Skip to main content

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

See other formats



yl-':.-No. 27,750 


'■ PIUC&:' AUSTRIA’. Sefi.YSj . .BEUSKJM Fr & DENMARK Kr 3.5; FRANCE Fr 3.0; GERMANY DM 2.0j ITALY L 600: NETHHILANDS FI 2JJ: NORWAY. Kr 3* PORTUGAL &C 20; SPAIN Pto 40: SWEDffl Kr WS: SWITZE RLAND Fr 2.0 : EIRE TSp 



FINANCIALTIMES 


Thursday December 28 1978 




The world’s most X2a 
expensive 
twist suiting cloth 

^ SCOTLAM) 

% I 


Anti-Shah protests go on and oil export halt causes concern 


DOLLAR 

AGAINST 

DEUTSCHE 
^ MARK 




rises 




gHIHg 




also faces 
strict curbs 


Turkey ts t osetup special mili- 
: : - tary coortsin seven major citfes 
•-.'in an attempt to prevent a. 
A repetition, of the rioting in 
■; winch more than 100 people 
.‘. have died. 

. . r' - 77ie: announcement said 54 
-' military^ judges and prosecutors 
. : Were being, appointed to new 

■ ‘ courts -in 1 Istanbul Ankara, 

- Adana and four other cities. 

. ' Turkish radio said that at 
7 least two. more people had been 
.killed ia political feuds. 

. . Prime Minister Biilent Ecevit 
: -said-. that the martial law 
imposed in 13 provinces was 
intended to end terrorism, not 
, suspend democracy. Back page 

Gloomy outlook 
for papers 

. A .market analysis says one or. 
V" more Fleet . Street . newspapers 
could -fall victim to declining' 
circulations and the .survey is 
pessimistic, about both London 
, . evemug.papers; Page 5 
. Fresh moves to end . the strike 
. by 9.000 provincial journalists 

■ Will be made by both sides next • 
: ■ week. Page 6 . - : . - ■ ■ 


• WALL STREET rioted 7.45 

down at 80&56 on the weakness 
of the dollar and the sihiation- 
In Iran. .. _' l- 

• GOLD rose $7* to $222f in 
London, and in New York the 

f S per fine dunce •• • •■ 1 


The chanting crowds in Tehran yesterday. 


Iran rations fuel 


0 0 


as crisis 


Lmdinpir 

ioldPrice- 


BY SIMON HENDERSON IN TEHRAN 

Iran introduced oil rationing yesterday as the strike of oilfield workers 
worsened and violent anti-Shah demonstrations shook Tehran for the fifth 
successive day. 

Oil production has dropped to days ago. and the Government .Expatriate and senior Iranian 


BY QUENTIN PEEL 

JOHANNESBURG — Petrol 
rationing and strict curbs on 
fuel consumption by commerce. 
Industry, min es and public 
transport may be introduced in 
South Africa as a result of the 
continuing disruption of oil 
supplies from Iran. 

Mr. Chris Heunis, the Minister 
for Economic Affairs, gave a 
dear indication yesterday of 
the increasingly grave concern 
of the South African Govern- 
ment over the Iranian disturb- 
ances with his announcement of 
a working party to investigate 
ways of cutting South Africa's 
fuel consumption. South Africa 
is overwhelmingly dependent ou 
Iran for its supplies. More than 
90 per cent of oil imports come 
from there. 


January 15 rather than March 9 
as originally planned. But they 
really affected only the primary 
sector, the Minister said. The 
major fuel consumers were com- 
merce, industry, transport and 
the mines, and tbe possibility of 
savings in those key fields would 
be considered by the study team. 


Reduce 


Oil production has dropped to days ago. and the Government 
4S7.000 barrels a day. cuinpared has been forced to ask religious 
with a normal 5.4m barrels. It leaders one of the main centres 


fsratel arrests 

-Israeli .troops arrested leaders 
of 50 ■ fanahes which tried - to 
establish two illegal settlements 
overlooking Jerusalem. Page 3; 
Editorial comment. Page 10. 

Bourn ediennexlies 

President: BbumfedieiinV • of 

' * 3 : ■ . 




• aged about 50,. 

came to power .in -1965. v ■ 
Backhand Page 10 

Gocainehaul 

-ifcw people - were held in 

■ London after customs officers 
seteed cocaine worth more than 
£60,000 . on the black- market 

r which ' had been brought; 

through London ifeathrow air- 
..port. The five are two Peruvians, 
two Britons -and an ■Argentinian. 

Stay- a ways : 

Much -of. the UK continued its 

■ Christmas holiday^ .with com- 
muter traffic into London nearly . 
50.- per cent below normal. 
Government offices are closed 
until today. Page 6 

Oilrig probe 

An investigation has been 
’ started into the collapse of a 
North Sea launching frame as a 
.result of which two men in a 
mini-submarine were marooned 
on the seabed for more than six 
.. hours on Christinas Day.. It 
happened- in- the Niniaa Field 
and the men were rescued . 
unharmed. 

Nuclear leak 

A gallon of radio active Water is 
: dripping into -Lake. Ontario 
every hour from a cooling 
system 7 leak "at the Pickering 
midcar station. The station says 
the leak, so far . untraced, 
presents ho hazard. The con- 
taminated .Water mixes, with 
60m gallons of ordinary water 
every hour.' ’ 

Keeganwins 

Kevin Keegan, the English in- 
ternational who plays for SV. 
Hamburg, has ' been -. ' named 
European Footballer ofthe Year 
in the' annual ^sports - writers’ 
poll organised ’’by* the magazine 
France Football. • ; 

' Briefly- . : 

Thousand proteste .have been: - 
received over the planned Coal 
Board “super^t’' Bear. 
Stafford. :• ■ 

Mersey ferry service was dis-- 
rupted when one ferty hit a • 
landing stage-: at Liverpool 
Four- aimed - men ' snatched .' 
SwFrs -2.7m (about "£850,000; - 
outside a Geneva bank. 

About 2,000 non-whites at: a 
Windhoek, -Namibia, uranium', 
mine are on strike oyer pay. . 

East- German educationalists «ay 
playing chess helps- develop tbe 
“ perfect soriallst personality,'’ -■• 


V JOL AUG SEP OCT MOV PEC I 

Cemex December settlement 
price was $222.80 ($219.86). 

• EQUITIES, which began with 
a firm undertone, attracted 
very small business, gloomy 
news from- the Esso -.petroJ 
drivers left the FT ordinary 

' index 1.1 down at 478.2/; 

• GILTS remained';-, near 

Friday’s closing levels land the 
Government Securities' Index 
eased 0.01 to 68.66. * 

• STERLING rose 3J.{XDts to 
$2.0370 and its trade-weighted 
index rose to 03.8, its best since 
March (63.4 on Friday); - The 
-dollar's depredation - Widened 
to J9.7 per cent (9.4). tV- - 

f. LEAD prices rose 
LME on news -otf the-' 


a nig lean smeucr m Germany 
because offlre. Cash lead rise 
. £12.25 to £442 a tonne: Page J5 

• TOKYO markets wo* very^ 
active and the Nikkei Dow Jones 
index rose 53.48 ;to 5,979.08. 

RIO TINTO-ZUSC group’s 
Rosstng uranium mine in 
Nambia has been hit by a strike 
by. about two-thirds of the black 
labour . force. The dispute 
centres on a new unified wage 
scale. Page 12 ' 

• WORLD STEEL output grew 
by 6 per -cent in 1978 to a record 
712.5m tonnes, acording to pre- 
liminary figures released by the 

- International Iron and Steel 
Institute. Page 2 

• J APAN’S Economic Ministers 
have approved a 6.3 per cent 
real economic growth target for 
the fiscal year beginning on 

. April 1. Page 2 

• ROLLS-ROYCE will get a 
£10ra share of a British' West 
Indian Airways order for two .: 
Lockheed TriStar airliners with: ] 
RB-211-524 engines. Tbe Lock- 1 
heed order is worth about £40m. 

• Page 5 - . • : : t 

• CANADIAN PACIFIC group 
has made a^bid for full control 
of MacMillan BIoedeL Canada’s 

. largest forest products company. 
Back Page 

• THE POST OFFICE hopes 
to announce the setting up -of 
a new . international marketing 
company for telephone exchange 
equipment early In the New 
Year between the Post Office 
.and the three main mantifac-, 
timers of switching equipment 
Bade Page. 

Parts plan 
at BL 

0 BL CARS may-place valuable 
contracts in the private sector' 
for components in order to cut 
spending on the £28m plan to 
double Land Rover and Range 
Rover models. Back Page 

• SHIPBUILDERS’ plan to tat 
UK shipyard capacity by 35 per 
cent with the loss of 12,300 jobs 
.■within three years has been seat 
to the:. Industry Department. 
-Page 6 

• BUILDING workers’ union, 
the Union ' :bf Construction, , 
Allied Trades and Tecbnicans 
has called for a total review bf 
the building Industry’s wage : 
structure as. part of its pay, 
claim. Page 8 . 


is feared that this may drop 
withm a couple of days as low 


| as 200.000 barrels as the politi- impact on the country if the oil 
cal protests against the Shah by stops flowing completely, 
oil workers intensify. A com- Strikes are also affecting the 
plete closure' of production is no oil refineries, which are eiti*?r 
I longer ruled out. closed completely uv producing 


days ago. and the Government -.Expatriate and senior Iranian 
has been forced to ask religious oil employees of the Western- 
leaders one of tiie main centres owned consortium companies 
of opposition, to appeal to continue to stay at home in the 
striking workers to consider the southern oilfields on the advice 
impact on the country if the oil of their management, since the 
stops flowing completely. ' assassination last Saturday of 
Strikes are also affecting the two senior executives, one an 
oil refineries, which are either American, 
closed completely uv producing. At Khargh Island, main crude 


Stockpile 


( longer ruled out. closed completely or producing. At Khargh Island, main crude 

There is a feeling among only a fraction nf their normal export terminal in the Gulf, 60 
observers that opposition to the amount. Public service workers, tankers arc reported waiting to 
Shah is reaching a new peak, a particularly militant body, take cm shipments, 
perhaps the highest so far have similarly disrupted their ! So far no details haw. been 
because of the troubles in the sector. Yesterday Iran Air announced of how domestic oil 
oil fields which are not meeting workers struck indefinitely, will be rationed, blit the effect 
Iran's normal domestic demand curtailing both internal and will be wide-ranging. Not only 
of about 600,000 barrels a day. external routes, in a gesture Continued on Back Page 
Crude oil exports ceased two of political solidarity. ' Other developments Page 4 


amount. Public service workers, tankers are reported waiting to 

a particularly militant body, take on shipments. 

have similarlv disrupted their ! So far no details haw. been 


Continued on Back Page 
Other developments Page 4 


Meetings tomorrow hold 


BY ALAN PIKE, LABOUR CORRESPONDENT 


SHOP STEWARDS meeting in 
London tomorrow hold the key 
to whether the impending 
national strike by tanker 
drivers will go ahead from next 
Wednesday. 

- After last week's decision by 
Transport arid General Workers 
union officials to recommend to 
Esso drivers a new offer worth 
up to 15 per cent union leaders 
-began a flurry of resumed 
negotiations with the other 
major oil companies yesterday. 

By last night the union had 
-reached agreement on a similar- 
sized pay package with Mobil. 
This will be recommended to a 
recalled shop stewards meeting 
tomorrow afternoon. Details of 
the proposals are not being 
.announced before the meeting. 

, After reaching agreement at 
Mobil, Mr. Jack AshwelL 
national secretary of the Trans- 
port -. and General Workers’ 
Union responsible for lorry 
'drivers, and his colleagues, 
“began negotiations with Shell 
management on a new offer 
from the company. Today, the 


union will resume talks with BP 
and Texaco. 

The new Esso offer which pro- 
voked the resumed negotiations 
with other companies received 
a mixed reception at depot meet- 
ings of drivers around the coun- 
try yesterday. Union officials 
were confident that the package 
would be accepted, but it was 
voted down at the Stamvell ter- 
minal in West London — vhich 
serves Heathrow Airport — at 
the Fawley refinery and at 
Glasgow. 

However, the exact reaction 
will not become clear until 
union officials meet in London 
to-morrow, to consider the vot- 
ing from an Esso’s five 
terminals and 34 other depots. 

The company said yesterday 
that, while- -the complete picture 
was still unclear, a number of 
depots had voted in favour of 
accepting the offer. More 
meetings will be taking place 
today. 

Productivity provisions in the 
new Esso offer — an element 
which can be expected ter appear 


in resumed negotiations with at 
least some of the other com- 
panies — are provoking opposi- 
tion at some depots. Men at 
Fawley complained that they 
were being asked to make sub- 
stantial improvements in pro- 
ductivity “ for £3 per week.” 

The tanker drivers have been ’ 
seeking basic rate increases and I 
Ollier improvements which tho j 
companies say amount to a 
claim of- more than 50 per cent. 

If their strike goes ahead, it 
will lead to severe fuel short- 1 
ages, and the Government has j 
warned union leaders that i 
troops would be used to main- i 
tain essential supplies. 

All the signs -are that union 
leaders are working to avert 
next week’s threatened strike, 
but recommendation of new 
offers gives no guarantee ■ that 
they will be accepted by their 
members. 

Earlier this month, the Mobil 
negotiators, who will be facing 
their delegates again tomorrow, 
failed to persuade drivers to 
accept a package worth 11 per 
cent 


Mr. Heunis said that alterna- 
tive sources of supply of crude 
oil were being sought as a 
matter of urgency, and conserva- 
tion measures aimed at cutting 
diesel fuel consumption would 
be brought forward from March 
9 to January 15. The lack of any 
other immediate measures shows 
the Pretoria Government’s 
limited room for manoeuvre 
without there being a disastrous 
effect on tbe current faltering 
economic revival. 

Although South Africa has a 
strategic stockpile of crude oil 
estimated at between IS months* 
and three years’ supply, and 
commercial stocks put at up to 
six months’ supply, its inability 
to find reliable alternative 
sources to Iran is becoming 
apparent Oil industry execu- 
tives believe that no other major 
oil supplier would be prepared 
to risk the political opprobrium 
of becoming a significant South 
.African supplier, so that the 
Government is forced to buy at 
a heavy premium on the spot 
markets. 


Mr. Heunis had announced 
last week that a 10 per cent 
petrol price increase would be 
devoted in part to a special 
fund fo be used to offset the 
price of crude oil obtained at a 
premium on the spot markets. 
It is estimated here that un- 
orthodox methods of oil buying 
could add a further 15 per cent 
to the price South Africa pays, 
in addition to the effective 14.5 
per cent increase announced by 
the Organisation of Petroleum 
Exporting Countries. 

One major factor precluding 
further restriction of petrol 
sales alone is that South 
Africa's refineries are produc- 
ing a surplus in order to meet 
the much steadier demand for 
diesel fuel. The Government 
must therefore take account of 
industrial fuel consumption If 
it is to reduce actual crude oil 
imports, given the fairly rigid 
proportions of petrol and diesel 
obtainable from a barrel of .oil. 


Appealed 


Measures 


Mr. Heunis said in Cape Town 
yesterday that the establishment 
of a working party of Govern- 
ment and oil company repre- 
sentatives was not a panic 
measure, but a precautionary 
move, given the situation in 
Iran. 

Existing fuel conservation 
measures — including a speed 
limit of 70 kilometres an hour 
for all vehicles, and restrictions 
of petrol station opening hours 
— would be extended to include 
diesel as well as petrol from 


Mr. Heunis stressed the 
seriousness of the situation 
facing the country, and 
appealed to consumers to do 
everything possible to reduce 
their consumption. 

L. Daniel reports from Tel 
Aviv: Tilks arc believed to have 
been in progress in Washing- 
ton for the last week between 
Israeli and U.S. representatives 
on whether to launch the pro- 
gramme . for the emergency 
supply of oil to Israel. This is 
in tbe light of Tbe suspension 
of exports from Iran, which has 
been supplying more than 50 
per cent of Lsracl’s crude oil 
requirements. 


£ in New York 


Dec. 27 i Previous 


Spot 1*2.0565 05B5'$2.D1Z5 -0145 

1 month '0.27-0.22 dis , 0.20-0.10 dis 
3 months 0.48-0.41 dip , 0.50-0.55 dis 
12 months 2.10-1.25 dis ; 2.00-1,80 die 


Dollar 

falls 

sharply 

BY MICHAEL BLANDEN 


THE DOLLAR fell sharply 
in fairly active foreign ex- 
change market trading yester- 
day. In spite uf further support 
by central banks in Europe 
and the U.S. 

The weakness of the U.S. 
currency was blamed on 
several factors, including con- 
cern over the political unrest 
in Iran and the U.S. trade 
figures due to be published 
today. 

Official intervention in the 
market was limited, with 
central banks apparently bay- 
ing dollars only (o smooth the 
fall, rather than trying to 
resist the downward pressure. 

The dollar’s value against a 
basket of currencies, as 
measured by the Bank of 
England index, fell by 0.6 
per cent from S3.4 to $2.9. 

Tbe pound was one of the 
main beneficiaries of tbe. 
dollar’s decline, ending the 
day’s trading in London with 
a rise of 3.1 cents at $2.0370. 
Sterling's trade - weighted 
index rose to its best level 
since mid-March at 6C.S. com- 
pared with 63,4 on Friday. 

The gold price also 
reflected the currency move- 
ments. rising sharpiy by $7’, 
to end in London at $222} an 
ounce. 

The dollar was not helped 
by the ’upward trend of 
interest rates in the U.S., and 
lost ground against the main 
European currencies. Against 
the West German mark It fell 
to DM1.8215 at the close, after 
touching DM3. 82, compared 
with DM 1.8540 on Friday. 

The Swiss franc improved 
to SwFr 1.6155 to the dollar 
against SwFr 1.R4L37!, a nd the 
French franc maintained its 
recent strength with a rise to 
FFr 4.1550 to the dollar com- 
pared with FFr 4.215. 

The Japanese yen. however, 
remained relatively weak, slip- 
ping to Y 194.3 to the dollar 
against YI94. 

Editorial comment, page 10 



Rhodesian Minister resigns 


Condensed Balance Ste 

(as of September 30, 1978) 


BY TONY HAWKINS 

SALISBURY— Mr. RoUo Hay- 
man, Rhodesia’s joint Minister 
of Internal Affairs, resigned 
ffom the transitional Govern- 
ment yesterday, accusing Mr. 
Ian Smith, the Prime Minister, 
of leading white Rhodesians 
.“into a trap.” 

, ' Mr. Hayman said Rhodesia 
.would do- better to accept a 
British administrator. as 
.suggested in the Anglo- 
American settlement proposals,, 
than to go ahead with the 
planned one-man, one-vote elee- 
tions in April. These, he said, 
-would not be recognised inter- 
nationally and would not end 
the six-year-old guerrilla war. 

The defection of Mr. Hayman, 
a member of Mr. Smith’s 


Rhodesian Front party, is a 
severe blow for the Prime 
Minister, demaging the credi- 
bility of the interim Government 
only a month ahead of a referen- 
dum among whites on its con- 
stitutional plans. For tbe last 
10 months he has been one of 
the two Ministers charged with 
organising April elections. 

Mr. Hayman, who said he 
would resign his seat in Parlia- 
ment and fight the subsequent 
by-election as an independent, 
is the fifth member of the 10- 
month transitional Government 
to resign or be dismissed. 

Mr. Hayman said: “ The time 
Has come for the Rhodesian 
Front to change course. Because 
they will not, I am leaving the 


party. I do not want to live 
under a Marxist Government.” 

He said that his disagreement 
concerned the viability of the 
Government to be set up after 
tbe April 20 majority rule elec- 
tions. 

Mr. Hayman said: " The new 
Government will probably not 
be recognised will be subject 
to sanctions, denied military 
assistance and in the face of 
intense Communist - Inspired 
pressure will probably fall in a 
matter of months." 

He -argued that. Instead of 
proceeding with the April 
elections, the transitional Gov- 
ernment should re-open nego- 
tiations with the British and 
U.S. Governments. 


Cssti nd Qua Iran Bsitai .. 

Ml Loan 

Seal mist 

Loans and BIUi Disamnlt d . 
Foreign Exchanges 
Due liom Foreign 
Coi responder tsa.'c, Dr. . 
Foreign Biflsot 

Exchange Bought 

Foreign Bills g I 
Excnange fleceivaWe .... 

Domestic Exchange 
Settlement arc. Dr. ....... 

Bank Prwnnes and 

Rod ELsaie 

Other Ac* b 

Cmmmmr Lhoffitieifor 
Atapaaospid GnoBokwa 
Total Asads 


VI.297,fiML938 S8.8S1JB31 

73.63079 388.778 

I.574.72-.J53 8 214,281 

6.7Ji076.155 3S.43fi.6M 


'2ES.76t.497 1,408.432 


169.4 27. 


156.483^45 

65.500.896 


■ 1,082 ,788,425 S .7 TG34tt. 

.V1 1,574.013.472 861.108.836 


CONTENTS OF TODAY’S ISSUE 


• LIABILITIES 


Deposits 

Cap Money 

Sorrontd Money 

Fprrrp'i tiiAacgei 
Due io Furcjqn 

Coii&jpanilcnii j r. ti . 

F oi t o)ii Bills *1 

E .Etienne 3vM 

Foreign Bills nl 

Exchange Payable 

DomWit E»:luwje 

SiKtcniMl a c, Cr 

Axwiira Eipenus 

Unijinua Incouw 

0 iii ci Liebihiies 

Reserve in Posable 

Loan Lutses 

Resrve for Relirement 

AflovKHira 

Other Resets c: 

AicrpuiiQ-s am) £ iwaniert 
Total liabilities 


I CAPITAL FUNDS 


1ftt334.930.D22 544.007,022 

481.J62JB8 1,544.151 

795.075.609 4.197 965 


111 564,143 
15Z.786.556 
. 33.599,037 

52.005.506 

. 86,855,647 

. 36.574 .04 f 

27 006.555 
. 1.082.768.426 
■»iU8i9si.i05 


153.105 

142.531 

5.716.340 

3M.577.366 


European news 2 

American news 4 

World trade news 4 


‘ UK news— general 5-6 UK Companies 


Technical page 7 

Marketing Scene 7 

Arts page 9 

Leader page 10 


—labour 


Mining 13 


IntL Companies 13 

Money and Exchanges ... 12 

World Markets 14 

Farming, raw materials ... 15 
UK stoek market 16 


Capiul fPiid-uy) V 89,100,000 5470.433 

Lap! Rebtvk 21,107,996 111.44? 

Other Suiirhrt 179,852.371 949,530 


Total Capital Fund; 17190.060^367 _ SlUl.470^ 

Total labilitifijntf 

Capital Funds *11 574^13.477 5Ei.108.B36 


t.« » tv ■-rti d i 
m- si Sreinrwi 30. ifi J# i 


i'iPjii u ilii am™ re'- n » 130 j<j 


CHIEF PRICE CHANGES YESTERDAY 

(Prices hi pence unless otherwise indlcated) 

RISES: ■ .Kuala Kepopg 

Ayana-.. ... 78 f 4- Coniine Riotinto ... 

Baker Perkins -ISO + 4 ' De Beers Defd. 

Cartiens 113 4- 5 VaaT- Reefs 


Ayana-. ........v.; ...78 4- ■ 

Baker Perkins — . -ISO + . 4 
Cartieis ™ 113 + 5 

Cullens A .... 128. + 8 

Farm Peed. .::........: 67 +5 

Lovell (T- j;) Ill + " 

Nichols (J. N.) /260. + .23 

Saga H6Bda^s*L, 17? + .4 
Sinurfit . (J:) . -r'.w. 194 + .3 
Sound- Diffusion- „„ 65 ;+<' • $ . ; 
Wade Potteries .... r 40 ' + 3' - 


PALLS: 

BrentaaJi -Beard ... 
GlW 

Mills, Allen IStL 

Tunnel R 

Shell.Transport 

Gaistlfd. (Ktg.) Rub. 


