 
world demand. Nevertheless, as 
long as the Government main- 
tains its current economic 
disciplines, the foundations 
should be set for soundly-based 
growth in the 1980s. • 

Main points 

• The main points of the fore- 
cast are that real Gross Domestic 
Product should grow by 3.4 per 
cent this year and 2.8 per cent 
next year, while the current 
account should move from 
balance to a surplus of £500m, 
reflecting a sharp improvement 
in trade in oil. The annual 
rate of retail price inflation is 
forecast to rise to about 10 per 
cent by the end of next year. 

. Private investment, particu- 
larly in manufacturing industry 
is forecast to rise by about one 
tenth this year, with a 5.4 per 
cent increase next year. Real 
consumer, spending, after rising 
byjan-estimated 5.5 per cent this 
year;- is expected io increase by 
only 2.8 per cent next year. 


they reached certain minimum | 
size requircmenls. The Con- ( 
servatives. who have success- > 
fully' sabotaged the Govern- 
ment’s compulsory' metrication 
programme, were concerned 
that the proposed legislation 
went far beyond the require- j 
meats of ihe EEC directive. 

Government ministers have I 
now apparently told the Qppo- ] 
.‘.jtion parties that the intioduc- J 
lion of the European average 1 
system was never meant to ! 
affect the existing British ! 
minimum contents system, and ’ 
legislation. And the Conferva- that they will make this clear ! 
Uvcs believe they have saved at the second reading. 


Financial Times Grocery Index 

Fruit and vegetable 
prices rise sharply 

BY DAVID CHURCHILL. CONSUMER AFFAIRS CORRESPONDENT 


Council backs 
supermarket 

A £3M. supermarket and ware- 
house on a 7-acre site at Dere- 
ham, . Norfolk, providing 240 
jobs, has been backed by ibe 
town council. 


Rise in building 
material sales 

BlJILbERS’ MERCHANTS’ sales 
ip-, the UK were up by nearly 
10. per cent in October com- 
pare^ with a year earlier, 
according to 'the Builders Mer- 
chants Federation. 

" The federation, which says it 
represents 95 per cent of UK 

a ants, states that in the 12 
s as a whole to the end of 
?r sales rose by just 'over 
8 pet' cent. 

;■ Mr. Reg Williams, director of 
the federation, said lhat the 


cumulate figures for tbc year 
irematned healthy. 1 


THE FINANCIAL TIMES 
grocery prees shopping basket 
fuse sharply in December for 
the second month running as a 
a result of the rising cost of 
dairy’ products and fresh fruit 
and vegetables in the weeks 
before Christmas. The index 
showed a rise of 1.43 points on 
November to stand at 105.10. 

Although the rate of the 
December increase was less than 
the previous month . the index 
is now at its highest since it 
was re-launched last March. 

The rise in fruti and vege- 
table prices »s usual before 
Christmas because of higher de- 
mand and reduced supplies. 

Nonetheless, the increases 
this year have been less than 
expected because of good har- 
vests whch have made supplies 
more plentiful than normal. 
Overall, indeed fresh vegetable 
prices arc about 14 per cent 
lower than last year, and fresh 
fruit is about 11 per cent 
cheaper. 

The section of the FT basket 
covering fruit and vegetables, 
however, showed the largest 
absolute, increase this month, 
rising from £182.52 to £200.36. 

Nearly all vegelables cost 
more in the 25 shops of all 
sizes monitored by the FT 
shoppers throughout the UK. 
Potatoes were up by about lp 
a pound, cabbages up by 3p 
a pound, and lettuces by. more 
than 6p each. Cauliflowers 
were also about 6p dearer for 
a medium-sized one, and they 
were in very short supply 

Tomatoes went up sharply in 
price by at least lOp per pound, 
while mushrooms were lp more 
per quarter pound in most cases. 

Apples were also up slightly 
in price, and oranges were 
much more expensive. 

The rise of almost £8 in the 
dairy produce sector of the 
basket to just over £512 was 
mainly due to higher egg prices. 
These have risen by between 
lip and 6Jp per half dozen. 


Cheddar cheese is about 5p 
more per pound than last month, j 
although milk has remained at j 
a stead;* price. Blitter and ; 
margarine prices have also } 
stayed fairly constant, but 
Danish butter is about 6p per ' 
pound cheaper. 

Thp price of a standard loaf | 
of bread rose by lp earlier this : 
month after the Price Comntis- * 
sion derided not to intervene in • 
the proposed increases. This ] 
was mainly responsible for the j 
rise of almost £4 in the bread. ! 
flour and cereals section of the j 
basket. But a number of break- ! 


West End 
sales off 
to early 
start 


By Our Consumer Affairs 
Correspondent 

MANY big London stores 
start their annual bargain 
sales today and tomorrow with 
the hope that shoppers will 
shrug off the potential eco- 
nomic and political problems 
ahead. 

The sales follow pre- 
Christmas spending which was 
less than had been optimisti- 
cally predicted by some re- 
tailers. (hough i( was still 
up on recent years. 

The early start to some of 
the sales by the Oxford Street 
stores was made possible by 
their decision to close last 
Saturday, giving staff their 
fall statutory holidays. The 
stores also hope lo benefit by 
the extended holiday which 
most people will have this 
week, giving them time to go 
shopping in London. 

Stores which start their 
sales in central London today 
include electrical retailers 
Curry's and Lasky’s, the Doleis 
and Manfield shoe shops, a 
□umber of department stores, 
snch as Liberty's, Dobeo- 
haras. Bourne and Hollings- 
worth. Maples. Swan and 
Edgar, and Whiteleys of 
Qneensway. 

Tomorrow, sales will start at 
the Army and Navy Store, 
Dickens and Jones. Selfridges. 
D. H. Evans, and Simpsons of 
Piccadilly. 

Harrod's sale starts on 
January 6 for one week. 


NOVEMBER. 1978 
Dec. 

£ 

Nov. 

£ 

Dairy produce 
Sugar, tea. coffee. 

512A4 

504.18 ; 

soft drinks 
Bread, flour and 

174.17 

17532 1 

cereals 

24233 

23830 i 

Preserves and 



dry groceries 

86.67 

86.12 ! 

Sauces and pickles 

42.11 

42J1 i 

Canned goods 

157.31 

156.17 : 

Frozen foods 
Meat, bacon, etc 

19132 

191.93 | 

(fresh) 

Fruit and 

44334- 

445.78 ; 

vegetables 

20036 

18232 

Non-foods 

783-56 

18030 : 


Food profit 
up ‘only 
slightly’ 

By David Churchill, 

Consumer Affairs Correspondent 


manufacturers has 
slightly, according 


improved 
to latest 


Total 2033.59 


The council’s quarterly sur- 


gins of 2.S per cent ia the first 
quarter of this^ year to 3.8 p 
ceot in the second quarter. 
The council says that “ this 


quale tu permit the industry lo 
, Play its Tair share in the 

2,203.23 ! achievement of a sustained eco- 
nomic recovery.” 

The steep increase in consum 


Index for December: 105.10 
1978: .March 100; April 101.77; 

May 103.11; June 1M.18; July \ ers' expenditure over the last 
10141; August 101.39: Seotember ; year has not significantly bene- 
101.90; October 101.77; November 
103.67; December 105.10. 


I fited the food industry, it adds. 
** The increased purchasing 


fasi cereal prices, also increased. 

Wee tab lx, for example, went up 
by 4p. 

Meat prices were generally 
down this month, with lamb 
showing the sharpest falls. How- 
ever. beef was about 5p per 
pound more in most cases, and J unsatisfactory.’' 
steak and mince have also risen, i The fond industry faces prob- 

T/ic Financial Time* Grocery j lems “ that remain outside its 
Prices Index is copyright, and ; immediate control." 


power has tended lo flow to- 
wards fresh foods, some of 
which have fallen in price, and 
consumer durable goods. 

On whatever basis the figures 
are calculated, whether in cur- 
rent or constant prices, “ the 
profit levels remain inherently 


.shi'j/lri not be reproduced or 
used in any tray without 
consent. 


PROPERTY IN 1979— THE AGENTS’ VIEW 

Shops boom should 


ICI to build £10m plant 

BY SUE CAMERON, CHEMICALS CORRESPONDENT 

IMPERIAL CHEMICAL Indus- collected, transferred to a pump- 
tries is to build a £10m effluent 
disposal system at its Stevenston 
manufacturing site in Ayrshire. 

The 2,000-acre site is currently 
served by a network of efHuent 
disposal systems which were 
installed piecemeal as manufac- 
turing at Stevenston developed 
and expanded. Some of the 
existing systems discharge into 
the River Garnock. 

The new system will enable 
all effluents from the site to be 


These include ** the continuing 
erratic movements on the 
foreign exchange markets com- 
bined with the prospect of a 
rise in the price of nil. as well 
.as rhe high level of wage claims 
and labour unrest.” 

The council concludes that 
“the recovery in profit margins 
in the *econri quarter has yet to 
stand upon firm foundations.” 


ing station near the shore and 
then discharged into deep sea < 
water via a submarine pipeline 1 
over a mile long. 

Explosives, industrial nitro- 
cellulose. silicones, dyestuffs, 
intermediates and acids are pro- j 
duccd at the Stevenston site, 
where oyer 3.500 people are 
employed' 

Construction of the new 
effluent disposal system is ex- 
pected to provide about 200 jobs 
over two years. 


survive the winter 


. I,:1 V 


c - - : 

BY JOHN BRENNAN; PROPERTY CORRESPONDENT 

EVERY YEAR the main com-.-' Edward Erdman. 
mercial estate agents put pen 
to paper and give their views 
on the present and future state 
of the: property marker. 

This year the lavish presenta- 
tkm of .so many o.f these reports 
. tells as much; about the strength 
of. the recovery 5n the market, 

'.and in. agency fees,, as. the 
companies' comments.-' 


in its in the cu 


pent prime investment 

annual' review, sees retail pro- yields n<4* being paid must be 


perty as one firm rock in a sea a :ihattpi| 
of . economic troubles. It fore- .larly sinty 
easts that: “ the trading boom in .rental 
the retail sector is expected lo . partly bej 
survive the winter .at least, rive reta 
fuelled ..by .inflationary wage ;than on 


settlements and pre-election con- jednsuraerkpending outlook.” 


cessions. 
Hammond 


Phillips Partner- 


The past 12 months have, it ship makes the point thaf the 
seems, - treated tbe agents dramatic rise in retail rent*? in 
'."kindly. The year has seen a recent months poses s potential ...... - 

- revival in new development threat to consumer choice. High jo vestments are one of the few 


Even 
Leavers 
concern 
investment 
' White 


activity, a marked warming of. rents payable only, by high-, commercial 


. 


the letting market, and & prime 
property , investment market 
that roared : within a degree of. 
overheating..... 

Looking ahead, the agents ace 
4nore cautious- Inflationary and 
political question marks cast a 
long-shadow over 1979, temper- 
ing the companies’ traditional 
ebullience. . - . . - 

Retail rock 


of concern, particu- 
it appears to us that 
lowth this year may 
based ... on defen- 
line decisions rather 
bn unqualified bullish 


he _ shop specialists 
khares 'St Quintin’s 
ipr the future of the 
market in shops. 
Central London shop 


The firm simpiv doubts if 
there will be any dramatic 
increase in rents until the over- 
hang of empty office space from 
the last development boom is 
taken up. though there are a 
few highly selective central city 
areas where rents are. near 
levels where new developments 
would be commercially justified. 

In Central London the letting 
market is far stronger. St. 
Quin tin notes a- sligbt decline 
in level of demand for. City of 
London offices in the last 


property invest 
4iow real- growth after 


v quarter of 1978. 

1* ...mtar- •< It 


turnover fashion shops are fore- menls-lo . 

Ing established convenience allowing f4r inflation, this really 
traders from the High Streets. reflects thfe tourist boom- which 
- As stores groups take on town- ha ? »«*!* Io an urujatnr al 

centre’ developments, they could level - - 
“ dominate trading positions aod 
create a monopoly situation." 

The loPg-terra problem of 
retail - competition for prime 
trading areas is recognised in 
St. Quintin’s annual review, 
which notes the Tental and re- 
sale “ price war” between 
chain stores. 

It says: “Whether rental 


It writes: .“ It remains to be 
seen whether the level of 
demand picks up again. But the 
state of equilibrium in the 
market is likely to continue 
. . , . , . into the. first quarter of the 

- Shops, 1978 s rasniun leader. jj ew year. 

may now look vulnerable to As the company is " conscious 
slower, rental .growth. - of the very limited pipeline of 

But the growing shortage of new space which will be coming 


office property, particularly in 
Central London, gives Ihe 
agents cautious confidence for 
the year .ahead. 

’/Bernard Thorpe and Partners 
Eunuparises the feeling, in all 


on to the market in the next 
12-18 months ... it seems inevit- 
able that rents will continue to 
risev albeit at a slow rate." 

Allsop and Co. expects City 
fringe areas in Holborn. Fleet 


Shop. . . property wins the 

sgents'^mahjiuoiis vote - as the „ ....... — : — . — w — ... .. 

high -fashion sartor -of the mar- growth will prove .sufficient to Ihe ‘agents' reports on provm- Street, Kingsway and Chancery 
ketthronllmfit tho year.: ^ match the expectations inherent: ctol office markets. Lane to set the pace fog rent 


growth in 'the next few years 
as the central financial areas 
run out, of lettable offices. 

It warns that anyone with a 
long West End office lease lhat 
runs out next year “ is probably 
in for a nasty shock " when the 
time comes to renegotiate terms. 

In the industrial market, the 
agents keep a wary eye on the 
continuing low level of new 
capital investment. 

Industrial field 

Leavers opens its commentary, 
on this with the note that for 
1978 “we did anticipate a 
cooling-down in the prime in- 
dustrial sector which had. in 
our opinion, become somewhat 

overheated." 

It says that a two-tier market 
has developed for prime indus- 
trial investment, fuelled by 
*• the most bullish and aggres- 
sive of the funds’" that has 
taken prime yields down to 6J 
to 7* per cent and one made up 
of “ those more conservative 
funds ” which refuse to buy 
below initial yields of "J to 9t 
per cent 


London 
‘needs 
new road’ 

By Paul Taylor 

THE SURVIVAL of London's 
inner city as a business and 
industrial centre depends on 
the building of a southern 
orbital road, in a tunnel, claims 
the London Chamber of Com- 
merce. 

Existing plans to improve 
London's “roads are “ inade- 
quate *' and will fail to renew 
business confidence in the area, 
the chamber says in commenLs 
on plans by the Greater London 
Council to - improve London's 
road system. 

It warns that considerable 
additional resources will have to 
be made available for road 
improvements if London is to 
retain industries. 

The chamber is concerned 
about the lack of an adequate 
inner southern orbital route 
and while it accepts difficulties 
in building such a road the 
chamber said a tunnel may be 
the only choice. 

A southern orbital route was 
vital to complement the pro- 
posed West London relief road. 
Without it inner London would 
he particularly vulnerable io 
unemployment and increasing 
deprivation. While overall un- 
employment in inner London 
was about 6.5 per cent, in South 
London it was between 7.5 per 
cent and 10.5 per cent and in 
Deptford it was nearer 14 per 
cent. 

The chamber "totally rejects” 
suggestions that the contribu- 
tion nf roads to ecnnmnic 
development is not proven. 
Money spent on London's roads 
was an investment for future 
employment 


Oil groups may 
match Esso 
offer to drivers 


BY OUR LABOUR EDITOR 

UNCERTAINTY about petrol 
supplies, which caused long 
queues at filling stations over 
the holiday, may be lifted over 
the next two days when nego- 
tiations resume on oil tanker 
drivers* pay demands. 

Trade union officials expect 
to be able to announce today 
that a new offer from Esso has 
been accepted by the company’s 
drivers. Esso drivers have 
already lifted their overtime 
ban, which along with bans in 
the other companies, caused 
some shortages and contributed 
to panic buying by motorists. 

Shell and Mobil are due to 
reopen their negotiations today, 
and BP and Texaco tomorrow 
after Esso's latest offer at the 
end of last week. These com- 
panies are expected to match 
Esso's offer if it is accepted 
today. 

The drivers have threatened 
a national strike in a week, 
which would cut supplies to 
about 25 per cent, bring emer- 
gency oil rationing for industry 
and almost entirely halt the 
supply of petrol for private 
motorists. 

The limited supply would be 
provided by troops specially 
trained by the Ministry of 
Defence to maintain essential 
services. 


On Friday, Esso improved Its 
offer by raising the basic wage 
rate and the amount used to 
calculate overtime earnings -to 
£7S a week. It offered moTe 
holiday pay and overnight sub- 
sistence allowance, and a special 
allowance for Northern Ireland. 
Part of the offer would be met 
by increased productivity, 
including a saving on daily 
work.ng time of between 10 aftd 
25 minutes, Esso said. 

The drivers, members of tbe 
Transport and General Workers’ 
Union, had submitted a claim 
costed by The companies at more 
than 50 per cent. They wanted 
an overtime “calculator" p£ 
£9il a week compared with the' 
present £59. as well as a big 
basic rate increase. . , 

The Government's decision to' 
drop the -use of sanctions' 
against private companies has 
removed unc obstacle to a quick! 
settlement of the tanker drivers* 
dispute. 

Blit in road haulage generally,: 
where strikes have been called 
frnm the same dale, employers 
are worried that to concede 
claims in ohvious breach of the 
Government's 5 per cent limit 
would bring into effect the 
ihreat that haulage rates would 
he frozen by the Price Com- 
mission. 


Strike-prone image 
blamed on small 
number of plants 


BY PHILIP BASSETT. LABOUR STAFF 


THE PATTERN of strikes in 
1978 has supported both major 
contentions about stoppages: 
that only a few plants are 
effected, but that those plants 
continue to reinforce the 
image of Britain as per- 
manently strike-prone. 

Official . figures from the 
Department of Employment for 
the year are likely to show that 
the number of strikes has been 
below or on a par with last 
year's total of 2.703 recorded 
stoppages. 

The 1977 total of the number 
of working days lost was a 
sharp reverse of ihe downward 
trend, with 10.142.000 days lost, 
and the total for this year could 
he even larger. But the figure 
will be a less useful indicator 
than normal because it will be 
inflated by the number lost in 
the long stoppage at Ford Motor. 

The year beean with troops 
taking over in the first national 
firemen’s strike, and drew to a 
close with a short spell of blank 
television screens and silent 
radios in a dispute over BBC 
pay. 

In between were strikes at BL's 
Bathgate lorry plant in Scot- 
land and at the group's Speke 
plant on Merseyside, which 
eventually had to be closed 
permanently, a national bakery 
workers' strike, and a major 
national strike at Ford Motor, 
where a 17 per cent pay settle- 
ment appeared to break the back 
of the Government's pay policy 
in the private sector. 

Survey 

The official strike statistics 
have come under renewed 
attack this year as being seri- 
ously unrepresentative of the 
true picture of industrial rela- 
tions in Britain. 

In a survey of stoppages in 
one week in September. The 
Sunday Times found 200 dis- 
putes. The Employment Depart- 
ment's figures record only 232 
strikes in th tf whole month. 

The gap allowed critics of the 
figures to point to serious defi- 
ciencies in the Department's 
method of reporting stoppages. 
The official figures exclude 
strikes involving fewer than ten 
workers or lasting less than one 
day. though these srike.s are 
included if the total number or 
working days Inst through them 
rises above 100. 

The Department’s most 
thoroughgoing refutation of 
claims that Britain is strike- 
prone — though also its niost 
open admission of the limita- 
tions of its own strike reporting 
— are made in a major historical 
study of strikes in Britain, 19tSf>- 
1973. just published. 

The study admits that since 
196S •• there has been a serious 
explosion of strike activity " and 
notes the view that rhe nature 
and extent of industrial action 
in Britain has been " a major 
cause of our relatively poor 
record of industrial growth since 
the war." 

Consequence 

It says:, “It is unfortunately 
beyond doubt that Britain has a 
poor industrial relations image 
and probably true that the 
whole community suffers 
through it." Because markets 
are hard to bold on to and diffi- 
cult to win “we can ill afford 
even the possibility- that a poor 
industrial relations image 
might inhibit Inward investment 
or reduce confidence in our 
ability to deliver export orders 
to specification and on time/' 
Britain ranks sixth out of 15 
countries in Ktrike-prnnenr'ss. on 

information drawn selected hie 
industrial croups, and seventh 
on an all-industries comparison. 

The report claims on this in- 


formation that the “ British 
disease ' “ is neither peculiar Jto 
ihis country nor apparently 

present here in its most virulent 
form.” 

It admits, that the relative disr 
advantage when compared with 
West Germany. Japan and 
other leading competitors on 
“the amount of time and dis- 
location occasioned by industrial 
stoppages could be "a signifi- 
cant source of weakness.” 

The industries most affected 
by stoppages are coal mining, 
steel, vehicle manufacture, ship- 
building and dock work. These 
normally account for “.at least” 
25 per cent of stoppages and a 
third or days lost, although they 
provide little more than 6 per 
cent of employment. 

The reports says that 98 per 
cent of all plants are generally 
free from strikes. However, of 
those plants affected. 5 per cent 
account for about 25 per cent 
of recorded stoppages and -a 
similar proportion for two-thirds 
of all working days lost !. 

Tendency 

There is a " powerful ten- 
dency ” for plant size to affect 
stoppages, the report notes. 
Plants with 5.000 or more 
workers accounted for 31.7 per 
cent of stoppages per 100,000 
employees. 

Large unions, too, tend to 
have more members involved in 
strikes. In the period of the 
study, members of only nine 
unions were involved in about 
90 per cent of stoppages, though 
these unions made up less than 
60 per eent of total union mem- 
bership. 

Manual workers' strikes ten- 
ded to dominate, averaging 85 
per cent of stoppages, though 
the rise of white-collar trade 
unionism is reflected in that the 
percentage of strikes involving 
administration workers in- 
creased from an average of 5.R 
per cent of strikes in 1966-69 
to R.2 per cent in 1970-73. 

The Department claims that 
tin stoppage, however small, 
would be overlooked by ins local 
officials. It has admitted, 
though, lhat many small slrikos 
—particularly those short stop- 
pages which in industries such, 
as vehicle manufacture can. 
severely affect production — arc' 
not covered by us figures. 

The report argues that some 
" eut-nff point ” for strike 
reporting has to be drawn. It 
admits that any cut-off point is 
likely to be arbitrary, though 
any change in its method tif 
strike reporting would involve' 
'■ a majiT loss in continuity” 
in its information of strikes, 
from the year IS93. 

It also admits that its; 
coverage allows no reporting of" 
“ downers.” or short stoppages- 
throughout industry, which 
some industrialists and com- 
mentators argue are the real 
cause of Britain's poor indus-1 
trial performance and the; 
“ English sickness " tag. 

“SI rikes in Britain _a 
Research Study oi Industrial 
Stoppages in the UK: Depart- 
ment of Employment — HAfSD 
£d. 


£76,000 grant ; 
for radio 
jobs scheme 

THE Manpower Services 
Commission is providing £76.000 
for a back-up service for Capital 
Radio's latest project. ^ 

The London commercial radio 
station will now be able to pro- 
vide more help for the young 
unemployed through its govern- 
ment-staffed Jobfinder desk. .* 










t ■ IS. 


- -Kaancial times 


4 


Budding and Giind 


lag’s £13. 



JOHN LAINC. Construction. 
North East region, has won *a 
£13. 5m contract to build a new 
medical school as pan of the 
redevelopment of the Royal 
Victoria Infirmary in Newcastle- 
upon-Tyne for the Northern 
Regional Health Authority. 

The project involves the con- 
struction of two blocks; one 
seven-storey and one part six- 
and part seven-storey. There 
will be links and ancillary 
structures at various levels, a 
boiler house extension, and the 
construction of a new chimney 
and associated external works. 

Structurally, the two blocks 
will have concrete pad founda- 
tions with concrete ground 
floor slab and in situ beams 


which will have permanent 
formwork with in situ concrete 
topping. Walls will be of brick- 
work and blockwork. 

Mechanical and electrical in- 
installanons will include nine 
lifts, heating and ventilating 
systems, five water service sys- 
tems, three extensive fume cup- 
board extract systems, and a 
number of gas distribution sys- 
tems. 

Electrical installations also 
include high- and medium- 
voltage distribution systems, 
transformers, distribution gear 
and various alarm communica- 
tions systems. 

Architects for the scheme are 
Robert Matthew. .lohnson- 
Marshali and Partners of Edin- 
burgh. 



Douglas Group busy 



THE LARGEST of recently won 
contracts by R. M. Douglas 
Construction is a Property Ser- 
vices Agency iD.o.E ) contract 
for £2.5m. This is for the con- 
struction of a skill centre at 
Red ditch on which, work will 
start at once. 

Other contracts comprise in- 
dustrial developments iu the 
Midlands, Wales, the Home 
Counties and the North East. 


Work also received Is for a 
new centre for the T.A. and 
A.V.R. Association for the 
North of England in Tyne and 
Wear, and a bridge in Stafford- 
shire. 

The Douglas Group company 
which specialises in internal 
works, Marshall Davis, and Co.. 
has won a £229,000 contract for 
the lining of a Factory for 
Rockwool (UK) at Bridgeud. 


Cheap hot water for schools 


in Yarmouth 


Fairclough in Chester 


New Taylor 

Woodrow 

division 


Problems of 

sewage 

solved 


THE SHOPPING space in 
Cliesterfi eld's indoor market will 
be doubled upon the completion 
of a £i.5m contract awarded to 
Fairclough Building. 

The old Corn Exchange will 
be demolished to make war for 
the extension to Chesterfield’s 
Victorian Market Hall, a build- 
ing protected by a preservation 
order. 

Shops will he provided around 
the perimeter of the extension 
and file original hall will be 
modernised to proride better 
facilities and a basement storage 
area for traders on the outside 
market. 

Paring the way for further 
development of Telford New 
Town. Shropshire, is the tunnel- 
ling division of Fairclough Con- 
struction which will provide 
new foul and surface water 
sewers in the Donnington dis- 
trict of tiie town. 


The sewer scheme contract, 
for £ 1.45m. has been awarded 
by the Telford Development 
Corporation, and the company 
has now completed two tunnel 
drives for the main 500 metres 
Jong. 3.2 metres diameter sewer 
tunnel. 

In addition to the main 
tunnel, a further 2.2 kilometres 
of foul and surface water sewers 
are being constructed in dual 
trench together with a smaller 
runnel fif) metres long and 1.83 
metre diameter beneath a major 
road and private railway. 

An £800.000 sewer contract 
is also being carried out for the 
same authority in the adjoining 
district, of Oakfcngates. This 
involves 770 znetnw of 2.44 
metres and 1 . 6 S metres diameter 
tunnel (some of it requiring 
low prewure compressed air). 
2no metres of heading and SfiH 
metres oF open cut works 


TAYLOR Woodrow Construc- 
tion has established a mining 
division which will be respon- 
sible for all surface and under- 
ground mining operations. 

Additionally, the sendees of 
the division will be available to 
other group companies where 
specialist mining or quarrying 
activities. exploration and 
feasibility studies are involved. 

The director responsible for 
the new division is Mr. A. W. 
Cheyne and other appointments 
are; Mr. M G. Batchelor. 
Manager: Mr. S. L. Munro. 
Chief mining engineer, and 
Mr. M. J. M. Unwin, chief 
geologist. 


Wisbech’s 
flood wall 


NOTICE OF REDEMPTION 

To the Holders of 

Honda Motor Co., ltd. 

7%% Guaranteed Sinking Fund Debentures Due 1981 


NOTICE IS HEREBY GIVEN, that One Million Fifty Thousand Dollars 
(SI, 050.000.001 principal amount of Honda Motor Co., Ltd- , -. l ° V/uar- 
. an teed Sinking Fund Debentures Due 198 L and bearing the following serial 
numbers, have been drawn for redemption for account of the Sinking buni 
on January 15, 1979 at the principal amount thereof and accrued interest to 
that date. 


DEBENTURES IN DENOMINATION OF $1,000. EACH 


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Holders of the aho\c debentures should presem amt un render them for 
redemption on or after J.inii.ry I*. 1*^79 with the .tub. 1 s. l**:» and subse- 
quent coupons attached at The Bank of Tokyo Trust Cnrtipuny . 100 Broad- 
way, New York. N. Y. 10065. or at the offices of The Rank «r Tokyo, Ltd. 
in London. Rnu*cls and Pariv or the main office-, of .lice* £ Hope in 
Amsterdam. Morgan Guaranty Trust Company of New York in Frankfurt, 
Ban ca Vnnwfl ler & CAp-A. in .Milan or Banqu? Ctnculr dp JLn\cro- 
bourg hi Luxemhnure. Coupons payable January If. i g '9 should be ac- 
Uc hed and collected in ihe usual manner. 


Interest on the debentures so called for redemption will cense to accrue 
from and after the redemption date, to wit. January If, 


THE BANK OF TOKYO TRUST COMPANY 
as Trustee. 


December 12, 1978 


NOTICE 


The foil owing coupon Bonds previously called for redemption have nor 
as yet been presented for payment. 


56 

1627 

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3224 

4620 

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DESIGN WORK connected with 
Stages 3 and 4 of Anglia Water 
Authority’s Wisbech tidal flood 
a Mevial ion scheme is to be done 
h y Sir M. MacDonald and 
Partners, consulting eneineers. 
who were responsible, over ten 
years ago. for the Great Ouse 
Flood Protection Scheme near 
Cambridge. 

The work involves measures 
for raising the flood protection 
level along the river Nene where 
it fronts part of Wisbech town. 
Tt is anticipated that civil engin- 
eering work involved will be in 
the region of £5m. 


FARMS, cottages or private 
bouses on small developments 
which are situated below the 
main, sewer level can be given 
adequate facilities, says British 
Guinard Pumps. Kernan Drive. 
Loughborough. Leics. 

Although suggested for new 
installations, to be specified by 
architects or local authorities, 
etc., two models of portable sub- 
mersible sewage pumps can also 
provide a low cost answer for 
water drainage and . sewage 
handling for older properties, 
renovated dwellings, and where 
the authorities will no longer 
accept the continuing use of 
septic tanks or cesspits. 

The ECS 4.09 has a capacity of 
up to 100 gpm and heads to 30 
ft using a single channel im- 
peller tilth free passage of solids 
to 40 nun diameter. 

The second model. ETTS 6SWO. 
has a similar capacity. lower 
head to a maximum of 13 feet 
but features a recessed vortex 
type impeller which allows a 
freo passage of solids up to 
65 mm diameter 

Both unils are powered hv a 
I hn oil filled electric motor run- 
ning at 2.800 rpm. and are avail- 
able in single phase 220-240 volts 
or three-phase 380-440 volts. 

Like all models in the com- 
pany's range, the motor wind- 
ings are encapsulated in epoxy 
resin as an extra protection 
against an accidental ingress of 
water. 


SOLAR PANELS, manufactured 
and installed by Ocjeanware of 
Much Wenlock in Salop, have 
begun heating water for wash 
basins and showers at the 
Bridgnorth Endowed Scbool. 
The panels measure 12a metres 
square and 15 of them have 
been installed on the flat roof 
of the school. These solar panels 


have cover plates of a special 
grade , of ** Filon GRP sheet 
supplied by BLP Moulding Bivi- ■ 
sioa (Turner and Newall). . . 

The installation cost .was. 
£4.000. On the basis of 
experience with similar, but 
smaller, units, the full cost- is 
expected to be recovered 
through a reduction in fuel bills, 


■within five years. Over a typical 
year, this type of. installation, 

! working in conjunction \rith 
conventional water beating-; 
systems. Will cut fuel bills by 
around 50 per cent,- delivering 
iyater at. up to 54 degrees C, 
with any additional heat 
•directed to a large, cold-water 
.tank. 


Improving the speed of fire alarms 


SMOKE DR TFT and dilution in 
buildings can delay and un- 
balance the operation of smoke 
detectors which trigger fire 
alarms, sprinklers or roof.vents. 

Hot air currents can lie 
caught up in cooler air above, 
forming a widely spread cooled 
layer which fails to operate the 
sensors. Meanwhile, the fire 
builds up beneath. At its most 
threatening, the problem can 
call for the replanning of open 
interiors and the erection of 
dividing walls beneath single- 
span roofs. 

A less drastic solution in large 
buildings is to sectionalism the 
upper reaches of space below 


the roof, trapping hot air in' 
restricted areas, by means of. 
smoke curtains or sheets not. 
more than 60 metres (approxi- 
mately 200 feet) apart. 

A new smoke curtain made of 
closely woven glass thread has : 
been designed for roof work by. 
Rentokil and is manufactured at' 
its Tutor Safety Products plant ; 
at Sturmin&ter Newton. Dorset. 
The first installation was at the. 
Agora shopping and leisure 1 
centre, AVoJverton. within the*' 
town of Milton Keynes. J 

The curtain was developed to 
meet specifications for an uv 
combustible material free from 
asbestos with an ample margin 


of tensile strength, combined 
with flexibility and resistarice.te 
,Wear." 

The glass fabrie does hot 
harden off up to- 600 deg. C and 
the softening -point is - 830 degi 
C — well above the 455 rfeg-.C 
at which structural steel softens 
and distorts, and high above 
the 100 deg. C at which heat 
detectors are set-to operate. 

I; By comparison, asbestos- tex- 
tiles, which are almost entirely 
based upon chiysotile fabric, 
resist heat to 450 deg, C before 
reaching decomposition ^ tem- 
peratures. 

Tutor is at Sturminst'er Nevf--. 
ton (025S) 72951. 


EXPANSION plans announced" . 
by Ai»ertteeo4iased . McAIpme 
Humberoak, :wiH "bring new 
employment, opportunities to. 
Great' Yarmouth, in J 979. ... 

v It is anticipated that upwards 
-.pf. aO men will: eventually be 
engaged on specialised fabrics- ,- 
-'tons and technical services for 
offshore . rigs- and. pla tforms in 
a lOiOTO’sftfiarfc taet facility, on 
tbe.-Harfreys. industrial.. Estate 
due -ttr.open in- January^ This 

-expansion- stems, from the sue- ' 

cess of the McAlpine Humber- \ 
oak -^Scottish operation': in pro- 
vidiBg inspection, repair and 
.maintenance services 'demanded' I 
by North- 5ea oil -and gas. opera- 
tors. The Great Yarmouth base 
will speed .such' services to pro- 
ducers in the , southern .reaches 
of the North Sea. • 


IN fiilEF- 


Preparations for a palace in Dubai 



Description 


Telephone 


ROLLING MILLS 

Sin x I2in x (Oin wide variable speed 
Four Hi;rh Mill. 

3. Sin x. Sin x 9in wide variable speed 
Four High Mill 

10ln x I bin wide fixed speed Two High Mill. 

10in x 12in wide fixed speed Two High Mill. 

!7in x 30in wide fixed speed Two High Mill. 

24 in x 36in wide x 300 HP Two High Mill. 

1973 THOMPSON & MUNROE STRIP 
STRAIGHTENING & Cut-to-Length machine. 

W0 CUT-to-LENGTH max capacity 

1.000 mm 2 mm x 7 tonnes coil fully 
overhauled and In excellent condition. 

STRIP FLATTEN AND CUT-TO-LENGTH LINE 
by A.R.M. Max. capacity 750 mm x 3 mm. 
FARMER NORTON 18in WIDE CUT-TO- 
LENGTH LINE. Max. capacity 1 5jn x 10 s.w.g. 
RWF TWO-STAND WIRE FLATTENING AND 
STRIP ROLLING LINE. I0>n x 8in rolls x 
75 hp per roll ttand. Complete with edging 
rolls, turk’n head, flaking and fixed retoiler, 
air gauging, etc. Variable line speed. 

0.750 ft/m in and 0/ 1.500 ft /min. 

SLITTING UNES (2 ) 300 mm and 500 mm 
capacity. 

8 BLOCK (400 mm) IN LINE. NON-SLIP WIRE 
DRAWING machine In excellent condition. 
0-2.000 ft ■' min variable speed. 10 h.p. per 
block M9&8I 

24in DIAMETER HORIZONTAL BULL BLOCK 

by Farmer NorTon « 19721. 

PACEMAKER SIX BLOCK <22in x 25 h p 1 
variable speed Wire Drawing Machine by 
Marshall Richards 

2 IS DIE MS* WISE DRAWING MACHINES, 

5.000 ft- min with spoolers by Marshall 
Richards. 

9 DIE 1.750 ft /min SLIP TYPE ROD DRAWING 
MACHINE equipped with 3 speed 200 h p 
drive 20m. Horizontal Draw Blocks. 22in 
Vertical Collecting Block and 1.000 lb 
Spooler i Max. inlet 9 mm finishing do*»n 

to 1.6 mm copper and aluminium I 
7 and 9 ROLL FLATTENING & LEVELLING 
MACHINES. 20in. 36in & 72m wide 
100 TON CAPACITY COINING PRE5S by 
Taylor & Challen — virtually unused — fully 
automatic 160 i.p.rn x 24 mm stroke 
HYDRAULIC SCRAP BALING PRESS 
by Fiddmg and Platt. 85 ton main ram 
pressure 

TYPE 10Q04R CINCINNATI PLATE SHEAR. 

mu. capacity 1.000 mm x 25 mm M 5 Pla re, 
complete with full range of spares. 

No. 1 FICE SHEAR, max. capacity SO mm 

rounds. 75 mm x 35 mm bar. 400 mm * 10 mm 
flats i spare shear blade;} 

CAYMAN ALLIGATOR SHEAR. max. capacity 

90 mm rounds. 300 mm x 40 mm bar and 
6Q0 mm x 16 mm flats 'spare shear blad-r i 
CINCINNATI GUILLOTINE 2.5(10 mm * 3 mm 
capacity complete with magnetic sheet 
Vipoom and motorised back stops 

1974 FULLY AUTOMATED COLD SAW 
fc» Noble & Lund with batch central 

3 CWT MA5SEY FORGING HAMMER— 

pneumatic single blow 

COLE MOBILE YARD CRANE. 6-ton capacity 
lattice jib. 


0902 42541/2/3 
Telex 3364 M 
0902 42541/2/3 
Telex 336414 


0902 42S4 1/2/3 
Telex 336414 
0902 42541/2/3 
Telex 336414 
0902 42541,2/3 
Telex 336414 


0902 42541.2/3 
Tcfex 336414 
0922 4254 1/2/3 
Telex 336414 


0902 42541/2/3 
Telex 3364 i4 
0902 42541/2/3 
Telex 336414 


09H2 42541 '2 -3 
Telex 336414 


09C-: 425-1.-2 -3 
Telex 336414 


cr-2 42541/2,3 
Telex 336414 
0902 425X1/2/I 
Telex 336414 


0902 42541/2/3 

Tofcx 336414 


0902 42541/2/3 
Telex 336414 


0902 42541/2/3 
Tefex 336414 


D?il2 4254 1 <2/3 
Trier 3364 14 


>190: <254i-2'? 
Tele* 336414 


^o: 4254 1- 2/3 

Trlev 3364H 

5*13 42541-1,3 

Telex 336414 
0902 42541/2/3 
T Hev 336414 

0902 42541/2'! 
Tele* 336414 


WALDRICH COBURG HYDRAULIC PLANER 
capacity I60in x 5flin x 50in. Almost new. 
condition. 

4,000 TON HYDRAULIC PRE5S. Upstroke 
between columns 921n x 52in daylight 5 (In. 
ANKERWERK 400 TON INJECTION MOULDER 


UPSET FORGING MACHINE 

4m dia. 7S0 tons upset pressure 

2.000 TON PRESS, Double action area 132in x 
3*in. 

WICKMAN Vin 6SP AUTOMATICS 1961 and 
1963 EXCELLENT CONDITION. 
W1CKMAN 1 fin AUTOMATICS. 6 sp. Excellent. 


W1CKMAN 1 Jin AUTOMATICS, 6 sp Excellent. 


CINCINNATI CENTRELESS GRINDER. 

Excellent. 

LINDNER JIG BORER, very accurate. 


SLOTTING MACHINE, Uin stroke, excellent. 


QI-92B 313! 
Tele* 261771 

01-928 3131 
Telex 261771 
01-928 3131 
Tele* 261771 
0 J -928 3131 
Telex 261771 

01-928 3131 
Telex 261771 
01-928 3131 
Telex 261771 
Q1-92B 3131 
Telex 261771 
01-928 3131 
Telex 261771 
01-928 3131 
TN*x 26177!. 
01-928 3131 
Telex 261771 
01-928 3131 
Tulfx 261771 



FUGRO-CESCO Middle East, the 
Dubai-based subsidiary of Fugro 
International has carried out 
site investigations for a pro- 
posed new palace for Sheikh 
Mohammed bin Rashid a I 
Maktoum In the Hatta area near 
Dubai. 

Main object of the company's 
operations was to assess the 
engineering properties of the 
site soils — in particular ground- 
bearing capacities— before mak- 
ing recommendations concern- 
ing the design of suitable 


foundations for the proposed' 
structure. Secondly, il had to 
determine the sulphate and pH 
values of the soils and water:' 
anti to assess the risk of, 
deterioration of foundation 
concrete. -‘ 

.The work, for consulting . 
engineer Wallace Evans and 
Partners, included the sinking, 
of boreholes to a depth of four .' 
metres into sandstone and the. 
collection of samples for labora- 
tory testing. 

Similar site investigation at 
Hatta for a. helipad and obser-'. 


nation platform, as well as a 
“cut and fill" survey at 4 site 
at Zabeel. Dubai, are. also being- 
carried out by the company for 
Wallace Evans. • ’’ • 

Architects for the proposed- 
projecis are the . Southwest 
Design Group, Texas. ■ X&SJL- 
In the UK, Fugro. has.fceeri 
carrying out foundaticmjayesti- 
gations for the North. Sea Bea- 
trice Field (Block 1130). v f. .. 

Laboratories testing and 
-engineering studies of the data 
obtained are now being carried 
out by- the company. - ' . ■ 


Work on . a., sea defence pro- J 
ject in Norfolk Is nearing com* ■ 
pletioit it Is- being carried out 
for Graat. Yanmnith ;Bbrdugh 
Council at Gaister. fey a joint ; 
venture betweeif_TSrmac Road- 
stone (Southern) and.Bitumarln * 
B.V of ZsltbouuneT, Netherlands. 
The scheme .consists of the con-- 
struction of 350 metres of sea 
wall • -using, only asphaltic 
materials.' It replaces the -old 
demolished concrete walL - ■ ( 

• Becehtly piif uito service nn . 

the site' of - a- new; flOnv artwri- . 
ping precinct in Guildford are 
two Bahcdck/BPR: tower cranes . 
ordered by George- Wimpey and 
Co..- froth ■ the -Jtoeh?ster-based 
crane ‘ and; mining division of 
Babcock ’• Construction ‘ ' Equitv- 
ment -Tlie two cranes are worth 
£142.000.- ^ . . . .. 

• Drake and Scixl! Engineering 

has just- started work on a £) m ' 
contract for TBJg <UK) involv- 
ing the installation and commis- 
sioning 'of the . mechanical and 
plumbing services in a three- 
storey, • IS.OOO square -nietre, 
office building on. IBM’s Havant ■ ■ 
Site....'.'-: -■ i 


MOTOR CARS 


GUY SALMON s 


r PorfcmointtRciod. • 
! Thatir.fcDitton 

01 3% 4222 


ROVERS 
2600 

From £6.250 
Ex Works 
or £760.17 per 
month Leasing 

The latest price increases are more than ignored 
WE ALSO HAVE SOME ATTRACTIVE U5ED EXAMPLE5 FROM 

£5.950 

PHONE NOW FOR DEMONSTRATIONS. LEASING QUOTES 
AND H.P. ETC. 

01-398 4222 


ROVERS 

2300 

From £5,450 
Ex Works 
or £140.11 per 
month Leasing 


ROVERS - 
3500 

• From £6.999 
Ex Works 
or £178.94 per 
month Leasing 


COWIE LEASE 


Experts in Vehicle Leasing 

# Any make of car or light van, available in U.K, 
supplied - many for immediate delivery. 

Hr Choice of Leasing Agreement options. 

For further information about our Leasing Services 
TELEPHONE 44122 (STD Code 0783) 



COWIE LEASE UNITED. MILLFJE10 HOUSE. HYLTON ROAD. 
SUNDERLAND. SR4 7BA. TELEPHONE 44122. TELEX 537Q6S. 


normans 


CITROEN CX 


IMMEDIATE DELIVERT 
OF SALOONS AND 
SAFARI ESTATES 


Choice Of colours. 


Phnnt for Drtoil; <and 

LEASING TERMS 

91-95 FULHAM HO AO 
LONDON SW3 6HD 



RICHARDSONS 


FOR TRUCKS 
OLDBURY BIRMINGHAM 



Skip igiry -i pi-emu-, is U’l.W 28M. 
TX Immediate delivery on 

B?rllfjrd .mil Icyiiinri <?hgsr-is. 
SaH-drrvi# hire — 

ka*n raiH for than- ae lonq-Urm 


VOLVO 


J 


LEASING EXPERTS, 


LOWEST DEPOSITS 


1-4 YEARS TERMS! 

1979 MODELS 

Immediate or Early Delivery 
FULL SERVICE 
MAINTENANCE 
SPARE PARTS FACILITIES 

KENSINGTON CAR CENTRE 
181 WARWICK ROAD 
LONDON W14 
01-370 3152/3/4 




TURBO DEALER 

New models from storfc plus 
the Turbo Demonstrators 
available. Always 20 
riuaranteed used models in 
stock. Advantageous 
leasing/finance facilities. 

JREK REEDER LTD 

78 JHYBURV RaVRJK BIG. SURREY 
Woking 

1(04862) 65307 4-66663 ) 


PUBLIC NOTICES 


OFFICIAL NOriCt 


Th*- Ion nu bnen reported -o ui of 

5f« WIIBV.I 1 B London Metal CxchiniK 

Warrant ana we have been rMu«(M tb 
Ways a duoiicate Warrant 

No. 229a 12—10 hri Slim— 
* 1*1 M WfOht 

■ J 4 / u .0 Tro> Ognco 

anronr , (aiming I0 b* eninled is 
9 ®<w» U in «nl», oromt bv 

meanv ol Summon, jgjmM tee dflivcrv B» 
tee ooortv or lh* it-ne of a rfiielicate 

Wirr^n* 

fo. c. N.V. 

W-llwnckade Jo 
Awtevniam a. NHwnnM. 


PERSONAL 


SFEAKERS. Are ecu looking rgr a flrst 
c‘*jj speaker *or four .annual banopel. 
lacKea luncheon club, literary soclatv. 
pri*e giving or event? Fovlei lec- 
ture aonncv. one kunoraa veirt pig tula 
*»*r. which naj h end 1*0 people from 
L‘in» tangu-v ann 0 %c*r Wilde m cnr-i 
Boe-ngro" and L**iv gifm fh* 

i** i« >etrtire* ano enierr*innvtmL 
W»irp for pf iirakvet '£J> to Fa- lei 
t*Wir» Agenev. 121 Charing Cpmi Road. 
MMMon. W«, 


CONTRACTS ANB TENDERS 


SOMAU DEMOCRATIC REPITKJC 
MINISTRY OF-' PVBMG-W-ORSS 


MOGADISHU MAIN SEWERAGE AND 
SURFACE WATER DRAINAGE 
PROJECT 


Applications nte invited from 1 ' experieneea Contractors 
wishing to be considered for preselection; to r tender for the 
following: , .. . 

Tender list 1 — Crvll Cdnstniction works: 

Tender list 2 — Subcon.trarta^l to 4 (for the supply of pipes for 
- ■’ sewers; rising ihains arid bouse cohriectious). 
Tender list 3 -r Mechanical and Electrical works (for the supply 
of submersible pumps and miscellaneous equips 
' v meat.).' 

Scope . of thp . Works ‘ .' . . _ 

The Tenders ■ are' for the construction of . phase 1 of 
sewerage Rnd drainage project for'the city of Mc-gadifihu. over 
an area, of approximarely 12 square kilomptres; The principal 
parts Df ttie worits comprise the construction of: - 

a) '-16km. of drains arid main sewers from 250mra: io 
- 750ram. dia. . 

50km. of sewers 200mm. dia. - 


b) 

c) .- 


2 -8 km. of rising mains "from I BOmpL dia. to’ 500mm. 
dia. 


d ) .- Approximately 192km . of house connections. ’ 
el 9 pumping stations (capacities: 5 L/s rn 300. L/s).- 
ti .12 hectares a f Waste stabilisation ponds. - 
Cnntractnrs interested and wishing to be considered to 
make a bid should send their applicatiotuo: : 

The Ministry of Piiblic Works 

fcivil Engirieeriria Department »' '•. • •• 

■P.O. Box -958 Mogadishu,-Son ! alia 
to arrive not later than -1st February 3S79. , " ... 


The. application should be accompanied with the f^fowing 
Information: .-- 


17 


Details of previous similar contracts complete with 
at least .1 references, name and addrew of employer 
or engineer. .- . 

2) Manufaciurers shall also supply typical designs and 
_ bPfcifications of their productv . - ^ 



WISES 

if test 


CLUBS 


m I 


eve. IM.:WWI SU-K-,. 7S* 9S82 A U- 
Ciru gr Ai|-in Mead: Three SneciacsiHr: 
Floor Show* 10.45. 1 2.X5 and 1 -45 anj 
musn o» Jon p ot HaVri t OywrtR A.frig ndg 


GARGOYLE. 69. Dwa Street: London . w.l. 
NEW STRIPTEASE H.OORSHOW 
AS YOU tIKC. IT 


’-i-J JO .im. .Show 4 : MldMjhr and l im. 
Mon.-FrL C»n»R-S*tor«i«:.-01 -437 64SS.- 


ART GALLERIES 


Ss Urf; 


act 


TTli MARKeT >utl GALURY. Cntyrar.. 

Dew. Tel.: (02971 S2B41. - B-aeii 

- ruta . »n ; did BtHkwilif ’• ay TrWram 

Hilller. R.A.. and 100 Fn other world 
; bv. vtlcta .ot No tt . ante fromlie. Until 

..Sih.japBanr. 


CjLASSYFlEO ADVERTISEMENT RATES 

EFFECTIVE FROM ind JANUARY, 1979 


Commercial and:. Industrial Jtfoofcrty 
Resrfleritlal .Property : 

Appohitmenta ’ • : .- - V 

Business & Investment Opportiufft'lia, ' ’ 
Corppratiqn Loans, Production Capacity, 
Businesses for .Saic/SVaiirted * - - 
Education. Stii tori. .Contracts t.Tesjdera, 
PersonaL' Carden iog . .. ■ 

Hotels arid Travel . . ; . 

Book Publlfhers .. ' " — . 



r sinpUr 

' . per - • 

column 

lute 

cm. 

■ 

-• £ 

SJJ0 . 

' 16.00 - 

5 2J0-.'r ' 

•’ . 9AJ' 

5.30: ; , ’ 

i6JW :" 

- 6.25’- - 

1W» 

5.00" - ;: V; 

■ : 15 .00 - 

3.00 .; 

• 12100. 

' • '• r*- V •- 

. 8.00-- 


-s. 




.PtHiHOiM'aFaflahle ' 

(Mptaumjkiifc.M colunm „».> ; ... ....... . . . , ^ 

*, L 5u per single. column cm. extra • r- , 

i-i write in- -r v ^; 

kv • i 1 ■ 1 ^-’.A^yeisbsemchfc Managers 

. Ffnandai Times, ItJ, > 






tV 'Vi' -- • *v 















27 1978 





: PAGE 



EDITED BY CHRISTOPHER LORENZ 



*«s A 

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j'i— .."i 

• '-ifs?*' 

:SW&& 

FOR T^E TJK’s vasl RTTnyi of 
do-it-yourself'-' 6andytpen :'- the 
word . “ powe r-idol "T&as always . 
been gere.railj' ; synonymous 
-with Black ao^ jDecker.' But Iqt 
bowTinuehltonger? . : . 

Rockwell - international the 
V.S. cofiomerate with sides for 
1 978 estimated at SSJfe and 
$S.9bn in- |977i c i$'beginhi.ng tis 
bite : jnte , tj*- :•' tJKT domestic 
power tools- market . Rockwell - 
Adducts imported from the 
U.S_ . readied -the shops only 
about- a : year. ago. but by.the 
end ofitslast financial, year in 
Se ptem&ef , Rockwell sai d. it had 
a ^ per - cent - share of the 



new force in the power-tool market 

Lisa Wood on Rockwell’s bid to drill into Black and Decker's UK base 



Brill ah' market. It claimsthat 
the Christmas rush has boosted 
Its -.share still, further- _4 ^'/ 
The., original plan was' to 'win 
a 15 ''per cent share in the £K&n 
market ’within five years,' hut 
■Bob Alien, general manager' of 
the UK power tools subsidiary, 
now claims this target is achiev- 
able - within three Tears. . . - 1 
Black and Better is reluctant 
to -comment on Rockwell's 
market penetration, though it 
vigorously denies the claim, of 
a 5 per cent market shares But 
it declines to giro' details of its 
own sales. : ■ 

How bas Rockwell's six-person 


UK team, which employs no 
.sales force uf its own. broken 
into the UK market, which has 
been cl ear). v Jed by one manu- 
facturer fpr many years? One 
explanation is the experience 
Rockwell has already gained in 
i he U.S.. where it has taken *ts 
share of the power tools con- 
sumer market to a claimed 23 
per cent, against its estimate of 
40 per com for Black and 
Decker. Rockwell’s latest annual 
report shows that its power tools 
sales in the U.S. rose in 1977 by 
16 per cent lo $200m. 

Allen sees the domestic power 
tools market as becoming more 


specialised and sophisticated in 
its demands. *' We believe — snd 
sales are bearing us nut — that 
demand is changing. Pcopin 
want self-powered tools wish 
specific functions; rather than 
basic drills with attachments. 

“Our products are relatively 
expensive hut the quality and 
design -of our tools justify that," 
says Alien. 

The company has carried out 
an expensive promotions scheme 
— if a customer buys a Rock- 
well orbital sanding machine, 
for example < recommended re- 
tail price £29.95) he gets a free 
jig saw (recommended retail 


price £24.95). 

Allen denies reports .that 
Rockwell was prepared to sus- 
tain a I5m Joss in order to gain 
a UK foothold. He says tbe com- 
pany entered a break-even posi- 
tion at the end of the financial 
year and would be trading pro- 
fitably next year. 

But a Slm-plus receivables 
bill has been run up by the 
company with its interest free 
credit - scheme for stockists, 
which is about to expire, having 
run from July to January I. 
This has enabled dealers to 
stock, sell and replace Rockwell 
tools for up to six months on 


credit “It has cost us a lot 
of money but it is an investment 
in the market,” says Allen. 

The company offers do special 
discounts to large stores, unlike 
other companies in the trade. 
“We are offering a profitable 
alternative to the High Street 
price war and levelling out dis- 
counts.” says Allen. “ We want 
to avoid drastic price cutting. 
We are encouraging this with 
the sander/jig saw package. A 
fixed price is given to the 
dealer for a unit — whether he 
buys 20 or 1,000." 

Rockwell sees itself as supply- 
ing the traditional trade and 


uses three distributors in the 
UK and Ireland with about 35 
salesmen. 

The nine power tools in The 
range are mostly painted yel- 
low. This and the enrapact de- 
sign makes them particularly 
attractive to women, both' as 
users and purchasers, says 
Rockwell. “A large proportion 
of power twris are bought by 
women for men. and an increas- 
ing number of women arc 
tackling the bigger home im- 
provements.” Rockwell claims 
its tools are lighter than other 
makes and suffer less frum 
vibration. 


Tools also carry a I2-raonths 
guarantee, with an immediate 
over-the-counter replacement 
scheme during lhc first six 
months after purchase. 

A massive advertising cam- 
paign has accompanied the 
range's launch in the U.K. By 
the end of thi- calendar year 
£350.O’W v. il! have been spent on 
advertising and promotion and 
the company plans to spend a. 
further £4flO.OuO next calendar 
year. " This i> a lm of money 
tied up front” admits Allen,. 
" hut it is the only way to estab- 
lish a product in the UK.” 


IN 


% 

: 

■ tS£* 

.... tt- 

■ '-sa 


'f. * 

\ 5W 

. •' *»£ 

■ ntys, 

ftfe : 

' < ~jp 

s>. 

: -e site 
-.""•fie:-. 
» -.1 . . 


AND TENDERS 


•r : v ■ 

\i\ slittERAHI 
\ i'l.K DRAINAGE 


WITH STOCK optiim schemes a 

- commonplace of (he American' 
business '■ -.world; - ' "employee* 

■ shareholders ii are long been a 
fixture ip most companies — a 
sharp, contrast with general 
practice on . this «de of the - 
Atlantic. - 

But few UiS. companies are in 
the same league as Dana Cor- 
poration, the motor components 
company which, in the words of 
its chairman) -is -“'nuts- about 
peoprfe.’'- 

Over. 15,000 of Dana 1 ? 36,600 
i, employees, now '.hold shares in 
' the . company, and together 
account for about 10 per cent 
of the eqirity. Seen another 
way, 42 per cent of Dana’s 
^shareholders are also its 
' emplojtees. 

The size; of -Uhls employee 
/ shareholding is unusual on two 
counts. Not only is it surpris- 
: ing to. see this level of interest 
in a company so large (over 
$2bn of .sa-les at the latesr 
count j. but most bf the cost of 
■(he purchases to date lias been 
-home lft‘ the employees them.-'. 

- selves— this is not the usual 
sort b f scheme, which is 
primarily company-funded. 

" Dana's.:' comment to its 
employees and their motivation 
7 is both strong -and individualis- 
, tic.;: -It Was the Arst major 
. American company, to -introduce 
the plan' devised by the Ameri- 
can .trade union leader Joe 
Scanlon' of Vpro£t sharing— 

: where '. management and 
workers ’ meet'-, jq establish 
bench .marks -and dbaxe'tbe.bene- 

■ fits, of increased productivity. 

In addition the company runs 
:* number -of: other incentive 
schemes. t According to the 
accounts - for- the year- ending 


Dana sings the 
praises of 
incentive schemes 


August 31. 1978, additional .com- 
pensation to employees, under 
these schemes, came to $50.6m. 
which represents about 9 per 
cent of payroll costs. 

The scheme by which em- 
ployees can buy Dana stock was 
first introduced in 1969. Any- 
body was eligible lo buy shares 
through the scheme, providing 
he or she was a full-time em- 
ployee of the company or one of 
its subsidiaries. At that stage 
the only expenses met by the 
company were for brokerage and 
administration, and the only 
people excluded from the 
scheme — and they still are — 
were the top executives. 

This, Ren McPherson, chair- 
man of Dana, explains, was 
because the company did not 
want people • accusing top 
management of devising a 
scheme to help the “fat cats." 
Not. he hastily points out, that 
there are any of these at Dana, 
though they do have their 
own share option scheme, which 
is in line with normal practice 
in Hie U.S. 

Under the initial share, pur- 
chase scheme 28 per cent- of 
Dana’s employees chose to Jmy 
shares in the company. As' is 
quite common with share pur- 
chasing arrangements, the main 
attraction is for the white-coHar. 
staff, although this was not true 
at every plant within Dana, ■ 


To encourage more employees 
into share ownership, the com- 
pany boosted the purchase 
scheme in April 1976 by intro- 
ducing the inducement of a 
company contribution . bused on 
profitability. The actual contri- 
bution made by the company is 
based on return on sales after 
tax: when this reaches 5.5 per 
cent the company tops up the 
employees' own savings b.v 20 
per cent. The company contri- 
bution progressively increases, 
ns return on sales increase, up 
(o a maximum of 5fi per cent 
when the return is 7 per cent. 
Currently it is 6 per cent. 

As soon as the new scheme 
was introduced there was a 
sharp rise in the number of 
employees participating: from 
28 to 62 per cent — the sub- 
sequent fall to today’s 48 per 
cent was the result of an 
acquisition in 1977 which in- 
creased the number of 
employees by 5,000. 

"Much more important than 
the increase in numbers par- 
ticipating.” says Ren McPherson 
" is that the amount each person 
was purchasing doubled.” 

The purchasing system works 
through a payroll deduction. 
Any employee can authorise a 
deduction for as little as 810 a 
month, jndjip to, 10 pejr eenj j)f 


salary, to a maximum of S2.500 
a year. 

Trustees of the scheme buy 
the shares at correct market 
prices. The actual way the 
shares are distributed lo the 
employees is also important, 
says McPherson. Every six 
months employees receive their 
certificates at their place of 
work from their immediate 
supervisor. 

The point of this is to re- 
inforce the employees’ identity 
witb the shares and with the 
company. It docs not go un- 
noticed by the non-purticipaiing 
employees, who see their col- 
leaeaes receiving perhaps 
several hundred dollars of 
shares. 

With a post-tax return on sales 
for the year to August 31. 1978, 
of 6 per cent the company's 
contribution amounted to 30 
per cent of the employees', 
totalling $2.4m. 

McPherson is. understnndnhly, 
very enthusiastic about the 
M-hcme. He hopes to raise the 
maximum annual contribution 
soon — he admits it was there to 
stop people spending too much, 
but now considers that perhaps 
this was not treating employees 
as adults. 

From the point of view of any 
company with an employee 
scheme one of ttof main purposes 
must be to encourage people to 
identify with the company in 
the hope that productivity will 
rise. 

If it can go one step further 
and persuade its employees to 
buy its stock, largely intli their 
own money . they shotrid identify’ 
even more closely with its 
interests. 


EXECUTIVE HEALTH 


BY DR. DAVID CARRICK 


A time for modest resolution 


Jason Crisp 


CHILDREN DANCING to lha 
pipes, cornels and cymbals: 
their elders playing chess by 
rushlight and muttering about 
the falling value of tbe groat 
in their pockets, and the in- 
evitable failure of the English 
Morris team in the lalest Tos. 
— such must have been the 
New Year revels of seven 
centuries ago. when the first 
residents of m;- house were 
eeipbraiin:: the approach 1 ng 
eighth year of good King 
Edward's reign. 

Old Granny. meanwhile, 
would be staring at the embers 
that were heating her stew, lb ? 
noxious vapour* of the mixture 
<<f herb*, bats’ blood and toarl- 
piec*is waftin' 1 upward- to the 
blackened roof of the Great 
Hall. Everyone might have colds 
due to llv si'ifike. but they did 
not realise how much luckier 
they were than ibeir descend- 
ants why. following the Black 
Death <>l 1-143. would have only 
north favin? windows for gen- 
erations :y com i 1 because of ihe 
■• >i?f that plague came from 
the south. 

What of their New Year reso- 
lutions Perhaps old Sir 
Gerrar-e derided io lay off the 
mead for a while, while his son. 
llardolph. after mockery' by his 
good wife about his middle aces 
snread. would pian to go jog- 
ging on the next Crusade. As 
for Master Cedric, worried 
about his jousting efforts, he 
may Jia-.e promised himself to 
practise archery instead of con- 
stantly -sneaking off after the 
scrf-^irls. 



' o * c uc 


, vow to renounce every small delight ? 


The knowledgeable will have 
realised already that there is an 
historical error in all this. New 
Year's Day was not on January 
1: it was on March 25. and 
would continue to be until some 
fool decided to change it m 
1752. And New Year resolu- 
tions probably only started in 
Victorian days when masochis- 
tic exercises in self-denial were 
enjoyed, 'out even then only 
during that dead, dread period 
of hangover which followed gar- 
gantuan meals and excessive 
quantities of liquour. 

Now in this, the last quarter 


or the 20th century, v.hat 
resolutions should executives 
make ? Should they vow to 
renounce alcohol, butter, sugar 
and even- other small delight 
that cumroris life Certainly 
they should— but a vow made in 
a state of post-satiation depres- 
sion is .scarcely valid and tends 
to become less binding as health 
improves and the days lengthen. 

I only ever knew one man who 
stuck lu his resolution. A tubby, 
commuting hanker, hr had hpard 
that if one look sol s d fond as 
well as alcohol, the liver would 
be satisfied Unfortunately, he 


cot things wnme. Pn items and 
vitamins are of value: not 
toasted tea-rakes. Ever; night «n 
th> train he would dr:nk large . 
gins after downing tea-cakes like : 
na*(y p:f f until he acquired the 
nickname " old DG and TT.” As 
ho hail vowed. s«i lie conrir.n.?;' 
until, after eight months, he had . 
i»ut un two stone and lisil a 
downed liver. T n?' er saw him 
avain after he had been carried 
away one night following a 
particularly savage bout of gin 
and ‘ca-cakgx. 

T.i be more serious, of course, 
all sedentary workers should 
aim to take more exercise — 
walking in particular — on -a •, 
steady basis, not in fils and 
starts. The obese should try io 
reduce slowly fur their own ' 
bodily cum furl. And needless lb , 
say. the alcoholics should be 
encuu raged to jbandon a 
puisunous habit. On the oilier 
hand, not lm* much notice 
should b? paid to the more 
obsessional medical notions put 
forth by the media, for if all 
were followed, a lingering life 
would be sheer misery. 
Longevity cannot be guaranteed 
— no. net even if you have 
ensured that your grandparents 
were centenarians living in a 
hard water district. 

Moderation is sane. Obses- 
sional exercising and dieting is 
merely quaint. Enjoy living 
without spoiling yourselves: 
practice tolerance: praise a 
little and you may be praised, 
and 1979 will be a better year 
than the one that is a ’dying. 



MATERIALS 


DATA PROCESSING 


Adhesive aids panel production Bureau expands service 


SMIKT 


•suss- 


■ riaS 
■Jr^ : 


HHT0J BY ARTHUR BENNETT AND THJ SCHOETHtS 


• PROCESSES 

Rust test for tanks 


:':,5 


EASY, .TO operate, a semi- 
automatic system for monitor- 
ing the floor plate thickness of 
underground storage tanks has 
been developed by the: MatEval 
NDT- Company of Newton-le- 
, Willows. Merseyside. . The 
System is mounted In a wheeled 
trolley, .which is manually 
pushed over the floor while' 
interpretation " of : results '--is 
carried out external to tbe tank. 

■ The trolley: contains eight 
spring-loaded skids which pro- 
vide a mean surface from which 
measurements are ' taken.. A 
■IraHa, ' twin-crystal contact 
probe is mounted in each skid 
and each probe Js Jndividually 
connected into a junction box, 

' via cable glands. A supply pipe 
-feeds the contact (coupling) 
water to a' control valve on the 
handle of the trolley. The pipe 


then branches to fepd manifnids 
at each end of the skids where 
water is sprayed in front of and 
behind the probes. 

Two indicator lamps are 
mounted on top of the junction 
box. One lamp indicates the 
loss of coupling when lit, while 
the other is illuminated when 
the plate thickness falls below a 
. predetermined level. 

The control console is 
mounted in an external vehicle 
and is connected with the 
trolley by a multi-core cable 
-which also supports the supply 
pipe. 'it contains a flaw detector 
with two monitors, a multi- 
plexer, indicator .lamps and an 
isolator switch. One gate of 
the flaw detector is used tn 
monitor the coupling quality 
and the other, monitor's plate 
thickness. ' 

Further on Newton-le-Willows 
22006r 


BERICOL National G 701 con- 
tact adhesive is being used for 
the construction of IS. 000 
square metres of facade panels 
for the Cosmos Hotel, currently 
under construction in Moscow 
for the 1980 Olympic Games. 

According to Isosta SA, 
French makers of the panels, 
use of this adhesive, based on 
Du Pont neoprene, represented 
a. considerable improvement in 
• many . respects over traditional 
methods using urea formalde- 
hyde or resorctnal adhesives. 

- . Bericol belongs lo the U.S. 
.National Starch and Chemical 
Corporation and has a French 
depot 


Panels assembled by Isosta SA 
im-luUe an external surface 
iprc-painied 1.5 mm thick alum- 
inium ), an eight centimetre 
thick insulation layer of rock- 
wool (90 kg/cubic metre), and 
an internal surface of galvan- 
ised pre-pa:nted metal sheeting, 
all enclosed in a wooden frame. 
This construction will resist 
temperature variations of 7fi C 
and wind velocities up to 160 
km/h. 

With the neoprenc-based ad- 
hesive system, panel constitu- 
ents are moved on an assembly 
Tine: lhey first pass Ufi£er a 
spraying system which coats 
them with adhesive then under 


a liut-air system to evaporate 
solvents. The next step in the 
process is their actual assembly 
on top of each other, followed 
by a passage through pressure 
rollers to ensure complete ad- 
herence. At tbe end of the 
assembly chain, panels are 
ready for use. When the insula- 
tion of certain panels is ol>- 
tained by an on-the-spot Injec- 
tion of polyurethane foam, a 
coating with G 701 adhesive is 
foreseen in order to achieve per- 
fect adhesion of this material 
to the internal surfaces of the 
completed panels 
isosta operates from Avenue 
Sainte-Foy 33, F-9 2200, Neuilly 
sur Seine. 


Strong rubber compounds 


Dries surf ace coatings 



■VE 




M * 


*»rtL 


. jiN 




A VARIETY of surface coatings 
and finishes- -on raetaJ, timber, 
leather.' or plastic materials, can 
now he cured and dried in 'a 
recirculating box ; oven _ .Jr 'in 
Berridgc Engineering, . Queens 
Road £ast. Beeston,Nottit)gba« l 

..(Nottingham 258291). .. 

- .This is heated by gas or elec- 
tricity from a combustion cham- 
ber arid hearer unit located on 
iis ronf and fitted with b »th 
operating and safety controls.- 

A high efficiency fan recircu- 
lates hot air to maintain con- 
sistent temperature throughout 
the oven. 

- ' Oven. . temperature may- be. 


pre-set within a wide range up 
to 200 degrees C by an .adjust- 
able temperature controller and 
probe to suit the particular' 
application. 

The ovens are of steel double 
■skin construction with the 
cavity thermally insulated and 
interior .walls made from 
galvanised' steel incorporating 
air. recirculation ductfe.. Standard 
Tin Its ...have inside working 
dimensions, of two metres wide 
by two metres high by one to 
two metres * deep. 

Suggested -applications are for 
processing motor car acces- 
sories; furniture parts, electrical 
instruments, toys, fancy goods 
and household appliances. 


HIGH STRENGTH resin rubber 
compounds — cheaper than poly- 
propylene and easier to work 
that "Ebonite" — have been 
developed in Britain by Chloride 
Lorivai. member of the 
Chloride Group. 

The new materials, reinforced 
with synthetic resins, are avail- 
able witb a broad range of 
impact values and cross-break 
strengths. 

.'Supplied ! in un vulcanised 
.sheet form in varying thick- 
nesses they are .similar in 
appearance to hard rubbers, but 

• INSTRUMENTS 


have much greater strength. 
They may be vulcanised, depend- 
ing upon size and complexity of 
product, up to six times faster 
than hard rubbers at moulding 
temperatures of around 140/150 
degrees C. When moulded, the 
materials become extremely 
hard, but not brittle, and have 
good abrasion-resistance. 

Tbe ”2190 Scries" resin 
rubbers offer excellent resist- 
ance;* nee to the majority’ of cor- 
rosive chemicals, and are parti- 
cularly suitable for application 
ns filter, tank and pipe lining 
mediums in the manufacture of 
process plant. They have an 


electrical resistance similar to 
that of Ebonite and form an 
economical alternative for tbe 
manufacture of electrical com- 
ponents. 

Materials may be easily 
bonded to metal and other forms 
of reinforcement, and will find 
many uses in the manufacture of 
such items as tools, floor and 
shipboard deck plates, door and 
lock mechanisms, machine 
guards and control gear for 
spark free use in an explosive 
environment. 

Chloride Lorival, Little Lever, 
Bolton. Greater Manchester, BL3 
1AR. 0204 72155. 


LOWNDES - AJAX Computer 
Service. Croydon-based data 
preparation and processing 
bureau, is offering Simplan. a 
computer - based modelling 
system, in the UK. 

Developed by Social Systems 
Inc. in the United States, the 
package is for managers, 
accountants and analysts in 
multi-purpose planning, budget- 
ing and modelling language 
applications. 

Ability to use 'computer 
systems in planning and model- 
ling strategies is becoming more 
and more important — not only 
for large multi-national com- 
panies but also for smaller com- 
panies with fewer resources. 

Ixiwndes-Ajax aims to pro- 
side clients with responsive 
computing and the marketing 
of Simplan is part of this policy, 
the company says. It recently 
completed extensive upgrading 
of hardware and software and 
has doubled the storage capa- 
city of its IBM 370/158-3 main- 
frame from 2 Megabytes to 
4 Megabytes. The additional 


storage was supplied by Itel. 

Attached processor and mass 
storage hare also been incor- 
porated nod a changeover from 
VSI to MVS operating system 
was undertaken to lake advan- 
tage of the ongoing development 
of tbe latter product. 

Most recent significant addi- 
tion is an IBM Mass Stor3.ce 
System to be used on both IBM 
mainframes la 155 and a 
15RAP) owned by Lowndes- Ajax 
it is anticipated th3t it will be 
fully ooerational by the middle 
of 1979. The IBM MSS has a 
Total capacity of some lonbn 
characters, all of which are 
available for immediate access 
from their pssigped firtabese. 
Lowndes-Ajax is the first UK 
bureau to use TRM-MCP and one 
of only a few major TBM users 
t including V.<uxholl, Rolls- 
Royce. National Westminster 
Bmk and Teseni to here taken 
delivery or such system. 

Lowndes-A iax O minuter Ser- 
vice. Milton Horse. ? , i<»np Rn.-d. 
Croydon, Surrey. CE9 2XG. f 01 - 
689 2244). 



Fast choice of coils 


Data unit aids laboratory work 


Water sterilisers 


ADVANCES IN infra-red 
"spectrophotometry are claimed 
■with the ihtrbduction of PcrXin- 
"Elmer's Ibfrarcd Data Station. 
.This’ can be directly connected 
t«r most oi the company's high 
performance infra-red instru- 
ments to tjrovide routine use 
.computer | aided infra - red 
apectroscopy. '* 

Essential differences between 
the new qata station and pre- 
viously introduced infra-red 
data processing systems are its 
very tow cost and simple opera- 
tion. As a result, the unit is 


expected to be employed in a 
variety of applications in 
routine laboratory situations. 

Spertruscopists can collect 
data from an infra-red spectro- 
photometer, store data nn a 
micro floppy disc, perform 
'mathematical operations tn 
spectral data, view spectra and 
display peak tables, perform a 
sequence of operations under 
one command, and replnt 
spectra on the instrument 
recorder. 

•It bas a processing module 
with integral dual micro floppy 


disc drive unit, an alpha- 
numeric keyboard, and a visual 
display unit. The keyboard 
incorporates a set of function 
keys which activate . specific 
routines, so avoiding the use of 
mnemonic codes. The display 
unit monitors keyboard entries, 
guiding the operator throueh 
the appropriate sequence. 
Spectra can be displayed in 
several formats, with expansion 
of any region to fill the screen. 

Perkin-Eliner. Post Office 
Lane. Beaconsfield, Bucks HP9 
1QA. 049 46 6161. 


A TEN-FOLD improvement in 
the speed of estimating complex 
projects involving heating, and 
cooling coils and air heating 
units is being achieved by 
Myson's industrial heating divi- 
sion following tbe introduction 
of computer estimating and 
selection at the division’s plant 
at Old Wolvexlon. Milton 
Keynes. 

Accurate selection and pricing 
of the most cost-effective air 
heating and air-cooling coils — 
which ?re incorporated in air 
handlers, as well as being sold 


as separate items — can he com- 
plex. involving the assessment of 
considerable ouaniiiies of tech- 
nical data. When Jirge installa- 
tions can possibly require 
anything from 400 in finq coils, 
a computer can greatly facilitate 
the selection process. 

Industrial healing division of 
Myron Group Marketing is hased 
at the Coopered plant at Milton 
Keynes. In addition to the pro- 
ducts already mentioned, the 
plant is Ihe largest supplier of 
unit heaters in the LHv Amrnvi- 
mntely 20 pe^ cent of total pro- 
duction is exported. 


• COMPONENTS 

Motors for 
instruments 

A SERIES of seared instrument 
motors of 13 standard gear 
ratios and six standard motor 
npd'ons thal are interchangeable 
wuh wht*r siandard devices hes 
been introduced, by McLennan 
Servo Supplies. Doman Road, 
Camherlcv, Surrey (Camberley 
26146). 

The P5 series units wore cle- 
veluped as a result of a two- 
year market research survey to 
determine the needs of in- 
dustrial equipment manufac- 
turers for instrument and con- 
trol equipment drives. 

The series has a gearhead 
based nn the international ovoid 
standard, with internal com- 
ponents designed for high 
efficiency and reliable operation- 
in applications demanding Ions 
lire. Choice oF motor options 
provides ae synchronous', 
stepper, or dc characteristics alL 
of which have established nut- 
standing records fur quality and 
performance. 


Adaptable writing units 


^c-' 

-4 



ULTRAVIOLET - water 
sterilisers manufactured by 
Aquafine- Corporation, Burbank, 
California, are to be distributed 
in the UK by Advanced W ater 
. Services. - . ‘ - ' 

. The Aquafine CSL standard 
series of - sterilisers " produce 
radiated ultraviolet:: energy 
vhlch will deetiW . all -lidoro- 
- organisms including - bacteria, 
.vtrus» yestr tuoald or algae. 




says Advanced Water, which 
claims that 99-97 per cent bac- 
teria free water can be pro- 
duced without chemicals, heat- 
ing; or cooling. The pH. chemi- 
cal structure and. resistivity of 
the water remains unchanged 
and taste,, colour, odour and 
temperature are unaffected. 

Advanced Water Services is 
at Unit 18-25, St' John’s Indus- 
trial Estate, Tylera Green, High 
.Wycombe, Bucks. ..HP10 SUR 
(048-481' &151). 

. . ■ , . r ’ ■ . % 

• r v • : • . . • 

■ V i-" 


Miniature moisture meter 


MAKING MAXIMUM use of 
microcircuits. Proti meter has 
been able to design a miniature 
moisture meter which it believes 
the timber industry and sur- 
veyors will find -useful. 

• Fitting easily into the top 
pocket of a jacket the instru- 
ment "lias a pair of contact pins 
(protected by a cover when not 
it use) which are applied to the 


' surface to be moisture tested: 
alternatively a socket is supplied 
into which the company's ham- 
mer electrode can be plugged. 

The device, which is known 
as the TiraberMini, has a display 
in the form of 16 light-emitting 
diodes each labelled with a 
percentage moisture figure from 
9 to 28 per cent On pressing 
the button, one light is ener- 
gised, corresponding to the 


nearest percentage moisture in 
the wood: 

For tbe surveyor the instru- 
ment carries the standard Proti- 
me ter colour code as well as 
the lamps: green is “safe," 
shaded means " investigate ” 
and red indicates that remedial 
action is needed. 

More from the company at 
Fieldhouse Lane, Marlow, Buck- 
inghamshire (08284 72722). ' 


FIRST of a new generation of 
Flexowriier automatic writing 
machines, the 2400 Series, 
comes from Scope Data 
Systems which has been sole 
agent for the existing Fleso- 
writer and Computyper ranges 
in the UK for the past two 
years. 

Designed as an updated, up- 
rated replacement for the entire 
previous range it is based on 
the Intel' 8QS5 microprocessor 
and a 45 e.ps. daisy wheel 
printer; Applications from auto- 
matic letter-writing to numerical 
machine control, high-speed in- 
voicing and accounting, text 
editing, and connection via 
interfaces to other equipment 
are possible. 

Full alpha-numeric and 
numeric keyboard, interchange- 
able print heads for various 


type-styles. 13.2ins writing line, 
easy-change ribbon cassettes, an 
information console with LED 
status and error conditions dis- 
plays, function keys, and code- 
to-be-read display for paper tape 
are provided. The console screen 
and software are operator-inter- 
changeable, allowing the func- 
tions of the fiexo writer lo be 
changed nr adapted rapidly. 

First of the range now avail- 
able is the basic 2400, using a 
high-speed phnto-eleciric paper 
tape reader for 5. 6. 7 or S- 
chnnnel tape at ISO a.p.s, with 
a 50 c.p.s. punch. Initial interest 
centres in its use in the prepara- 
tion and checking of paner fanes 
for use in the control of NC 
machines. 

Scnpp is at Shepcote House. 
Shepcote Lane. Sheffield 
S3 1UU. 0749 446 111. 



INHiskl 

-the v-«;J !- l-jwisi manufacturer 
of Industrial 'yjtfion Cleaners 
I Bury St. Edmunds. EuffcJk 029J 63763 1 


r v 


« - *■*»_- 



Financial Times Wednesday. E»ec^ 



6 


LOMBARD 


A short sermon 
for humanists 


BY SAMUEL BRITTAN 


WHEN Dr. Edward Norman 
began this year's Keith 
Lectures, it looked as if we were 
in for a breath of clean air. 
Throughout the period of 
fashionable anti -capitalism in 
the middle 1970s. it was hardly 
possible to switch on the radio 
without hearing some denuncia- 
tion of profit-seeking from 
clerics of almost every 
denomination. There was hardly 
any Wilsonian gibe against 
property speculators or inter- 
national corporations, which 
was not bettered by someone 
speaking in the name of a 
church. It was not merely 
trendy vicars, ecclesiastical con- 
servatives seemed to feci that 
the one way to improve their 
image was to denounce the 
market and all its works. 