71'+’ 2 
292 + 12 
378 +10 
£13 rh i 


M 6 

.510 - 5 
225 -7 
310 -12 
573 5 

230 — 5 


Algeria in search of a sew 

leader 1.. 10 

pantomime: The great 

. survival act 11 

Business and UJ5. courts 
product Eabilily 8 


FEATURES 

Bright ontlook for German 

industry 2 

Developments in the Horn 

of Africa 3 

Kenya shows the way on 
computers 4 


Washington newspaper dls-i 
pute: The bomb ticks 4 
Norwegian banking: Some 
recourse for share- 
holders 13 

Threat by Australia to 
N. Zealand cheese trade 15 


Appomtmwiti ... 
Base Land. Rata* 

Contracts 

Crossword 

16 

14 

6 

8 

Entertain.' Oukto- 
Euro-option* 

FT- Actuaries 

Lotte re 

8. 

14 

is 

it 

■Lombard' 8 

Men end Matters 10 

Racing 8 

Today's Events 
TV end Radio .. 
Unit Trust* 

Econ. uufienoia 

■ 9 

For latest Share Index 'phone 1 0L246 803$ 



A SANWA BANK 

Tokyo.Osaka and 223 offices in Japan 

London Giesfiam Street, London EC2V 7ED T£L iQU SC<t5-61t>l 

Skim flnwidd Sonicas Lid.:l45 LearfenOaH Stiei-L London EC3V 40“ TEL.iOiil f£S 4727 
Sum Bank (Undermiters) Ltd/l-JS L'-nrtwniali Bncf. London ECJV JOT TEL (Oil t>35-4?37 
AMDCiandJwutCNBenk (Ime/ninonall Lid.:29.30 CmntnH. Lcmdon EC^V_'UD TEL lOrffiS 5661 

INTERNATIONAL HEADQUARTERS: Tokyo: M l, Oienuefw, Chiyoda-ku. Tot vo IDO TEL. 103) 216 311 1. 

Ocalur. 10 FmJiimimflcJti, 4-cftame. Hlsasfw-lcu, Osaka E41 TEL: 1061 202-2281 

OVERSEAS NETWORKrDuoeldQrf, Frankfurt, Brutce h, Beirut. Teheran, Htm® Kong. KiwJoon, Seoul, Benglol, Kuala Lumpur. 
Sin&pare, hSariiit, J»Lam, Sydney, Honolulu, S*n Fran* oat, Oakland; Steranwira, Sen iota. Mountain Vim, Lot Angela*, 
Chicago. N«w Vtarfc, Houston, Toronto, Ponaina, sSo Paulo 



EUROPEAN NEWS 


Financial Tunes Thursday- 

OVERSEAS NEWS 


IFO REPORTS RISING BUSINESS CONFIDENCE 


Bright outlook for German industry 


BY ADRIAN DICKS 


BONN — Manufacturing in- 
dustry in West Germany is now 
more confident about the cur- 
rent business climate than at 
any time in the past four years, 
according to the latest of the 
Munich-based IFO institute's 
regular surveys, taken last 
month. 

An increasing number of 
companies reported not only an 
improvement in current condi- 
tions, but also a further 
strengthening of the outlook for 
the nest sis .months. The insti- 
tute attributes this judgment 
in part to a recovery during 
the late autumn in export pros- 
pects, already partly reflected 
through Government figures 
showing an increase in new 
orders from abroad. 

The IFO survey, often re- 

f arded as the most reliable 
ammeter of the West German 
economy's short-to-medium term 
behaviour, reports a further 
rise last mouth both of current 
production and of new orders. 
More companies were planning 
to expand output, and although 
only a few were preparing to 
raise prices, IFO notes that in 
November 1977 the picture was 
still one of price erosion. 


GOOD 


BAD 


100Z 


80Z 

7 


1FQ- 

(BASEI 

VR9U 

TESTS 

OM POL! 
SALE AH 

/ 

IF BUS 

LOFEHT 

CTJULTR 

\ 

IINESSOPINI 

REPflHEmnft 

A&E,C0NST8DCTH 

V 

ON 

UBFACT1 

M) 

UB1H6, 

c 

J 

M 





, 



r— 












y 


1971 1972 1973 1974 1975 1976 1977 1978 


A further sign of improve- 
ment last month appeared to be 
the broader range of industries 
reporting better capacity use 
and better sales, with chemicals 
and non-ferrous metals com- 
panies among those now taking 
a more bullish view. 

The institute also records the 
sharp pick-up in steel orders in 
November, though the strike In 
the industry which began at the 


end of last month will have can- 
celled out this improvement 
Among capital goods indus- 
tries, the main gains in confi- 
dence appear to have been in 
the electrical engineering and 
mechanical engineering sectors. 
Office machinery and data pro- 
cessing manufacturers, who best 
weathered the past two years of 
intermittent sluggish recovery. 


are once again reporting a fur- 
ther increase in demand. 

Meanwhile, new figures issued 
by the Bonn Economics Ministry 
suggest that companies have 
some reason to take the more 
optimistic view of profits that is 
held to be the main require- 
ment for higher investment 
Heir Martin Greener, State 
Secretary at the Ministry, has 
disclosed in a Parliamentary 
reply that between 1975 and 
1977, income from dividends and 
investments rose 7.6 per cent 
compared with a 6.2 per cent in- 
crease in wages and salaries. A 
similar development for 1978 is 
expected. 

Count Otta Lambsdorff. the 
Economics Minister, expressed 
satisfaction yesterday that the 
current phase of recovery had 
“further strengthened,’-' but also 
warned that it should not be 
taken for granted. It was still 
too early to assess the inter- 
national implications of the 
latest round of oil price 
increases, he said. 

Nonetheless, the view is gain- 
ing ground in West Germany 
that the real Gross National 
Product growth will be about 4 
per cent in 1979. 



Mr. Anker Joergensen. 


Price index 
fillip for 


the French 

By David White 


PARIS — The French Govern- 
ment received two fillips for its 
economic policy yesterday — 
favourable inflation figures and 
signs of moderate optimism 
from industry. 

November's consumer price 
index showed a rise of 0.5 -per 
cent, the lowest since January 
and sharply down from 
October's 0.9 per cent The 
ll-month total of 9.2 per cent 
leaves the Government within 
reach of its target of keeping 
inflation in single figures, as it 
narrowly managed to do in 1976 
and 1977. 

M. Rene Monory. the Economy 
Minister, has set an S per cent 
inflation target for next year. 
He said yesterday that the 
November figure demonstrated 
that the lifting of industrial 
price controls had not caused 
heavier inflation. 

This month's sounding of 
business opinion by the 
Statistics Institute confirmed an 
increase of confidence among 
industrial managers. The result 
was dose to being the most 
favourable for four years, it 
said. 

Industrial output had 
increased at a moderate rate 
since the summer holidays, and 
order books could now be con- 
sidered normal. The improve- 
ment was particularly dear in 
export orders and in inter- 
mediate goods. 

This harmony contrasts with 
more strident noises from the 
unemployment front. Labour 
protests have flared into violent 
confrontations at Saint-Nazaire 
and Saint-Chamund, while 
Lon gw} - , in Northern Lorraine, 
was under virtual siege yester- 
day, as protesting steel workers 
continued to block access roads. 


Chirac ‘may 
lead RPR 
defection’ 


By Our Own Correspondent 

PARIS — The French Socialist 
leader, M. Francois Mitterrand, 
has adroitly managed to con- 
demn intrigues within his own 
Party at the same time as 
stoking the fires of the Gaullists' 
internal quarrels. In an inter- 
view with the Roman Catholic 
newspaper La Croix he 
suggested that M. Jacques 
Chirac, volatile leader of the 
Gaullist Rassemblement pour la 
Republique (RPR1 might defect 
with his supporters from the 
Government majority before the 
1981 presidential election. 

M. Chirac, engulfed in a row 
with Gaullist ministers on the 
one hand and on the other with 
Party “ barons ” who resent his 
style of leadership, promised 
the Government last week not 
to bring down its majority, in 
the next parliamentary session. 

M. Mitterrand said, however, 
he expected M. Chirac to resume 
the hostile stance which pro- 
voked the row. 


Record world steel output 


BY GILES MERRITT 


BRUSSELS — World steel 
output grew by 6 per cent 
during 1978 to a record 712,5m 
tonnes, according to preliminary 
figures released by the Inter- 
national Iron and Steel 
Institute (IISI). 

Institute estimates of crude 
steel production during the past 
12 months also show that output 
in the developing countries 
grew, .mere ^strongly than in the 
in dustriali sed ‘ nations. Latin 
America, Asia, ’Africa- and the 
Middle East together recorded 
a 10.2 per cent increase with 
steel output rising to 46.4m 
tonnes from 42.1m tonnes in 
1977. China's steel production 
is estimated to have grown 
during 1978 to 31m tonnes from 
23.4m tonnes. 

Despite few signs daring 
1978 of strengthening of demand 
for steel, the year’s total out- 
put throughout the world sur- 
passed by 0:5 per cent the pre- 
vious record year of 1974 when 
world production stood at 
708.8m tonnes. In 1977 the 
global total was 672,3m tonnes. 


while in 1975 the worldwide 
economic recession saw steel 
output sag to 645.6m tonnes. 

Of the 712.5m tonnes 1978 
world total, 466.4m tonnes is 
estimated by the IISI tn have 
been produced by the Western 
World, with output 5.6 per cent 
up over 1977 levels. Within 
that figure Western Europe, 
North America. Japan, South 
Africa and Oceania were 
.responsible for 420m tonnes, 
which represented a 5.1 per cent 
increase over 1977. 

The nsi figures make it 
plain, however, that steel pro- 
duction in the industrialised 
nations continues to lag well 
behind the levels reached in 
1974. Output during 1978 was 9.4 
per cent dnwn on 1974. when 
production had stood at 463.5m 
tonnes. EEC steel output, which 
the IISI puts at 132.4m tonnes 
for 1978, was almost 15 per cent 
below the 1974 level. In line 
with the Community's crisis plan 
aimed at limiting production to 
sustain prices output showed a 
comparatively modest increase 


of 5 per cent during 1978 over 
1977. In the UK steel output 
dropped very slightly, from 
20.5m tonnes in 1977 to 20.2m 
tonnes. 

Japanese steel production 
remained virtually unchanged 
during the 1978 period, and 
according to the Institute's 
estimates in fact dropped 
fractionally to 102.1m tonnes 
• from the 1977 level- of 102.4m 
.jflWfs. ..The’ . U.S., however, 
-following increased domestic 
demand, registered a 9.5 per 
cent rise in 1978 output, with 
production going from 113.2m 
tonnes in 1977 to 123.8m tonnes. 
• Reuter reports from 
Dusseldorf: A steel rolling mill 
in Dortmund belonging to the 
Hoesch group laid off 650 
workers yesterday owing to a 
shortage of materials caused by 
the 30-day-old West German 
steel strike. Two thousand more 
workers in the Mannesman and 
Thyssen groups will have to be 
laid-off next Tuesday because of 
shortages, the employer's 
federation said. 


Juan Carlos signs constitution 


BY OUR OWN CORRESPONDENT 


MADRID — King JUan Carlos 
gave his- formal approval to the 
new democratic Spaiish consti- 
tution here yesterday in a brief 
ceremony. Wearing the gold- 
braided black uniform of a 
Captain-General, the highest 
rank in the Spanish armed 
forces, the King put his signa- 
ture to the constitution during 
a plenary session of both Houses 
of the Cortes. 

Flanked by two. military 
officers, he took the podium for 
a brief speech in which he 
stressed the need for continuing 
political tolerance. 

.Earlier the President of the 
Cortes.. Sr. Antonio Hernandez 
Gil, opened the ceremony with 
a 20-minute speech in which he 
hailed the young monarch's 
efforts in promoting the draft- 
ing of the constitution. 

“The constitution clears 
away the confusion which for 
too long hung over Spain," said 
Sr. Gil. “ It gives us a political 
identity and puts an end to 
vagueness and insecurity. It 


confers the status of citizen on 
all, without discrimination by- 
reason of birth, sex, race, 
opinion, or religion. And it 
leads us, not by virtue of a 
coercive force, but rather by 
obedience to the will of the 
people." 

After the ceremony inside, the 


King, the Royal Family, the 
Government and MPs took up 
positions outside the Cortes to 
watch a military parade to mark 
the occasion — the first time a 
Spanish king has given his 
formal sanction to a constitution 
since 1876 (he was Juan Carlos's 
great-grandfather, Alfonso XII). 


Hotel strike continues 


BY OUR OWN CORRESPONDENT 

MADRID — Hotel and several hundred tourists staged 
restaurant workers in the a sit-in on the street in front 
Canary Islands voted in the of their hotel apparently in a 
■ i j t „„ n.i m „ ._i_ demand for the service they bad 

island city of Las Palmas earJy.. paid for 0n Lauzarotei 

yesterday by a slim margin to pjeketers armed with clubs 
continue their strike in the raided the Los Fariones Hotel, 
tourist-packed Canaries archi- W hose staff did not go along 
pelago. They made their th e strike. They smashed 
decision despite sit-ins by angry down ihe door to one hotel 
holidaymakers, violent clashes room and wrecked the furniture 
between pickets and proprietors, j n jj number of policemen 
and warnings that the work an ^ civilians were treated for 


stoppage is costing one of the m j nor injuries over the week- 


two island provinces alone more 
than £700,000 per day. 

On the island of Tenerife, 


end on the southern pan of 
Grand Canary Island, following 
skirmishes. 


Swiss officials report economic slowdown 


BY JOHN WICKS 

ZURICH — Swiss gross national 
product rose in absolute terms 
by some 4.1 per cent to an 
estimated SwFr l58bn (£45bn) 
in 1978. according to a report 
by the country's official working 
Party for Economic Forecasts. 
This compares with a 3.1 per 
cent increase in 1977. Economic 
growth in real terms fell by over 
half, however, from 2.7 per cent 
to 1.3 per cent over the yfear. 

This deceleration in the 
economy, as expressed by real 
GNP development, is attributed 
by the Working Party to 


pressure from imports on the 
domestic market and. the 
dampening effect of high 
exchange rates on export 
activity. Nevertheless, overall 
domestic demand rose faster 
than in 1977, with a real-terms 
increase rate of nearly 3 per cent 
(compared with 2.1 per cent), 
while visible exports grew by a 
further 6 per cent in real terms 
following the 10.7 per cent rate 
recorded in the previous year. 

The forecasters join bank 
economists in predicting a rise 
in gross national product in 1979 
by about 1 per cent in real 


terms. The balance-of-payments 
on current account, for which 
the working parly expects a 1978 
surplus similar to that of 
SwFr 8.27bn recorded last year, 
is expected to show an “ un- 
diminished " surplus again in 
1979. 


* AP adds from Basel: Prognos 
AG. a Swiiw-based private 
economic research centre said 
yesterday it expects unemploy- 
ment in Europe to increase 
*' dramatically " during the next 
10 years, with Ireland and the 
Netherlands forecast to be hit 
hardest. 


Higher growth forecast for Nordic bloc 


BY WILLIAM DULLFORCE 


STOCKHOLM — Economic 
growth in the Nordic bloc, which 
has been lagging behind during 
1977 and 1978, should start to 
catch up with that of the rest of 
the OECD area next year. Den- 
mark, Finland, Norway and 
Sweden anticipate an average 
increase in gross domestic pro- 
duct of 3 per cent in 1979 com- 
pared with the 3.5 per cent 
forecast for the OECD as a 
whole, according to “ Nordic 
Economic Outlook. " a half- 
yearly joint forecast by the four 
federations of industries. 

Private consumption con- 
tinued to be weaker than the 
OECD average through 1978 in 
the Nordic countries. But with 
the exception of Norway, where 
the Labour Government has im- 
posed a 15-month wage and price 
freeze, demand is expected to 
pick up during 1979. This 
acceleration will be prompted by 


increases in real disposable in- 
comes and — in Norway and 
Sweden — in inventory invest- 
ment. 

Payments problems have 
dominated Nordic economic 
policies during 1978. Restrictive 
domestic measures have suc- 
ceeded in reducing the current 
account deficits with Finland 
even showing a surplus* The 
deficit for the Nordic bloc as a 
whole has probably been more 
than halved to around $4.Sbn 
this year. 

However, the Nordic countries 
accounted for more than a third 
of the overall OECD deficit in 
1977 and their 1978 performance 
must be compared with the 
broadly balanced current 
account position of the OECD 
this year. 

The improvement is the 
Nordic foreign balances also 


resulted more from a fall in 
import volumes than from 
Strong export growth, 
although both Sweden and 
Norway 'increased exports fairly 
rapidly in 1978. Next year the 
contribution of foreign trade to 
growth will be smaller. The 
Federation’s economists expect 
the Nordic current account 
deficit to enlarge again towards 
$6bn. 

The Nordic economic expan- 
sion predicted for 1979 is likely 
to be achieved without much 
change in employment. Govern- 
ment subsidies and other sup- 
port measures over the past two 
years have resulted in extensive 
under-utilisation of manpower 
employed. Unemployment is 
even forecast to increase in 
Norway in 1979. 


The 1979 performance of the 
Danish economy will depend in 


large measure on the outcome of 
the current negotiations be- 
tween employers and unions on 
an incomes agreement to replace 
the one which will expire in 
Match. Industrial investment 
is forecast to grow, particularly 
in engineering and agriculture- 
based industry. 

■Norway is the only one of the 
four countries predicting a fall 
in the economic growth rare in 
1979, despite its expanding 
revenue from oil. The slow- 
down will result from the 
Government's belt-tightening 
actions, which have been in- 
spired by the very swift rise in 
the foreign debt. 

Sweden is scheduled to show 
the fastest growth next year — 4 
per cent — according to ** Nordic 
Economic Outlook." Rut Sweden 
was also the only Nordic 
country to experience a decline 
in GDP In 1977. 


Denmark’s 
unions 
flex their 
muscles 


By Hilary Barnes in Copenhagen 


) 



DENMARK'S BIENNIAL cen- 
tralised wage bargaining 
between the trade unions and 
the employers’ federation often 
end up os an exercise in brink- 
manship and it can be difficult 
to distinguish the theatrical 
thunder from the serious issues. 
This time, however, the negotia- 
tions are overshadowed by an 
unprecedented confrontation be- 
tween the trade union movement 
and the Social Democratic 
Party, the two wings of the 
labour movement 

In August the Social Demo- 
crats formed a coalition with 
the Liberals in the teeth of oppo- 
sition from the unions which 
have so far refused to accept 
the party's decision to join 
forces with its traditional arch- 
enemies. There is thus a lurk- 
ing danger that it will use the 
wage negotiations to bring about 
a confrontation between itself 
and the executive power. 

At a congress of the party 
this month Mr. Thomas Nielsen, 
chairman of Landsorganisa- 
tionen (Trade Unions Congress), 
expressed the hope that the 
Government would not survive 
another 100 days. From what 
he has said subsequently he 
seems to see the wage negotia- 
tions as a possible means of 
bringing down the Government 

Prime Minister Anker 
Joergensen, who is also - chair- 
man of the SDP, took the initi- 
ative for the formation of the 
coalition. He wanted to form a 
government with greater 
political staying power than his 
Social Democratic minority 
Government. 

The problems which the 
unions are capable of creating 
in connection with the renewal 
of the collective wage agree- 
ments next spring— the current 
agreements expire on March 1 
— were undoubtedly a factor in 
causing Mr. Joergensen to enter 
into this partnership with the 
Liberals. 

Mr. Joergensen may. how- 
ever, have under-estimated the 
anger which his move would 
cause in the unions. 

Mr. Nielsen claims that the 
unions were not properly 
informed when the coalition 
was formed — it was a " coup," 
he constantly cnmplains. For 
example, the coalition’s first act 
was to increase value added tax 
from 18 per cent to 20-25 per 
cent in order to restrain spend- 
ing and protect the foreign 
exchange reserves. To the 
unions this was another attack 
on real wages, which over the 
I wo years of the current agree- 
ment have fallen by about 1 per 
cent, thanks to increases in 
indirect taxes. 

The formation of the coalition 
also meant that the party had 
to drop several union-inspired 
proposals for reform. These 
included housing and tax 
reforms which had all the signs 
of being electorally disastrous. 
It would certainly have been 
fatal for the minority Govern- 
ment to have tried to push them 
through the Folkcting. The most 
crucial uf the reform proposals 
was a union-backed plan for the 
introduction of “economic 
democracy.” a scheme for wage- 
earner coownership. The unions 
have proposed that 10 per cent 
of net corporate profits and 1 
per cent of the wage bill should 
be paid into a union-controlled 
central investment fund. Two- 
thirds of the contributions to the 
fund would remain in the in- 
dividual companies as wage- 
earner capital, held by the fund. 
It is a scheme for the gradual 
take-over of capital by labour. 

The unions started out by try- 
ing to write their reform pro- 
posals into the wage 
negotiations, but dropped the 
idea when employers flatly 
refused to begin negotiations on 
wage issues as long as the 
unions insisted on discussing co- 
ownership. 

The issue has not however 
been forgotten. Mr. Nielsen has 
declared that if the wage nego- 
tiations break down, the unions 
will bring the nation to a halt 
by calling out the power 
workers and oil and petrol 
tanker lorry drivers. 

This, he believes, will force 
the Government to intervene, 
and at this point the unions will 
offer to co-operate in an incomes 
policy if the Government agrees 
to make a start on reforms 
leading towards co-ownership. 
This would put the Government 
on the spot, because a 
politically-imposed wage settle- 
ment without a move towards 
co-ownership would split the 
Social Democratic parliamen- 
tary group — or so Mr. Nielsen 
believes. But if it included a 
move towards co-ownership it 
would be unacceptable to the 
Liberals. 


Japan settles for 


. ~ z - 

P 


tqpiK: 


: r . 

.•—.r s .pr. 


compromise’ on 





-a*. 




BY RICHARD C. HANSON 


TOKYO — Mr. Ohira’s new 
Economic Ministers last night, 
approved a real ‘ economic 
growth target for the next fiscal, 
year, which many already think 
may follow the unhappy pattern 
of the past two years’ predic- 
tions. 

The Government’s aim, to. be 
formally passed by the ■ full 
Cabinet' later is for 8.3 per cent 
growth for the year starting 
April 1. The Ministers also un- 
ceremoniously buried the old 
forecast for this year of 7 per 
cent and said the GNP will rise 
by only 6 per cent 

The forecast includes an 
estimate for next year’s, current, 
account surplus of Yen l,400bn 
(£$.59bn), much less than the 
Yen 2,700b □ (£6.9bn) surplus 
for this year. On the surface, it 
appears that the growth and 
current account goals contra- 
dict each other. 

Next year's economic per- 
formance will depend heavily 
on two uncertainties. The first 
is whether the export sector of 
the economy will pull out of its 
recent tail spin, which could 
increase the current account 
surplus. The second is whether 
consumer spending will con- 
tinue to show the weak signs of 
life noticed late in the summer. 

Reducing the current account 
surplus will depend in part on a 
Government intention to con- 
tinue importing certain goods on 
an “ emergency " basis. This 
has proved difficult this year, 
with only £1.3bn of an original 
goal of £2bn expected to be 
realised by March 31. 


Public woriss. spending; by the 
Government' this year is 
.. expected to decline and Govern- 
■meat economists .are' also pessi- 
mistic about the prospects for 
* recovery in private sector spend- 
ing for plant, and equipment 
next year. 

wit- is hoped that the export 
industry will stop worsening, by 
spring or summer next; year, 
-especially if. it is operating in a 
- stable foreign exchange market 
This would provide some baste 
•for sustainable- growth. . .. . 

The onerous effect of the 
yen’s appreciation on fee export 


was itself reported to , - 

compromise foetwetai- the. / 
Finance Ministry, which warned 
a 5J8 per cent, target . 

Ministry of International Trade 
and Industry, favouring 6,7 per 
cent Ministers warned; * feat 
international economic changes 
could alter the result 

lie &7 per cent target 1 is 
r eminis cent of the original 
goals set . for last fiscal year,-, 
when actual growth reached 

only 5.6 per cent. 

Mr. Ohira’s Tax Research 
Council yesterday recom- 
mended that, a, .general excise 


w* 55' .tax feelntroflueed^from April 1. 
pated. within the next, half year. - The taminsr-af the tax is 

Little optimism' has . -come 
from private', economic fore- 
casters who seem to .be settling 
-on 5 per cent real gtc^wlh 
targets. The 6.3 per cent goal 


AUA VC UIUVUUUVU 

1980. The timing- «rf the tax is 
a .delicate issue.;The' ' Finance 
Ministry', originally hoped to 
intioduee Ihe- tax' from Janu- 
ary 1980* to help; offset a large 
budget- deficit- ■ - , • . 


Move to tighten Credit 


gand 


TOKYO — The Bask of Japan smaller banking -institutions as 
has decided to tighten lending provinmal apd mutual tjahks but 
at all major commercial banks . advised > -■ them - Voluntarily 
in the country between January . minimise rtheirneyv lenifingdtH-- 
and March, 1979. ■ " : fog the 

The Central Bank notified, the Tbte . bakkiMud' "It decided to 

13 major Japanese banks, that take the .stepg'in view of exces- 
they are. to hold down thehMiew sive lendihg by .the major banks "■ 
lending during the period "to ■ a - . sinre' lart ' summterland fo gg in g 
total of Y979bh, 18.9 per. rent repayments by,;btisiiie^. -- The 
down from the ttoxxesponding -bankf-s issuance : of . guidelines 
period this year. .. , rwas i . usual"; practice during 

The Bank also . asked- long- . Japan's . economic ■■ boom' period, 
term credit banks: to -reduce' Under the Govea-nhtent’s policy 
their lending . to - Y26&5bn. - designed’ to ,-improve- '• business 
down 13 j per : cent, from .the. activity. rhbwerer, it .had virtu- 
same quotas this yearn; -it: did -* ally; suspended- controls . since 
not set spedfic- limits . fpr such October, jt9f4. AP 


a < 


;*a : 


BY DAVID HOUSEGO 


China misses harvest 


A SERIOUS setback to China's, 
hopes of rapid modernisation 
has emerged with the disclosure 
that output of grain this yeair 
expanded by a disappointing 
3.5 per cent to 295m tons ; 
equivalent to 10m tons over last 
year's level. 

Annual rises of 13-14m tons 
would be needed to achieve the.- 
target 400m tons a year by 
1985 announced by Chairman.. 
Hua Kuo-feng in February- 
when he presented the country’s 
new economic plan. 

Observers at the time antici- 
pated that China’s' grain output 
would climb this year by 20m 
tons after the droughts of the 
previous two years caused 
hardly any increase in produce 
tion. 

Peking's release of the grain 
output figure for this year-— 
usually only percentage in- 
creases are announced — appears 
to be part of a new openness 
about the performance of the 
economy. A commentary by the 
N6w China News Agency 
(NCNA) attributed the shortfall 
to “ severe drought " that 
affected many provinces and to 
other "shortcomings.” 

China needs higher grain 
production to diminish wheat 
imports which continue to be a 


drain on foreign- ~ -exchange 
heeded for . the purchase./ of 
capital goods.' .Wheat- imports 


- Leaders . of .50,000 students 
on strike in South- tains tit 
protest at foreed fann lahour 
^yesterday demanded a meet- 
ing with Chairman Hna Kuo- 
feng. The students, spoke to- 
Peklng crowds after, a 10-day 
march from Yunnan province; 
Another waUposter' has called 
for the appointment of Mr. 
Chiang ' Ching-Quot, Prime 
Minister of Taiwan, to a, top ' 
* j*rj£, when the conistry Is re- 
onifted- . ■*,. 


were about 8m -tons ; in 1978; 
slightly down on • ,1977. but 
wiping . out foreign ^exchange 
earnings from oil. - Consumption 
is further expected to rise with - 


-the increase; in wages ’ granted 
18 months ago. ;-. - 
•• Thevone- encouraging feature 
of this year’s -grain output is 
that the teuuease isj^nsiderably 
higher than tiie average annual 
2 JS per cent increase in. output 
achieved.- between. .1957-75— = 
though . not high, enough to 
redeem the two had .years that 
preceded it- - ; 

; The: NCNA also : reported . pro- 
duction- i‘. increases In' various 
other, agricultural- . crops but 
gave do details- This suggests 
that-agriciilfiKal;^ "production as 
’ a Whole ' K?likqly i&j&e bdhind 
the. annu^;-;4j:5 ^ per icent growth 
-rate armpunml by '• Chairman 
Haa: Ihe stow, growth -of agri- 
culture is secn br.fhe . ( Chine se 
leadership 'as .^the instin' bottle- 
neck to-; , «heir' /modernisation 
programme.; 


Kenya restrict travel abroad 


NAIROBI — Kenya residents- '^ T6e travel ban, issued by 
were forbidden - yesterday to -Blwai’KibakL Kenyan Vicie-Presi- 
leave the country by cbihmercial-r dent -and. Minister for Finance, 
airlines except in certain sped- ir part of a .major government 
fied emergency’ circumstances; crackdown, orn imports and is 
Nairobi's Daily Nation news- aimed af conserving foreign 
paper reported. - currency reserves. . .- . , AP-DJ 


U.S. protests at Taipei stoning 


BY DAVID BUCHAN 


WASHINGTON — The U.S. 
yesterday lodged a strong 
protest with the Taiwan 
Government, after crowds of 
demonstrators in the capital 
city of Taipei stoned cars 
carrying a top level U.S. 
delegation. 

The delegation, led by Mr. 
Warren Christopher, the U.S. 
Deputy Secretary of State, had 
arrived in Taiwan to discuss 
future U.S.-Taiwan ties after 
diplomatic relations are broken 
next Monday as the price for 
U.S. recognition of Peking. The 
motorcade carrying Mr. 
Christopher and his party was 
attacked with a shower of 
stones and other missiles and 
forced to disperse. 


In Washington, Mr. Richard 
Holbrooke, .’ .art ■. assistant 
Secretary . of State, said the 
Taiwan Government had . been 
told; it was "completely 
responsible" for the safety of 
Mr. Christopher, -. ^officials 
accompanying him, and ; all 
other Americans in Taiwan, 

He , did hot rule out the 
possibility that the. Taiwanese 
authorities '" despite;- their 
apologies for the incident, were 
behind the demonstration, and 
left open . the possibility :that 
the Christopher mission might 
be called off if there .was 
further trouble. 

Talks on; a new relationship 
between the U.S. and the 
Nationalist Chinese Government 


■are essential if economic and 
cultural ties are to ' continue 
between : the two countries, 
indtuEng an increased UJS. 
sale of defezteite weapons to 
Taiwan. 


Meanwhile, Taiwan has 
quietly taken, legal steps to 
prevent its embassy in Washing- 
ton falling into' the ixands of 
.China after January 1. .Under 
legal documents filed last week 
in the District of Columbia, 
Taiwan has how made over its 
embassy, and two other build- 
ings to a non-profit; organisation 
known as The Friends of Free 
China, a body ~ : that. - has 
supported the Taiwan Govern- 
ment. • - 


• 



CAMBODIA EMERGES FROM ISOLATION 


Package to Angkor Wat 


IN A STEP to open the country 
to “ friends all over the world," 
Cambodia. (Kampuchea) wel- 
comed an inaugural flight 
bringing tourists and journalists 
from Bangkok to visit Angkor 
Wat, one of the best-preserved 
and most magnificent religious 
monuments in the world. 


Less than -a week after the 
assassination of Professor 
Malcolm Caldwell in Phnom 
Penh, the Cambodians welcomed 
40 people, including 15 Western 
and Japanese journalists, at 
Siem Reap airport near Angkor 
Wat and about 150 miles north- 
west of the capital. 


Despite " the cruel war of 
aggression perpetrated by the 
Vietnamese ... we will do our 
best to satisfy the aspirations” 
of those wanting .to visit 
Angkor, MY. So . Hong, Cam- 
bodia's Under-Secretary of State 
for Foreign Affairs, said. 

His address in honour of ihe 
privately owned Erawan Trust 
of Thailand, which organised 
the flight, stressed the impor- 
tance of strengthening relations 
between *• the peoples of 
Kampuchea and Thailand.” But 
he also underscored his 


BY RICHARD NATWNS 

Government’s .welcome “ to 
friends: near and ;Str . . . so 
that We. can show them the 
new aspects, of democractic 
Kampuchea to improve mutual 
•understanding' and friendship." 

The one-day round -trip from 
Bangkok to- Angkor, will cost 
£112 and win. be open, in 
principle,' to : anyone except 
nationals, of . South - Africa. 
Israel, South Korea . and 
Taiwan. By mid-January the 
Erawan' Trust, whose chairman 
Major-General Chatichai Choon- 
havair was - Thailand's ' Foreign 
Minister,:. when Bangkok’ estab- 
lished diplomatic relations with. 
Phnom Penh -in -1975, wlll- 
operate daily flights, seven days 
a week, with a 44-seat aircraft 
chartered from Thai Airways. 

■ A spokesman for Erawan said 
four ■ tour agencies have 
reserved blocks- of seats for the 
first- sbrTHonths. Phnom Peqh' is 
expected to receive about half 
the revenues . from landin'* 

“ caterings, and other few 
Erawan has aten reached agreel 
ment in principle with 'Pctdng 
to 'operate similar tours to 
Lhasa, the Tibetan capital. . 

For an hour yesterday-^ 
jouma/Uets were allowed to 
photograph for the first h™* 


five years the 12th cehiury 
monument which is regarded by 
Western art historians, as the 
most perfect archaeological pro- 
duct of ancient .oriental civilisa- 
tion. The limited areas which 
we saw appeared Well-preserved 

and Impeccably tidy. Those wfto 

knew the monument before -the 
1970 Cambodian -war saw little 
evidence of the damage which 
had been feared from TJS. 
bombing or-' from - plundering . 
..which was tiwught .to' fiave : 
accompanied jflra. : flight ■ .'of 
^refugees. V/' 

• Tie • timeless 
Angkor seemed ' matched only? 
by ' -the ■tramjuflSb'- - of " : the- 
surrouading forests,- -• rie&Hy .^ 
250 miles • from, tire -.eisterti 
border and tibe-iespalating^ar , 1 

with Vietnam.'- ----- 1 

■.Tfce;paddy : v ftE 




waved. • a tthe. ^ 

to tiie consterhatl 5 n:bf offic&S . % 
concerned nor :^&^dpijaj5L 
tk® programme; 


- - . ~ - — " ""ii • t np ashy . 

sna»m .m 

DOT ''-f 








V 


settlemenl 


V:.. • ■ .. ivt- v 

■• »*. '■>-,■ 1 .. 

i 

• c ,* 1 

i, v •■-■* "Cs * J- :. 


V- T*. I: 


r:. 


hten credit 


5f;-' 


. J OTt. DANiS. 5 O • • ■ - • - 

V. TEL AVIV — Attempts to set 
. ^ imaotlMziised -settlemeate.on 
two : MUs qrciiQbfciflg Jerusalem 
. were _ stopped by . tfae Israeli 
Ttnxy y KSt vr &y. I^ifty families 
belonging, to. -tbe . small ultra- 
" reSgtous aMl ’Ziati onalist “ Gnsfa 

- EmUxiim," movftneni wMeb had 
I an authorised, settlement in a 
l former t. JOftJaniah army .camp 

near. Jfera^^SamudiJast night 
| s*’ «ifctent53®a the two hills. -. 

— •- '^Cn tsh' Bmmitin. had -earlier an- 
nounced that after toe 7 expiry of 

I the three-month standstill _ on 
settlements agreed: Camp 

David, it intended to set up new 
setfiemeato West Bank 

: yieVt. fa-- pxlstjRg- bnes. .While 
.the^a^eU <^vdrzuBenr favours 
■th& strengthening of .Jewish 
settlement in the West -Bank, 
-it has not raised, the issue of 
whether the atanduflU refers to 
the three months which expired 


on December 17 of the period 
needed for the conclusion of the 
negotiations .with Egypt. ... 
..The Gush Emuntin settlers 
were arrested and taken to a 
police station. Many lay- down 
on toe site and were carried 
away by soldiers. \ 

In Jerusalem, . the.. Israeli 
Gost has been, warned'that if 
the - cabinet approves the 
I£306bn (£8, 114m) draft 1979-80 
budget; . inflation will again 
reach; 50 per cent in 1979, and 
the trade deficit will increase by 
$500m. 

Mr. A. Gafni, governOrrof the 
Bank of Israel, the country's 
central bank, urged avcnt of 
I£5bn, which would > reduce 
deficit financing by 25 per cent 
and the likely inflation rate to 
between 35 and 50 percent, he 
said. -He also urged the cabinet 
not to give in to Ministers' 


demands for higher allocations. 
Since any farther increase in toe 
budget would accelerate infla- 
tion to 60 per cent or more. 
Budgetary restraint was not 
enough, the governor said, but 
would have to.be accompanied 
by a suitable monetary policy, 
control of construction, the 
accelerator in the Israeli 
economy, and a reduction of 
some import duties to stop 
people buying to beat inflation. 
• AP reports from Cairo: 
President Anwar Sadat said 
yesterday that there was a 
“very good chance” of peace 
negotiations with Israel resum- 
ing soon but said that Egypt had 
not yet received an invitation. 
His statement followed Mr. 
Men ahem Begin's statement that 
he was prepared to hold “ clari- 
fication talks” on two issues 
standing in the way of a treaty. 


Gandhi woos Janata disaffection 


n 


target 


BY K. K. SHARHA 

: . NEW- DELHI— Mrs. - Indira . 
Gandhi, the .former Indian Prime 
Minister who was released from 
jail on Tuesday night, has 
decided to continue the agitation 
started by her Congress Party 
against .the Janata- Government. 
She made this plain when she . 
.addressed- a special, meeting- of 
; her parliamentary party yester- 
day. 

. -Mrs. Gandhi told members 
that the present agitation 
against, the w undemocratic and 
• dictatorial ” Government- of the 
Janata party should continue. 
The agitation was launched the 
day she was jailed and there 
were incidents . of violence all 
over the country for at least 
three days, although it seemed 
to have' fizzled out after that. 

The former Prime Minister 
held discussions with her close 
confidantes on her strategy to 
topple the Janata- Government. 


She apparently intends to woo 
the former Home Minister, Mr. 
Charan Singh, who has now 
openly criticised Prime' Minister 
Morarji Desai and threatened to 
form his own party in the 
middle of next month. 

He would have done this by 
now but finds that many of Mr. 
Desai’s cabinet colleagues are 
dissatisfied with . the Prime 
Minister’s methods, especially 
his refusal to order ah inquiry 
into corruption charges .against 
his son, Kanti. This matter is 
now to be taken up by a group 
of ministers and its recom- 
mendations could be embarrass- 
xng for Mr. Desai. 

The issue of charges against 
Mr, Desai’s son is expected to 
figure prominently when the 
Janata Party’s National Execu- 
tive meets for two days from 
today. Pressure on him to order 
an inquiry is growing and this 


is important since it is coining 
from the rank and file, even 
those belonging to groups that 
are committed to support Mr. 
Desai. 

Mrs. Gandhi, meanwhile, is 
pressing ahead with moves to 
unite the split congress party 
and a former merger is thought 
to be just a question of time. 
The party split almost exactly 
a year ego. 

Zambia casualties 

LUSAKA — Some 50 persons 
were killed in last week's cross- 
border raid by Rhodesian troops 
into Zambia, a spokesman at 
Lusaka’s General Hospital in- 
dicated yesterday. 

The spokesman said 50 bodies 
had arrived at the bopsital fol- 
lowing the Rhodesian raid on 
Friday 80 miles into Zambia. 
Another 60 persons were being 
treated for wounds. AP 


Sadat seeks 
control of 
subsidies 

By Roger Matthews 

CAIRO — President Anwar 
Sadat of Egypt held a closed- 
door meeting with toe parlia- 
mentary members of toe ruling 
National Democratic Party yes- 
terday to discuss the politically 
sensitive issues involved in 
drawing up the 1979 budget. He 
has already warned of possible 
“ radical decisions” involving 
the subsidy of essential com- 
modities and postponed by a 
week a visit to upper Egypt 
The Government has been try- 
ing to test public reaction by 
leaking the general lines of its 
discussions. Encouraged by 
international agencies and 
threatened by a spir alling 
budget deficit, the Government 
is urgently seeking some 
formula that would check toe 
growth of subsidies without pro- 
voking the vicious rioting that 
occured in January 1977, the 
last time an attempt was made 
to tackle the problem. 

As a gesture to public opinion 
Mr. Sadat announced on Christ- 
mas day that cabinet ministers 
would have . their official 
Mercedes cars taken away and 
replaced by the more humble 
Volkswagens. He was also 
stressed that subsidies, which 
are estimated to be running at 
an annual rate of £E1.15bn 
($1.5bn) would have to be 
rationalised to ensure that they 
only when to those people most 
in need. 

According to government 
sources, direct subsidies are 
costing, just over £E464m a 
year. Indirect subsidies account 
for a further £E509m while 
losses incurred by public sector 
companies amount to £E146m. 

It has been suggested b; 
ministers that subsidies could 
be paid directly to the lower 
income groups via increased 
wages and pensions, or that the 
ration card system could be 
extended. However in either 
case the ministers are indicat- 
ing the prices of some basic 
commodities will have to rise if 
the budget deficit is to be con- 
trolled. 


THE war in Eritrea, the northern province -of Ethiopia, is the biggest conflict raging anywhere in the 
world today. ‘ At the end of last month Etiriopian troops; said to be directed by Russian officers, drove 
the Eritreans diit of the key town of Keren and forced them back to guerrilla warfare. Dan Connell, 
who. was InTCereh when it was evacuated, describes the latest climax in the war in the Horn of Africa. 

The flight from Keren 


, travel abrwi 


pei sto 


The high r pltcheC- whine 
■ ^ gradually -fonsed totO 'a throb- 
. . ding /rttarl As- toe . wave -of 
Mig-23 jet fighters passed over- 
. '/ •‘head fin route to toe. battlefronL 
.B^deathi' our feet toe ground 
shook from -"the pounding of 
- • . * ^exploding rockets and artillery 
’ shells/' . 

The sharply escalated fighting 
between Eritrean nationalists 

and Russian-led Ethiopian forces 

V was reaching a climax 12 miles 

- J r- to the. south at the formerly 
Hviil Italian-owned Elabaret citrus 

. plantation. Meanwhile ' the 

‘ guerrillas systematically evacu- 
V- : '-.AtedKerea, the second largest 
Vli. city, to the Red Sea territory of 
. Eritrea and a kind of shadow 
.capital for toe Eritrean People’s 
, -liberation Front (EPLF) since 
. it was captured from the Govern- 
ment in July last year, 
i i - •. The Ethiopian army was 
YflflPv steadily grinding toward Keren, 
Jllllt ; and to* EPLF was in retreat, 

'• but' the : guerrillas gave up 
ground grudgingly, determined 
Vy to . whittle down their more 

- powerful enemy before it could. 
A • . jriss north from Keren into the 

- heart of their base area. 

• . The' campaign opened in mid- 

. November after a two-month lull 
■~'. r . following unsuccessful Ethic- 
piah efforts to reach Keren. 
:. • A/ Those; battles had been described 
; • .as toe heaviest in the 17-year 
. C war, hut they were dwarfed by 

toe most, recent sequence in 
v \ which hundreds of . Russian- 

- supplied and, to some cases, 
Russian - 'drived / armoured 


vehicles spearheaded simul- 
taneous drives pn five fronts 
against EPLF pdsitinns. 

.More than 100,000 Ethiopian 
troops took part to this latest 
phase according -to EPLF leaders, 
playing a secondary role to die 
armour. artillery and planes. The 
guerrillas are lightly armed 
matoiy with captured Ethiopian 
weapons, and are not equipped 
for tong range, conventional con- 
frontations. 

Within . . Tduree days EPLF 
leaders saw -that they lacked the 
fire power and numbers to hold 
out against the Ethiopian forces, 
and retreated along the highway 
tonMng phe Asmara capdool with' 
Che Red Sea port of Mas saw a, nar- 
rowing the confrontation to two 
bafitlefronts south and west of 
Keren- 

The Government had mobilised 
forces (from throughout EUdppda 
far this campaign, adr-Uftinig 1 
timusanids of troops from toe 
Ogaden, where eortier tods year 
they fought with Russian and 
Cuban help, Somah troops and 
guerratkas. 

Soviet involvement was much 
deeper than in the previous 
phase of -the campaign. EPLF 
leaders say that General Vassily 
Petrov, who organised the 
successful Ethiopian campaign 
against Somalia. in the Ogaden 
earlier this, year, was in charge 
of the- Ethiopian ground forces.: 

An unnamed Soviet general : 
commanded the air force and 11 
Russians with the rank of Lieut- 
CoL. commanded frontline units. 


SUOAR 


'tow \| 
■dat* * ■ 




0l m at 


ETHIOPIA 


« 0 B ABABA 


One of them ^aid to be called 
Lieut. Col. Eduard, was seriously 
wounded and later died in hos- 
pital in Addis Abada, according 
to EPLF intelligence. 

The EPLF could not with- 
stand the punishing bombard- 
ment from 122 and 160nuu 
Rnssian artillery, Stalin Organ 
rockets and non-stop aerial 
bombing on the open plains 
near Asmara and AgordaL They 
fell back day by day, one 
brigade peeling off at a time to 
reform, • until they were 12 
miles from Keren on two rides. 

It was already too late. A 
third front had opened up along 
the coast, threatening to carve 
up their base area and cut their 
supply lines. By then the deci- 
sion to abandon Keren and re- 


turn to toe countryside had 
been taken, but the EPLF 
fought one last two-day battle 
at Elabaret 

Before the 35,000 man Ethio- 
pian infantry force was over toe 
lip of a narrow valley, the 
guerrillas leapt from hidden 
positions to face the tanks in 
hand to hand cam bat. Taken by 
surprise, the tanks pivoted and 
spread out in disarray followed 
by the men. 

• For the next 48 hours the 
fighting raged. Planes bombed 
the valley, but the guerrillas 
pursued the . troops into the 
valley and they were sur- 
rounded. At sunset toe battle 
was over. 

Hundreds of Ethiopian bodies 
littered the hillsides and 
valleys, burned tanks rusted in 
the sun, and toe stench or death 
was overpowering. 

The Russian-style Blitzkreij 
gave Ethiopia back control, of 
the last of the major towns and 
highways. The conventional war 
in EritTea is over, and now 
begins the protracted struggle 
for control of the country’s! de. 

“ The war has changed and it 
is going to escalate because 
there will be so much Rnssian 
intervention.” said EPLF 
military commander Petros 
Solomon. “ Certainly the fieht- 
ing will increase, but I think 
from now on we will have the 
Initiative in the war. Now’ they 
are dispersed and we will use 
guerrilla tactics in their rear 
areas.” 


AUof these securities having been sold, this announcement appears solely for purposes of information. 


' NEW.IS 5 UE 


December 2^1978 


-no* 

kof 


$35,000,000 

UNC Resources, Inc 

(Holding Ccanpany of UmtedNudear Corporation) 


HyfflKastnmMon & Co. 

. . Tnwny nated 

DrexeJ Romham Lambert 
Kidder, Peabody & Co. . 

Xnewp«n(tc 4 ’ 

loeb Rhoades, Horablower & Go. 


The First Boston Corporation 

Dillon, Read & Co. Inc. 
GddmaH, Sachs & Co* • 
Hazard Frfcres k Co- . 


SalomottBiotes SmifliBamey,HanisI5^^ 

- V ■*'•." - incorpomieS 

.W^eim & Cto., Jjaa . . . Dean Witter Reyndds Inc. 

O. Rothsdrili IJnterbei^, TotAie 


D(maldson,Lojfkm & Jenrette 

Securities CW«*»tio» 

E.F.Hutton & Company Inc* 
Lehman Brothers Knhn Loeb 

IncorporateU 

Paine, Webber, Jackson & Curtis 

incorpomtee 

Warburg Paribas Becker 

I» corporal ed 

Bear, Stearns & Co. 
Shearson Hayden Stone Inc. 