It was therefore refreshing 
to hear the Dean of PeterKouse 
warning the churches against 
confusing the vogue political 
cliches of the age. with eternal 
truth. As the lectures con- 
tinued, one after another 
ludicrous piece of political 
posturing by men who claim to 
speak in the name of the deity 
received the exposure they so 
long deserved. 


take Issue with the interpreta- 
tion- of Christianity of the Dean 
of Feterhouse. I would not even 
attempt to argue with a Marxist 
or a Keynesian about what Marx 
or Keynes really meant. Scrip- 
tures of all kinds contain many 
passages that! support widely 
different interpretations. 

If Dr. Norman Is right 
the choice is bleak indeed. It 
is between a destruction of 
human wellbeing and freedom 
spurred on by the political and 
economic doctrines of church- 
men who do not know the first 
thing about political economy 
and a theological quietism 
based on the hopelessness of 
man. If there is no scope for 
Do-Gooding based on really 
doing good rather than enacting 
prejudice and envy on either 
wing of organised religion, then 
the attractions of a Bertrand 
Russell-type humanism are all 
the stronger. 


Hope and pride 


Cheap sneer 


Tet as time went on. doubts 
began to grow about the wisdom 
of Dr. Normans own position. 
In the end, he did not take up 
the collectivist moralists on 
their own grounds. He could 
have argued that if clergymen 
wished to talk about capitalism 
at all, they ought to examine 
more objectively its benefits as 
well as its drawbacks. The in- 
creases in the living standards 
of ordinary people that it has 
brought should at least be com- 
pared with alternative systems. 
A cheap sneer at international 
corporations or property de- 
velopers might be all right for 
an election campaign, but 
should hardly be a substitute 
for a serious examination of 
what these organisations do, and 
hny.\ if at all. their functions 
could be better performed by 
those who claim to speak on a 
higher plane. 

This was not Dr. Norman's 
main point. As he made very 
clear at the end. he thought that 
the Christian religion was con- 
cerned with belief rather than 
doing good, with faith rather 
than works. The mistake of 
the Marxist clerics is not in his 
'iew that their purported 
remedies are either empty slo- 
gans or will make the world a 
worse place. Dr. Norman does 
not bother to argue with them 
(except en passant) on their 
own grounds, because he sees 
little hope for man on this earth 
anyway. 


Of course as one gets older, 
one's faith in the ability of 
political change to bring about 
a vast change for the better in 
the human condition declines. 
But even in these moods, I 
much prefer the text of the 
German Requiem, carefully 
selected by Brahms from 
Biblical texts bereft of orthodox 
Christian references, and 
emphasising the frailty of 
human life, without theological 
hubris or false consolation, but 
still retaining some hope and 
pride. 


It is not for a humanist or a 
mere economic commentator to 


Bismarck once said that 
because he believed in another 
world he had sent tens of 
thousands of men to death in 
battle without qualms of con- 
science. If this Is what con- 
servative theology is all about, 
it is no improvement on the 
radical version; and one must 
look elsewhere for inspiration. 

It is worth pondering the 
fact that a world of saints Is a 
logical impossibility if saintlin- 
ess is defined in terms of 
concern for others and not for 
self. If everyone is concerned 
only to help his fellow, but has 
no other desires, saintliness 
becomes very difficult to per- 
form. For the object of one’s 
benefactions will be unapprecia- 
tive. wishing only to be a bene- 
factor himself. One can break 
out of the circle in Dr. Norman's 
way by making religious virtue 
a matter of faith and not works. 
Alternatively, one can recognise 
the value of a certain amount of 
self-regard and even self-seeking 
within a framework of rules and 
restraints. One would then be 
talking ethics not theology: and 
social systems would be judged 
by their fruits, including their 
effects on the dignity of 
individual human beings. 


A subtle approach to weed 







DURING CHRISTMAS I .have 
been thinking about weeds. 
There are far too many, but 
why? Just as civilisations have 
a way o£ making barbarians, so 
gardens are the creators of 
weeds. You know, no doubt, 
their definition: plants in the 
wrong place. Having left five 
plants of giant Sea-kale at the 
back of a smallish flower bed, 
I would go along with this 
description. Nurserymen sell 


mountain garden. They would thre^ay week. - So too the! 

be mSteAppy. he remarked, weeds are the fault of the birds,, ws&ol.my life. Ewyg, lfc jn£t hat. it is ; certainly; *?- 

, , i_ • ,i.x cpnAiw tho mil wiio rnirspr vnjfin. or deep joots run wild through, a find, o „ „ jujy be "Williams S parting^ shot - : 


• -S';,. 

' '}• -I 1 'V.-T vi f 

v*;*-- :«:• ■»*;• t. 

fc, - .-.-l ' * • 


if only the' Saffron Crocus 
would give them a chance. 

Now, Crocus Sativus has made 
many British' hearts miss a 
beat. A purple-mauve when in 
flower, it has three bright 
central stigmata in autumn and 
that tantalising habit of flower- 
ing in the first year when you 
buy it, then dying out, unless. 


the soli sold ffy nurserymen, - or deep joots run wild through a : find, „ Resin " may u* 

Mture *• * .sr^su 

idleness £ tend** the soil. I fldng. But its roots 

;%f the evils. - calcium. The root.. heeonag. 



uwwipuuu. . i:... 

this tall-flowering Kale at 70p I dare say, you happen to live 


GARDENS TODAY 


a root. Borders, on show to the 
public, glory in it for its big 
cloud of white flowers in June 
and July. Yet, I cannot be rid 
of it ■ 

Its monstrous leaves are 
matched by monstrous roots, 
like useless-mud brown carrots. 
When you try to dig them out. 


on an unspoilt corner of Saffron 
Walden, where Saffron Crocus 
was once fanned as a crop. 

But in Kashmir it runs all 
over the hills, and; Into many 
of the cultivated fields. It sows 
itself in gardens and spreads 
like an irritating groundsel. A 
plant out of place, it seems to 


BY ROBIN LANE FOX 


■ i-v - ■ -Ste7 at L on * serious PO&t . r mm : 

. . . i-i-a hfttter nlants. came ,_S*ett-bottle brushes, nu a 

■ vlVstem from a shortage ; of : lime so. . Leave, . fbe paa^oo Y^d ., 
t- £in the ground. . Dandelion and while the , root? cool, . 
vAt 1 u off . fbrfr liiice. and dilute. it-. 


do not just mean our idleness irremovable.. If you chop thmni'.'home in a heavy jod poorly ' 

tbem^For, tS 7S£ 7 

&iS3A»: ffi ; 

■“ SI. to be iust another weed. Weeds are mot, then mere correspondent, a Mr. Williams,:- ^ guide as mret^aurveyors^to -usefulone. •, ; ' ; - v f —v 

or more. Next year your So enemies -to be poisoned You who wishes 'to be quoted. ■•.'•■damp and baddrainage. -..True,. - Ant ; wiih the spray 1 in' with."'''},-, 

kale is twice as strong. My why. though, do weeds come SSST^S. Tail living; ™ave all 

W ilUaTqrf .- -.other place._ and. Liu-! 6 — YoaicanuSe: it besLAgaircSt. black. 


u 

i 

m. 


weed of the year, this Cram be 
Cordifolia is a plant most sorely 
out of place. 

Others see things differently. 
Last autumn, on a bus in 
Kashmir. I was talking to a man 
who liked petunias in his 


and got When thing s turn out 
wrongly, we are all now adept 
at finding something impersonal 
which can be blamed' apart 
from ourselves. If it is not 
the class system, it must he the 
computer, or the legacy uf the 


can sometimes manure them, 
change the soil and persuade 
them, no less, to go away. 

My prize, however, for the 
most optimistic advice this year 
must go to the reader who 
writes to me about his Mare's 


ug 

-si 


RACING BY DOMINIC WIGAN 


Gay Spartan has good chance of 
taking Cheltenham Gold Cup 


GAY SPARTAN yesterday gave 
notice that he could well take 
the . Cheltenham Gold Cup 
should the ground come up soft. 
He was running over a distance 
short of his best, on ground less 
testing than he really 
appreciates. 

Backed down from 9-2 to 3-1, 
Tony Dickinson's Pcie chaser 
found new strength in the final 
half mile of the King George VI 
Chase after coming off the 
bridle a long way out. and he 
eventually ran out a convincing 
winner from .the Irish-trained 
Jack of Trumps. 

For most of the race, the 
other Irish challenger. Tied 
Cottage, headed affairs at a 
tremendous pace. jumping 
boldly in the capable hands of 
Tommy Carberry. Dan Moore's 
10-year-old set up such a gallop 
that seasoned chasers including 
Royal Frolic. Fort Devon, 
Fisherman's Cot and Uncle 
Bing were completely done with 
by the half-way stage. 

One comparatively inexperi- 
enced chaser who caught my 
eye was Space Project. This 
bay son of Verriers improved 
tremendously last season. He 
won five successive races over 
fences, and there are grounds 
for thinking that he could well 
make the top grade given time. 

His jumping was a great deal 
more fluent than several of his 
more established rivals in the 
early stages, and he couid prove 
capable of surprising a good 
many people at Cheltenham. 

In’ the William Hill Christmas 


hurdle, the other major event 
nn an interesting Boxing Day 
card. Kybo bad a bloodless 
victory after Birds Nest lost 
interest in the proceedings in 
the home straight. 

It is hard to crab Kybo. the 
winner of his last three races, 
but I have yet to be convinced 
that he is good enough to 
handle the likes of Monksfield 
and Sea Pigeon on level terms 
in a race such as the Water- 
ford Crystal champion hurdle. 

Tommy Carmody. who rode a 
predictably well judged race to 
bnnz Gay Spartan through and 
lift the feature event, was seen 
in even more devastating form 
on Neville Callaghan’s Regalus 
in the G. J. Novice Hurdle. 
Carmody rode a tremendously 
powerful finish on the New- 
market four-year-old and got up 
virtually on the line to snatch 
the race from Bombardier, who 
had looked all over the winner 
once the favourite, Mellon, had 
been squeezed out at the final 
flight. 

This afternoon at Keznpton, 
Mellon's stable companion, 
Jack Madness, could be the 
one to foil the strongly 
fancied Kas inVtbe Feltbam 
Novice Chase. Jack Madness, an 
ex-Irish gelding who won a 
mairico hurdle by three lengths 
from Calveston at Liromerick 
Inst season, was ■subsequently 
retained by Gifford for 12.000 
gns at the Ascot June Sales, 
after several uninspiring per- 
formances in this country. 


Those surprised at that turn 
of events would probably not 
now be if they had seen the six- 
year-old’s highly encouraging 
run in the Ascot Kiliiney Novice 
Chase 10 days ago. He jumped 
sensibly and soundly from the 
outset, and looked quite capable 
of keeping in touch with Night 
Nurse until he ran out of steam 
three fences from home. 

If, as seems certain to be the 
case. Jack Madness is now all 
the better for that run. he could 
well prove too good for Peter 
Ashworth's Kas, who failed by 
It lengths to give Blue Maid 
4 lb in the Lingfield 2} mile 
Embassy Premier Chase Quali- 
fier on his seasonal debut. 

Peter Cundell. who was 
successful in last year's - King 
George VI Chase with the now 
sidelined * Batchelors Hall, 
saddles Celtic Ryde for the 
onening division of the Eghani 
Novices hurdle. It could well 
be that this once-raced three- 
year-old will again oblige before 
going on to better things. 

A fortnight ago at Worcester. 
Celtic Ryde found no difficulty 
in accounting for Soldier Sahib 
in the Rusbock Hurdle, in spite 
of drifting from an openirtg 
show of 7 — 2 to twice those 
odds. 

KEMPT ON 
12.45— Celtic Ryde** 

1.15 — Jack Madness*** 

1.45 — Ambremont* 

2.20 — Royal Gayc 
2.50 — Tree Tangle 

3.20 — Tuareg 



BBC 1 

t Indicates programmes in 
black and white 
9.40 am Over the Moon. 9.55 
Paddington. 10.00 Jackanory. 
10.15 Whv Don’t You . . .7 10.40 
Scooby D’oo. 11.00 Buck Rogers. 
11.20 The Fantastic Journey. 12.10 
pm Read all About It. 12.45 
News. 

1.00 Grandstand: Racing from 
Kempton Park (1.15, 1.45, 


2.20); Racing from Leopards- 
town (2.05); Trampolining 
(1.25). 2.35 Blake’s Seven. 

3.53 Regional News for Eng- 
land (except London). 3.55 
Play School. 4.20 Wally 
Gator. 4J25 Jackanory. 4.40 
The Mole at Christmas. 4.45 
The AU Star Record 
Breakers. 

5.40 News 

5.50 Cartoon 

6.00 The Wizard of Oz 

7.40 Val Doonican's Christmas 
In the Country 

8.30 News 

8.45 The Fall and Rise of 
Reginald Perrin 


F.T. CROSSWORD PUZZLE No. 3.856 



9.15 Carry on Girls 
10.45 Films of the Year 
11.25 The Feather and Father 
Gang 

12.10-12.15 am Weather/Regianl 
News 

All regions as BBC-1 except at 
the following times. 

BBC Wales — 5.50 pin Wales 
Today. 5.55-6.00 Newydd. 12.10 
am News and Weather for Wales. 

Scotland — 5.50-0.00 pm News 
for Scotland. 12.10 am News and 
Weather for Scotland. 

Northern Ireland — 5.53-3.55 pm 
Northern Ireland News. 5.50-6.0 
Northern Ireland News. 12.10 am 
News and Weather for Northern 
Ireland. 

England — 5.50-6.00 pm Recional 
News (except London and South 
East). 

BBC 2 


10.35 am Gharbar 
11.00 Plav School 
. 3.55 An Evening of Sport 
7.35 News 

7.40 Ring of Passion 
9.15 An Evening of Sport 
part 2 
11.15 News 

tllJZa Fred and Ginger in 'Top 
Hat' starring Fred Astaire, 
Ginger Rogers 


7.00 George and Mildred's 
Christmas Show 

7.30 Coronation Slreet 

S.C0 Whicker' s WnrH: Crusing 
— the Comfortaole Adven- 
ture 

9.00 News 

9.15 Charley Varrick 
11-20 The European Golf Year 
1973 

12.29 am Close An event in the 
early life n? Christ, read 
by Xamhia Gardner 
A1I iTY regions as London 
cscupt at the following times: — 

ANGLIA 

9.30 am The Lcoeuri oi the Christmas 
Messenger. 10 00 Mon|i?d. 10.15 M 
Hnopcnad 0»e Cnrisiir.as. 1.2S pm 
Anqtia News 6.00 About Anglia. 
12.20 am A Carol fpi tho Christmas 
Ceasc-n. 

ATI 

9.55 am The Aovo-iures oi Pmorchio. 
10.15 Bill. Peg-iy. Rr-vai jn-1 Friends. 

W.IVic on Water. 11.10 The 
Mo- mq cl Star W. rs. 1.20 pm ATV 
Nc-usdost. 2.0C PuH iho Mime Drsqon. 
2.31 Survoi Sseoisi. 3.30 Chopper 
Squad: No Sirin e.00 ATV Today. 


HTV 

9.20 am Survival Special. 10.15 it 
Happened One Christmas. 1.20 pm 
Report West Headlines. 1.25 Report 
Wales W-jadhnec. 2.00 The Tall Men. 
6.C0 Ronort Wc;t. 6.15 Report Wales. 
6.20 Three L.t:ia Words 
HTV Woles— As HTV General Service 
e»cept: 1.201 25 pm Penawdau 

Nowvddion y Dydd 6.00-6.15 Y Dydd. 
9.00-9.75 News lollowod by Report 
VV-i'tM Headlines. 

HTV West — ss HTV General Service 
excopt: 1.20-1.70 Report West Head- 
lines. fi.15-6.30 Reporr West. 


SCOTTISH 

9.30 am The tc"end ot tho Christmas 
lUessenqer. 10.00 Treo Top Teles. 
10.13 It Happened One Christmas. 
1.25 pm Scotnali Mews. 2.00 Dudh 
Kosr ?.C0 Film. “Roll Frcddv Roll." 
5.15 Canoon. 5.20 Cinssmod' 1 . 6.00 
Srotl.mH Today. 6.30 Report. 1Z.Z0 am 
Laie Call. 


Border 

3.25 om The Mat r ,( S(ar Wars. 
10.15 It HapDoned One Chnsfmjs. 
11.20 pm Border News 6.00 Look- 
a round V/ednostljy. 


SOOTHERN 

9.30 am The Lei i end ol the Christmas 
t,'.iieii’nr. 10.00 Survival Special. 
10. EO Mr Buns Goos To Town. 1.20 pm 
SoMthetn Newo and wuather 2.00 
Ho'jscp art-/. J2.2S To Be Or N->t To Be. 
5 15 The Underact) Adventures of 
Ccprarn Nemo. 5.70 Crn-rarvirts. E.00 
n*av by Dav. 12.20 3m Southern Mown 
E-trn. ’2.30 Waal hut fuiucavt lollowud 
by Meditations. 


LONDON 


ACROSS 

1 Sailor with com plain; about 
the meat (4, 4) 

5 Escape connecting two land- 
ings (6 ) . 

9 Country gives Empire builder 
first-class backing. (S) 

10 Room for experiment by one 
taking on a student Of the lips 
( 6 ) 

12 Eccentric in third row (5) 

13 Dutiful officer cut out by male 

' (9) w 

14 Channel with southern charar- 
teristig (6) 

16 Move away at speed of 
Russian plane (") 

19 All Foals' Day bed of fruit (7) 

21 Do I enter with equality ? l6'> 

23 K is for thing that could look 
more like T (9) 

25 Ornamental loop on a sancti- 
monious bed 15) 

26 Cost of making deposit abroad 

27 Man of action inflamed one 
key worker (Si 


29 Truck driver supporter of the 
side ? 18) 


TOWN 

1 Came out and made a hit (6) 

2 Appear to have stem mind 
<4, 5>- 

3 Holiday by chance (5) 

4 Making demands from one 
chap (7) 

6 Sweetbread? (4, 5) 

7 Writer could be mistaken for 
Sierno' (5) 

8 Clever story to tend roughly 
IS) 

11 Refuse top film (4) 

15 Go with current cast (9) 

17 Room at tho top for sailor 
with wit f5. 4) 

18 Moor in which to find boffins 
(4. 4) 

2fl Carry a better system (4) 

21 Exact summary on the Orient 
(7) 

23 Ancient coin given to Speaker 
( 6 ) 

24 Dead right in the future (5) 


'28 Broken arm ? Try another 25 Prudish about a Trojan leader 
kind of willing sufferer (6) (5) 

The solution of last Saturday’s Christmas prize puzzle will be 
-published with names of winners on Saturday. January 6, 


9.30 am Flight of the Doves. 
11.05 Nobody's House. 11.30 
Westway. 12.00 The Adventures 
of Rupert Bear. 12.10 pm Pip- 
kins. 12J50 Christmas How. 1.00 
News plus FT Index. IJ?0 
Thames News. 1.30 Pop Quest. 
2.00 The Sons of Katie Elder. 4.20 
The World of Wizard. 5.15 Mr. 
and Mrs. 

5.45 News 
6.00 Thames at 6 
6.35 Crossroads 


CHANNEL 

1.18 pm Cha*irel Kulvs 1.30 Film: 
"Hawa„ 6.03 Cn-innct New-.. 6.10 
The Loicnd ol ih* Christmas 
Mea-»*?r>aar. 9.13 Ch-riiot Lais News. 
1C. 15 am Eb.i<m»? toils. veer by hews 

and v.-oathcr in 'reniV 


TYNE TEES 

9. 20 am Tim Good Wwrd. 9.30 Tha 
L* 7 ?nrt of the Christmas Me^sonqer. 
10 00 Tree Tap Ta:ci 10.15 ll Happened 
Ones Christmas. 1.20 pm North East 
(lews and Look a ream 4 and weather. 
S.15 Lavcrne end Shirley 6.00 Northern 
I'.e. 12.20 am Epiio'iiia. 


GRAMPIAN 

9 2S am Firsi Tl.mi 3.30 The Lfrqand 
nl Inc Chrivtm.is Mcosannar. 10.00 
Tn?«*loij Tales 10 15 I- H.-.ppenort One 
Christmas. 1.20 pm Grampian Head- 
lines. 6.00 Grampian Today. 12.20 am 
Rollcclipns 12.25 Cr.im,-ian Headline;,. 


ULSTER 

10.05 am The Herbs. 10. T5 "ft 
Happened One Christmas." 1.20 pm 
Ulsttr Headlines 1.22 Cnrioon Time. 
£.13 Ulster Nows Headlines. 5.20 Cross- 
w*. 6.00 Ulster Television Now. 

C.05 Man From Atlantis. 12.20 News 
or Bom time 


GRANADA 

9 30 am The Le-rend or the Christmas 
r.t ji^ongijr. 10.00 Hamilton the Musical 
Eiepf'cnt. 10 15 It Happened OnB 
Christ ir 1S . 1.20 pm This In Your Rirjht. 
2 00 The Fro'j Prince 3.10 The Thief 
of Baqhdod. 6. 00 Granada Report*. 


WESTWARD 

9.30 am The Lancnd ui the Christmas 
Morracnaer. 10.00 Cir (ion rime. 10.15 
Ir Happened Ono Christmas 12.37 pm 
Gill Hnnoybun’s Birthdays 1.20 Was:. 
ward Hows Headlines. 1.30 Foaturs 
Film: "Hnwaii" sioainr Moi von 
Jnrio Andrews. G.00 Wer.tw.ir,! 
Drarv 9.13 ’.Vcslwarii Late Nows. 
12 16 nm Faith for Lite. 


RADIO 1 

(5) Stereophonic broadcast 

5.00 am As Radio 3. 7.03 Paul 

Burnett. 9.00 Simon Bates. 11.31 Mil-e 
Read including 12.30 Nev/sbeat 2.00 pm 
Tony Bladhurn 4.J1 Kid Jensen in- 
cluding 5.30 Newsbeat. 6J1 Keith 
Moon Who. 7.30 As Radio 2. 10.02 
John Peel (5). 12.00-2.02 am As 

Radio 2. 

VHP Radies 1 and 2 — 5.00 am With 
Radio 2. 10.00 pm With Radio 1. 12.00- 
2.02 am With Radio 2. 


RADIO 2 

5.00 am Nawa Summery, weather. 
5.02 David Allan including 5.15 Pause 
lor Thought fS). 7.32 Terry Wogan in- 


cluding 8 77 Racinq Bulletin. 

icfit ~ — 


Pause far Thought |SJ. 10.02 
Jimmy Yauns <5). 12.15 pm 

Waggonera" Walk. 12.30 Pete Murray’s 
Ouen House including 1.45 Scoria Desk 
with racing results fS). 2.30 David 
Hamilton including 2.45 and 3 45 Sports 
Desk. 4.30 Waggoners’ Walk 4-45 
Soorts Bush. 4 47 John Dunn Including 
5.45 Sports Desk {SI. 6.45 Snorts 
Desk with racing results. 7.02 Robin 
Richmond f S). 7.30 Listen to Ihe Bind 
fSj. 8.15 Semprim Serenade (Si. 9.02 
The impresarios. 9.55 5ports Desk. 
10.02 My Sainted Aunt. 10.30 Roger de 
Courcav 11.02 Brian Matthew intro- 
duces Round MIdniqht. Including 12 00 
News. 2-00-2-02 em Mewa Summary. 


RADIO 3 _ 

6.55 am Weather. 7.00 News, 7.05 
Yeur Midweek Choice: Beilioz, Lien, 
Verdi, Brahms. Beethoven (5). 8.0Q 

Choie 


News’. 8.06 Ynur Midweek Choie*. pert 


2: Scarlatti. Bach. Vivaldi <S). 9.00 

News 9.05 This Woofs Campos n ra' 
OHo-ihach and Messangr tSj. 10 00 
Holiday Special: What's tho Score? 

10 20 Organ Music <S ; . 10.50 Sms of 
O'd Ago - Piano p.eee^ by Rostml (5J 

11 10 BBC Symphony Orchestra: 

Prokofiev. Glafinov iSj. 11.55 Interval 
Heading. 12 DO Concert, part 2: 
Rak mamma v. 1.00 pm News. 1.05 
Siravinsly and Jar.-.crfc (S). 1.50 

Interval Rcndm.i. 1.55 Concert, part 
2 2.30 Prmck end E « :-<-o: Violin and 
piono fS>. 3.30 B.-rh, Christmas 
Oratoi ; o IS'. 4.C0 The Renaissance of 
Enclish Ch umber Musi'; f5i. 5.05 
Buildmi a Lihrai : (S). 5.45 Home-.verd 
Bound I Si. 6 30 News. £.35 At Home 
(S| 7.30 Den.* Ouiliey as ”Pcor Cynl" 

r>t 1100 Schubert Choral Music fS). 
11.45 News. 11 50-11.55 Tqniijht’s 
Schubcn Sortr: (19371 

RADIO 4 

6.00 am News. 6.10 Farminq Today. 
6 25 Shippmo lorecast. f.30 Today: 
Magazine -r.cluding 6 45 Pioyor For tho 
Day. 7.00 and S CC Today's News. 7.2Q 
and 8 30 News Hoaoitnea. 7.45 Thought 
for the Day. 8.45 To Build a Fire. 9.05 
The Living Won 5 9.35 Baboushka (Si. 
10.00 Nows. 10.05 Gardeners' Quostirn 
f>mo. 10.30 Daily SorviCB. 10.45 
Morning Story 11.00 You. tha Jury. 
11.45 Lisien With Mother. 12-00 News. 

12.02 pm You and Yours 12.27 Listen 
to tho Banned 12.55 Weather. 1.00 
Tha World at One 1.40 The Archers. 
1,55 Shipping forecast. 2.00 Nem. 

2.02 Woman’s Hour. 3.00 News. 3.05 
Afternoon Theatre. 3.50 Choral Even- 
song (SJ. 4.3S Story Tine. 5.00 PM. 
6.60 Shipping forecast. fi.GG Waaihar; 


urogramme news, fl.00 News. 0.30 Mv 
M.I 1 .C (St. 7.00 News. 7.05 The 
Archers. 7.20 Bothlt-hem: What Roaliy 
Hupnoiiud’ 8.33 Yiju'ra Tho Tops. 9.20 
Kulcidnatope. 9.59 W.taihor. 10.00 
The World Tonight. 10.30 An Actor 
In His rime HO) 11.00 A Book At 
BadrimC 11. IE Thr. F,nancml Worlrf 
Ton, gill. 12.00 News. 12.15-12.23 
Slopping loratasl. 


BBC Radio London 


5.00 am As Radio 2. 6.30 Rush Hour. 

9.00 London Live. 12 03 pm Call In. 

1.00 London News Desk 2.03 206 
Showcase. 4.03 Homo Run. 7.00 Tha 
Million Sellers 7.30 Black Londoners. 
8.30 In Concoi. 10.03 Late Night 
London. From 12-00 As Radio 2. 


London Broadcasting 

5.00 am Morning Music. 8.00 AM 
w.th Bob Hqiness and Douglas Cameron. 

10.00 Brian Hu yog Show. 1.00 pn» L€C 
Rapcifir; with Alan Clark, Rick Davies 
iiml Sua Jamos-jn. 3.00 Gaonjo Gnln. 

4.00 LBC Rnpotts B 00 After Eujhl with 
Ian CilchtiM. 9.00 Niohinne with Keith 
Chsikley. 1.00 nm Night Estra with 
Alton King. 


Capital Radio 

5 00 am Grutiam Dane's Breakfast 
Show i Si. 9.00 Michael AsdcI {Si. 
12-00 Dave Cash fSl. 3.00 pm Hager 
Scott (Si. 7.00 London Today (SI. 
7.30 Adnan Love's Ooen Lino (S). 9.00 
Your Mother Wouldn't Lika It with 
Nicky Horne (3). 11.00 Tony Myall's 

Show (S). 2.00 am Duncan Johnaon'e 
Late Show (S). 2.00 am Duncan John- 
•on * Night Right (SJ. 




(J* 


too - wen on the ..Yoajcmnsteit-DestagajiisL waiac. 

ancestral plot. Instead of hoein* .^^ or spread otw rejsonp. . rust, rand milder by spray- 

It, they have been, feeding it. the iso U is at least one con- ■ iDS it SI} t 0 .yoior plants develo^- 

until it is fed up. Ignore 'M : £° l on their vigour. • . j . t ingHeaves. Ifc not .be' deterred 
presence, they claim, and go% . Now, it is also, true that our by ihe views of those who make 
only for the cause. The cause, r.^tteeds draw minerals- most and sell chemicals.., L say 
had long believed, was a packed cleverly from the grouxKL The this .free.;.inlxtu?e wiH work 
and fid-drained subsoil at a~ top-growths of many of theift are against black spoty no less rare ly 
depth which could hardly be. , very rich in these trace”. el e- than ..meir J own ' ."preventive 
reached by land-drains. Now we '"men ts. Nothing makes nittogen brands-, . Hot’ ft costs you ‘noth- 
have a man who think s that thei> quite as freely as a." nettle, ing.. Whether, mare's-nest fairy 
cause is just as likely to. be tod - Nettles, indeed, in a‘ .cabbage tale ’Or mar&’s-tail magic, I can- 
little food. Smother your Stare's r jilot have been claimed-. ' to not wait , to try it In the coining 
Tail for several years with a ".increase the crop because of 'year... ' :y 




ENTERTAINMENT Gl'IOE 


OPERA & BALLET 


COUSEUM. 

R« 


Credit Cards. 0>-24a 5255. 
01-836 3161 


ENGLISH NATIONAL OPERA • 
Winners T978 SWET Award . 
Outstwidmu Actrievemem In Opera, 
Tom or. 7.00 8 Tut. naxi 7.30. TVe Ad-' 
ventures of Mr. Brourak PH. . 7.00 


Jonathan MHIer's prod. The Mirriafie Of 
Figaro. " 


Figaro. ■■ Immensely oaVovable and suc- 
cesstul." Gdn. Sal. 7.00 Dev Rosen-, 
kavaiiv, 104 balcony seats avail, for afL 
peris. From 10.00 on day ol pert. 


CO VENT GARDEN CC. 240 1tW6. 
iGarifcmctiarac Credit Can's 836 69051 
THE ROYAL OPERA 
T'nL & Frt. 730. Un balfo In nochcrt. 
iSardlnere replaces WlxeVri. Sat. 7JK1-&. 
Mon. 7M Die FhKhmnaui Turn. 6.00. 
Salome. 

THE . ROY AT. BALLET - - - 
Temor. 7.30 Manon. Sat. 2.00 The 
Sieepning Beauty. 65 Ampitl seats avail, 
tor all perfo from 10 am on dav of perf. 

THE TWO FIOD' EPj 
Children'* Opera by Peter Maxwell Davies. 
Family £ntertafnmenf. JeamieMa 
Cochrane Theatre. T'day 8 tom or. 5 pm; 
Dec- 29. 30. Jan. 1-6 2-30 & 5 pm. 
Tickets £.1 .50 from Royal Opera House 
or 11 am -6.30 pm at Jean recta Cochrane 
Theatre. • 


ROYAL FESTIVAL MALL. 9M 3191... 
Daily 3 & 7-30 tfH Jan. B. 

Jan. B W 13. Evas. 7.30. Mat Sat. Si 
LONDON FESTIVAL BALLET T ' 
in THE NUTTRACVE^ 

Today Mat. Asenao. Van Ouwenoerpti. 
Hayworth. Ton'i: TeraOust. Bart. Hay- 
worth. 


SADLER'S WELLS . ^THEATRE. R en tier? 


An.. EC1 337 1672. fintH . 
DOY'Y CAflTI la CHOEPT A* 


'sucuvan-^Evtt 7.30. Mats.' Sets., ro- 
dny^A Jan.' S <2.30. UnfH S*L The Plr 


; of ' Peniance. Turn! heat to" JanT 6 The 
Mikado. 


THEATKES 


AOELPHI THEATRE. CC. 01-830-7011. 
Eviwinps at 7.30. 

Mat. Thursd»y 3.00. Srhird’V 4.CO. 
Extra Mat. Today at 3.00. 

An Endian Ing New Musical 
BEYOND' 

THE RAINBOW 

HERE IS A HA1»PY FAMILY SHOT/." 
The Time*. 

■'BOUND TO RUN FOR EVER." 
Evcntnp New*. 

"SUNNY. TUNEFUL AND 
' SPKTACUL Art.- 
Dad* TutegroNi. 

Cn-dlt Card bcoLrngs 01-&36 7617. 


A'BERY from 8.30 am. 836 3IT7E. CC. 
Bk«. C3S 1071-3. Party rate. Ev*. 7.45. 

Thur. mu Sat. 4.30 and 8 
’■ A THOUSAND TIMES WELCOME IS 
LIONEL BART'S 

MIRACULOUS MUSICAL." Flit, Times. 
OLIVER 

wrtth ROY' HUOO 

r-r L1AN BUPNS. MARGAiRFT BURTON 
Extra Xmas Perfs.' Today, Tumor.. Frl. 
Jan. 2. 3. 4 8 9 at 4^0 & 6. 


A >YCH. Fro 6434. IlHo. — Hi; 

ROYAL SHAKESPEARE COMPANY In 
repertoire. Today 2.00 & 7.30 Bronson 
Howard's comedy SARATOGA. With 
MtoiHctcn a, Rowley's THE CHANGELING 
■Tomor.. Fri.. 5ar. m ft cl. R5C also a» 
THE WAREHOUSE See under Wl. 


AMBASSADORS. CC. , 01-036 1171. 
Ers. S OO Tuf. 2.45 Sat. 5.00. 8.00. 
JAMES BOLAM 
"A sueerb OMlwnv>nr Cl - f.j. 
GEflAi-D FLOOD 
In n NEW TKRI'LER 
• WHO KILLED 
AGATHA CHRISTIE . . . 


APOLLO. CC. .01-437 2663. Era. B.OO. 
Ms-s. Thurs. ,3.00. Sat. S.oo and P.CO 
PAUL DANEMArN. LANA MORRIS 
DENNIS RAMSOEN 

CA47MEL MrS HARRY 
SHUT YOUR EYES AND 
THINK OP ENGLAND 
"2nd WICKEDLY FUNNY YEAR. V-ry 
»»r» I'inny. grp.it enterHlnmcm." NC«. 


ARTS THEATRE. 01-936 2132. 

TOM STOPPARD'S 
DIRTY LINEN 

■■ Hllirlcws ... see It.” Sunday Times. 
Mendsv w Thursdty H.JO, Friday ard 
S.-turdiys 7 OO and 9.1'5. 


A ".Wilt THEATRE. CC. CIMPMSB Crosi 
Road. 734 4291 -4 39 COS1 Men.-Thurs. 
6 nm. Frl. and Sat. 6 00 and d.4S. 
ELVIS 

FE'T MUSICAL OF THE YEAR 
EVENING STANDARD AWARD 
SECOND GREAT YEA* 

Group bocrtdngs 01-417 3836. 


CAMBRIDGE. CC. 01-P36 

Evt4. B.OO Maes. Thur*. and- Sal. 5.CO. 
TROUBADOUR 
A new ithisic-ii starrlno 
KIM HR ADEN JOHN WATTS 
"The Besi 8r*fssh ProducHcn of a musl:>l 
MrTc ' Cwneict ' '■ Brenda Mnrahai:. 
Cadtal RMFd. 

COEDIT CARDS WELCOME 


COLLEGIATE- 0 7-836 6056. 

Intern.-, fond ttari in great fam>Y show. 

THE MAGIC CIRCLE SHOW 
J»n. 1-4 3.00 wa 7.30. Peck New. 


COMEDY. CC. 01-P3O ZE^f. 

E«. BflO. Thur. 3.00 »nd. B.OO. S«. 
S 1 S and 3.30 

The D-*erhHn* B#ITT tCKL AND 
JULIAN HOLLOWAY 
*n a mlczllna now comedy 
MATEI 


V— TE"ION. From F.M nm “M "S'fi 
CQ blcos 636 1071. En. Mon.-Tbun, 
8 00 Fri. and SjL 5.45. 8.30. " THE 
MOST HILARIOU5 PLAY FOR YEARS." 
Financial Times. 

■T4.CO JOO 
by MKheel Hawngn ■ 

"Comic deJirnim *» jiw.y? alter afroke 

rf chimoa ^mo^Uitc Brte*, 'TfHcla dm. 

SHHfuhv hinnv." Wardle. Times 


DRURY LANE. CC. 01-836 91 OB. Men. 
la 5ar, C.C3. Mai*. Wed. .-.nd Sot. 3.00. 
A CHORUS LINE 


■'.A rare, devail.-ung. lay*, j, avoHsVna 
■mner." 5. Time* 3rd GREAT YEAO. 


O'l^ESS. HM 6243. Mon. to Thors. 
Ewninflj B.OO. Frt.. Sit. 6. IS Hid 9 00. 
OH! CALCUTTAI 
9th Scnsittonaf Y**r 
' The nudilv I* ttunmng." o»Hy M-.i. 

DUKE OF YORK'S. CC 01-836 Slji! 
tvonirmB nm. Frt. mJSsl5.M, bjo. 
TOM FELICITY 

COURTENAY KENDALL 

CLOUDS • 

. '* IS BLfS5." Otwrwr 

"MICHAEL FRAYN S FUNNIEST PLAY." 
Dady Tetes rapn, 


FORTUNE. 01-636 223*. Today 5 & B. 
. E .rp=' 8-P- Thur. 3.0. Sat. 5.0. fi.O, 
MURIEL PAVLOW a* Mils Matfie in 
„ AGATHA CHRIST rE's 
MURDER AT THE VICARAGE 
• FOURTH GRSAT YEAR 


GARRICK, CC. 01-836 *601. Evs, 8.00. 
-.niaroi. wee. 3.00. sat. $.30 and g in 
DENIS QUILLET in IRA LEVIN'S 
Nevi ThHBcr 

DEATH TRAP 

■'THREE CHECK FOR TWO HOURS OF 
MARVELLOUS ENTERTAINMENT." CTI 
"VERY INGBNH5US. VEWY FOwvy' 
VERY EXCITING," fif?. Thn«. 


CLOSE THEATRE. CC. 01-437 1*92 
B.IS. Wed. 3.00. Set. 6.00. 8.40. 
PAUL EDDINGTON. JULIA MeKENZIEl 
BENJAMIN WHITROW 
ALAN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

"This must Be the happiest Imiohter- 
maker m London.'* O. 71. "An lrr«lsatny 
ctilovatilc oreirtpg," Sunday Times. 


THEATRES 

-GREENWICH THEATRE. i 01 -8SB "77SS. 
t EvsTb.oo. Min- Sms. s.oo. see HOW 
.THEY RUN. A farce by PMH0 Krtjg. Ac 
nMM of unadeHerated hutfihr."- FT. 


■evening ol una dul ter at ed touoMer.'%FT. 
EXTRA FOR KIDS. TooT ArUmr fPBYr. 
away). Geoflnv Hayes lOeod of RnltibiW)- 
in CHRISTMAS -PLAYTIME.. ■ . Until, 
Jon. 6. 2-T5 and 4-30. Saturday* 11-.D0 
and 2.15. 


HAT MARKET. - 0T-9SO4B3O. 

'. Evas. 8.00. wed. 2.30. Sat. 4.30 .& 8.00. 
PENELOPE KEITH - 
NIGEL - CHARLES" ■ 

HAWTHORNE KAYT- 

AN G HARD nEES'^ ... 
and IAN OGtLVY JA .- " ' * ' 
THE MILLIONAIRESS 

Ov BERNARD. SHAW 

■ HER MAJESTY’S. ■ CC. > ; »aiG 6606. 
■Evas. 7 JO. Man. WptLintf Sao. 3.00. 

THE NEW MUSICAL ■ ■ ■ 

RAKM1TZYAH TOY : 

■ “This stunning production -uniquely 
eniovable." Fin. Times. - " The funnTest 
musical around bar none.". S.' ' Mirror. 

MUST END JAN v <ni. , 

-KING'S ROAD THEATRE. .01-352 748B. 
From Dec. 18. Dally 20 JD.- 2 JO. 4.00. 
THE ROCKY HORROR SHOW . .. 
DONT- DREAM FT, SEE TT 

LYRIC THEATRE. CC. " 01-437 3686- 
' Ev*. 8 DO. Thurs. SJM7,. Sat. .5:00.- 0.30. 

1*y Eduardo da Flllpoo 

Directed bv. FRANCO 2EFFIRELU 
Society -of West End Theatre Awards 
, ACTRESS OF THE YEAR 

-!* COMEDY OF THE YEAR. 

" TOTAL TRIUMPH." E. News. TAN 
.. iVENT TO TREASURE." D, -H4UL V MAY 
IT FILL THE LYRIC TOR A HUNDRED- 
YEARS." Sunday Times. 

MAY FAIR THEATRE, . 0T-4B3. Z03V 
Untff J* t. 6. Die.' 10.30. Z.O. 4.0, 

• SOOTY’S CHRISTMAS -SHOW j-- -.t. 

MAY FAIR. 629 3038. (Green Pk. TubcL 
Era. BJJO. Wed. Mat: SA, Frl, Sit. 8.15 
. BAS. WELSH NATIONAL .CO Jf A" . .. 

. UNDER, MILK YfOOO- 'v .; . ' 
Dylan. Thomas s. comic mwterpleeej .e * . 
Seaton must end Dec. 30. 

NATIONAL THEATRE. MB 2252. •' ' - 

Olivier (Wpen. etaooi- ' TtwUph* 7.50 
Tomorrow 2-45 & 7.30 Strife by 'Gate-': 

Lyttelton (proscenium nasei: Torrigfct 7A5 
The Ph tenderer by Shaw.' Tomor.' 7A5 
Plunder. 

Cpttasloe fstnaO aurttorfumJ: Ton't A 
Tomor. 8 .Has Washington Lens 7 . New 
comedy by Charles Wood. 

Many -wcoHoot cheap seats all 5 theatre* 
day. or pert Car pane. Restaurant 92i».. 
2053. Credit card booUnos 938 3052. 

OLD VIC . £' - 925 7616. ~ 

PROSPECT AT THE OLD VIC 

Last perf-- Today 7-M. 

Anthony Qnoyle A 

KING- LEAR 

^ Nobody with- any respeet tor the 
theatre would want, to fnlB Mr. Qvjyle’s 
Lear." F. Timas. 

OLD VIC CC 01-923 7B1B. Bart again 

ter a «mcbU ChrtsUuat season' 

Until January 13 MATS ONLY 

Dly. • at -2.00. 'Extra peris. Tomor. A Dec. 
29. 30 A Jaa. . 5. 6. 73 at 5.00. *!•« 
Jan. '12 at 10.30 n.m.- 

, THB CINGKRBRCAD MAN 
" A triumph.' . .worth Ira rolling milt* 
■■■arm. - BBC Radio. 






PRINCE EDWARD; CC. 01-437 6877. 
Evenings 8.00. M*w. Thurs.. SSI. . 3.00. 

• - BWITa 

by nm' Rke and Andrew Lloyd-Webber ' 

, Directed, bv Harold Prince. . _ 


ijlili 



ROYAL COURT- . _ _ T74S. 

Last oerfs. Ton’t and Tolnor 8. • • • 

. WHEELCHAfR WILUE^ _ 

*17 Alto Browr.. " One of tho most . 
pwltlhg and teiglnal new plays I’Ve seen 

Ir • war*." oir.. From Jan. 8. MARY 
BARNES te David Edtur. 




wiH^vni. ■ ajn 

83* 4255. Umll Jan.- IT-, v... 

JANfgWBB. NlOBt VATRICK In",' 


Puljv.?, »pO g <V K PrtTr ?5. £4. SZ. 

ii.,ino iZi ... . _ ■ ■ 


r .1.;. '• 

• THEATRES 


-.Mat 


DT-836 ' ZB6IT.- FranTflOB ' B.OO. 
3-00., Sats. 5-30 and 8JSO. 


■WO st3i PLEASE— - 
IRIT1SH . 


WE*R8 BRI1 

-LONDON'S BIGGEST LAUGH 
OVER 3JO0O PERFORMANCES 


ST. MARTIN'S. -OC 056 1443. Today & 
Sate. S 4 8. Bate; avs*. 8. Mate. Tucs. 

•■■ACATh 1’ < CTR 1 ST IE'S 
- THE MOUSETRAP 
. WORLD'S LONGrEST-CVER RUN. 

, - 27th -YEAH 


TALK' Of THE. TOWN.. CC. 01-734 5051. 
- Alr^aiidtloned.' Frofn 8.7JO. Dining, 
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WAREHOUSE-. - Doranar Theatre. Covant 
Bov -' OAoe ■ BS6 6606. Royal 
jrejtCo. -Joday ZJ» A 7,00 
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GREAT TEAR 

■Christmas show WIZARD- 


OF 02. Dally 

2,15 pm— Sat. H am and 2.15 pm. 


WINDMILL .■nteATRE. CC . 01-437 C3lZ 

Twice NlBhtty-8.0OffitdT0.O0. . 
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PAUL- RAYMOND presents 


THE-fROTIOScPERIEraCB OF THE 
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• *f Takes, to -onprccedetitecL limits what It 
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THIRD GREAT YEAR - 


WYNDHAM*S. - From -8 JO am. 01-B36 
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Mary O'Malley's smash-hit comedy 
•V ONCE. A CATHOLIC 
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WEMBLEY ARENA. 01-902 .1234. 

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twice dally 3.00- & 6.00- . Sats. 2,00. 
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most Pens. . Pay at doors. Ample park- 
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YOUNG- VIC. 928 6363.- Era. 7.45.' [To- 
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CINEMAS. 


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..• •*. u^Si j. ..... . 

• J-. judi Dend>— “The Way of the Alec McCowen — ‘St. Mark's Gospel’ Sheila Hancock — ’* Annie 

r •••■ '.w«id- ••:•. . •*•••' “J:; 

! i .... 

•- ... *«i „ 1 - ••••• • J " 


Dorothy Tutin — “ The Double 
Dealer “ 


Penelope Xcich — ~ The 
Millionairess ’* 


N'icol Williamson — “Inadmissible Tom Conti — “ Whose Life is it 

Evidence " Anyway? * 


“■a i 

Anthony Quayie— “ King Lear ’* 

Photographs : Leonard Burt 


.. . • 

. -r - ; Sa*.; - \ 




1978: The theatre is active, if not profitable 


by B. A. YOUNG 


mmwn 


: In toy first fait year as 
[theatre critic , .of the Financial 
(Times ,t went to the theatre 181 
times. riTbis year I have gone 
’240 times, and Michael Coveney 
i must have jfofi'e as often. With 
so much defeatist talk about it 
needs to.be emphasised that the 
.’theatre is still vigorously active, 
' even .if ;ii 'js not necessarily 
prosperpust. r 

,’ About 160 companies receive 
'/ns Council subsidies. They 


‘initer iw% 'all earn feqm equally 


'<£**•*>8$ :hravrly. bnt the examples at the 


■ ■ lap are truly admirable. .At the 

three theatres of the National, 


: ‘ Vi*" J lii'vo seen 21 productions; at 


-j--- the four of the Royal Shakes- 
- **3256' )]Kr»re Company I have seen 23, 

ulus t«rn . tnnrinp . nrariiirtinne 


pics two touring productions 
destined -for the smallest kind 


- t-s isscireq-ior tee smallest Rand 

if-.o? hou c e. Let us deal with some 
. ’’fail £§?’ of thoce first. • . . 

--wri*;, . T a the National's big theatres, 
' ' J '' : iM" VvT T?ic Double ‘Dealer. Sfri/e. The 
■*: :vm; -7 f*". f , '',iL'.ndcrcr,Thc Woman. Plenty 
. vere eeriflinly artistic successes. 


' " v -i is 1 ? |e°en . if X didn’t like them all. 

' ' :.k* The Cherry Orchard was ok 


.... y-Z'-^r jffid Riverside Studios. 


i unhappily cast; The Guards- 


man seemed to me to have been 
. misunderstood; I would rather 
not speak of Macbeth. I found 
the new Pinter, Betrayal, arid 
and uninteresting. 

The protean Cottesloe has to- 
my mind devoted too much time 
to adaptations of books — Lark 
Fisc. The World Turned Upside 
Doirn. the Nev.* Testament. 
Admirable no doubt, but mo 
encouragement to new writers. 
Not that what it has dorie it 
hasn't done well: but where are 
the Weskers, the Aniens, -the 
Osbornes of 1978? » 

The Cottesloe has a character- 
istic in common with its RSC 
opposite number, the Warehouse, 
in that it seems to smoulder with 
democratic indoctrination. The 
Warehouse smoulders more 
warmly; most of what it has 
given us this year has dealt with 
sociological problems of the 
underprivileged. Much of it is 
very good, and here at any rate 
we do see young writers. I-am 
sufficiently entrenched in my 
own political persuasions not to 
mind the politics of writers as 
long as they write well; but.I 
cannot think that mounting 
plain productions of this kindof 
work is the best kind of training 


for Shakespearian directors. 

Elsewhere the company has 
maintained its usual standards 
with a beautiful Love’s labour's 
Lost, a hilarious Shretc. an 
interesting Peter Brook Antony 
and Cleopatra, a rather un- 
rnagical The Tempest and an 
intimate Afcrcluml at Stratford, 
though nothing has been so 
exciting as last year’s Henry V! 
and Cor io (anus, both of which 
came this year to the Aldwych. 
The Aldwych also gave us a fine 
Way of the World, an arguable 
The Changeling (like the 
National’s Cherry Orchard 
stymied by a better production 
ai the Riverside Studios shortly 
before), an unexpectedly blunt 
piece by David Mercer. Cousin 
Vladimir, and the awful Women 
Pirates by Steve Gooch, soon 
withdrawn in favour of the 
pretty a* You Like It. though 
without its Stratford principals. 

Best at the Royal Court has 
been the revival of Inadmissible 
Evidence, with Nicol William- 
son repeating, even improving 
on. his old performance. Among 
new plays, 1 specially enjoyed 
Thomas Babe’s Prayer for my 
Daughter, which reinforces my 
opinion that the young 


American writers are writing 
much better than our own — an 
opinion reinforced by David 
Rabe’s Sticks and Bones at the 
New End in Hampstead and 
•Streamers at the Round House, 
and David Mamet's American 
Buffalo at the Cottesloe. The 
best native play at the Coun 
was. 1 suppose. Bill Morrison's 
Flying Blind (an example of 
this house's obsession, with 
Irish politics); the most sear- 
ing. Nigel Williams’ Class 
Enemy and Alan Brown’s 
Wheelchair Willie; the most 
disappointing, iMughter by 
Peter Barnes. Good things at 
the Theatre Upstairs too. 

Hampstead, whose director 
Michael Rudtnan has beep 

deservedly promoted to take 
charge of the Lyttelton, gave 
ns a marvellous evening with 
Michael Hasting's Gloo Joo. 

which moved on to the West 
End. joining another Hamp- 
stead number, Michael Frayn's 
Clouds. Bodies, by James 

Saunders, was also a good play 

from this company. 

Prospect soldiers on against 
the short-sighted meanness of 
the Arts Council, which will 
subsidise them only for touring 


though they also bravely main- 
tain a fine company at the Old 
•Vic. This year's repertory has 
included Eileen Atkins in an 
excellent Sami Joan. Derek 
Jacobi in a first -cl ass production 
of Chekhov's Iranur, Anthony 
Quayle in The Rivals and King 
Lear. And besides the Vic, 
Prospect has to keep a com- 
pany on the Road. Praise is 
not enough: they need money. 

So to the West End. This 
has been a boo min g year for 
musicals; 1 have been to 14 
(though this includes Chicago 
at Sheffield >. Only five are still 
to be seen, however; impresarios 
seem to enjoy wasting money 
on musicals more than any 
other way. Annie, Evita and 
Bar Slit 2 rah Boy are all above- 
average quality. Of those that 
have gone, Kismet was a worth- 
while revival. The Great Ameri- 
can Backs tone Musical an enjoy- 
able piece in revue style. 

Two especial acting per- 
formances. Siobhan McKenna as 
Bernhardt in Memoir. Gordon 
Chater in the extraordinary one- 
man The Elocution of Benjamin 
Franklin. Two sad events for 
Simon Gray. The Rear Column 
and Molly had short runs. So 


did Ronald Harwood's A Family. 
imported from Manchester with 
Paul Scofield, and Dracvla with 
Terence Stamp and sets by 
Edward Carey — though The 
Passion o.i DrnmJa elsewhere 
shows the durability of added 
camp. 

We have had a new Stoppard. 
Night and Day, dealing interest- 
ingly with the ethics of 
journalism. A new Ayckbourn, 
dealing hilariously with regional 
patriotism. A new look at 
Pinter's The Homecoming, 
admirably done: at Coward's 
Look After Lulu, up from 
Chichester, hardly worth doing: 
at Shaw’s The Millionairess, a 
vehicle for Penelope Keith, 
though rather an under-powered 
one. A deserved win for Whose 
Life Is It Anyiray? (originating 
rt the Mermaid, which is now 
headed for 18 months’ closure), 
with a deserved win in it for 
Tom Conti, acting with only his 
head as a paralysed artist. 

Two comedy-thrillers (once 
our most treasured matinee- 
fodder) call for mention. The 
Unvarnished Truth and Death- 
trap; the latter should be 
around a long time. Alice's 
Boys, despite a starry cast, was 


fatally handicapped by a silly 
plot. Unclassifiable productions 
included Alec McCowen's 
remarkable recitation of Sr. 
Mark’s Gospel ; evenings with 
Barry Humphries and Dave 
Allen: a cheerful adaptation 
with lots of music of Under the 
Green wood Tree. 

Out of London — and the 
regional theatres are often up 
to West End standards, fre- 
quently more adventurous — 
Bristol included yet another 
Changeling and worthwhile re- 
vivals of Tennessee Williams's 
Kingdom of Earth. Vanbrugh’s 
The Provoked Wife. F-*»r t *>nd 
Kaufman’s The Mov Who Came 
to Dinner. The Bristol Old Vic 
runs three houses: so does 
Leicester. Leicester. always 
courageous, ran a Russian sea- 
son with new versions of War 
and Peace and Crime and 
Punishment. 

Sheffield had a fine season 
of new work in their studio 
theatre, including Dennis 
Potter’s controversial Brimstone 
and Treacle. In their bie house, 
the Crucible, they gave the 
British premiere of Chicago. 
Nottingham was less adven- 
turous than usual, but produced 


Tennessee Williams's Vicux 
Carre, which did well enough 
to come 10 London. Manchester's 
circular Royal Exchange housed 
a g rand Lady from the Sen 
with Vanessa Redgrave, which 
hopefully we shall see at the' 
Round House. 


Of The smaller companies.. 
Canterbury's Marlowe came up 
with a new Sandy Wilson musi- 
cal. The Clapkam Wonder, but- 
it did not levitate as well as. 
its heroine. At Colchester we 
had an Aphra Behn revival. The 
Rover, well worthy of their 
characteristic initiative. Another 
theatre prone to producing 
unexpected goodies is the 
Everyman in Chellenham, and 
they gave Eliot's The Confiden- • 
ticl Clerk for the Literary' . 
Festival. Yet another is the* 
Cambridge Arts — less exciting- 
than last year, but Royce Ryton's- 
piece about that ever-recurring 
Russian Grand Duchess, f Am 
Who J Am, stays in the mind.- 
The Malvern Festival, though 
without productions of its own 
had an enjoyable pair of visit- 
ing Shaws: the Chichester' 
Festival had a Shaftesbury 
Avenue feel about it that suited 
the audiences. 


.. -->£ 
iSH3 ' . 


A television calendar 


CHRIS DUNKLEY 




■ Irifi. T in. 19TS television was. of 

- course, responsible for pushing 

v- ?*£ lip the ; crime -rate and forcing 
dbwii literacy, levers, not to 
.* mention causing- a drought in 
: v.!:. October.' Though unnoticed in 
Sijw many quarters it was also 
• ' a*, (responsible , for providing much 
jCS'ceKcat entertainment. 

’ swards for the year’s 

. (three best productions go to the 
. ?.’•&: |BPC ' 2 r drama - documentary 
: : i J r series The Voyage Of Charles 
Darwin, the three-part bio- 
V.-^.papblcar play The Lost Boys 
jalso on BBC 2. and David Hare’s 
jpljy Licking Hitler on BBC 1. 

-But a diary for the year 
proves "that there was plenty 
"- ':.'p!a»re. thin- feat worth recalling: 
i ;:j, . JANUARY saw the" start of 


- -■'■S.jaff Creatures Great And Small 
; joa. BBC! K a : series about York-; 
' i A .shire -viets adapted from James 
•; j Herriot!s books. ■ .It ' was so 
. j T riidly .successful that .by - the 
: 0L the ■ year [programme 
; (Controllers .in . I TV were 

. describing it gloomily as the 
.VpBeV ■** ultimate weapon V- in 
^ The 'ratings . war. _ The.. South 
,7 ‘Peith'Shbui from London 'Weefc- 
end Television took - over the 
J".ir^'jrole ..of- -Aquorijik-; in . : :deaiing 
arts’ subjects on TTV; and 
2 started riinhihg Wen Of 
Ideas with” Bryan' Magee help- 
ga‘ ing contemporary philosophers 


to explain their own or their 
heroes' ideas; one of the most 
ambitious television talk series 
ever made. Washington Behind 
Closed Doors arrived from 
America and proved one of the 
most engrossing drama serials 
for years. ITV started two new 
fiction series: The Professionals 
which looked tediously like all 
the • other screaming tyre 
dramas, and Haze/l which went 
successfully for a much stronger 
sense of mood and style. 

FEBRUARY featured BBC 2> 
“ Chinese Week ” with some 
new reports from people such 
as Julian Pettifer and rather a 
lot of older ones from others 
such as Joris Ivens and Felix 
Greene. Granada began a 
series of “drama documentaries” 
with Mirage, the amazing 
of a Swiss engineer smueeling 
truckloads of blueprint 1 ! fo . 
jet fighter-bomber from Switzer- 
land to Israel. BBC 1 launched 
a series called Life At Stake 
which offered “ dramatic recon- 
structions '■ of several notorious 
events such as the Herrema 
siege and lhe Dutch train 
hijack. These' and Washington 
.Behind Closed Duors combined 
to. fire one of the year's liveliest 
broadcasting debates about how 
“real events'* should be con- 
veyed on television. BBC 2 


started two highly successful 
non-fiction series: The Young 
Musician. Of The Year, and 
Living In The P<wf which 
followed the fortunes of a con- 
temporary group existing in 
iron-age coDditions- 
. MARCH brought us Pennies 
From Heaven, a unique con- 
coction from writer Dennis 
Potter, producer Ken Trodd, and 
director Piers Haggard in which 
the story of Arthur, a travelling 
salesman, was told partly con- 
ventionally and partly by 
restaging popular songs of the 
thirties with the cast miming to 
the original sound recordings. 
(Incidentally those recordings 
are now available on a wonder- 
fully evocative two-record set 
from Decca). 

APRIL was a particularly 
productive month for new 
drama serials. The most con- 
troubles in the Middle East, 
which was made by the BBC's 
then' resident rnfnui terrible 
Tony Garnett and achieved an 
extraordinary impression of 
realism in the course of its four 
stories about ao armed robbery- 
Trouble arose because everyone 
in the series, was bent: the 
villains, the police, the lawyers 
and the prison officers, and that 
outraged a lot of viewers. It 
was a marvellously professional 


dramatic work nevertheless. 

Rumpole Of The Bailey from 
Thames seemed to be in sharp 
contrast: John Mortimer's 

account of the life of an ageing 
barrister was fond, amusing, and 
dramatically- conventional. In 
retrospect, however, it raises 
the suspicion that there was as 
deep a cynicism about fee work- 
ings of the law underlying the 
series as there was in the fore- 
front of Lair And Order. BBC 
Scotland showed us life on & 
fictional newspaper in The Stan- 
dard. and London Weekend 
started what looked like an end- 
less Hovis commercial called 
People Like Us. 

MAY was declared ’* Dance 
Month ” by Humphrey Burton 
and BBC2 offered a succession 
of balieis, including a very short 
one choreographed hy Lynn 
Seymour and called f.eda and 
the Swan. In a year’s television 
which contained, as usual, 
depictions of so many murders 
that they were uncountable 
(1 hough murder is a crime, 
remember) this ballet stood out 
tike a pyramid in a desert 
because it alone depicted sexual 
passion (not a crime, remem- 
ber). The same channel gave 
us a second set oT nre of the 
most enjoyable and informat ive 
series ever televised: Land- 


scapes of England presented by 
tbe master of geographical 
detection. Professor W. G. 
Hoskins. 

JUNE found the nation’s 
screens monopolised by the 
efforts of Scotland’s soccer team 
in the World Cup: the most 
tedious non-event of the year. 
BBC2‘s excellent daily pro- 
gramme of news analysis. News- 
day, died with hardly a public 
murmur of regret and John 
Mortimer's success with Rum- 
pole was promptly followed by 
his jolly series for ATV called 
Will Shakespeare. The nit- 
picking from Shakespeare "ex- 
perts ” had to be seen to be 
believed, but the series was one 
of lhe year’s most enjoyable. 

JULY was the month when 
the Government accepted the 
idea of devoting Britain's fourth 
TV channel to a •• publisher " 
network collecting and dissemi- 
nating programmes from * wide 
variety of sources. Ken Russell 
mode a lone delayed return to 
television with Cfovrfa Of Gloru 
for Granada, a two-part extra- 
vae.inzn on the Laketnnd poets 
whii-h dealt more satisfactorily 
<riih Coleridge than with the 
Word «v/nrt Its. Richard Broad 
rnmn»lcd an admirable three- 
part documentary about modern 
troubles in the Middle East, 


called Palestine, and the same 
production company — Thames — 
came up with an aU too short 
series called The Kenny Everett 
Video Show which was both 
funny and originaL One hopes 
for more in 1979. 

AUGUST was a thin month as 
usual. Apart from the BBC’s 
coverage of the Comonzoeall/i. 
Games in Edmonton, the only 
programmes worthy of note 
were Granada’s latest series of 
Decisions, this time on the inner 
workings of the British Com- 
munist Party: and Sir English 
Towns on BBC2 featuring Alec 
Clifton-Taylor rhapsodising in- 
fectiously over knapoed flints, 
red brick, and yellow lime- 
stone. 

SEPTEMBER brought an 
over-extended era to an end with 
the last episode of 2 Cars. It 
also brought Holocaust, a four- 
part .American drama which 
divided viewers sharply into iwo 
camps: those believing it was 
unforeiveable to turn the Nazi's 
•• final solution " into soap opera. 
and those . Iielicving it could 
deliver a warning to tens of 
millions of young and icnoranl 
viewers and that it would be un- 
forgiveable to miss the chance. 
British broadcasters added to 
an unmatched history of suc- 


cess at the Prix Italia, the 
world’s top TV festival, by win- 
ning all three golds, a unique 
achievement in the 30 year his- 
tory of the event. The BBC 
took documentary and drama 
honours with Hospilal and The 
Spongers, and ITV won the 
music award with Marmilfan s 
M averting. 

OCTOBER ushered in an 
autumn season which was rich 
in high class soap opera — Lillie 
from London Weekend TV. A 
Horseman Riding By from 
BBC1, and W uthcring Heights 
from BBC2 — and also rich in 
competition between BBCl and 
ITV on -Saturday evenings. 
Bruce Forsyth haring given up 
BBCl's chart-topping Genera- 
tion Game joined London Week- 
end to compere ITV’s Fio Night 
but it was Larry Grayson, 
inheritor of the Gfiirrofion 
Game, who walked off with the 
honours while Forsyth slid our 
of the ratines. 

NOVEMBER found the screen 
suddenly taken over by popular 
science series: David Bellamy. 
Thames's Botanic Man. began at 
the beginning and investigated 
lhe evolution of life (a job to 
be done again in the new year 
by David Attenborough). Then 
Jonathan Miller came along 
with The Body In Question on 


BBC 2 and explained how 
human beings worked having 
once evolved. In the process he 
answered what turned out to be 
a widespread and deep felf 
need for information about 
bodily functions and malfunc-' 
tions. James Burke’s Connec- 
tions on EEC 1 went net for the 
creation of man but for man's 
creations. The programmes 
were said to comprise “ histori- 
cal detective stories ” about 
technological development and 
were beyond parody since they 
sought to explain such con- 
trived riddles ns “the connect 
tions between the Caliph of 
Baghdad's stomach ache and 
mediaeval Nuremberg nr be- 
tween steel clocksprings and 
gin o Pr br*\id men." 

DECEMBER revealed with 
Romeo and Jnlirt, Richard II. 
and As You lake It that the 
BBC's complete Shakespeare is 
to be workmanlike but un- 
adventurous. suiting newcomers 
in ihc plavs belter than estab- 
lished enthusiasts, which is a 
reasonable enough approach for 
television 10 make, no doubt. 
London Weekend brought us a 
■series of Six Plays finely 
wrought by Alan Bennett and 
in an unbridled fit of seasonal 
feelings the BBC unions blacked 
the nation's screens. 


CRICKET BY TREVOR BAILEY 


RUGBY UNION BY PETER ROBBINS 


England can retain The Ashes 


Vital decisions for counties 


../> SINCE the first Test in 1876 
’ ' between Ljllywhite's all-profes- 
... c?- sional .eleven . and the 
. . . • Australians. England have 
■' . ..feguhtkly toured -Australia, arid 
.i- iltike Brearley’s r vi«it was the 
-> - ^Sth quest for fee Ashes. 

. :»-■*. ■ !■ - - 

In this period of more than 
■4# IOO . years, we have never 
? achieved the ultimate, the Grand 
‘ '.'.Slam, by winning every Test. 

~ '/.Australia .-did it once in 1926-21. 
■■"'.(When they were not only'suc- 
. '. * cessf nl in all ■ five matches, but 
./if jpwm.'b y a large margin on each 
.occasion — though • tests without 
l.ftjdme limits made, it a . rather 
.j * i y -(easier feat: . as there were, no 


to two. twice in England’s and 
twice in Australia’s favour. 


.i-'-T Brearley*s~ team, -having 
(already established a 2-0 lead, 
have every reason to feel con- 
■ )“fident about fee outcome, of the 
'.' ‘ Third Test starting in Melbourne 
7; on Friday, However it should 
s*’ not .'be forgotten: that the 
\ Australian - is. .never more 
dangerous than when he appears 
y : to be well beaten arid- this is not 
. ; . 1 fee first timri. we have gone two 
V«p. 


. vM EriSland enjoyed' the ■same 
start in 188M5. 189445 J90S-OA 
_ ; V P928-29 and 193M7- and all 
. *-v : wse oci: ,, !sU)^^exccht ' 


t ’.tcti a 3rjr.t .teyiii • wen ' hi h 
c?nte. r — the rubber ended Ahree 


The difference between these 
Australian teams who - fought 
their way back into the series 
was that they all contained a 
number of outstanding and 
established Test cricketers, 
whereas . V Yallop's men are 
short of fee experience and class 
expected at International level. 

Yallop, Too hey. Hogg and 
Hughes are promising and one 
wottid expect ' to find them 
challenging for a place 'in an 
Australian eleven, but rot of 
the back-bone, it was '.a pity feat 
veteran Bobbie -Simpson, an 
astute captain, did not carry on 
against England, as he succeeded 
both at home and in the Carib- 
bean last season of malting the 
most at the limited material at 
his disposal. 

- It would be wrong to bianxc 
the decline , of Australian first- 
class cricket entirely on Kerry 
Packer's world circus., although 

this etearly has had a damaging 
effect. 

One of the main causes is that 
the Ian Chappell era has ended. 
Jan's eleven, which contained- 
batsmen like his brother Greg. 
Edwards/ , Redpaih , and. apart 
from In ErirWid Walters, a.nnce 
ntt-ark built around Til'W 
Thomson and Walker, fee spin 


of Mallett and Marsh behind the 
stumps, was the strongest and 
most aggressive in the world. 

'Thvy forced a. shell-shocked 
England into submission, and 
trounced a' more capable West 
Indian. side, hut they had begun 
to break up before Packer 
appeared. 


lation. was the finest sporting 
nation in the world. 

Leaving cricket aside.,- this 
was reflected in the standard 
or their tennis, gojr. four differ- 
ent codes of foothall. athletics, 
cycling, speedway, hockey and 
swimming. 


As aresult, the last Australian 
team in England under Greg 
Chappell was surely the .weakest 
snice the first world war. Their 
batting, apart from Chappell and 
tbe potential- of Hookes, was 
mundane, their, spinners un- 
distinguished. and their seamers 
rio better than their opponents, 
who won the series by three 
Tests- to- nil without much, 
difficulty. 


Bince feat heavy defeat, most 
or the side have defected to 
World Series Cricket, including 
several who were so ordinary 
that they will not be missed. 
What Australia could not afford 
to lose- was the experience. , as 
well as the skill if players such 
as G. Chappell. Lillee, Thomson 
and Marsh, on top of the retire- 
ment of a number of others who 
had reached the end of their 
Test career. 


; It might be said wife justifica- 
tion that between 1945 and 1975 
Australia, per head af the .popu- 


The reason? They had three 
magnificent coaches, cl i mote. 
space and a cons 'dera hie 
amount, of leisure, plus the 
natural Australian competitive- 
ness. Recently, however, there 
has been a noticeable decline In 
their prominence in interna- 
tional sport. 

Can the reason for fee pre- 
sent situation be that the sweet 
life with fee many attractions 
has had an adverse . effect on 
their young athletes? 

Wife the lack of class batsmen 
in both sides making draws 
rather less likely. England 
could, theoretically, win all six 
Tests, hut it would be hard to 
believe that a side with so 
many obvious weaknesses could 
do what proved - beyond fee 
powers of those outstanding 
touring parties 'of 1911-12. 1928- 
1939. and 1931-32 who ail fin- 
ished 4-1 ahead. However. I am 
convinced that Brearley should 
have few problems returning 
with fee Ashes. 


THE RUGBY UNION has two 
urgent meetings scheduled in 
January. On fee fifth a full 
committee meeting will discuss 
the state of the game in 
England, and at the end of the 
month a second meeting will re- 
ceive the recommendations of 
the iounty championship com- 
mittee on that particular com pe- 
tition. 

The first meeting is clearly 
the more vital of the two. be- 
cause the format of the county 
championship is germane to the 
future success of the game in 
England. It would be interesting 
to discover how many present 
and past internationals have 
been canvassed on their views. 

I have twice written about the 
importance of good administra- 
tion, hut it has to be said that 
some members of the RFP are 
so /actionalised and entrenched 
in their views that, unless some 
plain talking and straight think- 
ing achieve sensible compro- 
mises, fee downward spiral of 
English rugby will continue.' 

Broadly fee two factions are 
the Northern aod South West 
counties, and the major clubs, 
who arc now represented on fee 
R.F11 committee. Two years ago 
the RFU persuaded the northern 
group to restrict Saturday 
matches to three, so that clubs 


faced fewer demands on their 
players. After agfeeing the 
group then rescinded its deci- 
sion and still persists in using 
five Saturdays, in the Midlands. 
London, and East, county 
matches are played mid-week. 


But should county rugby 
occupy a pre-eminent role in 
England? The North says ii has 
special problems, such as travel, 
lhe lack of lights, the threat of 
Rugby League (that threat has 
existed for years), and then it 
is the wish of the clubs to play 
on Saturday. That may be the 
view of the county hierarchy, 
but is it in fact representative 
of the clubs who make up the 
county and, more crucially, 
does -that view serve the best 
interests of the game in Eng- 
land? Surely the paramount con- 
sideration of any member of the 
RFU must be the improvement 
of rugby in England. 

The club’s view is that the 
county representatives are not 
really in touch wife the modern 
game and the problems asso- 
ciated with running a club. 
Times have changed, and if 
international success is to be 
won then attitudes must also 
change. 


disquiet for it means loss of 
players. Joss of revenue, diminu- 
tion of team spirit and in some 
cases loss of membership. The 
defectors say and quite logically 
that they are unwilling to pay 
subscriptions to v/ntch a hand- 
ful of home games when all the 
first team is present. 


At the RFU annual meeting a 
move by the major clubs 10 
limit Saturday representative 
rugby to 12 days was rejected, 
but received a degree of sym- 
pathy. 

Given that tradition demands 
the retention of the county 
championship what form should 
it take and when should it take 
place? I believe that three 
Saturdays only would be accept- 
able to the clubs, with those 
playing mid-week at pre-serst con- 
tinuing to do so. 1/ as at 
present, the championship is a 
vehicle for England ^election 
then it should slay, but that 
vehicle is surely in question. 


The major clubs view the 
return to five Saturdays with 


Should it in fact stay 
as ' this stepping-stone? 
Leicester’s players have largely 
opted out of playing for their 
county, but rtt«s has no! pre- 
cluded selection for the»c 
country. The county champion- 
ship has become so enfeebled 


that England rugby would be 
better served by either restrict- 
ing it to non-estabiished players, 
perhaps by age limit, and ex- 
cluding those in the England 
squad. 

Alternatively, Die introduction 
of a two-tier system could be 
considered, so that minor 
counties would have to qualify 
to meet the major counties. In 
this way an elite would be 
formed, and it seems to me that 
in England we need to aim at an 
elitist rugby society'. This does 
not mean the suppression of the 
smaller clubs, because they will 
always exist, but certainly the 
present system serves England 
ill. 

The very* diffuseness of the 
clubs in England dilutes the 
talent and although there are 
nominally 45 major clubs in 
competition in reality' perhaps 
a dozen at the most really 
qualify for this appellation. 

The problem is that if the 
role of the counties is to be 
reduced, one is virtually asking 
their representatives to cut their 
own rugby throats. This js a 
sacrifice many arc simply not 
prepared to make, even though 
it would be noble, in the best 
interests of rugby, and in line 
with fee sound thinking of the 
Ma ila by Committee. 


r 















r 



i 


1 





IINAXCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Telegrams: Fln&ntJmo, London PS4- TdttC 885341/2, 883897 
Telephone: 61-248 8000 


Wednesday December 27 1978 



SEVEN YEARS ago Mr. Bulent 
Ecevit was one of the mala 
. critics of the use of martial 
law to crush Left-wing disorder. 
:Now after a year as Prime 
Minister he has finally been 
obliged to turn to the army him- 
self. It is a move which he has 
consistently opposed. But his 
alternative measures have 
i patently failed with the most 
worrying aspect for the Govern- 
ment of the weekend's appall- 
ing death toll being that it 
[begins to put into question the 
i/whole amalgam of racial and 
jrerigious groups on which the 
j integrity of modern Turkey 
'.depends. 

1 The 100 or so people killed 
[come from the racially mixed 
areas of South Eastern Turkey, 
lit is the worst single incident 
{Since the Kurdish rebellions in 
i those areas in the 1920s, yet the 
I death toll in political violence 
[this year is now well over 700 
j — three times the already 
[serious figure for 1977. 

■ Social change 

I Unlike the relatively small- 
‘ scale trouble initiated by leftist 
[militants in the years up to and 
including the martial law period 
! of 1971-73. the recent violence 
is no longer confined to the 
cities. There the killings con- 
tinue, with all observers blam- 
:ing the neo-fascist right for 
[initiating the bulk of the 
[violence; targets range from 
[university staff to students and 
from judges to members of the 
Turkish Workers Party, a non- 
violence Marxist party com- 
mitted to working within the 
.present parliamentary system. 
But more recently the violence 
ihas spread to the towns of 
[Anatolia, with the extreme right 
; capitalising on the traditiona- 
lists’ fears of the social change 
that is sweeping the country as 
lit is torn by the problems of 
[changing from a rural to an 
! urban, market economy. 

I The Nationalist Action Party 
I of the retired colonel, Alparslan 
Turkes. has pushed an avowedly 
racialist programme, appealing 
to the national heritage of the 
Turks and exploiting the (con- 
servative) Sunni Moslems’ long- 
onlescent differences with the 
[Alevis. as the Shi-ites 2re known 
in Turkey. With the Maoists 
tr.o appealing to the sensibilities 
of the country's 5-7m Kurds and 
an economic backcloth of 20 per 
cent uuprnDioyment and 60 per 
rent inflation. Mr. Turkes has 
ifourd the soil Fertile. .Tust as 
I imoortant. his two years as 
'Deputy Prime Minister in Mr. 


[THE OUTLOOK for those who 
"may be thinking of buying a 
new home in the new year 
cannot be said to be encourag- 
ing. The net flow of new savings 
received by building societies 
has again declined this month 
and, although part of the fall 
can be put down tn seasonal 
influences and for that reason 
tit may be too soon for the full 
effect of the latest rise in build- 
ling society deposit rates to have 
[come through, the fact remains 
[that receipts are now down to 
(about their lowest level for two 
[years. 

j For the present, the move- 
: ment is hoping that Its competi- 
,tive edge will be restored by a 
general decline in short-term 
interest during the course of 
1979. But next month, normally 
>a good nne for building societies, 
sees the introduction of higher 
national savings interest rates; 
and, though building societies 
are hoping to maintain 
'broadly their present rate of 
lending by drawing further on 
their liquidity ratios, these have 
already fallen from an average 
of 21.7 per cent in February to 
17.7 per cent at the end of last 
month. 

I Unless receipts show an early 
I improvement, therefore, there is 
! a distinct possibility that build- 
ing societies may soon have_ to 
cut back oo their lending 
i quotas. There certainly seems 
little chance in the present 
situation of the rate of advances 
reaching the higher limits which 
Mr. Peter Shore, the Environ- 
. raent Secretary. recently 
. announced for the opening three 
i months of 1979. 

I 

\ Mistaken 

i It is arguable that building 
[society rates were held at too 
tlow a level earlier this year and 
ithat higher rates were resisted 
I until they became unavoidable. 
[The most important reason for 
[that of course was the usual 
political sensitivity over mort- 
jgage rates — which directly affect 
;not only many voters but also 
{ the price indices. A higher 
'level of rates would have been 
at least as effective as the 
government-enforced lending 
quotas in curbing demand and 
thus restraining the rise in 
house prices. 

Even more to the a 

higher level of rates would have 


Suleyman Demirel’s coalitions 
have enabled him to build up a 
foothold in the state machinery 
which Mr. Ecevit has been un- 
able to remove. 

Mr. Turkes’s supporters are 
still active in the country’s rudi- 
mentary and politicised police 
force, to the extent that Mr. 
Ecevit has long been obliged to 
bring the rural gendarmerie in- 
to tiie cities: the result was 
known as “civil martial law.’’ 
The intelligence services only 
began to come under govern- 
ment control in August As for 
the armed forces, the generals 
appear to back Mr. Ecpvit, who 
in his turn has been in constant 
contact with them. But the 
loyalty of middle ranks is more 
questionable. Some of them may 
be sympathetic to Mr. Turkes. 
which is one of the factors 
which has long led him to advo- 
cate the introduction of martial 
law. 

Now Mr. Ecevit a man who 
has always claimed that it is 
possible to keep the Turkish 
military out of politics, has in 
a sense had to admit failure. In 
theory he is dictating policy to 
the army and in theory he 
should be able to do what he 
has to— that is to ensure that 
the martial law commanders 
chase those really responsible 
for the violence instead of con- 
centrating on a witch hunt of 
the left of the sort which led to 
so much bitterness after Tur- 
key's last experience with mar- 
tial law. 

The West 

If that should happen then, 
to quote the Turkish saying. Mr. 
Turkes may find that having 
sown the breeze, he will reap the 
whirlwind. Already last month, 
for instance, the courts closed 
down his extremely militant 
youth organisation. But prac- 
tice could prove different. 

For the West it is a crucial 
period. Turkey’s strategic posi- 
tion has long made it important 
for NATO planoers. Now with 
the present problems in Iran 
stability in Turkey is all the 
more desirable. But so far the 
West— whether through its col- 
lective organisations, such as 
the IMF. or as individual coun- 
tries — has done little to meet 
the anguished appeals for 
economic and financial support 
from a Government which has 
inherited a desperately indebted 
economy. As for Mr. Ecevit his 
main problem is now to ensure 
that the practice of martial law 
should fit in with theory. And 
he would be the first to admit 
how hard this could be. 


attracted a higher flow of sav- 
ings and thus enabled the build- 
ing societies to maintain their 
lending programmes for rather 
longer and so offered a more 
encouraging prospect for house- 
builders. As it is. housing 
starts in the private sector, 
which revived only marginally, 
are now falling back to the point 
where the forecast level of com- 
pletions next year may well be 
as poor as in the slump year of 
1977. 

By the same token, the popu- 
lar assumption that the present 
level of mortgage rates is purely 
temporary is mistaken — or, at 
least, it should be. If prevail- 
ing interest rates do start to 
decline next year, building 
societies ought to resist the 
inevitable pressure to reduce 
their's in line. All the evidence 
shows that there is a strong 
underlying demand for home 
ownership and. if real dispos- 
able incomes continue to 
advance, there will be no lack of 
effective demand. 

Adjustment 

The present level of mort- 
gage rates still represents a 
good bargain for home-owners 
at today's rates of inflation, 
especially when account is taken 
of tax relief on interest pay- 
ments. Reducing the real cost 
of ownership by lowering mort- 
gage rates simply increases 
demand and drives up house 
prices since the effect of lower 
rates is to increase the capital 
sum which can be commanded 
by the incomes which would-be 
buyers are willing to devote to 
purchase. 

The rapid rise in prices this 
year has been mainly a matter 
of restoring the normal relation 
between house prices and in- 
comes, but the speed of adjust- 
ment might have been more 
seemly had the building socie- 
ties been free to set competi- 
tive rates. Prices have now 
reached a level which offer 
housing developers an incentive 
but the rate of building has 
been depressed by the prospec- 
tive scarcity of funds. If this 
whole cycle is not to be 
repeated, building societies 
should be allowed to charge 
whatever rate is needed to 
finance the demand for home 
loans. 