Parties formed for 
Nigeria’s return 
to civilian rule 


ify oU °Z:i 

gskringus- 




BY OUR OWN CORRESPONDENT 


LAGOS — Five political 
parties have qualified to con- 
test the elections through 
which Nigeria is returning to 
civilian rule next October, it 
has been officially announced 
here. 

All five are led by politi- 
cians who* were prominent in 
the 1960s, before the military 
coups of 1966 put an end to 
party politics. 

The new parties are: The 
Unity Party of Nigeria (UPN), 
led by Chief Obafemi Awolowo; 
the National Party of Nigeria 
fNPN), which recently voted 
ALbaji Sbebu Shagari as its pre- 
sidential candidate; the 
Nigerian People’s Party (NPP), 
led by Dr. Nnamdi Azikiwe, 
Nigeria's first President; the 
Great Nigeria People's Party 
(GNFPJ, led by Alhaji Waziri 
Ibrahim; and toe People's Re- 
demption Party <PRP), under 
the leadership of Alhaji Amtou 
Kano. 

The five parties are among 
50 odd political associations 
formed since September, when 
Nigeria's military rulers lifted 
their 12-year-old ban on party 
politics, in keeping with their 
programme to restore civilian 
rule next October. 

All the political associa- 
tions jvere obliged to register 
with toe Federal Electoral 
Commission before they could 
function legally as political 
parties. N-ineteen of them 
applied for registration, but 
only five satisfied the commis- 
sion’s conditions, one of which 
is that they should be national 
in character and have offices in 
at least 13 of toe country's 19 
states. Unsuccessful -parties 
included Socialist and -militant 
groups. One of them is the 
Movement of -the People, led 
by controversial musician Fela 
Anikulapo Kuti. Another is the 
Nigerian Advance Party, 
formed 'by Lagos lawyer Tunji 
Braithwaite, who canvassed for 
the wholesale rejection of the 
old politicians. 

The Unity Party of Chief 
Awolowo, the veteran politician 


and federal leader of the opposi- 
tion when the army intervened 
in 1966, was the first to be born 
and announce its manifesto. Its., 
four objectives are to provide 
free education at -all levels, 
integrated rural development, a 
free health scheme and- full 
employment. The National . 
Party of Nigeria has five main 
campaign points: mass literacy, 
national unity, poverty eradica- 
tion, fundamental human rights 
and economic improvement 

The Peoples Redemption 
Party of Alhaji Amimt Kano, a 
former federal minister, plans 
to boost agriculture, restruc- 
ture national economy to ensure 
seif sufficiency and eliminate , 
unnecessary imports. r Dr. 
Azlkiwe's Nigerian Peoples' 
Party has promised a further | 
break-up of the Nigerian 
Federation into smaller states 
and an equitable allocation of 
revenue between states. 

The Great Nigeria Peoples' 
Party which has had to contend 
lately with a major split in its 
party hierarchy, plans to intro- 
duce a welfare state. 

It is still far from clear how 
these parties will fare in the 
five elections to be held next 
year et both state and federal 
level, ending up with toe all- 
important poll for an executive 
president under Nigeria's new 
constitution. 

Most Nigerians vote for per- 
sonalities rather than policies 
and the five major parties derive 
their initial support from the 
home bases of their proclaimed 
leaders. 

Political heavyweights are 
scattered among the five but 
there seems to be more in 1 the 
National Party of Nigeria.' 'The 
NPN leader, Alhaji Stiehu 
Shagari, together with rivals 
Alhaji Kano and Alahji Waziri, 
has a tremendous following in 
northern Nigeria. Chief 
Awolowo and Dr. Azikiwe have 
equally good followings in the 
south. One obvious implication 
is that presidential aspirants and 
their parties will have to look 
outside their regional strong- 
holds for deriding votes. 



Gas js a Very safe fuel-at least as safe as any 
otberJtitas to be, because it is the most popular 
source of heat in British homes. In fact, over 
14 million homes use gas. But, like any fuel, 
it must be treated with respect. So, if you smell 
gas, please follow these simple saf ety rules. 

• Don't smoke or use naked flames. 

• Don't operate electrical switches-on or off. 

• Do open doors and windows, to get rid of 
thegas. : ■ 

• Check to see if gas has been left on unlit, or " 
if a pilot light has gone out. 

• If not, turn off the whole supply at the - - 
meter if you can. Then ring us. 

Above all, if you smell gas-at home, at work 
or in the street-ring Gas Service. The number is 
in the telephone directory under"Gas" and 
we're on call 24 hours a day. Be specially alert 
when returning to premises which have been 
leftunpcaipied for several days. 

. :i. ■ - • Fotr-frather advice on gas safety pick up ^ 
' (i a copy of ourbboklet"Help yourself to 
gas safety" at your local gas showroom. Mmm 

BRITISH GAS r 

Help yourself to Gas Safety 



Now Issue 
December 26, 1978 


All (base bonds hairing been sold, this announce* 
inent appears aa a matter ol record only, 



Union Bank of Finland Ltd. 


Helsinki 


DM50,000,000 

&k.% Subordinated Bonds due 1988 


WESTDEUTSCHE LANDES BANK 
GIROZENTRALE 

DEUTSCHE BANK 
Aktiengeselischaft 


UNION BANK OFRNLAND LTD. 


Abu Dhabi Investment Company 
Aiahli Bank or Kuwait (IIS.C.) 

Algernons Bank Nederland N.V. 

American Ex prose Bank 
International Group 

AJE Ames&Co. 

Lrmited 

Amstordfl m- Rotterdam Bank N.V. 

Andresem Bank A. S 

Arab African International Bank - Cairo 

The Arab end Moreen Grenfell Ftnanoe 

Company Limited 

Beche Halsey Stuart Shields 

Incorporated 

Banca Com mere! ale Italians 

Banca del Gottardo 

Banca Nazionale del Lavoro 

Banco dl Roma 

Bank ot America International 

Limned 

Bank JuEua Baer International 
Limited 

Bankers Trust International 
Limited 

Bank fur Gemeinwirtsctiaft 
AktiengeseUschah 

Bank of Helsinki Ltd. 

Bank MeesA Hope NV 
Banoue Bn/xeHea Lambert SJL 

Banque Franpafee du Commence ExNHeur 

BenQue Generate du Luxembourg 
Sodfite Anonyms 

Banque de rfndocMne et de Sue* 

Banque Internationale i Luxembourg SJL 
Banque Rationale de Parta 
Banque de Neufflza, Schtumberger, MaUat 
Banque Nordeurope SJL. 

Banque de Pads etdesPays-Baa 
Banque Populate Suisse &A. Luxembourg 
Banque Scandhave on Suisse 
Banque de runion Eureptetme 
Banque Worms 

Bayerische Hypothekan- and 
WtochwHJanfc 

Bayerische Landentwmk Girotentmla 
Bayerische Veretnabank 
Job. Berenberg, Goesler A Oo. 

Bergen Bank 

Blyth Eastman Dillon & Co. 

International Limited 

Caiseedes Depots et Consignations 

Chase Manhattan 
Limited 

Christiania Bank og Kredltkassa 
Citicorp International Group 


,> . r « 

"■ •• vr • v 

BERLINER HANDELS- 
UND FRANKFURTER BANK 

Copenhagen Han databank 

County Bank 

Limned 

Creditanstalt- Bankverein 
Credit Commercial de France 
Credit Induotrielet Commercial 
Credit Lyonnais 
Cnedrto Ita&mo 

Credit Suisse pTrst BOstoa 
Limned . 

Dalwa Europe K.V. 

Richard Da us a Co. 

Benkiers 

Den Danske Bank 
a! i8’I AMieseisKab 
Den norske Credit bank 

Deutsche Girozentroia 
- Deutsche Kommunalbanfc - 

Deutsch'-Skandinavische Bank AG 
DG Bank - 

Deutsche Genoseenschaftsbank 
Dillon, Read Overseas Corporation - 
Drexel Burnham Lambert 
Incorporated 

EuromobiBam S4LA. 

European Banking Company 
Limited 

Glrozentrais und Bank 

der bsteneichischen Sparkasseit 

Aktiengeselischaft 

Hambras Bank 
Limited 

Hessisdhe Landesbanic 
-Ginsentrale- 

HiH Samuel & Co. ' 

Limited 

E.F. Hutton international N.V. 
IstltutoBancarlo San Paolo <fl Torino - 

KenwdtoOeake-Paiddd 

Kidder, Peabody International 
Limited 

Klfikmuort, Benson 
Limned 

Kredktbank N.V. 

KredwtbankSA Luxembotir^eoisn 

Kuhn Loeb Lohoum Brothars 
International 

Kuwait Foreign Trarfing, Contracting . 

& Investment Co. (SJLK.) , 

Kuwait international tnvestmeot Co*&aJk 
Kuwait Investment Company (SAKJ 

Landesbank ScMeswig-Holstem 
Girozentrale 

Lazard Brothers A C&. 

Limited 

Uoyds Bank International 
Limited 


DRESONER BANK 
AKtierigesellschaft 


Manufacturers Hanover 

Limned 

Merrill Lynch International & Co. 

B. Metzler seeL Sohn & Co. 

Morgan GrenleU & Co. 

Limited 

Morgan Stanley International 
Limited 

Naderiandacho MkMenstandsbank N.V. 
TheMBdco Securities Co, (Europe) LtdL i 
Nomura Europe N.V. 

Norddautache Landesbank 
Girozentrale 

Nordic Bank 

Limifed 

Sal Oppenhu'rn jr. & CSa. 

Orion Bank 
Limited 

Pierson. Heldrtng & Pierson N.V. 

PKbanken 

Postlpankki 

Privaibanken Aktieaelskab 
Renouf fi Co. 

N.M. Rothschild A Sons 
Limited 

Salomon Brothers International 

Scandinavian Bank 
Limned 

J. Henry Schroder Wagg A Co. 

Limited 

Skarnfinavteka Cn sfc flda Banken 
Skopbank 

Smith Barney, Harris Uphont A Co. 
Incorporal ed 
Sodete Generate 
SocMtA Generate de Banque SJL 
Sparbankemas Bank 
Svenska Handetabanken 

Swiss Bank Corporation (Overseas) 
Limited 

IMnkaus £ Burichardt 
Union Bank of Norway Ltd. 

Union Bank of Switzerland (Securities) 
Limited 

IfertundaehweisierisefwKBntorialbankaii 

Vereins- und Wastbank 
Aktiengeselischaft 

J . -Vontobel&Co. 

M.M.W&rburg^rinckmbnn,W]riz A Co. 
S.G. Warburg A Co. Ltd. 

Westfatenbank 

Akiiengesenschaq 

Wv at LB Asia 

Limited 

Wood Gundy Limited 

Yarns ichi international (Europe) 

Limited 





AMERICAN NEWS 



Mr. Michael Mauley. Prime 
Minister of Jamaica. 


By Canute James 
in Runaway Bay, Jamaica 


RUNAWAY BAY. JAMAICA 
— Six world leaders will meet 
here today to try to find ways 
of restarting the stalled “ North- 
Soulh Dialogue." which aims at 
establishing a new world econo- 
mic order. 

Mr. Michael Manley, Jamaica's 
Prime Minister, has brought 
together leaders from Europe, 
North America. Latin America, 
Africa and Australia for two 
days of informal discussions 
which, he hopes, will lead to a 
more equitable distribution of 
the world’s riches. 

The leaders are: Mr. Malcolm 
Fraser. Prime Minister of 
Australia: Mr. Pierre Trudeau, 
Prime Minister of Canada; Mr. 
Helmut Schmidt. West German 
Chancellor: Mr. Odvar Nurdli, 
Prime Minister of Norway: 
Lieut-Cien. Oluscgun Obsango oE 
Nigeria, and Sr Carlas Andres 
Perez, President of Venezuela. 

Mr. Manley wants the talks to 
centre on two general areas: an 
attempt to find a way to slow 
down, or declare a moratorium 
on developing countries' debt 
payments to the industrialised 
nations, including the U.S.. and 
to work out a more equitable 
price exchange system for raw 
materials and finished products. 

Jamaica's Daily Gleaner said 
if the leaders could reach some 
kind of a consensus on those 
issues, the North-South Dialogue 
between industrial and develop- 
ing nations, which broke down 
in Paris last year, could be 
started again. 

Agencies 


U.S. mediator 


despatched 


to Nicaragua 


WASHINGTON — A State 
Department mediator, Mr. 
William Bowdlcr, left here yes- 
terday for Nicaragua in a 
further attempt to impress upon 
President Ana.stasio Somoza the 
U.S. view that Nicaragua's in- 
ternal strife must be speedily 
settled by a plebiscite un the 
President s rule. 

The State Department an- 
nounced on Tuesday that Mr. 
Bowdler — who represents the 
U.S. in the international mediat- 
ing team that includes the 
Dominican Republic and Guate- 
mala — and the U.S. Ambassador 
to Nicaragua, along with the 
chief of the U.S. Army Southern 
Command based in Panama, had 
all been recalled to Washington 
for consultations. 

The Department criticised 
President Soinoza's refusal to 
accept the mediation team's 
*■ fair and workable " plan for 
a plebiscite as " a serious snag." 
The principle of a plebiscite on 
the future of the President had 
been accepted by Mr. Somoza. 
himself and the opposition 
groups. But President Somoza 
has so Far refused to accept any 
outside international supervision 
of the plebiscite. 


Slow growth 
forecast for 
retail sales 


By David Buchan 


WASHLNGTON— Retail sales, 
a major element in the U.S. 
economy which accounts for 
over 40 per cent of total goods 
and services output, will grow 
more slowly in real terms next 
year, the Commerce Depart- 
ment has predicted. 

The department forecasts that 
1979 retail sales will total 
S857bn. a 10 per cent rise. This 
is about the same rate as during 
this year but. because of rising 
inflation, is less in terms of real 
growth. 

Growth in the volume oF 
department store sales is likely 
to slow to 11 per cent, compared 
with 13 per cent in 197S — a fore- 
cast that squares with some 
predictions put out by such 
major U.S. chains as Scars 
Roebuck and J. C. Penny, which 
fear that higher interest rates 
and tighter consumer credit will 
affect - sales of their bigger 
durable goods. 

The Commerce Department 
study warns that "unless the 
inflationary psychology affect- 
ing consumer and business 
behaviour abates, the prospects 
for steady real growth are 
clouded." 

The Carter Administration 
continues to insist that the U.S. 
is not heading for anything 
resembling a recession next 
year, and has forecast ihat 
growth in the last three months 
of 1978 will turn out surpris- 
ingly strong. 


Carter plans wage talks 
with top union leaders 


BY STEWART FLEMING 


NEW YORK— Aware of the 
threat to its anti-inflation policy 
posed by the rift with organised 
labour, ‘the Carter Administra- 
tion has invited Mr. George 
Meany, President of the AFL- 
CIO. and other top labour 
leaders to meet the President 
on January 12. 

It will be the first meeting 
between the ageing head of the 
AFL-C10 and the President 
since last August Since then 
Mr. Meany ha led the AFL- 
CIO's outspoken opposition to 
the Administration's voluntary 
wage/price guidelines, arguing 
that they hit workers hardest 
and that mandatory controls 
would be fairer. 

Administration officials feel 
that the AFL-CIO’s fierce oppo- 
sition to the voluntary pro- 
gramme diminishes its chances 
of success. Several union 


leaders have said they do not 
feel the 7 per cent guideline 
for increases in the first year 
of labour contracts being 
negotiated in 1979 allows them 
to seek adequate wage rises. 
This week the rubber workers 
union said it could not settle 
on a new contract on the basis 
of a 7 per cent Increase, 

The Administration hopes 
that President Carter can 
convince Mr. Meany and his 
colleagues to modify their 
opposition to the guidelines. 
One tack might be to point out 
that if the anti-inflation 
programme does not work 
because unions break the guide- 
lines organised labour will be 
saddled with a large measure 
of responsibility for continuing 
inflation and its economic 
consequences. 

While officials may hope that 


such arguments and appeals to 
the national interest can soften 
Mr. Meany’s position, there are 
fears too that the meeting 
between him and the President 
may only serve to widen the 
breach. Mr. Meany is already 
expressing concern about the 
impact of budget cuts on social 
programmes and privately top 
officials concede that the two 
men find it difficult to' get along 
In the background talks are 
approaching the January 
deadline when the oil, gas and 
atomic workers' current 
contract expires. Union rank 
and file and the leadership have 
made it clear that they'do not 
feel bound by the guidelines. A 
settlement of these talks 
outside the guidelines, while 
not a mortal blow to - the 
programme, would -certainly 
weaken its chances of success. 


Air safety drive 
follows crash 


By Our Own Correspondent 


WASHINGTON — The radar 
services at about SO airports arc 
to be improved, and the number 
of airports at which pilots must 
have radar guidance is to be 
increased, under a new safety 
programme announced yester- 
day by the Federal Aviation 
Administration. 

Designed to reduce the threat 
of raid-air collisions, the 
announcement of the 

programme which will cost 
$54m. comes three months after 
the U.S.’s worst air disaster, in 
which 144 people died when a 
Pacific Southwest Airlines 
aircraft, collided with a private 
plane over San Diego airport in 
California. _ . . . 


New economic team will 
fight boycott of Chile 


BY ROBERT UNDLEY 


BUENOS AIRES — The almost 
completely new economic team 
which resulted from President 
Augusto Pinochet's partial 
Cabinet reshuffle on Tuesday 
will be charged with trying to 
defray the cost of the boycott 
against Chile by both the Inter- 
American Regional Labour 
Organisation tORTT) and the 
American AFL-CIO union group- 
ing. 

ORIT has announced that its 
members will not handle 
Chilean, Nicaraguan or Cuban 
imports and exports after 
January 8 because of the three 


countries alleged systematic 
violation of human rights. The 
AFL-CIO has announced that it 
will join the boycott 
Gen. Pinochet replaced six 
ministers, out of a total of 1G- 
The ministers of economy, 
labour, education, mining, hous- 
ing and planning. The new 
Economy Minister is Sr. Roberto 
Kelly, who President Pinochet 
replaced as Planning Minister by 
Sr Miguel Kast Sr East was 
previously the number two man 
in the Planning Ministry. Sr. 
Sergio de Castro stays on as 
Treasury Minister and, as such, 
heads the .economic team. 


WASHINGTON NEWSPAPER DISPUTE 


The time bomb ticks away 


BY DAVID BUCHAN IN WASHINGTON 


NEWSPAPER SHUTDOWNS 
take place on both sides of the 
Atlantic. They often carry a 
sizeable element of bluff. No 
one expected the New York 
Times to fold for good this 
summer, and it did not. Few 
expect the London Times and 
Sunday Times to disappear for 
ever, and they probably will not. 
Now, Time Inc., the largest U.S. 
magazine publishing empire, is 
threatening to dose down the 
Washington Star, which it 
bought only eight months ago. 

Time is insisting that the 
Star’s 11 unions sign new five- 
year contracts, agree to redund- 
ancies, and allow radical changes 
in pay arrangements for remain- 
ing employees. In facl. four 
unions (including tile journa- 
lists), representing half the 
newspaper's workforce, had by 
the start of this week reached 
definitive or tentative contract 
agreements. 

But Mr. James Shepley, presi- 
dent of Time, sought to empha- 
sise just before Christmas that 
his threat to shut down Wash- 
ington’s only evening paper 
bore no resemblance to. the dis- 
pute at Thomson Newspapers in 
the Ufc 

"If we go down, we stay 
down." Mr. Sbepley bluntly 
warned the Star union leaders, 
representing 1.270 of the news- 
paper's 1,400 employees. " It is 
a Washington fact of Jife that 
the Star could never recover 
from a shutdown. With ail ad- 
vertisers, all readers swinging 
automatically to the Washing- 
ton Post, we could never re- 
cover," he said. 

So much for the stick. The 
carrot that Time is offering is 
S60m — to be spent over the next 
five years to bring the finan- 
cially ailing Star bark into the 
black and within lunging dis- 
tance of its rival, the highly 
successful Post. 

To underline his threat. Mr. 
Shepley pointed out that Time 
paid " a very low price ” for 
the Star, S'-JOm for the paper 
and SSm in assuming a mort- 
gage debt from the previous 
owner, Mr. Joe AJlbrinon. a 
Texas millionaire. Selling off 
their real estate would allow 
Time to wash its hands of the 
Star at a loss of less than SlOm 
after tax — " by no means an un- 
acceptable loss,” the Time pre- 
sident said. 

The bigger risk. Time claims, 
is to continue the Star as it is. 
with SlOm losses this year and 
likely to be higher next year. 
The Star's losses, curbed under 
Mr. Allbritton’s tenure, now 
seem to be on the rise again. 

The dowager of Washington 
newspapers, the 126-year-old 
Star has had a checkered life 
of late. Three changes of owner 
in the past five years have not 
stemmed its post-World War II 
decline against the resurgent 
Post, which has captured SO per 
cent of the capital's pool of 
advertising revenue and has a 
circulation of nearly 560,000 
compared with the Star's 
330,000. 

The transparent desire of re- 
cent proprietors to get rid of it 
apparently even attracted the 
attention of the Suulh African 
Government. According to 
Johannesburg Press reports last 
month, the Pretoria Govern- 
ment, eager for a voice sympa- 
thetic to its cause in the 
American capital, secretly paid a 
Michigan publisher, Mr. John 
McGoff, $11.5m to help him try 
to buy the Star a few years ago. 
The money reportedly was re- 
turned, and Mr. McGoff in any 


case describes the whole allega- 
tion as nonsense. 

Time and its management at 
the Star refuse to spell out what 
they are demanding of the 
unions. But union sources say 
the management wants drastic 
reductions among Star printers 
— from the present level of 175 
to as few as 25 by the end 
of five years — and to freeze the 
basic pay schedules of journal- 
ists above the grade of junior 
reporter, while giving merit 
increases where and how they 
see fit. 

These merit increases. Mr. 
Shepley has promised, could be 
substantial, to the extent that 
the Star would have to ask to 
be treated as a special excep- 
tion under President Jimmy 
Carter's new 7 per cent ceiling 
on annual wage increases. Much 
of the rest of the S60m which 
the Time board would inject into 
the Star would go on capital 
investment, such as a new com- 
puter typesetting and in-put 
system. 

The Star, one of the first 
American newspapers to switch 
to . a computerised system, has 
a hodge-podge of equipment 


Only eight months after 
buying the Washington 
Star. Time Inc. is waving 
the stick of closure and 
offering the carrot of 
heavy investment in its 
attempt to persuade 
unions representing 
workers on the news- 
paper to sign contracts 
covering redundancies 
and new arrangements 
over pay. 


that Mr. Shepley described as 
“ a chewing gum and bailing 
wire operation that won't go on 
much longer." 

The newspaper unions have 
taken a heating in Washington. 
Since the bitter, uninr.-breaking 
strike at ihe Post three years 
ago. their hold has slipped. 
Neither the Guild ithe journal- 
ists' union), nor the Pressmen 
ithe main printers' union), nor 
the Teamsters t which groups 
delivery truck drivers and mis- 
cellaneous workers) currently 
have contracts with the Post. 

Time Inc. is now making the 
pitch that the survival of the 
Washington newspaper unions 
depends solely on continued 
publication of the Star. 

It is also claiming a track 
record of long-term, often ruth- 
less, publishing decisions that 
have paid off its subsidiary. 
Sports' Illustrated, was sub- 
sidised for 10 years before it 
turned into a solid money- 
spinner. while Life magazine 
was killed off almost at the 
height of its circulation because 
it was seen to be a iong-ler^s 
loser fit has just reappeared, 
however, as a monthly). 

In recent years the Star has 
become less genteel and more 
journalistically competitive. 
Much of the change came under 
a previous editor, Mr. James 
Bellows, who vastly improved 
its national political coverage 
and, among other things, intrn- 
duced a racy gossip column, the 
“Ear” (run by an English 
woman). 

. With the advent oi Time, the 
Star now carries the Time-Lire 
foreign news service. This on 
occasion makes it competitive 
with the Post on foreign news. 


although the Star has not bad 
any foreign-based correspon- 
dents of its own for 10 years. 

The Star also had the brief 
benefit this summer of some 
New York Times reporters, put 
out of work by their own paper's 
three-month lockout Generally. 
Time Incorporated has stepped 
up promotion of the Star. More 
than $2m has been spent this 
year on radio advertising in- 
cluding an entertaining series 
on the air waves, satirising 
political Bgures such as 
“Spamilton Burden” (Mr. 
Hamilton Jourdan. President 
Carter's somewhat earthy chief 
of staff) and 'Teddy Candidate" 
(you know who). 

The strategy of the Star’s new 
effort to measure up to the 
Post is slightly schizophrenic. 
On the one hand, its editors, 
headed by Mr. Murray Gart, 
formerly Time's foreign editor, 
have decided their paper’s 
future lies in eploiting what is 
seen as the Post's relative weak- 
ness in local coverage. So last 
month the Star launched five 
separate editions for five 
separate localities around the 
district of Columbia, at con- 
siderable expense in setting up 
new offices and hiring new re- 
porters. In this sense, the Star 
is side-stepping the Post, in a 
deliberate move to become the 
••parochial” paper. 

But in the same month, the 
Star also threw down the 
gauntlet to its competitor by 
running a five-part series on the 
public and private life of the 
Post's proprietor, Mrs. 
Katherine Graham. Whether 
readers were intrigued or not by 
the sight of newspapers wash- 
ing each other’s linen in this 
manner, the Star added an extra 
5.000 to its print run for the 
week-long series. 

More significant for the long 
term, the Star is not ruling out 
switching to publishing in the 
morning on weekdays, as it 
already does on weekends and 
holidays. This would bring it 
into a direct clash with the Post 
Whether it does so may depend 
on such imponderables affecting 
readers' habits as the develop- 
ment of the underground metro 
system. If extensive enough, 
the metro would give the 
traveller sufficient time to con- 
sume a paper on the way to 
work (as well as on the way 
home). 

There is also a certain con- 
ventional wisdom that would 
hold that if a “factory town" 
like Detroit is by force of work 
hours an evening paper town, 
then white collar Washington 
should be a morning paper city. 

The Star's unions regard 
Time Inc.'s action as high- 
handed to a degree — the more 
so because only three weeks 
after they were ashed, and 
agreed, to reopen for renogia- 
tinn contracts which in must 
cases would have otherwise run - 
to Ihe end of 1979, Time 
announced its shutdown threat. 

Time lac. then only cave 
them five weeks notice in which 
to act. compared with the six 
months that Thomson news- 
papers gave its British 
employees. 

Despite Mr. Shepley's pro- 
testations to the contrary, there 
is a feeling among union 
leaders that Time Inc., which 
was willing to launch expan- 
sion plans last month even 
after its ultimatum, may be 
bluffing. Some unions are likely 
to sign the new contracts. but 
others think the Time bomb 
will not go off on New Yearis 
Dai’. 


WORLD TRADE NEWS 


Fimoelal Timai f 


Carter 

reverses 

fasteners 


decision 


WASHINGTON — President 
Carter has reversed an earlier 
stance and decided to raise 


Iran 

Bell 



BY STEWART FLEMING • ' 

NEW YORK— The Govern- previous plans to ask the U-S. ta that it had therefore stopped 
ment of Iran has pulled out of sell Iran several billion dollars work on the project. 
a major military contract worth ’ of weapons in order to channel ft s gjd .then and repaled 


import duties on industrial [ S575ra with the Bell Helicopter the. money - into -.social pro- yesterdav that its other Ifaniaa 

” - r . .1 miknifliiiMV a t fllA T T G rtnnnln - fH ' r. t mAAfirt n ■ ”... 


fasteners from Japan and other 
countries. 

Mr. Robert Strauss, the U.S. 
Special Trade Representative, 
said Mr. Carter's decision was 
based on deteriorating econo- 
mic conditions in the domestic 
industry. In November the U.S. 
International Trade Commission 
(ITC) called for “import relief 1 
for U.S. producers of iron and 
steel nuts, bolts and screws. 

Import duties on large screws 
will increase to 15 per cent from 
9.5 per cent to 12.5 per cent, 
according to Mr. Strauss's office. 
Duties for bolts, currently 0— 
cents a pound and for nuts, cur- 
rently 0.1 cents a pound, will, 
increase to 15 per cent plus the 
existing duties. 

The higher rates will remain 
in. effect for rhree years, the 
office said. As required by Jaw. 
they wiJ! be formally announced 
within the next 15 days. 

AP-DJ 


Increase in 
Soviet 
deficit seen 


By Roger Boyes 

THE SOVIET srade deficit with 
the West this year may be as 
much as 700m roubles (about 
£53 Om ) higher than in 1977. 
thus upsetting recent develop- 
ments in the East-West trade 
balance, according to the latest 
bulletin on the Deutsches 
InstituL fuer Wirtschaftsfors- 
chung. 

The institute, which makes a 
close study of East European 
economies. reported that 
Comecon imports rose consider- 
ably faster than exports in the 
first half of 1978. This was 
mainly because Soviet imports 
from the West ~rew S per cent 
faster than in the same period 
in 1977 and exports to the West 
fell by 3 per cent 

If these trends are reflected in 
the second half, the bulletin 
argues, the Soviet deficit could 
be higher by 700m roubles 
Tueanred in transferrahle 
roubles, Comecon’s common 
external unit) while the six East 
European Comecon countries 
will fall by 300m roubles. 

By contrast, in 1977 the Soviet 
Unions trade deficit with the 
West declined from 3bn roubles 
to Ibn, while the European 
Comecon countries cut their 
deficit from 5bn to 4bn roubles. 

The bulletin maintains that 
the recent temporary stag- 
nation in East-West trade will , 
probably not persist. 


subsidiary of the U.$. .conglo- grammes in the hope of meeting nhiacU for training helicopter 
merate Textron. -- -dbmhesticpoHtical. criticism. Sint- and building repair 

The Iranian Government has Companies such- as General no r. been affected, 

told Textron that it is term mat- Dynamics and Grumman for,. “ culues 



ing work on the contract for the example are aptata g, M wal flopped .oil exports 


Coupled with the news that 


co-productian of Bell Helicopters <if . plans to buy ■ military air- of : 

. - " ■ they manufacture'; however, the 


uecaiue ui iuilc uuijcurc trail' which uihuuibhuiv h privy.' " 

events,” a clear reference to the and. State Department officials- the temination Of the 
political turmoil in the country have reported that negotiations tract will ondoontediy urn 
and the shifting priorities of the wiih" Westinghbuse, the giimt. anxieties among u.a. 
Government " electrical equipment producer 

The termination of the heli- over possible .construction of 
copter programme Is part of an- nuclear generating plants have 
emerging pattern of cutbacks been -suspended- .. . . 
and delays in overseas purchas- ^Textron announced- earlier in 

ing, particularly in the military ; the month that Iran had failed', particularly difficult problem 
area. to meet an advance payment on since . it - deprives the country 

The Shah has previously told tfie helicopter-' co-production -'of "-the bolt /of . .its foreign 
the U.S. that he Is deferring contract due on October Hi'/antT exchange earnings. 


paiiies, including banks, which 

have .business relations with 
Iran. . ’ • _ 1 
The ending; of' :oil exports 
could present the banks, with a 


N. American boost for TrioM 


BY RHYS DAVID 


V 


TOOTAL, the Manchester 
based International textile 
group, is posting one of its 
senior directors, Mr. Derek 
Allen, to the United States ,to 


and - exports from the UK,, up ... seeking at .the same time to 
io ; ajround £2 00m. move away from dependence; on 

Mr. Alien, who is currentiy basjc spinjtring ahd.weaviiig acti- 
chairman of English ■ Sewing- vltiesl " ' 

Cotton, one of the main Tobtai - A new subsidiary was formed 


supervise the group's expanding subsidiaries, will be responsible .- two; years- &go. : . to- take ad yaiv 
American activities. ■ following his move in April :for . tage of tradingTopportiinities in 

The company already has .a - the overall supervision of group >’ variety of products in. the -Far 
substantial U.S. presence interests in both North alrd East, and-the;grijup has recently 
through American Thread, one South America. announced a restructuring of its 

of the leading manufacturers of . One of his first tasks wili-be- Australian’ activities following 
industrial and sewing threads, - ta see through •, the .1 establish-... its purchase of [.at - major stake in 
and is hoping to complete early ment of a new company. Tnotalf the .-Australian.; company. Brad- 
next month tiie purchase of the lire.,- probably. to act ;eventually . "mill.- Allen said that the 
retail chain Ups'n Downs, as T a holding company ; . for group would be Jooking for fur- 
acquired earlier this year in a Tootal ’s U.S. interests, including ther . expansion- .in North 
$19.3m deal. - : American Thread. ; iinerica^,:; 

The acquisition will add Tootal, which .had s?des of -^.Following his move to the 
around $6Qm to Tootal’s North £l94m in the first six months of Uik Mr... Alien -will relinquish 
American turnover bringing the its. current year., has been ex.- h is -. position as" chairman of Eng- 
total. including American pahding its overseas, activities Sewkig,- !but. he witi- retain 
Thread. Bell Thread in Canada for some time and has ?'>eun 4iis seat pn-the/main board. 


Japan in 





TOKYO — Japan and Saudi ing trading house, would import’ between" Japan"; and.; 'Saudi 
Arabia are planning to join . about 85 per cent of the plant's , Arabia, the spokesman, said, the 
forces to build one of the world's output, an amount expected xo, Japanese^ Government would 
largest methanol plants in the, iheet about 60 per;- t .eent .;of - also, be asked 'tp- invest in’ the 
northern part of the Arab state,, annual domestic demand. project. V" 
according to industry sources '- Construction of the plant Is- • -A- Japanese. consortium of 21 
here. expected to cost some . 9200 m.. banks- led .. by the .setpjrofficial 

A spokesman for Mitsubishi - The Saudi Arabian .Government Export-Import -Bank .of Japan 
Gas Chemical which is in charge would provide 60 per cent of the has decided to supply an addi- 
of the project in Japan, said funds while 30 per cent would tidnaL .Y38.5bn. (about. $L98m) 
officials from Saudi Arabia's shouldered b.v a. joint' pom-, loan, to a Japanese investment 
State-owned Basic Industries be established, by company, Iran. Chemical Deve- 

Corporation and Japanese- two sides. The.remaimng lOper^ lppiBent (ICDC^to help finance 
industry leaders will meet next: cent would be., acquired from a 50-501. joint Iranian-Japanese 
month* to discuss details. A Japanese banking institutions. , petrochemical-., -project, , the 




formal agreement is expected to Since, the project represents a Export-Import bank -said. , ; 
be signed by next March. major .^-ecpnomic . cooperation , , AE-DJ^d JSeOter.^ . ;; . 

Present plans call for con- * • . ' .v -.rJ'j-K . -i-."-" 

China joint venture talks 


traction of a methanol plant 
capable of producing 600.000 
metric tons a year at AJ Jubayl 
on the Gulf. The Japanese 
group, including C. Itob, a lead- 


EAST AFRICAN TRADE 


Kenya shows the 
way oh computers 


BY JOHN WORRALL IN NAIROBI 

some jobs are destroyed," says 
Mr. Mike Eldon, general manager 
of ICL. ** The net effect, how- 
ever. is difficult to measure 
through. All one can say for 
certain that the introduction of 
computers changes the mix of 
jobs, changes the organisational 
structure, ami in such a way that 
many people acquire new skills 
and disciplines and become more 
productive." 

Computer jobs, far fro»r- 
being expatriate dominated, are 
largely filled by young, 
educated Africans, who are 
moving steadily into the 
business. Many companies have 
ongoing training schemes and 
some send employees overseas 
for advanced training. 

“Out of our work force of 
90 in Nairobi only four are 
expatriates," said Mr. Eldon. 
" We have our own traininq 
school with three full-time 
staff and a manager, providing 
more than 40 weeks of training 
a year in a full range of 
operating, programming and 
systems courses." Traininq 
includes such courses as on-Jire 
techniques and financial model- 
ling. Specialised courses for 
engineers, programmers, users 
and senior management are 
given by ICL in Britain. 

“ Our employees will be study- 
ing for as long as they stay 
with us.” says Mr. Dnvid Rees. 

„ _ _ managing director of NCR in 

Kfnya. S Computer frefmoln-y 

advances so quicklv these -days 


The widespread belief that 
computers are an irrelevant 
technology in the Third World, 
expensive toys for the elite to 
play with, is proving to be 
untrue in Kenya. Their uses and 
applications arc expanding as 
fast as manufacturers can bring 
them in and many Africans 
have mastered their com- 
plexities. In the field of big, 
main frame computers ICL of 
Britain has the edge over IBM. 
its nearest competitor. 

In Kcoya the computer is 
coming into its own, and the 
country has long shared the 
United Nations point of view 
that computer technology can 
significantly contribute to 
accelerating the rate of social 
and economic progress in 
developing countries. 

Banks, industry, parastatal 
bodies. Government, agriculture, 
Nairobi University, the railways, 
the port of Mombasa, and major 
research and development pro- 
jects are finding increasing uses 
for computers in all ranges end 
all sizes, from the big main- 
frame computer to "the mini 
versions. 

Cash flow forecasting of the 
power and lighting system in 
Nairobi, calculating the optimal 
material mi:: at the British 
American Tobacco Company, the 
wagon control system of the 
railways — all are among the 


TOKYO -Tpkyq Saayo.Elefr Shanghai made ihe .offer to 

trie, an affiliate of „ Sanyo Tokyo; Sanyo y?hen a delegation 
Electric, speciuU&iiig- in r^-. of ^ revolutionary committees 
frige rators,.. said it has received front, j the.- two '. cities, visited 
inquiries on the . setting - up . of Japan recently..- - • - ' 

refrigeration equipment plants . . The newspaper; Nihon Keizai 
in China, including, the pqssi- Shimhun . said . the , Japanese 
bility of a. joint venture. If would .be . allowed to- have a" 49 
would he the first joint venture percent interestMthe proposed 
with China. joint ' company^: which would 

The company said discussions freezers -and refrigerated 

on the type of equipment,; the showcases ifor food -stores, 
scale, locations ’and means of The company; declined to corn- 
joint co-operation were under ment further on details. It is 
way. expected that . the parent, Osaka- 

It was -reported : thiat the based --Sanyo. Electric, will also 
municipalities of Peking and take part in any venture. . 


EEC fair trading probe 


BY GH.CS MERRITT . .1. . , 

BRUSSELS — Tie European stood to that direct subsidies 
Commission has been asked to totalling :BFT^80nr (£4.8m) and 
investigate aDegations that the State. guarantees ;for BFr 170m 
Belgian Government is involved worth of loans authorised by 
in a distortion of fair - trading Belgium's - WaHoniari ■ regional 
conditions through; its applies- development authorities const> 
lion of regional development tute a trade distortion, .inside 
aids.. ,the country's wallpaper industry. 

A Belgian: wallpaper manufac- ... Meanwhile,, Brooke ' "Bond 
turers. Erde, has lodged a com^.- Liebig Benelux, the .subsidiary 
plaint with the Brussels Com- of the major U-K-based group, 
mission in which it singles oat,^-is-"-reported -to have withdrawn 
the State aids being made avails -its appeal to the European Court 
able to a competitor,. BaJnraundi- of Justice agamst an EEC Com- 
Gcnvaf, as contrary to- EEC mission . .ruling that it had 
competition larw. . ,. broken Community competition 

The Erde submission is under-- rules in Belgium. 


i incre 


from regular pay roll invoicing. 

Two independent, private 
enterprise data processing 
bureaux are busy, one with 100 
clients and many one-off opera- 
tions. including market research 
analysis, structural research 
analyses for engineering com- 
panies. a forecast of crops for 
n sugar company, and work for 
a big research project into wild 
life. Computer investment in 
Kenya is estimated to be about 
flSni and going up. Of the 40 
main frame computers. ICL has 
provided some 35, followed by 
IBM’s 10 . 


that anyone, in the industry 
needs oonsta'ntiv to initiate his 
knowledge." Mr. Rees’s sales 
team has 20 different courses 
on a mandat on' basis. 

One yoimc Kenyan African. 
Mr. John Libovi, a phvsics and 
maths graduate of Makercre 
University now with ICL. 
trained . in Kenya and Britain 
and worked his way up' to. be 
manager of the systems and 
technical support department of 
the company. 

Bright young men .like John 
Liboyi are an essential part of 


America's NCR last year the ICL operation Kenya,- work- 
chalked up its highest sales in ing in the sensitive areas of top 
twn decades in Kenya, with the executives and senior manage- 
big banks, Barclays. Standard ment. In Kenya, the man who 
and the Commercial Bank of supplies the computer usually 
Africa. among its largest has to go in with the complete 
customers, Burroughs, Olivetti, package. He advises on the 
Data Genera! and Wang (a new- recruitment -and training uf the 
comer) are also competing Haiti customer's staff and the 


in an expanding mini-computer 
market. 

Do computers create un- 
employment in developing 
countries by displacing clerical 
staff? •• One cannot deny that 


organisation of -the computer 
department, supplies training 
courses for senior manage- 
ment, works out computer 
applications and provides full 
back-up services. 



1 


Wj| 


3id 


Pi 


JUgeittiene Bank SfederisminV: 


AMSTERDAM: 


Dfis. 75,000, 000.- 

7‘/4% Bearer Notes 1973 due 1977/1980 


ZkirdannuaUedanDtian instalment 
'(Redemption Group No. -land No. j jell due on- 


February 1,1977 andFebhtary 1,1978 resp.). 


. As provided in the Terms and Conditions.' 
*1.. Redemption GrcaipNo.-^vamouhting to 
Dfls. .1 8,7 50 ,000.-, jhas been drawn for; 


- - "redemption on Februany 1, 1979 and 
vhich 


Consequently rhe-Note^hich bears number-2 . 
/ - and all Nofes bearing a number which is 4. . 

' or a multiple of 4; plus-2 art payable as from 


February .1, .1979 - 

: - • ...... at .. . • 


Algemene Baatit Nederiand N. V. / 

- . in Amsterdam: \ . . : 

AlgemimeBank Nederland (Geneve) $. Ai j; 
in Genevan 

Algemene Bank Nederland in der 

■ - • mZtuicfi; - . ---iV; 

* Krediethank S. A. Luxtnnbotzrgcoise ' -‘’~’ 
iuLitkdmbourg. '< 


December 2% 1978,. . s ,t. 






, T' "'Sr- -**£ 







*tir 






:• r-.r 





'Tidies Thursday December 28 1978 


UK NEWS 




*ntra, 


on 


West End 
and City 
rents 
closer 


Rank cuts link with 
two Japanese 
hi-fi companies 


BY JOHN LLOYD 


Home prices 
in Scotland 
still rising 
says report 


Output ‘to grow 
as world trade 
rises in 1979’ 


RANK AUDIO VISUAL has Both Japanese companies will Scottish Correspondent 
severed its marketing ties with set up their own wholesale 

the Japanese' audio-visual com- networks early nest year. The SCOTTISH HOUSE prices are 
panics. Akai Electric and Hotel, date for the handover from expected to continue rising at 
Rank Organisation's figures Rank to Akai will be February an amraal rate of between 15 


fijr Ray Perraan, 
Scottish Correspondent 


BY RAY' PERHAN, SCOTTISH CORRESPONDENT 


TWO GOVHRN3HEJJT depart-- gated by the Comptroller and 


By John Brennan, 
Property Correspondent 


BY DAVID FREUD 


meats, have ^>ent £8:3 m on- Auditor-General, Sir. Douglas the LEVELS of n»nt fm- fitv for the financial year 1977-78 12, and the handover date to and 25 percent in 1979 despite 

lmfMrncr a . Mnctnwtiim urillsaa IT«,r.n c. — i — — i.. — J _ _ . * . . . V-JIJF « , L n.-.i ,.r4ll a =, n mWn«n« +V>« 


buSding' a; construction, village Henley, who is extremely , criti- 0 f London and West End nffir-M wiU be announced next month. Rotel will be April 2. 

^ S 0 l M t5,e b ® h ** tour o£ * oth have been moving closer in the while it is expected that 60 people wh{ 

'S fepartowirts. - past year. And two new lettings the results .for the audio-visual fteSSkerii ??aS fe? 


written off because of. lack of 
maintenance. 


In his report he says that the over the Christmas period serve 
original intention was that the to illustrate the current change 


will be announced next month, Rotel will be April 2. mortgage restrictions, the 

and while it is expected that q... Rn ^ . Royal Institution of Chartered 

the results for the audio-visual therSrketi^ teM for AkS^d Surveyors says today. . 
5TESZ2PJ& SASUSZ Rotel wiSSS Rank, will be i institution's _ Scottish 


The -tScottfiar - Development developer at Portavadie should m the traditional balance of ®*Pected to show losses. 


heeled by the reorganisation, branyh says in a report that in 


Department- and : >the- Depart- sell the land on which the vil- rents in the two areas.' 


menr of iteer^ iuiilt.the village lage was built to the Scottish OTW < nr MnuM ~ 

“ — *«.- Om... _ London and Overseas 


Win 


near the. Portavadie oil-platform Development Department How- Express Freight which took 
site in Argyll in l975. ever, the contract between the S r re t l* 


The company wiU probably go 

ahead with a modest investment Japanese distribution com- common ana m some cases rises 

programme of no more than panics. have been as high as 10 per 

£lm in its Bradford factory, . , „ . . . cent, 

which manufactures Leak and Akai and Rotel will take over i 

Wharfedale loudspeakers. full responsibility for guarantee Older properties in town 

Rank distributes Akai and obligations, spares and servicing. ^ e “ tr i f 5 0 V ave J ) ® e “ “ffiyjf'S!!: 
Rotel equipment through its Rank said yesterday that the 
wholesaling network, but the trend in the market was away 
weakness in the market, from marketing links between much ■Iower'to^eH 


It is expected that some will the lfi st quarter price increases 
move into the inde pende nt tip to 5 per cent have been 


distribution 


Oil 


aue lU wsyirur AVIO. - me cuuaagt ueurrcu u« over the remaining *1 vearc nf * m ,UI inuiurj. 

It -was thought then that there government and the developer le 4 nn Sp snim «. ft whlch manufactures Leak and 
would be a big rush of orders terminated before this hap- period Office buriclin- at 54 PaJl w i arf « ,a J? loudspeakers, 
for North Sea fields. But there pened. _ Mali swi. earlier thic vmi* has „ Ra_nk distributes Akai and 


tor north sea fields. But there , ,, „ Mall SWI. earlier this vear has « . , mumuin n»i ™ 

were fewer contracts than ex- Sif Douglas adds that Sea just sub-let 2,000 sq ft of offices equipment through its 


pected, and the yard failed to Platform- Constructors' has now f D 


z.uuo sq 
tenants 


astonishing £10 a sq ft on one 


common and in some cases rises 
have been as high as 10 per 
cent. 

Older properties in town 
centres have been selling well. 


weakness 


coupled with intense competi- companies towards independent 
tion, has meant that the organisations, because of the 


win any, work. - refused the Department of astonish in" £10 a so ft on one weakness in the market, from marketing links between 

Most of the Jand needed for Energy access to the village, year rent reviews This lettin° coupled with intense competi- companies towards independent 

the platform site was already “As a consequence, the build- negotiated by Goldenber® and tion ’ has meant that the organisations, because of the 

publicly owned. The village site, tegs have suffered serious de- c„° a new standard for arrangement has ceased to be extra pressure on profits im- 
ho waver. was still privately terioration and may no longer on even ^ic bert quality attractive to any of the com- posed by the distributor’s 

ownai, but -ate two departments be usable.” v/est End office suites panies. margins, 

nevertheless went ahead with The Department of Energy The firms taking the surplus 


however, was still privately rerioratioi 
ownra, but thfe two departments be usable, 
nevertheless went ahead with The De 
building. said yeste 


attractive to any of the com- posed 


Best year 


>sea oy the distributor’s The market for country 
argins. houses has had its best yeaT 

ever with increases in prices of 

25 per cent and above. Demand 

is strong for bouses and 
cottages, particularly at about 
• lywk^vwwv £100,000 for a home with 10 

,1 ^ K llllVv acres within commuting 

M *** T T distance of the cities. 