T HE BASQUES are a hardy, 
reserved race who take life 
seriously. Spaniards, so the 
Basques say, only take them- 
selves seriously. Not only do 
Basques generally look different 
from other Spaniards— -they are 
slightly taller, many have blue 
eyes and the. men-- wear their 
distinctive berets— but also, as 
every Basque will tell you. they 
are different The origin of 
their unique language remains 
shrouded in philological mystery 
and their whole cultural and 
political heritage lies outside the 
Spanish mainstream. For 
Basques, Spain begins where 
their narrow green valleys and 
conifer-covered mountains give 
way to the bleak emptiness of 
the Castillian plateau. Spain is 
part of the outside world. 

Basque nationalism, and the 
separatism it has engendered, 
was a constant cloud in Gen. 
Franco’s vision of a unified, 
centrally governed Spain. Yet 
even now that regional 
‘autonomy has been accepted as 
part of the structure of demo- 
cratic Spain, and concessions 
have been made to a Basque 
identity, the problem of Basque 
separatism is no nearer solution. 
Indeed, finding an honourable 
solution has become arguably 
the greatest single test facing 
democratic Spain. 

The Government is haunted 
by the fear that giving too much 
power to the Tegions risks 
dangerously weakening central 
authority. Equally it knows that 
the political stability of Spain 
depends upon coming to terms 
with -the demands of those 
influential regions like 
Catalonia and the Basque 
country which have historic 
grievances against Madrid. The 
experience of Catalonia has 
shown that it is possible to 
reach a compromise between 
the competing claims of greater 
regional power and effective 
central government. While the 
Catalans accepted that there 
was a basic national norm for 
devolution, the Basques want to 
be given a special status that 
almost amounts to federation 
with the rest of Spain. The 
Government is also being 
pressed to make such an excep- 
tion by the separatist gun. 

The Government calculated 
1 that by offering concessions to 
the Basques — an amnesty for 
political prisoners; permitting 
the Basque flag to be flown; 
establishing a general Basque 
council: and promising a com- 
prehensive autonomy statute — 
the steam would be removed 
from Basque separatism in the 
overall atmosphere of newly 
arrived Spanish democracy. The 
aim was to isolate the militant 
Basque separatist grouping ETA 
(Euskadi Ta Askatasuna — Free- 
dom for the Basque Country). 
, The heavy abstentions and high 
j proportion of negative votes 
1 cast by the Basques in the con- 
I stitutional referendum of 
December 6 were a serious 
setback for this policy. The 
main Basque political party, the 
moderate Christian Democrat 
PNV ( Partido Nacional ista 
Vasco) canvassed abstention 
while ETA and its political ailTes 


MEN AND 


Minarets on the 
Eastern line 

Those of my readers who, de- 
spite the alarums and excur- 
sions of 1974. still think a three- 
day week is respectable and 
have this morning put them- 
selves at the tender mercies of 
British Rail might be reassured 
by what I have just learnt of 
the risks their fellow commut- 
ers rua in Malaysia. There the 
, local parliament has just been 
, told in tones of pride that the 
number of d**rai/nients is down 
— tn a mere J00 per year. 

The cynical might venture 
that Britain beats that record 
— by derailing trains before 
they ever leave the marshalling 
yard. But shun ring past such 
; Ill-tempered and unseasonal re- 
marks may I quote our Kuala 
Lumpur correspondent; " Each 
• railway station has it own charm 
with its neat little gardens, and 
the minarets of Kuala Lumpur 
station are an exotic sight 
against the sunset.” 

That rai?ht draw comparisons 
with the dreaming spires of St. 
Paocras hut I know of nothing 
local to parallel the way that in 



these days." 


Mortgages turn 
full circle 





By ROBERT GRAHAM, Madrid Correspondent 


asked for a negative vote. The 
motive was the samp: the con- 
stitution failed to take as much 
account as they wanted of his- 
toric Basque rights. In the two 
key provinces of Guipuzcoa and 
Vizcaya the abstention rate was 
60 per cent and the “ Noes " 
accounted for 25 per cent of 
total votes cast Moderates .and 
extremists had made common 
cause. 

“We are on the verge of 
Ulsterisation," a leading Basque 
journalist, Sr. Paxto Unzueta, 
commented. Ulsterisation is a 
commonly used phrase now. 
This is so not because of any 
direct parallel between Ulster 
and the Basque country (which 
there is not), but rather 
because the problem of Basque 
separatism risks falling into the 
same cycle of violence and dead- 
locked negotiations from which 
it becomes increasingly hard to 
break free. 


The violence perpetrated by 
ETA has increased almost in 
proportion to the promises of 
greater autonomy for the region. 
Since the summer ETA has 
escalated its war against the 
symbols of “ alien Spanish 
military occupation ” — police- 
men, Informers and soldiers. 
On average ETA has assassi- 
nated more than one person 
each week, accounting for two- 
Thirds of all political killings in 
Spain this year. The most 
recent victim was a San 
Sebastian shopkeeper machine- 
gunned to death last Saturday. 

ETA has also stepped up its 
collection of what it calls 
“revolutionary taxes," meaning 
funds extorted from business- 
men and industrialists. For 
those who do not pay there was 
the example of an Irun builder, 
Sr. Jose Legasa, murdered on 
November 2. He had had the 
temerity to denounce to the 
French authorities the practice 
of ETA demanding money and 
payment across the border in 
France. A number of prominent 
businessmen . have decided it 
best to leave the area, while 
others have reportedly hired 
underworld -figures to protect 
them. 

In turn the authorities have 
raised the stakes in the war 
against ETA. There is in all 
but name a state of alert in 
Guipuzcoa and Vizcaya. It is 
less evident in the streets of 
the major towns where life is 
as normal as in other Spanish 
cities, but in the .concentration 
of para-military forces,., and. 
their ability to intervene when 
and where required. Sr. Miguel 
Castells. a radical lawyer who 
acts for many ETA suspects, 
claims that a group of lawyers 
have calculated that during the 
referendum period the security 
forces each day detained some 
200 persons on average for over 
five hours. The police have 
caught nearly 90 ETA suspects 
in the past three weeks, two of 
them on Christmas Day. " The 
people we are capturing repre- 
sent only the tip of an iceberg," 
the Civil Governor of Guipuzcoa, 
Sr. Antonio Oyarzabal. says. 

Containing ETA is a losing 
battle as long as the security 
forces themselves represent, as 


■"VvOsF/* 


'J} ii 

’Ev-i'. * >* . 




SR 




.'TCSfe'J ' 


problematical region aid every 
attention '' : was devoted - to 




• . . . . . •. ~l v ! : r :: ■■ • , • '.'it ■Vefc*'* 


Armed police attacking barricades in San Sebastian during the disturbances in July- 


they do for many Basques — 
especially those aged between 
18 and 35 — the hated symbols 
of central control. “Many of 
us now disapprove of ETA’s 
violence, but the security forces 
are not ours and we cannot 
honestly identify with them," a 
Basque politician remarked. 
When policemen are shot it pro- 
vokes an outcry among their 
own men against the Govern- 
ment’s inability to prevent 
terrorism. Basques seem in- 
different because the dead man 
is a Spaniard. 

The security forces do not 
help themselves by their 
methods. The Government has 
made no serious attempt to 
stamp out the use of torture. 
Sr. Castells insists that crude 
physical torture is still widely 
practised by beating detainees 
on the soles of their feet, or 
squeezing their testicles. De- 
tainees may be held for 72 
hours- without warrant and 
then, on application to the pub- 
lic prosecutor, may be held 
incommunicado for a further 
eisht days. 

The demands of the ex- 
tremists, as represented by ETA 
and its supporters, are for an 
independent Marxist state, 
Euskani, eventually to be united 
with that part of historic Basque 
territory which lies in France. 
As a preliminary they want an 
end to the “military occupa- 
tion " of the Basque country 
and the establishment of a local 
police force. This would be 
accompanied by the restoration 
of historic rights such as that 
to raise their own taxes and 


decide their own political struct 
turein a cantonal type system.. - 


The last known attempt to;, 
arrange negotiations . between 
the Government and ETA col- 
lapsed in March, 1977. Tire' 
Government wanted them con- 
ducted in secrecy, ETA insisted, 
on them being public. The fact 
that the Government sought, 
informal contact with ETA;' 
was extremely unpopular with 
the predominantly Right-wing 
security forces, and this still- 
acts as an important check tOB 
any Government attempt to deal 
with ETA. 


The other difficulty in dealing 
with ETA is that it now groups 
at least ' three operational 
branches, none of which are 
necesarily in agreement with 
each other. ETA-Militar repre- 
sents the tough core of hard- 
line “hit men” who support 
unconditional independence. 
ETA Politico-Militar, active In 
the less murderous aspects of 
separatism, supports indepen- 
dence but is more nuaheed and 
less committed to violence as 
a weapon. Finally cells known 
as autonomous commando units 
have become increasingly pro- 
minent as murder squads. Given 
this varied structure there is no 
guarantee that any ceasefire 
negotiated with one group will 
be observed by. the others. 

ETA has the active sympathy 
of perhaps 10-12 per cent of the 
population • in tbe Basque 
country. Therefore the strategy 
of trying to contain and isolate 
ETA has been wholly under- 
standable — all the more so 
given the hostility of the mili- 


tary in dealing with ETA. Why 
•then has’ the Government; been 
unable to- swing. the bulk of the 
Basques behind' its regional 
policy? In part this must -be 
blamed on the mistrust that has* 
built up between Basques. and 
the central Government ' -The 
Basques in turn have behaved 
as though autonomy- should be 
granted as of right and J have 
rubbed Madrid up the wrong 
way. 

The Government has.- not 
‘ helped matters by playing a 
policy of divide ■ and * rule with 
'the four Basque' provinces. The 
two coastal provinces, Vizcaya 
and Guipuzcoa. are the; heart 
- land of Spain’* . steel and 
engineering industries, .enjoy- 
ing the : highest per capita 
income in the country. Under 
Franco they were dubbed the 
“ traitor provinces ” and suf- 
fered the worst repression. It 
j is here that the separatist 
^movement draws _ its principal 


'shbporL 

By contrast, the inland pro- 
vinces of Alava and Navarre— , 
more rural, conservative -and 
deeply Catholic — were allowed 
to retain many historic privi- 
leges ’ including Important fiscal 
and juridical powers. jNavarre.' 
could only join -an autonomous 
Basque unit; if it is set up, by » 
separate referendum of its own. 
Without Navarre the Basque 
separatist’ cause Is. seriously 
weakened, because it is the sire 
of the other three 1 provinces put 
together and is their hinterland. 

In retrospect it may be said' 
that there have been important 
errors of judgment. Catalonir 
was thought- to be the ' most 


elaborating ' the . first autonomy 

statute: there. .As a -result Cata- 
lonia :ii already experiencing -a 
degree-^ - -of self-government 
'which, the, Basques have not yet 
’ even been able to agree on,: Jet 
- .This delay 
has led- to jalserhopes and now 
to frosthrtion. No effort has 
beea rnade^tp- win hearts; :and 
minds. The Basque country is 
the/iqne" region which - neither 
th&^rtm.e Minister not the King' 
IiafcfTisfted. ‘ The; King's:' failure 
to^do^v-soLis : keenly- felt: by 

trudgm? tit -is.;the/' Spanish 

to dirartrhs'V; who " iiome" to - the 
smalTMownv of Guernica ...and 
accept ;$llegianbe of -the 
Basques. . - It was this type of 
relationship of -• accepting 
sortxeJgnty... direct . from .the 
Grown, not- the.' Madrid parlia- 
ment— that the PNV unsuccess- 
fully . .sought to have written 
into the constitution- 

If - the government is. to 
regain -the initiative, ft. nee ds 
to, .adopt a sympathetic attitude 
towards, a 1 draft statute for 
BdSque: autonomy - now - being 
discussed by. the parliamentary 
parties, the. statute is wider 
-ranging Tthan that granted to 
. Catalonia and: reserves 37 func- 
tiopk for i -Basque Government. 
They ' Incl'tide control: of the 
public^'-Sector, economic ' plan- 
ning; -social services.' taxation (a 
l am p sum. would be agreed for 
.payment to the- i»n.tral-’Goveni- 
mentj, and local : police except 
foir frontier jand' eustoints" work. 

. . But tin the short .'term the 
main influence do events will 
come v f»mnm»iclpal elections. 
Many ; observers ieel. that the 
. long delay in holding municipal 
elections has .; been, the funda- 
mental cause behind the frustra- 
tions in the Basque country. 
"Historically the Basques have 
been governed through .local 
couocllft, and ' municipal elec- 
tions will ' reveal- a different 
political picture from, that of 
the general elections in June 
1977 : - when the Socialists 
emerged as the single largest 
party,' • 

. Municipal ejections ; are 
expected to result in some . SO 
per cent of-tire electorate voting 
for the anbdpraite bill Nationalist 
PNV, hot laJi»,';te-.see for- -the 
first time the election «f repre- 
sentatives - of sympathisers tif 
ETA. The reinforced position of 
the PNV, plus the representa- 
tion of the hardline separatists 
should , make it easier [for the 
Government to deal; with those 
who want a political solution. 

** We cannot admit that there 
is no political solution to this 
problem*” the Giyii Governor of 
Guipuzcoa - says. But three 
elements .give fittie cause for 
optimism^ ; the : Government’s 
fearhfttpseftingthe Right and 
alienating lie security forces by 
ltei'icotkUKt in .the Basque 
country r.tbe inability oi the. 
Government -and the Basques to 
establish 7 * : modicum of mutual 
trust; . ^d-the- nnwiStingiiess of 
elements within ETA to forgo 
vioJehce-nnless lire Government 
gives jn to demands that would 
drive a - coach and horses 
thrmip-h Its regional nollev. 




MAHERS 



1894 a giant bull elephant 
rammed an on-coraing train at 
Teluk Anson to protect its 
females. Of such is the stuff oF 
poetry — though it is sad to have 
to add that the elephant seemed 
to come off the worse. Its 
enormous skull and seven-foot 
tusks are now a prime attrac- 
tion in Malaysia's national 
museum. 

As for the derailments I 
obviously have u« report the 
reason for ihe«e. though would 
not like to be thought of seeking 
to incite my readers to similar 
action next time the S.37 is 
" rescheduied ” for 9.52. Ap- 
parently they are mainly - the 
result of acts of sabotage — by 
railway men an^r>’ at the closing 
down of secondary routes. Just 
as well Lord Beeching has 
already wielded his axe so that 
rho National Union of Railway- 
men does not now feel tempted 
to wield its own. 


Double dearth 

When the Tanzanian Minister 
of Agriculture. John Malecela, 
arrives next month at the Food 
and Agriculture Organisation 
headquarters in Rome he will 
face a problem in raising the 
funds that his country - and six 
others in East Africa desperately 
need to light what is officially 
described as a “ plague." The 
seven belong to DCLOEA. the 
East African locust control 
organistion. They have just met 
in Nairobi to discuss the very 
real risks that locust swarms 
could arrive in southern Somalia 
next week. 

A situation report presented 
to representatives from the 
member countries — Djibouti, 
Ethiopia. Konya, Somalia. 
Sudan, Tanzania and Uganda — 
says that the main menace now - 
comes from the war-torn Ogaden 
desert in Southern Ethiopia. 
Swarms of locusts have been lay- 
ing eggs there but no control 
measures have been possible 
because of continuing Somalia 
guerilla activity, i am told. 

The Ethiopians do not allow 
planes to fiy below 12.000 ft. 
This is of course far too high 


to allow spraying though I 
understand resourceful locust 
controllers have found their way 
round the letter of the law. This 
may not allow planes to fly but 
it docs allow them to take off 
and land, so this is what they 
do. hedgehopping from field to 
field. 

But while this plague hovers 
on the horizon the two-day 
meeting in Nairobi had to spend 
much of its time arguing icss 
about what to do than how to 
do it. For DCLOEA is vir- 
tually broke. Its acting director 
general. Mulugetta Bezrabch. 
warns that it “might find itself 
without funds by July” if mem- 
ber governments do not pay 
up their overdue contributions. 
All reserves have been 
exhausted. 

The meeting ended without 
apparent certainty . that such 
problems would be resolved, let 
alone a new S0.5m emergency 
budget be funded. An FAO re- 
presentative in Nairobi pointed 

nut that ** it would help the FAO 
in seeking donor support if it 
were known that the countries 
contributions had been paid in 
full.” Which presumably is 
what the Tanzanian Minister 

will be told, rather less diplth 
matically, when he broaches the 
question of the plague in Rome. 


tions. that 48 were insolvent 
before they started on their 
criminal course and 53 had 
previous criminal convictions. 
If that must make one ask if 
gnomes can have feet of clay, 
so does the report by the judge 
that Zurich has a ** financial 
underworld " of 50-70 people 
who live exclusively from 
crooked dealings. 

Apparently 38 of the 100 
belonged tn this underworld. 
Thu judge also found that iwo- 
thirds acted tn enrich them- 
selves and one-third to prevent 
the collapse of their business. 
But the results would eeem to 
indicate that even these days 
divine retribution is not tn he 
neglected. Of the 100. 78 were 
ruined by their activities — but 
sn were six Zurich hanks. In 
all 47 - of this infamous band 
caused the failure of the insti- 
tutions which they had managed 

The judge’s report, given at 
a seminar on hnsiness. crime 
at the University of Saint 
Galien, makes slunmy reading. 
That Britain must surely he 
pressed to dig up 100 such 
convictions for analysis is more 
reassuring — and surely a reflec- 
tion on its honesty rather than 

on its Icral system and over- 
strained Fraud Squad, or at 
least so I woutd tike to assume. 


Bottom 100 

And now the good news. The 
City. I am glad to report, is not 
alone. It may have had to over- 
come the world-record ‘Stern 
bankruptcy, the Crown Agents' 
losses, a suicide or two the odd- 
scandal and the occasional ex- 
tradition request. But in usually 
self-righteous Switzerland things 
seem far worse — or so the 
results of a study would indi- 
cate. Carried out by Judge 
Niklaus Schmid, this concen- 
trated on 100 people convicted 
for involvement in ” important 
business scandals ” in the period 
1960-74. 

It found that one-third of 
delinquents were officials of. 
banks or other financial institu- 


Fair cop , 

This autumn I was told the talc 
of how the Commissioner of 
Metropolitan Police, David 
McNee. seeing a uniformed con- 
stable drinking in a pub, told 
him: “You and I now share 
one thing in common — neither 
of us will ever receive promo- 
tion." _ Scotland Yard assures 
me this bon mol is apocrypha] 
but just as some of my less 
charitable readers might New- 
Year-wish promotion on McNee 
so they might have similar one- 
word dreams for other figures 
from 1978. 


I shall be watching my mail 
bag. 

Observer 



toSQJEH WHISKIES BLENDED jfeBdfflfl?. 


Perth, Scotland 
*n w woo/* Vm 


[SfSfflllANO 


The exception 
that could prove 
I to be vour rule. 











I ’ Decenibfir-27 1978 


A GUIDE TO WHAT WAS REALLY IN YOUR CHRISTMAS DRINK 


LVpiJ'o^i^a 


BY DAVID FISHLOCK, SCIENCE EDITOR 


streams with heavenly alchemy’ 


... ALCOHOL'S- fasdnation for me 

can be traded to ffiy early ’teens, . 
-not so long" after I- first began - 
■ to take an interest .iri;cfceiriistiy. 
While my - airtnwniwii school- ; 
friefidi piumped f6r 'fflemebtanr 
explosives, I -was Tnore- excited 
. by a still older,ait. I was stiH 

: a teenager - ttben. -I- asked a’’ 
friend training -with Boots' the- 
bheriifeis wfifitSer be could siip- 
plytbe ingredients . I needed for 
my . newly found formula' for . 
making absinthe. . . 

. •* Tbs head -pharmacist wants ■ 

.- ■to know ' why you want these 
herts/i ^rasthe. unnerving -reply. 

. ; Coyly rdeflined to say. “ The 
' head pharmacist r says he knows 
' why yot» Ward’ them.f* Noije the 
.1 less T- 'Ijisff the. shop with the 
seven or eight _ smij 1 packages 
■i of &sential 'ingredients, .one. 

. . being wormwood, for the for- . 
_r- bidden -aperitifi. •• -> 

I jhe .U5 m where absinthe 
.[ .has been proscribed since 1912, 

! you -can buy a do-it-yourself kit 

- comprising a bottle of vodka, 
the label Of which tells you to 

. soak leaves or flowering tops of 
I wormwood for two days. 

If Lord. BothSchQd r s' idea of 
I an.-, “index of risk” — so 
■ } vehemently rejected. by those 
who . abhor nuclear power — . 
1 should . materialise, it could do 
. so mneh. more than - simply 

- establish how low is the jmclear, 
risk.' The risk of brain damage 
.from wormwood Is, 1 I- would, 
hazard, rather loss than the risk 
from grinding . together ingre- 
dients- of'-:** low explosives. I 
know of one family who ate 
Christmas dinn er around a hole 

' in their dining table blasted by 
a teenage son’s' experiment ’ 
Absinthe, -I. was disappointed 
to find, doesn't appear in a 
book called Alcoholic Bever- 
ages*-by ;A; H. Rose which I' 
consulted ' recently. . Nor does 
brandy, an- omission which the 
editor, accepts is serious enou gh 
to warrant an apology in his 
preface- ' But -I have books 
devoted 46' brandy; and recently - 


came across' a*Jdng particle 
. about ' 'absinthe enticingly sub- 
bed “ At last ; a drfiflfc that 
grows- hair - on ' -ybtm bram," 
which argues incongruously that 
the risks of this drink may have 
been greatly exaggerated. So 
I settled down to imbibe the 
7TO pages In which Rrofessor 
Anthony . Bose of- the School of 
Biological Sciences AiT- Bath 
University attempts- to encom- 
pass almost every other 1 com- 
merciaf product of what he calls 
“ man’s ^smallest -servants." — 
the microbes. 


Thel ability;. of- miixobea to 
break;. . down; . comparatively 
complex., -chemicals such as 
starches and sugar info- ethanol 
—the potable alcohoVr-was 
known for several thousands of 
.years J3C.. .The earliest--wines 
were probably fermented in the 
valley of the Tigris in Iraq; the 
earliest beprs — boomfir^w ere 
probably made in Egypt.? 

Much later' -man discovered 

- distillation — to this day One of 
the most elegant ways of 
Separating mixtures pf^ftquids 
— as a way of concentrating the 
ethanol In these fermented 

- liquors. Microbes, like their 
masters, vary widely - xbt.- their 
tolerance of alcohol, but- even 
the hardiest seem to succumb 
at a concentration of about in 
oer cent Alchemists ' had 
learned how to concentrate their 
Therapeutic herbs by distilla- 
tion. and applied the: same art 
to their yeasty brews. The 
Chinese, T.ono years PC. "kn^w 
how to concentrate, alcohol bv 
distinction and 'moreover recog- 
nised the risks of fiyer-indul- 
gence in the concentrate; 

Oily in quite recent times, 
however, has --'the distiller 
learned how much ? more 
aesthetic satisfaction he. could 
give by culling just those frac- 
tions which have the most desir- 
able organoleptic, qualities — 
those associated witiri taste, 
flavour and bouquet-— and reject- 
ing fractions carrying the less 


appealing tastes and smells. 

Ethanol itself is responsible 
in only a small way for the 
organoleptic qualities of a 
beverage. More surprising, how- 
ever, is the recent realisation, 
notably in laboratories in Hel- 
sinki and California, that of the 
myriad “ congenerics " — self 
flavouring chemicals such as 
higher alcohols, aldehydes, acids, 
esters, and sulphur compounds 
— detectable in different drinks 
by modem methods, a handful 
of key compounds recur in most 
drinks. They may be introduced 
by the raw material, by the 
fermentation or distillation tech- 
nique used, or by the cask and 
conditions under -which the 
drink is aged. 

In rum, for example, about 
200 compounds have been identi- 
fied. Yet there are no marked 
differences in kind or quality 
which distinguish the chemistry 
of a Jamaica rum clearly from 
far less nungent spirits. 

The discerning drinker may 
find difficulty in relating some of 
the recurring compounds to the 
ffavonr and aroma he is exuect- 
ine. The most imonrtant protin. 
both in amount and effect, are 
the higher a'cnhnls often col- 
lectively called fusel alcohols or 
fusel nils. Thev incline 2-nhene- 
thanol, a compound with a 
stTone mse-i J ke odour. A obioul- 
to»>s aldehvde called dincotvl has 
a flavour variously descrily»ri as 
resembling butter, huttprsrntch 
or toffee, Traces — millionths pf 
a grn rn— of st’inhur romonnud*; 
of nungent and normally nnp^nns 
odour. incl ,, **'’ ,F * ^nnl-«— 
hydrogen jg'inhidp f u rotten 

e*"****!. are another rp#M*rriig 
constituent, pgnpopiw of hcors. 

In The gasp of table winps. 
sulnhur dioyidn is normillv 
dciiherntplv added to inhibit 
reactions which m^hr spoil the 
bounuet and the colour. 

Whisky also ^mund 

?.nn orranol«nticallv imnnrt^nt 
chemicals. Rut when o"“ con- 
siders the commercial imnnrt- 


ance of a beverage of which well 
over 300m gallons are distilled 
every year, surprisingly little 
study seems to have been given 
to the source of its flavour — 
especially to the flavour of 
Scotch. 


Intrepid Finnish scientists at 
the State Alcohol Monopoly in 
Helsinki have synthesized a 
“ light-flavoured Scotch whisky." 

They took highly purified 
grain spirit and diluted it to 34 
per cent alcohol, then added 13 
other alcohols,' 21 organic acids, 
24 esters and nine carbonyl 
compounds, together with 
caramel to fake the colour 
whisky normally acquires from 
the cask. An experienced panel 
of tasters had no difficulty in 
differentiating between the 
neat concoction and a blended 
Scotch. But the panel had great 
difficulty in choosing between 
the real thing and a mixture of 
equal parts of Scotch and the 
concoction. 

Whisky — “ the product of 
distillation of unhopped beer” 
— Is closely related to beer, 
which has drawn more study of 
its flavour, aroma, and other 
qualities than any other alco- 
holic drink. Dr. Anna M. 
Macleod, an authority on brew- 
ing at the Heriot-Watt Univer- 
sity in Edinburgh, observes that 
combinations of some chemicals 
can have an additive effect on 
each other. And some can have 
what she calls “ a general 
dampening effect on the palate." 

Dr.' Macleod isolates several 
properties of beer imonrtapt to 
the customer, such as clarity, 
nowadays carefully contrdlled 
by clever chemistry in the 
freshly brewed product. Foam 
is another, because not merely 
the “ firm, white, persistent, 
well-textured ” head on a glass 
of beer, but also the lacing as 
the level sinks down the glass, 
is aesthetically inmortant to the 
beer drinker. Also, by cunning 
chemistry the modern brewer 
can stabilise the foam. But he 


may. be defeated by a greasy 
glass or a residue of some of 
the detergents used in glass- 
washing. 

I sought vainly for any en- 
lightenment from Dr. Macleod 
on the subject of “body,” a 
property eveiy beer drinker 
understands, but which few 
could describe articulately. A 
research team a few years ago 
was' commissioned to find a way 
for a British brewer of measur- 
ing “ body " continuously, but It 
did pot succeed. There is a 
deliriously bitter edge, how- 
ever, to Anna Madeod’s final 

comment on “ off-flavours,” 

sometimes the result of remark- 
ably small traces — one pan in 
a billion — of compounds that 
can find their way into the 
brew. Let it not be thought, 
she warns drily, that they are a 
common feature of commercial 
beer. “ To savour the full range 
of possible beer defects, per- 
sonal experience suggests that 
one should act as a judge in a 
home-brewing contest.” 

Mead, on the other hand. Is a 
a connoisseur's item, by no 
means native to Britain. It 
is made by fermenting honey 
diluted with water or fruit 
juice, to yield a drink the 
alcohol content of which is 
high by beer standards— -in fact, 
that of a potent wine. The 
flavour is greatly influenced by 
the flowers from which the bees 
have drawn their nectar, par- 
ticularly strong aromas deriving 
from the flowers of buckwheat, 
heather and lime trees. In the 
USSR bees are deliberately fed 
on fruit and sjrrups to instil a 
desired flavour. 

Rather more subtle flavours 
and aromas are associated with 
gin and vodka. These spirits 
derive no part of their flavour 
from the scores of congenerics 
of self-flavouring by-products of 
the method of manufacture and 
sTorage so important to the 
flavour of whisky, brandy or 
rum. The flavour of gin and 


vodka is introduced by the 
choice of botanicals (herbs). 


The essential oil of juniper 
berries provides much of the 
flavour of gin. Less widely 
appreciated, however, is how 
many other herbs commonly 
found in the kitchen may con- 
tribute to the finer nuances of 
gin’s flavour and aroma. A 
research scientist with Inter- 
national Distillers and Vintners 
provides a list of 18, including 
orange peel, cinnamon bark, 
angelica root and cassia— all 
important to London dry gin. 

Their flavour is imparted by 
redistilling pure grain spirit, 
over the precise— and closely 
cherished— mixture of herbs 
characteristic of a particular 
proprietary brand of gin. Cara- 
way. well known as the flavour 
of the German liqueur kummel, 
also features importantly in the 
flavour of Dutch gin. 

In the case of vodka, however, 
the distiller normally will go to 
extraordinary lengths to purge 
his spirit of any flavour other 
than that of ethanol itself. He 
will use water nurified by ion- 
exchange and will treat his spirit 
with activated charcoal to 
absorb any residual aroma. Yet 
one of the greatest occasional 
drinking delights is the flavoured 
vndkns such as Limnnnaya, 
flavoured and coloured with 
lemon: Zubrovka. flavoured with 
buffalo grass; and Pertsovka, 
flavoured ec+nni shingly enough 
w**h hot ohilTies. 

But vhft nf wormwood. f he 

herb To which rTwintheurs sttri- 
h”t the enhrodisire and other 
j(iinw"prit>C nronerties of 
ptw'nThe? \ Femmineway hern 
railed abpi" th e “ opamie. hitipr, 
♦oocue-m-mhloc. bra In- warm- 
ing. stomach-warming, idea- 

ehregHg. li"uid alchemy” Yet 
wormwood features on hut one 
of ti-e 7R0 paves of Professor 
Roce's- tome— in a passing 
mfprp-irp t« one of the more 
important flavour components 



“ The game's a good ’on.” The Royal Irish Constabulary Code 
1838, amended 1911, lays down: The person in command to 
satisfy himself as to the genuineness of the wash, pot ale, etc^ 

seized and destroyed by testing the liquid. (From In Praise 

of Poteen, by John McGuffin.) 


of vermouth. (The German for 
wormwood is WermutA 
' Wormwood comes from a com- 
mon species of sagebrush called 
Artemisia absinthium. Oils from 
its leaves and flowering tops 
were recognised by Hippocrates 
as having pharmacological 
effects. A French chemist called 
Pierre Ordinaire — an ironical 
name in the circumstances— is 
credited with inventing the 
Pemod-like drink called 
absinthe, all the rage In 19th 
century France, until the French 
Government banned it in 1915 
because of its concern about 
alcoholism. 


A chemical called thujone is 
the active principle found in 
wormwood. A bitter, resinous 
substance, related to camphor, 
it can bring on mild convulsions. 
But nutmeg can, too. This was 
discovered after World War II 
by youths about to be drafted for 
military service, who took half 
a teaspoonful before their 
medical and threw a fit in the 
doctor's waiting room. More- 
over, thujnne is also present in 
sage, which no-one to my know- 
ledge has ever suggested should 
be banished from the table. 


•Alcoholic Bcreragcs by A. H. 
Rose; Academic Press £25. 






Letters to the Editor 


Bringing down 



Freni the chairman* 

' Save Britain's Heritage 
\ Sir,—- We write to object to 

- v ' Lloyd's proposal to demolish the 
-. Lloyd's Old Building. 

- « - Begun, in 1925 this is a major 
■ work by ope of Uie ; leading 
:/;i classicists of this century. Sir 
. f?. Edwin Cooper (1873-1942) who 
t Vwm, Royal Gold 'Medallist in 
2931'. • : Cooper’s fSevatibns are 
elegant and finely detailed hut 
; f . u abouve all the: building is out- 
standing for its interiors in 
.??-=.’partiehlar the majestic trading 
' floor blillt on . a Greek Cross. 
'? plan" (set in a square) and 
ornamented • with portrait 
. medallions of.British.sea heroes 
from Drake - and Raleigh to 
Beatty and Jellicoe^ and the 
■ . handsome tunnel vaulted 
entrance corridor culminating 

- in a highly original oval tribune. 

Was the whole znember- 
‘ - ship of Lloyd’s, including those 
who work outside the Lloyd's 
buildings, given prior notice of 

- the vote on redevelopment and 
.. - a fun consultation brief? 

.What was the vote for and 
against redevelopment and how 
. many of those eligible to vote 
factually voted? 

;'Could ,-not the extra space 
rsxjuired on * the • -trading floor • 
at .7,000 sq ft) be 
^provided by a .change to less 
espace ^TapsUming : forms . qt 


This can be seen -deafly by 
considering an . example where 
the assets of a pension fund are 
divided into two sections. One 
section is invested solely in high- 
yielding gilts and the other is 
invested in units of a managed 
pension fund, where investment 
income and reclaimed income 
tax are automatically ploughed 
back into the fund to enhance 
the unit price. If the trustees 
wish to compare the perform- 
ance' of those two sections of 


in the professions who were not ir*g the disruption of rail sen- 
previous I y registered and this vices. His idea is startlingly 


would probably increase the simple, though by no means 
number of registrations to original, in concept Just merge 


100,090, but even this ought to ASI.EF with the National Union 


be well within the capacity for, 
say. 3.000 C and E staff. 


of Railwaymen. let railwaymen 
speak with one voice, never dis- 


up with his unending outbursts 
against another union. 

D. F. Fullicft. 
c/o ASLEF, 

9, Arkicright Road. N6. 


If you want a further refine- locate services or otherwise up- 
ment to allow for the different set the customers, leave every- 


A sensitive 


rates of gross profit at the retail thing to Mr. WeighelTs tntelli- 
end, charge at the wholesale end gent negotiating ability and. 


issue 


say 10 per cent, 12 per cent or - Presto!, those tiresome Southern 
14 per cent as appropriate. Region problems will go away. 


. Wholesalers can usually cone h(? says, 
the assets it will, hopefully, be with these regulations eagilv T . , . ^ , 

obvious that unless the income enough particularly when de?l- "• How «*»ucky, untimely, can 
plus capital return of the gilt mg with supplies only to un- 5110,3 pronouncements be? For, 
portfolio is compared with the registered persons as * reat * those pearls of wisdom 

change in unit price of the Jack Ross. . the whole of the London Mid- 

managed pension fund, the com- John Dalton Street * nni *. He ^ ori British Rail was 


parlson will be nonsense. Manchester 

Mr. Cutler’s wholly-justified 
enthusiasm for investment in- T) * J * J 
come, as far as pension funds ; E3IU 111 (1 
are concerned, does not change ; 
the fact that changes to capital anfj ■ rjroti 
value are a feature of invest- auu Ulflu 
ment life. Their significance to From Mr. C. Foss 
a growing pension fund can be ' Sir. — The collec 


Paid in dribs 
and drabs 


the whole of the London Mid- 
land Region of British Rail was 
reeling under the effects of a 
waikout of signalmen and signal- 
ling technicians in the Binning- 
hnm /Coven try area — almost all 
of them being members of Mr. ' 
Weishell's union. 1 


From Mr. W. Stead 

Sir. — Your leader of December 
5 commented that “ Pit closures 
raise sensitive issues . . " on 
December 6 it was reported that 
more money will be given to 
Upper Clyde Shipbuilders, as 
otherwise there would be an 
incresse ia unemployment in the 
area which would be politically 
unacceptable. 

Is it not time that the almost 


automatic paying out of money, 
abstracted from the taxpayer, 
became a “ senritive issue,” and 
is it not time for people to feel 
that the level this has reached 
is “ politically unacceptable "? 
Obviously there will be times 
when such transfer of funds 
from the pockets of the taxpayer 
into the pockets of specific 
groups of workers will be 
justified. But what is not 
justifiable is that this process 
can take place on the whim or 
say-so of a Minister, and that 
Parliament in general has had 
no opportunity to consider the 
matter, and that no real attempt 
is made to openly justify such 
payments. 

W. K. Stead. 

Devils Roost. Tregew Road. 
Flushing, Falmouth. Cornwall ' 


Non-executive 


directors 


From Mr. J. Chudley 

Sir,— In spite of the amouDt of 
time that haa elapsed since it 
was published. I would like to 
take up the letter written by Mr. 
Power on the subject of direc- 
tors December 9. Mr. Power 
jumps to the conclusion that the 
principal, purpose of any profes- 
sional body for directors would 
be a regulatory one .-and would, 
in his words, restrict the prero- 
gative of chairmen to choose 
fhoir directors. He also states 
that at the present time “so much 
healthy re-thinking of the role 
of the board is going on." 

In our view, all three of these 


statements are wrong. The main . 
purpose to any professional body 
is to improve the standard of 
the general practice and only 
occasionally are they forced to 
discipline the extremes. Any 
chairman's choice of new direc- ■ 
tors is at present necessarily 
restricted to bis or his colleagues 
personal knowledge. The re- 
thinking that it is going on at 
present is unhealthy in that it is 
scattered and unco-ordinated and 
lacks conclusion, whereas the 
purpose of a professional body 
is surely to co-ordinate the re- 
thinking. bring it to a conclusion 
and thus mak e - it healthy. 

John Chudley. 

Associated Non-executive 
directors. 

Grosvcvnr Gardens House. 

35/37 Grosvenor Gardens, 

SW1. 


Sir. — The collection of VAT 


debated, but it helps no-one to .at the retail point ’ of sale 


A few days earlier, the South 
East division of the Southern 
Region was paralysed by a 24- 


suggest that they should be -.(Lombard, Dec. IS) has super- SSL, 

ignored when comparing the to- flcial attractions. But think of 7 Ua ^ de . pot ‘ ^ 


vestment performance of differ-. . the complications with e.g. the 


eut pension funds. 

H. WolanskL 

Harris' Graham and Partners, 
,30. Queetr Anne’s Gate, 
Westminster, SW1. 


the comptications with e.g the the NUR’| .weekly journal 

retail stationer or iron-monger . 9 of 

or at the petrol station. V 1S reported ... a number 

There would have to be dual S^i2L£ e S2,I" 1 
pricing of .11 merchandise J^JL 9 ,'t 


■» Si burtonsT not only 


■ y - t jjnformati6n storage. — such- 


The burden 
of VAT 


foi- Vatable and zero-rated duties on Inter-City trains. The 
goods as we (for instance) have rc *f^L iL « sens ^ . of “■ 1us t“; e 
already, but also a button for EL d <r ft 2S2 ,0 ?.IP S S ? 


taxable goods (possibly at two ® JL? nSK 

raTest snld tax-free under reels- dncfor-Guards^ concept. Other 


rates) sold tax-free under regis- nX^," 111 

tration certificates. r f used ? 

That is the position for cash JJ* ***£ 

customers — hut how about the 
problem with account cus- ^ 

tomers. Each ■ registered cus- 

tomer would have to be made ^ 

to supply a certificate annually ^r. h f!J 


>! Ea4sctro: .-^/Uafa Procesmrig;- 
;3EqaaIfy r.couJd: not those syndi-; 
'Scsfes wlufli. have lost position 
Vgije /us sotoe space?- ■. - ... 

.^fjlHave-^IJoyd's subscriptions 
' been^inm^ksed. by 50 phr cent 
■‘tqT^y'fbr'ther development? : > - 
-V-',lAt_Sresent 'tbfr trading floor 
i^-ther^rfd building is -very 
“ r £md erusedr<^)uld itnot become 
i^ah^alternati/e ^market; for- those • 
^jotjmpanles-' ■- 7 not ; . . operating, 
generally in the Lloyd's System? 
-;'j!£S,TBesidoS providh» a ; use' for. 
' “ rfflifi preventing 

the;,;iJej^^®uilding becoming. 
Tedundaot ' cmnpetitiori: . might 
even' ^/desirable in^itsalf.-- 
1 . V, . . 

’'Save Britarh's -Heritage,' 


From Mr. J. Ross 


■ Sir,— It would be quite easy to tomers. Each- registered cus- 
reduce the burden of VAT as rer tomer would have to be made 


f erred to in the article by Mr, , to supply a certificate annually , . . .. . . . 

Colin Jones (JJecember IB) but- (if the old purchase tax pro- 1 hls neeotiating intelll ‘ 
it is .really top much when you .,- cedure is followed) and refer- ience • - - - 
suggest that 'this is the one ence would have to be made to As a driver at Waterloo depot 
significant suggestion from a re- the certificate or a list of regis- also as a national executive 
view taking over a year as tqred members each time a sale member of .ASLEF I know, as 
reported by O^msandEsxn^. was made as the appropriate does eV erv member of the NUR 
The- accountancy profession number would have to be u, a t there is no chance of 


customers — but how about the 
■problem with account cus- 


As a driver at Waterloo depot 


chance 


made 1 .the discovery, which- written on the invoice (again getting ASLEF’s 97 per cent of 
C and E seem now to nave made ; if .the -old PT procedure is gR’s footplate staff into the 


02 ? ark; Square Vfest; NWL 

iP@ceions fund 






f V if 

-t ■ 


' •' iA -c 


. A-- 

AS**- 


$ram Mr. H. WolanskL 
ir^.—Mr. D. Coder complains 
, (December ‘.18 that, the only 
pension fund performance statis* 

; ""tics which are presently avall- 
able . are those which.- combine 
"thejinpact of investment income 
and changes in capital-value He 
• • their ^ Kite off 'to'emfsftksise*' me' 
value of investment income to a 
‘ j tax-free pension fund. 
r .. It Is just not the case- that 
separate income and capital re- 
. tunis; are'never^ available-. Borne - 
. investment;-, .^performance 
.measmjem^ ^yx^^ do show*/ 
• the .income arid capital con- 
stituents of the total -* return 
’ separately, others do mot The 

- main - point, however^ : ia. -the 
significance of Income, returns. 

. as “opposed .to total returns, 

which combine .income with 
. capital changes.- > ’ 

, There are -many different 
■trees ' of • investment . return 
which may. be calculated, each 

- of which has its own proper use. 
When it conies to .assessing the 
comparative performance .of-- a. 
pension; fluid, or any other port- 

- ■* folio, it is- difltcrilt to understand 

- aa argument . which . suggests 
that- a ^uajor constituent of the 
total 1 return should be ignored. 


belatedly, four, years ago, or- -followed). NUR- Indeed, it can be far more 

even earlier before VAT was ; Ttie present position is simple reasonably argued that if the 
actually ; introduced. We knew , .and the- procedures and adcoun- g^d 3 per cent footplatemen cur- 
the waste of time and energy:.; tancy, at least in my business rently in the NUR were to 
that would be occasioned by: not ' difficult Finally, the decide to join ASLEF so that 
making 'l}m ' businesses keep- r quarteTly bills -to the VAT nay Buckton and his executive 
special records, instead of the authorities would probably be could begin to negotiate for that 
previous : -70;000 wbo were ' enormous. At the moment most grade exclusively, much of the 
registered for purchase tax arid, of tiie VAT is paid in dribs and «• aggro ” could be immediately 
by using -fhe' necessary plus arid -drabs to one's supphers leaving eliminated.. That way. peace — - 
.minus system instead- of allow-; a relatively small bill to pay at at least at the front end of BR's 
ihg "trerisactions between of the quarter. trains— would at last prevail. 

TM>rwns to be VAT-frea Christopher Foss 
5 S a certain yield of W Peddi^Jon Sirort. , 

tax on consumer goods, does It 3°*^ Street, W1 and union offici als withm the 

tw tn tb^Rovenue - - — : railway Industry know perfectly 

h ree g ner cent -'T J wit the true cause- of drivers’ 

T 10 % Insider «««*■ w- 

aaa,- to dealing 5SSSS Sr •SStaTSS 

S TinrchaM tax- UtJdlillg . disputes is becoming a standing 

*h^-w^re7T(MWrfflStered per- F ^ om the Chairman, joke to all but those trying to 

to Ri Bht Way Books .'. find solutions. If it were pos- 
S.ir,— The-Govemment and the sible for him to support the 
JJJSSS'J®!. rpgi<utered M |i -Stock Exchange Council do not genuine claims of drivers so 
J&v.XV 1 *. wbat they are talking that a joint approach could be 
nut at' 1 *^°°i when they they want made to the employer and/or 
enough smce-tlM ' to make insider trade a crime. Government it is conceivable 

one The big men do not trade. They that the case for the driver 

Of course,, a ^ mimb ^ of tne* not sell. They know. Only could be speedily settled. From 
officers WCTe atoMsttanve or as stupid as Government such a settlement it is eminently 

senior, bij since there g and Stock Exchange Councillors possible that the position of all 
working days r . in tne average would- endeavour to catch -non- other erades across the industry 



v 


Remt)randt,'SeHpodrart.' ;1631), Rijhsmuseum, Amsterdam. 


Rembrandt country is Rabobank country. 


Industrial relations officers 
and union officials within the 
railway Industry know perfectly 
welt the true cause- of drivers’ 
unrest Ulr. Weigh ell’s constant 
blocking of every reasonable 
proposal for settling drivers' 
disputes is becoming a standing 
joke to all but those trying to 
find solutions. If it were pos* 


. JK.embrandt found his inspiration in Holland, 
vet created art with a worldwide appeal. The Centrale 
Rabobank also finds its inspiration in Holland... 
yet increasingly provides services in the world at large. 

With a strong agricultural background, 
the Centrale Rabobank heads a cooperative . 
banking organisation with over 3100 offices and a 
combined balance sheet total exceeding 61 billion 
Dutch guilders (in excess of US S 26 billion) in 1977. 

This makes the Rabobank not just one of 
the largest banks in Holland and one of the 35 largest 
banks in the world, but also a bank with deep roots 
in almost all sectors of Dutch economic life. 


other major European cooperative banks. This, together 
with the support of London and Continental Bankers Ltd, 
has strengthened our operations by giving international 
clients unparalleled on-the-spot service. 


Grcwth of balanoe sheet total 
and international acttvities. 


intemaoonaL • An addition, we are active 

— ♦ — in the Euro-currency and Euro- 

/ bond markets. Our international 
/ transactions in foreign currencies, 

— Euro-credit loans and 
j Organization. participation in new issues, are 
showing a remarkable growth. 


quarter, there was^till sufficient, cashable criminals! 
tin** . A. a Elliot. 

JToday, we have abrot 19,000 Kmgswood Buildings, 
officers --for. Jim registrations, , Lower Kmgswood, 
which equals one officer to Tadicortli, Surrey. 
registrations and this seems toL • . • • • 
be barely enough for one visit «■ . , 

oer year.' Customs and Excise '. -iiOW tO SCOD 
is always asking for an increase... r 

in the establishment and an.' ‘CllEOS ' 


would-endeavour to catch -non- other grades across the industry 


could be improved. 


Thus, with justice and peace 
In the industry restored to some- 
thing* approaching the standards 
set by Lord McCarthy’s Tribunal 
Award.. of 1974 and, sadly, 
eroded since by pay legislation, 
the railway’s customers would 
also become beneficiaries and 
everyone would gain. The vast 
majority of Mr. Weighell’s mem- 


JL. he Centrale Rabobank is now expanding 
worldwide with a full range of banking services. 

To accelerate this expansion, we recently confounded 
the TJnico Banking Group”, linking us with five 


72 73 74 75 *76 77 


Centrale Rabobank. International Division. 
Cathariinesingel 2l\ P.O. Box 8098. Utrecht. 

The Netherlands. Telephone 030 - 362 61L Telex < 


S 


amer-dment of this type would - ■ - everyone would gam. The vast 

actually -permit. -a substantial From Mr. D. FuUick majority of Mr. Weighell’s mem- 

derrease. although Parkinson’s - Sir,— According to a news item bers are looking for realistic 
Law would apply. . • * emanating from Unity House on negotiations in the current pro- 

If it is‘-desire<L to extend the December 14, Mr. Sidney ductivity exercises. They, as 
scope of VAT by' all means bring, Weighed h^. k plan for prevent- -much as anyone else, are fed 


Dnlch Masters In Banking. 


!*>■<- r 


.. ••*>* t * 









10 




INTL. COMPANIES AND FINANCE 


UK PENDING 



l MX * . # 





Gains for Japanese vehicle makers 


BY RICHARD C HANSON 


TOKYO — Toyo Kogyo. ihe 
maker of Mazda ears, and Isuzu 
Motors have both shown strong 
gains in net profit for the year 
which ended October 3i. 

Toyo Kogyo. Japan's third 
largest motor company, showed 
132.2 per cent gain in net profit 
to Y2.63bn ($13.58m) from 
Yl.lSbn in the prior year. 
Sales, boosted hy greater 
marketing efforts domestically, 
were up 9.2 per cent to 
Y68B.34bn from Y638.26bn- 

Motor vehicle production was 
up 9.2 per cent to 833,462 units. 
Exports rose 9.S per cent to 
536.S01 units. The company 
expects that exports as a share 
of overall sales will fall off this 
year from 61 per cent of the 
total last year to around 58 
per cent. 

The company lias expanded its 

domestic sales network in order 


to compensate for the more 
difficult conditions facing 
exports as a result of the 
sharply appreciated yen. It 
expects overall unit sales will 
rise as a result to S77.00U from 
825.000 units last .year. 

Separately, the Hiroshima- 
based Toyo Kogyo has signed a 
five-year contract, starting in 
19SQ, to supply transaxles for 
front-wheel drive passenger cars 
to Ford Motor Company. 

The company declined lo say 
wiiat the value of the deal will 
be or how many transaxles will 
be provided. Ford is planning 
to produce a front-wheel drive 
subcompact car. 

Isuzu Motors, the third 
largest truck maker in Japan 
owned 34 per cent by General 
Motors, had a net profit rise of 
117.3 per cent to Yl3.43bn 


(S 692 ml from Y6.1Sbn in the 
previous fiscal year. Sales rose 
22.1 per cent to Y572.38bn from 
Y468.75bn. 

It is forecasting, however, 
that this year sales will be up 
oniv marginally and that net 
profit will dip to around 
Y 10.51m. 

Production totalled 397.197 
units compared with 332.157 
units a year earlier, with 
exports up nearly 30 per cent to 
219.412 units. 

Isuzu expects production this 
year will be up to about 400.000 
.units. Production of small 
trucks, which gained 19 per cent 
last year to 237.591 units, will 
dip slightly to 234.000 this year, 
as large truck and passenger car 
production show small gams. 

The company produced 60.821 
large-size trucks last year, com- 


pared with 58.382 in the prior 
year, and 98.785 passenger cars 
compared with 79,007 a year 
earlier. 

Isuzu hopes to retain a Y.5 per 
share dividend.' unchanged from 
last year. It plans a capital 
outlay of Y39bn next year up 
from YIT.Sbn this year, on pro- 
duct development and produc- 
tion facility expansion. 

Major contributors to Isuzu ’s 
record income and revenue 
were cost savings including 
reduced interest payments 3nd 
improved . business per- 
formances of higher priced 
large-sized vehicles helped by a 
booming domestic truck 
demand. 

This offset losses totalling 
about Y20bn. including product 
price discounts due to- the yen 
strength against dollar and 
increased labour costs. 


Pan Am 
subpoenaed 


by SEC 


United Technologies negotiates 
hoard representation at Carrier 


Alekandars 

Discount.. Jan. 23 
Anglia 

Television. .Jan, IB 
AtSQCd. Paper 

Industries- Jon. 19 
Associated 
Engineering Dec. 19 
Associated 

, Dairies. .Deo. 14 

Bank Leum. 

fUK). Jan 17 
'Benslord 

IS indW) Jan. IS 
Barry Wiggins Oct. 6 
British Electric 

Traction. .Jan. 19 
Brawn (John/ 

„ Corpn... Jan 27 
'Butterfield 

Harvey. .Jart. 11 
Courts - 

f Furnishers) ..Jan. 17 
Davy Corpn... Je'n. 24 
Dixons 

Phatoaiephlc.. Jan. 13 
‘Elliot <B.| . Dec. 29 
English China 

Clays-Jart. 
Fitch Lovell .. Jan. 26 
Gesictner .. .Jan. 17 
Grand 

Mairop....Jan. 30 
Guinness Pt....Jen. 26 
Hambro Tat... .Jan. 26 

Hanlys Jan.. 18 

Hickson and 

Welch .Jan 12 


Final 9 833 
Final 2-3033 


Final 1804 


Final 3J2 
Int. 0 45 

F.nat 4 634 


Fins* 4.75 
Final ml 


Int. 1.694 
Int. 4.69 fcsL 

Int. 1.125 


Ini. 1.5965 
Int. 3.63 


Ini. D.9075 
Int 2.453 


Final 1.8033 
Int. 1 J778 
Final 2.02M 


Final 2.6473 
Int. 4.25 
IntJJ.GS 
Fnl, 5 .064 1«t. 


.... hcope 
•Jhnsn, -Richard* 

(H. and R •).. Jan. 50 
Konninq Mtr... Jan. 11 

•Linlood Jan. 4 

Lonrho -Jan. X 

Magnet end 

'Southerns. Jan 1* 
•McCornuodale Jan. 10 
Prop. Security 

Inv. Trust.. .Jan 17 
“Rank 

Organise In... Jan 7fi 
“Havtreck . .- Jnn. 11 

SG3 Ja" 10 

Smith lnds. ...Nov. 8 
Siaflex lnd3....Nov, 9 
Stock 

Conversion .Jan, 13 
Tate & Lyle.. Jan. 25 
Thom 

Electrical. ..Jan. 13 
Throgmorton 

Trust. Jan. 26 

T ridenl 

Television.. Jan. 17 
Turner 

Minufoeirp ...Jan. 13 
Union 

Discount—.- Jen. 25 
• Ward (T W.) Jan. 4 
•Westland . 

AircralL. Jan. 10 




. i 



int 3 5 
Fins! 9.74 


Int. 0.75 


F.nsl 5.849 
Int. 1.0T28 
Final 2.754. 
Final 4.2603 
Ini. ml. 


lot. 0.99 
Final' 3.1. 


Inf. 245 

Final 2.375. 
Final 1.981 
Final 2 293 


Final 12.563 
Final 2.665 . 1 


Final 1.6726 \ 


Final 6.7460 


• Board meetings iMimned. 1 Riqhti 
Issue since made, t T»x free. 5 Scrip 
issue since made 'horn reserwus 


weicn .jsn i. nnai o.ww imub iiwu, ..w... 

The dates when some of the more important company dividend 
statements may be expected in the next few weeks are given in tne 
following table. Dales sbowo are those of last year's announcements, 
except where the forthcoming hoard meetings (indicated thus"-), 
have been officially published. It should be emphasised 'that the: 
dividends to be declared will not necessarily be at the amounts or 
rates per-cent shown in the column headed “ Announcement - last 
year." Preliminary profit figures usually accompany final dividend 
announcements. 


BY STEWART FLEMING 


WASHINGTON— Pan Ameri- 
can Airways lnc„ one of the 
bidders for National Airlines, 
revealed in a filing with the 
SEC that it and its chief exe- 
cutive officer have received 
subpoenas from the Commis- 
sion in connection with the 
investigation. 

Pan Am indicated that the 
SEC is seeking information 
about transactions In Nat- 
ional's common stoek and 
“ the adequacy of certain pub- 
lic disclosures." 

National Airlines is co- 
operating with the investiga- 
tion and similarly does not 
believe any SEC action 
against it is warranted. Pan 
Am said. 

A spokesman for Texas 
International Airlines, an- 
other bidder, said the SEC 
had subpoenaed Mr. Robert 
D. Snedekcr. the company's 
vice-president and treasurer, 
as well as Texas International 
corporately. 

AP-DJ 


NEW YORK — The Carrier 
Corporation, the largest U.S. 
manufacturer- of heating and 
ventilating equipment, appears 
to be reconciling itself to 
eventual acquisition by United 
Technologies, the giant U.S. 
conglomerate with interests 
in aerospace and electrical 
equipment. 

Earlier in the year. United 
Technologies launched a S476m 
■takeover bid for 49 per cent of 
Carrier at a price of $28 a share. 

In spite of efforts by Carrier 
and the Justice Department to 
block the tender on anti-trust 
grounds, a Federal appeals 
court refused last week to grant 
an injunction against the bid. 
effectively demolishing Carrier's 
defence against the takeover. 
This surprisingly had hinged 
solely on the auii trust 

argument 

The court decision meant that 
United Technologies could pay 
for the 49 per cent of Carrier 
ordinary share capital which had 
been tendered giving it de facto 
control of Carrier. 


In the wake of the decision 
United Technologies approached 
Carrier asking for representa- 
tion on its hoard of directors by 
being allowed to designate seven 
board members, equivalent to 
the number of Carrier insiders 
on the company's board. 

Bui Carrier has rejecied that 
approach and instead has told 
United Technologies that it is 
ready to enter into negotiations 
for a tax free share exchange of 


the 51 per cent of Carrier's stock 
that United Technologies does 
not already own. 

No details of the tehns which 
Carrier is seeking in the 
exchange have been released 
but Carrier has said that its 
reason for opposing Board 
representation of United Tech- 
nologies is that it considers that 
to be inappropriate while 
merger negotiations are under- 
way. 


Equipment merger halted 
by German Cartel Office 


BY LESLIE COUTT 


Nobel in Panama venture 


BY WILLIAM DULLFORCE 


STOCKHOLM— Nitro Nobel, 
the explosives subsidiary or .the 
Kcmanobel group, has estab- 
lished a new company, Pana- 
Nobel Blasting Services, in 
Panama, as part of the group’s 
efforts tn penetrate the Latin 
American market. PanaNobel 
will me jointly owned by Nitro 
Nobel and Explonsa, a company 
founded three years ago as a 


joint venture by the Swedish 
company and the State of 
Panama. 

At the same time Explonsa 
has acquired the total stock of 
Skandia International, a Pana- 
manian company set up in 1959 
which operates as agent for 
several big Swedish companies, 
including ASEA. AG A, Sandvik. 
Elof Hansson and Scandinavian 
Airlines fSASL 


BERLIN — The West German 
Cartel Office has blocked a 
merger between two . raining 
equipment manufacturers. 

KHk-kner-Ferromatik and 

Bedbrit Grubenausbau. The 
decision is not yet final. 

The Federal Agency indicated 
that the merger would bring 
about a “market dominating 
position ’’ as the new company’s 
market share in pneumatic face 
supports would be well above 
the legal presumption of market 
domination. In addition the 
Dobson-Park group in the UK, 
the world's largest manufacturer 
of face supports, has a 10 per 
cent share in BecoriL 

Late last year Becorit in 
Recklingshausen acquired 50 
per . cent . of the shares of 
Klockner-Ferromatik in Castrop- 
Rauxel with the remainder re- 
tained -fay the Klflckner sub- 
sidiary. ‘Becorit’s entire work- 
ing capital was then transferred 


to KIBckner-Ferromatik which 
now trades under the name of 
KlOckner-Becorit GMBH. Prior 
to the merger both companies 
were major sellers of mining' 
equipment. especially . of 
hydraulic face supports. 

The Cartel Office argues that 
improved competition in. other 
markets such as face con- 
veyances, cutters and planers 
would not come about which 
would outweigh the disadvan- 
tages of market domination. 



24, 1 r 48 f .'45. jAmcrttf'fl Hldg»-:...^.;f « 7 
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-6J£7J 


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aw ; .. 

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p. 16/2 * lOflp’ lOOpi Assoc.' Dairies Pref lOOp, 

in 2ft- 1 1 IS lUiiColn* Valiev Waters*, (ted. *>rf. 1283.. .< IS V - 



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“RIGHTS ” OFFERS 


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■ j>r i 


r! P- i Latest 
Ronunc. 


Eli “■ 


' • Iflte 


High.) L0W : 


■aeo 

A17 

;.:67 

SOS 
4V3 
— -4S 
■ISO 

ati> 

ins 

260 

.-^55 

185 

'65 

aaa 


FJ». \ 8/I21Z/1 
F.P.-ilBf 12,86/1 
F.P. '297 SJ1 
F.P. 

F.P.UGfXBtl2rl 
Nil i 3UI- 9/2. 


aviajUbr 


F.P. 

Nil 

F.P. lBilSliail 

Nil auTs/a 
Nil — ■ I -~ 
F.p.iieayioa 

f.p. 18/i^isn 

Nil-; — | .— -• 


64B 

■9* 

1 32 
126 


26 
70pBi 
13pm 
530 
76 


Stock r* £ ' 


list" 

pP I : 


Beecham— 

lSl 8l 'B0UltMVfW(nit7..._i 

31 iCaoper-Ne^v 

107 JC/ifford (Ofww.) ..: 

201 tofttoniDj.,^ 

14%: pnv. ,2pm Foster TJolut). — 

j 147 1140 );•' riWni Sr Horton.:... 

32pmlU -i Group-, — 

JKSM.L. HoW/ngs- 


630 

SO: 

72' 

22» 




4B pm [Metal Box 


!Zpmi4Hbury...-.~..- : — i 
0“-tetothert* Pitt...... 


2H 

67 


Torn Consulate — 
8pn$: BpmlYorK Fmo Woollen - 


+7 
+ !*. 


+ l 


nr-- 


i 

SApml 

70 


61b pm| 


+3 


. K ■ 




•• - Renunciation rfaio usuahjr last day . lor. dealing free of atamo duty., b Figures 
beaea on prospectus estimate, e Aseumed Hhridend end yisld. n Forecsst dWi-. 


d u d: cover based bo previous year's ea citin gs, -w Dividend dud ylSTif. based .ott • 
i pros pectus oi other' official estimates lor 1579. Q Gross.', i Figures assumed.. 
'J "Cover allows for conversion of stiares not now ranking lor divfdend or rarvking 
.only' tor restricted dividends: 5 Piecing price to. public, v* Pence unto#* othor L . 
•wise indicated. 7 Issued by tender. H Offered to Polders of ordinary shares as . 
-‘b *' rights.'* •• issued by. wav- of capitalisation. &§. Reintroduced. It ISaucri in 
epnreewon w)rh rearpaniaavon. morpe’ or iske-over. Bfl Uitroduction. 3 Issued 
uf -fotmer preteienco hoidsrs. B Allottnent tetters {or v fulfy-paid) . . • Provisional 
i.*or, partly-paid allotment letters. * With warrants. 


GT California 

General Telephone of California, 
said a VS. Supreme Court deci- 
sion refusing to review a Cali-, 
fornia Public Utilities Commit - 
sion decision involving taxes 
may hurt future service, reports. 
Reuter from Santa Monica. GT 
said the Comraision should make 
its order effective, there could 
be a rate reduction and a refund 
to customers of 8S4m. 


r? : — — 

t>-*v • • - 


1 - ALLEN HARVEY & ROSS INVESTMENT MANAGEMENT LTDl 

45 Corohill; London EC3V 3PB. Tel.: 01-823 

6314. ‘ 

Index Gnide as aLftec?inber 2L t37S 


Capital Fixed Interest Portfolio 

100.37 r - 

Income Fixed Interest Portfolio .... . . • 

100.3S 



CURRENCIES, MONEY and GOLD 

Dollar stands on quicksand 


Dee. 82 


BY COLIN MILLHAM 


Gold Putikm t* An*)' 

■■iiiK-ei 

tW 


Deo. 21 


THE YEAR seems to be ending 
io much the same way that it 
began. On the first trading day 
of 1378 foreign exchange dealers 
spoke of a dollar collapse amid 
a complete lack of confidence. 

Record lows were touched 
against the D-mark, at 
DM 2.0650, and the Swiss franc, 
at SwFrl.920P. on January 3. 
At the same lime the Japanese 
yen stood at Y237.85. with the 
French franc at FFr4.625, and 
sterling at $1.9635. 

Tae pound suffered a bout of 
nerves around mid-May. falling 
to SLS050, but . recovered as 


CURRENCY RATES 



December 22 

Special 

□■awing 

Rights 

European 
Unit of 
Account 


Sterling 

. 0.643572 0.574273 


U S. dollar 

. 1.29155 

1.35104 


Can.idian dollar . 

. 1.52753 

1.60110 


Austri. n schilling . 

. 17 5405 

18.3956 


Belgi.in Ir.jnc 

. 38.0229 

39.7714 


D.imsh krone .... 

. 6.68429 

7.00551 


Ocmscha Mark . 

. 2.33369 

2.57027 


Guilder 

. 2.58315 

2.72326 

« 

French franc 

. 5.50307 

5.77324 


Lire 

. 108595 

1136.77 


Von 

. 252.647 

262.344 


Norwoqian krone 

. 6.56481 

6.69278 


Peseta 

. 91 3080 

95.2379 

«■ 

Swedish krona .... 

5.61997 

5.87031 

; 

Swiss franc 

. 2.12870 

2.23686 


London interest rates were 
pushed up. with Bank of England 
Minimum Lending Rate return- 
ing to double figures on June 8. 
By raid-August sterling touched 
the S2 level once again, and 
hovered around that level the 
rest of the year. 

Higher UK Interest rates were 
also the result of the upward 
trend in New York, but this 
failed to halt? the slide of the 
dollar. 

The French franc suffered a 
setback in February and March 
on fears of a Left-wing Govern- 
mem coming fn power in France. 
The dollar rose to FFr 4.90 in 
early March, but when the 
market's fears proved groundless, 
it fell back to FFr 4.60 on 
March 20. 

By mid-Summer the Japanese 
yen was appreciating at such a 
fast rate that it even left the 
D-mark and Swiss franc behind, 
largely because of the massive 
imbalance in trade between 
Japan and the U.S. At the end 
of June the dollar was at a 
record low uf Y204.75. but still 
had o long way to fall. 

Moves by the Swiss National 
Bank to limit the flow of specu- 


lative money into the country, 
had only a limited impact on the 
advance of the Swiss franc during 
the year. 

On September 26 the dollar 
touched a record low of 
SwFr 1.4510, but waited until 
October 30 before falling to its 
lowest ever against the D-mark, 
at DM 1.7210, and the yen at 
Y175.70. 

The dollar support package of 
early November brought tem- 
porary respite, but the OPEC oil 
price rise set the dollar on us 
downward course again, and the 
currency finished the year on the 
same quicksand on which it 
began. 


Uueniuj . 
Mon 


lauuff fixing ... 
JRemMiQ fixing . 


Gr-I>l Oriu« 

■ Mil) . 

XniKwnitiJ... . 


S216-215I SJ1S2I53 
S21Sr 2IU S2ISr2IBj 
£216.00 S2U.26 

«: 107.623) (£108.57!} 
SI 15. 10 S212-63 

l£ 107.148} .UflflE.220) 


Ken auvorv^ni.. 
Old Sovereign*... 


• illM ■ -IIL’ 

InumaiinmilLy . 
Knigemui-t 


. S226j-228 
<£113114. 

. ebi-65 
(£314 5! } 
S6I-6S 
(£30*416) 


522J'--!S5i 

i£ii2-IUj 

Mi2-W 

,i£i 

•$80;-«4 

i£5Q:-fi1i) 


Ne* Swenrign* . 
Old .TuvFrtflgnc- ■ 


820 KorI*' 

S10 KtigtM 

S I tin gle* 


. 8221-325 8218 220 

l£110i 111. UiOs-l ID) 
557-69 $3t(-5Si 

i£ 2 c}*- 2 B#i iCiSj-Zd.i 
561-bd <«5Dj-52* 

uiiO.Ji;) i-gaOj-alii 
S2M-235 i»2iC-SjS 

. Sl#3-ifid ;S/?3-IW 

SI10-UE. Is I ID-1 lb 


Public Works Loan Board rates 


Effective from December 16 

Quota loam repaid Non -quota loans A* repmtd 


Years 

Up to 5 

Over S, up to 10 
Over 10, up to 15 
Over 15, up to 25 
Over 25 


by E»»t 
12* 
m 
m 

13* 

131 


* Non-quota loans B are 1 
quota loans A. 


At 

at 

maturityS 

by EIPT 

A* 

at • 
maturity! 

122 

121 

13 J 

134 

m ; 

ni 

13* 

13* 

134 

13J 

13X 

131 

13} 

13J 

Ul -: 

m 

131 

I3J 

13* 

14 

13} 

13j 

m 

14 

14 

per cent higher 

in each 

case than non- 


half-vearly annuity ( fixed equal half-yearly payments to include 
‘ '* ' hly. 


principal and interest). 5 With half-yearly payments of interest only. 


C1XVE INVESTMENTS LOOTED 


Royal Exchange Ave., London EC3Y 3LU.-Tel.: ; 0l-2S3, 1101. 
Judex Guide as at December 19, 1978 (Base 100 on 14.L.77) - 
Clive Fixed Interest Capital 129.92 •' 

Clive Fixed Interest Income . ' 114:50 : 




LG. Index- Limited Dl-351 3466i Three-months Aluminium 621-626 
'29 La uiont Road; London SW10 OHS. 

1. Tax-free tradlngoncommodity futures. 

2. The commodity futures market, for the smaller investor. 


W^lWISSlTi^^ 0 

NAP SHAKES FOR 1979 


THE DOLLAR SPOT AND FORWARD 


Dac. 21 


Day's 

spread 


Close 


One month 


p.a. Three months 


Canada t 

Nat hind. 

Belgium 

Denmark 

W. Gor. 

Portugal 

Spain 

Italy 

Norway 

France 

Sweden 

Japan 

Austria 

Swllz. 


84.48-84.69 

1.9933-2.0175 

29.13-29.49 

5.1350-5.1900 

7.8425-1 8510 

48.00-46.55 

70.25-70.60 

830.75-842 00 

5.0530-5.1020 

4.2159-4.2725 

4.3220-4.3535 

194.40-195.40 

73 51-13.67 

1.6425-1.6620 


THE POUND SPOT 


FORWARD AGAINST £ 


84.68-84.89 0.09-0 ,12c pm 

2.0150-2.0175 0.43-0.33C pm 

29.47-29.49 5-3'oC pm 

5.1650-5.1700 1.20-1 .TOorad is 
1.8590-1.B810 7 42-).36pr pm 
46 JO-46.55 40- 50c dis 

70.50-70.60 25-4 5c dis 

840.00-847.00 1.50-2. 501 ira dis 
5 0963-5. 0290 0.75*0.25one (tin 
4.25-4.27 1.50-1 20c om 

4.3515-4.3535 1 05-0.E5ore pm 
194 60-194.90 2.05-1.90y pm 
73.C0-73.S3 5.50-4.50gro pm 

1.6570-1.6620 1 73-1 ,71r. pm 
t U.S. cams per Canjdun 


0.37 

2.08 

1.61 

-3.19 

8.71 

-71.63 

-5.41 

-2.79 

1.19 

3.10 

2.40 

10.80 

4.04 

11.52 

5 


P.»- 

l'07 

2.95 

2.44 


0.21-0.24C pm 
1.52-1 ,42c pm 
19-16c pm 

3.50- 4.10oredte 
3.97-3.97pr pm 
90-160c dte 
120- 150c diS 

5.50- 6.501iradis 
I.OO-O SOora pm 
3. 80-3. 40c pm 

2.30- 2. lOore pm 

5.30- 5.10v pci 

17 .50- 15. SOqropm 4.88 
4.90-4. B3c pm 11.82 


-3.12 

8.42 

-10.77 

-7.65 

-3.01 

059 

3.08 

1.94 

10.49 


JJnolcl 
Der- 32 1 mte l 
i •}> I 


r.s. s i 

Otruuiliui S i 
GiiiMi.-r j 
Bels-jn F f 

Ltfliii-ii K : 

D-Mark ! 
Ton. J-V. 
.Sfdn. Pen. 
Llrn f 

Xi-wnn. K. I 
Fi>ih;1i Fr. 

Swrtll-bKr.- 

3'«l I 
An-LrhSeL. 
tinifjt Fr. .* 


9*1 1 
10 

6i*. 
6 , 


* [ 

'e 

101* 

7 

9 ‘a 

Sij 

K 

I ' 


Put'* 

,S|-TMut 

Clo*a 

On« mnnlli 


iThree nnrni h* 

“ r--"- 

1.9950-2.0 tit 

2.0050-2.0070 

0.17-0.07 


0.7* 

0.46 .0. 35, 

1 .|l|l| 

0.81 

2-5570 2.475 

2.5710-2.5740 

0.45 0.35 

t-.T'IU 

2.02 

i 1.070.37. 


1.74 

4.00 4.04 

4.02! 4.0 i-'. 

1st S».-. 

■ sin 

2 60 

4U..5lii ■-, 

.|<1V« 

3.60 

56.20-59.00 

. 60.70-50.90 

13 i 111. ’ 

-1.6 

.67 57.-. 1 ■ 

3.03 

10. 52 ID. 40 

10.57^10.594 

1-2* ..M- 

■ll«* 

-1.73 

4-6 -n- ... 


- 1.93 

3.65^5.74 

: 3.714 3.75 

5* 27 |.r 

I ■III 

9 26 

9^ r-f i»n 

9.13 

91. BO- 95.20 

92. 45 -95 15 

60 105 • . 

• li< 

-10.6] 

.l&o ;:n .- 

..H- 

-10.47 

140.90-142.00 

T41.7Q.Mf.S0 

20- 120 

■f ft 

-5.92 

200 soo .- 

. -lii 

-7.05 

1.670- 1.6ES 

t.675- 1.681 

5-5 lire. 


-2.40 

B-tt :-i>.. 

li* 

2.26 

10.17j-lQ.22 

ID. 18, 10.204 

Z; * ..re- 

pun 

1.77 

4, 2, urH 

|in» 

1.37 

8.52-8.57 

: 0352.56 

2-j-li.. 

a .|iiu 

.2.63 

1-6; •• 1 


3.16 

0.67 5.75 

H.7T. 0.727 

St- 14 rr. 

• rm 

2.59 

7 5 -r«-i.| 

l.i 

2.75 

a!5-^35 

566.-490; 

4.4a-4.00\' I -in 

13.02 

! 1 1.50 iQ.£5 .'l.n 

. 11.99 

27.03 27.50 

27.10 27.25 

17.7 j>.. 

pan 

5.30 

40- aO cn 

|-l!l 

5.15 

3.28-iJJ 

5.29-5.30? 

4i B -3'-s 

•■- 7-in 

14.10 10. 

plfl 

12.59 


OTHER MARKETS 


|im- 22 


£ 

Nmp llaten 


Belgium rare is Int convertible Irenes. 
Financial franc 59.73-59 85. 


Sir-monlh forward dolicr 0 73-0 80c 
pm. 12-month 1 30-2 00c pm. 


Ar-pnitna .. 

\nMmlia IS-Ilar. . 

V inlmul ^MrkU^ 

Itrn/il i 'm 'fiiM . . 

• !iwl I IrS’.-n i>m.. . 
ll'.na h.*ns |i»ii*i. 
linn Hml . 

Klin ml l»llllt' -h i ’i 

l.n VflllUill' i 1 rail, 
Miifav-ia H.iUKr. 

/.mlin-l 1 i.-ila 
mikIi \ral-i« li , -,ai. 
Siii^aj-.r** Iti'Mar 
>mitli Atrcan [Jan.i 


1.986 1.990 
1.7450 1 7530 
7.9325 7.9525 
41.35 42.55 
71 05Z-73.6O8 
9.6100.9.6500 
14B.OO 152.00 
0.542 0.552 
5B.70 53.65 
4.3900 4.4300 
1.6B55 1 .8355 
6.S2 6.7S 
4.3200-4.3600 
1.7261 1.7522 


989.30 
0.8692 
3.9515 
20.60- 
35.80- 
4 7870 
74 00. 
D 0700 
29.36 
3.1870 
0.9390 
3.2976 
2.1520 
0.8600 


991.30 a.i-rm . . . 
0.07 5 13 Ik-lim 1 1» 
3.9665 In in .in rk 
21.10 K •».!.— . 

36.65 iti-niinnv 
4.8070 Iralv. . . 

76.00 Jni*n . 
0.2750 Spi'n-i-lnn-l* 
29.41 -i.-mur . . 

■2.2070 1'** 1 1 cftal. 

0.944.Q -|ona 

3. 3474. 'r. l* vrlrn.l 
■2.1720 1 .-,|Ait>- 
0.8730 Vnu**»ln»-i« . 


26J..27J* 
59i 4 .6bl. 
10.30 10.40 
8.45 B.60 
3.65-3.75 
1630-1660 
387-397 
3.95-4.05 
10.10-10.25 
91-97 

I«2ivi45is 

3.25-3.35 

1.9900-2.0100 

41-44 


December 27, 1978 

$40,000,000 


The Mitsubishi Bank, 


Limited 

(London Branch) 


Negotiable Floating Rate 
CertiBcates of Deposit 
Maturity date June 29, 1981 


A 


In accordance with the provisions of the Certificates 
of Deposit notice is hereby given that for the six month, 
interest period from December 27, 1978 to June 27, 
1979 the Certificates will cany an Interest Rate of 
13% per annum. 


Agent Bank 

Orion Bank Limited 



Rj'» atvcu !ur Arstnuna i« Jrc<* rare. 


BUILDING SOCIETY INTEREST RATES 


GREENWICH 


LONDON GOLOHAWK 


EXCHANGE CROSS RATES 


(oi -ns 902} 

M Cmunli-b Bljth Road, 
lin.-i.-mrn.-h SEW l/.NL. 


Ihfl- 

I’m. id, rtvi li.-. 

i .*. iii».«i 

1 lt*l || -«-j irimith. 

•la nut* ■ tell 

r . • iu;. 1 1 - ] sin 

*" I*- 1 run.- 

1 ijniidii 1 

1 la. if 11 i.Mfl 



j- 1111 1 1 iin 

P< .unit ril«r>ina 

1. 

2.006 

3.723 | 

589.5 

8.545 

3.295 

4.029 

1678. 

2 373 

58.00 

L’..>. u,.|.nr 

‘ 0.49S 1 

l ; 

; 1.856 

1*4.2 

4.260 

1.643 

2.008 

836.5 

1.185 

20.51 

I’eii! —-lit mirk 

1 0.?69 

U.a39 

• 

M.6 

1. Z95 

0 835 

1.0B2 

4 50 is 

O.G57 

15. BO 

Jn|NIUT4 V«U 

Z.SbT 

5 ISO 

9 557 

lUvu.-. 

21.94 

8 460 

10 54 

4308. 

6.091 

151.0 

F*,-n.-l. t'nin. I<> 

1.170 

2.348 

4.356 

455. B 

l.i 

3 846 

” 4.715 

1964 

2.776 

68.8! 

S*i— Kniii.' 

U.3U3 

0.609 

1.130 

116.2 

2.593 

1.* 

1.223 

509.3 

0.720 

17.85 

f i. hi 

u.a<a 

U49B 

0.9Z4 

96 68 

2 121 

(.’818 

I 

416.5 

o!iasi 

■4 60 

Ira. m 11 Lire IMS 1 

0596 

1.195 

2 218 

252 1 

5 092 

1.964 

2 40 1 

1000. 

1.414 

35.04 

I'mii'.i"" !'»• 

U4ZI 

0.846 

1.S69 

164.2 

i 602 

1 389 

1 69S 

707.3 

, 

24 76 

JIpuihii trail' l f - ■ 

1 701 

3.412 

6.351 

662 4 

1 4 53 

5 bQ4 

6 852 

J854 

4 055 

100. 


I *1>.?iwmi ltai. Sharf Acnumt 

I s lb.:. Suti'pn. Sharos Term 

Siure-j J yr\ 1 yr^." 9 Id”. 

In:rr : -"i paid qujrn-rb uii .-diart’s lernt 
*har>‘«. Mvnihly Ihl-oiiic Kluris S UT.. 


(01-495 13211 

13 IT ChikKidi Hich Road. 

London W-t 3NC. 

Sub’pn. SHares 9.5DT.. D'*WJSJi Rale 
7.73*.. 

Share Aei-minn S.23’s. 

Trrm Shares -Q.Zj’., 3 yra.: B.UO 1 ',, 
" yn: S.7S'. \ yr.: S.fj-., 3 I^umlls , 
DOIICtf. 


| COM lodfcn Tutu? iikaAi 




ICNLNaps 

£220^37. - 



*Befor0 gains tax and expenses. Figures as £rt December 13,1978. 


At the banning of every year the 1C ^Letter selects a 

number erf shares (generally six) lor capital gain over tile following 
twelve months-' its Star Nap Selections:.; 

The diari above Slows the cumulative 12-month performance of * 
each year*s Nap Selections over tbe last 22 years, inducfinglhat of • 
the 1978 selections. H you had invested El, 000 in the 3S5Z\Nap T ' 
Selections and reinvested the proceeds at the end erf eacb.year in the 
new armtial selections, your Initial £1,000-. would now be worth 
£22D t 2S!7 > (b£rfore gains tax and expenses) against a mere £2,1^ if . 
you lrari invested in the FT index and £4381 if yob had managed to 
keep pace with inflation. r- . 

fn addition to itslradftionaf Nap Sefections, the IC.News Letter . 
gives ;h3giiter weekly recbmmendations.!*Fhe.overaH recordsbows that 
its fecomnwndations, have beatan theiridextiy a wide percerttege -■... 
margin i averaging into double figures bn arf anhual basK. -The tfews ' 
Letter-afsohas. an jmpressiye rfecwrd.with its getfeel market arid 

selling advice over the years, as sdpportecf by the many appreciative 1 
letters received from subscribers, and ft has . extended this to other 
important investment areas. : . , -3- 

The 1C Nee® Letter, published every Wednesday, fs. avai/aWe on - 
postal subscription only. Use. the coupon below lb dreter your : 
subscription now, starting with the I97B Nap-Selec*»ms-- - 
. Many r^wlar subscribers describe It a® tfterfjtesttrivestipentever. 