_ ' In Edinburgh, a city centre 

¥ 1%^ lrn.Z-4-3 fiat that did not sell at £30,000 

I IIP || ¥ | in September went for £34,000 

-*■ ^ in November, while a house in 

the suburbs gained 5 per cent 
of its purchase price when 
resold two months later. 

ised, there was a shortfall I? Glasgow, houses have been 
mpared with the employee realising 8 !per cent enw asking 

,o had not changed jobs. Sd'vl TdverSeT at 
The life offices said much pro- £50,000 sold for £63,000. 


The Department of Energy 


pames. 


margins. 


said yesterday that it had been space are ADEPT, a packaging 


Since then, negotiations to acting as agent for the Scottish design and technology group 
_.buy the land have failed, and Development Department in and the U.S. company 
" the Scottish Development building the village. The Scot- Flopetrol Services Incorporated, 
Department has been advised tish Development Department represented by Henry Davis, 
that it probably does not own refused to answer questions As the Pall Mall letting was 
the buildings, which under .about the village because it said being negotiated, comparable 
- Scottish law belonged to the it did not own it and all. queries offices in the City of London, 
-;ownjBr of the land. The owner therefore had to be directed to two 5,900 sq ft office floors of 
is a. consortium called Sea Plat- Sea Platform Constructors. Broad Street House at 55 Old 
form Constructors (Scotland), 


Broad Street House at 55 Old 


Sea Platform Constructors Broad Street, EC2, were being 


Job-changers ‘know 
pension will be hit 9 


-which is led. by Cementation and Cementation Construction let for close to the £17 a sq ft I BY ERIC SHORT 


Construction. 


The matter has been invest!- meat yesterday. 


were -both unavailable for com- asking rent by Richard Ellis, 


di project 5 f 


LSMO stake cut in 
Ninian oilfield 


8Qd H a m pton and Sons, acting piurDT nvrrvc 

£L,T r * f * Ig * r House Deve,op - 325?K 

men 15. 


EMPLOYEES with pension based, there was a shortfall 
schemes tied to final salaries compared with the employee 


normally expect to receive a 
Trafalgar, which is marketing lower company pension if they 


a further five 5.900 square feet change employment compared tect on could be rtven bv re^ 
floors of surplus space and a with those staying with one SSL. fh^ employrt^ saiSy S 
12*40 square feet separate company. Sedate of 


who had not changed jobs. 


OUTPUT GROWTH in the UK 
should strengthen towards the 
end of next year, mainly due to 
improved export performance 
as world trade becomes more 
buoyant, says the London 
Business School Centre for 
Economic Forecasting. 

The centre says the Govern- 
ment will have to introduce a 
deflationary Budget if it is to 
retain the present limits on 
monetary growth in the 1979-80 
financial year. 

On an unchanged fiscal 
policy, the centre forecasts a 
public sector borrowing require- 
ment of about £9bn in 1979-80 
and monetary expansion some 4 
per cent above the upper limit 
of the present 8 to 12 per cent 
annual growth target. 

The centre assumes inflation 
will remain the Government's 
priority and that the borrowing 
requirement will be reduced 
sufficiently to make the mone- 
tary target feasible. Its forecast 
assumes this will be done 
through some minor public 
expenditure cuts and a £2bn 
increase in income tax. 

This would reduce the borrow- 
ing requirement to £7bn. The 
centre says the most likely way 
for income tax to be raised 
would be by a failure to index 
tax allowances in the Budget. 
The centre said: “ In practice an 
increase in indirect taxes would 
be preferable.” 

The pace of growth in real 
output in the UK appears to 
have slackened in the second 
half of 1978;, but the .centre, ex- 


pects slow growth at the turn of 
the year. 

It forecasts expansion of 3 
per cent in 1979 as a whole (at 
1975 prices) compared with 3.5 
per cent in 197S. However, 
growth' should be increasing 
again towards the end of next 
year. 

This will be helped by the 
co-ordinated recovery in world 
trade and output towards the 
end of 1979 forecast by the 
centre, provided “the deflation- 
ary policies of the U.S. are not 
followed elsewhere.” 

Real incomes rose by more 
tban 5 per cent in 1978 and con- 
sumers' expenditure by about 
the same amount The centre 
says slower growth of earnings 
in 1979, combined with more 
rapid growth in prices, will 
squeeze the growth of real in- 
comes to about 1 per cent, while 
consumers' expenditure will 
grow by about 2.5 per cent. 

However, the slowdown in 
consumption will be partly offset 
by stronger growth in total fixed 
investment, particularly in the 
public sector. Stockbuiiding is 
expected to fall. 

Consumer prices are expected 
to rise by slightly less than 10 
per cent in 1979 as a whole 
and the current account balance 
of payments to be in approxi- 
mate balance. 

The centre says the exchange 
rate index is likely to be con- 
stant at roughly its present 
level throughout much of 1979, 
with some weakening later in 
the year. 


f!?^^ n / 0f i ts £ uild ’ This was said by The Life average 


BY SUE CAMERON 


lift’ h rT?Jrn jHn!, 5°°r * Offices’ Association and the ment But it warned such a move 

inrf 10 Tunn?^! Associated Scottish Life Offices could involve companies in 

. rr, in their joint evidence, to the much higher costs in meeting 

MOQtfl^ll Lea di) 0 at dose to its nAhiiMiriArrel Dancinnc Pnarrl HiA hpnpfitc nrnwiHpH hv thp 


LONDON and Scottish Marine of just under 26 per coot in { 
Oil's interest in the North Sea Ninian. The other companies 
; Niruan field is to" be cut from in the field— Imperial Chemical 
' ' an estimated 9 per cent to 7.78 Industries, British National Oil 
per cent at tine beginning of Corporation, Murphy Oil, -Chev- 
... the New Year. ron Petroleum and Ocean 


asking rent 


Occupational Pensions 


the benefits provided by the 


inquiry into the protection of pensions scheme and could be 


Petroleum 


Co-op loans 
to cost more 


Orkney island - 
plans sheep 
processing unit 


Profit margins fall 


occupational pension rights and detrimental to the rights of ^ ° 

expectations on change of employees who remained with THE people of the Orkney isle 
employment the company. of North Ronaldsay are plan- 
ts n,,.iw TTnn.Tc Finally, the life offices thought ring to set np a processing unit 

legislation on this would be on the island to market their 
£? ,al c winter-productive if it did not native speeies of sheep. _ _ 


THE people of the Orkney isle 
of North Ronaldsay are plan- 
ning to set up a processing unit 


for small grocers 


FINANCIAL TIMES REPORTER 


Block 3 of Niman than in the in the field of about 74 per cent 
Southern Block 38 in -which the The companies involved in the 


company bas its -interest. This Northern block have taken- on 


rise in the level of interest rates. 

The bank announced yester- 
day that its rate on new loans 


rights and to recommend 
improvements. 

The life offices said, under the 


account for the psychological. The island’s 4,000 sheep feed 
practical and cost factors. solely on seaweed from the fore- 

The Institute of Actuaries, in shore for nine months oi the 
its evidence, said there was year. 


much misunderstanding by the The flock needs reducing by 


public over pension rights and 300 sheep per year because of 


v-i 


was the reason for. reducing the share that LSMO has given repayable over periods of 12 to i present system, an employee on added there was no easy soiu- overcrowding. It is thought that 
T Cllrt '- *- ' ,m - 36 months will rise from next changing jobs had his pension — emotinor ♦»«» 


LSMO’s stake in the [field. - 
The' agreement on LSMO’s 


smoking 


processing the 


Orijpnally, when assessments Tuesday from 15 per cent to 16 with his former employer based The actuaries also felt that whole carcase and curing sheep- 


reduced 'Share In' Nintan, which of Ninian’S' reserves were first per cent. 


unt 


is subject , to obtaining various ®ade in 1974. the shares -be- 
cdDsents, ■ marks - the .first tweeix the two blocks were 


on his salary at the time of any. legislation should remember skins would create employment 


Home development loans, re- leaving. Since this invariably smaller employers. Here any on the island. 


payable over 37 to 60 months, differed from the employee's additional cost could prerent A steering committee has been 


; redetertnination of participants' nearer to 30 per cent for the will cost 17 per cent against 16 salary at retirement on which pension benefits improving from investigating different methods 


.' ..' intere^S in the field. LSMO South mid 70 per cent for the 
■' said farther re determinations of North. The Northern block 
interests were due in 1980. 1982 share has increased because of 
~ 'Vand 1984. - indications that it has more 

j.- . * .reduced interest in oi *- 


per cent previously. 


the pension expectation was current levels. 


of handling the production. 


'and 1984. - indications that it has more 

•A . ..reduced interest in oi ^- . 

. j'.'-'.Ntelah would have given LSMO. Chevron '.Petroleum is the 
■ ; 'v a £13in refund for past capital operator on the whole of the 
~v expenditure but the company Ninian field. 

; * has agreed to contribute an Oil from Ninian began to flow 
V; extra £>19m towards platform last Friday. Ninian is the third 
VVcosts. The platform agreement largest oil field in the British. 
;> means LSMO’s net cadi outflow sector of the North Sea and it 
; V. wiH be £6m. has estimated recoverable re- 

“ LSMO's partners in the serves of l-2bn stock tank bar- 
V' Southern block .of Ninian are rels. It is expected to reach 
V; . BP and Ranger OiL These three peak production of 360,000 
-f? .-’ now have a combined interest barrels a day in 1982. 


has estimated recoverable re- 
serves of l-2bn stock tank bar- 


Fleet Street papers ‘could become 
casualties of falling circulations’ 


FINANCIAL TIMES REPORTER 


"Jf: J lSiSSn tn mSiA THE DECLINING circulation of 


circulation 


the in the years following 1973, use either or both methods.’ 


bareels a day in 1982 ’ national newspapers could lead period, although there were superimposed upon the 320 per There bas been a substantial 


ui in.- [ 


Toll increases opposed 


. A PUBLIC inquiry will open in The tunnel tolls were in- 


Liverpool on January 23 .into creased only i8 months ago and quotes 


in casualties among them, says 
a new survey. 

The survey, by Keynote, a 
market analysis company, is 
also pessimistic about the 
continued survival of two 
London evening papers. It 


wide swings within the group. cent increase m 
The Sun gained 28 per cent to newsprint gu&Qg;, 
reach 3.8m in 1977, while the period*... 

Dally Express lost about the The report adds 


cent increase in the price of decline in the number of retail 
newsprint ^ui/U^g, , ,tbe- ; .five-year, outlets, from 35,000 in 1974 to 


reach 3.8m in 1977, while the penoa*... ? . r, . aouu * 32,000 newsagents ui 

Dally Express lost about the The report adds: A further • 8 f ys ,} he r? P°rt. About 

same percentage in a fall to problem for the nationals has ^ ,F of , a ~ r ? ewspape 5 s 

2^9m. The quality dailies lost been the attempt to introduce delivered to homes oy the 

an average of 10 per cent of new cost-saving print tech- relauer * 

their circulation, with the oologies. Capital for this The report says margins on 


Bureau of their circulation. 


retailer. 

The report says margins on 


Merseyside • County Council’s there is expected to be strong ( Circulation figures showing that largest loss recorded by the essential modernisation has the cover price are about 28 per 


aroUaition to increase theltoUs opporition. BuY the ’ Go vernm ent the average loss of circulation Guardian (13 per cent). been difficult to come by, but in cent for retailers and 10 per 

through the two Mersey tunnels, has said revenue must increase '«* V*e London evenings has Keynote, the market analysis each case such moves have been cent for wholesalers. 


in line, with policy laid .down, to offset the tunnels’ deficit. . ' ^ e ^ n .^ 7 per cen * ^ttveen 1973 company, 


by the Department of Transport. ..The loss last year was £3.4m, l *dd 1977. 


figures fiercely opposed by print unions Keynote says that the growth 


The toll for private <ars, with and the overall deficit is now It says: 


commuters representing 95 per . £22m. The Merseyside authority opinion to the contrary, there national and London evening 
cent of traffic, would rise from thinks the tunnels should be. must be a question mark papers.” 

25p to 30p for a single journey, toll-free and. bas set up a con-, against the survival of both During the same five year 


25p to 30p for a single journey, toll-free and. bas set up a con-, against the survival of both During the same five year “These technologies were 

There, would be comparable in- sortium with other tunnel and London evenings in .their period up to 1977, advertising pioneered by the regional press 

.creases - for other forms of bridge authorities to urge this present form.” revenues increased by. only a in the early 1960s and include 


vehicle. 


policy on the government. 


“clearly demonstrate the anxious to protect their mem- 0 f free sheets appears to have 

decline -in the market for bers’ jobs. continued. In 1970. they 

national and London evening . _ attracted an estimated adverlis- 

papers.” rioneereo ing revenue of £2m, which had 

During the same five year “These technologies were risen to about £30m by 1977. 
period up to 1977, advertising pioneered by the regional press The’ report says the gloomy 

revenues increased by. only a j n the early 1960s and include outlook for Fleet Street, par- 


THE INDEPENDENT grocer 
and his traditional supplier, the 
wholesaler, have come off worst 
in the food industry's price- 
cutting war. 

Britain’s 73.000 independent 
food stores have seen their 
market share slip to 35 per cent 
while the 7,000 supermarkets 
have increased their share of 
the market from 44 per cent in 
1971 to 51 per cent last year. The 
6,000 co-operative stores made 
up the remaining share. 

Multiple stores have achieved 
growth in sales and profits at a 
time when there has been no 
growth in household food ex- 
penditure by aggressive price 
cutting and marketing that has 
reduced profit margins to 
“barely viable’’ levels accord- 
ing to Inter Company Compari- 
sons. which has produced reports 
on supermarkets and grocery 
wholesalers. 

Some wholesalers have kept 
pace with supermarkets by 
setting up voluntary trading 
groups such as Spar, ~VG and 
Mace to gain from bulk buying. 
This has been partly successful, 
ICC/say^. although achieved at 
the expense of L profit margins 
which iraVe'ben cut to extremely 
fine levels. Average profit 
margins for wholesalers in the 
three years surveyed by ICC 
slipped from 1.5 per cent to 1.3 
per cent in the final year com- 
pared with a recovery for 
supermarkets from 2.9 per cent 
to 3.2 per cent. 

Both reports took 60 leading 


companies and compared end 
analysed their performance over 
three years to January. 1978. 

Supermarkets averaged a 50 
per cent sales increase with 
growth spread evenly through- 
out while grocery wholesalers’ 
turnover rose by 40 per cent 
with slightly faster growth in 
the second half. Only three 
wholesalers, Rawlins Brothers, 
Nurdin and Peacock and Batieys 
of Yorkshire, managed to in- 
crease sales by more than 25 
per cent a year. 

In 1975, grocery wholesalers 
had, on average, a far larger 
return on capita! than super- 
markets. Now the position has 
been reversed. 

Supermarkets weathered the 
competitive conditions well in 
terms of return on capital with 
a rise from 15.6 per cent in 
1974/75 to an average of 20.2 
per cent in the final year. 
Grocery wholesalers, on the 
other hand, slipped from 23.6 
per cent to 20.5 per cent in the 
same period. 

The current year for super- 
markets should show a further 
improvement in, financial per- 
formance, according to ICC. As 
for grocery wholesalers. ICC 
concludes that the trend 
towards wholesalers either , 
merging or forming voluntary 
trading groups seems certain to 
grow. 


Business Batio Report on Giocery 
Wholesalers. Published by Inter Com- 
pany Comparisons. 8T. City Road. 
London EC1Y 1BD. L44. Business 
Ratio Report on Supermarkets. £44. 


Despite Fleet Street decline -in the market for bers’ jobs, 
the contrary, there national and London evening . _ 

a question mark papers.” x lOOCCrefl 


R-R wins TriStar deal 


During the five-year period to modest 22.6 per cent according computerised photo-composi- ticularly if labour trouble’s con- 


School aid plan for over 16s 


1977 the average loss of to Department of Industry tion. which speeds up both the tinue, i< 

circulation of all national figures quoted in the survey. setting and the composition of tively b 

■newspapers was nearly 11 per However, a sharp improve- pages and web-offset which regional 

cent ment in the first half of 1978 enhances the quality of repro- regional! 


tion. which speeds up both the tinue, is offset by a compara- 
setting and the composition of tively bright prospect for the 


regional press. In 
regionals investment in 


After - that of the London was recorded with an increase duction and colour availability.” plant has been effected with 


LOCAL education authorities in full-time education. eve nin gs, the greatest loss was in advertising revenues of 17 The report adds: “ The comparative ease, the analysts 

England have been, sent' details Depending on sufficient suffered by the popular Sunday per cent over the corresponding regional Press has proved more say. The underlying trend for 

hy the Department of Education -ipteresf by Jocal authorities, the newspapers which declined by period of 1977 to reach a total adaptable ... so that currently, national advertisers, especially 


The comparative ease, the analysts 




and Science of proposals .for scheme ; would 


giving financial support to." 16-. September. .The m axim u m grant 
to-18-y ear-olds who stay on in wouldL be £7.50 a week. 


next an average of 15 per cent 


of £340.8m. 


The popular dailies 


58 out of 79 evening news- retail chains, to take increasing 


Keynote describes the rela- papers. 10 out of 19 mornings display space in the regionals is 


together, lost only 2.8 per cent tire fall in advertising revenues and 534 out of 1,078 weeklies expected to continue. 


ROLLS-ROYCE will get a £10m 
share of an order worth £40m 
(more than $S0ml placed by 
British West Indian Airways 
for two U.S. Lockheed TriStar 
airliners using RB-21 1-524 
engines. 

This deal, which converts into 
a firm order an earlier option 
on the aircraft held by the air- 
line, brings total firm TriStar 
sales to 193 aircraft to date, 
with another 69 aircraft on 


option. So far Lockheed has 
delivered 160 TriStars. 

The airline's new aircraft 
will be the long-range Series 
500 TriStars. for use on its 
routes between Europe and 
Trinidad and Tobago. 

Lockheed also said yesterday 
that it had received from the 
Dutch Government confirmation 
of its £150m order for 13 Lock- 
heed P-3C Orion maritime 
patrol aircraft 




Tr-F- 


Hie International Green Week Berlin again 
supported on three solid pillars in 1979 



Agpicodtare and horfEctriture 
The food Industry 

Specialised supporting programme 


Agrarian experts fr o m Europe and aD cverthe 
VK^wflgSher together inBeifin from January® 
toF^wuaiy4,l979. . , 

TWs te.wliei»fife.‘Heii»lionaa[ Oeen Vlfeelc BeriSn 
becomes the tenefearous qftfeprofesstonal 
vrori&TTrafhieesubiiktaieaso 
Mbimation besides unrivalled opportunities for 

an exchange of views. - 

The most- important professional institutions . • ; 
convene regufarfy: in Berim for the International 
Green WfeefeThanumber of ^conventions, sym- 
posia andsemfnais has now risen tooyer200-_ 
Interest s tremendous - and still growing. In 197o a 
aimosteOftOQO viators were counted. 



International 

Green Week Berlin 

January 26- February 4, 1979 


The International Green Wsek Berlin will again be 
the setting for numerous Special Shows in 1979 - 
shows that will be the focus of interest of both 
trade visitors and the general public. 


Quality from GermatLltee Nurseries -Green is Life 

Special Show presented by the Federal Ministry of Food, 
Agriculture and Forestry. The wide field covered by tree 
nurseries will be impressively demonstrated. 


Orchids - HortienHirral Treasures 
Special Show presented by the Berlin -Sen ate* 
Department for Economic Affairs, displaying 
orchids gibwn by German horticultural enter- 
prises, on an area ofZ300sq.m. 

Europe and its Food 

The Special ConsumerShow of the European 
Community; the Federal Ministry of Food, Agri- 
culture and Forestry and the Berlin Senate 
Department for Economic Affairs. Bringing infor- 
mation on the countries comprising the EC, the if 
rich and varied production oHood and the 
numerous ways in which it can be used. 

The International Floral Hall 

with its international competition brings the 


bounty of springtime to Berlin Id (be middle of 

win tan 


To underscore the informative ^ value of the exhi- 
bition. two further contributions have been 
arranged for 1979: 


Special Show trf the Agriculture of Lowe? 
Saxony 

Where a federal Land provides an ovenfewof 
its extremely efficient agriculture. 

Planning in Rural Areas 

Sponsor: Institute lor Urban Planning, Berlin. 

A Special Show designed to illuminate the 
changing structure and problem areas of tha 
countryside. 


IBIAMKBeriin 


German CatOe Breeds 

This Special Show presented by fits Berlin Senate Depart* 
tnentfor Economic Afiatre parades tire variety of German 
cattle breeds, Showring the aims of the breeders and the 
latest techniques. 100 head of cattle wflf be on show! 


Company for Exhibitions, Fairs 
and Congresses, Lid. 


international Cang ras a C a nter Beffin R O. Box T9T7«OMessadaram22 

Congress Hall Berlin D-lOOD Berlin 19 

Exhibition GroundsEnEn Telephone {030) 0039-1 

DeutschlandhaHe/Berfintce Paface . Telex 01 82908 ainkbd 

Contact address Wsstboume Marketing Services Ltd. Crown Hou&e Harden SurreySU 4 5EB, England 

ToL QJ-5432S32, Telex: 82S72B 




i 

s 

? 



j 


f 


Financial Times Thursday. 


LABOUR 



■'vr.&aRBSSw™f 

■'.; . , .1 

••:. : vC^r^WA^:;-- < . 




still asleep 
orning after 


FINANCIAL TIMES REPORTER 


MUCH OF the UK continued its 
holiday slumbers yesterday with 
Government departments, many 
shops and factories stretching 
out the Christmas break. 

Government offices in London 
were staying closed until today. 
The Labour Party’s head- 
quarters at Transport House 
will be closed until January 2 
while the Conservative Party 
headquarters is operating on a 
skeleton staff until the same 
date. A Conservative said: 
“We thought it wrong to be 
totally closed when the media 
was working.” 

But if Central Government 
slept local government was 
operating as normal yesterday. 
The GLC said: “ Local govern- 
ment is in full action all of the 

time. Each department is fully 
working although some staff 
have taken leave this week." 

In the West End, where 
police are still mounting their 
2,000-strong “ Operation Santa," 


the sales got off to a brisk 
start. Debenhams said: "People 
have kept a lot of money back 
for the January sales. We 
reckon to have a record first 
day of the sales today." 

Industries which were closed 
throughout the country 
included building and civil 
engineering, heating and 
ventilating, electrical contract- 
ing, paper manufacturing and 
certain parts of the coal and 
steel industries. Most will 
remain closed until January 2. 

British Steel said closures 
varied from division to division 
according to workloads, order 
patterns and manufacturing 
processes. “ In the main people 
are taking holidays until 
January 2." 

British Rail, which tried to 
run normal services, was hit 
yesterday by “ staff sickness." 
Twenty trains operating from 
Waterloo were cancelled early 


in the day because of staff short- 
ages. There were delays on the 
Portsmouth-W aterloo service be- 
cause of a bomb alert There 
v^re isolated delays on the 
Midland service from Huston 
too, due to absenteeism. 

All London's main line 
stations said traffic was like a 
Sunday with the number of 
commuters at least halved. 

All was quiet on Britain's 
roads according to the Auto- 
mobile 'Association. The main 
activity was a flood of inquiries 
about petrol supplies. 

The AA said about half the 
garages in West Wales. Scot- 
land and Northern Ireland were 
closed because of staff holidays, 
not petrol shortages. 

Only one-fifth of the garages 
in the Midlands were closed and 
about one-third in the North of 
England. In London petrol ser- 
vices, after last week's panic 
buying were almost back to 
normal. 


In £100,000 

ter campaign 



BY ELINOR GOODMAN, LOBBY STAFF 


THE MAIN political parties will 
fight it out on the poster hoard- 
ings in February even if there 
is no spring General Election. 

The Labour Party is to 
spend £100.000 on a six-week 
poster campaign, starting r.n 
February 1. The Conservatives, 
who attracted attention last year 
with a controversial campaign 
by the Saachi and Saachi 
agency, " are expected to 
retaliate. 

Both parties are thought to 
be considering cinema advertis- 
ing. Labour publicity advisers 
are apparently toying with the 
idea of answering back in kind 
the humorous Saachi and Saachi 
cinema commercials. 

The Labour poster campaign 
will be -in the familiar style of 
socialist publicity’. The slogan 
is that of the parly political 
broadcasts, “Keep Britain 
Labour." 

It may be a very expensive 
year for political parti' adver- 
tising. 


Both parties will try to main- 
tain the propaganda initiative, 
and if the election is not held 
until October a number of 
separate campaigns are likely. 

Despite shortage of funds. 
Labour has decided to launch a 
campaign in February in case 
there is a spring election. 

Last year Labour spent 
£100,000 on a poster campaign 
on the assumption that Mr. 
Callaghan would go to the 
country in October, showing 
that Transport House had little 
advance warning of his election 
plans. 

Last autumn the campaign 
committee was able to cancel 
at the last moment the £200,000 
of Press advertising fixed for 
October, but could do nothing 
about the poster campaign. 

Some members were furious 
at what they thought waste by 
the' poster campaign, but the 
committee’s considered view 
was that it was a success and 
should be repeated in February. 


Canadians 
consider 
Tri-ang rescue 


Group’s bid to 
end typewriter 
‘bargain’ mix-up 


BY PAUL TAYLOR 


By Robin Reeves, 

Welsh Correspondent 

REPRESENTATIVES of ft 
Canadian company. Pioneer 
Chain Saw of Montreal, are due 
to visit South Wales next week 
to discuss the possible rescue of 
Tri-aog, the Merthyr Tydfil- 
based toy manufacturer. 

This has boosted hopes that 
Trrang. which seemed certain to 
go into liquidation when the 
Government withdrew financial 
support, may yet find a new 
backer to continue in business. 

At the beginning of Decem- 
ber. the majority of Tri-ang's 
300-plus workforce were 
declared redundant by the 
Government-appointed receiver, 
wbo has been running the com- 
pany for tbe past 12 months. 

Workers have continued to 
report each day in the hope that 
the Welsh Development Agency 
and the Wales TUG can find a 
rescue formula. 

The Co-operative Wholesale 
Society is said to have been 
exploring the possibility of a 
partnership with the Welsh 
Development Agency to re- 
launch Tri-ang. 


ONE of the leading manu- 
facturers of electric and port- 
able typewriters is to abandon 
the use of recommended retail 
prices from January. 1 in an 
attempt to end misleading bar- 
gain offers. 

SCM (UK), a subsidiary of 
the U.S.-based SCM Corporation, 
will also press retailers to 
include value added tax in 
shop-window prices. 

Formal announcement of the 
company's change in marketing 
policy will come tomorrow and 
is likely to pave .the way for 
similar announcements from 
other typewriter manufacturers. 

The company, which manu- 
factures Smith-Corona type- 
writers at three plants in tbe 
UK. said yesterday that 
“ inflated recommended retail 
prices and misleading offers 
suggesting huge discounts bad 
led to confusion among the 
public.” 

SCM said it was “ taking the 
lead " in an attempt to 
rationalise the whole price 
structure of typewriter sales — 
one of the most competitive 
areas of high street trading. 

The majority of retailers sell 
typewriters well below the 
recommended retail price and 
some operate dual-pricing 
systems — sale price and recom- 
mended price — -which, it is 
claimed, can lead to confusion. 

Mr. Chris Hedges, SCM sales 


manager, said that many 
retailers offer discounts of more 
than a third on recommended 
retail prices and that the com- 
pany's move was designed to 
encourage customers to look for 
the lowest price and not the 
largest discount 

There is also no reason, said 
the company, why retailers 
should mark typewriter prices 
exclusive of VAT when the 
public has no opportunity to 
reclaim the tax. • 

In future SCM will let tbe 
trade set its own prices and 
decide its own margins without 
reference to any guideline. 

The derision to drop recom- 
mended retail prices reflects 
the company’s confidence in its 
marketing position. 

SCM claims to be the largest 
manufacturer qf consumer elec- 
tric typewriters in the world 
and also has a smaller, but still 
substantial, share of the market 
for consumer portables. 

SCM’s decision will probably 
please Mr. Roy Hattersley. 
Prices Secretary, the Price 
Commission and the consumer 
organisations,’ who have all 
expressed concern over dual 
pricing for other products. 

Mr. Hattersley recently intro- 
duced proposals for banning 
recommended retail prices on 
beds and has also suggested 
other measures to end the use 
of misleading offers by 
retailers. 


Aston Martin chief 
joins De Lorean 


BY HAZEL DUFFY, INDUSTRIAL CORRESPONDENT 


A KEY appointment to the 
team which will develop the 
controversial De Lorean sports 
car was announced yesterday. 
Mr. Michael Loasby has left 
Astou Martin to join the Belfast- 
based project next week as 
director of engineering. 

Mr. Loasby, managing director 
of Aston Martin Engineering 


INVESTMENT OPPORTUN ITIES 


LEGAL NOTICE 


READERS ARE RECOMMENDED TO TAKE APPROPRIATE PROFESSIONAL ADVICE 
BEFORE ENTERING INTO COMMITMENTS 


Peter Whitfield and Bob Tanner 
(formerly of Clubman’s Club and Orme 
Developments) 

have £2,000,000 to invest in: 

© Managing directors wishing to buy their 
own companies 

© Companies wishing to expand 
© Companies wishing to merge with a view- to 
early flotation . ' 1 ' 

Minimum profits £100,000 per annum 


Write Bor G2SI2, Financial Times 
10 Cannon Street. EC4P 4UY 


ELECTRIC 
TYPEWRIT! 


Factory rocondliietifd and guaran- 
teed hir IBM. Buy, cave up to <0 
pur Cant Lease 3 yearj Irom £2 
weetly Beni Irom £33 ocr month. 


Phone: GT-641 2365 


UNITES G3MPAH1ES 

FORMED BY EXPERTS 
FOR £78 INCLUSIVE 
READY MADE £83 
COMPANY SEARCHES 

EXPRESS CO. REGISTRATIONS LTD. 


30. City Road. EC1 
01-623 5434/5. 7351. S936 


IRON/BRASS 

MANUFACTURERS 


of fittings lor doors/fumit., fire 
place accessories, pillar boxes, 
lamps end other an metal products 
are invited to contact 
£. REUTER. Imports. Assenh. Str. 49 
63S7 Ksrben 1. W. Germany 
Tel: 6039-1336 


PRESTIGE CARS WANTED 


TO ALL COMPANY DIRECTORS 
TRANSPORT MANAGERS AND 
PRIVATE CAR OWNERS 


Are you obtaining Die belt price for 
your low -mileage prei'-ific -r.otor-car? 
We urgently require Ralls-Rorce. 

Mercedes, Daimler, jaguar. Vanden 
PIjs. BMW. Porsche. Ferrari. Mascrati. 
Lamborghini. Jensen Convert.blc. 

Rover. Trni rooh and Vcl»o cars. 
Open 7 days a weak. 


Collection anywhere fn U.K. Cash 
or Bankers' draft available. Tele- 
phone us for a firm price or our 
buyer will call. 

ROMANS OF WOKING LTD. 
Brookwood (04867) 4567 


LABOUR-TENDERING ? 


FOR THE LABOUR COMPONENTS 
OF ANY 0 6 cBATIOIJ 111 AtlY 
COUNTRY CON'S* ’I.T — 
GRIFCAMP HOLDINGS 
INTERNATIONAL LTD, 

42/45. New flr.jj.j Street. 
London. SC2M 'JY. 

Tel: 01-623 0898 Tele-: 8811725 
Company identity in UK Sa-jdi 
Arabia. Pakistan. India. Banjlades/t 
and the Philippines. 


BUSINESSES FOR SALE 



U.S. CONNECTION ” 


versatile businessman would lllc 
i CD resent vou in me U S.A. lor 
fee or commission besis. 

1 . Financial. 

2. Sales ana Marketing. 

3. Real estate and Investments. 
Contact: Alex Fciihiup. 

P.O. Box M3. 

Levltrevrn, Pa. 19053. U5Jt. 

Tel. 2 IS- 946-6033 


BUY AND 5ALE OF FIRMS >Eurooe tnd 
USA'. Zubcr GmbH. B an tlaO. D-O-iOO 
Fulda. W. Germany. Tel; 0661-51770. 
Terex 49921. 

START AN IMPORT IXPORT AGENCY. 
No capita) rcouircJ. Established ever 
SO vears. Clients in 62 Countries. Send 
large S.A.E. — Wade Dept. F-. P.O. 
Bov 8, Marlborough. Wilts. 

DEAD STOCK WANTED. Live cash pud. 

Td. Mr. Neal ’0532 1 3-SS61. 
INVESTIGATION OR RESEARCH capacity 
July 1973. Prin:i93ls only. Write 

Sox G.3Q93. Financial Times. 10. 
Cannon Street. ECdP dBV 
VALUABLE FREEHOLD PROPERTY. Centre 
oi Huntingdon— leased to multiple 
tenant, present rent £6.000 Price: 
£65.000 o n o. Apply H. Graham, Esq., 
cle Nflwbervs, 13J. High Street. Poole. 
BH15 1DL. 


PLANT AM© 


Over 400 sets in stock 
lkVA-700kVA 

Buy wisely from the manufacturers 
with full after-sales service. 
CLARKE GRQUP 
01-986 5231 
Telex: 897784 


MANUFACTURING PLANT FOR SALC 
PITCH FIBRE DRAINAGE SYSTEMS 


Qua to malar policy change, a complete manufacturing plant is for sale 
with an annuel capacity of 3.5 million metres p.a. o» mixed io mm |3inl 
dia. and 100 mm (4in) dia. pipe. Basic raw materials required waste 
paper and coal tar pitch. Particularly viable lor less sophisticated markets, 
such as Southern Europe, Africa. Far East. etc. Product to 85 SiFo 
suitable lor housing and road drainage systems. BS-JJOS Cable and 
Telecommunications ducting systems. Know-how and commissioning can 
be provided to interested overseas principals or would co.nsidor an 
agency arrangement lor disposal et approximately £300.000. 

Apply: M. R. Waddell Esq. 

REED BUILDING PRODUCTS LTD.. 

204. Great Portland Street. London. WIN GAT. 

Tel: 01-388 7831. 


SUCCESSFUL 


COMPANY 


specialising in the hire of largo 
Dump-trucks, wish to Open negotia- 
tions to discuss ihe possible sale 
of port or whole of this company. 
Reason for sale family problems 
for further details write Bex G.303S, 
Financial Times. W Cannon Street. 

EC4P 4 BY. 


BUSINESS WANTED 


DANISH 

BUSINESSMAN 


INTERESTED IN ACQUIRING 
IMPORT .EXPORT BUSINESS 


With perhaps Scandinavian connec- 
Preiai 


lion. Preferably with a turnover 
of at least £5.000.000 per year. 
Wnfe Box G.3088. Financial Times, 
10. Cannon Streer. EC<P 4BY. 


No. 004006 cl 1978 
In the HIGH COURT OF JUSTICE 
Char.cerv Division Companies Court. In 
the Mailer ol FORT GAIN LIMITED and 
m the Manor ol iHe Companies Act 
1943. 

NOTICE IS HEREBY GIVEN, that 
Petition ior toe Winding up of tha 
.ibove-namad Company bv the High 
Conn ol Justice was on die 14 ih day 
ot December 1978. presented to the 
said Court bv JAMES FINLAY COR- 
PORATION LIMITED .whose registered 
ollici is situate at Finlay House. 10-14 
Wesr Nile St/eM Glasgow G! 2PP. 
a creditor, and that the iaid Petition 
is directed to be heard before tha Court 
Milan'-, oi tha Royal Courts ol Justice, 
-■irjnd. London WC2A 2LL. on the 
22nd Da v ol January 1979. and any 
creditor or contributory ol the said 
| Company desirous to support or oppose 
ike making of .in Order on the said 
Person ma- aorsar rr rha rime ol 
he.-. 1 1 tv;, in person er bv his counsel. 

I o' that purpose; ond a copy ol the 
Petition will be luimrh«d by the under- 
signed lo any creditor or contributory 
a! (he said Company requiring such 
copy on payment of Hie rcculaird 
charge lor the iane. 

SRcCHER S. CO . 

76 Brook Strife- 

Greivtnc' 3qu; .. 

London LVIV 

Rel MCA Tel 01 ■4*33 5141. 

Solicitors Inr t.,c PcliTicner 
NOTE — Any person mho inland s to 
aooe.ir on the hearing r,f rha sbiH 
Pcii' on must -.cr.c on. or send by 
pr»M ro. the abov»-n.im*d noiic? 
wrltinn or his imer-iipn so io do. The 
r-HTij mu*! *.i'ta |K» rum* .-nd address 
cl The nrrson. nr >1 .■« firm the name 
and Address of :ha firm .ind must be 
s.'rr nrifi bv Che nersen nr firm pr file 
or lhe,r so'ici*or hi »nyi end must be 
served, or. if orated, must be senl 
hv oosi in sufficient lima to reach 
the above- named nor lute- *hen lour 
o'clock m inn ehernoor, of rhe 19th day 
ol January 1979. 


COMPANY 

NOTICES 


NoUceto the Bondholders et 
ASIA NAVIGATION 
INTERNATIONAL LIMITED 
BERMUDA 


B If fi ER l BY C1VEN that the 
Register of Members of E Mem as la 
SLi Company 1 Lbn,iM 215* Floor. 
Prince s BUMOirvg. Houg Kong. w<| be 
'1221 \? ,h J anu ,arv to 24U* January. 

13% m? u-ri «S2 . , SSl 1 J-25-2SES 


period the S 1 ;-. convertible guaranteed 
bond* 1989 issued bv Asia Navigation 
International Limited. Bermuda, on 6U> 
March. 1974. Mill not be convertible Into 


‘“'I* M !? . share* of 

Eastern Asia Navigation Company Limited. 
Ev or per ol Hi. Board 


WORLD-WIDE SECRETARIES LIMITED. 
:eth December. 1978. Secrotar.es 


COMPANY NOTICE 


RHYTHM WATCH CO. LTD. 


NOTICE TO HOLDERS OF EUROPEAN 
DEPOSITARY RECEIPTS r EDRa 7 
EDR-holders are hereby informed that 
of Ihe interim resort of Rhythm 
Watch Co. Ltd. for the m month period 
ended 30th September 1978 are now 
available at the offices ol the Depositary, 
20 Fcnchurch 5trect. London EC3P 3DB 

and of the Agent. Banque Internationale 

a Luxembourg S.A.. 2 Boulevard Royal. 
LiLirmfourg. 

KLEINW0RT, BENSON LIMITED. 

Depositary. 


GENERATORS from Gcrwror Limited. Sires 
Irom 2KVA to 4.000 K.V*. New and 
Used all guaranteed at keener, or ices 
Tel. Warn raw* i073 S22i 3033 Talax 
848637. 


THE COPENHAGEN COUNTY 
AUTHORITY 

7 J% 1972/1987 SU^. 15 , 000,000 Loan 

Notice is hereby given to bondholders of the above 
loan that the amount redeemable on February 15, 
1979, i.e. $US 500,000, was bought in the market. 
Amount outstanding: ?US 13,500,000. 

Luxembourg, December 28, 1978. 

THE PRINCIPAL PAYING AGENT 
KREDIETBANK 
S_A. Luxembourgeoise 



URUGUAY S KR CENT CONVERSION 
GOLD LOAN 1905 

URUGUAY S K" «NT 'PUBLIC WORKS 
LOAN 1909 
ASSENTED BONDS 


Williams & Glyn’s Bank Limited 
HEREBY .GIVE NOTICE that ttidt have 
received msiruetionj from the Banque de 
Paris et *» Pa vs- Sac S.A.. Paris to oav 
to the extent ot the lunds which mav 
be provided Mr the ourpoce coupons Of 
the above Mans duo ns: January 19791 
in sterling at the rate ol £0.175 per 
unit coupon. This rowesonts Interest 
at 3*;9» In accordance wfth the terms 
ot the oiler or the Uruguayan Govern- 
ment dated 3rd January. 1939. 

5-10 Groat Tower Street. 

London. EC3R SDH. 


for the past three years, was 
responsible for developing the 
Lagonda. 

The De Lorean sports car is 
already at the prototype stage, 
and Mr. Loasby will be con- 
cerned with its development into 
a commercial product He will 
head a team which includes 
specialists from Group Lotus, 
who are helping with the design 
and engineering of the new car. 

Mr. Loasby will join the 
hoard aF De Lorean Motor, 
which ‘ is chaired by the 
American founder of the com- 
pany. Mr. John Z. De Lorean. 
This move is expected to he 
followed by other board 
appointments shortly, including 
that of the managing director, 
and the directors of production 
and purchasing. The director of 
personnel and administration 
has already been named as Mr. 
Myron J. Stylianides, until 
recently with Chrysler Europe. 

The British Government has 
agreed to -put £52m towards 
constructing and equipping 
plant in west Belfast The loan 
will 'be repaid in the form of a 
levy of £185 for each of the 
first 90.000 cars stild. and £45 
a car from then on. 

The Northern Ireland 
Development Agency will con- 
tribute £l7.75m to the £56m 
in the form of equity, and Mr. 
De Lorean is planning to raise 
Si4m towards the financing of 
the project through an equity 
issue in New York. There is 
also a possibility that he. will 
raise an additional $60m if the 
market responds favourably to 
the initial issue. 


New moves 
likely in 
journalists’ 
strike 


By Pauline Clark, Labour Staff 

NEW MOVES seem likely to be 
made early next week aimed at 
ending the national pay strike 
by Britain’s 9,000 provincial 
journalists. 

Until then, however, many 
local newspapers throughout 
the country are expected to 
continue 1 to suffer from the 
combined effects of picketing by 
their own striking journalists 
and curtailed news output from 
the Press Association. 

The National Union of Jour- 
nalists said newspapers which 
were unable to produce yester- 
day included the Western Daily 
Press in Bristol and the Ports- 
mouth Evening News. 

The union said yesterday that-{ 
it would be calling 250 chapel 
fathers (union branch leaders) 
to a “ briefing session ” in Lon- 
don on Tuesday. 


Special council . 

The Newspaper Society, repre- 
sents gabout 260 employers, is 
to hold a special council meet- 
ing when its members will also 
consider developments in the 
dispute on the following day. 

In considering the union’s 
rejection of an offer worth 
nearly 9 per cent, tbe society 
should also have learnt tbe 
results of its 10.9 per cent offer 
to staff in the Institute of 
Journalists. 

The society has so far insisted 
that tbe union must call for a 
return to normal working before 
negotiations can proceed. 

Meanwhile, the strike which 
has cost the union some £100,000 
so far is believed to have hit 
the smaller independent papers 
harder than those is the big 
provincial newspaper groups. 
Some local papers in tbe London 
area have failed to appear for 
three weeks because of the dis- 
pute. 


'Wa- r- - 

- r ■ , s*S , v 

• -fe. r 



^cSr.;- .. 

■-j5s§sC" • . 


_jSS 



BY ALAN MICE,. LABOUR CORRESPONDENT ■ .-W - 

A TOTAL review of the build- •- to make some sense 
ing industry’s wage structure -is '.sent jungle of supplements .and 
being de mand ed by the 'Union b onus-overtime calcul ators. ^ 

of Construction, AUied Trades ' Tbe union wants overtime and 
mid Technicians, as part of its bonus payments to Tenet a fully; 
pay claim. • consolidated . basic rate to pro- 

v The iminn says - that the vent employers getting overtime 
existing structure is ^notorious- “on the cheap.” - - 
iy complicated.” with three Delegates to union conference . 
elements making. tip guaranteed .earlier this- year called for a 
minimum earnings in addition “ militant campaign ” to achieve 
:.to a range 'rf allowances. • r £2 per, hour for craftsmen and 
UCATT leaders. teU >their: n.80 per vhour for other con- 
members in the current, issue strnption workers, and this, will 
of the union’s journal Viewpoint - form the basis of the new claim, 
-that they fought for a simplified . Permanent 'pay. parity, for build- 
pay structure during the last ing workers employed by local 
wage round but succeeded duly authorities xnd a 25-hour week 


feSS^~ 


in consolidating the 5 per celt 
pay policy supplement. -- - - 
: ' -The Government’s ' " rigid 
guidelines " would hot. then 
permit consolidation'-' of all 
supplements into basic pay- as. 


the 


wiH - also be - included; in 
claim. ■ ■ 

UCATT argues that a sfaortek 
working, week would; in' addi- 
tion tp reducing employment, 
bring many benefits to the con - 


they would count for overtime s traction industry, - including 
and bonus payments. ' *r “ less stress-’anfl fatigue, a lower 

" •‘This year no such con-; -rate- of indoslriaLactadeHts-and 
strains will apply so- UCATT - ill-health, a reduction In ab- 
will be pressing for :a total senteeism, better quality of 
review of the wages -structure work and greater productivity.*’ 


Executive wins £5,200 


A COMPANY executive, ‘aged • - - Giving the tribunal |s decision, 
56,- who was made redundant Hr. Roy Handforth, chairman, 
bemuse his employers -'believed criticised' senior executives for 
he was too 'old, has been laddngrthe humanity and moral 
awarded £5200 eompen^tira; c^ teH Mir. Moore that 

by a Birmingham industrial 4hey*had decided to dismiss him 

tribunal. fourmonthseirlier. 

The tribunal . ruled, in:, a \ Mr. Moore had been told that 
written decision, that Mr.. Leslie. 1» would be, kept on after com- 


Moore’s age was the major— if 
not the only-rreason why he 
was made redundant from his.- 


pany .; reorganisation 
his -^assistant would 
redundant. But .he 


and that 
be made 
was -dis- 


job as a material bajting coh-. missed anti . his - assistant kept 
troller while his assistant waaL on. 

kept on. . V . -His dismissal came after eight 

Mr. Moore’s compensation for years’ service. The company had 


unfair dismissal is.. in addition; 
to. £1.182 redundancy .p^Wflich 
he has received frem hisform ex- 
employers, William ,7 Gox, erf 
Tring, Hertfordshire. • i. ' 


offered Mr. Moore a job that he r 
could not. physically perform, . 
although -.he had .asked to be 
considered for less well paid 
work.. • 


Big co] 


over 



pames face conflict 
retirement 



BY OUR LABOUR STAFF 


20- • 


SOME OF Britain's biggest com- 
panies may face a serious 
conflict of views on early retire- 
ment when negotiating with 
trade unions and non-TUC 
representatives of management 
staff later this year. 

The 9,000-strong Association 
of Management and Professional 
Staffs said yesterday it would 
be studying closely the Ameri- 
can example of not forcing 
people to retire before the age 
of 70. 

This was to " prepare the 
groundwork as tiioroughly as 
possible ” for negotiations in 
the coming months with major 
companies such as ICI. 

Trade unions which are putt- 
ing pressure on the Government 
and employers to lower retire- 
ment age as a means of reduc- 
ing unemployment have already 
been challenged by a new Bill 
introduced by Mr. Ivor Stan- 


brook. Tory-MP for Orpington. 
The Bill seeks to forbid com- 
pulsory retirement under the 
age of 70 on age grounds alone. 


make a yatoable contribution 
through their experience and 
“ know how ” were being farced 
to .retire against thetr wilL - As ' 


In particular, -the association a result, :tbe; nation was^lbslng 
will be looking at -the eccmomk . their skills. .. 
arguments for and against early. : Dr. Green argues that miybbdy 
retirement. It says that the ' who wants to retire should be 
theory that earlier retirement able to do so on terms which 
will reduce unemployment is a ' wotdfi prorid&dreasonable-starir 
“ two- ed ged sword.” .because a dard of livang. : 
smaller workforce ends up sup- - He' '■ - claims, -^.however, ^ that 
porting an ever-increasing . while- workers.. in' boring, xepe- 





number of retired people with 
consequent increases in taxation 
to support them. 