LONDON MONEY RATES 


MONET RATES 


NEW YORK 

Prime Bata 

Fed Funds ... . 

Tre-’Sury Bills iH-vieel, ) 
Treasury Bills 126-week) 


iw. 

W7S 


' : ii-riiii2 

• nil -k-|n-l| 


t**n \ 

llltlT*4Ulk .VnilmriiT 


Sty-*'. .*i.i*:. 

ii'.t-'lin' 1 ^ 

H-n-l- 


f-Mfi-'ni- 


II: .i •■iiiil 

i •■ruuii:;.' nuirhi-i 1 !• (•-■,■ 1 
• ilvp-u lliil-t 


Kli-il.H- 

IVi.ili 

R.li-41 


TiwTraiii' 
I Rill^t. 


11.5-11.75 

10.0 

9.25 

9.62 


GERMANY 

Discount Haw 
Overn iri lu 
One month . 
Three months 
Sic months 


3 

2.75 

4.15 

«.15 

4 15 


Ill'Cl'UUlllI 

2 .l»y » iiiiluf.. 

7 UB»"! ill 

7 *ln.rs »*■ lft«.. . 

dllK llinlllll .... 

Tin- iiiniilli.- .. .. 
Tlinx- im iilli-.... 

ft\ llinlllll- ... . 

Miw ii will li- 

i Mre ymr 

Tvm \ia«r» 


B-11U 


lUe-lt-i 


10jg 

10: 8 


9 Ilij 


FINANCE FOR INDUSTRY TERM DEPOSITS 


Deposils tif ll.000-L25.000 accepted fur fixed terms nf 3-10 
vcuiN. Inicn’si puitl yress. Iiylf-y early. Rates fur deposits 
reeuivei) nut lalcr than 5.1.7B. 


Terms (years) •{ 4 5 fi 7 . S 9. lfl 

Interest “i, lj; Vl\ 12*. 121 I2J 12] 12J 

fur lunjer alnnunts on request. Dt.-posits to and further 
inlcrmalion from The Chief Cashier. Finance for industry 
Lj/nited. HI Waterin') Read. London SEl 8XF UU-92S 7S21’. 
Eyt. Ii7i. Cheques payable lo “Bank nf Er.Rland, a/c Ffi," 
FF1 is the holdins company for ICFC and FCL 


- FX7. 

Wb*s* eribgr nsr-nmeM a stAKribor with d» f Annar I979.«*p SAvHbo Usun. 

J SnckSKi . ' - ; l - •• r - ' - 

0] ■ PtetSB inwfafrlor'Eas.fffl ' ■ ■ .■ - - ; -i- , v - • 


unun ms- , . 

(BtOCK tETTEWPeesSE) 
teMre— 1 j 


. ' S! f*oslooda_ 


To: MARKETING OEPT. INVESTORS CHROWCC£ ; Wa,f : R£EF0ST. ! 

. Rfe-Mftw: O rac tarfWu, lOCampn Pag. Mi 





JOlj 10?9 

II?t 

22 

.. 

12 


10'- J! 




Il- 


11,,.11/s 

11-s 

12 

12 12m 

12: 

12t. 

IP- 1 !‘i 11 • 

U: 

11 .' 

13<i 

ls 1 

12i- 

L2i.m-12M 



«C-12‘. . 

13'y 

12m 

12 li 11 

11 

12 

lZJl. 

12. 

12, 

121, 12,a 

12-5 

12 Je 

12i|.12v., 

12 '4 


12., II . 

1 

2u 

12<S 

12. 

-12 . 

I2ir,-12[ s 

li-i 

IZ'I 

12-IZ.*» , 

1 2-i 

- 


ii. 

12 

12.. 

12 

12,. 

12, .,-12 . 

. 


IXJj.IZ's 

12 j* 


— 


— 


12, 

-12..; 

121,1- 12 l i 

11-4 

12 

iz-iats 

12=i 

- 




- 


13-12M 


S1MCO MONEY FUNDS 

SMum lrivtsiinenJ . : •- 

\laaa£C[JicntCo.Lt(l. - 
. 66 CAN.N OX STREET EC4> 6Afc- 
.. ^ .TeIephone:01-236 WS5.. . 


LOCAL AUTHORITY 
BONOS 


FRANCE 

Ditcoum flat" 
Owem«ih« 

One month 
Three months 
,Si* months 


9.5 

6.50 

6.4375 

6.075 

6.5625 


Lucjl 

morij.Kjii 

9 E»ntr ' bill Mies in iobl t - J1U u _ „ 

month treric bids i2 ! i per com 

Approximate sRlinuj rates lo» one-month Ticasur/ bills 1 1 -1 - “n per cent: texo-momi: .rvir»_ dl"' eenr 

11':* per ;ent Aoptninmate soiling rAte lor ons-month banl' bi‘l» UVU 1 *!* POr cent twu-munln , per tent: 

and tiiKf-nanlin 12 uor c?nt. voe'-monrh trade Iti/l5 12 : » Q? r <*''(. imw-wpijm J2'« pp' rent and ai<,j tkigr-mtinnt 
12 'i p^r roni 


..Mtliofiy an. i Im-tnoc houses seven dxys 

talcs 'inm.nj.i,- r h ru-> /ears iHi-1 ’-j poi ■; 

jtu bujimj tales tar prime jjapci. 


noiiCB. oi'rers s«vcn days tmeri * Lnn ; irrm *ac*tl juiliniili 
l: J.T.r , ns's 12L-I21, per cu r ! live if, .is ij*. i;% per cent. 
BM>-ng rales lot lour, month b.'-’ k h-iis t? 1 , |i-i cum, lour 


hnL,; . i» id tor w / £ m.il» 


JAPAN 


P ile 


Inconrfirian*!/ 
1 5coii m Rale 


3 5 

4.75 

4.625 


t P,., !><■ -i 


t. t?7 e 


Finsnre Hwism Bas« Rain* ,p..hi<ri,!iH hy n-» Fniw'* H,-ise« 4«iscier».re) 1 1»- i"" "'"i i. <-"• 

Qlfi^renq Bwnk DbpmiI Oiiim lor sums dv/t* «olie# 10 pif Ciflflnno 9uik MlW Itnoino 

12’« per earn. Iraatury Bllta: Average tender rate# at dree 4«"t 11.8857 per am. 



Every Saturday the 
Financint Times puhtisties a 
table giving doiails of 

LOCAL AUTHORITY 
BONDS 

on otfnr to the public 

for advertisement derails ■ 
nno S Cooper • 
81-S48 MOO. Utn 7088 . 


LOCAL AUTHORITY BONDS 


Authority -• > 
( telejAiwe -number '-in! 
parentheses) V. 


-Aiaihff Interest , : v . 

- - paV : MltvirrthSyv >of - 

Interest; -.able bonf; 


^ . v '3. ■ 

Barnsley Merro" (0236 -203232) 12 ' Jiyeai 1 “ : s 250 _ -3-7 « ■ 

B a rfcing. (Dl-592 4500 >. lli i-year ' -1 000 ' r ^ 

Barkin?. ^ 01-692 45Q0> it£ ' i-year JoSS .. ' 

Knowsfey ( 051 Si8 . 8555 p-Zi.-.'s -.fyear . 

Manchester. (081 228 33f7^ v..... ..l2 •* 4*year - 
Poole M51) V&uk 

Poole . <62013 5151) . v > 4-year’ ' SOB + \ 
Poole <02013- sisn . ^ 

Redbridge <01478 

Sefion <051 923 4040K. >1;- J-vm P :, ' 

I -- • 1 *- • V * sr A '*'71 







-f- 




s "t- 





.27 1978 


MARKETS 



11 


INSURANCE 


-tv 

i *■ 



rise 



. INVESTMENT J&OI -LAB v . tender for all Frlendly lce Cream 
... fBgMlUK 1 r .’ v 5 Corp. common stpck at $23. each. 

$2.60: to £1— 83|%u (.821%) friendly Ice Cream, cntha ov.er- 
Effectfta $2.0066 41|% j40} % thfrcouioter market. gained to $22 
SThcks Milled li modente tie* 

ms after drtnu* “ Stej Inter- 

■’■**“•* gained $21 <o?B4 on 
ivas helped by- bargain hunfapg- : ■ a Volume of SW^OO.'i’The com- 
the ctmtmned inftiaice of IBM* pjmy Mid it of no . re j* on 
planned stocfc split/ season fao for the activity in its stock, 
tors and resistance toDad news. Declining stocks included 

•. Dow; Jones Marathon Manufactoriaft off 25 

Average ros& «£4 to 816.01 qaa cents tn S29fr; Exxon doWn $i to 
the avera^^pieetoei ■■tawnge .$49j,. Atlantic Richfield-., ot 25 
• 33 cents; winners led losers 868 cents to $57?. and- Marathon Oil, 
to 583 'inlJi.to^^er-' Of 21.47jn ; $j i owe r at . . . ... . 

American Stock' Exchange 
The Transport^iex rose 2.73 to prices rose in moderate trading. 
2 imand UtmtiK-Puroii 0.10 ..Tfa e Amex -Index -gained 0^& to 
to ^31’.'. ~.The -NYSE Index rose 151:53 and the average price -per 


0.59 to -543$. -v 
The marker apparency shrug- 
ged off the wove, to an 11 } per 
cent Prime Sfite led: by Chemi- 
cal Bank last week -.and followed 
yesterday by many major banks- 
It seemed to -have survived last 
week's announcement from OPEC 
of ff .planned 14.5 jjer 'cent "oil . 
price rise next year. The hew 
Prime .Sate is. { point below the 
record high of 12 -per cent set 
in 1974. . 

Active IBM gained- $14} to 
$309: Dupont-picked up $2} to. 
S128}, ■ KEbmesoto Mining' nnd 
MmmfBettuiitg rose SI} to' .$64, . 
Philip Morris gained $2} to $72}. 
and Eastman Kodak put on $1} 
to S62|.;; V 

Hershey Foods rose 75 cents 
to $20}. The company plans to 


share rose 6 cento Ga?n&.ied 
losses 299 to 287 .and volume 
eased to 3.03m shares from 3.89m 
on Friday. ■ ■ . «- - 

Tokyo . 

Share prices pn the .-Tokyo 
Stock Exchange .-closed/sharply 
higher yesterday • with ' the 

Nikkei Dow Index rising’; S).0l 
points ' to stand .- at ' t 5,888.35. 
Volume was about' 200mV shares 
against 160m on Saturday and 
?8Qm shares last Friday. The 
Tokyo Stock: Index rose 1.75 
points to 440.94. 

. Middle-class Blue -Chips and 
higb-price Light Electricals 
moved higher on investment 
trust baying. But Heavy Elec- 
tricals and steel companies 
declined. Trading bn the second . 


section was about 10 m shares 
against about 12m on Friday. 

Pioneer Electric Corporation 
rose 120 points to close at Y 1,640. 
Other gainers included Sony, up 
HO points to Y1.5B0, Matsushita 
Communication Industrial, 100 
up at Y1.96Q, Nippon Television 
Network Corporation, 100 up at 
Y6.900, TDK Electronics, 90 
ahead to Y1.S00, Matsushita 
Seiko. 70 higher at Y 1,200, Ntp. 
pon Denso up 70 to Y1,65Q and 
Sumitomo Semltsu, up 60 to Y760. 

On other hand, Kaken Chem- 
ical fell no points to close at 
1,990. Other losers included 
Kanto Denka Kogyo, down 42 to 
Y558, pal-Icfai Kogyo Selyako, 
40 lower at Y445. Hlsamltsu 
Pharmaceutical Y40 down to 
Y 1,030, Johoku Electric Power 
40 lower at Yl.020, Matsushita 
Kotobukl off 30 to Y1.560. 
Nlchirelti Chemical, down Y24 to 
Y610 and Tokyo Yogo, down 21 
to Y471. 


an influx of orders on the casb 
marker. The present economic 
climate in France encourages 
buying following recent state 
menu by M. Bene Monory, the 
Economics Minister, tbat France 
hopes lo keep the rise in retail 
prices to 8 per cent next year. 

Banks, Hotels and Metals 
were among shares to hold 
steady, while Foods. Chemicals 
and Electricals weakened. Engi- 
neerings were mixed. Foreign 
shares were generally steady, in- 
cluding U.S., Germans, Canadians 
and International Oils, but Golds 
were mixed. Bouygues lost 
FFr 13 to FFr 900 but Skis 
Kosstgnol put on FFr 25 
FFr 1.910. L'Or£aI lost FFr 10 
to FFr 735, and BIC was FFr 
lower. Gains included Telfc- 
ineehanique. Michelln and CIT. 


Paris 


Shares were generally steady 
in calm trading delayed by 15 
minutes at the opening due to 


Spain 

The Spanish bourse was frac- 
tionally weaker in thin trading 
The Madrid index was down 
88.40 against Friday's 88.71. 
Among issues to gain despite the 
trend were CIC. Banco Exterior 
and Es panola del Zinc. 


NOTE5: Over ei aa prices exclude S premium. Belgian dividends ere alter 
withholding, tax. 

. 4 OM50 denim; unless otherwise stated. W Ptas. 500 denom. unless other- 
wise stated. 4 Kr. 100 denom. unless otherwise stared. $ Frs. 500 denom. unless 
otherwise stated. 1 Yen 50 denom. unless otherwise stated. ? Price et time 
suspension, n Florins, b Schillings, c Cents, .d Dividend after pending rights 
and/or scrip issue, e Per share. I France. B Gross div, %, ft Assumed dividend 
alter scrip end/or rights issue, fc Alter local taxes, m % tax free, n Francs 
including Unilac div. j» Norn, g Share split, s Div. and yield exclude special 
payment, t Indicated div. u Unofficial trading, r Minority holders only, y Merger 
pending. * Asked, t Bid. 5 Traded. ♦ Seller. * Assumed, xr Ex rights, xd Ex 
dividend, xc Ex scrip issue, xa Ex ail. a Interim since increased. 


NEW YORK 


Stock 


Dec. 

26 



AMWtt Lebc_ — | 
Addreragnph - 
Mu Lue i.C* 

i Airproduct# ™.~ 

' fttoinA l innWrinm 

..Alma 

I Alice- LuJinm.- 
!• Allegheny Pww 
. Allied Cte«;Iod-. 
• * • - Allied rftare*.-.-- 

"t 1 All!* Glial mew — 

i AHAX...™ 

Amend> ; Haw.... 
A trier. Airlines- 
Amer. Bnuvb. ™| 
Amor. Sreadcset-i 
Amer. Ui..._ 
Amer. Qranoralrt 
Aiher. OW Tel. 
AmerlJHaCLFairj 
Amer. Rxpriws — 
Amar-HunM Prod 
. Amec., Medical 
| Amer. SIotaral--.[ 
. Amec. Nat. flea _| 

1 Amur. ‘ dtamie&i: 
j Amer. Store*—".- 
| Amer. Tei/STelJ 


Ameiefa . 


AMP J 

AMP 


. Amjesr ™_.j 

Anchor Hocking. 
Acheiuer Buscii 
1 

'•i A-b.A,-. 


Oil™i.J 


Araroo„ 


; Ashland Oil 

.Azu Richfield. ! 

' Afito Dstjv Pro....| 
AVC 



I-Aveo__^ 

Avon Pnxtuets... 
Balt- Gnu Bleat;; 
Bancor Pirate^..., 
Bonk Am one*..., 
JBaalum.Br.ajr; 
rflarfer Qd 
. BmvTreveoou! 
1 Beatrice J 


v.flwtaaWcfca . 
-Bell A Howell..™ 
Bender 
flomtiiBfcCMis ‘B’ 
Bethiebem nteel. 

. Buck A Decker-- 


Boalen 

Bus VaiscrJ ... 1 
Bran in lnv.._._. 
BnuauT'A'. 
~3rtstoi ByenJ-. 

.,B.PaiA limit. 

' ArocJmy Uan .| 

( ■Bromwick; 

£ucyn» Brie™— 

. Butore Wotcn - 

BnmuKtm Sibn; 
~| Bmtlnigli 


:| Usmyner, Soup...! 
: Canadian Pseirtci 
- [ Cam HuuHoipfa-J 

Carnation .... 

Ctemert Qennsi 
Carter Jiawiey _. 
Caterpillar Tract/ 

cb ? ..^.:..., 

Hmssr t'orpa _ 
Cen.m. & s.V... 
Certamteoo. „....! 

Cb «oa Ajruntt, .. 

champion Inter. 
Cnua Manhattan 

Uhamiou Bk-SY 

Chewbcgb Poon. 
CLboJb system. 
_ -j: " ‘ Chbaao Bratge— 

J - ~ z l-' - ChryXr ' 

. - . Clne.UllsCK>n— 


35 U 
22 It 
sate 

' 236fl. 
34 «b 
4a 1 * 
I45s 

151s 
S9fifl 
aiT g 
29l t 
401* 

30 

14 

50jg 

36 
36 
25 14 

303i 
28 
351* 
45» 
397 8 

41 - 
32 

'607 b 
301a 
16 la 

31 

15 • 
25i s 
263s 
1914 
23le 
161» 
14 
6 H 4 
STfiS 

3034 

^244 
.64 
• 241« 
215e 
25 ?a' 
34*4 
-26 >«., 
.4214 
28l|)- 

tew 
36tc 
' ' 3ia 

. 197s 
17. • 
745* 
26is 
86 
.29 
131| 
141* 

35V 

lBSg 

16 

ias« 

16tc 

55, 

,£GB« 

76 

331* 

2 Ota 
9 Be 
855b 

HU 

151* 

587a 

5138 

4034 

159b 

163s 

193b 

Si*® 

2913 

06V 
28 1« 


Deo. 

22 


1 Ltticnrp 
% Citl*n deryim..-.. 


City. LdtcsUhc..!. 
Cievmanil Cliff..'. 
Ureal, sola,-.. 
lUgate Palm- 
Uoidna Alkmim. J 




x’f C-il nml.a, 6 ml 

UNnmwa Pc-l ■ 
i Com . I n A.’e* jifA W 
, . 1 Comre^tton iinj;.| 

- > ComtMM4oa Bq_ 

.. Cm'wwi Bdieon. 
Conrox. 6 al*rtil*.J 

Computer aeione 

'Coon Life Im.—- 
f 

I Coo. &5 bob XX., 
Crmooi Pnoa- 

Conatn hat tH- 

loo, lunar Power) 
Continental Grp. 
UnDcinanw Un. 

Conuneotat Tew 

Com nil Data...-, a 
C cuper I diiii*...;..' 


47 S 4 
BJe 
. 31 

24 
635* 
13S* 
25i4 

. -44 .. 
. 167b 
8*4 

25 V 
8 SS 4 
167b 

3334 

1014 

2634 

399* 

IQtb 

35V 

1308 

,233ft 

883< 

37V 

28V 

2638 

2B3e 

14V 

35% 

493* 


341* 

88 

387ft 

23da 

343e 

483b 

14Gb 

158a 

893, 

217ft 

29V 

483, 

30 

137b 

60 14 

351] 

36 

251ft 

241* 

21H 

503b 

276a 

333a 

43, 

395s 

41 

313, 

603, 

30V 

16V 

31V 

16V ' 
251 a 
253s 
19lft 
287ft 
16V 
13T S 
61 

. 577ft 
30&s 
7V 
23V 

53 
24V 
81 
2fi6a 

= -34V . 
:26 V 
. 413a 

.ter 

15V 

36V 

3V 

ZSV 

167b 

745* 

- 86V 
861, 

86 

13V 

137b. 

35V 

16V 

15V 

12 7„ 
.16V 

: sv 
56 V 
73V 
■33V 
20V 
9V 
25V 
1L 
143ft 
58 
'50V 
41 

-15V 

.15V 

19V 

21 

29 ' 

37 Ig 

2lTft- 

-26V. 

49 

«3,- 4 

301ft 

M •• 

54 
13V. 
26V 
43V 

. 167ft 

BV 

25 V' 
.221*. 
-167ft- 

33 V 
10V 
1 86 V 

38V 

55V 

-43V 

23V 

“83V 

37lft 

2BV 

26 V 
27V 
14V 
34V 
49 


Stock 


Corning Gisas. J 

CPC Jnc’rn'tdo ’,1 

Crane 

Crocker Mul 

Crown Zenerlwch 
Cmnuilna HnctoeJ 
Cnndsa Wright... 


Beo. 

26 


547ft 

491* 

23V 

25 

303, 

34V 

13 


Deo. 

22 


54V 

50 

231ft 

243, 

30V 

33 V 

13V 


Dana..: 

Dart Industries 

Deere 

Del Monte 

Deltona ....... 

lau.. 

ib 

Btamond Staamrfcj 

PI p fjn honp 

Digital Equip. | 

Dlaney (Walt) _ 
Dover Cotp'D ._. 
Dow Chemical _ 

Dnro ..... 

Dtwaer 

Dopant 

Eagle Pitcher. 

Mast Airlines 

3m jib an Kodak., 
Eaton 


29 V 
' 36V 
36 
437ft 
91ft 

15V 

137a 

19V 

861a 

63V 

40 

42 V 
86 
29V 
39V 
128V 
21 
9 

62V 

35 


28i* 

38V 

34 

43V 

9V 

15V 

137ft 

19v 

26V 

52V 

383, 

42 

253, 

297a 

36V 

1251* 

21 

9V 

61V 

54V 


E. G. t Q 

Ml Faao'Nst. Gas] 
HI 

Emerson Btectrtcl 

HmeryAIrPrlghtj 

Bin bait. ............ 

H.U.I 

Bogeibard. 

Hnnuftc. i 

Ethyl — — 1 

PairchJld Os mere] 
Fed- Dept. Stores- 
FirHtooe Tire™. [ 
Ptt. Eat; BomoqJ 

Fiend Van 

FlistUCe 

Fkiriria Power.... 
Fluor. 


28V 

15V 

28V 

36V 

16V 

36V 

23, 

287a 

84V 

21V 

4Blg 

297 B 

31V 

12V 

27V 

15 V 

88V 

31 

34 


28V 

15V 

277ft 

36 

19 

35V 

27ft 
29 
24 V 
21V 
49V 
30V 
31V 
1BV 
27 V 
15V 
89V 
31 
33V 


-F m W -C. 

Ford Motor™ 

Foremoet Met — 

Foxbopo~ 

^ank Hii Mint™ 

Enepcft Umen. 

Frauhaof 

Pnqna. hods 


23V 

413, 

lflig 

tei 53**- 

"32 V ' 
271b 
• BV 


-23 V 
407ft 
19 

31V. 

r-5V 

321, 

27V 

av 


Q.A.F„— 

Connect — 

lien^Viner.luv. 

OJLT.X.™. 

Gen. Cable 

Gen. Dynamics.. 
lien. Klectrws.... 

Gen. Foods. 

General Mills.™., 
General Motors. 
Gen. PnVUtU... 

Gen. Signal 1 

Gen. Iku. Elect... 
Gen. Tire™.™ — 
Genewx*.... — ; 

Georgia Pacific — 

Geoeparce ! 

Geny OU - 


LlV 

417, 

10V 
241, 
14V 
80S, 
481, 
32V 
293, 
55 V 
17V 
251b 
28V 
25 
4 

24V 

28V 

387b 


11V 

417 8 

10V 

24V 

-14V 

81 

471*. 

38V 

29V 

54V 

17V 

25V 

28V 

25V 

4 

24V 

2BV 

377fl 


Gillette — 

Goodrich B. F.~ 
Goodyear Tire.... 

GtJuW - 

Grace WJL 

GrLAuanPnclBB, 

Git. North iron. 

Greyhound 

Gull 4 Western. 

Gull OiU 1 

Hal 1 burton 

Hanna Mming... 
HartUachfeget.... 
Hami-:Uorun...... 

Heios U. JT.7— .. 

HeulAela™. 


25V 

17 

16V 

27V 

26V 

«V 

85 

11V 

14" 
24 B, 
68 V 
29 V 
17 
89V 
3BV 
28 V 


85V 

17V 

16is 

87 
26V 

BV 

217ft 

11* 

243, 

647b 

201 * 

17 

29V 

39V 

88 V 


Hewlett PRcfcam.| 
Hoi may Inna ..... 
Homretoke..—.™ 

Honeywell 

Hoover — > 

Hosp-Coqi. Anwi 

Honeuui Nau Gai | 
Hunt iPhJDCtani 

Button lBJ-‘ .) f 

LU. toilDstrien ^.. 

LN A J 

ingenoil Ka»l 

Inland steel 1 

ipsliuo..'..: — : 


91V 
. 17V 
30V 
73 

11 V 

31V 
82 
11V 
16 V 
■ 247b 
39V 
48 
56 T B 
12 


90V 

18 

30V 

70V 

11V 

89V 

92lft 

11 * 

16V 

25 

39V 

47V 

SOI, 

117„ 


ran. 


itnL fllatour, 

iuti. Harrerter™; 

inti. Min A Cham 

inti Mil itiloortr_.| 

Inca ... — 

InlL Paper.-.™. 
Inti- Uectlfler.™' 
Inti. Tei. & Tbi_. 

ton Beef 4 

111 Intermit Iona 1 
Wanpr.,™„ 


309 
-24 V 
36V 
35V 
.17Tft 
15* 

36V 
11V 
271* 
391ft 
10 V 
27V 


894.5 fl 
237 S 
347 b 
36l a 
. IB 
15* 
36* 
11 
-27 
59V 
10 * 
27V 



Dec. 

Doc. 

Stack 

£6 

S2 

Johns M+nrilLe_ 

. 23* 

23* 

Johnson Johzuvu 

76* 

74* 

Juhnron Contra 

25* 

25* 

JorMarnrfsctnr’ 

KiUrCVp- 

20^1 

231ft 

28* 

23* 

KofaerAJisnlni'n 

17* 

177ft 

Kolsex Industrie 

2* 

2* 

Kaiser Steel 

19* 

19* 

Ka y_ 

11* 

117, 


20* 

20* 

48* 

Kerr McGee. 

48* 

Kidde Walter-.. 

28* 

28* 

. Kimberly Clark. 

41 

41* 

Knot.-... — .. 

45* 

4S 

KkW Co 

34* 

34 

Leasirxy Trans.. 

31 

51 

Isrl Strang... 

35* 

35* 

. Libby Ore. Ford. 

24* 

33* 

48* 

24* 

WOfll- 

47* 

Littoa Indnatnei 

21* 

20* 

Lockheed Airsr'f 

20* 

20* 

Irene Star Indus 

21* 

20* 

Irene island Lrri 

177ft 

17* 

■ T«rii>(a*Mt Tmrvi 

22 

21* 

Lubruoi 

475, 

46* 


15 

143ft 

Lykoa Corpn 

B* 

10* 

35* 

8* 

M«cy BL H 

35* 

Mtta. Bmpver™. 

33* 

33* 

Rfapm. 

30 

29* 

MorathcnOil 

56* 

57* 

Marine Midland. 

15* 

15 

MoraboU Pietd 

16* 

16* 

M-^Depk Store. 

23* 

42* 

23* 

42* 

UcDcrmott. 

22* 

22 

MaDannell Done 

33* 

32* 

UcUrasr Bill 

24 

23* 

Memorex™ 

30* 

297ft 

Monk 

69* 

68* 

Merrill I^npb™. 

166a 

16* 

Meea Petroleum. 

33* 

33 

11GM.™ .... 

38* 

37* 

Minn MlngAMig 

64 

62* 

MoMI Corra...™.. 
Monsanto™...™ 

69* 

69* 

48 

48* 

Morgan J. P-— - 

45* 

90*. 

JBofcoroio. 

ifoiphyOil 

40 • 
47* 

39* 

46* 

Nabi sco 

247ft 

25 

Nsico ChemlioL. 

27* . 

26* 

National. Can — .. 

■ 17* 

18 

Nat. Distillers.... 
.Nat. Service Ind. 
National Steel.™ 

,187ft 

14* 

29* 

425ft 

62* 

ui 

NUt 

Nepuuie lot. 

22* 

22 

New KruyiamtlL. 

21* 

21* 

fc V»I Jf Yi’yplTj 

34* 

34 * ; 

^ 1 ® M 1 

' 14 

14 


ID* 

10 * 

N. L. todastrlea . 

20* 

20* 

Norfolk* Western 

22* 

22* 

North Nau Goo... 

-35 

343, 

Kahn. {jEaiaaPwi 
Nthwest Airline* 

24* 

24* 

28* 

27* 

Ntbveat Bancorp 

251, 

25* 

Norton Simon 

15* 

16* 

Uacldenoti Petrol 

17 

16* 

Uffilvy Mather... 

20 

20 

UhlO 

14* 

16 

Oreneea iblw™i 

22* 

227ft 



26* 


: 177ft 

17* 


ZlTft 

21* 

22 

Pacitu 

21* 

Pan Pan. £ i+g... 

■197ft 

20 

PanAm World Ah 

7* 

7 


24 

E3s h 

Peaimd.v Inti..™. 

as* 

23* 

Penn Pita L 

19* 

19* 

PeouevJ. C — - 

30* 

30* 

1'enmoli 

30* 

31 

Psopie* D rug 

-10* 

■107ft 

Peoples Goa™..._ 

33* 

33* 

Perkin Ulmer. ,™J 

28* J 

87* 

l*heii« Doitos™..] 

msm 

21* 


15* 

15* 

Philip Morris...™ 
Phillips Petro'm. 

.73* 

31* 

373, 

23* 

70* 

31* 

37* 

23* 

Pitney -flow os 

Flitsum - 

18* 

17* 

Pleaney IM ADH 

21* 

21* 

Polaroid — — } 

53* 

62* 

Putomec Jil«u..:.f 

13* 

13*. 

c J 


24* 


&* 

88* 

Put*, oer. fiieou.i 

.20* 

20* J 

Pullman J 

35* 

35 v 


15* 

13* ' 

Uuaker(.mi . 

23* 

23 

tin (.'lii Amfrlnto.. 

-.143* 

14* ■ 1 

Uaytbvnon — .™. 

.46** 

47 V 

KG A™ - 


fc6* V 

HepuDile ateei„„ 

;23 

23 1 

Kwnrt* Int> 

27* 

25* V 


etoeft 


Herkm .... 

flevuaidt Uetalr 

Iff- v noli l- K. J. .. 
Rich ‘'on Merrel 
RcJrwei I Inter., 
flnhin A Hxju..... 


Huya LVu-b 

11TB 

Kiui Togs 

K.vder System... 
Safewt More., 
dt. Jre Minerelc 
St. Kcgls Paper ..I 
hanta Fe lods. ...| 

San 1 invest ... 

--MXOII Indr 

Seta ilia hrenrlng . 
dchiumlwrcer. ... 

aUM 

Scott Paper.... 

BCtrvii Ms» 

dcudder DuaGsyi 

6aa Container 

Seagram 

Searle iGJ3.) 

■Nxn Hcetuck.... 

MEXICO 

shell Ul» 

Shell Transport . 
Signal 


Dee. 

SB 


52* 
33V 
57V 
23 V 
35lg 
32* 
607a 
10V 
1018 
24* 
40* 
23 
28V 
31 
6V 
5 

10V 
97 V 
17* 
14 V 
IB* 
7* 


Dee. 

22 


52V 
33V 
67 V 
23V 
34* 
32* 

60* 
10 V 
10 * 
24 V 
40V 
22 7 S 
28* 
30 V 
6 * 
5* 
10 
93 
17* 
14* 
IB* 
7 V 


Slgnede Corp. .,..| 
Simplicity Par... 

Singer J 

Smith utter. ..... 

Smith Kline..™. 

Soiltron 

Soothcknm. ...... 

Southern Lai. Ed 
Southern Co.™... 
SUm. Nat. flea .... 

Southern Pacific.! 
Sou tberaflai I way 


21V 
27V 
13 V 
20V 
30V 
33 
457 B 
20* 
30V 
9* 
133, 
467b 
9s V 
3V 
52V 
26* 
13* 
32V 
26V 
46V 


22 * 

27* 

123, 

20* 

31 

39* 

46 

20* 

SO 

** 

13V 

46 

92V 

5* 

32V 

26V 

13V 

32V 

26* 

46* 


Southland 

S -, w‘t Barnhart* . 

Sperry Hutoh.™.| 
» petty Hand™ 


r echo lor-. 


263, 

24V 

15 

45V 

SB 

83V 

47* 

S" 

■.'» 

28* 

43* 

21 

35* 

10 

488ft 

100 * 

67ft 

301| 


26V 

24V 

14* 

43V 

28T B 

23V 

47V 

57 

42* 

363, 

16V 

29V 

423, 

20V 

a47ft 

10 

47V 

97 

BV 

307ft 


1 Oil £ Gao. 


BV 

24* 

IS* 

35* 

83* 

327ft 

187ft 

42* 

30 

47* 

39* 

16* 

207ft 

30 

21* 

19 

34 

IB 


l 




rimer/ t tied 


5* 
37* 
31* 
303, 
60 
167ft 
42 
61 
28* 
34* 
81b 
57 
S3 V 
5* 

27* 

27 
21* 

28 
39* 
23* 
14 
25* 
20 
48V 
84* 
27* 
56* 
24* 
24* 
15* 
17* 
25* 
18* 
17 
15* 
25ia 


77 B 

24* 

19 

36* 

81 

33 

187 B 

397g 

297ft 

47 

393, 

157 B 

20* 

29V 

21V 

19 

33* 

17* 

BV 

37 

32 

SOV 

50 

17* 

42 

60 

28* 

34V 

8 * 

57* 

53 


6 * 
SV 
97* 
263, 
21 * 
22V 
38 
25* 
137s 
25V 
10V 
■ 49 
S3* 
263, 
26* 
£4* 
24 
15* 
17* 
24* 
18* 
17 
15* 
25* 


Stock 


Wool worth 

Wyiy 

Xerox 

Zapata 

Zenith Radio.. . 
U.S.Trw.nWBO 
USTreai*i 1 ikhj/ 86 | 
U.S. SOday hills.' 


Deo. 

Efi 


19* 

4 

59* 

11 * 

123, 

t93tf 

178* 

B-36% 


Dec 


193* 

4lft 

533, 

11 * 

127ft 

f93r* 

178* 

0.33% 


CANADA 


Abltibi Paper.... 
Aerueo Eagle..... 
Alcan Alumini'm! 
Aliiomi Steel .._ 

Aabretoe ....... 1 

UankPt Montrea 
Hank NovaScoLta! 
Basie Itemiivw. 
Hell Telephone- 
Bow Valter Ind. 


19* 

6 

40* 
26 V 
1453, 
25* 
22* 
5.00 
66 * 
21 * 


18* 

6 

39* 

26V 

46 

25* 

23V 

4.10 

65* 

21V 


HP Cami do 

Unseat) 

Hrlnno 

Calgary Power-. 
Cam Do Minn .-. 
Canada Lament. J 
Canada KW Ian.| 
Chn.ImpHk Com 
Canada ! ndnai 

Can. Paeiftc 

Can. Pad he Inr. 
Can. super Oil™' 

toiri mg O'Keele. J 

Uorsiar AaUtwtoeJ 
Chieftain 


Cominco 

Coax. Hathuret... 

Consumer Gas 1 

Uoaefea flewureetl 
Ccetaln™....™.... 

Daun Deuel 

Denison Mines- 
Dome Mines-.™ 
Dame Petrol «nn 
Dominion Bridge! 
Demur. — 

Dupont— - 

Faicon'ge Nickel J 
Ford Motor On. 


197ft 

16* 

17.50 

40V 

13* 

12 * 

10 * 

29 

t20V 

24* 

25 

75* 

4.60 

9* 

28V 

31* 

13* 

18* 

5.62 

11 

14 

73 

86 

96V 

130 

237s 

115V 

31* 

70V 


19* 

16* 

7.25 

40* 

13* 

12 * 

10 * 

28t b 

20 * 

23V 

23V 

74 

4.50 

t«* 

27 

31 

14* 

18* 

6.62 

tio* 

14* 

73 

87 

94* 

t30 

24* 

15* 

30 

68 V 


Genstar 

Giant Yell wknlie! 

Gun Oil Canada.. 

Hawker SU.Can.l 
Hoilineer..— ... 
Home OU -A’..™. 
Hudson Bey ling 
Hudson Hay™.™ 
HucUrm Oil t6u 

1-A.C — - 

Im a iieo . 

Imperial Oil-™.. 
I BCD ‘A’....—.™. 


36* 

no* 

36V 

8 * 

39* 

45* 

19* 

20 * 

51 

18 

397ft 

247ft 

18* 


35* 

li* 

367 # 

8 * 

38* 

45* 

IB* 

20 

60* 

177 B 

39* 

237b 

17* 


Indsl- 

Inland Nat. Gar -I 
Int'p.r. Pipe Line| 
Kaiser Hareunw. 
taurl Fin. Corp-] 
Lob law Com. ‘B 
Mesnd'n 'Bloed—.l 

H*sb«y Peiyuson 

McIntyre.. 

Moore Coma— 
Mood t a i n State fl 
Naranda Mine™. 
Moreen Energy.., 
Nth. Telecom™.. 
Nomac Oil £ Gat; 
Oak wood Petro'n 
PscUe Copper M 

Pfcd&c Petroleum 

PatLCan.Petrolni 


Patino B 20* 


Peoples Dept. o_. 

Fla -e Can. £ Op.l 

Place LDevempmt] 
Puww Corpora i'd 

Pnee 

Quebec biurceoD. 
Hanger Oil.—..: 

HeedStenbotM-., 

Uio Almm 

Itoj'al Hk.oi On. 

RciyalTrnNco ! 

aceptreKorooree* 
nesjgixm 
sheii Canada..™. 1 

ahemu U .Mines 

aietienrO.U ] 

simpren 

-JleiM ol Canwla-. 

Sleep hock Iron 

Texaco Cmw> in .. 

loronto Dpm.Hk, 

tram* Can Pipe In 

Trail' Mount 

i'nzu.- - 

L-nion Uas.... 

Vi ntctoiscneM \uo 
Waiker Hiram .... 
West C<i»tX Tra n 
W" ei. 1 on (Oa ) | 


li- 

lts 

10 

4.35 

21V 

11 * 

24* 

32* 

3.50 

36* 

177, 

136* 

30V 

4.86 

:i.7a 

61* 

o7V 


12V 

107ft 

157ft 

16* 

9V 

4.26 

217ft 

10 * 

24 

38* 

5.20 

36* 

17* 

36* 

29V 

4.55 

1.7B 


6 * 

8.20 

26V 

24 

12 b* 

1.28 

16V 

10 * 

133V 

37* 

13* 


8 * 

32* 

16* 

8 

38* 
2.60 
aB* 
3.70 
50* 
29V 
17* 
8 * 
tlB 
97 S 
03, 
38V 
11 V 
22 * 


61V 

37 

801b 

6 * 

2.24 

26 

237b 

tA3V 

11.21 

157ft 

10* 

53V 

37* 

13* 

BV 

32V 

151, 

, 7i * 

38* 

2.50 

&77g 

13.65 

50 

22 

17V 

8 * 

716 

97 B 

9* 

39 

11V 

122V 


t Bid. : Asked. ! Traded. 
B New stock. 




U.S. COMMODITIES 




Cocoa— March. .168.40 (16840). May 
170.25 (159.10), July 770:85, Sent. 
17 Qj 45. Dec. 189.00. March 188.15; 
,5fttes:.8». ’ ’ 

Coffee— a - r C ” Contract: March .134030 ‘ 
(131.64), May_ 130JX) (727,56^. . July 


..J.729JS, Sept: 728.80/ Dec_.J126iM, Merck.: 








734.50-125^0, May . 725.00. Sales: 612.' 

' Copper-Dec. 69.05 (68.KK Jan. 69:00 
..{6S.B01. Feb. 89.75; . March 70.85, May. 

1 72.10, July 73.40. Sept. 74.50, Dec. 

- ’ 75.90, Jan. 76.35, March 77.20: May 
J 78 05, Jury 78.95. Sept.- -79.75. Salea:- 
■ • j 2.600 Iota.- 

Colton — No. 2.- 1 - March 68.75-66.76, 
(67.481, . May 68.80-63.90 (69.57). July 
70 25-70,30. Oct. 66.14, Dec. 64.25-6430, ; 
March 65.60-K.70, . May 68.36-66.50. 
Sales: 2.250. - 

"Sold— Dec. 219.30 ■ (214^40)/ Jan-. 
219.80 (214 JO), : Feb... 221.60. ■ April 
225.50. June 229.50, Aug. 233 50. Oct. 
237 JO. Dec. 241.60, Feb. -245 JO^; April 

249.20, June 254.00, Aug. 258,20, .Oct 

• 262.40. Seles: 12,000 lots: >" 

J Hard— Chicago, loose- 23.50... NY 
I prime, eisam 25.00 leaded (same).. 

I ttMafea-March 231 V231V g3tv), 

» May 240V240V (239\). July 245^-246, 

1 Seot. 249. Dec. 253-2£3V. March 2B1V- 
i fPlatimim — Jon. 344.80 (343.00). April 
249.WV349.50 734750), ‘ July 351 ,W. 

* K2.00.. Oct. 349.00. Jen. 35SXJ0. Apiil 
{Ml .30-361 .50, July 36450*254:40. Salaa: 

I „ iSihrer— Dec. 596.6(1 . (594,80). Jan. 
53930 (596.10)7 Feb. 603.10. March 
607.01). May 614 JO. July 822.70, Sept. 

631.20, Dec. 644.80, Jan. 649.30. March - - 
6^.60. May 668.10. July 677.70. Sept. 
587.40; Sales: 11 £00 lots. Handy and - 
Harman spot hullibn: "*i«»4.50 (5«.50). 

I Sovabsans^Jan. 6834-582 (93). 

March 69BV-6S7 (7«m.). May 708^-707. 
July 710-2111*. Aug- 204. Sept. 681-680. : 
Nov. 665865. Jan, 674-074V. ' 

_Soyabean ... 08 —‘Jan. 25-10-K.00 ' 
(3-10)-. .March. - 25.15-25.10, (2S.17) t 
May 35.05-25. ID. ! lluiv 25.00. AaB- ?AW>. ‘ 
Sapt. 24,26, -Oct; - :-23.i0tt- Dec.; 23.-50.: 

» Jan. 23.50.ffi.6O, 4i*ir^i SAO-23^5.^" - 


II Soya be an Meal— Jen. 190.00-190.20 
(182.401. -March 189.20-189,00 (192.10). 
May 188.10-188.30. July 188.70-1K.SO, 
August 188.70-188.50. Sept. 187.00, 
OtL 185.90. Dec. 184.60, Jan. 184.00- 
184.50. 

Sugar— N d. 11. Jan. 7.85-7.87 (7.91V, 
March 6.37-8Jfr (8.37). May 8.53-8.57. 
July 8.78-8.79. Sept. 9.02-8.04, Oct. 
9.12-9.13. Jen. 9.55, March 9.81, May 
unquoted. Sales : '7,100 lots. 

••Wheat— March 333V33ff< (340). 

May 3^3^330 (331),. July 320, Sopt. 
324V-32S. -Dec. 336V ■ - - 

. Tib—645- 00-661 .00 asked (844.00- 
650.00). 


INDICES 


FINANCIAL TIMES 

DmT 2B i Dec. 22 Month a^o (Year ago 


255:98 255.601 253.63 j 9 57.63 
(Bade: July V- HE =100) 


REUTERS^ 

'Dec- 22f Dee. 21 Uonih eRO I teer" apo 


1501.6- 1500^ _1519.8 '1416.1 
- (Base:". Seolember 18. "lfl3I=10flj 


Dow 

Jone» 


DOW JONES _ 

v I Dee; j Dec. |itonth| Tear 

» 1 “ 


88 i ago | "fi" 


Snot 370.55 380:51 392.51 345.27 
Futures 378-58 379-06 301,5 1 330-0^8 
(Average 1B24-S3-S8 = 1D0) 


' Moody's ‘ 


(WOODY’S 

Dec. i - Dee, 


- >■ j.-:? 

,86 1 a.- 


iMnntb.Xe&r 

ago -ego 


Sple r t rmmtv975^fl72.5'Ba l - 4 W4A 

rtVeembw' Sti' 


BASE LENDING RATES 


A.B.N.. Bank 124% 

' Allied Irish Banks; Ltd. 121% 

Amro Bask 12*% 

- American Express Bk. 121% 

: A P Bank Ltd 121% 

Henry Ansbacber 124% 

Associates Cap. Corp.... 124% 

Banco de Bilbao 124% 

• Bank of Credit & Cmce. 32i% 

• . Bank of Cyprus -124% 

Bank of N.S.W. 124% 

Banque Beige Ltd. ... 124% 
Banque du Rhone et de 

la Tamise SA 13 % 

Barclays Bank ; 124% 

: Barnett Christie Ltd...: 134% 
Bremar Holdings Ltd. 134% 
Brit. Bank of Mid. East 124% 

■ Brown Shipley .• 124% 

Canada Fermi Trust., 124% 
Cayzer Ltd.' 124% 

. Cedar Holdings 124% 

fl Charterhouse Japhet... 124% 

Choulartoos 124% 

.C. E. Coales 124% 

Consolidated Credits... 124% 

Co-tiperanye Bank *124% 

Corinthian Securities 12?.% 

Credit Lyonnais 121% 

Duncan Lawrie 124% 

The Cyprus Popular Bk.- 121 % 

Eagil- Trust 124% 

English TTanscont ... 121% 
First Nat Fin. Corp. ... 14 % 
First Nat-. Secs. Ltd. ... 14 % 

» Antony Gibbs 321% 

Greyhound Guaranty... 124% 
Grindlays Bank 12|% 

■ Guinness Mahon 124% 


lUambros Bank 124% 

i Hill Samuel §124% 

C- Hoare & Co tl2i% 

Julian S. Hodge 134% 

Hongkong & Shanghai 124% 
Industrial Bk. of Scol 124% 

Keyser Ullmann 121% 

Knowsley & Co. Ltd.... 144% 

Lloyds Bank 124% 

London Mercantile ... 124% 
Edward Manson & Co. 134% 

Midland Bank 12}% 

! Samuel Montagu 124% 

! Morgan Grenfell 124% 

National Westminster 121% 
Norwich General Trust 121% 

p. S. Ref son & Co 124% 

Rossmlnster 12J% 

Royal Bk. Canada Trust 124% 
Sch I e singer Limited... 121% 

E. S. Schwab 131% 

Security Trust Co. Ltd. 131% 

Shenley Truat 14 %■ 

Standard Chartered ... 121% 

Trade Dev. Bank 124% 

Trustee Savings Bank 124% 
Twentieth Century Bk. 131% 
United Bank oT Kuwait 124% 
Whi teaway Laidlaw ... 13 % 
Williams Sc- Glyn's ... 1-21% 
Yorkshire Bank 124% 


Members of the Accepting Houses 
Committee. 

7-day deposits 10%, 1 -month 

deposits 10V4. . . 

7-day deposits on sums of £10,000 
and under 10% up 10 £25,000 
104% «rtd over £25,000 104 %. 
Call dapasKs over £1.000 10%. 
Demand deposits 10%. ' 


Indices 


NEW YORK -X/OWJOfiES 


I Dee. 
26 


Dec. 

22 


Dw. 

21 


197s 


Dee. 

SO 


Dee. 

IB 


Dec. 

U 


tamaCompikat'n 


High | Dow j High J low 


Wladustruile, 616.01 808.47 784.79 798.68! 789.85' 7B7J51I W7.74 

: I i (BiB) 

84.93 64.94 ; 84.92 85.03 1 SB.24J 85.64 90.B6 




Transports. 


Uu lines...— 


rrcdlnfr nil. 
000'st 


14'1) 


211.19 268.46 . 204.42 205.45 204.621 204.05 261.48 

i J 

97.771 97.H 110.98 


99.51 901 1 97.77 87.75 


U-lj 


21,470 23,790 ! 28,780 26,B20! 26 060< 52,900 — 


742.12 

rsu; 3) 

84.82 

PW 2 ) 

199.31 

m 

97.71 

C20J12) 


1051.70 

IU/1/73|| 


41 JZS 
P/D52J 


279J9 

(7(2(60) 

163.53 


12J5 

(8/7(52) 

1CL58 


(gifttfUGBjWi 


- BtuiB of Index changed from Aug. 34 


0 Day's high 811.16 low 7SSJK 


lad- div, yield % 


Deo. ZB > Dec. 16 1 Dec. 8 | (Tear sgo approx 


6.00' | 6,08 


5.97 


5.54 


STAKDABD AJTD POOBS 


j 1 1 

Dec. j Dec. 

| 26 ! £2 

Dec. 
21 1 

' Deo. 1 Dee, 1 Dec. 
20 : -U | IB 

; isTd citawe Co 

nplbi'n 

| High | Lore ! High 

Lore 

M|H 

105-4S 

| 84.71 


1JS 

(3t)(6/42i 

4.48 

(1(6(32) 

(nd. dir. yield % 

Dee. 20 

| Dec. IS | Dec. 6 ' Year ago (approx.) 

5-21 

0.14 

] s.os 

4.9B 

tod. P/E Katin 

8.66 

8.64 

B.77 

8.97 


8.96 

8.84 

8.74 

7.98 


Kiaea and Falla 


Deal 

1 

Dec. | 

| 22 ! 

Dec. \ 
21 ' 

Dee. 

20 

| 1078 

High 

| I^IW 

M.SG| 

| &5.77j 

B2-88j 

62J3 

1 

E0.3S 

(11/9) 

1 46.37 

(6/3) 


Unchanged . 


Xew Lob 


| Dee. 28 

Dec. 22 

Dec. 21 

1 1.870 

1,897 

1.940 

| 863 

ljOl 

815 

583 

332 

682 

424 

364 

443 

1 21 

IS 

12 

! 60 

54 

105 


mostreal 




Indus! rial 
C-jaibiued 


T0B0HT0 Compoaite 


JOEANNE SBUEG 
Gold 

Initnatrlal 


Dee. 

22 


216.54 

222.49 


1298.3 


24S.6 

£70.9 


Dee. 

21 


214.34 

220.99 


1284.4 


249.1 

270.61 


Dec. 

29 


Dec- 

10 


1978 


Btffh 


215.22. 214.27 

220.051 220.67, 


12B0A 


251.1 

270.91 


222.14 (11/10) 

22S.B1 (12(10) 


1275> 1582-7 (12 10} 


247.7 

270.4 


272 J) (14.8) 
2814 (1/11} 


Lob 


152.80 (16(2) 
170.02 (30/1) 


999.2 (30/1) 


196 J (20/4) 
194.0 (13(3) 


Dec 

22 


Kr*. 

viooa 


1978 , 
High) 


1B78 

Low 


Auftxftluffj 

W 

636-KL 

666.79 

411.19 




(22/9) 

(1/3) 

Belgium (1) 

97.73 

97.43 

101.16 

90.43 

Denmark! ** 

89.65 


(W) 

93.95 

fZ 3/ft 
SUM 



(14/5) 

(30(10) 

Fnuun ITT) 

77.7w 

TIE 

83.0 

47.6 



(4/10) 

(3(2) 

Gexmanyu:) 

819.6 

B17.7 

861.8 

769.4 



(19/ ip; 

(17/6) 

Holland (ft. 

80J 

80-3 

93.1 

76.0 

Hcmg Kong; 611 -36 

602^3 

m 

(4/9) 

(4/4) 

383.4 

(13/41 

Italy (Ji)j 89.10 

68.84 

K> » 
(26/9) 

65.46 

(10/11 

Japan (a)' 440.57 i 440.71 

462.60 

384 D4 

Singapore^) 

1 (13/12) 

343^3 i 346.13 j 414^0 

1 * (8/9) 

(4/10) 

262.0 

(9/1) 



■ 

Q| 


mmW 

Era 

Spain 


88.40ir 

88.71 

110.78 

(9/6) 

Sweden 

U) 

364.51 

357.24 

408.00 

(4/8) 

323.7 

(14/2) 

Bwitzerldf/i 

V2QE 

£89 A 


Low 


87-88 

(17/3) 

325.74 

(5(1) 

261.6 

C2B/B) 


Dec. 1953. SS Amsterdam Industrial 
1970. nHang Seng Bank 3177/M. 
||K Bancs Commerciale Italians 1972. 
a Tokyo New SE 4/1/68. b Straits 
Times 1966. c Closed, d Madrid SE 
30/12/77. e Stockholm Industrie! 1/1/58. 
1 Swiss Bank Corporation, a Unavail- 
able. to December 26 indices. 


FRIDAY’S ACTIVE STOCKS 


Indices and base dates (all base 
values 100 except NYSE All Common— 
50; Standards and Poore— 10; and 
Toronto 300—1.000; tha lest named 
based on 1975). t Excluding bonds, 
t 400 Industrials. § 400 Industrials. 40 
Utilities, 40 Finance and 20 Transport. 
6 Sydney Ail Ordinary, fl Belgian SE 
31/12/63. ••Copenhagen SE 1/1/73. 
ft Peris Bourse 1961. 4 $ Commerzbank 


Stocks 

traded 

Texaco - 358,600 

Digital Equip- 316,700 
Dictaphone ... 290,800 

Boeing 099 urn 

Bristol Myers 216.200 
UV Industs.... 21£200 

IBM 201.600 

Exxon 198.800 

Gen. Motors... 197,400 
Polaroid 189,800 


Change 
Closing on 


price 

24V 

52». 

28V 

74V 

35V 

23V 

294V 

49V 

54V 

52V 


day. 

!+V 

+2V 

!+V 

I+2V 

1+1 V 

'TV 

H-1T 

H-V 

i+W 


Fire prevention 
is paying its way 


BY OUR INSURANCE CORRESPONDENT 


COMMENTING from time to 
time on the British Insurance 
Association's estimates of fire 
wastage, 1 have consistently said 
that BIA should try to show 
the continuing cost of fire 
wantage in real terms, apart 
from providing a monthly 
estimate and moving annual 
figures In terms of current in< 
flated pounds. 

I was therefore pleased to 
read an article in Fire Preven- 
tion No. 127, for October, which 
does just this. . 

Fire Prevention is a quarterly 
published by the Fire Protection 
Association, an association 
largely financed by the com- 
panies and Lloyd's, which pro- 
vides technical and general 
advice on all aspects of fire 
prevention. 

The article. Expenditure on 
Fire Prevention is Paying Off. 
is by Mr. N. C. Strother Smith, 
director of the FPA. It is an 
extract from a chapter from one 
of a series of books on environ- 
ment and man. 

In the mid-50s, fire wastage 
was costing a little over £25m 
a year in terms of 1955 pounds. 
By 1976, fire Wastage was cost- 
ing around £ 22 Om in terms of 
then current pounds, an appa- 
rent nine-fold increase. 

But when this cost is adjusted 
for infla tion over the 21 years 
and related to gross national 
product, it becomes clear that 
the estimated cost of fire 
wastage over this period has 
only doubled in real terms, and 
that in the period under review, 
since the mid-SOs. costs from 
year to year has been remark- 
ably constant, apart from the 
Flixborough year. 

Mr. Strother Smith is, of 
course, not -concerned just to 
state the mathematically 
obvious. Indeed the purpose 
of his article, using these and 
other figures, is to justify the 
erpense that insurers, industry 
and commerce and the fire 
authorities have incurred in 
improving fire prevention over 
the period. 

Two particular areas of 
expense capable of quantifica- 
tion on a national bams are 
examined — the hardware of fire 
protection, and fire brigade 
activity. 

In 1976, the former was cost- 
ing some £60m a year, the latter 
around £275m— both figures in 
1976 pounds. 


In the late 50s and the early 
60s. the annual cost of fire 
wastage showed every sigh of 
taking off. While the annual 
increase in GNP was around 5 
per cent, the annual cost of fixe 
damage was raising by 10 per 
cent The root cause quite 
simply was an increase in the 
number of fires, which, if 1 read 
the FPA’s graphs correctly, have 
virtuallv doubled in the period 
1955-1973. ; • 

How much greater that in- 
crease would have been without 
concerted preventative action 
by industry, without the FPA's 
propaganda, without under- 
writing constraints and premium 
incentives by insurers, without 
the work of the fire brigades, is 
a matter for speculation. 

If you accept Mr. Strother 
Smith's premises (and his 
mathematics thereafter are un- 
assailable), the cost of fire 
wastage might now he running 
close to £500m a year. In fact, 
in current pounds this year's 
bill is likely to be in the £3 00m/ 
£32 5m bracket. 

The containment of fire wast- 
age to its present levels— albeit 
higher than two decades ago — 
is a continuing necessity, if .only 
from the policy-holders' prem- 
ium paying aspect. With rates 
charged on sums insured, if 
sums insured move up with in- 
flation. so do the premiums col- 
lected, and insurers' funds 
should remain roughly sufficient 
to meet the anticipated level of 
claims. 

But if a factor other than in- 
flation — say increasing incidence 
of fire— obtrudes and causes an 
escalation of losses, then rates 
have to be changed dramatically. 

The message that comes 
through clearly is this. That 
the present relative stability In 
market rating is maintainable 
only so long as present preven- 
tion efforts continue. 

Indeed, one is reminded of 
the conversation between Alice 
and the Red Queen. After much 
running and being out of 
breath. Alice remarked that 
they were still in the same 
place, whereon the queen ex- 
plained that they would have 
to run much faster to get to 
some different place. 

The same seems to be true 
for the fire wastage outlook 
next year. 


TOKYO 1 


Dec. 80 


AtottGliaa 

Canon 

Costa 

Cblaao...— 

Dai Nippon Print) 

Fuji Photo™—. 

Hitachi — 

Honda Motors — 

Houre Food 

C. Itob 


I to 1'abKto—. 

JlOCK 

JA.L 

Kanssi Elect. Pw. 
Komatsu.— 


1 1*.| ..TT 

meet 

Ten 


358 

402 

859 

365 
669 
629 
250 
479 

1.03b 

230 

1.700 

710 

2.800 

1.180 

366 


+ or 


+ 4 

1-8 
— 1 
+ 3 


— 1 


+4 


—2 
-40 
— 5 


\-lQ 


m: 

% 


TM. 

% 


1.7 
1.9 
2J3 
1.6 
1.2 

2.4 

1.8 
1.7 
1.7 
0.9 
0.9 

1.4 
4.2 
2.6 


Kubota. 


Eyoto-Oeramlc _. 
Metwwhita Sad„ 

Mitsubishi A&aX 

Mitsubishi Heavy! 

Mitsubishi CorpJ 
Mitsui & Co...... 

MiUiukoshi ... 

Nippon Denso™. 
Nippon Shiapon ,| 
N Lora n Motor*.™. 

Pioneor^..™....™ 

Sanyo Hletrie ... 
oekisui Prefab— 

Shueido. 


— I 288 


Sony.—.....—...' 

Taiabo Marine ... 
Take<la 1‘bemloal. 

TDK J 


Teijin 1 

Tokyo Marine 

inky o Sleet Pere’rj 

Tokyo Sanyo 4 

Tfiray. 

iofibiha Corp | 

Toyota Motor.. 


13,460 

680 

282 

127 

416 

288 

668 

1,680 

776 

662 

1,020 

207 

927 

1.130 

1,480 

240 

B07 

1,710 

137 

000 

1,000 

319 

148 

170 

894 


— 1 

15 

2.6 

+ 20 

30 

0.7 

— 3 

'-,4 

1.5 

-3 

J 

1-8 

+ 3 


9.7 

+ 1 

T] 

1.7 

ere. ■■■■*• 

f 

2.4 

-4 


1.8 



T* 

0.6 



r 

0.8 

— i 

t* 

1.5 


J: 


—i 

t 

|i 


£ 

| W- 

— 20 

ill 

[»J 

™..™. 

u 

m Hr 

— 1 

11 

8.3 

-3 

El 

EED 

....... 

Ej 

0.9 


+ 1 

tie 


-l 


+ 3 


20 \ 1.3 


Source Nft&o Securities. Tokyo 


PARIS 


Dec. 28 


Rente 


Price 

Pra. 


AJrtqae U'xlri't'ej 

JirLiquide 

Aguiiaine. 

Bit - 

Duiygua.... ...J 

u.s.a. Gemi-...| 

La reel our.. \ 

L'.N.S 

LM.T. Alcaic*... 

Tie i&inoaire 

CiuM M editor 

Credit Com.Fr'ee 
(.'reurdt Loire™.. 

Hamer ..... 

t'r. t*ei roles ....... 

Gen. Oucideniaiel 

I metal.— 

Jh que- Sorer 

La/orge. — . 
L'llnmi 

1 ££ TBDj 1 J .. 

Uaisnii- Pleonii. 

heiln " 
llrci ik*ane»wy..! 

Huiiiiuex 

PuntOi 

T>-bine.v — ....... 

Temw tticoni 

Peug&it Citroen.. 
I'taelaui .............. 

Kaitio livhntque. 

Kcloiite 

Riione Fixiieru:... 

oc Gobam 

Itu 3>ICttl ..... 

Mtex 

ie eme.aulqiie_.. 
Tlii .m win Kran-il..i 
Unuor..--...— 


714 

897.9! 

392 

637 

596 

900 

565 

1,913 

400 

984 

498 

503 

130 


l-S 

+3 

+2 

-9 

1-13 


-6 


i-13 
+ 8 
-2 


260 (-1 
54.90-1.1 


735 ,-10 

1,970 I 

499 <-5 
1.248 [+13 
568 '-2 
135.10—1.5 
211.20+2.2 
73.60 -0.4 

320 

493 +4 
210 1+5 

•438 1 + 2 

6S0 ' 

121.00 -0.5 
150 +0.6 

1.910 < + 25 
298.50 +0.5 
850 ,+ 11 
239 -1 


* Div. 
Fra. 

“to: 

K> 

« 

4* 

0.6 

24.71 

5.3 

Z6J 

4.1 

28.21 

4.0 

1SJ& 

2.4 

42 

4.6 

. 40J 

?.a 

7d 

3 9 

. HE 

7.9 

70.25 

7.8 

12 

2.7 

7.0 

£.3 

12 

9.2 

31.75 

0.1 

14.1 

10.0 

8.25 

(4.04 

5.7 

10.2 

18.77 

6.0 

Lb.il 

2 22 

36.75 


33. 8 

8.08 

37-6 

3.0 

12-b 

8.2 

3 

ft 2 

9.95 

4.8 

7-b 

10.2 

V.b 

2.4 

17.26 

3.S 

27 

6.1 


3.5 

0 

7.5 

Mi. 

9.7 

39 

1.9 

235 

as 

35.6 

3.0 

IS. It 

6.3 


SPAIN * 
December 28 

Aaland 

Banco Bilbao 


Per cent 
118 


B. Atlantico (1,000)... 

Banco Central 

Banco Extarior — .... 
Banco General 

Banco Gun'da (1,000) 

Banco Hiapano 
B. ind. Cat. (1.000) 
B. Ind. Medirarraneo 
Banco Madrid 

Banco Popular 

B. Santander (250) ... 
B. Urquijo (1.000) , M 
Banco Viecajra „..™.. 
Banco Zaragozano 

Bankunion 

Bonus Andaluc* ..... 
Babcock Wilcox ..... 

CIC - — 

Oragadoa 

Inmobanif — . 

E. I. Aragon eoas ...... 

Espanola Zinc 

Expl. Rio Tinto 

Fncaa (1.000) — 

Fenosa (1.000) 

Gal. Preciadoa 

Gr. Velazquez (400), 

Hidrola 

tberduafo 

Olarra 

Papelaraa Raunidoe ... 

Patrol! bar 

Petra I bo* 

Sarrio Papalera 

Sniaca 

Sogefisa 

Telefonica - 

Torras Hos tench ...... 

Tubacex 

Union Qac 


288 

_ 

243 


290 

_ 

272 

f+ 2 

237 


146 

— 

231 

— 

187 

— 

W7 



213 

— • 

228 

•- 4 

333 


258 


227 

— 

226 

— i 

144 

— 

172 

re — 

25 

— 

100 

H- 5 

.157 

- 8 

65 

'.+ 1 

32 

— 

88 

H- 1 

50.50 


81.50 

-*025 

67 

— 5 

37 

i- 4 

165 

— 

66 

i— 1 

67 

1+ 1.60 

71 

■- 1 

38 

— 

112 

— 

145 

— 3 .50 

39 


47 

H-~0-50 

127 

— 

67 

i- 125 

74 


67 

- 1 


BRAZIL 


Dee. 3fl 


Acerit*. 

Boneodo Brazil.... 
Banco Itau FN.... 
Betoo MinetoaOPl 
LojaaAraer. OJF. 
Petrobrea PP..™. 1 

Pirelli OP™ 

Souza Crux OP™. 
Pulp PH_ 

Vale Bio Does PPl 


THre 

Crux 


0.80 

1.72 

1.58 
0.89 
3.05 

1.76 

1.35 

2.00 

5. 59 
1.04 


-f or Crux 
— Dir 1 


+0.010.12 
+0.07 0.16 
+O.OB 0.1 


+0.05^0.0810.09 


0.14 
+ 0.05 J.16 

0.22 

+ 0.04 J.25 
+ 0.BS0.16 


m 

% 


0.15 

0.09 

0.07 


|6.5n 

7.39 

|0.1S 

,11.00 

0.04 

0.17 


Tumovar Cr. 106.58m. Volume 70.91m. 
Source: Rio da Janeiro SE. 


AMSTERDAM 


Dec. 22 


Abold (FI. 20) ...... 

Akfc. IPI.20) 

AlcemBuxIPl.lOOl 
AMBV (F1.10) .... 
Amroboak (FI.20) 

Bijenkorf. I 

BokaWealtn (PEW 


Hue trier (PI JO)... 


RRU5S ELS/LUXEMBOURG 


Dee. 22 


Price 

Pro. 


i+CW 


Div.| 

[Pra. 

Net 


VIA. 

% 


B0.7B r+ 0J25 


HONG KONG 


Ron*; Knnc S 


Amalgamate*' Knhbet™... 

Cheun*! Kong ... 

turns Licm Poorer ...... 

L'-n-tnoinliiAn ProicrMe* ,.| 
L rente Han<«r1unne;„... 

K. A*U Nav'cal mo. 

dan^ Seat; Bank.............. 

Hotn; Kon” Airvrait 

Hon'/ Kozi't Uwlru.- 

HJiii*kiHiuK*iir oonWnai 

done Kuna Lan. 

Uuu* Kl *02 Sunnuhai Hank 

Hcm jKoo"5>lian ;(ia>Hot 

Hoot; Kune Te.cpbone. ... 
dm hi 300 Wbarareta. 

Jar- line Jlalteaon 

Jar line ^e. » 

Xew Wnriii Deveiov'ment 

Uu>mer l’ruat 

■ line LHru 

trire Pi in A. , 

Wiiecio t M«t ieu A. ' 

Wbee o b Alxminit A 

Wlnih'r In <»lri« 


Dec. 22 


3.10 

8.50 

21.70 

1.40 

8.60 

4.63 

183.00, 

77.00 

5.75 

26.60 

7.95 

1B.00 

17.60 

27.40 

4.125! 

12.10 

G.BO 

2.00 

4.80 


7.B5 

2.56 

3.40 

3.025 


U 


2.90 

8.55 

21.BJ 


8.B0 

4.60 

177.1*0 

t77.00 

5.75 

27.8J 

7.95 

17.40 

17.10 

128.10 

4.10 

12.00 

591 

8.025 

4.20 


7.70 

2.53 

t3.40 

3.00 


Aroed—.. 

BerkefB" 

L'JIJt. CemenL... 

L'-ockerill 

BBSS 

Hietironen 

PatavjuB Not..™. 

B.B. Innoflm 

Gecaert .... 

GUL(Bru Li.™.. 

Hoboken™ I 

lntereom™™ | 

Krefiietbaak 

Ia Koval e Beige.. 
Pan Hftldiiias— .. 

Perrotina 

doc.GcBL Banque; 
Hoc-Gen. B®**... 

Hofina... 

Hoi ray ..... 

Traction fliect 

UCB._ 

D nM t n . (1(10) 

VierileMantBftne. 


2.060 

2.600 

1.000 

426 

2.380 


430 
+25 
+ 10 
M-2 

™jl77 


116 

100 


4.5 

110.0 


6.750 id — 10 430 


|3,060 

2,500 

1.406 

1.640 

12,470 

1,660 

7,020 

6,100 

2,740 

3.1B0 

3,225 

2.006 

3.345 

2.476 

2,780 

1,190 

700 

1,610 


+ 5 
i+10 
+ 6 


10J 
loO 
86 
90 
170 
142 
|29u 
+ 10OW26 


+ 60 
+ 10 


i— 10 
+ 25 
1-5 
+ 45 


+ 30 

tfl 


«2A6 

lBu 

204 

14u 

|215 


+ 15 to..10| 


170 


7.4 

6.4 

5.6 
6.0 
6.0 

5.4 
6.9 

7.6 
4.1 
6.3 
2.8 

5.6 

6.3 

7.0 

6.4 

8.5 

6.1 


30 7.1 


GERMANY ♦ 


Dec. 22 


Price j + or 
Dm. 


515.4j+0.4 


xd Bs-diridcnd. 1 Buyer. 

Susp. Suspended. 


t Seller. 


SINGAPORE 


Dec. 22 


TEL AVIV 


Company 


Banking, insurance 
and Finance 
Bank Hapoalim Br. 

Bank Leumi 

1DB Bankholdmg ... 
Union Bk; of Israel 

United Mizrahi 

Haasneh Ins. Br. ... 
General Mon. Br. ... 

Telahot” Mort Br. 
Land Development 
Africa Israel Inv. ... 
Israel land Dev. Br. 
Property and Build. 
Public Utility 
Israel Electric Corp. 
Investment Companies 
Bank Leumi In vest. 

Clai" Invest. ■ 

Commercial and 
Industrial 

Alliance Tire & Rub. 

6lco Br. 

Amaman Textile Br. 
ATA" Taxllle ”B" 
Amer. Israeli Paper . 

Am* 

Elite 

Tova Reg 

Fuel Kid Oil 

Oelek 

Source: Sink Leumi 
Tel Aviv. 


Prices 
Dec. 24 
7378 


change 
on the 
week 


511 

353.5 

467 

463 

242 

423 

371 

395 


+ 13.0 
+ 9.0 
+ 14.0 
+45.0 
+ 23.0 
+ 24.0 
+ 35.0 
+ 47.0 


936 

264 

404 


4.0 

17.0 

16.0 


342.5 + 22.5 


399 

515 


39.0 

30.0 


1.400 

251 

286 

1B3 

478 

285 

336 

820 


35.0 

15.0 

34.0 
0.5 

10.0 

15.5 

4.0 

71.0 


245 + 13.0 


le-lera*t,.'BM, 


iLSl 


1.68 

1.63M 


Industrials 
llo vu ..™ ...... 

Bo>rel«ul CVi. 
BnutMilBhill — 
Dunlop. ... ...I 7*.18 

Bwo j 13.68 

fta*er Nc*»cj 5 jD0 

Haw POr ! 1.47 

Hi i me Ind.... 

I nchrepc 

Mautv Brew. | 

Via lac (Jeuit- 
Mei. Ux ■sms 
Gv'-Cbm.UIr 
iin Kiecrrlcl 
Ktimn-nn tln.j 

Hiillmian 

olic . 1 

dime DBrnv. 

Lull i -toraue] 
straiissiestnj 

StRUtoliDfC ; 

US7J) Ltil j 


t2.72 

2.70S1 

7.80 

1.43 


Dec. 22 


jSrraiwTrad’n 
iTimea Puh. 

Bi-rluiil 
U. flncineert 
U. Ot* BU... 
W«tme» | 

rwt-irt- 

jCbemicai 

VTllim Jocks. 
Bobbers 
bam LmtADft 
Dnnift 

■ bemijas 


ffifiO 


300 

133 

318 

268xd 


470TC 

133 


2-82 

rT.ra 

2.85 

21lH! 

246 

1730 


Tins 

Austral. Am 
berjuniat..... 

KatnpHi 

Kuclwi 

iLower Perak, 
Peulios Xln.; 

TiiackaliHar.l 


tlBO 

t«0 

380 


660 


1123 


tfuMhd 


t&.SOal 


1 Barer. i Seller. 


STOCKHOLM 


Dbg. 82 { 

PriL+ 

kr.in.if 

t ur 

Div. S' .1. 

Kt i * ‘ 

.VjiAi- 

804 j 

+ 1 

5 8.4 

A la Levi IKr ut :- 

141 | 

+ 1 

5 3.6 

A LA .hr.n/> 

77.0 

+0.6! 

6 6.5 

Atuu Uixi'Ai'A 

1 109 .+3 | 

6 5.6 


dil mil I 

Dili III | 

-.ill ' 111. I 

bCJIKII 


40 

112 

172 

231 


,-a.s i - - 


+ i 
;+i 


r* 

.79 

lu 


3.6 

3.4 

4.4 


C J" 4 *- ■ 


*i i+r ux 

. HI '+ S 

a. da 

4.9 

..rif hift 

125 .'+3 

a 

5.1 

r.* i li- 

286 


2.8 

fil'i-hU 

88 -1.5 

■4 

4.6 

Ur nijjn. i Km.) ... 

53 .+ 4.5 



imat-n. Miiaun 

378 : 

le 

4.2 

>(iH 1 4J — 

155 !+lQ 


6.3 

An ucn Uuin»ii'. 

64 ;+4.8 





Mndvia u‘ .ii 

256 -8 

3.1. 

2.3 

3 h.r • ui ... 

56.5 4 1.5 

4.ta 

8.8 

skaott imi hi 'i-... 

1B0 +1 

c 

5.2 

Ian ml, ■ '.Ml 

64.8+2.0 

s 

8.1 

U .do- . .. 

S4.9 + 12 


— 

Vcivo iKr. u/..™J 

75 |+1 

6 

72 


n*\ - 


■ '%■ 


AEG 

Alliance Y cratch.. 

BMW 

HASP | 

Bayer 

Bayer-Hypo 

Bayer-Vereisabk J 
ClbaIut.Ned.rens! 
Commerzbauk..... 

Oonri Gum ml.. ; 

Daimler-Benz..... 

Dcgusre 

Demag ........ 

DeuMebe Bank.... 

Dresdner Bank.... 

X>y rkortiofT fail. I 

Qutcboffnung { 

Hapag Lloyd. 

Horpener 

Hoechot 

Hiuwcb 

Horten. 

Kali unit SeU , 

Kora toUt 

Kautonf 

Klockner U.U100.. 

KHTi ; 

Krunp DM 100 1 100 j 

Linde I 2P5.5+3.0 

Lovenbrau DM1001,570 -10 

Lufthsusa I 0S.5|+ 1.0 


78.5!+ 0.4 
&O 8 .O 1 + 1.5 
225.1 +0.6 
154.5' + 0.8 
155.6, + 0.2 
313.51—2.5 


31.2 

28.12 

18.7K 

18.7b 

128.12 

28.12 


145 j 

2Z4.S.+ l.a|26^el 
65.0+0.2 
322 +1 128.12' 

252 I >26.B6j 

172.5'+ 1.0 117.18' 
304.1-0.1 128.12 

243.5' [2B.12 

179 , + 4 1 9.38) 

259.6! + 6.0 (16.26I 


Xld. 

% 


3.1 

6.3 

7.0 
6.9 

4.0 

4.4 


6.0 


4.4 

6.3 

10.0 

4.6 

3.7 
2.6 

3.8 


88-5—0.3 1 14 Jit 
150.5 +2.0 15.61' 
153.2|+0.7|lS.7t 

151.0)— diii'i 9.36 
138.6J—0.5 |14.04! 
326 |-1 
244.51—1.5 

SO J 

195 i^-l 


7.1 

5.0 

7.1 


5.1 

5.1 


23.44| 3.6 
18.7 ' 3.8 


I8.7tl 4.8 


25 

25 

a. it 


4.5 

7.9 

4.8 


110.2 


Hetneken (PI. 26). 
HiMpnvena (PlJX))l 
Hunter D. (PI. 100 m 
K.L.M. (F1.10Cft....f 

Int. Muller (F1JSD 

Nat.NedlurtFUOV 
NedCn>dBk(PI^O)l 

Ned Mid Bh(P1.10i| 

Ow(PV0O) 

OGBM (PI.Ip) 

Van Ommeren.... 

Pkkboed (PI.20) ... 

Philip* /Pl.lO) 

HjnScbYarirUOO' 

Bnbeco (PlflO) [ 

Bollneo (PL601.... 

Horeato (PUO)....l 
Kuy»lDut<b(PlJj)l 122.3 
Slaveoburg | 238.2 

Tokyo Fsc. HUH. 21 126 

Unilever (PUO).., 

Vlktae Bee 

Wmt. Drr. Hypok 


p-j^rra 

13 

19 

m 

113 

1—1.6 

tlB 

4.9 

29.1 

+ 0.5 




371 

+ 1.5 

A25A 

6^4 

90.6-0.4 

II 

b.6 

74.B 

-0.1 

A23J 

6.3 

89 

-O.b 

26 

0.8 

119 

+ 1.5 

a80 

6.7 

72 

-0.1 

26 

7.2 

289 +4.5 

272 

1.9 

140. S 

+0.5 

A 67+ 

5.3 

70.V 


94.5 

5.0 

36.6 

+ 0.0 

20 

5)7 

96.8 

+ 2 

14 

3.6 


35.31+1 
22.5| + 0.5 


121 [ — L2 
47.5(+ 1.7 


56-81—0.3 
199.5) — 1.5 
166.21+1.2 
30.31+0.7 


+0.8 


151 

46.5 

24.7al| 

56.e! 

162.2 

124.1 

122.3 


121.21 

38.7 

413 


+ 4 
+0.4 
+ 0.1 
+0.1 
-0.3 
1-0.4 
+ 0.1 
- 0.1 
-0.5 


+ 0.2 
+ 0.1 
-1 


17 


25.t 


19.M 

I09.ni 

20 

503D1 

4B.bl 

60-26j 

33 


0.5 

2.6 

8.0 

4.4 

7.4 

5.5 
4.3 

7.6 


6.g 


7.9 


34) 

8.9 
8.4 
0.5 

7.1 

1.2 

3.9 


SWITZERLAND * 



Price 

’EX! J 

ESZ 


Dec. 32 

Pra. 

191 

a 

% 

Aluminium 

1.120 


m 

3.5 

8 80 1 A‘ 

1.675 

+ 5 

10 


Cdre Qeigy Fr.KX 

1,125 

+ 5 

22 

2.0 

Du. l/art L'en... 

870 

-30 

22 


Dt.t. fleg.™ 

646 

+ 1 

22 

3.4 






Kiectreintt 

1.820 


10 

2.8 

lire -Her iGeon-el. 

660 

... 



Uuffnuui Pt t-ert->67.a00 


1100 

1.6 

Do. (ctraaii) 

6.725 

-25 

110 

1.8 

lnteric<>d U 

3.770 

+ 25 

21 


Jaitnoii (FV.IOCo... 

1,405 

+ 10 

21 


N re-in- (Kr.l'Xn.... 

3.130 

-10 

aB6A 

2.8 

Do. Ik* 

2,305 

+ 5 

t86.7 

3.7 

Ounikua 12,660 

+ 15 

10 


Pirelli 9 IP(K.ilXf) 

275 

+ 1 

15 

6.4 

■Min dux iP^retii .... 

3.825 


25 


br*. Part t+rta.. 

453 

+ 9 

26 

2.9 

Sfhiniller(.*K10(i 

295 1+ 16 

12 

4.1 

suiwr L'l (Kr. 100 ) 

330 

+ 5 

14 

4.B 

areusnair (kr.ftbtil. 

795 

-4 

10 

4.1 

awire t)uk(F r.lCO) 

340 


10 

2.9 

areu. ifleiiKr.^ 1 ) 

4,675 


40 

2 1 

LtoK-n Dank 

3.000 


20 

3.3 

/.unch 1 n- 

11.400 

+ 26 

44 

1.9 


JOHANNESBURG 

MINES 


.M.A..V 1 

Manumnuin 

UetaJIgee.....-.....! 
Muncbener Ruek.l 

Xectermann | 

Preii'caff Dm. 100 
Rhein West.BIect.J 

Scbenng | 

Siemem. I 

5ud Ztieker j 

Thy wen A.G 

VsrtH 

VEDA ™ 

V'ereinsAWert Bk 
VoikstroKen.. ! 


225 i+l rlr.7fi-4.3 

175.5 - 0.7 ll.lHj 4 B 

255.8-0.2 ■!&.« 3.1 
660x1-1 /h. ll[ 2.2 

159 '-3 - | - 

143.5- 1.0 — ; - 

182.0+0.7 23 ! 0.9 
237.2 — 0.8 I2B.D: 5.5 
284.5 —0.5 ' is 1 4.4 
245 —2 l/.-e: 3.6 

118.4+1.6 17.1b 7.3 
179 +2 ila.lbl 4.8 

150.4—1.6 u.stl 3.6 

205 2S I? 4.7 

241.2-0.8 2h : 6.2 


COPENHAGEN 4> 


D«22 


i Pnw [ + >n 'liirrjY’r. 
1 Krone/ — ' i : 2. 


Andelsbaaken | 

Danske Bank j 

En"t Asiatic Cu...j 
Piuansbanken, ....j 

Bijggerier... 

For Fspir 

BandiJaluik ...... 

G.XTh'nR.(Kr90)| 

14i-iti\ KbV«) 

Xuvo Industri B. I 

OllrfatariV j 

Pri vat tank 1 

Provinnisink 1 

Si i(iii . He reuse D . 
tfu^erfrft ' 


140 ! 

123U-S* 

136*1+1* 

133 ' 

3271; at* 

76 J,;' -* 

125 1 • 

286 !+* I 
175*1— h 1 

217 ; ; 

1183(1 ! 

130l(' +* 

136*' 

368 ; 

165 ; 


7 JB 
9.8 
B.B 
9.8 
3.6 


12 I B.B 
12 ! 3.8 
\ 6.8 
3.7 


B 


9.2 
B. I 

3.3 

7.3 


VIENNA 


Dec. 22 


Creditanstalt .....J 

Perlmauer ! 

Selects ! 

Sant pent I 

Steyr Daimler.. ...| 
Tei Stgiusit | 


342 

270 

066 

77 

900 

245 


2.9 

3.3 

8.5 


4.0 

4.1 


December 22 
Anglo rAmencan Corpn. 
Choner Consolidated ... 

East Orielontein 

Elsburg 

Harmony 

Kinross 

Kloof 

Ruatenburo Platinum ... 

St. Helena 

Southuea! 

Cold Fields SA 

Union Corporation 

Da Beers Deterred 

Blyvooruinlcht 

Fast Rand Pty 

Free State Geduld 

Ptesidem Brand 

President Steyn 

Stillontein 

WeJkom 

West Oriefontein 

Western Holdings 

Western Deep 


Rand 

660 

14.00 
14.85 

1.55 

6.1S 

15.10 

10.90 

2.05 

16.00 
940 

25.25 
S.60 

8.05 

6.55 
15.80 

129 40 
17.00 

13.90 

7.10 
5.70 

t48.50 

134.00 

16.25 


■for— 


W.1B 


-0.85 

- 0.10 

-0.03 

+0.50 

-0.10 


+0.05 

-0.10 

+0.10 


+0.05 

+0.15 

+1.25 


INDUSTRIALS 


+0.35 


AECI 

Anglo- Amer. Industrial... 

Barlow Rand 

CNA Investments 

Currie Finance 

Edgars Consolidated Inv. 

Edgars Stores ' 

EverReady SA 

Federate Volk sbe leggings 


3.38 

11.90 

4.90 
tl.90 
t0.96 

3.00 

t3fi.00 

M.80 

1.80 


- 0.02 

-0.05 

-0.05 


+0.01 
+ 0.05 


+0.02 


Grejtermans Stores 

. ti85 


Hulenis 

. i25 


LTA 

. T 2-20 


McCarthy Rodway 

. 10.65 


NedBank 

. 3.13 


OK Hezaars 

. 7.90 

+0.05 

Premier Milling 

. 575 


Pretoria Cement 

- 3.45 


Protea Holding* 

. 1.50 


Rand Mines Prooenies .. 

. 1.80 

—0.02 

Rembrandt Group 

. 3.75 


flat co 

. 0.30 

-0.01 

Saga Holdings 

. 1.50 

+0.05 

SAPPI 

. 2.55 


C. 6 Smith Sugar 

- t5.10 

-0.03 

SA Brewanas 

t 21 

-0.02 

Tiger Data Net). Mlg. 

til. 80 

+0.01 

Uniwc 

. 1.18 

-0.01 

• Securities Rand U.5 J0.64} 


1 





































































































12 


• Financial - TinJes V ednesda^^ec^^T^: 


AUTHORISED UNIT TRUSTS 


, Abbey Unit Tst. Mngrs. Ltd. (a) 

' 72-80, Gatehouse Rd„ Arlejbuy. 02965941 


Abbey Gilt IrLTst.™ e 5.3 lOOffl 

AKwr Capitol J4 3 36.5 

. Abbey income _ 40 7 43 3 

AhbevIm.TsLFd .... 35 0 3 7 2 

Abbey Gen. Tst._ „ 46 4 *9 n 

Equitas Prrg .Tsl . .. bb2 69 
Allied Ha in bra Group? (a) (g) 


Vramilngton UnR Mflt. Ltd. (a) 

5-7 HelanoVard. EG46 5Di£ B1-S48 6971 

American W-f. 47 H 1.17 

l&jrj ::::: j:|s 

m* ud :d di 

Friends* Provdt Unit Tr. Mgrs.? 

Pirfwn End. Dorking- 0306 5055 

*m=i !S 

C.T. Unit Managers Ltd.f 

16 Finsbury Cirt«, EC2M 7DD 01-6288131 

g&tedn m =3 S 


H.imbro Use Hutton Brent wood.Es.se*. 
01-588 2851 nr Brentwood <0277) 2U4 


- Ba tested Fundi 

' Allied 1st 67. « nil *0.1 5.62 

BriLlrafc Fund 6*.l &SM+0.1 5.M 

Gith. & Inc.. i3? * 40.0 +01 5 2a 

Elect 4 Ind. Dev 34.4 37J3 4 B5 

Allied Capital 69.8 74.7 +01 4.B5 

Hamto-oFurd 107.6 115.U +0-7 543 

Hambro Are. Fd 123.7 132,41 +0.4 4.55 

Far East Exempt — — ] — 

Incan* Fault 


G T.U.S.AGen 120. 

G.r. Japan & Gen — 660 
♦Cl. FenS.|».Fd. — ljb3 

fij. lift I. Furd 1478 

G_T. FcurYdsFd. — 533 


high Yield Fd 1731 78 2+031 831 

Utah Income |n&5 7lJ -h3.u ?,D6 

A-H.Eq.lnc. 139.9 417| . . J 7.19 


InUmaHonal Funds 

Iniematioiui 25.7 275 +0.11 2.*; 

Pacific rund 43* 4oJM +0il 2.i6 

Sms. Of America 49.9 53*3 +0j 315 

DptSirrlr-CU.* 60S d J.?I — | 510 

SfitcJafisI Fundi 

Smaller Co.'s Fd. B7.fi 4011+03 4.60 

2nd Smte. Co's Fd 40.7 S2J ...... 4.57 

Recovery Sits. 97.4 3D41 +0J 518 

Met Min. & C'dt* 39.7 4^5 +0.1 539 

Overseas Earnings.* 58.1 6 +03 4.66 

U.S.A. Exempt - 883 933] +0 j| 235 

Anderson Unit Trust (foragers Ltd. 

338, Fenchurth St, EC3M 6AA. 623 9251 

Andersen U .T. 150.5 54.5) 5.10. 

Ansbacher Unit Mgmt. Co. Ltd. 

1 3. Noble St, EC2V 7JA. 01-613 6376 

1 Int. Monthly Fond— |lfi5 175| J 9.72 

Arbcttnot Securities Ltd. (aX*J 

37. Queen 5L, London. EC4R 1BY. 01-236 5281 

. ••High Yield 1*7.1 50.7M J U.06 

| *-■ Accum. Units) 169.6 74.9rij ...j lLGi 

. Ettra Income FO -IlfJb.fl ll-..** *03 10.70 


6. & A. Trust (aKg) 

5 Rayleigh Road, Brentwood *02771 227300 
G. 132.9 35Jad| +011 5.29 

Gartmora Fund Managers? (aXfl) 


2 S:. Mary A+e. EC3A 8BP 

'r'American Tst 23.8 25 j6i 

British Tst. (Act! *-.S6J _JW 

Commodity Share — W43 1552* 

Extra income Tst 25.1 27.1 

i a >Far East Trust — 34.0 jLt 

High Income Tst--. 60 0 


01-2833531 
1 J 0.7S 


Income Fund 75J 

Ins. Agencies U.70 

Inti. Exempt Fd (88JJ 

UlhiO. Tsl tAau — JXJ) 


Higfi Inc. Fund 141 3 

♦lAcaim. Units' 58 4 

W’Orwl UlS-l .155 8 


Gibbs {Anton;} Unit Tst. Mgs. Ltd. 

3 Frederick's PI, Old Jewry. EC2 01-5884111 
(jV A.G. InoameV— |41S 4561 J 9 20 

ssttosd$i ja d 

Dealt ag *TuCi ftWefl. 

Gorett (JahnJ? 

77 London Wall, EC2 01-588 5620 


lie.*! +OJ 

45.1 

62.1 -01 


S'hir. Dec. 15 |UJ.fi Wig .. .I 2.02 

Do. Acam. UrUi 1163.* 172Jq 1 -. 02 


13'j-awqrwi uis.i.pa.0 mi.u -0.1 8 8j 

Preference Fl/uU S3 27 3 .... liflO 

(toarm. Units) 39.4 42.3 ..... 12.09 

Capital Fund 19.1 ZO.iuq +0 j — 

Commodity Fund 538 6331. ... 5 53 

(Atcum. Untts> 86.0 92^ -0.1 5 90 

l!0*L> WdrwI.U.l 50.0 53.6} 5.50 

F1n.APron.Fd 17 0 113 ..... 2.41 

Gunts Fund 39.0 4 +23 2 14 

(accwn. Units! 45.8 49JJ +2.i 2-14 

iTrvwlA Fund 343 36 9f +2.C 233 

(Accun. Units' 411 44.51+2.4 <L36 

Smaller Cc's Fd 28.1 29.3 .... 4 0? 

Eastern A Inti. Fd 233 25 ll +03 135 

ic% WdrwI.Uts.) 17 3 19j +02 1-35 

Foreign Fd 75.8 34.81 1-70 

N. Amcr & int Fd. ... 27.il 24.1] +03 LCD 

Archway Unit Tst- Mgs. Ltd.? 1 (a){c) 
3J7. High HclBorn, WC1''7NL. 0:<316233 

Archway Fund 160.8 E5.4WI I 631 


Next dealing day Jan. 5. 
Grieveson Management Co. Ltd. 


59 Gresham Sl-eet. EC2P 2DS 
BrrugSon Dec. 2D ..... 2163 

lAccun*. Units' 237.2 

Eutn.HYd. Dec.21 17 » 4 

lAccunt. Unilsl — 210 2 

Erdesv. Cec. 19 220 < 

(Acorni. Units! 2503 

Gmdist' D?c 22 87.6 

lAccum. 'Jnhsi - 9L.9 

Ln.&BrsH. Dm. 23— *93 
iA=cum. Cnfui - TZ5 


01-606 *453 

i .... I S M 


Minster Fund Managers Ltd. 

Minster Hse.. Arllw Sl. EC4. 01-6231050 

Mincer Dec. 11 138.0 4fl^ — J 5.67 

Errempl Nov 30. ..—[916 103.il 5 40 

MLA Unit Trust MngmnL Ltd. 

Old Queen Slree:. SW1A 9JG. 01^307333 

MLA Unfj J46.1 405} _*.| 3.71 

Mmay JohrrttfliW U.T. Mgntf (a) 

163 Hope Street. G us jo a, G22UH. 041-221 5521 

MJ European |3L1 86.4} ,. ...| 3.57 

Pea'ing Day Fnthv. 

Mutual Unrt Trust Managenf (aKg) 

15. Coouail Ave.. EC2R 78U. 01 -60b 4803 

Mutual Sec Pins \Z2 S&M+U5| 659 

Mufualbc. Tst 69-6 74.8 +Glj iK 

asaaswr-rlsi s|.d iff 

National and Commercial 

3L Sl- Ahfirrw Square, Edinburgh. 031-556 9151 

tome Dec. 13 IlMA 164 8J .._.J 5.87 

lAccuin. UnRsi (2210 22 f 3 { ?E 

CapL Dec. 13 I13L4 136.3 J 4,22 

(Aconn. Unio).....~|l60.4 156.4] J 4,22 

National Provident In*. Mngrs. Ltd.tF 
48, GracecNecb Sl. EC3P 3HH. 01-623*300 

N.P.I. Glh.Un.Tsi — M7J 50.6rf | 4 80 

(Acorn. UnjU)" 59.0 6Zlffi 4.E0 

NPf O'seas. Trmt — lfj.9 132.21 .-3 290 
(ACfflffl. UnHsl»r— -|B4.2 142 ij v-.J Z.40 

"Prices on Nor. 30. Next drabng Dee. 28. 
'Prices on De- 13. Next dealing Ck. 29. 
National Westminster^ (a) 
ltd. Cheap; Wr. ECZV 6EU. 01-6066060. 

Capital *6cn*n.l 65.7 70.61 +0JS *59 

Extra Inc. - ftp 0 ^ 7D.4 +0-1 8 25 

Financial 3*2 56-3 ...... 5.45 

firowih lirr. 86. 4 919) -05 521 

income 34.8. 37 4+01 T'J 

Portfolio lltv. Fd b9.8 75J™ .. . 6.05 

Universal Fd.(d) 52.6 563 +0— 253 

NHL Trust Managers Ltd.* (a}(g) 

MiKon Cowl. Dorking. Surrey. 5911 

Nelsur 1597 62.8} .,4 SJQ 

Nehur Ki0i Inc 1*9 1 51.3 +0 U 8.08 

Norwich Union Inswance Group (b) 

P0.Eo*4. Norwich. NR13NG. 060322200 

GrouD Tst. Fd |3b3 4 38151 i. S29 

Fearl Trust Managers Ltd. (a)(gXz) 

252. High Nplborn. UUCIV 7E8. 01-4058441 


Provincial Life I nr. Ca. Ltd.V 
222. Bishopsgaw, EC2. 01-3*7 6533 

Proliric Units _.|825 88.41 +OJJ 337 

High Intom* 1 117 A. 126.2] ! 7.70 


Pnidl. PortfnBo Mngrs. Ud.f (aKbKO 
Halbom Bars, EC IN 2NH. 01-405 9272 

Prudential flZLC 2365} _....( 4.76 


Saw * Presper conflimed 
S cotbits Securities Ltdf 

Scot bits 37.6 40/ 

SrwvleM U).l 5*> 

Smlihirrr . 59.7 Hit 

sSlS^GUvCZ: Z53.8 265Aa 

sSlE».YW+ 1175.8 IM4* 


Im 


s as 

7.3Z 


Quitter Management Co. Ltd.f 

The Gvlr. Ertturge, EC2N 1HP. 01-600 «17T 

Quadrant On Fd..._.|1054 309.51 _ ..| *52 
Ouadra.it Income |132J 136.41 4 B-M 


-Prices a Ok. 13. Nert sub. aar ok. tj. 
Schlesinger Trust Mngrs. Ltd- (a) ft) • 
140. South StreeL Dorking. 105061 86*41 


Reliance Unit Mgrs. Ltd.f 
Reliance H«, Tunbridge Wells, KL 

Opportunity Fd.^ 166.8 71/ 

Smorde T.'Aee.) — .1*53 48 ' 

SeWorfle T. Inc (*3 3 *6- 


089222271 

I 6.33 

5il 
5 61 


Ridgefield Management Ltd. 

36-40. Kennedy St„ Manchester 061-236 8521 

Ridgefield Int. UT„.|93 9W I 2.87 

Ridgefield Income — 192. 98m .~-i ^-90 


Rothschild Asset Manage mtnt (g) 

72-80, Gatehouse Rd, Aylesbury. 02°6 59*1 


N.C. Equity I 
N.C.Enw R 


Fund — IJ6J-3 
les Tb. -105.9 


140. South SireeL Dorkiaj. 

Am. Evtmpi 171 8 2T 

Am. Growth 26 0 2* 

Am Smaller Cas. — 26.7 t£ 

E»cmpl HiqhYM. 26.3 27. 

Eirmp: Mfci. Ldrs..,. 26.3 27.} 

Extra Inc. Ty._ 29.8 3. 

Income DM. 40.5 

Inc. 10% Wdrwl 303 3W 

Inv. Til Units 25.6 26.1 

Inti. Grew th .r — 

Market Leaden 295 311 

•NllYieW 78.1 

PreL 6 Gilt T rust . 23 .0 24. < 

a 

J. Henry. Schroder Wagg & 
120, Cheafnide, LC.2 

Capital Dec. 19 11003 IBM 

(Acam.i |l225 121 


22.91 ..... 
39.0 +01 
781 -07 
27 ;■ -rO.l 
27.7W — 
320 

*dXfa ...... 

319<* +03 
2t9a +0J 


Target Tst. Mgrs. (ScottaraO (a) (b) ' 

19. Attol Crescent, EfflB. 3. GJl-229Bl>nj2 

EjcW Income Ft — ]«.* 64,9} —.4 HUM 

Trades Union Unit Tst Manager^ 

100. wood Street. E.C.2. ^ „ (a '“ 8 “S 1 

TUUT Dec. 1 -IW-2 535} . M* 

Transatlantic and Sen. Secs. Co.f 
91-99 New London Rt Dwlmtunl 02*5 51651' 



Barbican Dec. 21 — 75.2 
tAcomr. Units.)—-.— U* 6 
Barb.EipL Nov. 29- 653 
BuOBwi. Dec. 21— 79.9 


CActun. linns) 
CokwoDec.22 
(Acbm. Units). 
Cumbf. Dec. 20 
(Actum. Units! 
Glen Dee. 19_ 
tAenm. Umts)_.. 
Uaribore Dec. 19. 

< Accor. Units)— , 
Van.Gwth.Dte.22 
tAceutn. Units), 
Van -Hu Dec. 22 
Vang. Tee Dec. 




1248 

— J Ik 
5:97 

a. Ud.f 
01-2*03*34 
J 301 


N.C. Income Fund. ,|M67 
N.C. InlJ. Fd. CIlKJ 805 


Income Dee. 3 9 3W.4 1&4 


N.C. Inti. Fd. (IikJ 805 
N.C. mil. Fd. <Aec ' H15_ 
N.C. Smllr Coys Fd 157.7 


aO+o^ 
Sfrfl+oJ 
167.0 ♦D.’J 


Rothschild & Lowndes Mgait (a) 

St. Swithue lane, L*L, EC4. 01-626*356 

New CL Exempt 11229.0 1310} — J 3.98 

Prices on Dec. JEnm deaTmgW 15. 


+01 7J?9 

, . 6.05 


75M , . 6.05 

56.5 +02 252 


Rowan Unit Trust Mngt Ud.f <a) 

Ciry Gate Hu, Flnsbun Sq., EC2. 01-6061066 


American Dec. Z1 — 162.5 
Sen»hhrs0?c.l9^. 17q5 
High Yld.Dec.22— 5?' 
rAocom. UmtsJ-. — .. 785 

M+rfin Dec. 20 77.7 

1 Acrurr. Unit;) 95.9 


(ACOT1. Units) 29LQ 30L5 7.0 

General Dec. 20 -560 ”895 *-l| 

lAcaira-UniBi— , 10T4 — i-7| 

Europe Dec. 14^,. 31.* a3 ?s. — 312 

(Acoidl Units! 355 37.7 — 3.12 

+Pn*ChuFdDec.l9_17LB 1762 «.« 

+SoecEx.DtC 5., 263 4 27L5 3 to 

-SSSVSLTZ1503.4 , 209.6 — 459 
*For tw eienqjf funds *iiy 
Scottish Equitable Frtd. Mgre. Ltd.f 
28 SL Andrews Sq. Edinburgh 031-556 9101 

iSSlBS=flI„ Sird 1:2 


f Accont. UmtS.) 
Wicker Dec. 21 
(Accurn- UlUt&r. 

Wick On. Dec 22 

Do. Acorn. 


li« 


' . .. . . e: K«S8T . 

Afcgeoder FUtld . _ ■ . : . 25, MfftarW^EWVWE^’ 

37, ™ NchrfiW, -^-r 509 

AHRGfR EifcFd. — ]£102Z 10^5. --J 11 *-' VaSCywe. Sl Peter - .®tt*^.^6 

Arietta* srarffti ls*g?iBSfifeV a 9wsSSra i 

, P.O.Box 284. SL Helier.Jersey.; • Gth'jrS ffijjS!)— U& 

Cap. T sl rjerut)-^^ ^ , GM . Ped. Gu . : W3« 

Sort See*. TSl.-^S® -^P° ^^tt£5^in75a ' I75« Jli ' 

rig fnS, r;7 L--k«47 196^ -3 . 7 > . 

««t *ar «9 d*» bkhNw 2 B. - KMrnrort ^BKdff Uni itat 

Acstrafen Selection Fond HV .. .. .'20;FenetertfSL,£C3-- ■■ E^aawa 

MoHst OppnminHhs, cj 0 IrWi Young AflathMitf, : EurinvesL Uli L , ^ '.f¥ • 

“TtCwnSuSydrleY , ■ ' X. . - - S««Wylne__^-. 635 61^ 

i f cr y cmmi l SUSL48 f i+mJ .'. “* Do. AcDiflt 

■•1* value Nu^k |Hg T S 

•35 Soulwart Royal, ^Jxendxaug G.D. _ . - SgaatOwmoda^ 1& 

. Pri»« htfl. W««. 4RMW. .-,^4, 8lc.-<C.L>4tf/T !*««- a- ' --J* =. 


f'i,. i - 
.» i‘- ' 

[■■■ 


: mu mi 


□raH mi My We^wtiy . 

Sebag Unit Tst Managers Ltd.f (a) 

PO Box 511, ScUbry- Hse. E.C.4. 01-236 50 00 


loo.?! *.*2 


Sedan CaplUI Fd 13*5 

Sebag mcome Fd. . 32.71+0.1] 8,43 

Security Selection Ltd- : 

15-19 Uncnln'i Inn Fiet*, WC1 01-831 WiM 
Un»! Gtn Tst Acc — I7J.6. - 243 — 1 4fi0 

Umri GthTst Ire 121.0 22.4] .1 4.60 

Stewart Unit Tst Managers Ltd. (a) 

*5. Cflvfstt* Sq, Edinburgh. 031-226 3271 
+ Stew ait Amrlcn Fund 

Sundanl Unli» |S7.J 60.4 J 153 

Jtcjcum. Umes (62 2 6tJ) | 153 

Withdrawal Units , ,|46 0 49JU 4 — 

'Stnmrt BHtUi Capital Fsnd 

Standard 1137.8 1513..,. «0S 

Actum. Umts J160J 176.7) J 4J15 


36.U+01I <51 
32.71 +0.1] 8.45 


Royal Tst Can. Fd. Mfrs. Ltd. 

5*. Jersnm StfWL S.WJ. 01-629 5252 

Cantlal Fd.. -167 8 715 1 3.65 

SSmeFd.J (69.7 73l .._J 7 70 

Price* At Decnrteer 15. Next deaJUS betrnirr 29. 


262 J 4 60 

22 .M .1 *.60 


aad+ojj 

L?l:.q 

29.3 +0J 


Archway Fund JHJ.8 85.*M I 6J1 

Prirn at Dec. 2L Neu wb. day Jan. 4. 


Guardian Royal Ea. Unit Mgrs. Lid. 

Perai Ejdiange, EC JP 3DN 01-628 B011 

rag) Giardhllt Til 193.2 96.5. 4 *.35 

Henderson Adrrinistrztlonf (a)(cX?) 

Premier UT Admin, 5 Raylel^i fazd, Hu«<yv 
firenr*oo4 Essrc 0277-217333 


Barclays Unicom Ltd.f (aXcHs) 

Unicorn Ho. 252, Rcirlord Rd v ET. 01-534 554* 


Unicorn America (30.0 32. 4 d] .... 0.77 

Dd.AusLAcs. 731 79.0 1.80 

Da. Autrt.lnc 57.2 61 Bel LSD 

Do Cipiiai. 67 3 721 ... , *58 

Do. Erempc Ti: 110 0 U4.e . .. 6.<6 

Do. Erlra Income 28 9 311 855 

Do. Financial 61.6 66.6B 5.11 

Do. 500 7b. 9 E3.1 657 

Do. General 32.4 35.C 651 

Da. Growth Acc. 42* 45.8 430 

Do. Income TIL.. —BiO 93.C 6.44 

»Do. Prf. A'10. Til 1466 154j| 557 

Price M Nor. 3 ). Nr+t subc day, Dec. *9. 

Do. Recovery 4S3 49.M 6JI2 

Do. Trustee Fuixl 115.6 125 ci] -2* 534 

Do.WldwiCeTsL 49.0 53.M 2J* 

BtsLln.Fd.lnc. 63.6 66.2 52t) 

Do. Acaim 7* I 77 J| 520 

Baring Brothers & Co., Ltd.f (aX*) 

1 88, L«ad«nhal I St, ECS. 01-580 2830 

Stratton Tsl 1179.2 1369 1 4.16 

Do. Accum. 1 224. 8 234.2 4 434 

N-rt sub. day January 1C. 
BIshopsgate Progressive Mgmt. Co.f 
9. Bthoosgaie, EC2. 01-5B8 6280 


finm+MOC] Essrc 
U.N. Foods 

Cahot Recovery 47. B 

Cap. Grewth Inc *63 

Cap. Growth Are. *75 

I name & Asett 53.6 

High Income Fundi 

High Income 1632 

Caoot Ejlra Inc. 56.0 

Cabot Pref.&GHt 148.9 

Sector Fundi 


Pelican Units Admin. Lt<L (gK*) 

81. Fountain SL, Manchester 061-236 5685 

Pelican Un* /B6.6 93 1/ .... J 4.83 

Perpetual Unit trust Mngrat.f (a) 

48. Han SL. Henley on Thames 04*126868 

P'peiuniGp.Gth. 1*2 9 4M] ] 3.86 

Piccadilly Unit Trust (a Kb) 

Antcny GU» Unit Trust Manners Ltd. 

’ Frederick’; Pla:e. Ok: Jewry, EC2R8HD. 

rfi coo 111 , 


Save & Prosper Group, 

4. Great Sl Helens. Londen EC3P 3EP 
68-73 Queen Sl, Edlnburah EH2 4NX _ 
Dealings »: 01-554 WVf or 031-226 7351 
Save & Prosper Securities Ltd.f 
iptrmolMnai Funds 

iw==ttf ’siaa j 

tlniv. Growth 167.8 72.81 +0 3 < 


IncnuirM Ikhr Fond _ 

H igh-YH m 153.9 

Hifi Income Funds , „ 


Financial K ITU 126.1 

Oil A Nat Res (275 

IpternaUonal 

CatoL 872 

Inumaltonal — JL7 

WM. Wtae Dec 22 |742 

Dyers !>s Fomb 

Australian 136.4 

Eurooean „_147.9 


a .. ..J 5.96 
+0.1| 2.92 
+0.U 2*2 
.....4 630 

67.6|+0.1| 7.9* 
05a| ...J B.r 

lSH 4 1200 

:?.g+o.ii 338 
29j+0J| 1.87 


r rruLULR > rifl.v, '/n. utmi. LVLit wnw. 

Pl-58" *111 

Extra Income [29J. 310) 10.M 

SrraUCo'sFd 396 435 . . 520 

Capital Fund . 433 *66d . 4. BO 

InL Ems. 4 Assets— *3 J - - 610 

Privale Fund . 3c 1 38.91 .... 4.60 

AcoonKr. Fund 65.4 > + 9 ■ — 

Tech.iri<«4y Fund 6L7 66.41 3.80 

Fv East Fd 2b.7 2B.M ..._ |3 

American Fund 21 a 23.0 f 3-30 

Practical Invest Co. Ltd.f (yKc) 

Ad, Eloomsburv Sq, WC1A 2RA 01-623 8893 
PracHo: Dec. 20 (147.1 156 3J ... I 4 60 

Accum. Umts 2112 225.3 4.M 


High Return 1675 

Income. 417 

ILK. Fields 

UK Equity 144.9 

Overseas Funder) 

Europe 187.0 

hay 

S.eTasW b».a 

U.S 1675 

Setter Funds 

Commodity (75.6 

■Energy. (680 

Financial Secs |W.2 

fflgb-MMRuo Foods, 

Select Internal- J246.1 

Select Income 153.7 


393rf+0Jti 2 62 
2kS +0.lj *40 
71R +0 3 2.17 

57.Sf -M3-U 751 

»a hs 

412] +0.1] 5.13 


Tyndall Managers Ltd.f 
18, Canynge Road, Bristol. 

CaoJtafDec.50 12U 

CAcavn. Units) 179.0 . 

EAtfiqtL Dr. 20 111Z 

J Acaim. Urms) 161.4 . 

Int. Ear Dec. 20 2455 

(Accum. Units), 273.0 

Prer.Dt-c.2D 106 2 

'Acaim Units) 134.2 

MfeWti 

Sent. Cap Dec. 20 — 13r.4 
(Accum. Umts) 166.4 

Londan WaH Grsap 

Cajntal Growth ,. 812 . 

Do Accum. *4.9 

Ertra Inc. Growth .„|3S.8 
Da Acam. . [46.9 


Ltoyttefruft Gift ‘ 

. ■ • vJ.ikpa IMirf-DiterDcaariw. 27. - 


' 027232241- 

Wzd-tt 


m 11 

34UJ 818 


■ j:*** * “21“* : ,Li^MiLfc*wr Mrs: : 

jtetfM Bmralfc* iJifjw* . . . p^Bot 195, SL FTeUwfr.Jersey.'- 

i-RdP De ia Rwenee- B 100O Bjw** 1 -, ,^tAHc.Ter < WkwV {99 V -: : $&ft. 

-Rena Fond if — -H884 ISO] -'ll dcBfiag^dafc^jW? 

Barttays Unicom Int (Ctu-h.) ttd ^ .- V^..^ja^3ing natrD«enfts ; 

as=»Jda ESflEaBSSSS 1 

Bodays Uwcorit lot- 

TJtanasSl,0«glttlAM. Bar* oCBWmuia Buikfing, Benwi tt 


QsxmvL 


U 07ds. Bank J uferaationa I, Geoevz. 


PD.- 3211'flUieve'-ll YSwtaHatsD- 

yssassw.iMi£i'ii 


-170 

....j UD 


031 225 1168 

027232241- 


^ GflT.Pacrtic *»«|. * gfin m ttvufORp • 

^("SmStsCIW^ ■ 5t|453.5® ■ ThwelW Twer WDEOR 68CL- OWaBCBfii 
Do, Manx Mutual — [252 . 71 A ---4 ISO. UMfr'mM- tetfiFTR; _• f JS 4-1 — r 

Sisho i&gate Comramffty Ser/Ltd. : 

®J KBOX42, OoufaG IJL«.- ; < 062WEW1 - +OS ©S 

~ J ~ ’ *WM : Utfts]A--L-4»riO +03 P-» 

WHfT«Dw!4-™p5» • ^3^3 .1.88 r 

-•{, . Originally Issued at *510 and **£lD0. - 
Bridge Management Ltd. 

PJX Box 506, Grand Cayman, Cayman 1*. - - ntem 
Ntestu Dec!--— —. I * I I. ~ . l+TjMeyl 

.... 

Britannia Tst Mogmt, (B«aLM. ' t : SSJ'ffSS c£"’ ^SliziSSZI 
30, Bath SL, SL Heller, Jersy. * . 0534 73U< WMQ2R r 


Bat* fi^SehmitO Budcfing. Bermudi- ;■ 
Cantettay.pec.15 -.|JUSfi2‘- _ ■ |.L.J 

«a %fr‘fi»oriiF- ; i.’-r. 

Three ift^SjTuwec HID E63RS8CL- OM2645B8 


Financial Pr'rry Jo. 4 

Do. Acaim 20.4. 

High Inc. Priority— 591 

Intern a tional,, 265 

Special Sits [35.4 


Stewart usenoo runs 

Standard Units 157.2 60.9) J 153 

com. Units [62 2 iu I 153 

Vithdrawal Units _ ,|46 0 49JI 4 — 

Stewart BHtUi Capital Fond 

iunaard 113 7. B 15U| ,, 4 «0S 

tCCum. Umts JliOJ 176.7) J 4J)S 

Dealing tTues. S> Prl. *Wn. 


86.9+03. 656- 

m « 

504 +0i 1|^ 

ZL0 +0.1 4,90 

652W +0.1 4.89. 

21* -0.1 328 

38(9+0.4 4,« 


I Mti 


Sun AlBance Fund Mngt. Ltd. 

Sun Alliance Use, HorsbanL 040364141 


Eim.En.TsL Dec.l3._. I £226.0 237.9) . .J 4.4* 

PTne Famllf Fd. |97.4 103i| +0 j 3.95 

Target Tst Mngrs. Ltd.f (a) (g) 

31, Gresham SL. EC2. Dealings: 0296 59*1 


TSB Unit Trusts (y) 

2X Chaidiy Way, Andover, Hants. 0264 6218* 

Deafi/igs te D2M 63432-3 

(b)TSB General 45 7 ABJ+Oi 4A6 

(ol Do. Accum. 52.9 , 633+O.4 406- 

(b) TSB Income. 60.0 63.9W +03 7.66-.- 

Ibl Do. Accum— M3 6B51 +03 7J6 

TSB ScoUhli- *2.8 8&J +0 1 Z1T 

(b)Od. Acetun., 895 95.4( +0Jj 207 


(H-5886464 

f— J +05 


3^. Bath Sc, SL Heller, Jersy, 


Sterttng Oenomhmttd Fds. . 

Growth tm#BK 134.1 ■ 37.0) '200 

-mod. Fd. (79.* • .Ka 

Jertej Errer*iy TsL — ty,A2 323A — . 150 

uow.iia.sto_. jcte 2.13 ,i-0£ 

HJabluLSUg.fiiZIp.© 0 9N • — 1250 
USJbifer Desondnsted Fig , _ ..... 

ua 

- “•/r Value Dec.. 2L Nen deaDnj Dec. Z7. ' ' 
Brown Shipley Tst. Co. (Jersey) Ltd. 


m ms 


3*71 D 2) 2.91 
56.64 +0J| 7-66 


Target Commodity 54.7 375 

Target Financial 61.9 61 

Target Equity 38.4 415 

Target Ex. Dec. 27_ 20 B5 2195 

ADO. Are. Units 290.9 306 

Target GIK Fund 118.4 124 

Taroet Grossrth 28.6 30 

Tarwi Pacific Fd. 343 26 

Do. Uetnv. Units 27 J 29 

Target lira 3L7 Jd 

TgtPr.Dec.27 155-7 163 

TgLlnc 27.9 . 30 

Tot Pref. 13.4 V 

TgL Special SHs 315 22 


Ulster Btakf (a) 

Waring Street, Belfast. 023225231 

(b)Ulster Growth |365 ,39.«i +0.1) 3.79 

-Unit Trvst Account & MgmL Ltd. 

King William SL EC4R 9AR 01-623 4951 

Friary Hit- Fund (40.4 A2.4) — .] *52 

Wieler Grth. Fnd. ».9 325^ J 4.W 

Do. Accrnn |36 8 385) — .1 4JJ 

Wieler Growth Fond 

Kmg william SL EC4R 9AR 01-62349S1 

Income Umts (30.9 32.M — | *57 

Accum. Units ^65 3*3 — i 4.67 


Msrray, Jnhmfont (hiv. Adviser>- * 

363. Hope Si., Glasgow, C2. . 0*1-221 S5ZC 

; 2S$a— =1 » l:d'=. 


Natft-SJL. . - • - - - 

10a Badewd Royal, tsownhourg - - 

NAVDec. IS t WS1238 . -1 — J 


re^^ farorii 5%s, HzoUim; Bnatt," 
NAV Dee. 25.. ^...+(f6'lfl - • — ) ---) 


Phoenix International 


PJLB» 583, SL HeWer, Jerteyi*'"' 05347*777 PO Box 77, SL peter Port Guernsey > - 
Slteo&uLFd.Ui) 400.0 ' . 10.031 ..,,4'1250 -biter43oIterFimd^_|SUS231 , *250] —4 V*-* 


01-623 4951; 

SS:d {£■ 


.BMtertteU Mamgement Co. Ltd. - 
P,0, Bax 195. HamlBea, Bermuda 

Buttress Equity «U5Z3J 23B - — 4 L79- 

Buttrea Income ^2$? 5 — 1 *Ju 
price at Dee. I. Next sub. flay Jan. 8. 

-For Capdtrex SA see Under KeySer Ullman 
*. ' Ltd. v ? . • 


ftaest Fund Mngmrt. (Jersey ) Ud.'~ 

PO Box-2 «. St- ReTier. Jersey. . 0534270*1 




1 fntLSecs;.^ 
LlnU.B*,!^: 
ftice at Dec.' 


1914- 0.983 
■StLWJ- 0.956 
Non deaflng I 


Far East ?*9 

H. Am 137 0 


U RANGE AND PROPERTY BONDS 


H. Am 137 0 

Cabot Am. Sm (45.6 

Exempt Ford* 

Japan [96.6 

N.Amer -..|1L>.6 

Smaller Ck. 198.0 


LUJ'3 ™ j 

3B2JJ +D4 


Abbey Life Assurance Co. Lid. 

1-3 SL Paul*! Churchyard. EC4. 01-248 9111 


Crown Life Assurance Co. Ltd-f 
Crown Lite H<e, WoOnq, GU21 1XW 0*867 5033 


B^gatePro+Det-l* pS3.4 19E.4| .... 

AreJUts «0et. 19- 221.4 235.3 ... 

B'gate ire. Dec. 12.. JU9L9 179n .... 
(AccautJ Dec. 22 — \l£72 199.21... 

Keit sub. day ‘Jan. 3. "Jan. 9. 
Bridge Fund Managers (a)(c) 
Regis list. King William SL, EC4. 01- 

American & Gen4 123 9 25J1 

Income* 50.5 54.3 .... 

Capita/ Inc-T 365 3B.S 

Dc. Act t 40.8 43^ .... 

E:emptT U9.0 J48.ffl .... 

Inlemtl. IntT 15.4 16.4) — 

Do. Actt 171 18J3 .... 


Hfli Samuel Unit Tst. Mgrs.T (a) 

45 Beech SL. EC2P 2LY. 01-628 8011 

<b> British Trust [150 4 160 91 .. .J 550 

igi IntT Trusl 35.1 37.M 1 522 

igl Dollar Trie: 705 755 3 5.81 

t5« Caoilar Trust 29 ? 321$ J 4.74 

tb' Financial Trust — 90.6 


Equity Find 365 

Equity Ao. ...... 313 

Property Fd 1528 

Property Acc - lbi J 


Select!** Fund 91.9 

CcnverllUe Fund 13*.8 

pMoneyF^m 1252 

•Prop. Fd. Ser. 4.. L.a 1 

•Man Fd. Ser. 4 1355 

FEqiirtvFd Ser.4_ 35.3 
•Con*. Fd. Ser. 4.,_ 11S.0 
: OMoney Fd. Ser.* ... 112.5 


(hi Income Trust |2h5 

fb> Security Tm». 51.8 


fb> Security Tna. 51. » 

lb) High Yield Tsl —|29.4 


m = 


(11-6234951 

_.,J 149 


Intel** (aK9) 

15, GhristopHer Street, E.C.2. 
litoef. In*. Fund (29.4* 


Prices at Dec. 19. Valuation normally Tues. 


■After Sub. Otraoc. 

Key Fund Managers Ltd. (aKg) 


01-2477243 
3L6*| ...,J 750* 


Albany Life Assurance Co. Ltd. 

31 Old Burlington St, W.l. 01-«37 5962 

•Equitv Fd. Ace. 


25, Milk SL. EC2V8JE. 


Dealnq 'Tuei'fWeif iTIaits. Price Dec. 12/1 

Britannia Trust Management (aKg) 


Key Energy In.Fd 1732 

*2«£en5| C Fd!~ 1715 


3, London Wall Buildings, London Wall. 


London EC2M5QL. 


01-638 0478/0479 


♦Key Exempt Fd. — 1745 
Key Income Flrw 77.9 


Key Fixed Int Fd IM J 

Key Small Co's Fd — (105.8 


01-606 7070 

77.91 ’.72 

7ii Si? 

185.1 ..... 5.58 

82.8 10J2 

64.1 .... 1257 
1125 ..... 5.75 


•Fixed InL Acc.. 

; VG nl. Money Fd.Ac. 
*lrtl.Min.Fd.Acm 


Mang'd Fund Are..... 103.6 
Mang'B Fd. mem... — lQLb 

Manq'd Fd. lait 101 6 

Equlrv Fd. Acc 98.2 

Equity Fd. inun 96.4 

Equity Fd. I nil 96.7 

Propen»Fd Acc 96.6 

Property Fd incm.._ 96.6 

Property Fd. Init — 949 

firSf/Fd. Acc lffill 

Inv. isl Fd. I non 975 

Inc. Tsl Fd. Imt .,.98.4 

Fixed InL Fd. Are. .... 100 5 

F«d. InL Fd. Inan. 99J 

Inter*!. Fd. Ace 108.4 

Inter'I. Fd. Incrn. 108.4 

Money Fd. 4a — *8J 

Money rd. Inan 95 9 

D 1 sl.F 1 ). Inert. 1028 

Crown BrL lira.' A' 1159 2 


106:9 +02 
103j +02 
1014 +0.2 
1DL7 +0i 


Lloyds Ufe Assurance 

20. Clifton SL, EC2A *MX 

Miff. Gl War. 30 > ] 28008 

0p5'A'Pr. DecJ4 Q*4 0 151 

Ooi'A'EqL Dec. 21 JO*2 141 


0p5‘A'H*. Dec. 21 -.1556 164.1 
0n5'A , ten.Dec. 2lll53i 161 


0pt5‘A’Dpt Dec^lJ 
London Indemnit 


— IB- 20, The Fortury. Reading 


1026 +OJJ 
HD5 +06^ 
105.7 +0.2 
1045 .... ] 
1142 -0.1 


msar=dK 


3l 3 161 a - 

4.4 1310| I - 

& Gnt. Ins. Co. Ltd 
ding 583511 


Royal Insurance Group 

New Hall Place, LurerpoOf. . 051-227 4422 

Royal Shield Fd (245.7 154J( I — - 

Save & Prosper Groupf 

4. GlSl H elen's. Uidn.. EC3P 3EP. 01-5548899 


Keyser'Ullnao Ltd. 


Fixed Interest 

The London & Ma 
Wlnslade Park. Exeter. 

Cap. Growth Fund J 

♦Flex. Exempt Fd..— [ 

iSEttrnpl Prop. Fd. 




Bal. In*. Fd [1314 

Property Fd.* — 162./ 

&Ht Fd.. 123.0 

Deposit Frff 126.7 

Cornp.Pettifd.T. 2095 

EquityPens.Fd 187.6 

Prop.Pem.Fd .* 237.B 


rata -■ 


fle?SeFund!?:._^.'l 114.0 1-lOj - 

In*. Trust Fund 135 4 I -2.4) — 

Pr ope rtv Fund 65.6 -*0-2) — 

Gal. Deposit Fd 1020 | +0.1] — 

M & G Groupf 

Tim Quays, Tower Hill, EC3R 6BQ. 01-626 4588. 

AfflericanFd.Bd * 1476 30 JJ — 

Cm. Deposit* 121.0 1273 - 

Eoutty Send” 137 9 144.« — 

E*. Yield Fd.Bd * 8&7 90.ll — 

Family 79^C ** lh93 — - 

Family PI -86** igl — J ..... — 

Gilt Bond— 1G7.4 112S — 

Intenuuil. Bond**— 927 103.7] - 

Japan FdBd.* 581, 6LU - 

Managed Bd. *—_.._ 1385 1455 -0.7 — 

Pert Pensta****. 3422 • —J -15 — 

Properly Bd.** 1666 175J] — 

Recovery Fd. Bd.- _ y93 — 

Prices 00 -Dec. 2D. **Oes. 21 'H*z. 22 
Merchant Investors Axsurancef 
Leon Hse , 33 High SL, Croydon. 01-686 91 7L 
Property | 1620 | +0.1J - 


•M'ple In*. Are. 
equity Pen.FiLAcc 


Fixed I Pen. Acc _ 
G'td.Mon Penjtcc 
1 inU.Mfl PnFdAcc 
Prop. Pen. Acc. ._ 
M'pte In*. Pen Acc 


Cotnrt& Ind __J|! 

Commodity F 


Domestic 

Exempt 


Extra Income 

Far East — 1 


=J8 


+0J 4.4* 

..,J 753 


Financial Secs 1 

Gold £ General— 

Growth.. 


loc. £ Growth 
Irt'l Growth.. 


rt'l Growth 

Icwest-Tst-Shares— 44.7 48.0) +0.1J 426 

Minerals 332 35.7 -02 3.65 

NaL High Inc - 77.6 83.4 +0J 8.74 

New low 377 <05 +02 3.78 

North American 26 4 28Jc 2.08 

Profession*! 556.9 5742a +4.t jM 

a£“B 47/ : 01 & 

Pi tsl £9 

The British Life Office Ltdf (a) 

Reliance Use, Tunbridge Welts, Kl 089222271 

BL British Ufa 1515 545) +D2J S.BZ 

BL Balanced* K7.7 519-03 6D7 

BLDMdend* J*2.3 4sii+oa 9.81 

•Prices Dec. 27. Nett dealing Jan. X 

Brown Shipley & Co. Ltd.f 

Mngrs, Founders Cl, EC2 01-600 8520 

BSUnrtsDec.il I2Z2.4 2S921 J 4.78 

Do.CCODec.il. — |28L9 30351 1 4.78 


Kleimrort Benson Unit Managers? 

20, Fendxach Sl, E.C 3. 01-623 8000 

K.B. Unit Fd. lie.— IB8.4 ,95.17 ...._ 5.34 

♦K.B. UmiFlLAc 1118 12L0 534 

K.B. Fd. Imr.Tsts 55 J 60.1 *.77 

K'.B.Fd.ln.TsLAcc *9 J 523 ...... 6.68 

KBSrtlrCa'sFdlnc— 49J 523 6.68 

KB.Sm.Cns.FdAcc — 493 523 ..._. 6 69 

High VULFd. Inc 45 7 44_3ri 855 

HfghYM.Fd.AO..... 465 50^ 855 

L & C Unit Trust Management Ltd.f 
The 5 lock Exchange. EC2N 1H P. 01-588 2800 

ttSISltodiMi' Bad SB 

Lawson Secs. Ltd.V (a)fc) 

37. Queen's Su Londen EC4R 1BY. 01-236 5281 


AMEV Life Assurance Ltd.f 

Alma Hie.. Alma Kd., Reigcte. 

i IBRSW-3« ■ & 

AMEVMonr+Fa. — 107.Z 113. 

AUEV Equity rd...... 1116 117. 

AMEV F.xrflnL.„. “0.8 «. 

AMEV Prop. Fd 3,6. 1«. 


R-lgate 40101 


Crusader Insurance Co. Ltd. 

Vincula House. Tower PI.. EC3. 01-626 8031 

GUlPtop Dec. 5—174.4 84.2) — 4 — 

Eagle Star insur/MIdiand Asses’. 

2, Threadneedle SL, EC2 01-5887212 

Eagle iMkL Units. — 153.6 55.61 .._..| 6 16 

Equity & Law Life Ass. Soc. Ltd.? 
Airemham Road. Ht*i Wycombe 0494 33377 
Equity Fd )U52 1213 ._..J - 


Ass. Gp.f 
0392-52155. 
1-191 - 


Prop.Pen?.Fd* 237.B 

Gilt Pens. Pc 95 i 

Depos.Pens.Fd.T |103.0 


d.T. [103.0 10E.5) 

•Priest o» December 19. 
tWeeldy dewogk 


Charterhouse Japhet 
Paternoster Row, £0 4 01-248 3999 

wn| „ ^-4 

' gSf-— — SS4 . :-3 IS* 

I 4^3 >4 

Clive investments (Jersey) Ltd; -- 
J ML Box 320, SL Heifer. Jersey • 053437361 

.8saasJd»- «5di* 


'■ ' Rtchroand LHe All'. Jj^L ' 

{-Capital International SJL 23,14 

I iiz - . ... fx)7?ir SU*er irna_^J1120 3J4.8I-D57.— 

I Sf «e N«re-Da»a. Luxembourg • -TUctmiOBd witC^lU5A. ,1Z1*I +p3 ; 

| Capital InL FurU I 5USU.6S l .—l . Z '* 

for Central Assets Mngt Ltd see under £ 17C| ““J 1L55- 

- Canillon C-S.i Jad^-49S3,. .- .IDtLIq — 4 • 

Rothschitd Asset Management (C.l.) ' il. 
01-2483999 P.0. BoxSA.- StJWiamCUGaenisey.^ 0*8126331 

l^.l*.:KSffitet=§fc «§a.:dTS 


ImCofto*. 30-Z.O4D.8 . - M9J .-..J J; 

Cojwwflty '.-_ i a43A .7 lslffl •.....! 4. 

. Df Ctwatty-f jsaLKJ • 305fl -+ D - 

•Prices on Ore. Ml Next droiaw.Oec. 29. 
fPr ices mHMc. 21. 'Nntt deaths Jmuwj 8. 


RnthscMW Asirt Mgt. ^Bermuda) 

-CitveGiii Fd! Usy J ^i^iO 9.6U ;^-4 31A5 PJ1 BAc:664. 6k. -of BermbBa BkL, Benrsda. 

Cora hill ins. (Guernsey) Ltd, ..v- “- 

■- Fd. MgL LU. ' ' 

~ r W xui 'jxnintn M. BoOS4j R dWTSL HseiJkrseyr ■ • 053427441 

DWS Deutsche Gas. F. WertpapSeysp n.T.)nfl.Fd. ISbsitW 9 juj I 100 

Greneburgweg 113. 6000 Franklurt *. . ECGnUfJBLlwTj >' fttSl Zi 12l 

liwesta {DM37 Jl 3U0| _ PHtrt.at Oft IV Norf deaths Die. Z7. 

Delta Group • ' 1^' Saw i Prosper IntemaHonaT • 

PJ). Box 3012. Nasan, Bahatras - .. 1 . • . DraRng hr. ' ? : ] 1 • • ' 

Delia In*. Dec. 6 [5115169 177} ..uj STBroodSL. St Nri«er, Jersey/ • Q53420S91 

Deotscher Investment-Trust ' / .~J 756 

Pmtfach 2685 Biebergaw M0.6000 FratkfWt . S^t CT+ t 758, 823 ^3 - 

.SEBtedM- -Md-r: :'.SSaa?s=K- -31^ = 

Dreyfus Infearcoattaeidal Imr. W..- • "" 

P.O. Bo« 13712 Nresra. Hnt / ffl33TgSSlJ^.^I 755.9403 245 

NAV DetJ9 ISjnS.41 16A7J J — 1K8 ' 1HLS — 550 

Emson & Dudley Tst- Mfft Jrey/tid. H ml : .’ fcr?Y*K 2 tit 
P.0.flox73tSLHene, Jersey^. ,r(S3«2QS91 187.6 aj# 

2-D.l.t.T. _|125A -13LA -X4 ^00 . *Prt»& Oec^K 20. ^6^4^ 

The EngRsh'ftssactotfan ./•- ■ r^Weekii DraBngi-4pdf W*-- ; 

4 Fore StreeL EC2 01-588 7D81 ScfcJqsJnger Irrteraatlonal Mnfft. Ud. . 

i 

Eurobond HoUiass ILV. .. . .. AW^^^Z23a7 ' 

HandeWade 24, WSUemsait Cwarao - - : ’.llM ^3 

London AjMnts: lafcL 15 Owiriartlfr SL, EC2. .-. Ib II ZJO 


WA1 


01-6008520 

4 4« 


Dp*ric Trash fa) fa) 
Financial 135.9 


ssaPifi==w 

Growth Income 37.4 

fa 1 ""— ■ :!fi 

lode* 24.6 

Ourrseas 17 J 

Perfarmjna?.. 57 7 

Recovery ...... 218 

Exempt Dec. 11 60S 


+Raw. Materials -.._|3§2 412^ 60T 

dC f Accum. Units) — 43.6 . 4i.0| 6.02 

•Growth FurxL 56.9 _ 2.64 

•(Accum. Umts) 63.4 — J 264 

tKIK and Warrant.- 37.8 *P.^ ■■■■■ lfi 

iAmerican FA 219 S 4J+O20 OiO 

ft Accum Units) _[Z2-8 2*J)+0j 060 

Deal. ftMon. *T u e*. fWrA JiHei. 

Legal & General Tyndall Fund? 

18, Canynge Road, Bristol. 0272 522*1 

D15. No*. 14 162.4 66_D| J 4.K 

(Actum. Unltsl 179.* 8*d 4 - 

Next sub. dxy Jaiuary L 

Leonine Admimstratton Ltd. 

2 Duke Sl, London W1M 6JP. 01-M65991 

LeoDtsL |77 3 81.41 J 4.36 

LroAreum :-|K6 8?.l| .... 4 *4* 

Lloyds Bk. Unit Tst Mngrs. Ltd.f (a) 


FievVlan"r-.-_:-|iMT 

I AKEV/Fnmlingtor 

i Ancriun- 76 0 

iiKL-ne JgJ 

InL Growth 186 0 


Property Fd 1148 120 J 

Fixed Interest F.Z-1. 107.7 113J 

Gut. Deposit Fd 1016 106.* 

Mixed FA__ 1115 139* 


Mixed FA I1H5 1194) .. _4 +01 

General PortfoGa Life Ins. C. Ltd.? 

60 Bartholomew Cl. Waltham Cross. WY31971 


1J2J - PorHolioFund 1 ,144.9 J — 1 - 

^ ::3 = TOafcW ffl d - 


Schroder Life Group? 
Enterprise House, Portsmouth. 

Equity 1 1 2331 

Equity 4 .._g27-4 i 

Firea InL 4 ,....[1382 ] 

Managed* 035-3 3 

Morr+T-I - pL3 ] 

Overseas 4 ...|84.6 

Properly* ll65J ’ 

K £ S Gort Sea. 4 [13.6 ] 

B.S Pen Cap. B ] 

88. Pen Are. 8 (138.4 3 

Mrtgd. Pen. Cap. B ,_.|2l0.7 2 


Jtoyal Trast fCX) Fd. Mgt. Ud. 

PJ). BoxKI, Rolfld TSL Hse.Jeneyr ■ 053427441 
• AT. tart.'f(L_ri._-|«tSM9 1 9M 1 100 


2342) — . 

Mss «. .. — 

142.3 .... i-.-. 

116.1 +T ■ 


R.T. Inf I. Usy.) Ed — L J ^ - ..._ 

PHeet i IVNbA dM«*B Itec. 27. 

Save 4 JProsper Intematiooaf - 

St Hefter, Jersey/ 053420591 


iiEE 


U3 Doaw-dxftutdc 
JUr.F*d.taL-**I*^ 

lirternaLfir.n 

-Far Eastern*!- — 

.NorthJteoerfew+t— . 
Sep rot 


Mngd.Pcfl.Acc.B--C 
F. Trt. Pro. Can. BM 


F. InL Pro. Cap. B 
F. 10L Pro Are. B 
Money Pen. Cap. 3— 

Money Pen. Are. B 

Prop. Pen. Cap. B 

Prop. Pen. Acc. B. 


air 


j— "Scottish Widows' Group 


P.O. Box 902 Edinburgh EH16 5BU. 
Oil-655 6000 


Far Aroow Ufe Axsorance sec 
Providence Capitol Ufe Assurance 


Canada Life Unit Trst. Mngrs. Ltd.? 

2-6 High 5L. Potters Bar. Herts. P. tar 53122 

Can.GenDhL .... |39.4 «L* . .) 4.42 

Do. Gen. Actum - — 46.6 SL7 rllj *.42 

Do. Inc.Dtfl 33 1 35.a-C.l1 US 

Do. Inc. Accum |*L4 -O.K 8.IS 

Cape I (James) Mngt Ltd.f 

100, Ok) Broad SL EC2N 1BQ 01-588 6010 

Capital 8« 3j . ..J 5 36 

Income 79.6 S4 7| . . 3 8.13 

North American — -.}9jj |6 99 1] .| 1.C4 

Prices wi Dec. 20. Nen deiling Sair Jan. 3. 
CarBnl Unit Fd. Mgrs. Ltd.? (a)(c) 
Mllbuni House, Ne«reaule-«qun-T;ne 21165 


Registrar's Dept, Goring-by-Sea. 
VrorUsing. West Susses. 

Balances — 52.0 J 

Do. (Accum. * 72 8 • 

Worldwide SwVi 53 J 57 

Do. < Accum.).. 67.o 

Income 832 I 

Da. 1 Ac Cum.' 1166 It 

Ertra Income U.O 65 

Do (Accum/-.. 713 1 


01-623 12SE 
S5W +0J) *04 

78-3 +0+ •» 64 
5733+0 7 i.°3 
72^ +0.: L93 
P4 +0.’. 632 
125 3+OJ bJ2 
655d+0* 8 09 

7c 6| +C3 8.09 


32rcbys Life Assur- Co. Ltd. 

252 Poirtwd Pj.. ET. 

BartUytands* 127-5 U*JJ 

Equity lZD.a 12L^ 

Dlt -edged 108.7 11*J 

Procerty _... 110 9 116. 8> 

liSSfe -rJKj iSi 
Oaas:-Bf ffil 

1 Do. Initial 96 8 104.1) 

j Gill EtoPros 6 cl ..- «7 1 102j 

Do. inltbl -.. 9?J, 9831 

K*Mt Pens Are. .... 19* 0 iO?j 
I Do.tfidU... -19*.: 104.5) 


Gresham Life Ass. See. Ltd. 

2 Prim- ol Weln Pd, B'mouth. 02D2 767655 

G .L Cash Fund — 993 104 S — 

r..L.Eoilt* Fund.—. 107.0 112.61.-... — 

G.L GiU Fund 112.6 UBLR — 

G.L ind. Fund 106.4 U2« — 

G.L Ppty. Fund tlOZB 1083 - 

Growth & Soc. Life Ass. Soc. Ltd.? 
Weir Banlr, Bray-on-Thames. Bertc. 0628-34284 

Fl» "IMe Finance. .. -I 7065 | | — 

LanabanfcSres.- 54.25 I i — 

lardtonkSo Act _ U7.9 J2U| .... ] — 

G 4 S. Super rd. — ) £7.971 | | — 

Guardian Royal Exchange 

Royal Exchange, E.C.3. 01-2837107 

Property Bonds J197.0 205 2} I — 

Hambro life Assurance Limitcil? 


m - 


7 Old Part Lare, La no on. Wl 


•Carrent unit ; -slae Dec. 


Beehive Life A?sur. Co. Ltd.? 

71. Umbjr.j Sl. EC3. 01-623 1288 

BIL Horse flee 1 — 1 132.33 | 4 - 


P*r..F .1 Oeo Cau- . 


Lloyd's- Life Unit TsL Mngrs. Ltd. 

72-30. Sauhause Rd.. Aytabw/. 0296 5*41 

Eqmt* Accum [1618 17031 J 4.76 


Canada Ufe Assurance Co. 

2-b Hflh Si . ?on»+s Bar. Her-.: . 

EaiyGiPFuO-c. 1 ) 61.7 

Feum. Fed. Dec.b ! 1?J3 


Pen. Man. Cap. 
Pen Man. Ate . 


ttJAjfBstjaasi 


Carliul 69.2 

Po. Acaxn. Units — 35.0 S7J| 1 *25 

Do H.gh Yield 42.0 ffM -.. J IM 

Do. Accum. Units — x4.4 56<| .....J 8.84 

Next d+aflng date January 3 

Charinco Fundtt 

15. Moorflate. London. ECZ. 01-638 4121 


•no 

21165 

71.71 - 

.. 4.3 

S7i _ 

*25 

*4.5) .. 

8?* 


J 8.04 


Three Ouayt. Tower NIU.EC3R +80 Gl-62b45B4 

. See abo Slort E«nai>s<.peanimi 

American — 1*53 *8.2] +J.*I 205 

rAretim. Unitss 463 497 +0*1 205 

Australasian ——.1*4 9 53Ii+0*| 185 

I tecum. Units) 513 5 *-T ’-C*l 1.83 


CaitTcrotfity 176.4 

(Acaim. Units) — 03 5, 


Compound Growth— U2-0 

Conversion Growlti— eO.B 6 

Conversion Inc. 69 0 . 

Dtridrod 117 0 126 

(Accum. Units) Z2S.8 2* 

European 49.4 57, 

(Accum. Uutts) 513 p 

Extra Yield 86.6 4 


15. Moorgate. London. ECZ. 01-638 4121 

Income Nov. 30 [UMld - | J 1103 

Do. Action. No*. 30_.U5j.24ri — | — 4 1103 
Charities Official Invest. Fd? 


77 London Wall. EC2H 1DB. 01-588 1815 

I name No*. 21 |131_P8 — I J 788 

Acaim. Nov. 21_ [2b2J3 — I I — 

■jiUnaith. fti.y onilaWe to Src. Chanhn. 

Far Charterbame Japhet see James Fintey 
Chieftain Trust Managers Ltd? (aKg) 


1 Aroint Units) U93 

Far Eastern 503 

(Aretm. Units) 55.9 




Canned Assurance Ud.te 

1 Olvmoic Wf '.■iemary MA^OLS. 

Equity Unit .. -‘i* 4 

Propert* Umtt U03° 

Equity Sons Free . .. ill #0 J 

Prop BorM’Eict £13 93 1 

Bai 3d.<E»«.Unit— 513 56 1 

Deposit Bond — U* 5 1 

Equity Accum i5* 

Proaerty Accum..— . £+5.5D 

1 Mngd. Accum — Ibil 

! 2nd Equity 95 1 1 

2r,j Prnoetty 108. V 3 

2af Maimed— . ..1006 1 

"iwi r\mw t OO "* 1 


Cl -402 8876 
- 1+0 031 - 


Pen Gih Eoj. Acc. .. 

Pen B.S Cap — 

Pen B S. Acc.— . .... 

Pen. 0.4 F Cap 

Pen. DAF. Acs. 


1284 

1353 

1835 

1911 

172.1 

1313 

144 9 

L«26j 

JBtU 

2*®.6 

124* 

131.C 

1266 

1233 

904 

*52 

130 8 

13-7 

1552 

163 * 

21*7 

215 0 

281.1 

2»S« 

2125 

^2.3.7 

2281 

7725 

3219 

128.4 

120.6 

1275 

117.7 

U4.1 

147 6 

35.1 


IwItyPenTL——. WJ -M — 

Money Market 144.4 +0.2 — 

Money MW. Pens 183.9 +04 — 

Deposit 1312 +01 — 

Deposit Pens 1467 +03 - 

Managed 1093 ...... - 

Managed Pens. 244 4 -0.1 - 

InU/Bjuty 982 -0.4 — 

Do. Pens.'. 102 7 -0.4 — 

Inti. Managed 9g.8 -03 — 

Do Pens.. , 1019 -02] — 

NEL Pensions Ltd. 

Milton Court. Dorking. Surrey. 5911 

Ncie* £q. Cap 32.6 36.9) +081 — 

Nelei Eo. Accum 118.1 1243) ...... — 

Itelcx Money Cas 62.7 . 66.0) +03 — 

Neler Man Are. 6B.4 7Zq +0.6 — 

Nelei Gth Inc Cap — 46.8 52N +0.4 — 

Neler Gthlnc Are — 511 5*.« +0.6 — 

Nel Mid Ed. Cap <9.7 52.S +01 — 

Net M rtf. Fd Are.. - 516 54 3L+0J) — 

Next Sub. day Oecenher Z 
NPI Pensions Management Ltd. 

4fl Gracechurch SL EC3P 3HH. 01-6234200 

Managed Fund 1157 b 1642} -) — 

, Prices Dec. 1. fieri CHfing Jan 2. 

New Zealand ins. Co. (UK) Ltd.* 
Maitland House. Southend SS12JS 070262955 


Inv Ph.Srs.-Oec21 — (1072 107.3 +02j _ 
inv. Pk Series 2__ . 1011 106.5 -03j — 

Invest. Cash Dec. 21. 1007 libX +0JJ — 
£ryLAa.Dec30-. 7WJ 2«6J -S3 — 
Ex Ul Inc Dec. 20 ... 152.6 1333 -2Jf _ 
Mag. Pen. Dec. 19 ... 270J 27DJ| -21] — 

Solar Life Assurance Limited 

10, 12 Ely Place, London. EClNfrTT. 01-242 2905 


~ Solar Managed S .. ..11386 


Solar Prcpertjr S 111.9 

Solar Equity S 171.4 

SularFxd. InL S- 115.6 

Solar Cash S 1029 

SoUr InlJ. S.. 86.9 
Solar Managed P — 1281 
Solar Property P— . 111.5 

Solar Equity P lr04 

Solar FxiinLP U5J 

Solar Cash P 1023 

SoUr Inti. P 86.8 


135.3 +0.i 

117.9 


j tehri Mrig d f 

'Coflmod.*+*t lUE 

SLDe«nft*__L{i 


T«L 01-247 7243. Tetex; BBlWi f . ■ 
NAV per share Dee. 22. SUS20AL 
F. & C. Mgmt Ltd. Inv. Advters 


Zl^^mPtaoUerHtO.^OtROBA 


134« +0.) 

117.S 

179.9 +0i 


IBE.3 ....« 
922J+0.7 


San Alliance Fund MangrnL Ltd. 

Sun Alliance House. Honham. 0*036*141 

E*ri.Fd.im.Drei5. ..[£148.1 ,159.9| J - 

im Bn. Dec 19 l £12.04 | ... 1 — 

Sun Alliance Linked Life Ins. Ltd. 

Sun Alliance Home, Honham. 0*03 M 141 


Cem-Fd. Dec. 33- — [SUS526 -OJ7I — 
FTdefity Mgmt & Res. (Bda-) Ltd. . 
P.O. Box 670, Hamilton, Bermuda 
Fidelity Ami Ass— ~^[ ' WS22-99 | J — 
Fide Ufa int Fimd— . WMJ.B I-OJW — • 

Fldeflly Pac. Fd 7 wid — 

rMeStyWrldFd__4. 5US13.97. .[+im| — 

FWeBty Mgmt. Research (Jersey) Ltd, 


Schroder Life tin? 
Briwrise House: Ptrtsm vB l- 
lotrmtfpiial Funds 


0705 27733 



SMaraged 

J. Henry Scbrsder. Wn G Co. Ltd. 

12Q. CtKoaside, BC2. •. i tn-5884000 

Cheap 3 Dec. 20. — I _U3?_- 1 _ J 2-86 


_. »Fund 129.5 

FixrdlntrrestFd. 105.6 

Prcpen y rund..—. - UAS 

im+roationai Fd 95.2 

DepaJl Fund- 99J 

Managed Fund.. 110.4 


126.4) 

53« +0! 


Fund of Inv. Tils 59-2 

(Accum. Units) 73.6 . 78*1+0.; 

General 166.7 177 5d( -0 ‘ 

(Accum Units!— 264.8 38Z0[ -0 • 

High Income 104 0 llOSrij -*-0.3 

Uxcum. UnlUI.^.^.. 17J.7 191.*) +0.1 


593^ +0J 
63.04 .. . 


ILHew SL EC2M 4TP. 01-2832632 

American ir'20.0 2L£i+03 218 

-Far Eastern Trust— 23.5 , 25^ - • J 0 

Highlreooe 45.U — -J 9^5 

irterneconni Tsl (i!!32 250) I 2.76 

-E. 1 SK Resaii-cei 7a .. 2oA *8.41. J +J7 

I nem. Growth Tst 3.7 25if . | 734 

Confederation Funds Mgt. Ltd.? (a) 

5J. Chancery Lane, WC2A 1HL 01-3*30282 

Growth Find , .. ^[*S.6 48 0J_..-4 43. 

CosmopoGtin Fund Managers 
3aPmSue«LLcndMSWlK9CJ. (U-2351825. 

Cosma 3 Kn.D 1 h.Fd. D12 19-6) — J 5.05 

Du, Income Fd — |*8J. 513 .....] 1LZ9 

Craio mount Unit Tst. Mgrs. Lid. 

9110 Foster Lane, EC2V6HH 01-6069262 

High Income 52'S ■! 10 ra 

North American *6.4 49 g I -~ 

Mid Mount High Inc. [49.4 51.7) .. .. [ 9.00 

Crescent Unit Tst. Mngrs. Ltd. (a)<9> 

* Melville Cr** . Edinburgh 3- 031-226 *931 

Gres. Amrr.Fd [£.* D) 1.72 

Cr+t. IrtemalT. 5-8 b t 0 ...... 1M 

Crev Higlu Oirt |4*.5 *■.) 9Jp 

Cm. Proenrcs |)«. 8 *2.7 ..... 5 24 

Cr«. Tokyo -iJi.b 26.4 198 

Discretionary Unit Fund Managers 
rr fHomAeidSr K3MT4L Oi-63S**fi5 

Dis.utcOtc.8. 1173.4 1903N1-. -4 *-°9 

E. F. Winchester Fund Mngt. Ltd. 

Old Jsnre. EC2. 01-606 2167 

Great Winch*;ttr......[133 20.3 ... J *.7* 

Gl iNipchrae'O 203 — I **0 

Emson & Dudley Tst. Mngront. Lid. 

20. Arlington S'.. S.W 1 01-499 7551 

'•“'•YS-’&alfiwusulk"^ t "° 

see Abbey Unit Trast Mngrt. 

Equity it Law Un. Tr. M.f (a)(b)(c) 

A merchant Rd.. High Wycombe. 0*®* 33377 

Equity & Law [663 ' 69.^ I *38 

James Finlay Unit Trust Mngt Ltd. 
10-1*. Writ Nile Street, Glatgow. 041-204 1321 


Japan .116$ 8 17b.() 


I Accum. vjmtsL 16§4 17S 

Magnum 2D2* 21 7 

< Acorn:. Unit*.. 2553 27*. 

Midland 182 0 i°i 

(Accum. Uni tii 3045 328 

Rccoverr S9.f <52 

lAcdim. Units' 99 

Second Gen.... 171 7 1863 

(Accum. UrbU) 265.7 288. 

Smaller Cat. 1713 1B5 

I Accum. Unib'- _|ZL8 .Jb 

SptdaiiMd Fuads 

TnutM 11474 155 

< Accum. Unit: i 29L5 307. 


2nd Deoir.iL - . 99 2 195.0 

2nd Gilt 98 8 9*1 

2nd. American |7e6 Sl 1 

2nd Eu Pens. Acc ....[59 5 105 3 • 

2rxJPro Pens 'Act . ... 11* 7 171 * 

2nd Mac Pen* Ac Id* 5 11D«- 

2nd Oep Pens .'Ac— ; 10? J 1095 
2nd Cur Pens Acc, c i 5 96 E 

! 2nd. Am Pen 'ice i79.4 8* 0 

L & E S I F |.W 5 42« 

iL£ES.:.F? 128 0 30.B| 

Lurrera au 2>e;ertier L 


+> i . . . — 

Sl I .. . — 

105 3 +0/. — 

:ti * . . — 


1106! +0.11 — 
1095 .. .. — 

88::. = 

ZZ. — 


Hearts of Oak Benefit Society 

15-1 7. TtfWsrecfc Place, WC1H 9SU 01X7 5020 

Hearts pfOah |37 8 39 9| _...J — 

Hill Samuel Life Assur. Ltd.? 

NLAT*r , Aodiwnb? Rd . Crs* 01-686*355 

♦Property Uric 162.A 1707] — 

Property Series A ... 105 8 11!. *| ~- 

Uaoaged tln.is 165 4 172 tf +0/ — 

Managed Sene*. A.__ 963 301*1 +01 — 

Managed Serie; C 92 4 *7 3) — ■ 

Money Unit- 123.8 1 30.5) — 

M oner Serie*. A °°.9 105 Jl ~- 

Furd int. Se+ A. ._. *3.5 «4W — 

Eoi'ity S.fle: A ft* fth — 

Pns Managed Can 1*1 1 1*66) — 


Kiwi Key Inv Plan _ . 152.8 1573 .... — 

Small Co": Fd 9E 3 103.5 — 

Technology rd 106 5 U2J — 

Extra roe. Fd .....94.1 991 — 

E» Mine Dm.FcL... 9?t 10* j .. — 

American Fd. — 915 9u.3 — 

FarEa«Fd 108.0 113.7 _ 

Grit Edged Fd 1061 1111 . - 

Can Dtocnii Fd 98 9 104 ! — 

Norwich Union Insurance Group? 

PO Eav*. Norwich NRJ 3NG. 060322200 

Managed Fund. [216 4 229.R .. ..) - 

Equity Fund —.35* 2 374.«J .. ..J _ 

Property Fund. U53 l*2.d .. .1 - 


0*03 M 141 
♦061 — 
+0JU — 


Aston Fdj Dec. 
DarftrnFT ~ " 
Japan FtL 


HLJ +0.1 _ 
1W.2 —07 - 

Wd ~ 


.$«(? Jmraice: rntemdtanl LbL< 


Sun LHe of Canada (UK) Ltd. 

2. 3. 4, Ccdopur SL 5W1Y 5BH 01-930 5*00 

Maple Lf. Grth 204.7 | ...I - 

Maple LL Maiigtf. .... 1353 I .. -J — 

Maple U. Egty 131.7 I — 1 — 

PertriL Pfl/Fll. 207.6 I — i — 


Target Life Assurance Co. Ltd. 


wwriop Hte. Don Sl Heller, Jersey. 0534 

Series A flntni.l_^.|q52 - . HUE) ■**"'• 

SeriK B flfacific) — |£MB — 4 - : 

Series D <A blAssJ. JI1459.- -. 1 — 4 — : 

as&a Kfrdm. 

Fleming Japan Fond SA . ^ *» 

37. rue Notre-Dapw, Lnxeutowfa . . • ’-. ^LC^HWtSL EC*- ___ 1 

FI emlngDreZO. _-|-W 861.91 4 4— ^^TJLNS."S^f 0i5 ^W(UM‘ a ^ 

Free World Tund Ltd. Strira*flL| rTnnniirinmt rimit. 

Buocrfleld BM9. Haadftflq, Benr -fa. . . ^ 

NAV NO7.30._-. 1 SUS189J8 [ _4 - P-0. 80x31 5,51. Hehro, Jersey.^ 

G.T. Management Ltd, . . 


5aS House ' 


F.rod im. Fund 151.6 15°.g .... .1 _ 

DepothFunr*.. — ... 109.D fi«.7l ..J — 

• No. Un.lDec.i5 1 - 215.1| - 1 - 

Purl Assurance (Unit Funds) Ltd. 


Buds. Aylesbury 

Man. Fund Inc H Jflj.jj 

Man. Fund Are fcLl 127 | 

Prop. Fd. Inc. .-018.7, 124.9 

Prop Fd. Are F ,153.0 


, p roKs.Hia fl Si t c &i~ ta : E “ 


Tel: 01-638 8131. 
London Agents ft 
Anchor 'BTfnftS^. 
Anchor Gift Edpe~. 
Anchor Int. Fi 


Singer fr Fried lander Ldn. Agents. 

20, CaonoftSt, EC4. 01-2*89646 

ttStwasr rifea^sl- ^ 

Strongtaikl f^Bnagement Limited 

P.O. B» 335, St. HeTiev, Jersey. 0534-71460 

Commodity Trust— .. . 186.99 «LS7); ] -+ 

Surinvast.t Jersey) Ltd. (xj- • • • 

Queen Hse„ Dm RtL, .St Htfier. Ms. 0534 27349- 


Pns Mans icd Are..... V50 7 

Pm. G'le-c >5ac. 10’.2 

Pr;. G'tsed *:c 11*? 

Pro Equity Cao 100.1 

Pr-rr.. E Unity Acc 15i.9 

Pr”. Fxd ii; C-ae *5 * 

Pnr F rd.inj Acc. 1 

Penv Proc Can ®« 7 

Pern Fron.Asc ... r ?4 


27*.ri -32 
l»3.ffl +02 
32ad -02 
¥553 * 0 . 5 
99 3) +05 


Capital Life Assurance? 

, r.onrsron Hcu«e. Chrr»IAinV.*':pr. 
Ke* Invert. Fd . . . i }ul 15 
Paccmjkerdn.Fd . .[ 87 01 


lE^ft +0J 
.C3hi| +0.-H 


ttChartbondOee.l?.' 106.2, f 
UHrifnd Dec. 19 .I18A.7 149.0 


> Accum. Units) 1?L* .. .. . , _ _ 

Pern Ex.DreJ.8 1134.6 1*7J| | 6.02 

ManuUfe Management Ltd. 

Sl Cetuge's Way. Stevenage. ■ 0*38 56101 

Growth Urdts 156.2 59.3 — I 4.29 

Mayflower Management Cc. Ltd. 

14-18, Gresham St., EC2V 7AU. 01-606 8099 

Income Dec. )9 I1M2 ]U« ._.J 8W 

Gene-aiDec. 14 h9.2 72.B J A?6 

Intemi. Dre.14 |aj.5 *5m....4 3 90 

Mercury Fund Managers Ltd. 


Charterhouse Magna 6p.? 

S'epherpon Use . crjnei Centre, Strichter UHtf 
Mfin STOpt'.I^ 

ChrhseEnero* [jh* 38 ft — 

Chrtbw MA.K » ;2°.9 319).... _ 

Cnrtine. Maiugen [31 1 33 11 . — 

Chrthur Equ't. 1*0 1 *211 — 

Magna Bid Soc.. ... . ' 134.S ! — 

Magna Manad+d 1 1 11 n ■ 


Imperial Lite Ass. Cq. of Canada 
irip+nai Huu-.r. Guiidiard 7125 

Gtt Fa Dec. 15.. ... jTS * S2H . ..) — 

Pe«.Fd. Dec. 15. |6« 9 "r. 0| +0 Jl — 

Unit L'liro Pjrt.lalio 

Ma«agro Firri to* 6 3951 -3 S — 

Pvcdim.Ffl fabO 1DLQ .... J - 

Seaue Cap rc [98 5 in.s 7) J — 

EauiiyFvr-, ,97 2 104 5| ....JJ - 


232. HIQf Homorn. WC1V TFft. 0] -10584*1 

Managed Fund 1115 2 121.3) .. . J — 

Eauhy Fund 119 8 !2Ii3 . .1 — 

Pnwenv DM fU2.5 1143) J — 

Prppeny Accum 1126.6 13X51 —.1 — 

Phoenix Assurance Co. Ltd. 

*-5 (Onp William Sl. EC4P 4HR. 01-626 9876 

W+afch Aji 1 112 8 11881 | — 

Ee r. Ph. As; I . 78.6 . J .... J - 

Eti'r. Ph.Eq E R7 6 BL9| . ..I — 

Prop. Equity & Life Ass. Ca.f 

11" Crawford Street, W1HJAS iU- *86 0857 

P Silk Pirn Bd. | 18b 9 |. | - 

E»o. EquityBd [ ib.2 I. . — 

Flei /?.en+v Ba i 7*9.6 I. - J — 

Property Growth Assur. Co. Ltd.? 
V.rroHotM.Crcv'tonCPftlLl; 01-6800606 

Propr-rlv Fund . ...I 1911 |. J — 


Prod. Fd. Inv 117 0 

Fired InL Fd. Inc 101.1 

Dep.Fd. Inc 97 7 

Ref. PLw Ac. Pen. ... 75.2 
Re l Plan Cap. Pen..- . 62 2 


Anchor In. Jw. 
SerryPaeW.. 
Berry Pae Strlq 
G.T.AriaFd 
C.t AtiaStf 
G.T. Amtraila Fi 
G.T.BondRmd. 
G.T. Dollar Fd— 


Man. Pen. Fd. Acc. R285 

Man.Pen.Fi.Cao. — lULl 


8Lfl+lg - 
67.M+1.2 _ 

V3S...Z1 - 


Gift Prn.Fd.AM 134.1 

Gilt Pru.Fd. Cap 124.7 

Proo Pen.FdJtc^. 14*. 7 

Prep. Pen. Fd. Gap 162.7 

Guar Pen.Fd Are — 97.9 
Guar. Pen F<LCao 96 9 

D A. Pen Fd.Acc. 97 4 

0 A Pen.Fd Cat. . 966 



Trarrsinte national Life Ins. Co. Ltd. 


PacttcFd.. 

■ Pi dlidpioB 
Gartmore. Invest. Ud. Ldn.. Agts. 

2. St Mary Axe, London. EC3. 01-283 3531 
Garfmoro Fund MMt ICJj Ud. faWW 


TSB Uidt Trust Managers (CJ.) Ltd. 
SaoateTlefM, SLSsricw, Jersry. 053473494 

TSB Gift- Fund. Managers (C4J Ltd. 

. BayatHle'RAJ'Sc. Sairiow, Jersey. . 053473494 

■■tessRijpaPf 

Tokyo Pacific Haftfings N.K 


g 


Ihrimei Management Co. l9.V» Cwacao. 

• NAy per slur* Dee:. 11. SUS64M. 


0*3856101 


30, Grrchum Sl, EC2P2EB. 
Nbc.Cro.Cbt.2i r 19>2|_,— 
Ac*. UK. Dec. 27 — 258 4 

More. InL D«. 2D £6.8 

Acc. Uls. Dec. 20 . JL1 
Merc.ExLNJv.23.. 232 ■ 
Aren. Uts. Nov 2 3 282.0 


[ *.74 

2 7i 3 V4 

76.3 1 - l 48 


i City of Westminster Assur. Co. Ltd. 

I Smmvad Hav, b tnonv Road. 

! C-oy*nCR02JA. 01-68*9(64 

I Y/e« Prop Fivri._. -162.9 t-6 2] .. — 

Sfanawd FunJ |!Z3 7 193J1 . .. — 

Enuiry FuM _.lf2 9 e& 2j -0 * 

Cirmixitd Fired — .P5 1 ?".*[ 

; Munev Firu! iib.4 137 & .. . 

' Gil: Furd 1+j 1 t-x-d . 

! TULA Kind !'.*:« 170 3 . 

Pens. Mu# Cas. . - 120 9 ITT 2 . . 

[ P-<n. «■■?! Ac-. ... 157 0 U3 H 

1 Pen* Money Zss . *2 1 5fl 5 .. . 

, Prrr, Haw* A:* 50.5 53 Jl 

; Prtt5 2reh.*Cxc . ,;S:9 55*4-0 5 

1 P+n-. EouitvAc:. . '358 523) +DS 

f r+ JDT.-irly CiO-« IP e-w irvest/nr-rt. 
Perform Unify — .| 221.9 I j ■ 


Irish Life Assurance Co. Ltd. 

11. Firvlur. Sauar*. EC2 01-628 8253 

EU>eCh,3G..:.r:. m .p64 89*1+0.7] S.Ofl 

Ca Sr II o-T. 22 _ .. .9- 4 •>; - 

rtowr-l Fi»* '239 0 251M+2Ji — 


193J r j 

?fij - 

m..- z 


King & Shaxson Ltd. 

52 Coromil, EC3. 01-623 5*33 

BonoFe. Ex-’nio: — 1101 <8 10280] -Oil) — 
H»n dexftnu Jin a.) 3. 

Langham Life Assurance Co, Ud. 

L+ro>i»n “ r , riaipmrwi Di , Wi Oi-203 5211 

HarvrtIPteh |“S1 iOJB I — 

Lanfvm a- Pin Ihq.* a99j . ...J — 

mProo Sene . iH! l 15* d .1 _ 

YV.ir ISP> f.'an Fd 1765 30 X\ .. ] — 

Legal & General (Unit Assur.) Ltd. 


Property F Lind . ... 1911 

Property Fi/»1»A'... . JB42 

*3-itu«i»ai FurxJ 8119 

A-sr-r. Fuw) !i) • 80. 1 « 

A obey NaL Fund 1S< a 

Ar+rvN.11 Fli -A< . G*2 

|n.r-x'nt*n - Fu™f 6*1 

lnvr.ln.rni Fd. IAI... 58 7 

Ec-jrt/Fuiid 1780 

Eau.tvFwrt-.Ai 17fc« 

rJocwy Fund . 1*5 2 

Money Fu<rt !A'. — 144.1 

AcluJ rul Fund 115.4 

r.ir:<tfnei Furrt .... 1M.4 

r..U-6ffj*d Fs ifiJ . . l.TJ * 

♦R-ti-L- Arrrutx IIP 9 

glrtierd. Ann'it. — 153 5 

In'.nnvrtinr'al Fit ... . 100 0 

Prop. 5r«wth Pvmiens £ Annuities L«. 
All Wthrr Ac Ulr /1504 1371 . 

•*ll Weather C*p ... 120 5 127.1 . , 

S inn. Fd Un 140 5 

rn'lon Fd. JJS.0 

Cwn.PenvFd . 15i 7 

Cnv. Pn-. Cae. Ur 13e * 

Viui.V-nx.Fd .. . 148 3 

Man, Pen - C.ip. 111. 15, 1 .'? 

Prop. Pern Fd IS JO 

Prap.Pe/M.Cjp Ur. 13a 6 

Bdog So: Pei Ut 13? 1 

BKh-Soc. Cap. Ut 123.7 


r Bream Blei>s s EC* INV. 

VTullo Inre^L Fd. —.11472 155.M .... | 

*T«il.p Maiid Fd . _ 1760 122 1 . .. 

•Man. Bonded . . 121 1 177 < ... 

Van. Pen Fd. On. . 123 7 1 30 2 . 

Man. Pen Fd Are ... 1329 139* . ... 

•Mmjfl (iw Fd. Int _ 989 104 0 . ... | 

•Mngd. Inv. Fd Are. 99.9 105 U . ... | 

Trident Life Assurance Co. Ltd.V 


Gartmore Fund NtofL (Far East) U* r 


_ Pen'faUe Koine. Gioueett-'. 


M+Juoed 1 123. 9 

Gin Mijd ..|l47.J 


PrOperlv .. 153 9 

Fouitv. 'American 80.9, 

U.K Equity Fwrt 117.6 

HiqhYW'O . 1*1.3 

Gilt EdjM 121 5 

Menev . 1261 

1 eternal lenni.. . . 100 1 

Fiscal 178.3 

Grewth Cae 126.8 

Grg*:'l Act 132 ? 

Peny. Mnqd Cap. , 115 0 

Pens Mnad. Acc ... .. 1216 

Pert! Gtd Dep Cap __ 104.’ 

Pern Gid Deb Acc 110 ? 

Pens. Poly. Lao ... 117 2 

Pert! Ply. Are 123 9 

Trdt.Sond 360 

Mr*. G.l. Bond *70 

•Cash tab? lor £100 


Midland Bank Group 

Unit Trust Managers Ltd.? (a) 

Courtwood House. Silver StreeL Head 


Sheffield, Sl 3RD. 
Commodity & Gen. — [WJ 

Do. Accum |75 -4 

Growiii [35.4 

Do. Acoan fi?-3 


Tel. 0742 79842 


I City of WestmhBfee Assur. Soe. Ltd. 

Trt-oho-- 01*84 966* 

F.TCI IJ-jW J129 4 135 3;....] — 

! Property Urab ..._.....]S4.6 S.J[....| — 


hirer. *cod House, Wrg.wocJ Txdflotth, Surrey 

h. TtDoeU. E'unh Heath 53*56 

Cao ir.noi „ . _ . 90 5 10161 . — 

Do Accum .996 1051 ... — 

Equity i-irtixl. 125 6 137.3 -0 5 — 

Do Acaim 17* 9 136 6 -0 4 _ 

r ixri) Iniiril. 116.5 122.7 +0.i — 

0" Actum .1205 126* +01 — 

l-»l Iritul [913 962-0.4 — 

Ds Accum. *3 0 9j q .08 — 

Mj.-uprt Initial .. .. 1J9J 1256 -03 — 

Oo Acrijm . 123 J 129 E -0 j — 

Property nK1.1t ICO* lft5 . 7 . . — 

Do. Accum '153 9 109. -0.1 — 

i. 1511 & General lUflrt P‘>Miam) LM 

Eifittp: Cate in. 1 — j a U !0*M *0£« — 

Dj fctur 132.e Ii)ali+]q — 


Capital 13.5 

Do. Aceuiti |2».q 


J. Finlay Infarnal'I — . 2L3 

Accum. Units 25 9 

J. Onlay Income .. — 363 
J. Finlay Euro.Fin. — 26.2 


Acorn. I /nits 310 

J. Finlay Fd.ln.Tst — t 0 
Accum. Units .4 


Do. Aceum 27.9 

Income FI 5 

Drt. Accum.-.— — : oO.n 

irttemaiumal *J 3 

Do. Acaim ... ** 4 

Hfaft Yield _o24 

Da. Accum.... 662 


Commercial Union Group 

Ct. H«en's 1. UnCer-un. EC3. 
I'r. Ait. Ac. D+r. 23..J 58 oC 
I DC. ArridtyU'.S — .1 18 85 


01-M37500 
1-8*1 - 


Confederation Life Insurance Ca. 

50. Chancer- Lane '-VC2* 1 U .E Cl-2*: 0282 


Pncei OK. 20. Nett deaflnq De:. J7. 


CORAL INDEX: Close 478-483 


•Eftbriy - tr- . . Iu21 170 7 

•Mj-.ewc F ji-s. ...185 0 — 

• ’IP Fare - - . . , a - 

P rat. Pen. Linqd ifi.3 82* +D8 — 

Siatlqe .Fame Pn .. [JB 3 824 +0 51 — 

Grp-ja WmM Pen ..— Iff 9 2J2J- +] | — 

Fi«ed ln.l’-o .. . . |2tT2 208.2 .i — 

Eq*!’!/ |Z50 g t.3 * ■* * 5 . — 

R'opr-iyPer>of-.— 1152.4 15 M -ut[ 


962 -0.4 
979 .£18 
2256 +04 
12* e -07 
195. 7 . . 
109.* -0.1 


Pen'lan Fd. 135.0 — 

CorH.PeiN.Fd . 155 7 .... — 

Cnv Pn-. Cao. Ur 13e * — 

l'.m.V*nv. Fn — . 148 3 ... — 

Man. Pen- Cap. Ut. 153.9 . ... - 

Prop. Pens Fd 1S3 0 

Pra 0 .Pent.Cap Ur. 13a 6 . IK 

Bdog So: P*i Ut 137 1 . . - 

Bkfg.Soc. Ca*. Ut..... 123.7 . ... - 

Providence Capitol Life As*. Ce. Ltd. 
30 Uvbndw Road, W12SPG. Cl-74991 
W. MV.. Fd. Cao ,. 1010 106 . . . _ 

Sei. un Fd Sid — 1010 110 0 .. - 

PenjonEouity- ..— 1232 1311 .. — 

Pension Pvt mt ..... 120.9 122a — 

tnpos-: Fn Hac. . . . «T * 50 0 .... — 

Ceoxsii Fu. At: *7* MO .. . — 

EquIlrFd. Cap 45.7 *BJ! — 

Equity Ft) Acc *5 7 982 ... _ 

Fxd. Int Cap. 47.7 503 — 

Frd.1rd.Acc 477 MJ ... . — 

leitd. Can 45 7 47 s — 

Intw. ACC *5 7 *7.5 — 

MaiUQPd Fd. CM. 46 5 49 0 — 

Manjgrd Fd. Aa *6.5 491 — 

Proeeityfd Cm .. M2 51 9 . . . — 

PropertvFa are. .. 149 2 si_9 ... — 


85 71 +0.1 _ 
120.3) + 0 *1 — 
J49 7| ...... I - 


13*4 . _ 

06 1 +01 — 
135 8 . _ 

Jh3 ..... _ 
1490 . - 

it: a — 

12B6 . ..- — 
ill). 4 . .. _ 

117 3 . — 

12*1 .... - 
111 2 ... _ 

38*.-.- — 


:S03 rferttfson H». ID Harccun W H.Kooa 1uU 

HK&Pac-U.Ttt— J3J1V 3>6S ..77T .100 . . / 

JaoxnFd -WSltol Sjbtj ...J 050 -J- 

N Ameriejn Tu giEf j* ] £». Tyj 

irfll. Bond Fbrri.— . — [WSltllS xOto) .—1 5.60 P.O 

Karabro Pacific Fund Mgmt. Ltd. tqf 

21 10. Cohnaughc Centre. Hong Kong . {*2 

sssss±dB8' g 

Hambnn BMic (Goerasey) LidJ tea 

Hambro* Fd. Mgr*, (C.L) LM.- \$g 

p.O. Bor 86. Guernsey. . . _ : . 0481-26521 . Gift 


ToVyo Pacific HUgs. (Seftboard) N.V. 
IMJmto Mm o jement Ca N.V^ Coftcaa 
. /. .H*V per stare Dre lX SUS4725. 
T/mfaif Group 

P.O. Ban. 128b .Haaftlton 5. Berrmula, 2-2760 


n\v 


)r.M.»i. 

'r-j. 

- r -rifi-. 


<r*asDec;-2D 

f Acorn, Units) 

3rWay - lift. Dec. 1 
RewSUSCHafar, 

JOFSL&S.21 

tArcum Sherrst , — 

AmevreawOet 2f-H- 
. .(Accum'siMs)-: 
-far£as*[£cTh 
rAreuw riUeerij— 
JecsayPd. Ok. 2D 






- . 2.00 

S 2108. 

:: .ut 
: 

«,2<1U. 


\ i’ 

l,JD ^d,' nd 




•tain tame tor tun pro mi urn 

Tyndall Asswance/Pensioosf 

1ft. Cxnynqc Read. Bnttol. 0 

3-Way D-c 21 . | 127 7. I . 


EoucyDee. 21 _ .. 

Bond Dec 21 .. 

PnJnerlrOec 21 . . 

Di-msK D ec. 21 

3-Way Pn. Det. 1«_ . 


Hentfertwi Baring Fund Mgr*. Ltd. 

695. Gamm on House. -Hong Kona .- 
janes Fd. Dec 73 ...-tibStH 23T4f,...'..| - 

jjrelfcxwaa f>97 1+4^4 — r 

•ticVjhie.ei^ sryJJaL cfiaiva. . 
Hfir-Samsef & Co. '(6uan»ey} Ltd. 

Z LeFetms SL, .SL.PWY.toirl. Gtwuey. C.1- ' 

GoermefTiL J-H0M? ilb02s* ,| 

Hill SPifefal InvcL.KgmL intnl. 


P.O. Box 1388, Hamifcofl 5-31i Betiwda 
intemt Knod.? d^.:..|ara.%. _ [ _/J — 

Umoo-4nwttmtnt-C toe Use baft aitaK 
Posfaco '26767/ D 6000 Frankfurt 16. - 
fttfcMUri a wH- -. - ni nfl. TtMIliri'im 

£arpBafooCs-«_ *&25 — 

3770 - -BcTB+ftSw — 

SSS&Trmf.1 JIP r 

utdr. tfttnf. Mpgmnt fC:r.) iwr ; 

H StreeL SL Hetter. Jersey . , . 


0 teas Imr (6+ Zl . . 

Mn PniW Dec 1 

Do. Equity Dec 1 ) 

00 Bond Dec. 1 1 

Do. Prog. Dec. 1 | 


P.O. Boi 63, Jersey. ■ ' 094-27381 U.I.8. Fund jaBKKJE J ■ j jn 

Twex’^TO^ 3J2 Untted State Trt. Inti. AdY.-Cfc 


! • T '"‘‘i, 

1 ■' i-' 


Vanbrugh Ufe Assurance 

41-A3 Wasdm SL. Ldn WlR 9 LA. 


— Managed Fd 1500 J57.4 

— Equity Fo 241? 2S3.9 

— ■ Intnl. Fond 955 1006 


01-499 4923 


Provincial LHe Assurance Co. Ltd. 


Fi.ed Interst Fd 1670 175.8 

PropertvFil. _ .. 1519 159 9 

Cash Fund .1220 1285 


Cornhfll Insurance Co. Ltd. 
3ZCoro.nn. E.C. 3. 


INSURANCE BASE RATES 

fProperty Grewth — - — — — 


Ox -CB.H:..15 — 1 T23 - 

&5 Sect No*. 15 518 — J • I — 

Mn.Gth. Ne>. 23 — 1-2 5 182.01 1 — 


f Vanbrugh Guaranteed.. 


1114*4 

)0,879i 


1 Address »h«"rt under Irou rones and Proearty BmM Table. 


Credit 4 Commerce Insurance 

120. Regent SL, London WlR 5FE- 01-*3f 7081 

CAJMifad. Fd. pm ‘ Jafl 1 — 


F-i.-mn Eotv. tell. ...136 6 — 

Dfl Acturr. ..il*l 2 145.3 Ji — 

E«em?! Fr.ed Irut jl!7 2 123-ft +1 Of -■ 

Go. Accum . . _ — ; 1-1 0 127 *j +1 3j — 

Etemai Mrrtc. In.l11327 13* j! -2.9) — 

Do A:c«m |1?6 7 14J ul +9 4) — 

Etem: prop. Mil.. .. ]** 3 104 6|-0fc{ — 

DcAa.ai 'iOJe 10B 1? +J.t*| - 

Legal & General Prop. Fd. Mgrs. Ltd. 

: 3 Overt Victoria Sl ££*?; 4» «*. 01-2*8 9*>/8 

L&GF'ra Fd. D+c.6.. |*° 7 10* Jl. .1 — 

Len sue uy Jamur, 1. 

Life Assur. Co. of Pennsylvania 
?aj;. N-x 6ro>: St Wl" CEO 01-493 8395 
LACfiP Ur.-t; . ;«3*i 1055! . -| — 

Lloyds Bk. Unit Tst, Mngrs. Ltd. 

7L LonOanl SLfCl 01-631388 

Exflspt 1*3 3 BU — 4 7 -C 


22c3rttt«!gate EC? 01- 247 6533 

Fra.. MaiuaecFa.... 1191 175.5... - 

Fro. C*.n Fd . ..... . 107.1 ]I2.0 ... — 

GiHFuitf. ....... 116 2 122 4 +0.5 — 

Property Fund 301 4 lOh.e — 

EsuileFirr*! 102 9 10S* — 

F»d tnl Fund 96.5 101 ; .. .. _ 

Prudential Pensions Limited? 

Hoi'ipn 8*r,. EC1N 2NH 01-4059222 


Vanbrugh Pensions Limited 
*M3Ux3au SI , L4i W1P9LA 


01-499*923 


III* • - Managed e .BUfl 106* J - 

1224 +0.5 — Equity-.- 10s 1 112.4 .... J — 

U6.e ...... — FliM InlerrU 98 H 104 1 _ 

108* — Property.. 101.0 iQM J - 


foil* Ffl Nn« 15 r:2-,.JJ 26 54 -JCU — 

F\rt. in. K".. J5. Cl V7 11.63 -C2S — 

Pro: Fd No-. IS .Ii2da2 2“ 71 -0A*) — 


Reliance Mutual 

Tunbrtdqe W-ll?, K-nL 


T unbndqe W-ll-s. K-nL 0992 22271 

Pel. ■hop. ®4v i 22L9 I . I — 

Rothschild A«sct Mirjarjement 
SL 3+lthiro Lcne, LaedOtt EC*. 01-62643S6 


GiuranteeJ see 'Ire., toe Bite-, 1 tUrte. 

Welfare Insurance Co, Ltd.f 

Winslade Park, Exeter. 0392-S215S 

Voneynulrpr Flf [ J0*.9 ' J -B 61 — 

For other te*h. owav n+e, to The Ldtrtm & 
Mandirilrr Group. 

Windsor Life Assur. Co. Ltd. 

P0**« ARrtrt Hse., Shea* St, UAndiV MlM 

Life Irtv. Fte« — 112 Jo.G| — — 

Future AsaLGtw*! .,. 17 0 _ 

M “Z = ! 

Ftes. ire Grown — lfl«lS5J — 


K.ftw Aldrftw. Lneiabourg.-' ;. 

iTFFd. fAec.j_- _PUS807 8 i4tCJ9. /' . - assets OecpuherZ}. 

International Psctfic lmr. MgniL lid. -■ Waitnny 4-W ltd;;. 

PJ L Box B277, 56, P« Sl, Sydney; Awl -3Q, areel, 01-600453 

JavefipEfttidYTiL— .|SA2.32 M4|-*«| - ~ 

J£-T. Managers (Jersey? Ltd. GeVWBaTwZ ^Mis *9^ 

PXI. Bw95. Charertl House; Jewry/ 053473673 BSgS . 

Jersey Extrnl.Tst [158X1 TM« ,._.J _ .5£2l] 

• AS * «a»_ 3C. Mri UD, ^ s t , ; -• Warburg Inyotl MngL Jrsy. Ud. v . 
Jardine Fleming & Co. Lid. LChwii? Crest Sl Writer; 0534757*1 

46tfi Floor,- Connaught Cemre, None K«H • '. CMFltd.tfav.30__ BEtisS 1190 - J* _ * 

J artine Ert». Til — ,Zl WT La .Jhr. ?o 5 y£F “3 — 

Jardme J'pn.Ft*—. H041331 ..I ffw MrtftbTS- »fav. OZjy |l82 Hj — 

Jardine S+LA ,—-, MW1679 5.2 »51|J9 £K69 ^3'+- -: 

Jwdme Ftem'Jnt... — HKSU.W . TOWT Ltd. Ore!l4^}Qftg^ j / 

HKU3 78- :r_ ZZ-..- World WId* Growth. Management^-' •/- 
• WW J?- i?' ."ft riwte SUSBi» . 10a, Soufc»attf Roytl, LflhtntoM 

Next sab. day December 29/ ■ Worid wtdo Ctb.W) 




- Jardine S E-A J - HKS1679 
Jwdme FtemJnt... -J HKS11 © 
tml Pa£_Seci.(t8C.l_| KKS13M 
Do.tfiUMti.lM_J- HKJ13 78 
NAV *Ti4. -Eouhaiem SU 
Next sob. day December ; 


NOTES r . . 




i I o-a 


-4 

., 

«• -V - ■‘lY+'SvPJ L-wJBr 


tipw.. 



- ft Fw: ■ ■ : , jfS^wgViV V ■»*— * ---7- - 



?" ©ecembep.27 vists 



13 


appointments 



Lord Kearton stays as 

BNOC chairman 




; C -? S V • COUNTY ^ BAy K -ann ounces 
that Mr- Gavin- Casey, Mr.-; Jbhzt 
- JttattheT^ Mr. lD«rid /Heed 'ctnd 

‘ " *•*:' Hr. ' Joihif '. ■ft'otMi ;7iaye ‘been 
appointed -directors from' Jfmu- 
ziy 1. Mr. Johfr lmpey . v?iii be 
bearing the Board On' February 
25 to take ini an appointment in 
industry. - Thj December 31 Mr. 
Cyril Townsend, a nonexecutive 
^rector;. wlU be leaving the 
board- oh . his- appointment as a 
general '-manager." of ~ “National - 
Westminster -Bank.-- . Mr. John 
Bond :wffl befouling :the board . 
of County -Bank as a n on-ex etu- 
- . tht director on /January . L* air. 
J>A - Alan HInkley has been Appointed 
an assistant director of -County 
Bank' from. -January l. . 


5 ‘V^& 


‘■Si 

-_7t v . 


. • - ->?s 




■?]£S 

itr. ■■!' 






jTj ' i. 


: ’ H 


Mr. ; . Leslie . Baines, has 
accepted’ the irmtation of .the 
Social- - Services : Secretary. -:.to * 
become acting Ljchairtnan of the . 
HEALTH ; EDUCATION COUN- 
CIL wh«nth* pr^ent chairman. 
Sir George- God her retires: Sir 
George: ■ who completes bis term 
of office on December 31. was 
appointed for a' two-year period. . 

Mr; T.; G. Wright bar been 
v appoin-ted deputy -chaimian 'of-. 
vJv -- STRAITS STEAMSHIP CO; the 
z i Singapore subsidiary of Ocean-. 

' Transport and' Trading. Hi: 
joined the Board . as ' finance 


.'director iri: March' 1976.-' Mr. 1 ' Alin 
F. r.c, Choc and Mr^H. Rawer 
have . also been 'appointed 
- ftfrertm of Straits. 

r 

Mr; Howard Cn*efi r managing 
-director of Thanes-. VaHcy 
Newspapers has - been- elected to 
the Board of THOMSON 
'REGIONAL NEWSPAPERSrJto 
take up the appointment of per- 
’ sonbel 'development, director; on 
January i, y--.lv 

^ ■. . ★- 

Hr. Alec Boothroyd'' ' lias 
become managing directors of 
SWIFTPLAN, a member of the 
Taylor . Woodrow Group which 
specialises in factory-' engineered 
building systems .-- : */t 

■- . ' . - Hr "-.' ‘ • •'%" 

■ Mr: G. M. Marsdeh. managing 
.director ...Qf.' Bartol Plastics 
has been appointed a director of 
: HEPWORTH PLASTICS, a-dfcri- 
sion of Hepworth Ceramic 
Holdings. - .. y~ V 

Sir John .Saunders is retiring 
from-, the board of the BRITISH 
BANK OF THE MIDDLE" EAST 
-on December 31, Mr/G. M- Sayer 
— formerly - chairman of^Thc 
Hongkong and Shanghai Banking 
Corporation — joins the' Board 
on January 3. - 

v> 

Mr. Fol ftert Oene Vogelenzang 


has been appointed a director nf 
tile ORION INSURANCE COM- 
PANY. He is general manager, 
international division. Nationale- 
Ncdcrlanden NV, in the Netha- 
lands. 

* 

CDI TECHNISCOPE. a leading 
American technical services com- 
pany. has made the following 
appointments: Mr. Anthony 
D o chert y, managing director; Mr. 
Paul H. Lichtin. director busi- 
nees development, and Mr. C. I. 
Americanos, director of finance. 

* 

Mr. R. K. Bishop has been 
appointed a -director nf the 
BRITISH AVIATION INSUR- 
ANCE COMPANY on the resigna- 
tion, in view of his forthcoming 

retirement from executive ser- 
vice. with the Phoenix Assurance 
Company, of Mr- W. C. Harris 
who had been a member nf the 
Board since January 1969 includ- 
ing over six years as chairman. 


Mr. Robert J. Kamerschen has 
been appointed senior vice- 
president and executive assistant 
to Mr. Timm F. CruJl, president 
and- chief operating officer of 
NORTON SIMON INC. For the 
last two years Mr. Kamerschen 
has been president of Chanel 
and Christian Dior Perfumes in 
the U.S. 


Tlii’ Energy Secretary Ij.k re* 
a pom ted Lord Kearton as chair- 
man of the BRITISH NATIONAL 
OIL CORPORATION iBNOCi fur 
a further year from January 1. 
He has also re-appoi riled four 
part-time members of the Board, 
each for two tears. They arc: 
Sir Denis Ranke. Mr. Graham 
Hramf. Mr. Gavin Laird, and 
Mr. R Uflgrr. - 


BRITISH RAIL PROPERTY 
BOARD has appointed Mr. Brian 
A. Folk«*« as estate survnjor and 


manager fur it* Midland Region. 
He is'ai present estate surveyor 
imanagemi-nii fur Hie Regmn. 

•M 

Recent prnmniions and rcsiruc- 
titling at i op ■management level 
at the London hram.li nf GIRARD 
RANK (a U.S. hank) include 
1 lie appointments nf Mr. W. C. 
Wiufrec as vicc-presidem and 
genera! manager. Mr. A. J. J. 
Slrevens as vice-president and 
branch manager and Mr. I). TV. 
Smith as vice-prc.-*idenl and 
money manaaer. 


UK COMPANY NEWS 

Ward feels Tunnel 
taking great risk 


The disagreement between 
Tunnel Holdings and Its largest 
shareholder. Thos. IV. Ward, 
over Tunnel's proposal? in pur- 
chase the specialist chemicals 
division nf Barrow Hepburn was 
“not ihc ultimate battle " Mr. 
David Wolstenholme. Ward's 
finance director, said yesterday. 
However, he would not say what 
Ward intends tn do with its \!9.9 
per cent stake in Tunnel. 


Ward failed in its attempt to 
block the ocnmsitinn at Tunnel'* 
shareholder meeting last Friday. 

Mr. W'olstenbolme said yester- 
day that, the Ward Board had 
looked al Tunnel's deal with Bar- 
row Hepburn on the basis of a 
“ single transaction " and had 
come to the conclusion that the 
“risk for Tunnel was more than 
the company should be prepared 
to take." 


WEEK’S FINANCIAL DIARY 


TODAY . . 

BOARD MEETINGS-*- — 

. Interims: 

Mann Eoenon 

DIVIDENDS & 1WTCRE5T PAYMENTS _ 

H 3cu« rO M*uJ»rai5 lS and" 0 ut ,: d^o The following is a record of the principal business and financial engagements dunns the week. 

MtioiMK Mau«un * luc. u*»> The Board meetings are maliily for the purpose of considering dividends and official indications are 

10pt not always available whether dividends concerned are interims or finals. The sub-divisions shown 

below are based mainly on-hisi year's timetable. 


Work,. 


■**_v 


NKUn ) l.ip - 

SilbouttB (UlMMli Ora A 0i7 3 Td 
TOMORROW . 

COMPANY MEETINGS 
tucfc'V'Doa Marian. Bunwiae 
■KllmlmncV 12 
1 thiDOV- Blown itj&rr Cantrc Hotel. Coram 
at. wc 12 - 

. Sum Henter. - Rovil ■ Station . Hotel. 

Newcastle boon Twee. 12 
BOARD' MEETINGS— 

; Pjiuttf - 

ReUaitt Motor 
WrUS'-ECDM ' • - 


• r. 


‘ : v ^ 

■ • " — ■*. 

'•/j-.i;. 

’ y 


" :v 

■ -- 1 


HoBnirtJOlS J 

StertfaiV Ciwflt. 

- DIVIDEND A INTEREST 1 PAYMENTS 
Atercotwav 10‘wnc BUS. Red. -14.7.701 

^ M pc .. _ * - 

-AKrdeen. Va/. Rate Bds. Red. C22fbBS} 
C6.S7S 

.-Bredsnell-ltffliic- Rdi. Red. r4.7'79) 5 'mpc 
-B rlatol imioe ' But. . Red. I4.'7.79i 5 ‘moc 
C roydon- 10 «oe Bds, Red. (4.7:79) 5 'koc 
C vnasr Doihirt-i Owyfor ia<«oc Bds. 
JSnH-7791 SiBPC 

fu»Iu>rn.-27--stf - 
fnanhdn Mint. -7.S cu. . 

•fflBBOW.m'tpc Bds. Red- (4.779) SImoc 
CKN Ins.— 5V ’ '• > 

Bhrraney Valley D^pc Bos. Red. *2*c«van 
' , 

RJi-hmoatf-idian-niaim Var. .Rite Bds: 
RBd.- ■22i6'81» £5.575 
Soutaend ,-on-Soa 5Upc (1977-791 2^nc 
Stew-railM 1 0‘«pc Bds. Rad. (4.779) 5>i«K 
Thants Sulohijr - and copper (Roo.i Bp, 

• Da tBr.j 6d . • . . . 

WakeAeid.tQ<aOc Bds. Red. (4:7 791 5 >iapc 
W. Dertrshlre lOSW Bds.. Red (4.7.79) 
SSaK • , 

Wharf-Mill- FuriMsSers 0.50 So 
-Wlmbome 10 'mk Bds. Red. (4-7.79> S't»bc 
• .- ■ :' FRIDAY DSC. 29 

_ COMPANY MEETINGS — 

.-• JMUe» (C, H.j' Channel JOry -Dock. Cardiff 
•)» 

' - Comola^ ln». .Trust. 20 . Fenchurcn St.. 

'fiiiw --Inti OwauaM Rooms. Great 
— Queen SU W.C, 11 - 

7m Oaks .; |nn.. -S03. Coventry: Rd. 
■ImHnstiani 12 

Grand Central •' mn. Reg. Oflica. 35-37 
CMsweU St- E.C. 12 
Herman Smith. 75. . Harbonid- Rd.. 
Blrmloptian] ia 


Bnxton Estate SncPf. f.73oc. Dts. 34- 
4 'ot 

Broadwone Jnv. Til DO. 22V 3 UPC. In. 
2Uo: 

Brock house 3 15Pf 1.575PC * 2dt«. 2-Tpt 
. Brown Brother! O.Ut 
Oucldev'S DV2 Uoc - 

randxasFlp >i* — ■ -ETA 

Cambridge Water Co. BUacDO. Z. ZV 3>j. 
S’*. 4-« 

Camden T2-SipcBds.Re(U H2I6/M) £UsPc. 
-Canadian and Foreign Sec. Sets. SC 
Canning Town Glass DO. fipt - 
Capital. Counties Fro. BocPI. 2.1 pp.. Ln. 

4"«k - • 

Central. Sherwood l0pcLn..5Pt : . 
t-namneriain Fniost SocPf. 2^94. Ln 
AUK 

Charnos Toe 2.4 SBC 

Chester Waterworks Db. 3V. 40C. '. 

Chor.de Db. 

Coats Pa tons 4ocPI. l.aoc. BocFf. 2-1 pc. 

kn.atjpc. 3U 3UPC 
Col man tE. Alec.) Db. 44*oe 
Conoco Ln. - 5A..4PC 
-Craigton Combined sees- Db. 41 u>e . 
Dawnav Day 2'tet 
Delta Metal Do. 2'a. 3'sdc 
Oorada Ln 3Upc 
Doulton Db 3gdc. Ln. 4l«ac 
Dufay Tuanme Ln. 3'aac 
Dykes (j 1 0.53P 

East Hertfordshire llVPtBds.RW 
• 27r&79l Sill, DC - . . 

East Lancashire Paper Ln.SUoc 
Eastern Produce In. Conversion el IOUpc 
Cn*. Uni. Ln. 5ih 95-2000. or rtMV- 
ment ai par plus accrued Interest -appli- 
cation for repayment . / 

Engbsfi Card ClotMnp BocPf. 2 BK ‘ 
Everards Brewery SpcPf. 1.75PC' * 

Expanded Metrf ei-pcPl. 1-575 dc 


Felixstowe Dock. Rwhr- Db- 3>d»c 
Finlay (James) 4.2oc 1 rt. . 2nd 'PI- 


2,1 PC. 


5 pci*!. 2i5pt 
Fletcher fE.) Builders Ln. Spc 
Fol Ices tone. Disc. Water 2 . 80 c (forty 4pc) 
Pf. 1.4 dc A. 55 uc (fmly. 63yBti RpLPI. 
(1980-aij 22759;. 4/9 pc Dmlv ; 7pc) 

Red. Pf. (1996-M) 2.4SPC . Db. 2; -2'». 

5. 61. pc . • 

Forte Hidgi. Db. sosoc 
Foseco Mlnsep BUpcPf. 2 1875PC • - 

'Francis Kier O.Q25p. Ln; 3*t0C 
Francis Inds. 5'ypcPf. ,1.925 pc 
T rench Kte» CL825 p Ln IW 
Fuller Smith Turner 6pcPf. 2.1 pc 


Northern Sen. Tst. 5',-m.P* l.92Snc 
Nottingham Menu. Ln. SUuc 
Ocean Wilsons Ip 
Ofrex Dh. SJjdc 

Peachey Prop. SocPf. !.75pc. Db Sloe 
Pearson (S.) Ln. 2. 4 :. a” i93-90i 
l d 92S|i WI ll * m) 0r(l * * » Zp. i .BtPL 
tpjra's 3.BSp. BpcFf. 2.1pc. Ln. 4oc 

Porter Cludburn Spc PI. 2.1a 
Press (William; 0.46750 
Prirst (Benjamin) Db. 3 dc 

Bros. 4.2pcPf. 2 lot. S.42SotPf. 

ZoOC 

Richards Wellington Ln 3'«i>c 

Mercantile 1 Til. SocPf. 1.75oc. Do. 

Z ^BC 

2 Ivor Plate Gen. Inv. Tsl. pb. 2pc 
6°O«0C >B >r< ” 1 Oreem llscPf 

Rolls-Royce Motors Ln. 4oc 

Ruberoid Ln. SUdc 

St. Andrew Tit 5'<DcPf. 1 B37Sr 

Serov Theatre Db. 2oc 

Schraders Ln. 4JtPC 

5eot Bowyrr s Ln. 4Upc 

Scottish Eastern Inv. Tsl, 4i;prPr. T.575PC 

So'ton Variable Rale Stir 1083 £5.5930 

5r | trust Inv. 4 1 jpcPt. 0 776712pc 

Signed* Ln. 3>*DC 

§ me Darby 7:-ncPt. 2 G25oc 

Simon Ena. 3 6767P 

SllnpiOv (It, C.i Q.6 d 

Smith Nephew Si-prP' 1 92Siw. L" 4pc 

Srnurfli (Jefferson) 2.(1120 6 dcPi. 2.ioc. 

_Lr. 5 Unc 

Spear (J. W.) Sons 0.7IB7n 

Ste-I Bros. BocPf. 2. lot 7-pcPf 2 6Z50C 

EocPf. 2.8t>c. Ln. 3 — 4i.oc 

Sleet ley Db. 3*spc. Ln. 3';pc 

Sun Life Assur. i.7B39or 

Su-rjeriind South Shields water Do. lt<. 

2 >*. 3'j. IN, J~a. 5 . S'ioc 
S wan Hunter Ln. 3'<oc 
T«e Lyle Ln 3 >m»c 
T ayfor Woodrow Ln 3joc 
Telefusion fii-pcPf. 2.275 dc 
T emolf Bar Inv. Tst. 4.2pcPf. 2 loc La. 
_3uc 

Tenner® Inc. Ln. 5 k 
T homson Or*. Dh. 3J«pe. Ln. 3 >mc 
T horn I lectr leaf _lnds. Ln. _ “ 


Time Products Db. X^pc' 
Db.. 2N,-JN. 3 «pr 


ictmmA y 3Upt 

Tootal ... .... - „ 

TronnMR Deuel. BocPf. 2.1 or. EhocPf. 
_2.27S«. Ln. 3V SK 4', 

Tube Invests. Ln. 5.B. 7.7 9. G'-*p 
Turner Newall Lp. 4. 5.05PC 
unicorn inds. Ln. 4u. 5oc 


HQilkln ft*);-' 1MI Rd.. Dcwhion. • General Accident FJreT Lii* ' Aesur^nce &*!; IVVw Ln. 3 Gpc 
H uddersfield. -12 l.n XL 3inc * • ? »* .. 


■ 31" 

- 

■ ~ "i* . 

•i-riir fc: 


Huddersfield. -12 
-Awlk Save. < Dtacotmt. Warren Drive. 
. Preidatvu 12. 

.Northern American Trust,. Bel sire Hse. 
w. Ferry. Dundee 12 .. 

Peek Hldgs... Cmmrd Building*. PI tr Head. 
Uronraoi s JO-- . ■ - ■ 

•- Peak Im. Belgrade- Hotel. Stockpo r t 12 
Sanmetaon' FTtm- -Service. Samcfne Hie.. 
' • 303?31V CriOcfewoo* Broadway NW12 
. l*nrtrrU^)v .-BY,: Barthotohmw-Cl^. EX. 
LW 


Sag Une.- Reg. Offlc*. 1 Howard St.. 

N. SWelJa. TVne A Worn- .10.30 

UW. Tip -Area*. 25-35 Otv-Rtt.; E.C. 12 - Hoechst 
Wejwn.-.da- coKa. -Regis Hse.. King 
WMham^st. E.C-- 11 
AMSO MEETINGS— . 
interims: 

Amain mated. Inds. 

CreOon ■ _ 

Wadcflngtoa, 0.1 

. DIVIDEND 4 INTEREST PAYMENTS 
A.Y.P.- Prop. DO, 3f$PC 
Ad WOt Grp. -Ln- 4. 5i«pc. Ln. 3 PC 
Alexanders HWns. 9 -: pci 3.325pc 
Allied' Suppliers Ln. 3U«pc • 

Anglo American ■ Asphat -locPr. TAoc 
Anglo Scottish Inv. . Til Db. 3Gpc 

‘ - . - isaysjin. 


Ln. 3A. 3 -ape 
GldtNngs. Low is- Fraser Ln. 2i*pc 

Gtdnness^Smt 3 2ro. 4JpcP». 2.1 Pc -V. 
Hail Ena 6>aH:W 2-273PC,. Ln. StnpcJ- 
Hallsm Sleigh. Ciu*«oti,TpcPf. 2.45PC 

Harrisons * Crosfield E^JcPf. 2-275nc 

Helede. ofc London 12ocPL Bee. New 
Pf. 7*t - 

Higgs, HMI 7PCPf. 2.45PC 


Colmore In.rsis. DP S-.nc 
Lull inOk. pC-.Lls 

wui-PA.i Dm. C-»ot 

LunCCP.ior. >Cni,.i 5 -P r . mow 3 dc Ln 
>34- <MSS0. i5^8i l-;p>- 
Cor-.ing Do. 3-;pc 

Lourage Dus. 1 * la 2‘. <C2-E7> 2 > 
io3-u.i Sot 

CMur.,uids Knitwear Db J'-.o: 

Lroo, iuPDCi Grp. IpcPI a.45pc 
Lunmilns tng*ne Ln. 1 ,pc 
□algcty DBS. 3 -a <?3-B4< 3'« laj-tii 2 . 
4 upc. cn 4 pc 
Daniels Stioud Db. S'npc 
Ueoei>na<r,s un. 3'apc 

Dreemure Corpn. 5pcPI. i.75oc. Dbi 
4, >79-53) mm i5u-S4) 

Derar Trust Db. 3'<i>. 
u.ao.i iDavidi (Leeds- s'-pcPI. 1 925dc 
D oultan Eng. Ob 3'ipc 
Drake ana Scull 4.9«cC PI. 2.45oc 
Drayton Com. Inv. Ln. 3 Lot 
Uuc'.iiu Steels bpcPi. 2 Ik 
□ ulav Bilumaitic lii. £2 — 1 
Dunlop Hlogn Red. of S'lcrDh 73-78 ai 
LI 01 PC. Dus. 2', 2.0C. Ln Jpc 
East Midland Allied Prrst SolP.'. 1 . Spc 
E astern Produce Ln. S'ao: 

Ecclesiastical Ins Off<u lOscFi 10 
Eiecirlcal and in Sec I.D735P 5 pcH. 
Ln. 4 pc 

Espirc Store-, iBradfordi D-> «-.ys 
empire stores (Bradford) Db 4 ,pc 
English Nananal In. Db. -s -ot 
English Prop Ccrpn. Db J'-P’. 

Enma Fi ranee (UK) Lu 4 ;pc 
Essex Water 3 15pt *fml> J : pt> Pi 7J-7a 
1 75PC- DB 2pc Ln. 4p r. 

Estates ana Ag.'ncs 3»,ocPl 1 ris; 

Evered 5';PcPl- 1 -92SDC 

b« press Dairy Prop. Dbs. 2> 3 ',d< 

Fairsairn Lawson TpcPf. 2.45pc 

Fa rvlew Esutcs Db £5.221 

Felixstowe Tank Developments Db 3’apc 

Fenner ij. H > S.BSpcPI. 1.925k 

FI 1 lay Packaging Ob. 3 J<dc 

Flight Reruelllng 6pcPf. 2 Inc 

Fogarty tE.> lO'apePt. 5 25ne 

Fortnum and Mason 3.5P- 7pcPf. 2.45nc 

Forward Technology Inds. Ln 4pc 

Foster ‘John) 4'.-pcPl. 1.575pc 

Francis Parser Ln. 

GT Japan In*. Tst. Lrr. J'.pc 
Gertiar Scoiblair SpcPf. 2 loc 
Gaskell iBacupi 5 kM. l.75nc 
Gibbs and D»ndv TpcPf. Z^ISpc. Dh. 4'»pc 
Gil: and Dunus 6pe«. 2.1 pc 
nlletl Bros. Discount Ln. Soc 
i'asiaw 5:etVh?ld?rs . t«. Db.. 2oc 


Scottish and M-K«n|.le Inv Db J'tK 
ficnttlsh Australian Db 2M 
Rcott'Sh Wes-.crn DbS. 1?« 2-«pr 
Shaw iFrancKI E'ipcPI 2 625oc Ln. 3 UK 
Ship Mori. Finj-v-.e Do. 4pc 
Shiosienp rjamr-i Db 2nc 
ShrewsMiFv and iVem. Brew. On Ik 
S ine . Darby H'dSS IQpcLn. 1978 
timoi E-oi Db auar 
S'rdar TI,9CP1 Z £2SPT 
r l3uah E«»;c-. Ln 5BC 
Snlnu-Sarco Enpp Dos S'i -91.86>. SKp: 
■■ 86-91 1 

Squirrel Horn jocPf. 1.75k 
Siadoroshirc Poiirrioi 4Uoc , 
star Aluminium Db. 3 ,nt 
5^id and Slmpun Dh. 2 Lpc 
Sierling Guarantee Tst. Ln 1 ‘ik 
hterl.ng Trust 5kW. I.TSpc. Ln. 2i a « 
Srevenson <h.i Dbs. 2-U 6 '^k 

5 tone -Platl Inds L'iPCPf I.9253C 
Sroihert and Pit: SpcPI. 1 75pc 
Sumner fFrancis* Engn S -:KPI I 9 2 Spc 
S un Alliance a-d London Insurance Ln 
3Upe 

Sunderland (River Wear Com*. JpcFundea 
□rat Anns t:;pc. 4'.K Funded Deb:. 
Anns 2'«p: 

Sunlighl Service bLocPf 3.125 k 

Ss.ire (Johr- B SdcPI 2 ISec 

Tees and Hartlepool Pori Athv 3 ’idcDb. 

1990 l\»t. 5'jmDi. 1994-1999 2'nx 
TnrMjmonon Trust Dbs 31*. 3 V 
Town end Cl-r Props Ln Spc Ln. 7oc 
Trafalgar House 7 ukP!. 2 5S7 5pc. Db 
)>iK. Ln 5 :>k 

Traftord- Park Estates Dh, 3'< 4i.pt 
Tribune In,, Til Db. 2 Up; 

Turriff Con E'-pcPI 1 92SK Ln l'«r 
T-vceddale 8 uk B ds. £4 2605 
DOS Gp Ln. 3>.0C 

tinted British Secs. Tst. 1 Jg SkP( 
t 75K 

United Dominion, T,i Ln.Ebc. 3.1 Sec 
1*1 2nd JrdPl 1 575pi 
United Gas inov 7 >:pcPI. 2 62£k Db 

I’tOC 

vieto- Value Ob. spc 
svjddingran ij.i 6 kPI. 2 lot SocP» 
2.Boc 

Walker enp S:af! Ln. 4'jK 
Wallis Fashion 6'jncPi 2 275er 
Ward <T W.i Db a'apc. Ln. S'spc 
Ward While Ln. 4 k 

Waterford Glass IDpcPf. 3.2 Soc Ln. Shot 
Weir Gp. Dbs 3 ■< 5 k Ln« C >* 3 'ux 
Yfest Riding Worsted ana Woollen Mills 
BocPf. 7.1 pc 

Wh'tenaukQ >Gec.l (Eng 1 llocPf S.Sk 
W ilkinson Match Ln. 5oc 
WIHIaasan Tea Hidgi. BocPf 2.1 k 
W illis Faocr 7 dcP(. 3.5k 
W iseman (M.) 5ocPf. 1 ,75dc 
W olf win Clore Mayer Cpn. B'-pcDb. 3'ipc 
York Waterworks DO* Z«,. 2*j J'»K 
Yorkshire Chemicals SocPI. 1.75oc. Ln. 
BUpc 

Yorkshire Tar Con. Ln 2(-»c 


BUSINESSMAN'S DIARY 

UK TRADE FAIRS AND EXHIBITIONS 


Date 

Pei-. 

27 — Jan. 7 

Jan, 

3— H 

Jan. 

4— 14 

Jan. 

4 — IS .... 

Jan. 

5 

Jan. 

fi— 14 

Jan. 

7—10 

Jan. 

7—11 

Jan. 

13— 17 

Jan. 

14—17 

.Tan. 

16—18 

Jnn. 

16— IS 


Jan 23—25 .. 

Jan. 2S — Fob. 1 
Jan. 30— Feb. 1 


Title 

Boys' and Girls Exhibition (A21-A4.1 92S1> 

London IntornaUonal Boat Show 
i Wcy bridge 54511) 

Holidays *79 Campmc Outdoor Holiday Exhibition 
and Motor Caravan Show <01-263 28S6) 

Model Engineer Exbn. iHemel Hempstead R3S41) 
BCS 79 — Living with Computing tOl-637 0471) 

Racing and Sporiine Motnrrycir Show <01-226 7901 ) 
BKM Furniture Show 1 01-724 0851) 

New Year Gifts. Jewellery- and Leatiiergoods Trade 
Fair (061-940 3103) 

International Toy Fair (01-326 6653 1 
Suitinnen' Industry Exhibition — STATINDEX 
(01-580 9256) 

Mirro-EIectronics for the TV Industry — TV-MEJC 
<01-485 1951) 

Iniemational Domestic Electric Appliance's Exbn. 
—IDEA f 01-486 195V) 

Amusement Trades Exit thn ion (01-22$ 4107) 
T.ighrshow 79 (0248-RR 39fi) 

Fancy Goods and Gift Trade Fair <041 "34 9249) 


t'onne 

Binglcy Hall. Birmingham 

I2arls Court 

Olympia 

V.'cmhlp*- Conferen'-e Centre 
Blomnsbiiry Centre Hotel. 

WCI 

Horticultural Hails. SWt 
National Exhibition Centre. 

Birmingham 

Belle Vue. Mnnehepwr 
Exhibition Cent re, Harrogate 

GroRvenor House, wi 
National Exhibition Centre, 

Birmingham 

National Exhibition Centre. 

Birmingham 
Alexandra Palace. N2Z 

Olympia 

Cumberland Hold. Wl 


OVERSEAS TRADE FAIRS AND EXHIBITIONS 


Jan. 

S— 11 . . . 

Hotel and Restaurant Industry Fair — HORECAVA 
(01-228 2880) 

Amsterdam 

Jan. 

10—14 . ... 

Homo Furnishing Textile Fair (01-734 0543) 

Frankfurt 

Jan. 

11 — . ... 

International Boat Show 

Paris 

Jan. 

18—21 . ... 

Inll. TYade Fair. Motor Workshop and U as o line 




Station Equipment — AUTG-ZUM 

Saizburc 

.Tan. 

2(1 — 28 

International Boat Show — BOOT 1 01-400 0fl56) 

Dusseldorf 

Jan 

1*3 17 

Inlernational Audiovisual & Communications Show 

Pari* 

Jan. 

■)■> “JR 

Tourism and Recreation Fair — VAIvANTIE 
(01-486 1951) 

Utrecht 

Jan. 

2ft— Feh. 4 . 

International Green Week (01-540 110J) 

Berlin 

Jan. 

30— Feb 4 

Holiday and Leisure Fair ('Dublin 7633S5) 

Dublin 


BUSINESS AND MANAGEMENT CONFERENCES 


Jan. 2 — 5 Reading University Science Teachers’ Conference 

(Reading 35123) 

Jan. 3 — 5 CALUS: Shopping Centre Management (Reading 

$61101 ) 

.Tan. 4 — B . . BCS: Living with Com puling <01-637 0471 1 

j an . 7 — 12 ... . BACIE: Producing Training Packages <01-636 5351 ) 

Jan. S Institute for Intnl. Research: Currency Briefing 

Seminar (OK5S8 2663) 

•Tan. 8 — 9 Leeds University: Traffir Data Collection (Leeds 

35036) 

Jan. $ — 9 Reading University: Small srale energy for 

developing countries (Reading 85123) 

Jan. S — Feb. 2 .. Urwick Management: Management for the Young 

Executive < Slough 34Jlii 

Jan 10 — 11 .... 1PM: The Sccreiarv in Personnel -Management 
(01-387 2844) 

Jan. 10 — 12 . ... Management Centre Europe: Seminar on Electronic 

Surveillance 

Jan. 11 A GB" Detection Devices (01-353 3051 > 

Jan 11 . . . . C and CA: Concrete in Hm Cli males- Admixtures 

and Curing (Fulmer 2727 1 

Jan. 12 Leeds University: Transpnn and ihe Inner City 

(Leeds 35036) 

Jan. 14 — 19 RRG: Risk Management in Practice — Study Course 

(01-2S6 2175) 

Jan. 14 — 19 1PM: Advanced Interviewing and Assessment 

Skills (01-387 2S44) 

j 3 n. 14 — 49 .... Bradford University: Group and Personal Effective- 

ness; Skill with People (Bradford 42296) 

Jan. 14 — 19 Bradford University: Managing Management 

Development (Bradford 42299) 

Jan 15—16 Philip Thorn Assngiajes: Legal and Banking 

Environment for Foreign Banks in U.S- 
(Guildford 71986) 

Jan. 16 IPS: Industrial Fasteners— How to get value for 

• money (Ascot 23711 1 


Reading University 

New College. Oxford 

P‘ • -i hury Onii~- H'-iel.WCl 

Shillingford Bridge Hotel. 

Oxoo. 

Hyde Park Hotel. SW1 

Leeds University 

Reading University 

Urwirk Management Centre 

Whiles Hotel. W2 

Brussels 
London venue disclosed when 
hooking 

Fulmer. Slough 

Leeds University 

.Tower Hotel. El 
Highgalc House, Creaton. 

Northampton 

Management Centre. Bradford 

Heaton Mount. Bradford 

Cafe Royal. Wl 
Kensington Close Hotel. W8 


*-i 


K n, **!L WfW fiwFf 2 1 pc 
y«ushM( Motors Ln 3'*pc 
Wjyjnam Strlnotr GLocPf. Db. 3I-. 3N. 

Warn*. Wright Rowland Db. 4 -«bc 
W e*t Bromwich Soring 0 2ta 


GuShr'e "ciK.^gZiPCef. 1 .96250C. Ln 
4lK 

HAT GPl Ln. 4oc 


HH, CH,. J^O-Sb. 


gl=? 


i ... 

' -?> 

-.#■ 


m-rV-'i. 


Angio-Tnn&. ■ -Imr. Orff. 

• PU 2 .94 SOI Kg • 

Aaoro-Nlebalas S'.pcW. -2JD12SRC ~ 
Aaodatcff Flsliertes 4-’*otPt. .1 .5625 pc 
• flpeef.-.A^Rc 

Awn Rubber 4.9PCPT. 2A5P 
B.P.M. i HMbi. AbPcPT. 1i2Sp. Ln. 3>«SC 
■ rm Db. • S-'s-s’-pc .... 

Bibcock, "W/kox GpcLo, 3>aK 
B«w ICJf.) qrff.B o:o5b 
§«m»ton Hldgs. Ln. 4i*pc _ 

. Bunpion - PO mw rt v Db. ffAnc.-SU r^gc 
Baraaora Tea GocCt. t.75pc . 

BarTatt . Developments Ln. S^dc 
B arrow . Hepburn . BP 
Mf < Arthur i , 5 ijpcef . 1J25DC 
BwhK* 64cts. - . 

Bclalt TlartB*- 

Blackett Hunan 3i*»cM. .1 J25nc 
-Blackwood Hodge LoShygc, 

BslBtgn (William'' Ln. 4 Une.'. 

Bradford dtaberO Ln3J«pC. 

BnKa/k Clast A p &oc . 
tBridaon Ggchf. 2.1 k. Db. 4 5:«oc. Ln. 


nance Ln.5pc 

Kotlidav (L.B.I 4I.-Kfff. 1 .57 Sk 
ICL Db 2'v S»C _ 

Imasco A Cmr. 4S CIA B Car. 38.2 SIC 
i m Diva Platlnlum Kid.- 2 1291 3b 
'-ImperMI Cold Steraoe. Suonlv Pf. 

3.224550 * ' „ . 

India Buildlngs_W». Ik 
J on*i >A A I. Shioman TptH. Z-4SOC 
KCA Inti. flKffl-’ 2 IK- lOpeffl- 3-5e« 

Lake View Inv, Tat. Db. I IJsO* 

Law Land SocPf. Db. S'* 3't 3 ’a 
Lead lnd. 7pcPf. 2A5K Ln. 5>«K 

Lcda Inv. TJt. W UlK 
Lmw Pradueis Ord. Restrlciw Voting 

Gro. BiiiOcPf. Z.275PC- Ln. 

4itfr 

London Midland lnd. SpcPf. 1 .79bc 
London. Northern Grg.SApePf. *-7 ik 
L ondon AttoKlc laws* T«. 1-Sp 
London Brick Cnmuanv Ord- 1.4434 b 
m: A G- Joan General Find income Units 
1o 

Mai ate off Berhod 7.5ctsSM 
Manganese Brwrae 2.l034p 
Mamiewft WrJghttcm Ln. 3»iK 

Metal lnd. KwcPf. t.31Moc, 

Meutvra* (Hldos.) VhncPJ. 2.S25K 

Middle • Wlkwgtersrand Western Ami) 
Pte. -2.3584140 
Miles RecHern Ln. 3U»e 
Minster Au«u L 6o -. 

Moorslde Tst. Db 
More O'Furall IDpcPf. 5K 
Morris Bllfccv Ord. A A I 75b 


rSbc- '■ ¥ , Ste e 4 3 ^ carrier 5- : KPf.. i 92 5o: 

l 2 ^-' «^W v 5ncl,M.^Spr.:'455K ffm^- i'^PI. V9J5ac. Db. 3: 

?a-.^.i. 4 ^ocp« ^ 

Harileoool Water Db Apt. Db Jbr 

S awxer S'ddeiev DM- 3-*, 4?«wc 
eadlam Smi Coggms 56 kW 2 
Hial 5on 2.1PC .. 


■ nmi _ .. . 

'. 6 :K) Pf. 2JI75PC- Dbs 2-2i*gc 
<• ' Hmi— “ 


■“Sfe r^" ««■ 


_ .... . RTtcbail 0.75 b 
Wilson Bros. Ln.-34K 

W.lson i Con noil vi UpcP* I.Bor 

Winn inds. Db. 3%. 4< t ot 

" ~ " wi. Bt'Pr. I Sdc 

Lsasp- • 

3K 


Dbs 2'fc 2«:ne 
aiigc 


.. . .2 DC Db 

7KPf. 2.45 dc. 


v*pc 

Db. 


Young Cm. Inv. Tsf. l.6n 

SATURDAY. DEC. SB 
„ DIVIDEND A IN7ERES1 PAYMENT5 — 

■baler Travanol Labs, loctl 
' *^Sc U " > Dobs. 2't 2*i 

Brown. Bros. Caron.. Ln- 4i«pc 
Bunjil 5^pcPn. 2.8 k 
C arrtaittoH Wyelli Deb*. 2.1 S:. 3«. 41 k. 

■ Lib. 3»* 3 ■ 4.05k „„ ___ 

‘“f’iTJTl 0 !?)?'” '.re R?v- Finance si;wDb. (Maurice i Inds. Ln. 5 k 

25* R6. 7’«KDa. 1984-68 S?ipc jfrso, ElKlrtcItv hoc Gtd. 2DDD Joe. 8 k 
«■ »— - 6«- 2000 


HMklns Horton BbCPI. 4. 

Hover mg ham Grp 7 kW. 

Hunting Gibson BptPi. 2.1 K 
IMI Ln*. 2 ■«. 3 ». 4pc 
IbstKk Bldg. 

Iceland 5 :K 19B3-B8 fBr) 3'rK 
lnd Com. tin. Coro Db. 3ti 89-9&K 
Ingersoil-Rard Ln. 4 k 
I srael Electric Db. 3K 
Jackson Db. 3*iK 


Db. 2-'< (79-84) 3 ik 
raf Hits. 4,9kPt. 2.45k 


gt*. and General .. 

FttCh Lovell 6'?KPf 2 -2 75 DC 
5Wi -Lovell GWncPl. 2.275 k 
J utura 7prPf 2.45 k 
G rim plan 7pcPf. 2ASpc. Db. 3<<K 
. Greater rma ns Stores Cum.Ptg.Pf. B.4«,. 
Grechara Inds. Prf. 3 k 
G uardian & Manchester Evening Nmi 4 k 
iff. 14 k 

UKreft Kllgodr Ln. Spc 
News;. Intel. 7 kP». 2.4 5k. Db. 3>iPC- 
hpePf. -.2.BK 

N- Surrey Water Ob. 2':. 2**. 4i,oc 
Pentos Ln. 7>rK 

Rank Hands McDougall Ln. 3‘irfc 
Reeve* (f J.> Dh. 5'-nt 
R*rfo ' 


MyiMImmi Hnrefs *Dh. ShpC RfYlcrn R.S.W.S. Ln 3 : fDC 

National Comwrtal 5 '-kpT l.925p. line "« 7SS? or Sl l0 4. 


Wi 3 -Vk- 
Rnran 


Brtrannit Assurance ISkPI, 2-5k 

lr)IM>' Pcti cFevrO . Db 3K .- 

BrlTUhn ' ■ 1kW. Db. SUoe 1 Ln- 


Natlonaf Carbonising Ljl 5 «k 
N orthern Eng. Inds. 3KPJ. I S* 5..375K 
Pi. 2.6E75K B.25BCPI. 4.125PC Db. 
5 >sK Ln. 3:.--4ij*c 





GiRUPPO FINANZIARIp TESSILE 

Society per Azioni — Capitale Socials Lit.5.000,fl00,000 
Heatt Office: Torino K Italia) — Corso Emilia, 6 

u’s. $6^00,000 Convertible Bond Loan 
8% 19731981 

. N. 10 Dividend Coupon Payment 

January 1st. 1979 . 

Boiidbearers are hereby informed that the expiring 
coupon- will be payable as from January 1st, 19/9 at 
the following banks: / 

• • . BANQUE GUTZWILLER, KURZ, . 

•* BUNdENERSA — GENEVE 
BANCA DEL GOTFARDO — LUGANO 
. ' '■ BANQUE INTERNATION AIuE 

A LUXEMBOURG SA. . . 

: BANCA PREALPHsIA — LUGANO. 

. = ROTHSCHILD BANK A.G. — ZURICH 


5. African Brews. 1.7375b Pf 3.5909a. 
_Pf. 2.D271o 

SoHt* District Water DO V« 7:* 3‘- 5:«pe 
Tendrlng Hundred Wafer Wrrtes Db. 2 k 
SUNDAY, DEC. 3T 

DIVIDEND & mriREST PAYMENTS — 
Acrow Dra ana a Ln*. 4 4 k 
AI mrlglrt and Wilson Dh 2 >. 3N 4k 
A lcan AknTKnlum iUK) Ln 5 '.k 
-A llied Insulator* fipcPi. 2.1 k . 
-AMolagasM (Ullwav DO. 2 PC 
«opl*y*m 7orP(. 2^ Soc 
Annftue cueorMi SncPf. 2.5 k. 10 'jk 

.Pf.-SJSK 

Asorev 6<)KPT. 2.275 k 
.Atsam Invests. 6pcPf- 1.1k 
Alloc. Biscuit Mnfs. 3SSpcPr. T.B25PC. 
■MkH 2.7k. Db. 3I|K 
Assoc British Foods Db. 3<<K 
ASsoc. Leisure Ln. 3 '4K 
Avans 7 kPI 2-4 &nc 


A^degburv Brewery Db. 2pc 


6'«K 


Ln. 2', 


OC Db. 3'tpc 

BSD Intnl. Db. 3-. 4 >»k Ln 
Bartow Rand U ns- Nows 5 :k 
B ath and PortJind Db. 3-<aos 
•rob )* 
fUloboll Db. iSuJt 
-Boddtngton Brew*. Ln. JW: 

■owing iC..T.) 7';KPf. 2 625b. 

-'.Bdwthorpe Ln. 3>' a 3e 
Bralmo (T. F. son J. H .i BotPT. 2.1k 
Brldnorl-Grutidir 6KPf. 2 1 P. 

Bristol Waterworks Do. 1 '« 2 <Pero» 2‘« 

-■rite Home Stores Dos 2 -• s'* J'ibc 
B rlUsh' Monnr Spinners Dbs S> S-'fHJ. 
■man Shoe Coron. S’skM 2J75K. 

If,pc2n(lPf. 2.0125 DC. Ob. 3-.-DC 
•rlUMi Svphen Inds. 7KPf. 2.45k 
■nosh vn» do. 5 >uk 
■ rftton (G B.I Db. 4-.K 
Bruone Bond Liebig Dos 2 2 toe. Lns. 

■ .2*1*' 3 IK 

-Brown (John) Db.'3'*rc 
Scanner Inv. SkPI. 1 75k 
IB ukmah OH Ln. Sbpc 
'■om*- Anderson Ln. 5 «tK 
BotMns Dbs. 3'i 3S 4ee 
CSC In* Tsl Ln.- 3 <ik 
C akebread Rpbv Ln. 4 '*k 
, CampbeH am) ijhenvood 5 kPJ. i.«»k 
r Cide Inds OfaS. 3 ■■ 3 'soc 
Garnets Intnl. I^i. 4-'.K 
Carter Penguin Go. 6 pc PI 2 IBC 
Casket IS.' ID.25 kP1. 2.56Z4S2k 
'C entral and District Prt» Db. 3 k 
C entraJ Wagon Ln. i\pc 
Chari wood Alliance Dd 4*>nc 
-Chraterflelg Prop*: Dp. Z-'jk 
C hubb 'Fire Sea. Db 2Hnc_ 

_CI*IL Sersice Supply Assoc. Db 2->K 

-CU, Crbfri Ln. 3-«pe 

Clay i Richard) fipcPf. 2-1 v . . 

Clifford -Charles) Inds 6p:Pl . o: • 
Chrffe Port Autborllv Snclrrd. 1*,K 
'•AKlrrB. ,?0C 
Cole (R. K.l Db. 4i«y 
Collins iWilldOij .00 3or 


?.Boc 


Gld. ZOOo 4 k 
J eves Ln. 4K . 

Kayser Bondar Db. 3 -K 
Kearney TrKker Marwi.i Db. 5J.K 
Kennmgs Ests. Dbs. 2 > ! i*- V«.. 3 a if- 4oc 
Klein wort Benson Lonsffalc 4 i,kPJ. 

1 .4B75g. 5 kPI. 1.75g. 5KLn. Soc 
Laurence Scott Db 2’«c 
Le Bas IE. ■ 7 ‘skM. 2.625k. - 'SKPI. 

2.625k Lns. 5 5**pc 
Lloyds Bank Ln. 3'*K _ , . __ 

London «nd Coontr* Commercial Prop. 

Inv. Db. 2 -rat 
MIPC Db. ZkK 
M.L Hides. Db. a if pc 
Mackintosh f John) 6 iKPf. Z -625 k 
M cLeod Russel Ln. 3>,PC 
Manganese Bronx* Hldgv o «KPf. 
2.BS7SDC , ,, 

Mecca Dbs. 2V 2 3-k 3*»K 

Metal Closures Db. 3 dc 
M etropolitan Trull Db. Z'«K 

M!d h ^cnt T Waier V sk ctmTr. 5 d«i Cons- 
k flmly 4UK) Red-Pf. ii? 675pc -, 3 jSPi 

((m v, Spci Red 1.7S0C. 3.8 SdC 

(frnly. 5’xKl Red.Pf. 198* * 

3.85k (Imlv. 5':K) ■ Red.PJ. 1981-83 
1 92SK. 4.025K IlmW. 5>jKl R* 11 - 

Pf* 1978-79 2. 0125K. 4.2k rfmiy. 6pej 
Red.P1 197B-BO 2.1 pc. «.2k (frnly. 
Apr, Red.Pf. 1935-87 2 Inc 4.2 k 

?Siv. 6K)- Rjff.pt, ’« 8 |: aB , 2 J ,’5£- 
4.5SK irmly. B'.-K' Red.Pf. Z.275K. 
BKRodPf. 1951 4pc. SocRffdPf. 19? 2 
45sc. tOKReff.Pr. 1980 5os Do Dos. 
2. 2>:. 2»« ZV 2*r 3 1 *. 4 k 
M id -Soul hem W»Mr Dos. i a. 

• 57-89) J". <86.B6). Sf* 4’*. SPC 
Midland Bank Float mo . Rale Lns. 

Midland News Association BKPf 

MindK| D< lnv Til Ln. * 'iK _ 

Mitchell Cons 5'jbcPf i.925n-.. a-.-p^Pt 

M^nflOrf (Knitting Mills; SprPf. 1.75K 
Moolova Inv. Ln. £5-72 
Nell) (James) Db. 5‘»pc 
New London P'«> Dbf J • Z *01 
Nfwey Group 5ncW 1.75PC 
Newman Inds. Ln _ __ c - 

Newport (I or w.) 4KGas_ i_986 2oc 
Now ton Chambers SpjP 
Northern Sees. Tst. Dbs. 

N civic Sec*. Ln 4K 
Oliver ,'Geo.) Foorwei 
Orme Dev. Ln. 4'ipe 
0*1 eV Pr.ntmg 6 lKPf. 2 2 75 K 
Paramount Realty Ob 4';pc 
Pearson Longman Dbs. a 4'.. S'sbc 
Philips Finance Ln 2 «« 

Pirelli General Cable Works Db 
Pitney 

Pttlird 9'cPCPI 6.32 k 
P iessev Db. 3 Vk 

fWt-^wvWiSIS 2.27 Spc. 

P«rvident B Vmanci*l p, -.. 2 '‘ , ^ Dr 
Pve of Cambridge Db 3U . 3»«pn 
Quick. (H. '»«) '.K 6.0SPC 
ft F.D. 5'ibcH. >-MSpc , 

Ramar Tevtihes 5 kPI 
Rank Org. Ln» •*> *. 4 k 
P ant Precisian Inds. Db. J’P. 

Repis Prop Ln- iw 

SSStJS V.",. ™..,r 

1978 

giras. tn M.^ 6 ? ol W 

HoSntree T M4tLlrM.OSh 6 kP». - ’ «*« 

2.4&K- 7\-kW 2-625.dc 

Sanderson kavser 


1.75k 
2 3'jBC 


Db 


: iw 


Db. 7K 


I'ipc 


fii.KPf 2 27 5or 


. V 




■ ;/ 

_ ti> % . . 


■- yv. 


. :u.s^50, 000,000 

PRIVREDM BANKA ZAGREB 

FLOATING RATE NOTES 
DUE 1986 

In accordance with, "the conditions of the notes, notice 
is hereby" given that for the six-month period Decem- 
ber 22h.d 197S to June . 22nd 1979 (182 days) the 
notes will carry -ah: interest rate of 13.4375%. 

Relevant interest payments wili be as follows:— 

, Notes of US ?. 1,000 US $ 67.93 per coupon 

' CREDIT LYONNAIS (tondon Braiacb) 

7"; AgfffitBank- 


f *T , 
' **« 


U.S.$75,000,000 

[HYDROCARBONS BANK lu 

Floating rate notes due 1982 

' Irrevocably and unconditionally 
guaranteed by E.N. I. 

In accordance with Condition 13 of the Notes, notice 
is. hereby given that for the six-month period 
December 22nd 197S to June 22 1979 (1S2 days I 
j the Notes will carry an. interest rate of 13.3T 25°,,. 

..Relevant interest payments will he as follows: — 
- • -/Notes of VSS l.ono US? . 67.30 per coupon 
CREDIT LYONNAIS (London Branch) 

- Agrat Bank 


World Value of the Pound 


Thp tahlp below gives the 
latest available rates of exchancp 
for the pound against various 
currencies on December 22. 1978, 
in some eases rales are nominal. 
Market rates are the average oF 
buying and selling rates except 
where they are shown to he 
otherwise. In some cases market 
rates have been calculated from 


those nf foreign currencies to 
which they are tied. 

Exchange in the UK and most 
nf the countries listed is officially 
controlled and the rates shown 
should not be taken as being 
applicable to any particular 
transaction without reference to 
an authorised dealer. 

Abbreviations: (Sj member of 


the sterling area other than 
Scheduled Territories: tk) 

Scheduled Territory; (n» official 
rate: (F) free rate: <T» tourist 
rate, (n.c.) non-commercial rale: 
in a.) not available: (A) approxi- 
mate rate no direct quotation 
available: (sg) selling rate; (bg) 
huying rate: (nnm.) nominal: 
fexC) exchange certificate rate: 


« P i based on U.S dollar parities 
and going sterling dollaT rate: 
tBk) bankers’ rate; (Basi basic 
rate: icnu commercial rate; 
i cm convertible rate; (fn>. 
financial rate. 

Sharp fluctuation*; have been 
seen lately in the foreign 
exchange market. Rates in the 
table below are not in all cases 
closing rates od the dales shown. 


Place and Local Unit 


. 7*.m o' 
£ Starling 


Ais-banutan Ai*b*at 


A*w liu- .... 
AlcPi-ia .... 
kn-lura . . 
Anui-'b • .. 

1 III ii; u* ■>! 


Liik 

Dinar 

; fVem-h Fr*m- ; 
'■*i|Mni*b Hfi-vU 
Khh .011 

h. (.'^rr.linn 5 


li-gt-nlina Ar. I'evn F rpf Kg 

S 

lii-lru . . ^--hillinj; 

Ai-*ii- Purl 14 ;. Krru-1'* • 

BahaniBffiM- U*. (toiler 
UiiiiiiKip-hfii-l'itk* 

1 la hr* In dl,... Llingr 
U* iron- Imp-. Ufjg. I'gj^U 
llarhaitiialS) ... EhrfWifo- Sit 

libEiimi H. Fiona 


Hffllw 

benin 

HemiliililSl... 

Ithiilbn 

Hoiivm .. 
lLn-unnaiai. 



HrVirjpnl-fSi 
liinimn 

llli.jHi-i* 

Horn* 

hunimf 1 

Cameron Bp 

I amnia 

■.'■unrr Me.. 
i.*|ie Vnu. 1. 
1. B.vman l-'Si 
L«iU. Ai. flu. 
(..ban 

L'b'i* 

Lbllta 

LolombiB 

'-O'nnir. la 

Lkiuc-i 1 B'liei. 
'-y»ta !{"* 

L llfil 

l \-{jiii« i»i . .. 


h S 

C.F.A. Vranr 
IfilH S 

In-lnin R.i 1 
Itonvuii Fe*ri 
H»ij* 

l ruzein- :: 
l.’*. S 
F-ninffi 5 
If 
kfgt 

biirnnrti Kratn- 

C'.P.A. From- 
L'auail iair 5 
ipbUlali PmId 
'- 4|v I . Lkl'll»l 1 
L*\. Iv. a 
L.K.A. l-'miii: 
l -F.A. franc • 
L-. h(».i 

Kannnam Yiibd 
L. Hghi 
L.FJL From- 
CJA. Franc 
Laiion 

L utwin Fb-j 
iJv pm* C 


(.'znrbiKli'raK Kivtina 


u.m 
10.046349 
7.6887/ 
8.545 
141. BB 

6.42)2 

1.9B9 

1.7490 
27.175 
32. BO 

2.0060 
50.59- 31 
0.769 
141.90 
4.012 

‘ irni 58.60 
i'll' 69.76 
4.012 
4371; 

3.0060 
19.45 

40. 19 
1 691299 
41.85 

2.0060 
4.5400 
1.6976 
15.4945 
177.42 

427U 
2.3735 
1*1. M 
73.63996 
1.97 17 
427 1< 

427 >4 
1 ha 67.67 
5. 1927 
lK' 80.19 
437 1« 

427 tv 
17.2G 
1.4951 
0.7150 
■ ti?*iu 10.90 
n. 21.20 
f . I 18.56' 


Falkland Is. 

•S' 

Fani I- 

Fib la 

KlllUlirt 

Fnuijrt- 

K 1 . 1 . "tvinAI* 
Kr.riinni" . . 
Kr. !>ii.. |... . 


Gabon 

fiaiiil>l» 1-1 
Li '•rum III 

‘Kaati 
Herman i 

WkI 

■ihana ini 

GitmiUr iKj. 
(ilil.>en I*... .. 
Oreo#- 

fira-HiMlii) 

if rrruwl* 

(1 iiailRmuiio... 

<ju«m 

Gmuinn 

(■nim Kv|i... 
finiiifti bi-mil 
Ijuv alia 


Locai Unit 

Value ol 
£Storlin7 

1 1 alainmt 1 t 

1.0 

1 '■ui.ii Ktrnib 

10.595 

Fin s 

1.66236 

M«rkt*n 

7.9475 

F rt-ncll Fran.- 

9.545 

' .6. A. Fiwm- 

427J» 

Li an Finn. 

9.545 

L F.F Fra in.- 

155.56 

I.'.F.A. Franc 

427 ig 

l«» -ii-i 

5.9767 

( Uaimtih 

5.7125 

[ Ucuirohe-Mmk 

3.7225 

L'crii 

0.648 -jri 

firbrallRr ii 

1.9 

A lift. DniltW 

1.7490 

Urachm* 

73.750 

L»am*ti Knin,i 

10. IBB 

K. Lutt'limn 5 

5.4313 

La.ni Fiffni- 

B.645 

l >5 

2.0060 

Vurrral 

3.0080 


Liuvanwe S 


Haiti Gm.rri* 

Hi-iniiiia- Kb|- lipnipira 


I 111) IK l»|.„. 
iDilliDk-M... 

Iran 

Iia-I 

Imli lf«*]. <L 
l-niei 

lUiv 


Jamaica.- 8 1 - Jamaica Ih-llar 

J a lain . .. . SVil 

Jnr-lBM i>i J.inlan llinar 


57.697766 

97.662 

6.116 

10.03 

4.050 


H.K S 

; 9.65 

Fm-int 

. 72.68 

>T' in- 56.55 

i Kruna 

j 656.0 

ln<l. I.'iiiiee 

19.45 a' 

IJUjilah 

' 1,253.75 

Kit. 

1 15B.fi 

Iraif L’lliar 

! 63556 

In-l.i: 

1.00 

larm-i £ 

57.714 

u™ 

167B 

L.F.A. Frank 

1 4Z7L 


5.57008 

5891a 

O.B6B'-k< 


Denmark llaniah Knmrr 19.599 

Diit-iun Kr. 550.0 

Ifinmiliii-a iyi K. c nnhlwiii b . 5.4213 

[hiiinn. I.'n- ibiiatn te-an I'ew 2.0060 


Ecuador 


Eki V'l- 


F^Tpiiaii e 


KtPii'M" •> • Bthi"|.la« Birr 
fc.j't'1 Li mnim I 'kp in 


ill. 40.95 
. .t 55.96 
■ Li 0.7600 
ri 1.561)0 
.1' 4.15717 
141.90 


Kampnchaa- Un*i | 3407.2 

Krriti'.*'. . Titn.t n Shilling 1 74,865 

K.'tw Niln . « ,«, ' 1.74 • 

K'lrt* ..Min U...i 968.0 

KiihhII iYIIh. hnu all lUlia j 11. 5 a 7 


Laos- ■ ■ 
l*n vnii .ii . ... 
IawIIki 

I.l'wiia . .. . 

I.M-yff 

Lirrhl'll III... 


hi(- I *. 4 )'•■ 

- A 1 rli.all K*l|.. 
I.*' 0 Mil F 

l.itrt <in Mm* 

>» l*. Fi-ailv 


|ji\<>mi-Hjiff . l.n '. Kif.ui' 


503.40 

5.M29 

1.74551 

3.0060 

0.535853 

J.3P76 

65,30 


Pure 4DR La a Uo; 


Macao 

Jliilt ni 

Un am - v Uli- 

U«.iiori ISI.... 
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M«-<i|rcl . 1^1 

\l« K|i 

Mmia 1-1 .. . 
Mm ■ in tin* .. 

Uaiirilriiiiii .. 

Mmh-iI 111 - l-*i. 

Mt-Vkl- 
Utuur "11 

ttlllMlN 

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Mmii Pinil. ... 
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KiUi* 

K>il lug' ft ■'.in I f 
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liuvi-lia 

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Jl« Kii|«4> 

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M> ir 1 L 
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lubfia 

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Dlrimni 
Moi K»- ipto 



Nfi riei.tri-re* 


1.7480 
24.012 
4.03876 
5.55074 
198. 101 
1. 7490 
1.8305 
14. ID 
427 >1 

I 2K732 -c, 

10.195 


Naum If.- -. Ann. Lii*n«r 

Nf|* Nffpalto- Ili'i-M 

Sf 1 hue mill*.. I'lil-'i-r 
>ath. Ani*iR>. Ann 'Mn Min'.i. 
I Kran< 

I Au-I. D'-itar 
X. /^iMiallbi \.f,. lirillar 
M.-arami*.... I -if Inin 

■k l-.-ffr R| ■ V.F.A . Frail- 

'ID-II* l? .... .\ana 
Vraiv \r'l g. hi-mr 

()m*n **uit*n I- ,, 

Air ill ts-.... i h “ ,,n, * n - 


Pakialan fhat. Hup** t9.7675'o«i 

Fanairui It*' la a 2.0055 

F«. nr \ li.ifli Kirn 1.39660 

Faiaciun .. (tun rani 360.54 

rjif- m. up 

"i Ycmvii iff< b. Vcni-n lima’ A 0 6850*3 
-ii. Vsi-i \ 569.97 


Place and Local Unit 


Value of 

£ Sterling 1 


I 'em L. -I.. . 

Fhinppiiif* .. Wi. Pew. 
Piluairn I *.(!*■ 

l.ll-» UH.UI" 

I‘nm»t Zlnlv 

Puniim 1 Htpw. Kn.-ii'lo 

flirt limi.i . I mini 7:1-11-1-* 
Hnn-ipf I a y. Ft; a*, hfvu-1'. 
Piieiln Whv... L.S. » 

V)ffl»r IS- V*l«r Km 

Uni 

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liln-lw.U .' - l(lK*le*Mn K 

I £. .min) la Imi 

Kuan ta .... Itwanria Fraf 


14.788 
1.8905 
t'Lin 63.23 
) • I 62.35 

92JO 

92.90 

32.(0 

2.00o0 

T.FJ 


si - Cnruiij- 
pher 'S'.. . 
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11. Ijv-m, 

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Mil Mnriiin. . 

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aaii’h A’-i-in . 

-eriomL 

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!*’ 1 ni«<n I -.•*■■ 

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f’tocln 

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lau/niH C-.i 
thnuaU'-. . . 
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I in ■.«> . . . 

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Vieinnm . . 


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l<* 

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l^lll VJH 


. Limiij: 

\ n Km I .1 l'.«. laaimr 

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| \emcn W*«- 

1 Viik-m"* ui.... Y li.nur 


s i*5 
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■ I'm I Zaire Ep. .. '»t» 
137.76 J /-nrl.in . . . K^vch* 


5 . 431 ? 

1 0 

5.J2I3 

4271; 

5.4313 

5.0140 

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1.578 

92.80 

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43/'* 

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1-98955 

4.5400 

1.744* 

A 12.52777 
1.7531621 

1.7591621 

1*1.90 

Ml. BO 
51 057 *£> 
0.6034 
5 59074 
1.7591521 

- -a 

5.2S76 

- 7.87556 

73.216 
14 355 
40.5176 
<37: t 
1 7*44 
4 9144 
0 794 .3) 
50 10 

2 0060 
1.7430 

14.67 
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1.675 
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5.975 , 


1 5I5f 53 


S 0* ■■ 
57 6137 


1 ‘55394 
1.57 


* Tb*r port uf ths Frsnch ri*mmunity in Afuc* Inmwily jwn at French Wear Africa nr Fronch Fqu9T'i»4t Atr-c* Rupee* Mr ruumi t r?»e» ol oil 

*nij iior. aaporia 84 252 f Bnaffd on CiMf raia* against Riisr-ian miibla. •• Run •* inn 7mn«far m>,rl «r t c.-<nir'*ii«(i ■ i| Rata ia nn« basM cn i SarbaJoy £ 

i» thff dollar. ?t Now ona official r^ia 


Foreign exchar^e. 

Competitively 

Test us. 


We deKvec 


"TSg&i.'- 



Midland Bank International 

M'.-.i.n,: liana U.-.V.nl. Iucismi mn*-i D : ii';or-. *5*iV 

6GG«u;::-JCi. y.-Eti. Lm:Jcn EC.«F.*B'*'. Tc !. t-x-'io W44. 


„ 1 


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14 


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, t.. r-7tc:: visna F.'.i 'zaC ‘ si*'#*' 

_' - .- • •- stgxaiXi.*:- I-.;, 

■ ■<-!. -.-’•4 r'-jS-i- «££:«? •" ' 



International 
Insurance Brokers 
for the Engineering Industry 


.«V/, * Gjmr.rr-: e ><?" 
LC'-t-.nSG.'A’Hj 
7c'BW0"9C:-6:*': i :ri 



BRITISH FUNDS 


Ifflfl At 
fist 


Stock 


ft*8 

£ 


Lid 

t 


TuU 

brt. | Red. 


... 

Financial Timas WedriesdsT '^cenib^r p 

J . p0Qj5^ ei OA^FS'f -iR3Sii3S& 4 l.t> . •• - 


INFORMATION SERVICE 


BONDS & RAILS— Cont. 


Julenst- 

Sk 


Stuck 


May 1 Hung. '24 Am 

J1D iC2tai*%(.-SJ« 
1QJ WawTlipf -81-83 
IS Docw-qi.Qfe. 

ID Jatwi 4pc '10 Ass 

310 Cwfrpc -03-88 ... 

10 Peril MsJpe 

310 S.G.I.fcjpc 1930 


9S 

17M 

2bM 

iM 

ISM 

3M 

14N 

150 

15D 

25M 

15J 

15f 

10 

120 

4r 

21F 

17M 

£3M 

15J 

15A 

16S 

150 

5J 

22M 

5Ju 

21A 

17S 

1BJ 

12J 


“Shorts” {Lives up to Five Years) 


9M 


nSITfeawiry 2pc 79ft . 
[(Electric 41 4 *k *74-7* 


2bSL . . 
lNfTresMK 10'jpc 79+;., 
15N[Electnc3^-7t.^ 


[Tre jairy llkpc 79tt., 


Treaswy fee 1930$? 


14MjTrK5ury . _ _ 

ISJJTreasury 77-M J 
15JFundmg5>«re7&-80fc 
25NIE;cSequef I3pc 19E0td 
15Ja (Treasury llijpc 


S .-wsury 3!-*: 157541.. 
reawre8%pcl481£. 
wh.&pc 1981...,. 

Kti.-^pc 1981 

»6h. 3pc 1931 

reas. VarLsSle 

ZWiEech. LS^joc 1931= ' 


35MTreas.aij^'S0-S2riu 


99tt 

99 

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i 

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97.:, 

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910 
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79% 17.7, 377! 
98 Hi 1235 
331*11 12X21 N5D 
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3RU51 
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3.65 
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5Ju|Treasjry 8*4&c '32.... 
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21F|Ew* 3oc U3 

17M[Trragjfy last 19MJJ.. 
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12D]E>ch. 10pc 1933 

Five to Fifteen Years 

15Ja|F ■jraSng 5i?pc 'S2-3A# 

22.'lk»cJi. li^pc l°$5®. 
lOJuiTnifluySi^: S^fcfct. 

II.', Funding el >pc 'E&47±t 
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15JaTrea5ur> 13pc 19°£Ki_ 

15JlTfeaiiiry 3*j 87 92±* 

IWanresjury Utjpc 1-7 1 j 
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2SA|£ach. 12 i 4 w '92 

14JuiTr»asurf lTi'X '73±t.. 
15S|Fu«argbpc^°93tf . 

Over Fifteen Years 
E-KlTreaairv 

lSpreani?? 141 jjk 
224^cct. 12Im> 519?J„.. 
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IN lMlGa: 3pc '90i95 

TUi 21J|Ej:di. 1C*4BC 1995... 

ISNlTrearur)' IL'ltft ‘*5^.. 

19MiT , i < easiH9 fee 
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15M £«***!« 13'^ ■%&.' 

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11.95 

10.29 

9.88 

11.74 

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11.75 
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12.22 

12.16 

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12.43 

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May; [umn^m 1991... 

154 15WTiirin6>jpclW4.] 

If. MAN. (Urjguay342pc..._[ 

U.S. $ i DM prices exclude inv. S premium 


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Last 

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£ 

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95 

I.U 

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4.00 


BANKS & HP— Continued CHEMICALS, PLASTICS— Cont. ENGINEERING— Continued 


DMd*m& 

Pai 


Stock 


Price 


AMERICANS 


ffr&nfc 

Pad 


Stack 


£ 


L tit 


Hr. 


rtd 
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1SJ 

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AMF5?iCw».'97, 

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Amttcan Erpnss 
Amer, Medic. InL 
Asirco Inc. 
Wwfotnf.torp.SJ 
Bernes Grp. 5W. 
Cenex Corp. S5 _ 
'Seth SieefS8.._, 
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iRitmaiickConn,, 
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ICaiarpiJiarif 

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iChesedrounh SI... 

Chrysler 56% 

Citicorp S4 

ICIty lnv. 5L25 ... 

I Do.Cm.Prf. BS1 

Colgate-p. £l 

Colt In*. SI 

Coni. Illinois S10. 

Cone Off S5 

Crown 2e1l. £5 .. 
CuHer-Hamnwr S5 
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Esmark 

Exxon 

FJrestawTire j| .. 

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J. Ap. Jv. 0 Fluor Coro. 5% 

Mr.Je.S.D. Fwd Motor 

Mr.Jn.SD. G«TX 

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MrJaS.D. Gillette SI 

Honeywell SL 50. 

Hutton 2F 

T.B.M. Corn. S5... 
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15F 


INTERNATIONAL BANK 

15A.|5$c Stock 77-c2 ,. — | 8H?] 7.7] 6.14 1 1223 

CORPORATION LOANS 


IF. 


IA.'B i nri'ham9 I 4pt 79-81. 
internal 7Vx7«-81~ 

MNlG.LO.lii^c'ec 

10F lOAua.j Do. 121;uc 1933 

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Do 5l;pc '85-37 

Do 67*oc '83-90 

Do. 3k '20 Aft 

Mkkn.5V*1980.... 


15M 15N[ 

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15M 1£S| 

lOMr; 10S.|Newcas8e^i<pc7Md| 
15M 15NfVtarivid( 12^% 1930 -j 


onus 

uioUas 

5.1ttl266 
10711279 
19101331 
2310! 3.7! 

luic; 11 07 

1336 
7.90 
1823 
6.44 
726 


13 U 825 
126 10.65 
ill Z3.49 


^i:S 


1D5 

law} 1256 


1290 

r.?7 

12.96 

U.4? 

32 So 


June Dec. 
J. An. J». 0 
Mr.Je.S.D. 
Mr Ju^.D. 
JaAnJu.C. 
MariaSoDc 
Mrje.S.D. 
MrJe.S.D. 
AoJv.OJ. 
Q.JaAp.J)-. 


F«MyAutfc»fTermeco...— 


taLWaUakfULj 
iT*srroPt.lKSai6lj- 
frewco 56.25...:. 

Tune Inc 

rTrai&amerlu SI . 
t;id.T«ri.SUS5. 

U.5. 5iee» SI 

WoolmortlK 531 ;. 
IXerot Corp. $1 .... 
Zapata Corp. 25c. 


it' 4 

59 

33i« 

if 

IK 

775p*a 

sSp 


35 1 ' 

Ik 

39% 
2014 
15 Vd 
5S9p 
16^8 

21ir« 

•W 

I6%Mf 

2i^al 

40^: 

16^S 

sife 

13d 

23% 

28% 

16 7 eifl 


H 


no 

12 m 

6.U 

LU 

37.11 
4.1c 
3121 

JU2 

WOC 

as 

17 u 

269 

18 ID 
2U0 
Z7.ll] 

iff 

tl 

I 

12.13 

6.11 

iiQl 

V ' 


*« 


L12 
3felfl 

37.12 

l«Ji 

111 
1U2 
158 
5311 
22F 
20.9 
JIM 
3110 
1?.9 

37.13 

iiia 
0.21 
ioii 

»170l 

1: 

17.11 
31t 
311) 
iaU( 
27.0 

Lm 
.3013 
ii*a 299^ 

809p I 5.101 


47V 

1 

200 

52d 

715p 

12>4 

23-h 

Sl 5 4 

IHc 

12^ 

255* 

Z4>4d 

11 

449c 

22-V 

950od 

29^i 

as? 

21^ 

133d 




S1.W, 
, 5% 
Ul| S220 
51M 

60c 
40c 
44c 
FLO 
S2.56 
SIM 
50c 
7Cc 
21.60 
SI 50 
S2T0 
SZJ0 
$220 
94c 
40c 
SI 16 

51.00 

$2 

SLriS 
S210 
SI .44 
51.50 
SL90 
I6S1.40 
S3J5 
SL84 
5340 
51.10 
SI 10 
SL40 
13.60 
SL80 
SIM 
5XM 
SI20 
S0.68 
$13.76 

53.00 

93c 

5100 

52.28 

S220 
92c 
SU5 
SIJ» 
15c 
5X00 
8»: 
SL06 


25.91 

3eUtf 

16. 


$ 1£0 

80c 

SL32 

SL80 

S2.Z0 

urtil 


S2.00 
FL50 
£1.00 
SI 00 
SI. 60 


5 2.00 
30c 


3.1 
f4.B 

3.3 
J.O 
1SU 

2.1 

1J 

3.4 
5.1 
37 
33 

4.0 
W 
0.0 
3.9 
17 

5.5 
31 

3.4 
35 

5.4 
S3 

4.8 

42 

3.9 

4.1 

4.5 
X7 

4.8 

5.6 

tl 

4.3 

3.1 

f>5 

5.4 

4.0 
4^ 
14 

3.2 
}J 

4.7 

6.8 
41 

5.1 
35 

4.2 
4.7 

3.9 


May Nov, 
Aiig, Aqt 
J an. Sent 
Sett 


OcL 

Dec. 

Jure 

Jan. 

June 

Jan. 

Aug, 

May 

Jan. 

No*. 

Jan. 


Aw, 

Jura 

Dec! 


'Kfeinwcrt E.L .. 

Lloyds £1 

Marsnn Fin. 20p 
fAerBirySea... 

Midland £1 

Dc *>% 03-93 
Dd.JIS%93.93l 
J ulyjMiirter Assets, 
DetiNaLBLAustSAl. 
JuIyjNa. Con. Grp.. 
Mar Nat. West. £1_. 
No* Schroders £1.... 
JolnSecciwiSeMCfl 
JunelSmith SL Aub... 
Aug.lstamTd Chart £1. 
June [Trade Dev. SI 50 
SepL MarJUnion Disc £1._ 

- |U.D.T 

J. A. Jv. C. WeJh Faroe S5. 
Nov. MarcMWintmt 20 p.m. 


W 

282 

47 

112 

358 

£81 

V 

m 

283 

380 

200 

80 

M0 

SlWz 

505 

42 


Feb. ■ AwjJCattle’j [Kdgsl 1CW 


May 


Aug. 

Feb. 


Jan. 

June 


Oct. 

Mar. 


Mar 


Apr. OcL, 


Cie B'cre Fr.lGO.j 
Credit Data IDp 
Lloyds 6 Scotap. 
LndSaiLFmlOp 
[ttwgau Jfeic. 10? 
Prov. Financial. 
SeptlStHo. CreiktlOp. 
Suiria Hldgs. lOp 
[Wagcn Finance 


35ij 
£75 
8 » 
no 
28a 

a : 


(tart 

( ffir 


(nr 

[ 

1 « 

[ Net 

rw 

Efi 

lw 

Z2C 

14.18 

— 

at 



19.23 

4( 

4 

64 

2L 

332- 

1.1 

112 

12.4 

jn 

3.79 


51 

__ 


T14.97 

4: 

ft? 

S.6 

13.1 

liU 

SR 

2X1 

211 

«.a 

.ijj 

— 

lj.l 

M36 

2.5 

DM 

65 

271] 

111? 

(115c 

?94 

In 

4.7 

5.4 

& 

71 

U166 

4.2 

61 

b.9 

IB! 

11.72 


4.6 


27 . 1 : 

113-54 



71! 1 


10.11 

509 



°i 



10.1 

T».M 

>< 

hi 

Si 

JX5 

24.7 


3.2 

b A 

6.0 

8171 




4.4 

AS 

sxw 



j.i 


27X1 

m 

— 

6.7 

— 

*, 

etc. 




218 

[0x0.86) 

2.0 

BO 

w 

155 

012% 


ZO 


126 

301? 

4.41 

16143 

Ti 

lx 

76 

fa 

tf7 




96 

Ji 1 

14.94 

2 * 

7 4 

83 

ZLf 

60.* 

21 

6.1 

198} 

nt 







A 

ii9j 

hI09( 

23 

7.6 

8.6 


DiridtnSs 

Pitt 


Stack 


Aug. Feb, 
Dec. May 
June Dec. 

Apr. Nov. 
F«. And 


, F». 
1 July 
tot 
Ncv. 
Feb. 
Apr. 
May 
1 July 
1 Feh. 
Feb. 
May 
Apr. 

Nov. 

Apr. 


Aug. 

Nw. 

July] 

Mar, 


Sept 

No*. 

Nor. 

Nov. 

Nor, 


&Li 


Hlsn.WefatSftt. 
Hoectet DM5 - 


DaFHaOMJnslnJaa4U.a OlOSJ 


fnn.Chein.fJ.. 
Do. 5^Pf. £1. 
Ini. Paint 
LapjrWln}! 5Qo\ 

Ldqh InS 5p.... 
Norsk. H.Kr^O . 


JuNPft'SUlOD — 

Sept RdiwnWm.lCp 


Rentakil ItJp 

Reverte\ 

ScoLAg. Ind. £1 
. . Stewart Plastics 
OCLfThiras S**1 ISb. 
Oa BWle(Ber.)10p 
May Woi-lenholme.. 
VorksCriems,- 


Price 


Last 

Pi 


Ofr 

Net 


298 

501 


369 

44i 2 

78 

105 

136 

£2«l 2 

107 

300 

72 

62 

183 

165 

136 

82 


IlTJtM.SI 
677 Q12SJ 


126 3.55 
126 +232 
£10 76.87 
XU 14.43, 
30.10 012% 
26A W1.40 
73 3.14 
1L1C T163 
IS" 10.39 

4.9 12.18 

18.9 3.13 
« 1069 
211 tl^9 
Btl97 tto.97 
Lae M.84 


m 

Cw Srt PIE 


7.7} 271 5.9 


““'WiH ” 

45 57 

9.8 93 

3.6 201 
4.0 _ 
20 96 
1.6126 

3.414.6 


2|8.2| 


7.0 


9.9 6.6 
28 10.4 
4.2121 
5i 7.4 


Apr. 

Jan. 

Jan. 

Jane 


DRAPERY AND STORES 

271 6.61 65 


OcLlAmber Day lOp 


JunriAquasarUim 5 


June 

Jan- 


Aug. 

Jan. 

June 

May 


Feh. 


, P0-'A’5p„ 
lAudlotromc lOp 
'OlUcCmR.licJ 
Bakers StmlOp 


JaWE®toi Sores IQp. 


Septi 


BEERS, WINES AND SPIRITS 


Sea. Mar., 
Fed. SertJ 
Jan. Juty| 
Dec. June. 


S.E. List Prcnri-jm 413,% 'based on USS20065 per £) 
Cocvei'siaB factor 0.7071 (0.7123; 


CANADIANS 

Ma£J.D. ! Bk. Montreal S2._ 


F.Mv.Au.N. 
A.Jy.OJa. 
Mcy Nor 

OdL 

F.MywiH. 
July Jar. 
July Jan 
J.Ap Jy.O. 
ApJy.C.Ja. 
F.ijyAiiK. 
Apr. Oct. 

Jon. July 
MrJe.S.D. 1 
Jan,A«J.O. 
F.65 yJai.fi. 
Mr.Je.S.D. 
Juw Ck. 


1206 

1252 

M 

1X83 

12W 


1274 


COMMONWEALTH & AFRICAN LOANS 


u 

JA 

2SF 

IfJ 

IM 

1A 

15J 


IJlAusL 5*jpc ’77«80 ._ 
!0(bo. 5>2 JJc '8:-32.._.. 

T Lnr. 'Tt <5fl 


23A,H2 fepcVfr- SO 

FD[Oo. 71jk -S3-86 


11-! jlt.AlTO91« 79-81- 

d.2Xp 


I0i'3t>. Riwd. 2*roc 'h5-70 
15J( Do.6pc7Wl ; 


30U 

5.B2 

U 

677 

I.UII 

6.43 

9.75 

273 

1073 

3-66 


11651 

—I 


1131 

1261 

1236 

1230 

1430 


3J 

20J 

IM 

■3>3J 

30J 


LOANS 

Public Board and 

DlAsric. Mt 5pc '59-89 
SlfldfcsnlDizpc -89-94. 

1 itji.Tu, -=■ 


30J 

1514 

20J 


lS'Me:. Wlr.jpc 
210; U.S. M C. 9pc 1932. . . 
jlDiDo. wilriout Warrants j 

Financial 


53d 

80'i=l 

2j3 4 

H6«l 

82s! 


nd. 

123 83? 
U. lit 15.04 
IS 1127 
12 1R 7.76 
23.17 1023 


1214 

2330 

12.93 


1320 


3-UIFFI 17pr 1931 

-I5M !To. Wcc-rg 

2CCHDo.14«: -5? 

31 Mr 30 SpCr:7-j>cCea.-80-S2 
31 . ff iOW, C-j. --4CC Db. -81-S4 . 
1LJ 1 1.*J5 j. lO^zpc Um.Ln. "8b 
1U lUCo.llKUns.Ln.-88 
J2J UJlc-JLllirrUdLi-V. 

30 Je 31 D;Do.7ijpcA Deb. -8^-92 

31 Mr KIS Do. 7'^pcA DC. "*>1-94, 

31MI30S 1 Do fee* A' "91-9C 

Z3F 31A Du.dZjpcLn. '91-97... 


FOREIGN BON 


!50'« 
102 
Z02i jd 


sun 


C8rt 

bl'stt 

ktb 



1252 
13.70 
13 28 
1230 
12.60 
1295 
1323 
23.42 
13.40 
13.28 
1330 
1335 


June Dec) 
MJe.S.D. 
SeDeMrJu 
F.MvauN. 

. J.ApJy.0. 


Bk. Nova Scot. 
EeW Canacj S25.. 

DOwVjileyfl 

Brascan:i 

!Can. Imp. 8k. S2 ... 
Cao.Pa.dflc 55. 

I Do. V- Deb. 1100 
Gulf Oil Gan.ll ...... 

Hawke- fid. CanJl-i 

Ho!llftgerS5 1 

Hudson'sSay 

Hed.BjMG.S2l> 

Imperial OHII 

lira 

MM«.qas51_ 
Massey Ferg.H-— 
Paci.1: PetSl... 

Place Gay- 51 

Rio Alnom..„^.,. 
Royal fck.Can.S2. 
Seagram Co. CS1 
Tor. Dorn. 8k. SI. 
Tram Can. Pipe— 



3.9 

4.0 

5.4 
0.4 
<9 
4.0 

133 

2.4 
3.9 
4J 
33 


5.9 


May 

Jan. 

Aug. 

Jan. 

April 


Dec 

F J £] 

» 


Anact 
Fb.MyJiug.Nv 
Apr. Oa.1 
Feb. OcL, 


NOV. 

Aug. 

Aug. 

Aug. 

Jan. 

May 

Aug. 

April 

Feb. 

June 

Jaa 

M 4y 

Oct. ' 

Mar. 

Jan. 

Jan. 

Dec. 


Jul, 

Feb, 

Feb.| 

Feb. 

M 

OcL 

Feb 

Nov, 

Da. 

Jan 


|AWied Brews. ... 
Amal DtsLPr.lOp. 
Bars Cltar'gton . 
iBell ArtWrr 50p 

Beihaven Brewery 
Boddlngtoie— 
Border Brew’s. 
Brown (K3Ute«l 
[Buckley's Brew.. 
Sulmer(H.P.}... 
Burtcmmoad „ 
City Lon. Del..., 
Clark (Matthew), 
Distiller; 50p.. 
tGordm (L)&.. 
Gougn Bros. 20p.. 
Greenail WhKiey. 

Greene King 

Guinness 

Htghl'd Did. 20p. 
invercordon ..... 
Irish Dlrtiliers . 

, Macallan, Glen . 
'StaamlwivBuru. 
Morlandtl 


Aim., 

Apr. 

Aun. 

Jul; 


Jul. 


JimejSanderian 


Scclt & Kew 20p. 

[Tomailri 

'Jau* 

IWhlttjread ‘A - . . 


JunrjWolv. Dudley.— 


|Young&wA‘'SOp.| 


27 22/ 1439 
73 0.76 

30i 6.1 

'30.111 fcl52 
274 Z0.«2 
27.11 i2H 
27.11 +355 
1X12 438 
1112 tL82 
24.7 H7.44, 

16J0 279 
18.9 5.79 
at 77.3 
376 — - 
126 284 
303 293 
24.7 f737 
2ii 7.34 
50J3 hLfcl 
218 226 
1U7 5.10 

16.10 5.14 
22J 158 

77.11 14.41, 
30.10 234 
lag 73.46 

210 t3.fl5 
303 &SB 
13 II t4.0 
126 636 

211 t323 


03.4 




3.2l 


L9^ 


Feb. SepL 
Jan. June 
Dec. May 
Jan. July 
Feb. Aug. 
OcL Apr. 
OcL Aw, 
Mar Nov.l 


:j)‘a 

BentaUslOp- 
Blhnr & Con. 20p 

'Boanknan KO 5p 

Bolton Text 5p 

Bremner— , 

Bril. Ho me Sin. 
Brown (N)ZOp 
Burton Gn». 50 p , 
, 0o 'A'NV5fb-| 
Cantors ‘A* 20p 
Casket tS.) lOp 

Church 

ICornb. Eng. 12 * 3*1 
JulyjCope Sports 5p 
I Cornell Dress 5p 

.. Jcnuts ‘A" 

SepL {Currys 

tou 

No? 

OcL 
Nov. 


63| 


45' 


5| 29{I4.7 


BUILDING 


INDUSTRY, 
TIMBER AND ROADS 


Jjne 

Jan. 

Feb. 

Feb. 

Feb. 


Nov.l 

July 

feu 

OS.) 

Aug. 


Feoroary 
May Dec| 
Jan. Aug 
May Dec. 
Feb. Aug 


Mav 

Mar. 

Aug. 

dS 

Apr. 

oa 


X5 


&£. Ust Pienumi 41%% (based on 523682 per £) 


.9 

421 


May 

Jar. 

Dec. 

Aug. 

OCL 

Jan. 

Nov. 

Jan. 

June 

May 

May 

Nov. 

&PL 

OcL 

May 

Apr. 

April 

HOr. 

Dec. 

Dec. 

Jan. 

Jan. 

No*. 


[Aberdeen Const. J 
lAtmto.v Cem. 
Allied Plant lQp_! 
Armiase Shnks.. 
BPS Jnds. 50p^ 
Baggendge fcrk... 
Bailey Ben IQp. 

Samtergers 

Barren Dev. lOp. 
Seechwcod 10 p 

Ben!-** 20p. 

Senford ft. lClp 
Ben Bros. 20p„ 
[Etockleys 20p... 
Blue Circle £1 
BhincSell Perm.. 
MayiBreedon Lime .. 
BriL DreOgirw.. , 
[Brown Jtcsa. 20p 

Brownlee 

[Bryant Hldg; 

Barnett &R 

Burt Bouttan El, 
,7.Fu:bey , A , iai.| 
JuWiCal'noer(GM)lup 

.JuM Carr (John) 

.tan Carton 

Nov.jtorom Roatoaie 


0CL| 

Aug 

OcL 

May 

Nov 


Nov, 

July, 

May 

Jan.' 

Apr, 

June 


OcaCcnfter Gp.lCp_l 
JulyjCosta'.n R. . ' 


4?.-.!Cc'«( 


Lrj<<ii5o. 

ch(D.)2Dp 


BANKS AND HIRE PURCHASE 


Dnfaris 

Paid 


Sleek 


Jan. 

OcL 

Dec, 

Dec. 

July 

Mar. 

May 

Aug, 

■Jan. 

Ncv. 

A. J. 

Apr, 

Jan. 

Jan. 

ftoy 

Fat. 


JuN ANZSA1 , 

July Ale anders D. £L| 
Aug. AriwrwneFUflfl 
Apr. Allen Harvey a., 

June Allied Irish 

June Arbuthnot L £1 
Jan. Bk. Ireland £J_ 
Sect Do. lCpcCon?.. 
Aug. 2V_ Leumi IE1. 
Feb Ef..Lewni(UK)£l. 
Juh Bk N.S.’.V. SA1 _ 
Ptoy 5-vii SoollandEl 
a Ja aanken N.Y 310 

Oa. Barclays £1 

JutJBrown Shtpley El 
-iaiyicaier Ryder £1. 
Nov.l" ‘ - 


Sept, 


OS & RAILS 


tateresi 


P*e 

Last 

Enr 1 ?! 

Red 

Not. 

April 

.- Use 

Reck 

L . 

it 

Gras 

YM 



- 

- 

Antofagasta Rly... 

23'; 

S71) 




Dec. 

J® 

XJ 

X 

Do. 5pc Pref..._ 

39d 

1 > 1 1 





_ 

U 

L 

Chiloon Kiied 

98 

37 


f3X0 

SepL 

Mar. 

1J 

ID 

Gertnao Vikj.-Hjcc. 

415 

412 

41; 


June 

Hov. 

j.M 

IF. 

Greek 7pc Ass.„ 

50 

U1 

3»a 

f7.20 

Jen. 

Junr 

IF 

JA 

DjCpcZSSLab. Ass. 

49 

IS 

£ 

fn.» 

Feh. 

Auu. 

■1A 

10[Do4oc Mixed Ass. _ 

40 

32 

4 

(5.13 

tone 

Dec. 


Mj* 
March 

July CO., 
May 
Jan, Apr 


June Decj 
May Nr. 
Mar. Aug 
June 


Clive Dis'r**. 20p 


jCcm'i Aus.(SAl) 
ICom'.'bt DM 1HS 
C hgn.Hbk.MOO 
Corinthian lOp 
Cred. France F75 
Dawes (G.R.).. 
7wdeB»«JW5(L 
7. C. Finance... 
First K'flL lOp... 
to. Wrrii. 75& 
Frsssr Ans. lOp 
Gsrrard Nauil... 

ulK*S I A.) 

[Gillen 3ros.£L, 
ZrOoi) D't Mry5p\ 

G.-indlays 

Guimws Peat _ 

Hambren 

Kill Samuel 

Do. Warrants.. 
Hcng Sling 3239 
torel Toynbee. 


Keyset Ullrrann , 
l3ns&Shax20pJ 


FINANCIAL TIMES 

BRACKEN HOUSE, IQ, CANNON STREET, LONDON EC4P 4BV 
Telex: Editorial 836341/2, 883897. Advertisements; 885033. Telegrams: Flun&mo, London PS4. 

Telephone: 01-246 SOW. 

For Share Index and Business News Summary in London, Btrmmgtem, 

Liyerpoal and Manchester, Tel: 246 8026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL OFFICES 

Amsterdam: P.C. Eo* 12fe, Amsterdam- C. 

Telex 32171 Tel. 250 555 
Birmlnahain: George House. George Road. 
Tele* 353630 Tel: 021-354 0922 

Bam Pre'shaus 1M04 Heuuallee 2-10. 

Tele* 8869542 Tel: 210039 
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Cublia: 8 Fitzwjfifam Soirare. 

Tele: 541a Tel: 735521 
Edinburgh; 37 Gecrj# SlreeL 
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Frankfurt am Main J. 

• Teles: *16052 Tel: 7593 234 
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Telex 3-6257 Tel: P3S.7545 
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Tel: 441 6/72 


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Telev 61QG32 Tel: 678 3314 


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Telex 215930 Tct: 682698 
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Teles j 27104 Tel: 2*1 2920 
Washington: 2nd Floor, 1325 E- Street. 
H.w., wotHingun D.C. 20000 
Telex 440540 Tel: C 202 ) 347 8576 



. Arjil!Crouch(D.,_. 
OcLICroucn Group- , 
Crt.lDoustas Stoti. M J 
Oct. DVming G.H.SOp 

MmjEr’U* 

June -.°.A. Const'n.. 
JunflFcirctoughCaiL. 
JuWFefc. in'J. Wp._ 
July! Do.-A'lCp_.. 
MaylFed Land & Bid.. 
— IFinlan {JjhnJ 10pj 
— Francis Pkr.lOp 
October frranasfG.R.Jitfc 

Jan. Jufi'.-Frencft Klcr 

Apr. Ocl iSaliiorfl Sr, 5? 
May (GitrfrD-dyAI*. 
July Feb. Cl03m(VJ.)lCv- 
July OctGbssopW.&J. 
Aug.fG’gri Comer TOo. 
SepL HAT. Grp. IQp 

SepLiHelkal Bar. 

JutylHendw. 'A'lCo..| 
JimejHevrtWi Sl lOp 


2101 <4.68 
133JbbM 1 
aiatdo .72 

. 218 4J7 
1113 17.74 
5.l) 2.61 
30jm d0.6 , 
lE.n6t3.28] 
21018.14 
26.65 tX83 

ora — 

4.41 7X65 
10.7idl73 
16.1W t3JJB 
4.S f9.4fi 
10.7^ tI93 
. 18.9} T535 
117a - 
I 3 .III mX 02 
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May 

May 

SepL 

Nov. 




dlOX5 
tU7 
134 
til. 05 
+3.63 

!8?*W*3f 
24rtdl21 
184 mo 

432.98 

18^ d3.46 


0.7 19.0 
4J 16.4 

7.7 63 
2.0 4.9 

8.7 65 
6 J> 10.1 
E.7 6 2 
22 62 
8.J Oa&t 
4.4 9.9 

ix: 9.4 
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4.9 f]4<1 
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33 


13 7^13.4 


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HiKiiHIII 
Hoveringhan.„ 
Oo.Rev Vlfl.> 
SepL HflWETd Shut lOp 
Dec. 1 
May 
Ocl 


WWI 


.D.C.20P 

Itetcck JJhns?n 

—,lnL Timber 

JufyiJ. t. HoWngs I0p 
{J.C.E.G...^__... 

S-*aL|Jaiv',(J.’. 

SeoLlJennirr: S £050 
Aug.! JUms : iv Richartts 
Dec. | Jon« U.vb. I Op 
lteJKenUU.PMC.-L. 
Juiy[la>aipe SAFiOO. 
Juni'Laim iJchnl’-f ’ 

Aiig.jLatKam (J.) El . 
’.lay, No*. [Lawrence IW.). 
Aug. Dec. Uecb (Weil 20p 

Sect LevLinri D ainl... 

J-.rcjLIIte - F.J.Z 

JvroLon'inn Bric^_. 
No.-.iLnseil (Y.J.)..,. 
Urr.lMrHeilt Group . 
Apr. Aug. |Stagn«! & Sttwi. 
Jan. Jure ftol.rson-Deny, 
JunefMjndfrs /HJdg) 


Jt55 , 
5 92.11 

a ten 

I m.o , 
fS.12 
tc.23 
t7J5 I 
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iDft>fflha-*Js 

Dew Hirst 10p. 
[DiiioiB Photo lOo 
Ellis & Gold 5p 
1 . June! Empire Stores. 

— Execute* 20?.. 
l July Fain&le Text 5p 

July Oo. 'A'5p 

. July Fine Art Devs. 5p 
y OcL Ford(Mtin)10p 
r. Sept, ronntester lOp 

July Foster Bros 

t? Dec. Freemans [Lonl.. 
Oct Ge)fer(AJ.)2ft*. 

1 Feb. Goldberg A 

June Gccknan Sr. 5p 
e Nov Grattan Ware .. 
r. Dec GL Universal... 

Dec Do.'A’Od... 

I. Apr. Gre. Milieus lOp 
Ocl HanTv (FurnJ._. 

Ccl Do.'A'NV 

SepL Helene Lcn.lOp- 
June BecjOo. 13 k Cm. P" . . 

Feb. OcL Henderson K. 20p 

May Nov. Henriques A 10p 

Jan. June Haworth (JL)10p 

Apr. OcL Home Charm lOp 

Dec. JulyiHouse oi Fraser 
Nov. June Howe of Lerose 
— JawslErreallC^i. 
— Knott Mill lOp- 

— ttKimkh Hltte.. 

OcL Ajr. Ladies Price 20p. 
Jan. July Lee Cooper 

Not. Liberty— 

Nov. Oo. Hon. trig. <W_ 
Apr Llncrofl 1C lOp. 
Apr. MFI Furmtwe Iw 

- Maple 10p_. 

Jan. July Marks & Spec 
Feb. 

MenriesfJ.).... 
Michael (J) lOp 
Mothercare lOp 
NSS NewslOp. 

[Owen Owen . 

Paradise (B)lOpJ 
PawsontW.L).] 
Peters Stores lOp 
Polly Peck lOp. 
.PTeedy (Alfred) 
PbHmanR.iSLJ.5p 
RamarText.5p 

gsas,-- 

rvayoec* lop_. 
Read! cut 5o....~ 
!Reed Austin 'A' 

»» 

S All Stores 12*20- 
Do.25\Pf.UiaB 
Samuei (H)'if 
SclincourtSp.. , 
Sherman {SI lft*. 
jSnttiW.P.'A'SQp. 
Stanley A.G.5p 
Static DiscL lOp 
[Steinberg lOp _ 
JulylSumriedOp — 
July [Time Prods, lip., 
JuiyUDSGroup-...- 
Dec. Upton (EVA 1 — 
MaylVartcnazDp—. 
NcrWafoerfJas.)-. 

Nip. Do. M.V 

Jan. Wallis 10a 

Nov.| Waring & Stow , 

Juneiwearweil 5p 

SepL Wtof Mill Mr*. 
Nov.JWIlknsnWarbtn.. 
OcLjWoohvorth 


Jan. 


July Jan. 

July Feb. 

June Dec.] 

Jan. July 

Apr. Ocl 
J an. Apr. 


Feb. 

Dec. 


July 

July 


ISz 

42 


153 

231 

34 

21 

20Ti 


11 

49xd 


190 

<Q 

186 

174 

44 

39 

165 

110 

47 

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221 

170 

16 

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78 

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371? 

102 

165 

120 

38 

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314 

312 

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37 

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82 

29 

69 

238 

134 

63 

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25 

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180 

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163 

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214 

146 

101 

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13.13 tL55 
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1311 16.36 
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71 4.5 
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3010 hl.08 
4.9 T3.42 
210 +329 
2711 thOlfi 
B76 
4.9 3.55 

1610 T4.61 

S 4j8 

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1611 tl.93 
1610 5539 
189 nn n 

,1311 X18 
1311 L18 
1112 tlB6 
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4.9 ttilfiJ 

30.10 t2.89 
18J0 11*2.01 
231 185 
385 14.17 
110 0.83 
16111 15.64 
18111830 
210 1830 

10.7 +L78 
7.8 02 

71 02 
7-8 0.68 

1311 12% 

24.7 247 
3000 dL83 

25 154 
189 W3i7 

16.10 14.E4 
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78 thL% 
1810 1tiX89 
1610 162.93 
1610 ttiI93 

72 3.54 
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574 

3010 tti2.I5 
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1311 $261 

fe 

1610 f2JB9 

1312 
1311 PX96 
2711 10 

34.7 2W 
4.9 6.06 

1610 030 
212 tI35 
189 338 
Dll tL61 
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73 

37 

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7.5 7JJ 
85 3.7 
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5.0 343 
9.6(68) 
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19 .. 
26 65 
10.91X2 
45143 

3.5 6.7 

7.6 52 
35 5.0 

„ 5.1 117 
X4} 82 133 
' 42 73 
26 102 
251X7 
18JU2 73 
M11.9 
9.2 5.4 
9.4 7.0 
45 1L1 
45 1X1 

05 — . 
05 - 
45 53 

8.7 - 
45 63 
9.4 221 
5.7 10.6 
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, 5.4 9.4 
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53 13.0 

- 43.2 
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L7 
24 
26 

;o.9 

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3.9 142 

221&6 
7.0 
3.D|14.9 

l;k 


Shttnds 

Paid 


I 


Stack 


June Sakw Pert 

June Bamfor* 20a- 
Nov- fcarot* Com. 20p. 
Barton & Sots.. 
May Dec. BeaufortflOp.. 
Feb. Ocl Bevantp.F.; 
Mar. SepL Birmid 


reb. 

Dec. 

May 

Nov, 


Jar. 

Aug. 

June 

Apr. 

May 

IE 

Not. 

tod. 


nice i*?! 

lfl.9 tbI19 
..19 tfi2L7b 
).M d3J9 
U dL35 
247 


JuMBfflngtmt. Mini. 128ttlUiq 
Feb.lST«i Pallet - “ 

.. 'tl 

Drc3>»’te Nm lffc.' 
BraftamMHflfe, 

Braiffiwaiie £1. 

til " __ 

.. :UHW'Dod.'3fc| , 50tf|Ui2j 
April Bristol Crj^rovcl. j 
May ftLBnLAtoWBBtflL 
July ' Dec. British Me * tin gu , 

Jan. Aug. BriL Steam ZOp 
June Jan. Brockbocoe J.L.' 

FtiJ. N(wjBrom’sCafl5pJ-. 

Bronx Eng. 1 Dp 
Brooke Tool — 

P.5CO. 




JOT 15.68 
30.il «afi! 
24.7 1.46 
27 U HL34j 
247 tbL47 
73 tA-33 1 


PdZ.13 

1237 


Nov.- 

Jnty 

t* " 

Apr. 

Apr- 

SepL 

May 

Feb. 

June 

Jan. 

Feb. 

DcL 

Feb. 

Feb. 

OcL 

Jan. 


34 7] It024 
2U b50.0 
DJ 6.09 
26i fM 75 
26 6 4.05 
1221 
_ ,tX59 
1261 t25Z 
22.3- 6.45 

Brown iLTawse 124: 1| 104.88 
, Brown John £1. 3TO ; U3XP163 
MarJBirttougti 172 r 
BuroessPrOtU. 62 
Butterfleid Hvy, .75- 

ew.us>. :«* 

NeUflSp. : 72 
Enc. — .• 75 
.efclllti.- -74 
fogs Mp.__ 

Chemriiw5tL— 


Fi 

Ji 

Aug.1 


Apr.) Christy Bros. 43 
" [Clayton Sot 50a. J..- 75 
CTB0rf(Cb)a* 

SBSIKS:™ 

Dec. Concentric 15». '376 
iepOCookW.aef.2fc ■■'24!* 

Feb. CrMiite Group— •'•38 f 

’Crown House— < 65 ' 
Cummins 78J94 £78U 
paufa Gowerton. 57 
. 'Dartres lro.5p„ & 
Apr. Dvs.&MeL'AlOp. : 24, 

Ocl Davy Coro. 138 

February Dtfsonlft* — .. ■ Z7 
Jan. June Delta ^ fit 
Feb. July Dennis J.H. Iflp 4R 
Mar. July BerRend 50pIT- 248 

OcL May Drsoutter— 128 

Dec. July DotmiefaraelDp. 30J 
September Drake & Sadi ^ -34; 
Ductile Steels— 3&j 

Kte' £ 

Eng. Card Clatb 95*d 
Eval«tetries_ 93af 
iE«aniMMetaf. 6ft 


24.71 1625 
1311 3 5 
2711 2.38 
2Lt 7336 
13.11 $402 
24 .7 H337 
,'1610 h370, 

Bfl 

7i f2fil 
2711 


Aug. 

Aug. 

June 

Feb. 

Ocl 

Mar. 

Aug. 

FA 

June 

Mar. 

Jan.' 

QeL 

Apr. 


446 
|ifl7S|!l73 


101551 


8 . 4 ] '6.6 1 
13 J 7.4 . 


toy' ,' pec KwESwft.ia*. 
Dec..' Aus Lepn 0 fa.Gp.H 4 *; 
Jan, ’ Oct LWbodHWgs.- 
ftctriiber 

May Not. Lovell (G.F)_. 
May Jan. Low (WmJ 20|t 
OCL Kay Matthews W- 
fif w. ■ ffov. Meat Trade Si.. 

Morgan Eds. lS- 
JWovetnWr Rtorfs’oTW.JlOp 
Aw. to. Northern Foods 
ON. ; M V Ntfrtip Flt-lOp 
flee. ' Jtme RwtofF'i 1 “ 
December Pyke(WJ.)l 
— Raten.Gcp, 
toL July , 

JatL '.. J:# Robertson Foods -I 

Jan. June RwntrreM,59p 
.too, June Safftsbury 
September Somportex . 
Febu Jut* Spratre-'--- 
Ott, •• Apr. Sqwntl»>:“ 
Apr. • Sett. Stocks r ' 

to. Apr. Tate t 
SepL toil rawretftiL 2 W 
Mar. Sew. Tesco5pf^X-j. 
Apr: ' Od. 0 Tri 93 fe_^_ 
Jan. ^ JUne DnttetLBfcCwits^' 
to?..; ■ HarJwasonPf*,l8pt 


> •: ■ - • 


tw—- 


l Xflhlj 


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27J1 ' 

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tliiH 


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HOTELSx*N 0 CATERERS 


Dec. - tost 
■"SepL , 
Dec, Jwiej 


Boref(X)Fr3Wl 
Brent WaftBi*5pJ 


24 7 4.04 


Z7J5 258. 


ZLaiitiL4 


1X12IU6 


fllK0.9ft 


24.7 266 


13-11I 


73.4 


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49jth0.67l 


7N h5.53 


3.1] dX6. 


13.11J 530 


aia3.is 


- 3051 10.121 


18« 75501 


38igtdI32 


Dec. 

■June 
Mar. 

Feb. 

Jan. 

Jan. 

May 
June 
Mar. 

Feb. 

Dec. 

Jan. 

Nov. 

Jan. Aug. 
ton. 


21.71 ZXQ2 1 — 


5.41. 


I liar . - *Qe]i 
IQct: 
June 
AK "flBb 
Ape. -’Oa .1 


Comfort In 
.tie Vert Hoteb. 

DctjGraodNW^B - 

sm2s . 


Dec. 




, 711 w 
illE 127- 

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t-isl 


[Princetrt Wales :■ 

QwmVMoatfc. 

RowtonltotiS.^ 

Savoy: A C 10pV 

SMJsCRMJnfc. 

Sw«R«8lflL5p; 

Trust H-FbS_ 

W*a*-Hcf*'14u 

WhWler'sXOp- 


™._ r 


mi 

PCj4| 

hlfr9)7636 

LjzgixittJ 


Itb4^6, 


IS 3-J 2X3- 
17120. 
21 ULZ 

3 ‘ 261 

14 35 A 
55 7JL 
3.925,9 
59 5.7 , 

■SB 

22175 
27175 
XA 123 
12 971" ' 
6.0 as 




58 8.7 
15185 


1C 


INDUSTRIALS (Mfecef.r- 


ilia 


Ilia 1457 


1345 13.42 1 


27J1I +4^1 1 


161UM6.37 2JU 


Mar 

Nov. 

Jai. 


4.a 


Nn: 

at 

Mar. 


(S-WJ. J4Bv (30JO| 6759 
FWhtGMJlCfa }3fii \Z.— 

FofcesHfdn/»5i Z« 2 [Z74iltTiL3? 

“Taodsfnds-J. . - SB 
El Intnl. 20p„ 82 

Edg-f&dJW «■ 

Aug.|GJynwed 153. 

K100- 775 
lOp. 

, r . , Jlwn'S Econ-w. .74 , ^ . 

Jan. G.K.N. £1 Z56tt(lll^ 1580 

'Hatit Prtosa«»5il'29' 


3310.34 -J34- 


21m 8.2) lffi 


6761 


16.1ffl430 


Iftfl 22 


Haden Carrier _ U2. ll6Ji t7-92 
HadEnp.50p_f.llA 2K 745 
Hall Matthew..]- 223xd IlLL 77.11 


Apr. 

Jao^ 

toy 

<kL 

June 

Nor. 

May 

Jan. 


m 


8.7 228 
6.0 68 
3.0 69 
3.4 62 
IS 10.7 
43 7.4 
- 145 
121 — 
23J 92 7J 
X4| 9.9 UJL 


Hawker Sid. __ 

Apr- HW& Smith ■ 

Dec. H sp'dast*ns5Qp 
Mar. Howzmd Madly. 
OcL Hnwden Grot 
HontMfficrop 
Do. Defd 5p_l 
OclIi.M.I 

Mar JjadtsruliHB 5p . 

&Ca5e5i. 
. & Firth 
Group lOp. 

j Sthjknso . 

NovJLaird Group— 
-JLake & EIUoL_ 
Jlw (Percy) II 
Feb.Lw(Arttor/;:. 
JumLey’s Foundries 
Unread 

/p |^l 

St flFfiilE; 

Mar. SepL Loxkm & MldPd . 
Apr. Nov. M.L Holdings _ 

Jan. Jure MatmLi^p! 
June Jan. McKechne Bras.. 
OcL to- Meggltt 5 

OcL Apr J Metal rax 

Jan. July Midland Ini. 5p. 

Sfittetttier Mining Stg*.lfip_ 
Jan. SepL MKcMiSorl]% 
July Mole (M)20p— 

Nov- Molfns 

Jan. Moss Enfl’g — 

Ocl Neepsend 

Nov. NeinfJaslHte. 
Nov. Newmgjj Tonics. 
Apr. Northern Eng. .. 
Feb.NcrtnnlW.EJ5p. 
Aug. Pegler-Hatmipy 
June| Paler Chad. 20p. 


'■* m 7334 


t5.74 


92 


hdD.7 


OctJ A AH. ... L 

June AGS Research™ 

’Apr. town Bros 10pX- 
OcL Abbey Ud. „„ 

Ott Afrilx rn*.-20p' 

Dec. AWne Hldgs. So- 
M^y Altai. Metal (£1} 280 

Jow to-AmAstrfaJt -.42 

_ . Den Aronson (A) lOp. 85 

Mar. ..’.Ott AsKftLCorans'A' U8 

Apr- JSepL Au-SrenecslOf ;.5l 

Apr. •' Nw. 4u5t*F|Uy)10p JJ' 
ton. Avon Rubber £1 IBM 
JuMBfiA Group J 53 

a BAT; D«d. HO 

BOC Intnl 67 

■NotIBTFL- 344 

Juty Baird (Wm.)£l 179, 

S^te^RlWOc 

Dec. Baritiw Hepburn. 

Mar. Bath Jc Portland 
Baiter Travenrf,. 

Dec. May Beabron ClaBriu- 
, Feb.' Aug. Beecteoi_.'._. 

Jan. July Bel lair Cos. 

May . Benttna 

Sett- • At r. Bcrlstords....... 

May Berwick Tfiipo. 

May Bestobell^^ 

Mays MdfeHfcte__- 

Maj BHurcatedEng. 


X83 




July BUlam(J.)lOp- 

63. Black AmwMp. 


7Jt3.0 


30JN 15 J4 


l&gi223 


AM t4.7 


me o.7B 


2471X01 


X30 


4.76 


|16J0| 3.63 


8 


la* 75.46 


U2| tZ94 


13.111 3.9. 


161* 333 1 


3661154 


mi 


13 5.7! 


6.1 


ELECTRICAL AND RADIO 


9.01 75 
3 J 43 


iB.g d7 si 
32,tO20ci 
I4.7-L83 


1-7 


9.7 


tlI 1 


72 


72 


5.7JC167: 

4.9 u2.5 
JJ7!7d7 7 

21 HI H5.6-S | i'llisl ♦' 
25X3 H6.?- 2 0)11.4 (6 0} 
161flt3.76 Z 7i kf' s 5 




8.4 6.5 
4.6 16.3 
45 4.A 
B 71 7.7 


June 


StuMaim- to Svewste Dagbiadet Raa>ambnr£»n 7. 
Telex 17605 Tel: 50 60 88 


f/Snrchvr’el | 

Marley.. 

Marshall* (Hr*)! 

May A Hassell.. 

Mean Bros 

M»h/i|!e D 4 IV. 
,Kwer (MsnL L ] 

Mllburv 

Miller fS tan! IDp 
Mlvcsncrete. .. 

Mod. Engineers 

Mon^7A) 

Mowlemfj) 

Newarihlll LI... 
Norwesl Hpljt .. 
Nutt. Brick 5Do 
Far kerfi niter 
Fhoeni* Timber 

?«!iins._ 

R.M.C 

Pedlsno 

R :h d5 Waif ll?p 
Hohert: id lanl. 
PchanGrcvc .... 
-M j.F^linson jOct.. 

Noy.JRo^cq Grom* 

MayfRubennd 

Rujbv P Cement. 

SGB Group 

fciSau 7un»r idp 
[Shame C, Fisher.. 
Smart (J.) 10c . 
Swdhem Cen 5 p 
S lrcciers lop .- 

Tarm;r 5flp 

Taylor «v'oa jrow . 
Tilbury C'tgtl. 
Traris 6 Arnold 
ITunnci 5 jQp.,.. 

U5M Group 

VrcfoS:ore lOp. 

, Viaroe'apt ....... 

.*‘aro Hldgs. 10b. 

War Inctou j 

IWav.sBLairc I 

WfstSricv Freds..] 
Western Bros . 
V;n3tHngs 2£p.. 


S.Ifl 72.54 | 

IHrXfel 

I siat - 

ht0 

lzJ3 T23S | 

116-fl 08 

Hldlltl 


. 6t 
7.0 4.7 
56kS.O) 


: 73 11 
[U- 71 ) 
TJ.7J I 
14.74 


« 72 
6 5 64 
3.B 3 ZB 
6.4 55 
5.8 f5.71 
6.4 4.0 
64 71.4 


l27.il! HXG1 
|30jZ|id0.76 
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210] 1274 
3N2 56 
l£ir> rt.c 

til es.91 

i4.55 
2C 7)119 
IS 9; <=.CB 
21*! ■‘53 


2.4j 8.51 72 


o5 15 
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tJ 25 
17(34 57 
If 39 

3 ’ 5 , 
fchO.52 

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1 15 33 
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'2293 


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1 g 7.1 u.o 

1 7| 6210.8 
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2.S W _ 

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4.q 6.4 53 
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65 7.7 

4.8 [775J 
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6 5 8.2 

3.8 7 1 

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7.0 11.7 
3.5 "■ 
6 


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• 10.0 


A.3. Electronic. 
Allied Insuttcrs J 
Audio n&>Dty Nto] 
Autt'iedSec lOpj 

SEPlOp 

Berec.. 

iSevi Ct May lOp 
BoMthnrpe lOp. 
Brocks lflp ...-. 
Butein 'A'5p .... 
Cablelorni 5a ... 
Campbell Ishwd 
ICMoride Grp- •• 
CHrioni & Snell 5p 
Cnraet P. Sen. 5p. | 
KrayEl'lniric lOpi 

Cretan 10p- ' 

Dniax^Tt-m 
Dale ElecL lOp 

Decu. 

Do -A' 

DerrltronlOn... 
Dewhurst'A'IDp 
Scw*n&H.5iJ.. 
Dreamland lOp. 

Duhllier5p 

EVI50P 

DceV£on.-3 1. 
Elect comps ]0 p 
(E lectranfcMach. 
!Elec. Rentals lOp 
lEncrm Sens. lOp 
j&roerann/n. ltb. 
Jure . No*. Farrell Etec20p 

Ferranti 50p 

Fidelity Ra± IQp 
FewardTectt- 

G.E.C 

Highland El. 20p 
Jones Stroud.... 

Kode InL 

Laurence Scott. 

Ocl Lee fiefoig 

July 5/I.IC. Electric ... 

Motorola S3 

Ja**, July Mufohead - 

ton. July Newman I rids — 

Mar. DcL Newman* Louis 
iNormand El.20p 


Mar. Aug. I 

Jan. Aug. 


July Jan.)l 
May . Nw. I 
Mar. Ott|l 
January 


JPeri'te-Elinerwq £95 


7.4 


EO 




V'ggMsCOn. 
Vfll»n(Connaiiy) I 


Oct-rWimpey (Ceo),. ( 


[ii72* 
1905 
7 72 
20.54 
• 23 37 
Iff 

13.:pt437 
.*.-.1 txsn 
2X5 10 69 

uia-f:? 

U12 li 52 

l: l: 0.29 
: j . 61 
3—i l.fll 

21 ri 1 66 

'ii'qtdl.54 
i-X!Tj 10.69 


Fetbow Hldg lop .. 

Philips Fin7|4«% | Mlb 

89 
269 
97 

85 

3»3a 
40 
46 
303 
532 
60 


ADVERTISEMENT OFFICES 

Birmingham- George House. GcOrge Road. 

Tele* 333650 Tel: 021-454 0922 
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Frankfurt am Mem 1. ' 

Tote' 416193 Tel 7598 221 
Lectf>: Permanent House, The HeadrtJw. 

Tel: 0532 454964 

Overseas aduertlseraent represenlatives Jn 
Central and Sout'i Amprica. Africa, tne M.adle c3sl, Asia and Die Far East 
For further ceiaiK. jicise ccntaci: 

Overjeas Advertisement Department. 

Financial Times, Bracken House, 10. Cannon Street, London EC4P 4BV 


Manttester ttieen's House. Queen StrteL 
Tele. 666813 Tel: 061-534 9381 
Net. V orU: 75 BotkefeHer Plaza. N.Y. 10539 
Telev 238*39 Tel: (2121 489 8300 
Pzrij 36 Rue du Serriier, 75002. 

7-.hr 220044 Tel. 236.86 01 
Tclro: Ka Sahara Biulding, 1 - 6-10 Urti'randa. 
Chijvjila-lu. Telev J 27104 T«J; 295 4050 


SUBSCRIPTIONS 


Copies ooiaiaabie from neu.?a perils and bookstalls «.v-rie»]de or on reoular subscrictia* from 
Sub^ription Dcpanmem, Financial Times, Lena on 


Jar- 

toy 

Jan. 

Apr, 

July 

Jul7 

Da 

Not. 

Mgr. 

Fea. 

Jan. 

Jan. 

Jan. 

Dec. 

.Mar. 

Mar. 


CHEMICALS, PLASTICS 


Kay 

Dec. 

Jure 

SepL 

NOV 

Nov. 

Apr 

Jidl 


Aug 

July 

July 

Mflvl 


Sept. 
Sept . 


Jar- 

Jar’. 

SeoL 

ton. 


IAKZ0 1 

Atoinate Inds,,.. 
Aifca Pack 10a. 
Ail'd Cotad lOp. 
Anchor Chem. .. 
Rawer AG. DM 50 
Blagder. Knaves .. 
Brent Owns lOo. 


SepqBnt Berco! 1ft*.. 


Bm TjrPtttlflp. 

Burrell 5p 

[Carless Caret 10p| 
Caialm 


iXpeCM.!?! 

T12.18 
710 .M3 17 
, :w t0.6 
HI? 12.11 


; 15 5 a 93 

1 1X12 1 if- 93 


JurejCfoaC L" 


FA 

Jar. 

Jap. 

ton. 

May 


May 


Ce^CnvSl w. 
|&>F« e «C* 53-95. 1 
CDaiiteChem.... 

JuIyfCMtes Br«. I 

Dc.'A NV 
[Cpry [Harfice) jv I 
Croasi« lOo.. 
Croda inL Detd. 
Crv$uia'.e 5p ... 
,ENi$ 6 Everard. I 
: Enalon Plaiti^. 

[Fann reed 

FijonjEl- — , 
Haittead(X)10p 


Jul 

June! 

jowl 


Oct 

Am 

Ja'yl 

to4 

Nov- 


12.90 
34} Q7'« 

2.1ft Q^J 
215lOa‘i"ri ft! 
HX’1 12231 4.71 


5^ 


UJ 
3 9l3J 


II {51*2 3*! Ml 


les. /day Philips Lp. FIO. 
tor. Ott PlftoHlo».20p.. 
tor. Ocl, Do. 'A' 20p. 

Illy jan. Plessty 50o 

lor. Nov. Pressac lop 

tnr. Ott Pye Hhte_ 

r P9. Aye. Ratal E feres.. 

lan. .hiMRedlHusion 

are. Ott BiSa/lev G.B lOp. 
May Nos.lSchdlesfGH)..- 

Jvtv Fet.lSony Co. Y50 ... 

October [Sound DUfsr. 5p.. 
Are. NOT.|MefLtSlon 5p ... 

Apr. Not. Do.'A'N/VSp. 

Dec. JundTcie. Rentals..- 

Mar.. OcLITtwn Elett 

Jan. JuMn9.5acCOT.9M4.. 

Are. . Dec (Th'ipe F.W lOp*. , 

Are. Ocl.lUnUech lOo 

del. Are lUtd. ScJentlfic.. 

Feb.. • Jta.hivanl&GoW.... 

Jan. Aug. WellW HW*. 5p 
Mar. Oct Westlnghouse... 

December Whitworth El. 5d 
Kay .Ott VWlesale Fig-ffln 
April |Wigfaii(Kj 


IM 

61 

40 

107 

130 

as 

134 
63 
65l> 
72 * 
20 
72 
327 
130 
32 

137m 
36 
13 
15Jj 
362 ' 
430 
430 
2itt 
15‘i 
29 
32 
26 
140 
£96 
335 
2S 
150 
19»4 
192 
393 
347 
81 
66 
329 

46 
9b 

144 

84 

75 

210 

£26 

202m 

78 

M5 

47 


36 

249 

366 

£102tt 

76 

174 

237 

96 

m ! 

m 

242 


2J0)5.63 
189 MJ9 
1311 dll 
, 21i tl.34 
303 t 7.16 
115 14.84 
Dll 1434 
2LS 353 
3010 1X64 
210 t3.45 
210 flJ3 
2X8 33 
, MJ -94 
2711 1512 
21£ 064 
HD d3.61 

3010 1.47 

M ~ , 

- 32%! 

2X8 2.75 
L’12 11.45 
D.li 11.95 
1112 t0.7.- 
?4 7 10.84 
210 1^1 , 
218 1kl.29l 
12« 1.1 
UU 938 
n Q8irti> 
2711 tti2.^5 
975 - 
12i F8 25 
DU 103 
JH5.5 
XU0( tfc.7 
u5.75 
27 U 1521 

3011 g3.45 
78 14.D7 

H7.U dl.19 
4 9 4.69 
H 14.77 
78 j.03 
<5 td2^3 
27.11 15.9 
26? &L0 
ILli 5.08 
30.5 K6-0 
4 9 6.76 
12i 12.87, 
218 043d 
2Uhd438| 
1W QSUld 
UU Q179H 
4.9 3D1 

30.10 3.01 

30.11 j.49 
30X1 3.0 

18.9 3 62 

as 1391 

27.11 4.86 
m 11.6 
2lfll852 

nan 
9i£ 


“SB 


218 
1112 
30.11 3 63 
2LE 4.05 
115 6.09 

78 2.3e 
16.10 dO.Sl 
49 5J9 . 

mmM 


XT] 53116.0 

UV 

8.5 53 
4.8 6.1 

7.7 7J8 

3.7 78 

7.218.7 

6.6 227 

6.8 6.7 
3.5 43 

7.8 


44 

1.8 

25 
43 

26 
4J 

li 

3.8j 

101 

20 

36 

4.6 

24 


3-S 

21 

21 

32 

.1.7 

27 

32 


3.0 16.5 
3.9 83 


61] 102 


fail _ 


1 

a 

6.51 

I 7 I 10 .I 19 J 

35) 1.1/15.4 


7.7 


152 
17.4 
166 
105 
12 2 
9J> 
6.0 


xa 

4.« 

64.S 

36) 

n.| 

It, 

3M 

3. W 
3-2f 
5-f 

4. 

451 


27183 

2516.4 
2.5 9J 
96 21.2 

7.8 IU 
X91X0 

3.4 045 
73 47 
5.0 76 

9.2 43 
52 53 

4.2 6.6 
L815.7 

- 33 4 
JUXf 33 
4.W 4.1 75 
2.B) 93 5.4 
»2 

331^ 4.6 

4.9 10.1 
4.9 6.4 
51 62 




I* 




u 


ZJJ 


Not. 

May 
July 

Apr. 

June 
May 
Ott 
Sett. 
Jan. 

Jan. 

S: 

June 
Dec 
July 
May 
Mar. 

Not. 

Ott 

a Pr ' 

Aug. 

June 
Feb. 

Ott 
Not. 

July 
Mar. 

Not. 

Feb. 

Ott 
Jan. 

Jan. 

Jan. 

Aug. 
Angutt. 

Jarc 
JuY 
Jai 
Nov. 

May 
July 

Nor. 

Jan. 

Ott 
Are. 

Jan. 

Jan. 

Feb. 


a 

JSS 

»tr. 

ton. 

No*. 

Mar. 

Dec. 

Are. 

Dec 

Sett- 

Jan. 

Jan. 

Mar. 

Feb. 

July 

Jan. 


2?J3 


3051437 


111U 25 


539 


1 27.UJ 068 


Ott BtacktP^HMgj 
Nm. Bodycote 
Ott BegndFtt'A’lflpL 
toy Boater . McC.50pi 
Not. Baat(Henry)50p' 

srs, » 

S'-fiSpR » 

Ott. ' Bww0L12Ot* 215 
May - Seitt. gengreeu. lqp. -1^2 

I Jan.' *■ iQ 
1 Fett Sept SB « 

Aug. v.'. Brtt.CbeT.lSii. 

— BriL Steel Const. 

Ott Bri turns: 


6,03 


ltX59 


U.42. 


e 


435 


Mar. PriestiBen). 

Dec PmorllteiflJ- 1 
Dec. R.C.F. HohSn 
Apr. Ralne Ejgrtg ld r _. __ 

Jan. R.HJ* 63 

Nov. R'nsome Sim. £J 170 
Sept. Ratrftffe irate... 90 
May 'faUdiffs (G.B.). 80 
Apr. Record Ridgway,, 56 
Ott R'dmn H'nanlljp F7i 

Feb.HenoWCI 

Not. Richards of Lpic. 

Aug.] Kch'ns WesL 50p .1 


m 






439 


210)867 


nu 

3.7 XLO 


,6-9- 
103)142 


207)127' 
S3 


43)3 2 


M 53 
M.5? 17112 
21 121 

Ifl 106 

51 1.7 
53153 
5514.9 
S.9129 
4.7 92 

15.0 

35 ifi 

36 

H 

4.0 

S3 
4.0 
831 


June Rolork 1U . 

Jen. Sanderson Kayser 
Ott Savflle G.)10pj* 

June Senior Eng'q 16p 

Aug Serdc 

Apr. Shalutsp're J.5p. 

Juiv Stew Francis 20s 

Aug. Sheepbridge 

Jure Simon Eng'g..... 

Jan. 600 Group.. ...... 

Smith (Wlin.)5p. 

May Spearttodcon. 130 
Mar.SpeocerClk.20n. 32 
July Spmcer Geres 5p 
June Spirov -Sarto. _ 

Not. St&trfte 20p .... , 

Jan Siavetey IndS.CL 
May Stone-Plall 

Are, StDUen&PUtLL 220 

btoy Sykes fHenry).. 71 

Ott Tace lap 25 

May Taytar Paflister 

July Tccafemil 

SepL Tex. Abras. 10p 
May Thyssen DmlO_ , 

Apr- OttTomHnjF.N.Sp. 

Feb. Aug. Triplex FNfrieo , 

May, Ca Tube Invests. £1. 

Jure rreriff_: 

Jure No*. Tv 

silaiia&i 

ton, Utd. Wire Group..) 

June Vickers £1 

Ocl Victor Products 

Aug. WG.I 

June Wadkin 50p 

Ott Wagon Industol 
Ml WafterfC.4 W.) 

July Warort.W.) J. 

June Warne WrighUOp. 

Mar. W ‘muck Eng. 2Cp. 

Jure Weeks Assoc Jft* 

May Weir Group 

SeoL Weilman Eng'g. 

Aug. W. &miSp’9-Mp- 

FeO. Westland...— 

June Whessoe , 

WwmjMulIO#. 

Jut* WMetn*Ge50p.., 

Jan. July Williams (WV*.! 

Are wine &janies 

May Won Elect. Tools 
Jan. WotaTy Hughes. 

Nw. WTnued Fit/. IQp 
Aug. WoodfS.W )20n 
Apr. Wh'seRbn lZijp 


|dL63 


53 

ntf 

\<M 7.01*43 
6.0 

IX^IQJ 75 


X9S 




06 


|W54) 


339 


f H MM* 


7.1 75 
* 127 * 
25 11. C 5.4 
26143 6.7 
X7 92 95 
-4i 45 7.1 


iv- 913 




lHlfl.ll 


Ilia 1556 


11-121524 


Not, 

Oil 

Jidy 

Apr. 

Apf- 

Oa 


uai^9.96 


1149 ^ 7.0 


mm 


'&UP‘ 




[13 Ji 1 


& 


*ss 


m 


tzr 


455 


3.03 


QU5 


0.97 


142 


1225' | 


123 


1069 


.95 


H85 


H66J 


26H +4. 




297)243 


MS. 


W59 


I3J 


lxa.dus 


2fflf249 


iia 


27X117.48 


163134 


24J) 0435 


2X8)236 



Dec. 

Jai. 

Is. 

■ May;- 

5®taai*^ 
ton.’ 

& - Fe 
Dee. • 

A: 

■ Man* 

to. 8ttCWsiftiTa0p-j 
m R^iCWaie* IdL 3%.| 


87} 65 

to £ 7 } 

31 7,1? 
5.0 .6 ft 
i37 83 
23 86 
5.7 W 
56 65 
1.1 365. 
BU) 


lOPry- . 

Ind. fcec. 

^ PVHL30p. ( 
Etson&RoWns- 
''bwtckH'perSp. 

' rtCorp.Slll£24lj 
For Empress see ' 
JEmraySp.^JX. \10» 4 
Febrowy jEug. lOvrl lOp. 27i a 
toy toWEsg.'CWpattos. 82 
Mar. NatfesKStnUZijs,'; Ud 
JBuelEuraTijriec— 122ij 
SepljEvodeJMgs.aOp 39 

. - . ,.. 

to regattfa^ Lawson 




, JFertretrian . 
KttJFlrettay{A.Rl.. 

.OiViriasHfesbp 

E rs l%Uel^> 

DecjFittKnltrei 

JanJFtet«loC.6.w,. 




,2XD .. 
1X12 tbX44 
7711 OM 
2 ti K14 
305 0.20 
1UI 7055 
7i 3.63 
7i 3.63 
rn 

Mil t4A2 
185 110.0 

OHS 

ux 349., 
.27X1 H0.991 
w 15)5220 

& 
T284 
i<Xl6 

f # 

7*1# 

oja 

:nsi 

asr- 

3.3« 



tojtfo«coi 


4.2 


Dec. 

Jan. 

Apr, 

FA 

Are. 

Feb. 

May 


FOOD, GROCERIES, ETO: 


9.4 


ENGINEERING 
MACHINE TOOLS 


toylAJpIne Soft D I Op 
June Ass. Biscuit 20 d 
S ett. Ass. BnL F’ds. 5p 

Ott Ass. Dairies. 

Ctt Ass-Rsherics... 
Sept. Avana Group Sp 

Wot. 8*Aj(SfcftWTC.)i 
Barker £ D. Up J 
Feb. Aug. B»v CA.G.)...., 

Jure Dec. SarrowMimno, 
My.-Aug. Bassett (Geo).. 
Fet - SW. Baileys York lOp 
Oct. " ""■' 


Apri 1 

Oct. Jure] 


0«. 


fAay, 


IMlOl - 

J«5.95 

L'di *6 
J3C :JirD67 

^ 06 


July 1 
■*pr 
■■Cay Not. 
Mar. S«L 

Dec. Juh 
Not. Mav 
April 1 


A.C.E. Mactanery 

A.P.V.SOp 

Acrcw....... 

Do. ‘A' 

Atfwen Group... 
wean Aluminium 
AlleriE) Balfour 

Alien W.G 

|Amal. Power ... 
Andsn. S'rlrde. 
Anglo-Swiv, ..^ 

ASbi Lm, 

tv Errti«n 

'Assoc Tccilinq.." 
Astra tnd'i. l£jp 

Aurora Hlds 

Airiiin (James). 
Averys....... 

fcjtack&W.J 
[Bailey (C. H.)^ 


115 

280 

112 

83 

290 

137 

55 

45 

134 

61 

29 

245 

7 

41qf 

27ia 

90 

104 

Z31 

153 


133343 

21^156 

16.10 fhU 
lt.lfi Wi2J 
X10 10.8 

- 9.9 

77.11 4 «) 
16.W hI 56 
30.lt t5.36 
Ab ftil 39' 
4'75 

lilt) M.73 
9M B- 
1112 t2 58 
241 1 15 
16.10 t5J6 

4 9 5.95 
16.10 * 75.9 


1X12 


2.9 4.5119 
4.4 4.3 7.4 
42 3.1 H.4 
42 4 2 8.4 
3 8 5.1 7.7 
2 9 IL1 46 
X7 11.9 (6X1 
33 8 5 4.8 
6.0 35 
5.8 (7.1) 


May 

Jan. 

Jan. 

Aw. 

S«M. 

Mar, 

Jan. 

Dec. 

June 



July Dp. "A" N/Vg. 
OcL Bluebird Conf. .. 
Mar. Brit. Sugar 50p , 
Not. BriL Vrarfo lOpj 
Jure Brooke Bond™. 
June CadbunrSch'K 
Jan, Carr's Milling. 

- „ Cart*en 20 p.._ 

Ott, Clifford Dairies 

Ott Dc.* , A"N/'V. 
Auu Culiens 20p..._ 
Aug. Do. M A"20o.. 
May Danish Bca.‘A'U 

Sept. Fh/ierfA.JSp.. 
5W!. Fit* Lovell 
Apr. Glass Clever Sp , 
U*. Htztewvi. ?. ?0p 



SeMjHiaartsX^r 


Hlttoof 


13W 

71 

?! 

7* 

r 

U3At 

82 

£ 

* 

74 

137al 

* 

ft 

108 

S 

122rf 

l»al 

V 

ft 

i 

I 


(27X106.7 
UXU tflffl 

jg 

at 16.70 
26i ttff.63 

“'*fP 

1X35.30 


immflToj 
27X2 94X4 
26C 1236 

1111 T*.0 

1X2 ±35. 
,13.11 til 
JUS « M 
674 2S72 - 


a P 8 


jsjfta: 

30.1b 3.09. 


« m 

17.4 194 
11X2 4.39 

jSfl 7X44 
m 48 
3DX 0.65 
?.( 4.11 

a«35 

jm 

27. 




.4#£B*0 

n aw 

U hi 56 
10 54 296 
10 56 286 

3 U 8J 5.9 
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iflsta : 

X31fl4 

2-3 it 

3.| 7.6 .- 
Sl 35 
5J 


S-JEWSSEIB 
ft ^StSSSfe * 

Nn- June &itborvs(SJ__. 

Ji^ Dec Gte*es^oto.J. 95 
Xm. Abj: G«toirlKj“- 42 M- 
, Mo^- tontttralOp 90 
Jan-' Oct G'axoSDp.^T. 5 is 
Dauber GnomeThutolOp S 8 

•to.- GomfflefiteCZ -jer 
toe Gramptsotfetss. - 56 
Oci.feranadei'JkX.tX 177-- 
„ GrimsJaweafe 67 

June Grovtfce«Gp. 5 p. 28 
Aug, HaJtanrSWgfti^. .3^ 
Aug HiknalOp.-^. 

to. Haraiboae lztop. ' .42 

to HtonstCp.^ 

JuN Haman Trust, 

Sto Oe^pcCofft „ 
toy Hargreaves 20 ^ 


Hartlriatedwu- 




tot tbI59: 
13.11 TUS 
SUO H6.94 
uxi 030c I 

few 

nti txi8i 
feu 5J| 
■24.7 HOI 
I8.S -fe5l 

■2Jt 4135 

pi! 

pi! 


Mjaatw 


39Jf tSF 

|7i Ip 



IpBkj 

teftsa 

im 







-413 J 

satlj S 3 

XM66 UX 


33 


Z2mm 


& 


S 7A 
33 
76 


8.4 63 

WB 

1X6166 

22 t? 

tl 4.4 1B2 
li 8.£ 102 
T 42 — 

J3 W « 
4.4 45 76 
52 '6.7 43. 
7,7.43 37 
56 64 36 
33 17 Z76. 
33 71 66 
4J1 7i 4.9 
4 J 5X 63 . 
4J S3 US 
Xre 6.9 li J 
1 


-. c- •:; 




Xtf 7.4(143 
XSlUM.0 

44 7J 5.4 
2.7 5.410.4 
92 11 93 
7.4 23 .77 
33 3.U 6.9 
■U 5A SJt 
2J 75 62 


?*-v. 


V , 


Miif if' 

































































’ey* 




371978 


Nod M., , 

W\ .(fait RdnqeSp— — 138 

Jan. V to R«aJ^- 345 

Feb. \ Oct. sHgFCrtwK*. 410# 
Qtt \ Apr. SHtWiM-™ 98 
»* JW).' I Jgiy Sm»ABfen»-£I 510 

g-rJ^ssteBS 

ft S, 

07 -tSS WMIrifJtor— 22p 


I NSURANC E — Continued 

l* .« .M. I 1 ?! B UIBIm 

ass^“r. is IHHISSIrli'a- 

May PWvldStt’W.. 145 

May DotfB".- 133 

MmPrwMialSp... 1 <K 


PROPERTY— Continued | INVESTMENT TRUSTS— Cent I FINANCE, LAND— Continued 


tat One TUI 

Wee e IM re fin m 


tat I Hf I Ira 
Pita d t Net CV Srt PX 


tat ki [ ru 

Pita d Net tCYi Er'i P/E 


.p- i . c i&s&y 't* v-'-^v - •' ■ 



and Gen. 90 2T.1U307 


- $2“ u" 1 &£f x iSV t >?&• ??L 21 A *-5 35285 May JCa-nNhaiirAlOp 303 3L2 103 4.9i 1J13G1 

2S-. - 5-° - M»- f«*' ?J!2 ttjQSW- 6.3 13 1 - Dk. Jmwtain.4 foreign. 101 30.10 f3« L2 5.4 24.; 

- 2 i — fj ar - §**■ g £159 1MQ&V< 6JK.0 — Apr. toJCapiuU Mat... 120 2.1C 4.6 1.6 5.7! 26.1 

’’■HIM - 76 _ Mar. Sent Do ltr-Cow.95 £156 m Qlfo 03 f6.4 - - fOo.-B" 113 Zil - - - 1 _ 


LEISURE 


„ t it 13 - 2 _ tangPrcwA'. 123 - u2.75 2.2 3 3 3S.0 — 70 - — — — — _ Mootovz {£» ... 58 - 

&J * ?4 + ®* . L -ZS I nve ’- | = ^ „*? W?S:2 1 1 3.6 37.1 Jim. DedConW-andGen. 90 27.11 3.87 * \ bA a (htrtr NM.C 19 24 7 1.43 1.6112 82 

- $2 “ & J^Land.^ts.SOp. 246 2711 MO 1.5 35 285 May ICa-neHaiirAlOp 303 3L3 103 4.5i lJJSGi - 375 - - - - - 

- 5J - to. So5;«:ta.?j. £189 1 |< Q5V* 6.3 f31 - Des. Juwlcan.i Foreign. 101 30.10 f3« 12 5.4 24,1 - ParamhelOp... Ul| 674 - - - - 

-St - Sfe’ J&9 06JA 63 ICjD - Apr. toJC«*iul& Mat... 120 210 4.6 1.M 5.7 26.6 to Ok. Park Place tnv. 41 1UG 1.12 4.4 4.l| 7.0 

rTSI*” I? “ Sett, toltrrfow/95 £156 IM Q1P% 03 f £.4 — — Da.--B" 113 2i| — - — - June No* Pfa^n{r*l&.Sor 212 2L3 6.E1 3.6 4.3 8.6 

JMf 7a Aft tK* ££' LawLand% LSI. 9-3 2.91693 Sept Mar.fcarfinal Dltf.,... 104 7.1 t3.% LIH 5.7 25.7 »«,.*. July St GewwlOp. 1 Z >2 30.10 0.49 1.0 5.8 252 

1924 | 2.4J 6.0(103 to. Mar ben|taaw50c 198 U2 Q25'i 1.9 3.9 8.4 Alp • to K*M Hw. 109 78 3,91 Uf 5.4 253 Jmj D«. Sart.fi. Merc. 'A' 91 2731 3.37 12 53 23.4 

Dec. June tai PTp* Shplflp 1*3 1321022 3.9 03 335 June DedCedarlnv 66 1311 Z75- LU 62 23 1 Nov. May &.E. £4i«pe Aon. £52 13* rllfe — 5.2 — 



Dec. June LcnPro* 
Apr. Dec. Lon. She 
Apr. Sept, tartan Hi 


jBaTV'A’... 84 




Eew^opiOp. 

HRfe! 



Dec. 

M - 

5.7 — Morler Estates. 35” B74l ♦— _ 

M „ — _ Mdaenieylto. 28 1M 2203 2.i 

11.9 Mar. OcL McKay Secs. Mp. 300 4.' L59 5. 

« MidtastWLUp, 48 47! 4 — — 

42 April Am, Mounttfew5p.. 9fM 1U2 tL34 6 J 
M J«- JuS HucWow{A.ilJ 324 1311 2.48 ZJ 

63 Apr. On Noiton 45 211 2.03 2J 


Un^MSljplflp 3« Ull DM 3.9 03335 June Dec. Cedar tnv 66 1311 2.75- U 62 231 Noe. May S-E.S^Ann. £52 12 3 *-i‘> -J — 

ImShgiProp 73 30 323 i 62 * May GUI U. he. a 356 15J Q15.0 « 9.d * March Ocl Smith Bros. - 56 212 H4.97 U152 85 

LaulgriHd9s.20p 129 7.B 23 i5 2.9 2»5 Do.Cap 62B 3*M j - June SuesFw.NFlOO. £48^, 3di (KM - 6 .D - 

MEPC 351 xi 3© U 3.E282 Auq. M». Cftarier Trust _. 52^ 261 2.45 4 724. ApnJ TWB.M 8 .Ta.In_ 975 J4«43te 1.6 i 4 

MarflwreughSp 231; - bcfl33 5.0 21 101 to. $*H C-tyaCanUne.. W* 18.' t!85 LC 9.3153 Apr. Aug. Wstn, Select- 27 212 S3 12118111 




93 June Ja 
7 Jt Jan, Juj 


45 21A2.03 b. 

92 2m ZO IM 3. 

120 10H73 Uj l 


— 44.1 — Do. C 

10J 49 — . City b _ _ 

l““ K. SSgSSSffl S i|«is illlal A “^ St "^ iS: l " 1”^“ I *4 »l” »E* | _ 

! 22 9 J to. SejrtJCtavfrtwoe5Cp_ 8 P 2 M.9 3J6 IB72ZU AM C * 

3.0192 - . Clifton InvslBp 7l 2 674 _ OILS - Acme* 25c 

B ^- lfc * C S^ e,m - § “*? “I 93 ? - ttABnBwwa. 69 - - -j - - ^^SSSS^ 

401 Aug. toOtoUSe^ML 2» 71 022 32 53 249 ^-bnuary Air^JOp 86 # 117 ♦_ - - - “ gJSffigSr” 

22.4 Fe 6 . /tog OMtiaeMl £ Hid. 3H7 MJ ft 50 5^27 7 to 3nL Borneo Itto. 158 LJ11 1j34 15 65 152 ^ Mavr« im cR.Oiinto50c. 

353 Dec. « 8 *e Cefltinfcnt’l Ureon HI 30 355 *2 4.8129.1 **■ ^ ^ n 18 ,? M 116 - ' Endeavour 20c.... 

— — CretVtJapmSOa. 175 M.7 — — — 2911 JaL July Oo. 8 % Pf.£l 6 ^;al 1112 56%«2.fllZ4 - _ c m. telwurileSl. 

— to. Aag. C«KSJ rifirs 78 ZL 1 3.72. 1 G 7. L 21.0 _. — . r ». ~ “ - _ Haora Gold N.L. 

— .Janany Cumulus Inv — 28 2711 0.82 13 4.4 349 Ftt* ^ ftli 5 ^ -- ^57 — Septentar Hamm n Are« 5». 

23-5 Fta. Aug. toa/lutiKOp) 4 Z 1 ? 24 7 t315 13114 11.9 .— ESjMig - ‘w 2 “ MflibEx 50 *’ 

b' '•.“■Sfl&.fe.a ^ « «“ A SESSfc^SlwSuiiii - SE-SS*- 


IB fz 'z : :T at_ 


- — Mar- to West of England J 531; U9U54 45\ 4.-0 65 
-I— — Vorkween lOpJ 14 131UH033 - 3W283 

7^201 Apr. Ao5|YideCaaol0p.| 67 ] 13^141 | 3JB\ 3.6] 7.7 

7JJS05 1 


MINES— Continued 
AUSTRALIAN 


75 Jan. July Prop.HIdg. & tnv. 320 107 H75 

93 Jan. Aug. Prop. Part ‘stop. 106 I3J1 H25 

Jan. JuWPropL&Rev.'A'. 320xd 1112 524 
Apr. Oct Prep. Sec. I* 50p 126 2 U tl3< 


Apr. Oct Prep. Sec. lar 50p 126 2 U tl39 0 

- Raglan Prop. 5p.. 5>e 374 - - 

— Regallan 23 «74 . _ _ 

Atafl Ont. Regional Prep.. 78 211131 2J 

April Oct Do.'A’_.„ 74 211 111 2. 1 

Jan. June Rust] A Tompkins 103 1311 42.91 2‘ 

DreemtHr Samuel Pipps... 91 13J1 fi.3 L 

ft*- -fin. SaLHetrep-Mp. 106*c 1610 H1.97 U 


H73 12 3.4 403 

H25 22 3.5 22.4 

524 L7 Z4 35J 

tL39 0.1 L 6 - 


— Acrwv£5c 

Nor. Apr. BosgamKiDeSOToN 

— BH South 50c 

— Central Pacific .— 


Second CrtylOp. « 109 hL75 2.8 6.5 61 Dec. 

Stougii Ests — 122 9.9 1230 19 25 295 Aw. 

_Da.ffl%C0M.-90 £167 11U Q10% 13.4 16.0 I May 

Stock Conversn. 292 7 0 2.03 53 Lfl 273 Apr. 


OILS 

ttArai Energy £. 69 - - ~| 

Auock20p 860 p.7 4— — - — 

3m. Borneo lOp. 158 13111654 15 65 152 
Brit PetroTiiva 930 189 122.43 3 0 3.6116 

00.8*4 Pf.£l 671sal 1112 i6%«U12.4 - 


tat r nr | ™ 

Price d j M jCtt far's 

10 - J - I 

128 143 108c 14 3.9 

112 m 


Cfflumc RKKinu 50c. 280 KilfOlOc 


— Endeavour 20c.... 

— G.M. KnlqoorlleSl. 

— Haara Gold N.L. 

September Hamotn Are«5p. 
— Meals Ex. 50c . 


— Co Cap.'SOp.. 148 - — — — — . 

July DRnhuon& Gen.. 286 16J( H8.5 1.0 68 23.0 

0£L Drayton ComU 11812 75 457 12 5522 2 

Dec. Da Coos...... 134 1331 52 13 5.8 22.3 

Aug. Do. Fa-Eastern 38 710.91 11 3.b37 7 


FtCluH Oil £1_ 362 - — _ _ _ 

Do. Cm. -A-.. 480 - 

IlClyde Petrol €1. SS - 1JB 86 1.7 &4 


— Neinnetal 20 c.. .[ 


1®2 — 

60 6'67 - _ ■ — 

2B — 

150 10.7 41355 Zi 35 

2«i - — — — . 

198 1610 Q9c 17 28 

15 - 

35 - — 

42 - - - - 

107 15 U 08c 13 4.6 


Nov North B. KillSCc.. 307 1511 08c 

— Nth. Kalojrl. 11 - - 

— Nth. Wert Mining 23 - 


.AIRCRAFT TRADES 


I- Ocl Sunley tB) Inv.. 264 ZU 438 OA 25jlBI.9 I Apr. Aug. Do. Premier-. 180 75 680 1.1 5-5 2S.1 
-■ Swire Properties. 44 - Qls^c « §3 * Nor. Apr. Dualm! lnc.5&i fill* S10 14.H 1111314.7 
eeiriwr rown Centre .... 74 2711 3.91 * lit * - . Do. Capital £1 ms - - - 1 


•to^er J SfiAf 5 J3 lUi ***_ N “ ^ II ^ 


Apr. Ocl Tcwm* City lOp- 24g0.01 — _ — Jai. JuMDuudee & Loo. . 6412 2641250 

Ap r- No v. Iraflordrark— 124 21W4.09 1.7 4.9166 April uMw^AaTst-l 107 \2llU2 

Wnher U.K-Propertr.- 24 .4^833 33 1118.D June Deo]=i£ n . lnv.Di.Hlj214 ~ 

to. AwilUtd. Real Prop. 317 30.M512 1.1 25 510 Jan. “ 

to. Sept. Warner Estate.. 349 15512.70 15 2.7 36.1 Feb. 




i saaq 

PeaklmestL: 


fs and Cycles to. 

L. 22 - - ■ n£' 

«s 185 1331 027.5c 17 75 63 * 

fc- ^ - - - 10.6 J«dy 

5: r.¥* 775 — — — 175 

W 231 M524 2.4 8.1 93 c 

j- £U>s ZfijjUQlzrJ ZM 6^-65 O 

w’crsf Vehicles 

I H2 Z 46 13.11 la 25 sw. 
W ^ 577 3 35 t* 2 a g ( i0 T Jan. 

K 117 MJ 4.75 * 62 7 

n M 2LBIW2J7 55 65 42 


U.tC Property- 24 -4.9 B33 33 11 18.D June Dec. EtCn. Im. Dt. £1. 234 ........ 

Utri. Real Prop. 337 30.1ffi 5.62 11 2.6 51® Jan. Ju^ EJectraliw-Tst- 109tf 133^1155 

Waroer Estae.. 349 155 12.70 16 Z7 36.1 Feb. Aug. Elect. & Gen— . 74tj 157 

Itemfordlnr 20n 347 ZLA y7J}6 12 33 483 to. Jub Eng. & Intenad. 82 133113.86 

Wstmui. AC'lyP. 27 3036 15 16 55 (Uffl OtL Eng. &N.Y. Trust 72 

W*mlnnerP.20p 25 TT5 — — — — Sept. Bar. Eng. t Scot Inr. 69 

Winston Ests..- 41 119 129 1-2 4.7 22.1 J» Sept Equity Cons J t£2_ M2 

Sept Do. DePd50p lSUz 


A 

4 l.b 69.9 
LD 4.0 30.2- 
13 7.5 20 2 

12 32 40.1 

13 7.0 20.1. 


- LASMO 135 - 

Feb. Aug. Lfi5«l«i!98m £102^ 107 Q14’» — e!49 - 

— LASMO "Ops- UJp- 410 - — - — — 

— ttegwiMetahlfc- 2 b — — - — — 


— Pacific Copper..— 

— Panconi 'I 1 

— Pa>imu M&E>5p.i 


* gsaac i sssassEsa $ whi* 


PrefrUer Cob. Spf 14% - —J—_ — 

Sanger Oil [ 905 I - I _ I - _ _ 
Reynolds Dn. lC-| 1%| — J — — — . _ 


Oct May [Wear. Mining 50c. 133 

— ]Whim Creek 20c.. I 55 


Q3c 0.7} 13 


E^ &nTtSa 72 71 oS 15 62 26 9 B* A^. RyJ. Dutch F130- £«%»< 1112 BUKC 2.4 65 7.1 

Eng . U Scot In* 69 49 ?44 1 a ^4 28 7 — Sceotre Res...— 590 — — — — — 

Equity Const £2 1 IM 247 T6.B7 2J 102 14.4 ^ iw ni M ■ 

Do.DePd50p. 131% 24.7 569 13 6.5 217 i*>- Aug. Do.7%Pf Cl. 62% 266 4.9% HE IL7 - 

Equity to 50p. 206 1331 2139 * 03 * ... - ^ t&25}2*£*- S, ,7, ~ , 


Automotive— —B 72 

Bk nelBros.-; 

Brawn 8ras3DpJ» 26% 

Dana Cora B_W?0 


J Lucas ItxD. 
iSapra GromlDp J 


to. Apr. 




May to. Fundlnvest Inc.. 35 13.11 2.69 10 115 123 

SHIPPING Oct ~Mar. SlSSimZIl 173 % 210 2.W 10 17 847 

296 17731119 mi 341 471 94 Apr. Gen. AfionWd. . 340 2JC 591 13 6 J 223 

M7 IniS S S S ri * *“3 Apr. Gen. ConscMtri. 83 24.7 J331 U 6.8 203 

187 h 9SS 7?J lSlio Sert._to.G^F D r ? | r 173 243 4.77 13 43 36.4 


— IWciOdslde ASOc-J 54 - - — — — 


T NS 

AorJAmal.NtoerU 2 

OtUAyer H-tam SMI . 31 

toBerallTin- * 


2 £ A“5. 

Muff 

to 

Dec. 

Jaa 
to 


, .. . ,132 2731 J4.97 05 55585 

* Oct Mu. Liners 20pJ 220 11U 538 23 35161 

— Mersey Dk. Uni sJ 34lj - — — — L5 

July MOford Docks O. 120 395 268 — 35 — 

•' * " 108 la? 837 261160.9) 

85 1331 6.64 05 117 P56) 

77 2J£ 03 - D2 - 

34 230 03 - 0.4 — 

60 27J1M3.75 23 93 35 


Do.Com.20p. 343 


24-3 1351 
24.71 4.77 


10 1.7 84.7- 
13 6 J 228 
U 6.8 2D3 
10 43 36.4 


OVERSEAS TRADERS . ^ 

b357 119.01 2.DI 27 April 


24 1S.4J 2B1 13117.4 

310 :iqQ3Mc 05 20.8 
56 EN 40 * 212 


Beriuntai SMI. - I 220 S.TjQllflt 


IGeevor 

GoWiBawL:ia>- 


355 7i H557 S» 54 
10 1074 - I - I — 


:. Gopeng Cons. _.... 295 130.101 11556 O.ffl 7.7 

Hoiwlong 312d 1L1212 5 ( * I 6.0 


— Honglong 312d 1112 12 5 *6.0 

May Nov. Idris lCp 73 247 *22 0 1.6 * 

— Jantar 12'jp 9lj 467 - — — 

— KOT.umingiM0.5O. 64 >2 1132 10125c 21 45 


to [African Lakes— 270 

Jan. Assoti Trod. B £1 345*1 

■j, , June AusL Agrtc. 50c 116 
Apr. toBemfertiS.iW.L 153 

Z T 1 Jan. July Botnnti {Ttaj 54 70 

nrf c Jm. July Boustead (lOp) 64 

fci— L*a ClnlM f laiMcV K 


Jan. Jnl|(Killinchall . 620 1B.7Q12836 *123.7 

April I’Jnlav CreJgmg SMI 345 27.li>Ql75c @.7|m9 



Da "B” 89 1331 - - - -. 

itemirray Inr— 73xd 1112 193 $ 4Ji) 4 . . 

Dp. *B' OnL — 72 - _ • - I - I - 


to. June Finlay [James). 86 
July Dec. Gill & Dutfus — 153 
Jum GLHthfl.CIO- £66 
Aug. Dec H'ric'ns. Cros. £1 487lj 


6 64 OlUlfui! Jalr ' JaL GklW,nv Ull^miHSS 12 7.^195 ^ hS^e£l > '" 297 

ill J* Gowftt Europe _ 63 2 13 1.4 4.4124 7 A 

ni " n a Mar - Sept Grange Trust __ 76 24.fi 1233 13 4JS32J- Jaaia ^ ?i 

mV* T-I S-!r, Sept Mar.GLtoth’nlm. 95^ 26i|t3.93 13 63224 net " A* ' 6 ? 

M3.75 23] 93j 35 Mach Greenfriar lm.. 88 ^ SLlji«7„ 2|«5 ^ mBSTcSS:: Mat 


SHOES AND LEATHER 


S ri P vfl a'Spas Ajf. Noi (N igerian Elec £1 2U 

7 R ,Fi? AL fa S'! SI- 0«- July 0 ^nWkrs. 20 p Tin 

Jufy DeaHananiS-™ 9»s Sll 3.81 L 0 | 55 25.1 ^ §« DB^ ^ NWlS 173 

July Dec. Hill (Phin P )__ 272 3030 18.02 UH 7.0 218 2C ^ 

Apr.^toH^HM,-*".. 73 U U 0 9.4135 SSTiSjft U 

June IcolundtS) 1 S®J 4 - Q 2 Dc - 10 - JjjJ Si ISbw? 1 *'* 190 

Jbne Do. (£)... 630 - 09.49 - 1.5 - ^Tn^rk^'wv,' ™ 

Dec. June Industrial & Gen.. Sit. 3335 fL7S 1.1( 52 274 ^ 

SepL Mar. Intemei'l lire— 73^ 21i 12.66 l.V 5 A 31 5 S' uaS l S£?to n I 

Sept Apr. I nt. in Success- 15p 7.1 2.94 11 ^ 2.8,523 ^ J n5?rJ^S 1 ;£ P Vi 


15 305 33 31 — APphang.. 

03 5c 13 19149.4 Mar. Se«.Pe-igfcilenlOp._ 

•i ' 55 June. Jan PeiafinqSMl 

d Mar. Oct Sami Piran 

10.9 February Smith Crafty lOp 

45 Jan. July South PmaSMO.50 
9.7 June Jan. Sum Malayan SMI 
7? B — Sunoei 5«i SMI 

9.4 — &jcmne Carp. 5M1 . 1 

fi.4 May to Tan|Ongl5u f 

7.4 SepL f/lar. TorwHan Hrtv. SMI 

3.4 A|r. Oct-lTranohSMl 


. Garages and Distributors 


July FebJAIIebone 10m* 
Sept FebJ Booth (Intn'l).. 


L AprOtAdams Gibbon _ 7% 21H4.42 3.W 921 5.4 April Den Footwear I ms. 

— Alexanders Sp- la 3*69 — _ — 204 Oct Jime GaroarScotmalr 

to AppfeyanlGrp.. 8 m 21C M654 25104 7 2 DecenAer HefldfeuvSunsSp. 

AogArikgtm Motor. 107* 1112 7.87 25110 42 Nov. May HUtcnsSOp 
Jubf BSG InL lOp— 38 13aifi t2J6 3.4 25 34 June Dec.KShaes._ 

. Mar. Btafct Graup5p. 36 %10 Ji 1L4D 40 50 54 Apr. Oct Lambert Hth . 

— Bramafltanj. 80 felt df45 33 8.4 45 Apr. to Nertotd&Burfn. 

-Nor. BdLCarAKtlOp 51 S31 2 51 23 7 4 26 OcL April OHverfG 

. JUfrC.G00LMp_ 22 lf.7 TL44 22 9.8 6.9 J*- toPiHwdE, 

JidyCafiyosSOfi-- 105 fei 1650 23 9.4 l.ffi Feb/ Aug. Stead & Sim 'A 

Sept Colmore Ifivsi— 32i?af 1V2 d241 13 111 (M Mar. Nov. Strong & FI sher 
•JTJSp- 44ia iC 14173 45 50 Johf Stylo Shoes.-.. 

Godfrey-. 9i 27JE j32 58 5.4 36 Sept Apr. Turner WOE Up 

to '. . 76 41 '153 28100 62 S«L May Ward White 

nForshaw 46l 2 Illll285 3.6 93t33) Rtaiary WearralOp. 

(F.GJ- 49 107B55 64 4.7 5.0- 

fSJSSfe. § & n si SOUTH AFRICANS 

106 RU Tjto 57 90 33 ft* SeptlAhercom R030 1 90 
Tmsri S 266 I^L 3210.4 II Sept. Am. In. ^Rli 525 


& 15,20,6. 


«rb m3 7 o n * Apr. Dec. Do. A'N/VlOp 173 

V q I® t! 


!Dc - LM - 
L49 - 1.3 - 


May toJbSime ratty lto 94 , 
Jan. JumSleel Bros.. -Z) 190 130.2 


«7 g o Jufy Mar. Investars* Cap. . 74i 2 155 tl67 11 3 4 41.1 
24 43 to totflneJapaa- 154 3.-! 006 12 001475 

75122 Mar. sepL JarSne SecJI^ 87 16IC tQ47c 11 6 315.0 


APehang.. 43 Z7J1 - - - 

PengMenlOp— 60 30.10 660 13 1&4 

PeiarimSMl 21Crf 1112 0120c * 123 

SemlPiran GO «.« 1203 6 5 3.9 

Smith Crafty lOp. 59 10.7 t439 2010.9 

South PrUSMO.50. 165 41 IsflHSc 0019.4 

Sum Malayan SMI. 275 2731 0190c 10148 

SunpeiBesiSMl. 200d 1U2 mQ65c 53 70 
Supreme Corp- 5M1 . 65 974 ZQXOc - 33 

TanpmglSu 103 24.7 600 00 90 

TorwHan HrW. SMI 85 1232 E58» 0.7 -9.4 

fTranohSMl - 195 2U M 88 c U t 


— Jersey ExL PI. Ip 158 
No*. June Jersey Gen. £1. 221 

May Ott Jos Holdings 48 

to to. Jowln-r.lK.10p 461 


RUBBERS AND SISALS 


COPPER 

June Dec.|Me 5 sira E0.5D ...| 56 |12L!|' 

MiSCEL-ANEOUS 

— Burma Mines I7Vj> lij rnj — — — 
Ann. Feb. Com.. March. 10c. 170 3^iD30c 26 t 

November Nonhgate C51 _.. 370 30^ — — — 

Jan. June R.T.2 22B 30jd 95 20 62 

— Sabina Inds. C31 . 40 — I — — — 

- Tara Evptn. SI .... 712 - — — — I 

October [Yu Von Cons. C 51. 170 15.9| Q7C 2.9{ 20 


013.0] 5.9)14.4 

L39 1.1 7.4 28.0 

1.55 1JJ114 12.2 


July Dutton Forstaw 40l z 133 
Gates (F.GJ— 49 11 

GlanfteldLaHr. 33 3fL 
Hanger lavs. lOp. 49 17.- 

June Harrison TOL-f. 106 133 

July HartwcHt 106 133 

Aug. Apr HeflJyj20p. 125 26i 

April Heron Mtr. Grp.. 112 2LI 
June Hurst (Dories) 83d ILL 


29 1 24.7]L45 1 ol TJ] * ^ Frt.KnSefe.50p 134 ri 1112 65 * J. 

Not Juil Lake View In*.. 87i 2 Bll t2.44 13 4332.1 


— I — — — — August Anghv Indones'n .. 


Pdce l^\ S IcwlSJ GOLDS EX-$ PREMIUM 

I 8 ' K | vrr | or i lamiBn ipotztlonc for selected South African gold mining shares In U0. 
89 I 24.7(279 | 4.71 4.7 currency asdutfing the Invcrtmert dollar premium. These prices an 


SepL BertamCons-lOp 303 1M305 Lfl 50 aMila “ e to 10 navUK 


. March Lane. & Lon. Inv- 43 273 133 L1U3 226 June Bradwalf 10p 57 25] 41.73 10 4.5 Aug. Feb East Me Pi - ,975c 

Apr. OH Law Debenture. 101 Z3J t457 111 60 21.1 Apr. to. CastlefieWlto— 235ri 1112 335 * 2.1 Aug. Frt. Eii Raw) Pm Rl.. 375 

60 — Land Stfg. (tesJpu £114c - 274 — J — — Nov. June Chersonese 10p- 47 2JW ^0.4 12 4.4 June Dec. F.S.GetlildMc... Sl?i 

5.7 Aag. Ftt. Ledalm.lnc^ 38 70 1281 131013 252 May Dec Cons. Plants ifo- 37 210030 11 83 June Dec. Shnes. Brand 50c _ 5J1* 

* - Do.Cap.5p— 23i 2 - - -J— - Jan. Aug Grand CertrallOp.. 1U 2 12Md06 03 75 to to. SL Helena Rl-.... flP, 

13 Jamanr Le Vallonet In*. 31 2i tfL52 50^73 i Apr. July GuLhrietl- 327 123 gl5.0 12 7.0 Aug. Feb. SuHtwieinSCc .... 455c 


63|226 June 


Kmnpg Mtr— ; 7lh 
Lbc ServiwGrp- 79^ 
Lookers-— 60 
Lyw&Lmo^: 76 
MawN 4 .Gni 2 Dp. 2 ff 2 
Neln Davd5o. 8 


83nf ILL 
40 133] 
71»2 11 


Melsnu Darid5p- 
FemaBCm.'Mp. 
June Peny(H.)Mtm_ 
OcL Udi(N.&J.))Qi- 
tae of Leeds — 
Nov. WadhamStr.lOp 
Jul^Western Mb'—; 


2», - hlU i 13lil2 99 Mi V to. (Tiger Oats Rl„[ 535 I 4« t452c | 3« 

a 2 1072 -U- - 200 to tojuufaec 1 49 | i^oim*! U 

E* inn'H Fa it texti les 


37 4*9 6.7 Septette 

loia? II ^ 

40 7.4 31 *£■- 
37 84 « March^Sept 

DiuB K m 


Gald Fids. P. 2>zc 48 
Gr l trrms' , A'50c 130 
HuietCsCpaRl- 102 
OK Bazaars 50c 355 
Primrose lOcts. 57 
RsToeimri^Ot 345 
S.A. Brews. 20c - 56 


! 7 2 5.7 Aafl. Feb. Lcda Inv. 1nt20p 38 

6.2 * — Do. Cap.Sp— 23 

9 2 23 Jareanr Le V 2 llonet Inv. 31 

170 30 Dec July Lon. Atlantic— 65 
90 55 October Lon.&GarL50p. 71 

50 A Nov. Jtdy Lnda&Holyrood 110 
124 33 Jane Jaa Lon. & Lennox- 501 

117 28 Feb. Ocl Urn. & Dv. lOp 26 

50 4.4 Apr. • (kt Lew. & Lomond. 72 

120 67 war. Nor. Loa& Montrose. 179 


Bird (Africa) 

Bradwalf lOp „ _ 


70 1281 10 111 112 May 

b — — — ( — — Jan. 

25 tfL52 5.3 75 4 Apr. 

2731 H35 Lffl 8.0 20.9 April 

4.« s351 27h.05I.4- Nnv. 


23*1. 
1312 35' 
2301 *hl 


rU T.l T- Fob. Aug. Buffeli Rl.._ 


27 101514' to. May Hight 

1.0 50i5O0 Apr- Nav. Kuala 

10 5.0 305 Jan JilyttKul 


GuLhrietl 327 126 glS.O 

terawWy.&LlOp 104 109 d4 0 

Highlands M50c.. 208 3.4 t225c 


r. NovlKiale Kepong M$1 . . 69 21i QU’sc 15 3.9 

n JulrittKuliinMHfc 4S ; U32Qll£ 00 50 

October Ldn. Simatra lOp 185d 1132 M60 15 40 


*hl4 12 4.4 June Dec F.S.GediWiOc... Sl?Js 

(J3.0 11 81 June Dec. Shres. Brand 50c - 5JU, 

d06 05 75 to to. SL Helena Rl-.... HC’-g 

* yc n I? yn Aug. Feb. Stilfonieln 5C< .... 455c 

10 13, go Aug. Feb. Vtal Reels 50e._. S18 1 ! 

02fc 1 2 5 0 Feh - A « We-s Drie Rl SS2 ' 4 

DTTlU U x'q Dec West Wins. 50c.. S2P 4 

lllJc 00 50 Feb ‘ Aug0N«te‘n Deep R2 SlOi 


4> 180 
* 150 
Q190c * 216 
t022c 25 50 
Q115c 35 73 
0585c 17118 
0=15c * 215 
24 9.1 


S U ' — " 1 ' 

33 Sent Mar. Aided Textile— 1 146 
70 Jan. Aeg. Atkins Bros.— 49i 

30 Dec. 'Jpr? Beales (jj 20 pl 77 

friay Nov. Gedaiao A IGp-i 76 


NEWSPAPERS;. PUBLISHERS -Ig 

AugJAs5oe.News_„| MB 12731(15.? J 44 57( 67 — ^TayGrpSp. 


60 5.7 33 
17 50 93 
- 4.1 - 
3012J 3.4 


HS 
a 

*9 5 

||S. * 


May Ocl 



5) 80 ■ to BriLFnS&fc 1ft 

0 37 Apr. SepL Brit. Mohair—. 50 
. 9 ] 87 Feb. Aug. Buhner L’mh. 2Qa 49 
« gjt Jaa July Caird (Dundee). 21 




(April SepL JWUson Bros. 20pJ 43 


33 M9I £ 

23 7J193 fee Mi 
29 5.1k76 to. . 181 
29 53p55 fekter 
14 5 SA 3 fep J« 
35 50l 55 OcL M; 


aird (Dundee), 
npets loLSOo. 


100 67 

— — ft^" 
&2 M Sf- 

oc an hen. 


Nov. June Lon. &Pmv — 

Dec July Lon. Prudential 

to Dec Lon. & S'chide. 

June Dec Lon.Ta.Dfd._ 

June Dec Lowiandlnv 

Sept MadMlCftaUiclOp. 

— DaCap. l(fa!. 

July Jan.DD.MQ8nc.lop- 

_ Do.C».4p— 

J*. 0mettaa.&Urtop.lic 
! Mar. Sep. MeMnrni In*.— 


(244 U 5.(7,205' Dec. June]M 2 lalioffMSl..-. 
5.9 1.0 4.9i 29.9 November Muar Rrwr 10p_ 

3.45 10 4-330.9 to Nov.iPMaSos HUgs. fflpl 
289 16 5.7|265 - Riahtwise 10p„. . 

16 12 6.021.4- March Sungei Krian 30p. 


Bill H465I lOf 6^230: 
m 23 ifl 6.71217. 


.76 3.71 82) 5.0 
16 I 3.91 90| 40 


QiMQsnciDp- 74al 1L12IH5.75 KH116140 

Do.Cap.4p~ 21 - - -I 

to&U«bop.lne- 68 3Q5 — — — — 

MeWnimlnv. _ 44 247 188 1(H 6.4 229 

Mercantile lnv_ 33^ 2U 127 1« 4.9 224- 

Merchants Tst_ 70 1&S (2.9 Lffl b.2 26.4 

Monks Invest— 111? 162 11 53.25.2 

Mont Boston 10p 50 34 009 Ud2r.46.li 


64 2733 h015c 19 5.4 

61 210 *0.43 3.9 17 HOTES 

65 230*5271 10 SI 

119 — — — — Unless otherwise indicated, prices and net dvMends ate ia peace 
84 H3]*hl52 L9j 27 and denogtotipiw arc 25a Estimstcd price/tanwigs ratios and 

cavers ere baseden latest annual reports and accounts and. udiera 

S possible, ars updated on half-yeariy Hgum. P/Esei*calndatedmi 

the basis of net shlrfbotion; bracketed figures indicate 10 per 
cent, or wore dHference If cstndsted on “nil" ifistributJon. Covers 
ina acssh *• tased en "mtriwn' distribution. Yietels are based an ndthfle 

prices, art m, etSIwlKt to ACT of 33 per cent and allow for 


Trip . possiwe. ars updatec cn uir-yesiy figures, p/es ere camtatets on 

i tA5 the basis of net shlribotion; bracketed figures indicate 10 per 

cent, or wore difference If cstpJcted on “n'd" i&sMbutfcm. Cams 

India and Bangladesh are based im -^^-diririhuttoti. YW* art tasediw mSWe 

_ . . _ prices, sre press, eit|u5l?d to ACT of 33 per cent and aOew for 

December Assam Dooars£l.l 248 |3L1W 19.65] 5.9( 50 value of declared d-.stntautiDm and rights. Se cia lt l es vritb 

March Assam Frontier EL.J 255 |103Oj 10.13 j 441 5.9 dmordnatloas oHier than sterling are guoted inclusive of tta 

Seplente Assam Invs.El 99 | lfl.9j7.ll (3.7(10.? iovestraent dollar premium. 


to to. Carr'gtn Viyella 33 IM t213 2JB 9. 

October Cawdawlnd— 34 247(146 I 1.9TLQJ 

Dec. Jtme Coats Patons— 69*2 llll] 1331 1 3.l| 7.: 
Corah 36ia 


6.0 W Mar S 

4.9)lL9 X . Jrih, 


Mar. SpptJCourtau!ds. (129 


. Sept. Da 7"6 Deb 82,7 £7B4| 7J 
July Crawther(J.)._ 34 12 

SepL Dawson I nil 89al 111 


1331 3.1 7.1 5.1 

15 90(51 - lDo.Cap.tl.-. 

VrSl ,Si M - I Do. New Wms. 
07% 287 eDJ - ^ ^ h 928 Invest 

Sto Ten? « to Dec-lNth. Atlariic Sec 

hr/. q C-t U.7 U L-. Iter IkUhn Anwlnan 


Feb. July Monks Invest— 311? 162 11 53]25.2 

May Mont Boston lfti 50 3/ 009 12 27^46.1 

— Da Wrrtx .0 28 - — - - — 

Jan. Sep. Moorgate Inv — 97 m 1388 LB 6.1234 

Aug. Mar. Moorakie Trust. 95 ZU 14.82 LD 70 190 

March NegttSJLSUSl. 885 375 tils 0.9 00 975 

Apr.Jy.OcL NewThrog. Inc 19i ? ZLI 156 10 12 P 121 

- Da Cap. £1.-. 131 - - _ — i- 


11 97 JST 1 November McLeod Rnssal£l- 225 

_ _ i May Nor. Moran £1 330 

iB 61i734 Jen. . Juae Singlq Hldgs. 10p 26 


5 2! 85 5 e:> . SepL Dawson Inti 89M 

f 7 i _ nr!-. Sept Do. ‘A’ 89nl 

92 6.9 Feb- Ocl Dixon (David)... 114 

136 72 to. JidyEafyfCJ&M 1® 32 

45 60 J»t Foster (John)... 49* 
40 7.4 Apr. to. Haw.hs (J.) lOp 193 

6.4 6.7 Apr. Nov. Hkimt ,° , 'T 50 p. 11> 

95 60 July Hleld Bras. 5p.. 

3.2 100 Jan. Aug. Hlghams 5te 

35 7.4 Mar. OcL Hollas Grp 5p . 66 


— Do. Cap. £1— 131 - — — — j - 

- I Do. New Wms.. 27 - 

Aug. Dec. h928 Invest — 66 >s 1311 thl% l.P 6«223 
lay Dec-lNth. Atlantic Sec. 86 ^ 1311 5.07 10 54260 


JNUui. American 


aeweroer sssam invs. Li .... t» oa i.ll »./ iu.t investment dollar premium. 

Mar. SepL Engxre Plants 10p„ 24^ 17J£ *1201 16 122 

— Lawrie Plants £1. 335 4.9 bl5 — 6.7 A Sieriing denominated sea-rities which inctade InvestmenrdBlIar 

November McLeod Ro3al£l_ 225 2JD 135 20 9 D premiiim. 

May Nor. Moran £1 330 KOO 150 12 60 • "Tap" Srocv. 

Jan. Juae Single Hldgs. lOp 26 2011 + 11.75 5210.4 * Highland Lo*s mari-ed thus haw been wfiiKted to allow *or rights 

Apr. July Warren Plants.— 112 26i h7.44 4.9 9.9 issues tor cash 

Septaito WIIDamsai £1 156 18.9 125 4 2 120 + Inwrim since increased or reaimed. 

$ intami since reduted. passed or deferred. • 

Sri Lanka *4 7 a*-tree to nwvresidenu. on anpUtaion. 

Apr. Eept.|Lonuva £1 1 227 [ 13J(S5S [15(3.7 n uKTku'^T Ma ” W ' 

P Pncr* at lime of KKoersian. . 


82 ~D 7S190 H 7 - JoMWarren Plants.- F 112 2tflh7.44 4.W9 . 1 

09 oijinl Septonte lWUDamsan £ 1 .-| 156 | 5^125 j 4.2jl2i 

* uuhn m Sri Lanka 


ZUBABI 1.M 4A‘302. 


Africa 

..._.( 155xd 


6.5! 65 Aug. Feb. H 


3.'6l 97 (OcL MarJllK?3i"M.20p| 29^(1113 tl50 1 5.8| 7.61 19 
5^ 6.9 Oct Mar] Dbl'A'TDp— SPari Uj|4l5D 5.M 7.ffl 20 


i J 40 


Kf | j"w s^P^i'ute?: 28 uisr rar 

txn* |r hj l-S tofl. Feb. Raeburn 116 266 t3.76 ll 4.6g70 

iK Feb. Sew. Reahroak Inv— 35 2JC 174 13 53013 

?S?r to- Ocl Rights 1 1st Cap. 29 3.4 052 _ _ I - 

f. IVf Mar nurlUur ITm. 7 ID BOR 17 7 -shod 

5.0 70 IS 


*1264[ 4 | 
*132 1 2.«| 


CENTRAL RAND 

— _ [Durban Deep Rl- 1 285 | 675( Q50c 1 - [11.3 


| Jar- Aug. Ingram (H.)j 


. PAPER, PRINTING 
ADVERTISING 


Jum Jaj. 


Jnty Jab. 



to. to JeramejHHgs.)- 50 16 

Jan. July Leeds Dyers — 64nJ II 

Novente Leigh- Ml Os, — 23 -2 

— LevexSp 10 1 

Apr. Darj Lister 5M U 

8.71 55 Jaa JoMLytes(SJ20p.. 66 2T. 
- May Dec. Mactay Hurt-. 44 2 

9.9 Apr. OcL|MacUtMxi£st$ 53>z 31 


9 indicated divdend after mnding scrio andfor rights hsue: cover 
* reUues to previous dividends or forecasts. . 

1 4 Merger bid er reorganisation in progress. 

+ -f Not camparatile. 

* Same Interim- reduced tinitf and -or reduced earnt ucs tndcatoiL 
i Forecast rtinderd: cover on earn mgs updated by latest interim 
staifiwn. 

J Co-.er allows (or conversion c-f chares not row rariblng tor dMdendb 
o' ranting only tor restricted dividend 
- Jt Cover dots mu aiLw for -uurcr which may nbo rar^ for dvfdend at 

2 a fin-jnr dale TJo P-E railo iKunlfv provided. 

■J V Excluding a final dividend declaration. 


9.9 Jaa J-Jy Martin (A.) 2Jp 

1.7) Nov. June Miller (F.)10p. 45 161MK102 35 5.4| 

5.1 Sept Apr. Montfort 70 101 t304 22 70 80 

42 July Dee. Notts. Manfg- 139 161t t379 5.1 35 71 

49 Mar. Seta Nora Jersn 20p.. 40 ZU tl.5 0 0 5.7 470 

63 Jaa June Part-land *0’. — 76nf 1132 W323 71 6 J 20 

3.0 Jaa July Pickles (W.)i Co. 17 1610*1.7 21 * 1L7 

14.9 Aog. Dec. Da 'A’NV 10p_ 9 1610 ±0.7 21 i b.2 

105 hpr- Jidy Radley Fastnons- 52 Z7.ll 431 J 124 * 

51 Mar. Oct Refiara* Knil 20p Sll 2 ZU H355 3 1 JOJ 4 0 

7.0 to Nov. RlchadslOo-. 2l£ 155 115 .84 

73.7 Aug. Dev. Rivfraon Reed. 61ir 126 M4.49 25 1L4 4 0 

92 Mar. DcL S.E.EX 20p ... 71 2LS 104 9.8 3.9 42 


: 51rf HJ2 dLO 7. 

(2) 20p .. 66 2711 4.99 L 
ay Hugh-. M 210 d335 0.' 
tnxxi&rtf 53h 381 167 St 
!ti(A.)2Dp 89 155 73.76 4J 

r(F.)10p. 45 1610 H102 3J 


(OLD 7JH 3.(H 6.7 

4.99 L 1 J 113 I 110 


- RoHnco NV F150 . £43 1075 s— — — — 

— DaSu0Sh , sFl5 427 1075 s- - — I — 

Aug. Mar. Romney Trust- 84 217 269 11 4JS24.8 
Anr. to. Rradlmond Inc 56 210 1424 LCHJI135 

- Do. Cat 74 - - — - - 


EASTERN RAND 

Mat toJBracten 90c ] 70 | 18.<4 Q44c 

Febrcary East Daoga Rl . .. j 24 7.H tQTOc 

- E.R.G.O. R0.50 ... 288 -iFOSOc 


June Miller (F.)10p. 45 3010 H102 

Apr. Montfort 70 105 f354 

Dee Note. Manfg,- 139 ltlt t3.29 
xspL Nom Jersey 20a. 40 Z1J tl.5 . 


0335 0.9 U2 152 
107 5.4 4.7 70 

t3.76 40 64 3.7 
K102 35 5.4 8.8 
t354 22 70 80 
t329 5.1 35 71 


RofJstWdla50p'. 196 Z7.lJf7Jl IS 5.4aL7 H'lSSSo? 06 oKn 

~ TegtanfM.. 73 |13^| 4.0_ Loj 82(17.7 SSHHSfflS? Z “ £ Jg* jjjfj 


m g 


Sep. Dec Rothschild la 50p. 196 
Dec. June Safeguard lnd„ 73 iw^i -».u ■ ^v> 

Dd. April St Andrew Tst. 112 2LH 1457 l.i 01 26.4 fSSJbSSSJSS on 

Juhr to.StM.Are.lm.50p 79 5fl 1264 LOi 5.0 30 S Aug. FeflManewto R0.25 . 

Mar. Dec. Soot. CMies ‘A* . 162 27.^074 ® 01^ * . — eu. ?/.5 , ISi L AsS e - 


a Ta» free, b Figures based on prospect in or other nfficW 
RAND esnmau c Cents d Ci“i*nd rate paid lit payable an part of 

1 “ casual, cover based o-i diviilend on fun upiUi r Redemption ytefd. 

70 1&3 (Wc 1.4)37 6 1 Flat ytohl. o Assumed tNvdend ami v-eto. h Arsumed dividend and 

24 7.8 tOTOc 1.2 49.8 ywh* ai'er xnp usue. i Piymrm (nm ipoiiai rouices. k Kenya. 

88 — FQ50r —134 m ln 1 w 1 m higher than previoir :jui n Bights issue pending. 

98 2b b Q38c a 25 5 9 Famm« based an prtiiminnry finnre-. v Dividend and yield exclude 

! 6 fl 169 Q 55 c lfll 2 b a paimert t Inn-.satco iimrdrnd: wner males to previous 

51 16.5 021c 12 24 b tmidend. P £ re-ir based an iate:» annual earmags. u Forecast 


i 08& U nit 


Scot European. 39 30.1H152 


fa we to to. Wlidtelhrislt Rl -. .584 MflQJZfc 
40 315 ( - WiL Nigel 25c— . .32 8741 _ | _ 


FAR WEST RAND 


Apr. Aug.) Seal. Western .. 90 Hi 1223 0.' 

- ScoLWesta-B'.. 88 — — — 


Frt. Airo. Gtyvoor 25 I 

Feb. Aug Srnfels 

— DeeiLraal RD20.. 
Feb. Aug. Doomfontem PI . ( 


' 1 1 • I Dividend and yield based on oropecuis or oiher ofTicial esJUnales for 

r _ 1979^0. G Assu.wrJ dividend and yKld after pnntCna scrip and/or 

RAND nnnis r.sue H Divio* sn ,wd yield based on prospectus or other offtcla] 

wtinulrs tor lOTB-TR K Figures toiseu on preseectus or other 
302 rb.HjCi62c 16139 eirical e-turviiK for !g 7 F.. M D-.iMnd and yield bawd on prospe ct us 

890 ibWOlPOc |> 1A.B or reher official estimate? 'w 19T3 N Dnriend and rieto based on 

89 17.4 _ _ — prowetus or ether ef'iciii e-thnaie. lor lW P Figures hmsd on 

236 26fl Q5flc 23157 pre peauso/ m-er afiirnl "s;in».rr- for 107 R .79 ncirxs. TFigioes 


u*. ri-r J^rmTFiflhflrravi 44 l? 7 Hi r? 7 R 2 5 l 9 <8491 I ft*- fei Sec AIBaoce Tfl. 378 <^03? 0.« 5.3 312 Aug. Feb. Ear. Drie Rl 6 B 6 J 266] Q115cl * (195 assumed 3? ::u>i to *.re. H YiHri b-ecd on asungxitn 

iiL 32 SfJffg Zyi I Jan. Sept. Set Great Nlha. 80' j 1310201 10 3.7 39.7 - Elaadvand Gld. 20c 215 - - - Treasury fcdi -.tor u.utwuied un»r nw-.ur.ty ol stock. 

Sept Jaa )Sekera lnt,10p. 34 2^67^85 _ . dp. “ 8 " 77l|l IM - - - - Aog. Elstarg Rl 77 206 023c 10110 5 ..... .... 


^jlJuly.- Feb. 


72 | Anr. Aug. Do. Pnv. 0200 . 3V* 


— (SPLIT Cap. 20p..[ W I - I - — — - Aug.lWentersMB Rl — I 146 26flt025c 2.^110 


Ahh-rsiasiorr nie-- dividend, a e> scrip isjue. «re» rights: »s ex all; xS 
capital di-.lribj-.irn. 

“ Recent Issues " and “ Rights " Page 10 

Tbb service is available to every Company dealt in on Stock 
Exchanges throughout the United Kingdom for a fee of £400 
per annum for each security 


ilvhio REGIONAL MARKETS 

315c 2.4 13.0 7h<- Following is a sc Inman nf Lonaw qucuUons of shares previously 

,-r T n II«c3 ( OnJi in rcglt-rjl marsrU Fnci?5 of lri-V> issues, moa ol whldiars 

JJSC iU 11 > no! clf-ci.-'lly listed in Lc«*on, are as quoted on the Irish exetaage. 


TOBACCOS 


Apr. Trtoea.lre50p 6U 2 lUffl 14.46 I S 10.3140 
- Da Capital n 134 -J - - I - I - 


to to 


Ocl to 


May .Not. 


PROPERTY 


July to. 


C. T.) 1 113 




BAT Inch 284 

Do. DeftL 254 

DmMH(A.)10p. 375 


Nov!. Mar.- Imperial.- _"l B4>2 16^5.75 1.I1O2HS0) Apr.' Aug. U5 Deb. Coro. u 87 2Lt t357 10 b.2 23.9 

Jan. SeptiRnihmansl2iip.J59J2Xil HJ7) +2.07 9 3] 5^25 Mar. July U S. &temlfsL- 178 Uli t6.03 1.1 5.1265 

S ^SSfeiy“30Jfl|t2a3 2.3 7.716.9 June USIrtafijodSl 700 126010c -0.7- £; 

July Yiking Resumes. 81 155 1 12 12 2J 66 J 


FINANCE 

S«l.lAflg. Am. Coal 50c..| 590 / 2LS 060c T 3.41 61 


TRUSTS, FINANCE, LAND 
Investment Trusts 


March W.CtLATexaslOp. 71 , 1720.76 15 10 

June Dk Wemyss fire, n 273 2711(125 S 6.8 

Aue. Mar. WintertMjHotn-. 284 107(14.67 10 3.* 


Dk. 

Of- 
Jaa. Sept 1 
Dec. July 
Oct May 
Nov.- July 
to. 

Dec. 


Aberdeen Inns.. | 58 


At*. Mar.Wintertattom.. 2m 107 14.67 10 3.4 433 (w 44? ft Mi tS i-2 

lull tATifan Inv it y j *? s? If.- 4 fi tA fc LV;. LOTS. bC 10 PietCt. 175 lfljfi 9.19 2.8 7 3 Prarcel 

Feb. July Witan lw—. 87^31 ^2 LC 40 a0b Mj ^ East Rand Con. lOp l?l 2 21 L07 13 9.1 Peel Mi 

UD. D — 09 JUJ UJI/ — — ” n_, u u r.nn U.mmanr -Win ICO WUC, 11 n 


Aug. Mar. 

Sept Apr. 

Jtme Dec. 

Aog. Feb.(ArcidmedB Inc 
- Do.Cap.50p 
Dec. Jut* Aroo Inv. (SA3 
.Aog. Mar. Ashdown liw-. 


iTnia 130 13.11 535 * blj 

111 ZU 406 Lff 65 222 
lOQd 1LU t3.05 US 45 324 
207 W 721 1.0 02 283 

116 1011 18,43 10 10.8 135 
207 1011 10.43 - 03 - 

58 Dll 1457 10 110 188 

S 7.9 1137 11 10224 

3?1 2 _ _ - - - 


% Ste'ss-’g z\\ HI ajagi Mr. &pir2S&: Ek 
0“- u ^ SSettSal 2 : im" Uibo 

•2 S'? - Mlncorp 12-ro. — 68 -15 0.9 3.4 

- ... to. Oct Mlnorco $801.40 162 ^.U 012e L5 37 



26 



67 



25 



2Z3 



23 



6I5« 



35 



6b 



24 


„ 

52 



• 21 

... • 


1J0 

1-5 


73 

-1 


2F2 


„ 

195 


n 

74 



198 


“ 

22 



Sheffield Brick. 

Shelf. Rrlrshmi-., 


lefc. — J 52 

timt-.l 67 

.1—4 118 


Conv. 9% l 8fl/82_J £99 

Alliance Gas 99 

Amc . 37Sd — 

Carroll IP J.) 97 -,„ n 

Cfoodalbin — m 102 ^ .... 

Ccncifie Prtxk.—. 130 

Helton fHldgj.) 50 

i-t Core 168 

Irisl: Ropes — 105 ..... 

Jacob— - 50 

T.M.G 


'Finance, Land, etc. 


Feb. JoMAVroyd Strflhen .( 200 1270^ 26.75 6 12.! 

— Armour TjLlflbJ 14 1294 — — — 

Jan. Aug. ABttnfblH.20ji!1 55 1275 — - - 


War. Sept NewWlt50e 98 218 014: 1.3105 

- Patino AIV FI 5 . 5 ... £ir, U75 QC50c 6 25 Intefriab , P , 

Nnwtrte Rand Un^n 15c. 41 1015 SlOc 3.014 b t 6rew t 6i,l-'hte ir " 

Jan. JiASefcctimTnist- 448 2711 18,95 L9.6.3 £p S i.£l 


OPTIONS 

3-month Cai! Rates 


lion Trust- 


— ] — 1 — 1 7.0 l Aug. FebJSentrusllDc— 169 203 ri)30c 


« ^ Ml 11 ? B 3 R 9 ImirerF S 

36 IalD i254 1.7 i Bareock.- 11 h'CA 3 

.60 ItlQ Q1Q.0 L2j 6.2 Bc-ita*! Eanl 25 Uifcroke 17 


... 20 Tube Invest - 

... 6 Unlfcver— 

— 28 Uld. Drapery, 
-. 8 Vickers— 

- 3 Wootworths— 


LLmi— JjU 

Counties 4*j 


intreuropeaa 



60 1011 L93 11 40 291 ^ July Ex tands lOp - ' 1312 fli 12 3012.4 33 Nov. M3yjAnglo.Am.lnv.5Ge.. 

00 «a 1 < e'i jtc October EtploraUmCo. 5p 24 210 050 63 31 7.7 May Nov. De Beers Df. 5e... 

a ^ U 7l“« »» IM !7U 15.11 1 1 6.1 15.1 K *W Do.«StH.R5. 

MW* « I? jS- BSS t s:S:- m - zzz 

^ £3 g-S ?i IS “■ - Hr ' Ii el “ CENTRAL 

^ SSSH* Lfi 94 90 Fe0 SfflL Kakuzi k5/--._. 130 ” ** •’* 

« ^41 TL3i — tTKrUock 10p- 49 

w. wa *tt7 I’crw’it — ttfbO«U.lac- 49 


203 4 10.11 8 No*. May Lyttenburgl2l r i:.. 


8 4fi — — j — 
38>2 213 tL67 U\ 0 
'« DM 14 0 5, 

IDa 30ja 07 lfl 9. 


04JJ, 2 2 17 29.9 
dlte 2.9 2.0 61 
iOlMc 23 5.2 7.0 
:05 - 1516.4 

£0.5 - 15*16.4 


AnglivAm.lmr.5Gc.. £37 10^0600; 11| 97 C^.-M-nr .. » '.w.iSinc.. 13 feWl 

De Beers Df. 5c ... 368 309iril52ic 33 3.5 5»M-!:-r» .... J5 Misn.rrE.tn, .. 25 Town £ City— | Me 

Do.«OpcPI.R5. 950 26HO2C0t 399*12.6 t-.r.icp .. . . 7 NE 32 oils 

— impalaPlat.20e.. 176 271fiQ18.4: 32 62 Ea.ir5i.ir . Jt 9*: 22 . 

- Lydenburg 121-c.. 66 16Jtl|06Sc **67 - w 1 •- -• CV:. war-anu 10 Enl. Petroleum . 45 

Rus. Plat 10c.‘.._ 92 lilS) Q8c h j 52 1? ^LSS: t l 

CENTRAL AFRICAN ’ ^ n ;. nr ? a as ««»»«»»_ «.zj » , 


ijRus. Plat 10c.™ 


EM-.. . . 14 De. War-ant: 10 Ent. Petroleum . 45 

Gv.i. AjcHrnf.... 37 riODfd U SbnT«hffll M 5 

Gen. Electric.-... 1? Pls-v*....- 8 Clwt»,hall. 3 

tlrrc- 40 OHM 5 Shell __ a 

GwreWe? 9 Rot*- O r? 'A'.... I 18 Uiirarur — . 2 fl 

5 I ' 5 "A‘. ... 20 Fees ln:.n „ .. I 12 ... 


14 52S0 i - 88 UflL02 19| 

flj. ul 91^3 I SB « ^erte, Kvwjju ^-“i M JjMllM I M 






«,• w 





































16 




0742 734068 


FINANCIAL TIMES 


ov Weathers*! 


m-sw 

ft 




£: l 


n&hrmih 


l 


Wednesday December 27 1978 


' Chartered Surveyors- t^tatc-Agenti 

:/ London Leeds Pans Nice F r a;;kf::- 



•y. • r-’n- 





sector 


By Roy Hudson 


THE U.S. and West Germany 

• will call for international action 
to maintain a healthy free enter- 
prise sector in world steel- 
making at a United Nations con- 
ference next month on the world 
iron and steel industry. 

Both governments are 
alarmed about the rapid growth 
of slate involvement in the 

• ownership and running of iron 
and steel industries throughout 
the world. 

At a special consultative meet- 
ing of world steelmaking nations 
, in New Delhi in January they 
will join other governments 
which still are largely reliant on 
j private enterprise iron and 
steelmaking, to draw attention 
' to trends in western Europe and 
| in the developing nations. 

A UN report to the meeting 
1 shows that in almost every 
: develooing nation which is now 
I promoting new iron and steel- 
= mikin'; Facilities, the state is 
) both the major initiator and the 
promiter. 

! "Hiese nations will recount for 
. a third of fmc world steel out- 
put w«thin 10 years. The UN 
researchers ffrecost that nearly 
all of that output will be from 
: state-con t rolled industries. 

; In western Euroon the nlans 
for s f aTe oarticioatinn and fin- 
ancial sunDort for the French 
and Belgian iron and steel in- 
dustries. with the existing state 
participation in the Italian and 
British industries, means that 
only a minority of the Euro- 
pean Community’s steel produc- 
tion will be provided by inves- 
tor-owned companies. 

The United Nations Industrial 
Development Organisation 
(UNIDO) report I The World 
World Iron and Steel Industry 
—Second Study), prepared by 
the sectorial studies section of 
the United Nations international 
centre for industrial studies, 
says that new iron and steel- 
making schemes planned in the 
developing nations during the 
next ten years will he predom- 
inantly government-controlled. 


Tories to seek union 


backing on ballots 


BY ELINOR GOODMAN, LOBBY STAFF 


THE CONSERVATIVES are to 
launch a major new initiative 
in the New* Year over the use 
of secret ballots ip trade union 
elections. 

Mr. James Prior, the Shadow 
Employment Secretary, is ex- 
pected to make a public request 
to the unions for their co-opera- 
tion in drawing up new policies 
which would involve a future 
Conservative Government in 
setting up some new body to 
help organise and finance postal 
ballots where the unions wanted 
these. 

The new body would be avail- 
able for strike ballots, not just 
for the election of union 
officials, as envisaged in estab- 
lished Tory policy. 

The aim is to identify the 
wider use of secret ballots with 
Tory party policies, while not 
offending the unions by any 
suggestion that a Conservative 
Government would ram such a 
procedure down their throats. 
Mr. Prior, who. in the opinion 
of some of his more Right-wing 
colleagues, has already gone too 
far in his efforts to improve the 


party’s relations with the 
unions, will make it clear that 
there is no question of making 
secret ballots compulsory. 

The party’s policy advisers 
believe, however, that the wider 
use of secret ballots could make 
a significant improvement to in- 
dustrial relations and that, 
handled sensitively, it could be 
popular with the voters. 

Judging by both the party's 
own conference and that of the 
Confederation of British Indus- 
try. many traditional supporters 
are dubious about the validity of 
decisions taken by a show of 
hands at emotionally charged 
public meetings. They regard 
secret ballots as a means of en- 
couraging moderation, on the 
ground that the moderates are 
less likely to he railroaded into 
supporting strike action if they 
can vote in private. 

During the Ford dispute Mr. 
Callaghan indicated that, if the 
unions suggested how the 
Government might assist them 
in setting up postal ballots, he 
would listen. This worried some 
Conservatives, who felt that the 


Government was threatening to 
take over what should be identi- 
fied in the public mind as 
exclusive Conservative party 
policy, and a number of senior 
Conservatives, including Mrs. 
Thatcher, have in recent weeks 
publicly emphasised the party’s 
commitment to looking at the 
whole question of secret ballots. 

The party has been in favour 
for some time of encouraging 
secret ballots for the election 
of union officials. The new idea 
is that such ballots could be 
usefully employed in the whole 
gamut of union votes, including 
questions of whether to strike 
and whether to accept a man- 
agement offer. 

What seems to be envisaged is 
an additional Government- fin- 
anced body which would have 
funds to cover the cost of postal 
ballots and would help admin- 
ister such votes. 

But Mr. Prior and his front 
bench colleagues in charge of 
dealing with the unions do seem 
to have killed off suggestions 
that secret ballots should be 
made compulsory. 


Building 


societies 
see poor 


prospects 


By Michael Cassell, ■ 
Building Correspondent 


E-R deal may challenge 
nuclear monopoly 


BY DAVID F1SHLOCK. SCIENCE EDITOR 


Negotiation 


Already, the report says, the 
extent of stale involvement in 
world iron and steelmaking is 
such that any negotiation at 
international level involves the 
responsibility of governments. 

The developing nations, in- 
cluding China, will be adding 
. 120m annual tonnes of steel- 
Imaking capacity to the world 
total by the late 1980s — more 
•than the current capacity of the 
European Community. 

’ In view of the growing com- 
petition from largely state- 
supported new iron and steel- 
making facilities throughout the 
developing nations the UN 
report lakes a gloomy view’ of 
the industry's prospects in 
Japan and Europe.. 

The position of the Japanese 
iron and steel industry Is said 
to be "precarious.” Investment 
has already been reduced sub- 
stantially and will he cut fur- 
ther between now and 1981). Pro- 
duction has fallen to the levels 
or 1973. 

Prospects for the iron and 
steel industry in Europe are 
seen to be “even darker.” The 
gravity of the situation, says 
tlie report, is shown hv the 
EEC Commission’s proposals 
for the rapid closure of up to 
16 per cent of installed plant 
capacity. 

The North American iron and 
steel industries arc seen by the 
UN researchers as probably the 
only industries in the older 
steelmakins nations still able to 
consider greenfield site steel- 
works. That is because they 
*ervc their own continental mar- 
ket and are supported by re- 
serves r»f minerals and energy. 


THE MONOPOLY status granted 
to the National Nuclear Cor- 
poration, set up by the Govern- 
ment in 1974. with exclusive 
rights to design and construct 
commercial nuclear reactors in 
Britain, may be broken by the 
new Rolls-Royce backed nuclear 
venture announced just before 
Christmas. 

If the new Anglo-U.S. venture 
can produce firm evidence early 
next year of access to substantial 
U.S. business, the electricity 
supply industry may well be 
obliged to give it the order for 
a large demonstration pres- 
surised water reactor. 

The deciding voice will then 
be that of the Department of 
Industry rather than that of the 
Department of Energy 

This is the electricity indus- 
try’s own verdict on the forma- 
tion last week of RNC (Nuclear) 
by Rolls-Royce. Combustion 
Engineering of the U.S. and the 
British groun Northern Engin- 
eering Industries. 

The comnanv is designed as 
an overseas launch oad for 
Comb»"dinn Engineering’s Svs- 
tpm so “ second ppneration *' 
PWR. which h->s sold success- 
fully in the U.S. but not else- 
where. 


Combustion Engineering has 
hinted that it would be willing 
to place substantial business for 
components and “ balance-of- 
plant ’’ — worth at least $100m 
initially — in Britain to help 
launch the venture. 

The company claims that its 
rivals for the British order see 
Britain simply as another poten- 
tial market for their systems, 
and not as a manufacturing base 
for world markets. 


The new venture has set back 
plans of the British electricity 
supDly industry for a final 
decision on whose reactor it pro- 
posed to build for its 1.300 MW 
PWR demonstration authorised 
by the Government earlier this 
year. 

Until recent weeks, the choice 
between the four potential 
vendors — Bahcock and Wilcox. 
Combustion Engineering. Kraft- 
werk Union and Westinehouse — 
was scheduled to be made 
before Christmas. But the indus- 
try has now agreed to a further 
presentation bv Combustion 
Engineering early next month. 


In circumstances where none 
of the four PWR designs 
offered a clear-cut technical or 
economic advantage. the 


favourite was Westinghouse, 
with whom the then newly- 
created National Nuclear 
Corporation signed — with the 
Governments approval — a 
licence agreement in 1975. 

This decision, say6 the 
Corporation, was made after 
■' very’ thorough examination ” 
of the options — albeit under the 
supervisory management of 
C.EC, which itself has shown a 
clear preference for the West- 
inghouse reactor. 

In 1974 GEC was given top- 
level Government assurance 
that it would eventually get its 
way in exchange for its agree- 
ment to co-operate in the 
Government’s plan for rebuild- 
ing the British nuclear industry. 

For the last year, however, 
the Government — with the 
electricity supply industry's 
backing— has been searching for 
a way of restructuring the cor- 
poration, giving a less con- 
spicuous role to GEC. 

Mr. Ray Whitfield, the Rolls- 
Royce director who planned the 
rival Teactor venture, believes 
that slow progress with the long- 
sought reorganisation has given 
him an opportunity which might 
otherwise have been dosed. 


Continued from Page 1 


seat derivative, the A -.110. 

In 1978. Airbus Industries has 
won orders for 71 aircraft of 
both types, worth in all about 
$2.2bn. 


UK delivers China 


steel plant designs 


BY ROY HODSON 


THE BUILDING. SOCIETIES 
do not expect 1979 to produce 
a repetition of the record 
number of home loans they 
made this year. 

Tbc movement believes that 
the final figures for 1978 will 
Show that societies arranged 
about 800.000 home loans 
against the 737,000 record 
established in the previous 12 
months. Loans reached an 
estimated £8bn. 

But societies are already 
suggesting that 1979 will get 
off to a disappointing start and 
that it might be impossible 
later in the year to- recover 
the position. 

As they approach the New 
Year, the societies confront a 
difficult period, with net 
receipts running at one of the 
lowest levels for two years 
and little prospect of any 
short-term improvement. 

December . receipts are 
thought likely to reach about 
£2 00m against £261m in 
November and £363m in the 
previous month. A year 
before they totalled £578m. 

In addition, the introduc- 
tion of higher rates of interest 
on National Savings is con- 
sidered certain to hit the 
societies’ receipts in January. 

The societies have recently 
been lending about £650m a 
month to borne buyers and it 
seems likely that this level 
will be maintained into the 
New Year, despite the fact 
that the Government has 
allowed a 10 per cent increase 
in loans during the first 
quarter of 1979. 

To raise lending further at 
a time of falling receipts 
would mean an even larger 
erosion of the societies’ 
liquidity. 

The movement estimates 
that £1.7bn of liquid funds 
has been used up to maintain 
lending at higher levels than 
justified by the inflow of in- 
vestors’ funds. There seems 
little chance that they will 
permit another reduction of 
that size in 1979. 

So the societies will look 
more to new receipts to 
support their mortgage pro- 
gramme. If these do not pick 
up In the wake of higher 
interest rates which became 
effective at the start of this 
month, lending quotas may be 
cut later in the year. 

The movement is hoping 
that interest rates generally 
will begin to decline in the 
New Year so that their com- 
petitive edge over other 
savings institutions will be / 
restored to its traditionally 
healthier state. / 

Editorial Comment Pafce 8 






In the UK BRITISH AERO- 
SPACE has won orders for 29 
One-Elevens, including 24 as 
part of the big deal with 
Romania, which may eventually 
lead to manufacture of the One- 
Eleven under licence in that 
country. 


British Aerospace has had a 
good year with other civil air- 
craft selling 31 HS-125 execu- 
tive jets and lfi turbo-prop 
HS-748 feeder-liners. 


In Holland FOKKER has con- 
tinued to book orders for both 
its F-28 twin-engined short-haul 
jet airliner and ils F-27 twin- 
engined turbo-prop aircraft. 

As a result of all these orders 
the world’s airliner builders are 
running into some problems. 
One is shortage of skilled 
labour, the other, especially in 
the U.S., of manufacturing capa- 
city. Both could become con- 
straining factors on rate of 
manufacture later in 1979. 


BRITISH STEEL industry en- 
gineers delivered tu the Chin- 
ese National Technical Import 
Corporation in Peking at the 
weekend a design study for the 
modernisation of the big Shouiu 
steelworks outside the city. 

The contract for the study 
which was signed with the Chin- 
ese m 'September has been car- 
ried out in under four months 
It represents the first real 
breakthrough into the Chinese 
steelworks expansion pro- 
gramme by the British Steel 
Corporation, and Davy Inter- 
national. Britain's leading steel 
plant makers. 

The study contains proposals 
Tor a £500.000 modernisation of 
the works as a first stage. Da vi- 
and British Steel (through its 
subsidiary British Steel Inter- 
national) are hoping they will 
share in the hardware contract.-. 

As the final draft of the study 
was being delivered to Peking, 
Sir Charles Viliiers. chairman 
of British Steel, and Sir John 


Buckley, chairman of Davy, 
were acting as hosts in Britain 
to a 20-strong delegation from 
the works led by Mr. Hsu Jung- 
Chi. the manager. 

Yesterday the delegation flew 
back to China after making a 
first-hand appraisal of Bntiih 
steel plant making capabilities. 

Sir Charles and Sir John 
themselves are vi-iting China 
early next year. 

Competition is now reaching a 
feverish pitch among the steel 
plant makers of the West for 
the proposed £7hn integrated 
works which the Chinese intend 
to build in Hopei Province. 
First contracts arc expected to 
be awarded during 1979. Sub- 
missions have been made to the 
Chinese by Japan. France. West 
Germany, Austria, and Britain. 

There is now a new possibi- 
lity that American plant makers 
may bid for the works, although 
they have had relatively little 

operating experience outside 
The U.S. in recent years. 


CLOUDY with outbreaks of 


rain. Mild in south, rather cold 
in north. 

London. S.E., E. Anglia, Cent S. 
and N.W. England, Midlands, 
E. Coast Channel Is., Wales 
Cloudy with outbreaks of rain. 
Max. IOC (Son. 

S.W. England 
Brighter intervals, showers. 
Max. 12C (54F). 

Lakes, 1. of Man, N. Ireland 
Cloudy with outbreaks of rain, 
some heavy. Max. 8C (4SF). 
N.E., S„ £. and Cent. Scotland, 
Argyll, W. Is. 

Cloudy with rain at times. 
Max. HC l'43Fl. 

Highlands, Orkney. Shetland 
Cloudy with rain nr sleet at 
times, snow on high ground. 
Max.' 3C (37F). 

Outlook: Colder with sleet or 
snow in most places. 


BUSINESS CENTRES 


Am; trim R 
Bahrain S 


Y dsy , 
mid-dnv. 

•C 'F 

7 45 | Melbn* 

21 70' Me*. C. 


Bilston men may fight closure plan 


Srtlona. S M 57 1 Milan 


v'day 
mid-dov 
•c **F 
C 25 77 
S 19 66 
C * 39 


Beirut C 16 61 , Monul. Sn-11 24 


BY CHRISTIAN TYLER, LABOUR EDITOR 


THE FIRST real trial of 
strength between the British 
Steel Corporation and its biggest 
union, over a steelworks closure, 
may be staged early in the New 
Year. 

In the past year. 17.000 jobs 
have been lost at 12 works, with 
trade union co-operation in 
nearly all cases. 

But the first intended victim 
af BSC's new round of cutbacks, 
the Bilston plant in the West 
Midlands, could be the turning 
poini in relations with the iron 
and Steel Trades Confederation. 

Confederation policy is to re- 
sist the shutdown of any works 
not already earmarked as obso- 
lete in the Iasi major review, 
?nd in fight che Bilston closure 
:n particular. 

Not only is the confederation 
lhe biggest union at Bilston, 


with 1.8*30 members in the 2.3(H) 
workforce, but the workers 
themselves are united. They sup- 
port the commercial case made 
out by their shop stewards for 
what has long been a profitable 
part of BSC's special steels 
division. 

After a confederation threat 
of a national strike last 
summer, when it was learned 
that ihe plant was to be further 
run down, there has been a six- 
mnnlh pause. Bui Trom Janu- 
ary 1. British Sled intends to 
achieve its aim of reducing the 
four remaining open-hearth 
steel Furnaces to two by leaving 
them shut as they become due 
for re-lining. 

Before makins the vital deci- 
sion on the uninn's tactics over 
Bilston. Mr. Bill Sirs, general 
secretary, will be asking Mr. 
Eric Varley, Industry Secretary. 


to intervene. If Mr. Varley does 
not support the commercial, 
social and political arguments 
and docs not ask British Steel 
to reconsider, the confederation 
may decide to fight. 

The political dimension is pro- 
vided because Bilston is already 
an unemployment blackspnt in 
t h c dep ressed W es t Midlands. 
The works is the only wholly 
publicly-owned steel producer in 
this big steel-consuming area. 

A trade union action com- 
mittee chaired by one nf the 
workers. Mr. Dennis Turner, u 
Labour councillor and Parlia- 
mentary hopeful, argues that 
Bilston’ can be revived for an 
investment of only fI3m to 
£15m to replace the obsolete 
open-hearth furnaces. 

On the other hand, severance 
payments for closing the works 


would be nearly £49 a. he says. 
This estimate, which works out 
an average of more than £21.000 

a man. is based on a promise by 
Sir Charles Villim. BSC chair- 
man. to the workers in Novem- 
ber. 1976. that iron and steel - 
making would .-lay until 1982 
and a hint that new investment 
would he made in the mean- 
time. 

Events at Eilsion, and the 
decisions of Air. Varley and the 
confederation, will influence 
lhe climate and the tactics fol- 
lowed at other plants rumoured 
lu he under threat. BSC is 
thought to he looking at the 
possible closure of iron and 
steel making at three much 
bigger plants — Shotton. m 
Nor til Wales. Corby in North- 
amptonshire. and Ccrasetl in 
Co. Durham. Up m 13,000 more 
jobs could be involved. 


Belfast C 
Belgrade C 
Berlin 
B'hotn 
Brussels 
B. Aires 
Cum 
CardiH 
C/ncsao 
Col nine 
Cpnh'jn. 
Dublin 
EdnbQh. 
Frankh. 
Geneva 
Gliisqui* 
Helsinki 
H Konfi 
Jo'bunj 
Lisbon 
London 
LueRlbq. 
M-jdr'd 
Mnehsir 


6 

7 
10 
10 
26 
20 

9 

— 8 
9 

4 

e 

6 

8 
9 

5 

-15 

18 

26 

16 

11 

7 

9 

10 


41 ; Mscow. 5n 
43' Munich 
45 1 Ncwcstl 
50' N Delhi 
50] N. 

781 Oslo 
68 Paris 


48 'Perth 


17: Ptan ue 
48iRovk.vk. 

39; Rio J’o 
48, Rome 
43 1 Singapr. 

48 ! Strfchlm. C 
48<Strasbt|. C 
54 ' 5y<tn4y 
5.' Tehran 
54 Tel Aviv 
77] Tokyo 
61 Town to 

52, Vienna 
43 Warsaw 
48 1 Zurich 
SO 


10 1* 
9 48 

5 41 
20 68 

4 38 
-7 19 
11 52 
25 77 

6 <3 

-1 .30 

29 84 
16 61 

30 85 


—6 21 


11 52 
25 77 


40 
16 61 


12 53 
-9 23 


HOLIDAY RESORTS . 


Aimers $ 
Bnrruz C 
BlackDl S 

Brdp.'iii. S 

Bauh'ni.'. C 
CtblliCH. F 
Capo Tn 
Obrvmk 
Parc 
Florence 
Funchal 
Gibralrr 
Gu Crn r» 
Innibrk. 
Istanbul 
■rttrj 


20 

17 

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ID 

10 
20 
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11 

18 
8 

19 

16 

13 

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Ifl 

11 


fifl’L, Plms. 
62 Lue.wno 
48 M .iiv res 
SO M.-iidon 
50 Mills 
68- Nnimbi 
77- Nnplrs 
52. N.ee 
64 ] Nicest, l 
46 ■ Oporto 
66. Sslsbq. 

61 1 T«nq.|jr 

.14 1 Tenant* 
30i funis 
50' Valencia 
52' Venice 


S—Sunny. F— Fair. C— Cloudy 
Sn— Snow. Fg— Fog 


? 23 73 
F 4 39 

18 54 

16 Cl 
IT 63 
21 7P 

15 59 
13 55 

16 61 
15 59 

4 39 
»S 64 
S IB 81 
F 18 64 
F 15 .58 
Fn .1 37 
. B-Riln. 



THlj le: 






COLUMN 

.• !.- • ■■f' .'t ' -i ; ' ' . !■ ; 

■ - ■ • ' \ — . i c ^ V fev? /'jp-i '*-•••' 





-.Vi!/. 


tinned sour 



In the financial markets.- 1978- 
will go down as the year when 
fiscal mismanagement . forced 
real Interest rates up to their 
highest level for a very long 
time. A period which started 
with the prospect of falling in- 
flation. a strong balance of pay- 
ments and no great financial : 
strains in the domestic economy * 
has brought little but disapp oint- 
ment to gilt-edged and - equity- 
prices. -• ■ 

The FT Government Securi-: 
ties Index touched its peak-for; 
the year in the first few days of. 
January and since then has/ 
fallen steadily by 12.8 per cent 
The yield on high coupon long; 
dated gilts has exceeded the 
annual rate of inflation, 
throughout the year: the gap is. 
currently well over five points..-; 
Short-term interest rates 
opened 1978 at just over 8 . pet 
cent and are how over 12 per 
cent, while the FT-Actuaries 
All-Share Index has managed a. 
rise of just SB per cent, having! 
been up by as much as' 13 
cent at an all-time high in th 

autumn. 


5S0r 


l INDICES 


540h 


52 Ot- 


500fc 


-1 75 -I - 




so 


-170 


Nes: 


in 


package 


pet] 


early .June by another 
— short term-interest 
ites jammed , up to '.10: per 
it higher national insurance 
mtributions and . & reintroducs 
tion of the corset , . ' . ; 

It looked as ihbngb the 'Grand 
Old Duke of York had' at -last 
reached the summit of theihilL 
The Government Broket --sold - 


historically high levels, wiU go 
down from here. Few. are pre- 
-pared tot: say when. .. 

' Against this background. It 
; can be argued that equities have 
T perfdrmed re l ati v ely well this 

- year. -And the reverse yield gap 
; has indeed ■ widened hy .dver 1$ 

; J • points, are a rnranber of 

etplaoations^ which, 'start: with 
the way that tfce dokiestic eco- 
nomy -has. been; growing very 
rapidly ,by raeenti^tand^rds. . It 
. looks as. though', gross' domestic 

: product rose .at an.- annual -rate 
of about 4 ; p« cent during the 
12-months "to nridr September, 
following four years of stagna- 
tion. Profits gtowthswtked out 
-a lot better -than .seemed .pos- 
sible early, iii the-springwhen in 
historic cost terms the figures 
.looked- pretty grim. -During the 

- third quarter,. - , gross trading 
profits were; 15 per cent .higher, 

' and in real' terms .4 he; rise ; was 
sharper Infla ted,; of course,- by 
the. rising 'North Sea contri- 
bution. ’ 


, , i-- cp •* ? 

i *i i - ^ 


i , 

\ ■ 


iL2bn of gilts in.ae June bank- fnqtifriWhiiV 
ing month, ana ^the • 

houses plied back into v short ' ' There -have been some favour- 
term gilts in anticipation of lush able technical poiirts for share 
profits. The UK Was^not file. <mly. prices, too • The number of 
.. financial centre looking for^bet- ri ghts issues has tailed off con- 
■; ter times. As the - summer- 'wore.-- riderably down from £730m 

on, virtually all. the world’s to £52(hn — while takeover 
- . stock markets started to >rise 


,!*yOUt?G 

-3502 rs 


strongly on the .'view that, the 
next movement iirtntriredL rates ■ 
would be downwards. s 


Missed target 

In the final quarter of T 

the Government broker me 

aged to unload no less till 
£2.1bn of stock. But his job 
much tougher after the 
week or two of this year. Hirst 
it became apparent; that musney- 
supply was shooting well ahefid:. ’ 
of the 9 to 13 per cent ' : , 

range for 1977-78. Serondl^. th'e T jUOliBr CT1S1S .- 1'^. • 
trade figures started to" : gbi;':. They were all wroflg. " ~The 
wrong. The £l*bn surplus- ’thaf^^risis of confidence in. the ; UA. 
had originally been projected-:; rdoLlar, which had been building 
by the Treasury for the'- twdve~ii P since well before fhe"a£art 
months has been tranisformedr-of the year, "forced rater- ever 
by sluggish export growrth and. ’-higher across the Atlantic ;and 
heavy consumer spending on - to a large measure torpedoed 
imported goods into a modest hopes of lower rates elsewhere., 
overall deficit Finally: the pub-; The federal funds rate rose 


lie spending "White Piaper pub- 
lished in January isuggested 
what the Budget was to confirm 
in April: that the Government 
was trying to reconcile an ex- 
pansionary fiscal policy with a 
relatively tight monetary stance 
in a way that convinced nobody. 
The Chancellor thought that 
one point rise in interest 


Activity has picked up, sharply. 
Total spending;by industrial and 
commercial companies on acqui- 
sitions rose by well over one- 
third to £850m in the first nine 
months of this year, and it looks 
as though sharehoiders in aggre- 
gate. w5tt : -have received more 
hard cash from takeovers than 
they have-handed back in tights 
iskfes '..oyer <tbevl2 months. 

As theTyear draws to a dose; 
The consensus • '• View ;; about 
..equities - '. among;. . institutional 
investors is -prebably neutral to 
bearish. ^Obvious worries in- 
clude the. outlook for company 
profits at a 4iine' Wheir eosts are 
rising : fasfi^tl^i^iprices. and 
sterling faraough marginally 
down": oreixThe yeal^ has been 
holding Steady £or . some time. 
On ifce ihieriiatjonaT front; the 


ijlarrests 


larfienne 


rates (to 7J per, cent) in his 
Budget package / would be en- 
ough to persuade investors that 
he really meant business. But 
the young wen who write 
brokers’ circulars remained 
sceptical, add so did their cus- 
tomers. A growing war of 
nerves and a so-called buyers’ 
strike in the gilt-edged market 
was brought to a temporary 


sharply throughout the autumn 
to end the year more than three 
points above its starting level 
at around 10 per cent . -' ‘ 

Coupled with the increasing 
evidence that the UKj Govern- 
ment’ s strategy could only be 

achieved at the expenre ' of .. . _ . ■ • 

private sector borrowers, .the up- oaHook Tof ' woFld trade: is not 
shot was that domestic money " th? S>t'QA Iem S of 

rates by-m id-N ovember 'were tip : doDar a3Ml Dan ore 

to 12} .per cent. Onee again ..hiSjMy -unsettling... ; 
there was. a gilt-edged sales - YeraithatigJr the dnstitutioiis 
splurge (£847m in the Navem- V’ may .be bolding' back . froth 
her banking month): oncfeAgaink.. equities at present, ithey- ^are not 
optimism about an isnrdnent 'balirij£ouL- Their liquidity has 
fall in rates has had to be..bren "rebuilt, from last year’s 
tempered with the passage Of .-depressed levels* their jeash fiow 
time. Most people would, stifi. Ts. vStill tiring mid .equities 
probably argue that interest hardly. lo6k dear by historic 
rates, which . -are • now . . at standards. -- . 


25!Sh£U!l 


'■aft'ays 


• 1 . 


> « 


*Probe 


NOTICE OF REDEMPTION 




To tfie Solders of 


Continental Oil International 
Finance Corporation ’ ; 


(now Continental Oil. Company) 


, 7 % Guaranteed Debentures Dne 1980 Issued under Indentnre . 
dated as of February 1,1968 - : ; 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of the above-mentioned laSsotMa, 
^ 1,613,000 principal amount or die above described Debentures have been 'selected, far redemption, on 
February 1, 1979, through operation of the Sinking Fund, at the principal amount thereof 
-irith accrued InieiciiUq kaid date, as iblbnus-.. ^ _ Tr 

OUTSTANDING.DEBENTDRES OF-SUNO EACH OF PBlgtS WV tiAVrm cL 
2VUMBERS ezvdjjng in any of the following TWO DIGITS r r 




eak 


:-?r 


02 15 

13 1C 


19- 

23 


211 

2 1 * 


3? ’■ 5 " ■ if- 5s 2? 62 SB - 77 ' i7 • 30 . 

31. 39 S3. . 57 CL 66 TO 83 - *£ ■■-' 9ft-- ■ - ’ 3 

ALSO OUTSTANDING DEBENTURES OF . *§1,000 EACH OF FREFIX “M* ; 
BEAFJNG-THE FOLLOWING NUMBERSr. J t/ : 






383 1783 
1183 1883 
1383 2583 


3583 - 
5283 
5483 . 


5583 

5883 

6083 


6383. 

6483- 

7383 


7683 - 10483 
9083- .12483 
9183 4. 12883 


13483 

13583 

13783 


-3 4383 ?■■■ -36^83-7 

157B3-- • ' 16983, - 
16S83:', 37883 


37783 


18463 


On Febniaiy 1 1979, the Drhmiunes desisnsted abovewiH Berpme due and payaMe is Snell coia of 
currenry of the t. nited Stales of America as si ihe twne of payment rball be legal tedder for the 
payment ol public and private debts. fiaid Deltenliaes,- tjHI he paid, Tipbn presentation and-aB OTideC - 
thereof with all. •'oiipoiis apiirriainlng "thereto maturing after the redemption date, at the qpfiou of tha 
liolrtcr either ( a i at. the corporate iruM office of Moreen Cnaran'ty Trust Conmanr of New' 
York, 13th Floor 50 West Broadway, New York, New York 10015, or fb) office^ 

.Morgan Cuaraniy Trust Company of New York in Bnueels Frankfurt, London or Parfe, or the yrrilT 
ofTirs of Banca Vonvnller & G S.p.A. ra Mihm or the office- of Bank M mm frHopo N V jn Amstedton 
V STS ML jlTf J "'Ration ale a lareem boarg S. A. in Luseoibouig. Coupons Aio Khzmoy 
? 9 !L shou !f. ^ d «g ch «* and coUeettdia ^usBalinaimec Payments at the offieesrcfettStola 
■#. /*■ drwnona ddU^jtcconnt,' or by s transfer td^ddjaraccoimtmriii- 

tai ned br the paver. i-iUi a Neir-Yodc hank. -c . TlTT " ' 

re*mptioi ftCr Fcbn | ty ceaso to accrue <m_^D^wr»he^desi^iated:foc\ 

- ■, • COMnSEfTAI. OIL COMPANT 


p&j 4 - r- r nf -h,,' 
tfv’-V 




/ : . ■ 1 HV»i. 

' y -"W ~ - 


V 

m 


rtf 


,,,, , 

■1 


The following Debentures 
payment: 


M- 170 1478 2780 
172 1482 2782 
365 1485 3236 

567 2154 3237 

568 2200 3238 

606 2216 3239 

607 2576 3240 

608 264.1 3144 

609 2683 3152 
612 2768 5444 
620 2772 54B2 

1475 277? 5453 


••N." ’. -t 

bs. *• i. -w B 
^ r.. C ’^0:. 


... -a 


v. :v notice 

prenotriTy called for zedoaptioa hare not 


■i . 




4 -iV' 


fat 


titlu 

C4p 


G5H 






7403 

7405 

7953 

8347 

8637 

8653 

8660 

10888 

10889 

11083 

11084 
11090 


11091- 

11093 

lions 

11097 

11099 

moo 

mot 

11104 
11106 
31512 ' 
11513 

nnt 


11616 

11517 

11919 

11821 

11322 

11625 

11528 

11529 

21531 

31532 

31533 
11334 


11536 

11539 

1154L 

11543. 

11544 

11545 

11346 

11549 

11550' 

21552 

11535 

113657 


U55S 

21559 

lira 

.17562 

11563 

11566 

11671 

11573- 

MOTS. 

31577 

11380 

11581 


as yet been presiteJ^r . :; "sn 

— - r ' ' .J’Gj. -i- ' 


11583 

13591 

31592 

11695 

11597 

11399 

11602 

11604 

11808 

11853 

12063 

12066 


12068' 

32071. 

12219 

13143 

13150- 

13183 

13180 

13309 

13310 

14265. 

34536 

24538; 


74563 

14684 

14883 

14834 

24685 

.14740 

35061 

15066 

.18076 

18228 

15329 

12230.? 


15336. 

35261 

15283 

■15284 

13265 

tsass 

15305 

15976 

15977 

19978 

I604T 

38147 


36209 37107, , 
3B450-- 17108 A,— 
17114 57374 
1«09 17|H>. 18977. 
-18632 17331 1S235’ 

3^44,17353 10237 

17072 , 

17054' «3S*=-; 










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