Dr, Maurice Green, president 
of AMPS and chairman of the 
Federation. of . Industrial 
Management and Professional 




titive. lobs, may want earlier 
retirement, many. nia aagere and 
professionally qualified, workers 
feel that “they still have con- 
siderable mileage when the axe 
falls."...--. V 

Dr. Green, criticises’ directors 


Associations, believes that the , who retffe managers At- their' 
age to which a person can - peak while They- amtieue tbem- 
reasonably expect to maintain sElves . to^ rufi businesses well 
physical and mental health has . beyond: the . age of 65 as if the 
steadily increased. board-pro rides “ah eflxar which 

Yet managers and pro- rejuvenates alliSriio are elevar 
fessional people who could still • tedl” • . . „ 



Air charter 

switch 

opposed 


CLUBS 


EVE. 139. Rco»nt Sir ret. 734 8582. A ft 
Carta O' All-in Menu. Three Spectacular 
Floor SHOWS 10^5. 1 2.45 and 1.4S and 
music nr Jphiin* Hawkcsmrth & Friends. 


B y Michael Donne, 

Aerospace Correspondent 
ANY ATTEMPT by the British 
Airports Authority to transfer 
charter airlines from G3twick 
Airport to Stansted or Luton to 
make room for more scheduled 
services would damage the long- 
term viability of Gatwick. as 
well as cause considerable in- 
con venience to passengers. 

Mr. Martin O'Regan, chief 
executive of Britain's newest 
charter airline, Air Europe, said 
yesterday that there had been 
some suggestions that charter 
airlines already using Gatwick 
might be required -to move out 
as more scheduled airlines 
moved into the airport. 

But such a move would not 
solve any of the problems ot 
congestion. Charter airlines 
had been the life-blood of Gat- 
wick in the past, and would go 
on providing a valuable service 
in future. . 

‘It would cause great incon- 
venience to passengers on char- 
ter flights If they always had 
to travel to somewhere like 
Stansted or Luton. A man who 
lives in Brighton, or even a 
London suburb, does not want 
to travel all the way out to 
Essex or Bedfordshire to catch 
an aeroplane before going on 
holiday.” 

Air Europe starts flying from 
Gatwick (n May with a fleet of 
five new Boeing 737 jets. 

9 Brymon Airways, the inde- 
pendent West Country airline, is 
cutting the one-way fare 
between Gatwick and Plymouth 
on January 1 by £4.20 to £20. 
Tbe airiine flies fwice-daily in 
each direction. The journey 
takes one hour 10 minutes. 


Industry Department receives 
plan for cuts in shipyards 


BY LYNTON McLAIN 


BRITISH SHIPBUILDERS’ plan 
to cut .shipyard capacity by 35 
per cent with loss of 12,300 jobs 
within three years was sent to 
the Industry Department yester- 
day. 

The shipbuilding unions were 
told of the proposed cuts 


federation of Shipbuilding and which British Shipbuilders pre- 
Engineering Unions said'- it .sented to tbe unions. 


would reserve its position . on 
implementation ol the 'plan 
until a joint management and 
union working party had re- 
ported. 

The .working party was set 


The preferred option strikes 
middle ground between those 
ranging from a virtual shutdown 
of merchant shipbuilding 
capacity, with Joss of 24,000 of 


the Industry Secretary, who was 
away on constituency business 
yesterday, will see the final pro- 
por/Us for restructuring the 
shipbuilding industry for tbe 
first time next week. 


told of the proposed cuts in A “ e i : w y n y*5 KT 1 * ^ the present 33 AOO-shipyard jobs. 
November, but Mr. Eric Varley. ?! to retaining' Stin^Taphril& 

hiJn i„ b Witt tte aid of intervention 

as soon as possible next month., c tj 
B ritish Shipbuilders hopes ovy the next five years., 

some agreement by the time the ' - The- - option. .: favoured hy- 
two rides meet Mr. Varley later' British Shipbuilders would lead 
in January. z reduction, of building 

Mr. Varley -said earlier this- ^parity from . tbe; present 
month that he would make no o30.00p _ compensated . gross. 


British Shipbuilders bad to' 
submit its corporate plan to Mr. 
Varley by tbe end of tbe year. 




persuade the shipbuilding 
unions to endorse tbe plan. 

- The latest attempt was made 
last Thursday, but the Con- 


but delayed as long as possible deristons tm implementation, af. registered tons a year. to: 430^000; WAC »o 4 
while attempts were made to tbe- corporate plan .without eon- by 198W31,' V 7 . 

■ultatfbn- with 'both sides:. - . But toward the mid-1980s this - ’ • 

Loss of over. 12,000 shipyard w ould, ri se to 480,000 if pro- “ 7 - J 

jobs was one of four options for doctivity increased By 25 per 
restructuring , the- .".industry cent, as tiie corporation hopes.: - .’ 

to. raise its share .of the .world ’* s ~t 


market from 3 per cent to 3.3 
per cent by- 1982: ... .. 


CONTRACTS 


£250,000 torpedo system 


GRUNDY AND PARTNERS, a 
member of the international 
Grundy Group of companies, has 
secured another Ministry of De- 
fence contract worth more than 
£250,000 for work connected with 
the Shipborne Torpedo . weapon 
system Mk. 1. This is a self-con- 
tained system developed for the 
Royal Navy and designed to help 
position a ship for weapon 
launch and control. 

An order valued at over £100,000 
has bees placed with GEC- 
ELLIOTX PROCESS AUTOMA- 
TION. r GEC-Marconl - Process 
Control Company, by the British 
Railways Board for the provision 
of microprocessors for the rail- 
way electrification scheme. 


COSSOR ELECTRONICS fan 
ITT company) jias received 
orders: worth over ^£200,000 for 
electronics for. the .Rapier low 
level .-: air . defence missile 
system, and expects to complete 
at least £Ijin of business for the- 
project by the end of the year. 
The Cowor system is fitted as 
standard to all ‘versions of the 
Bapier,' and consists of an in- 
terrogator, decoder, operator 
confidence facility (system self- 
check), and, for the tracked - 
version, a remote control linil 
The system provides rapid' 
identification of potentially 
hostile Tow flying aircraft 7 '.- 









7 









^ • ‘ •••• ;■••'; .-. .“: • 

^ii |'T: • .’ • • ;.'. '■•.-';••• •. • 

I":| ; j:V Tirnrsfey pKenber-^28 1978 


MARKETING SCENE 



EDITED BY MICHAEL THOMPSON-NOEL 


•; 

•• • 

... 

■::•■ 

• ; . ■>••■ 


v ■ f,; 
«. !r 


C v 


/r. 



Lto R:. Qantas: . Unbelievably .bad,’ says Peter BXarsfa. Dubtennel: ‘ Stylishly sexy,’ says Martin Boast*. Clarks Shoes: * Innovators,' says Ronnie Kirkwood. Benson and Hedges: ‘Lacks persuasion.' says Norman Berry. 


ns £> nil- 


■« 


*Uij 


i- 


■h- . -. - 

* * •* * V 

'■‘h • 


n* ; 
jpVi 

a w 


nlflur 

S^gUiio 






A GOOD YEAR for advertising? 
In terms iof-’the ad - spend— 
currently .running at frac- 
tionally in excess of .£L8brt-- 
it has been a remarkable nin 
indeed, and the boom shows 
scant sign of petering out But 
iwbat about the ads themselves? 
Has ■ the British - advertising 
industry scaled new heights or 
plumbed * : unwelcome depths? 
To find mit. X polled -a cross- 
sectioa of the chairmen and 
i chief * executives who ' rim 
some of Britain's best-known 
agencies. This is . what they 
sajd:- 1 - 

• ROBERT GROSS, chairman of 
Geers Gross: . “ The only really 
notable thing about the year's 
advertising has been the 
amount The unrelenting hland- 
neiss, characteristic of the 70s so 
■far* has continued. 'Only the 
quantity-.bas increased. Some of 
the.year’s crop has bad style and 
cham. (Dubonnet, Berlei Sec- 
rets, Ambre-Solaire, Dunlop.cor- 
pprate). A lot has been inane 
(Etarp,- Qantas, Skol, Anchor 
blitter, Colmans). 

. The formulae for blandness 
■Is .almost always the same— 
you can’t get an idea, get .a 
jingle. Tf you can’t get a jingle, 
get a star. And if you're really 
deaerate (-Woolworth ) get both. 
We’ve, been sung to about every- 
thing from beer to budding 
societies: 

“ Why. jingles and stars ? Weil, 
both' are guaranteed ' to score 
wellr -first with .ttha research 
respondents, then, with . the; 
client. Original advertising; on 
the other hand,, cant easily be 
researched. It sets ite own' new 
standards and modes ,bf thought. 
It risks being; misunderstood 
and Iteometimes risks offending. 

‘‘■In ihy view’ only three 
recent campaigns have measured 


A year of jingles 
and stars and 
. . > vintage corn 


BY MICHAEL THOMPSON-NOEL 


up to those criteria— Benson and 
Hedges’ Gold Box; tlje Conserva- 
tive Parly and Access. Credit 
Card.- None of these fields- will 
ever be quite tho same ag$in. 

“Who’s to blamed, for 
blandness? It’s fashionable to 
point the finger at the clients. 
But clients don't create adver- 
tising, it’s conceived .inside 
agencies. Maybe you can’tinakc 
a client run adverGsinf? he 
doesn’t like Equally, he can’t 
make you produce advertising 
you don’t like. In my experi- 
ence, very few clients actually 
reject good advertising. The 
majority are never shown any.” 
• PETER MARSH, chairman of 
Allen Brady and Marsh, liked 
the campaign for the - Rories 
(“confidence, precision X . . 
superb"), for Grundig and for 
Parker Pen. But he hated the 
work for. Qantas r'unbelieyably 
bad”) and Tia. Maria.. Nor /did 
he care for the campaigns. for 
Beefeater gin and Vladimir 
vodka. White Horse whisky 



cheered him up, but Col man’s 
Mustard, he thought, opened 
with a hang that finished in a 
whisper ("A triumph of the 
pretentious over the practical ”). 
He says three car campaigns 
stuck in his mind: Fiat (“ Con- 
sistently brilliant, giving dash 
and excitement to what was 
hitherto perceived as a rather 
sluggish range of cars"), Volvo 
(“ Very finely tuned to the 
target audience”), and Audi 
(“Shows the loving care which 
can be lavished on a very impor- 
tant account by a small 
agency"). He hated Chrysler. 

4 TIM DENEHY. chairman of 
Lintas: “First, the horrors, 
NatWest have managed an 
obnoxious television commercial 
showing a young man being told 
how simple it is to open a bank 
account, while Cinzano hits a 
double-first of bad ads on 
posters and TV. Very indifferent 
branding for a drink which as 
No. 2 has to try harder. 

“ Without doubt the award of 


the year for the worst posters 
goes to another drink. St. 
Raphael. Terrible! 

“ Now for the goodies — first 
the fantastic work by CDP for 
Parker pens. Whether posters, 
Press or TV, everything is a 
winner, and congratulations to 
Dorland for the continuing ex- 
cellence of their Dubonnet 
commercials. Marvellous photo- 
graphy and terrific drink 
appeal.” 

O NORMAN BERRY, vice- 
chairman of Davidson Pearce 
Berry and Spottiswoode, thinks 
the most - important, most 
radical, happening in UK 
advertising this year was the 
Tories’ appointment of Saatcbi 
and Saatchi. “The effect, besides 
other things, may have been 
to provoke Mr. Hattersley into 
an advertising-bashing/publicity- 
seeking tantrum, but the fact 
remains:, it was an important 
event. Saatchis and the Central 
Office should be congratulated.” 


On the other hand he finds 
the new Godfrey Davis Press 
campaign insignificant and ill- 
conceived: “It startles me that 
an agency which can produce 
the Tory campaign and the 
outstanding Dunlop corporate 
can also put its name to, and 
persuade a client to run, any- 
thing so unworthy as this." 

The run of retail advertising 
does nothing for him, though 
he very much likes the re- 
vamped White Horse whisky. 
“Finally, it must be two years 
since Benson and Hedges 
started their poster series for 
B and H Gold Box. I said then 
that I thought it brilliantly 
noticeable but that it lacked the 
implicit promise and persuasion 
of the .original campaign. Now 
I’m sure of it.” 

• GRAEME ROWE, chairman 
of Roe Downton: " I think the 
year has been a fairly typical 
one with some extremely good 
advertising as well asf'a jot- of 
bad. In particular, retail 
advertising continues, on the 
whole, to he extremely poor. 
The hard-hitting advertising 
required is no excuse for poor 
layouts, bad typography or 
sboddy production generally. 

“ One of my particular 
criticisms of the year is the 
amazing over-exposure 1 of 
various personalities, and also 
the bad use made of them. I 
cannot help feeling that Kenny 
Everett is now getting in the 
way of the products he 
advertises. 

“Perhaps my pet hate of the 
year on TV was the Ingersoll 
Barry Sheene commercial. It 
was inept, badly produced, 
irrelevant and featured a 
‘ personality ’ who appeared to 
be dragged into a jeweller’s 


shop (on his motorcycle) for no 
good reason. Z could see no 
hint of a strategy." 

“ One of the best simple 
commercials of the year is the 
current Duraccll Battery, while 
Cadbury’s Fruit and Nut 
continues to be a great success. 

• JACK RUBINS, chief execu- 
tive of Dorland Advertising: 
“ 1978 has not given us any great 
new advertising. This is particu- 
larly true of television: perhaps 
we are so expert at filling 30 
seconds with good professional 
work that it seems less import- 
ant to find big campaign ideas. 
That said, I have seen a number 
of good commercials that sell 
the goods and enhance the 
reputation of the product 

“ Among the best was 
Berlei Secrets. Qf the old guard, 
I think Hamlet cigars has the 
secret of keeping its ideas fresh, 
and Schweppes finally seem to 
be getting back to their old dry 
wit -O. : 

“Print? Am I the only bin£ 
who still thinks that Benson and 
Hedges’ post-Magritte preten- 
tiousness is self-indulgence 
that will lead to grander follies 
in future years?" 

• RONNIE KIRKWOOD, chair- 
man of The Kirkwood Company, 
nominates GDP's Benson and 
Hedges work the magazine and 
poster campaign of the year 
“Like most original ideas, it 
will undoubtedly be copied, 
regrettably by people who do 
not understand it. The poorness 
of the copies will only enhance 
the quality of the original." 
Clarks Sboes he liked, plus 
Parker Pen, Fiat, Barclays Bank 
and Wella. His views on the 
worst campaigns of 1978: 
Qantas, Player's No. 6 and Col- 
mans Mustard (“ Has every sign 


of having been produced by a 
client who has lost confidence 
in his product, and by an agency 
that is losing its nerve and is 
determined to be * creative ’ at 
any cost 

Nor did he admire St. Bruno 
pipe tobacco (“Does more to 
support the case of the anti- 
advertising lobby, be they 
feminists, economists or just 
politicians, than any other ad 
on television") and Woolworth 
(“Tedious . . . serves as the 
outstanding example of a con- 
spicuous waste of an adver- 
tiser’s money”). 

• COLIN GOODSON. chairman 
of Wasey Campbell-Ewald: "In 
my view everyone who had any- 
thing to do with the Colmans 
Mustard campaign should be 
banged, and not at the R.A. 
British advertising is beset with 
the amateur and the pursuit of 
‘visibility ’.in its own right 
instead., pf; relevant. jcommunica- 
tipn.-Jn sgw&.jields.l.oF course, 
increased regulations have made 
it -difficult to .say very much 
about the product. Nonetheless, 
some very interesting advertis- 
ing has been produced — Benson 
and Hedges in the UK. and 
Gauloise in France, notably. 

“ Someone with something to 
say seems to be Williams, the 
furniture people, but they ought 
to get some left-over actors from 
Woolworth. I hate to admit it, 
but the Health Education Coun- 
cil commercial where the young 
sportsman meets himself 20 
years' on, really sells me." 

• MARTIN BOASE, chairman 
of Boase Massimi Pollitt Univas. 
enthuses about two ads. rages 
about two more. Benson and 
Hedges cinema commercial. 
Swimming Pool: “An even 
greater lour de force than the 


posters. The heat, tension and 
atmosphere generated in 90 
seconds make most feature films 
seem ordinary.” Dubonnet, TV: 
“Two devastating, films — they 
are above all stylishly sexy and 
reek of France.” Vladivar vodka, 
Press: “We have enough mind- 
less critics of advertising in gov- 
ernment and elsewhere without 
this sort of mindless waste of 
advertising space.” Hepworths, 
TV: “ Wall paper musical chorus 
about ‘a little bit of style ’ while 
young men show you the labels 
inside their jackets. The cliche 
is so crass it makes me want to 
deny I work in the advertising 
business.” 

• TERRY GRIMWARD, manag- 
ing director of Euro Advertis- 
ing : “ There has not been a 
great deal of impressive crea- 
tive work, but we have seen the 
emergence of a different sort of 
campaign, different because it 
is primarily concerned with its 
own visibility'. Some examples : 
what has already become a 
classic, the Benson and Hedges 
poster campaign. Col man’s 
Mustard. A campaign which 
attracted some obloquy, but 
which has turned round a brand 
which was losing business to 
continental mustards. It has 
lots of attack. 

“Fiat's posters, Wolf and Cage, 
making -what was for me a rather 
characterless marque into a dis- 
tinctive car with a recognisable 
personality.” 

9 SIMON BARROW, chief exe- 
cutive of Ayer Barker Hege- 
mann, defends Cinzano's Mama 
Mia poster, admires Campari’s 
Cipriani Hotel sequence and 
takes to Britvic's soft drinks 
range. He also likes Woolworth’s 
Christmas commercials. 


• COMPONENTS 


Pushing out the boat 


ft TEXTILES 

Speeds loom operation 


BOTH) OTAffTHUR BENNETT AND TED SCHOETTRS 




ft MATERIALS 


; f ,cu 




ONE OF the least attractive 
; aspects of sailing is attempting 
to launch or bring ashore a boat 
with the use of a conventional 
boat trolley. Even under the 
most ideal weather conditions it' 
is a tiresome task and, should 
there be a strong wind, or mud 
or soft sand underfoot, there is 
always the likelihood of acci- 
dents to people or equipment. 
''Promising a smooth passage, 
into or from the water, is the 
Trolley-Ball whose inflatable 

; , . . . _ , . - T _ Q . . t,-. plastic ball/wheels are a derivj- 

polymeric emulsi- Development of Id Pamts Dnrt- ^ >af _ tJ|e baU on BaIi . 




a 



mix 


.'f fU 


fiery from ICI are intended -to 
sblve the more difficult and 
specialised problems of emul- 
rions used in industries such as 
paper and printing, and waxes 
and polishes. / ; . 

They' are. suitable for many 
two-phase systems end provide 
exceptional . emulsion stability 
and high efficiency with excel- if**” 


sion. 

Several families of complex 
non-ionic polymers have been 
developed for applications with- 
in ICL Collaborative work with 
other companies has confirmed 
their outstanding, performance 
and encourages their general 
release. Seven examples, rep- 
resenting three polymeric 


barrow which has been supplied 
for- -some years to the garden 
and construction markets, says 
Kirk-Dyson, Le afield Estate, 
Corsham, Wiltshire, SN13 9UD 
(0225 810077). 

-,The effect of the balls — 
several times wider than the 


usual wheels on a -trolley-— Is a 
wider ground spread which pre- 
vents sinking into a soft or 
squelchy surface. They are 
pneumatic and fitted with a low 
pressure automotive racing 
valve which can be inflated by 
an ordinary car foot pump or 
airline. The maker claims that 
in the case of a puncture, it can 
be mended with a cigarette 
lighter only and reinfiated in a 
matter of minutes. 

Terylene webbing supports, 
which are rot-free, follow the 
contours of any shaped hull, 
tbus minimising point load and 
avoiding hull damage. Front 
webbing support holds the bows 
clear of the ground even when 
the boat is at rest.. 

A familiar problem, particu- 
larly in windy conditions, is 
trying to align a boat with a 


submerged trolley.'. As this 
trailer slides under A, dinghy’s 
hull, it gives complete buoyancy, 
due to the combination \of the 
ball/wheel and webbing design, 
and manoeuvrability is much 
simpler. 

The wide low-slung steel 
tubular frame is designed to 
avoid contact with the hull and 
also provide a support at point 1 
of rest. It is -supplied in five 
pieces which fit together with 
the use of a zinc-plated snap-, 
button indent connector. 

Weighing only 28 lb, the 
entire trolley can be packed 
into an export box 4 feet 6 
inches x 14 inches by 14 inches, 
or easily fitted inside a car. 

Three sizes are available to 
accommodate craft from 12 feet 
to 18 feet overall. 


lent oil solubility. These pro- 
perties distinguish the polymers 
from conventional emulsifiers. 


Precision power chuck 


RICHARD R. LEADER has An. important characteristic 


The seven products cover a 
whole .series of oil/water and 
water/oil systems as well as 

Impetus for the development disperxi on s of solids in aqueous secured ^exclusive represent^ of til centre models is 

2L22 “S D °^? ueous !* uids - ™ ey SSSr tteSfS uESSEi o L ^ 

stemmed from work oft non- stabilise emulsions of low. uitra-orecision aower chucks. ^ “ cooiant naveis 

• aqueous polymer dispersions, solubility' paraffinic oils and ^^ti^E ac^riaes ram*e throu S h ** cenlre of the 
> Preparation of- these NAD poly- waxes, aromatic; hydrocarbons,. SSTST dowito U5iDi» chuck - Through-hole chucks 
mers (ailed for a fundamental oils and chlorinated are- Manufactured by Metrology with an unobstructed hole up 

investigation of tho oasic re- matics. These emulsions can. Systems -Corporation in the to 2§" diameter can be sup- 

withstand high temperatures UJ5„ these accurate, power 

and high ionic strengths. 

-■For major applications, the 
molecules can be specifically 
tailored. to meet the customers’ 
requirements. • 

ICI, Mill-bank, London SW1P 
4QG. C01-834 4444.) ' 


SOME TIME ago, a new British 
design of bobbin bolder was 
introduced to the textile trade. 
The system is a combination of 
mechanical and pneumatic 
units and enables an almost 
infinite variety of Sizes of 
bobbins of yarn to be firmly 
held without danger of vibrat- 
ing loose and. even though a 
cardboard centre might perhaps 
be damaged the package will be 
held firmly and accurately. This 
means that rewinding can be 
avoided. 

Now, the bobbin holders are 
being extended In their appli- 
cations from merely holding 
solitary packages. The company 
that builds them is developing 
a range of specially designed 
weaving and warping creels 
based on the concept. 

Shuttleless looms weave from 
continuous weft supply,, nor- 
mally provided in the form of 
very large packages. The creels 
on which these packages are 
mounted vary considerably, blit 
most have shields made from 
acrylic sheeting which inevit- 


ably is damaged in the mill. 
Now. new weaving creels from 
Scantee (Woodhouse Road, 
Todmorden, Lancs. OL14 5RN. 
Tel. 070381 2055) offer an 
alternative that is designed for 
this task. 

New Scantec creels are con- 
structed from transparent poly- 
carbonate sheet from Germany. 
They are virtually indestruc- 
tible. It is this resin that is 
being used by troops and other 
authorities'-' J: as;: - transparent 
shields when involved in d/S- 
turbances. 

The holders of the iiew creels 
are fitted for magazine creeling, 
which means the tail of a 
diminishing package could be 
joined to the top of a new one. 
When the first package is ex- 
hausted so the new one comes 
into play without having to 
stop the loom. On eight-colour 
looms this, represents a useful 
economy. 

' The Lancashire-lftsed com- 
pany is now also making a 
warping creel. 

Here again the Scantec 


(Hydrawtsit 

Simply the best industry 
lard cxinstructionsitE compressasl 



Reddteh TeTReddfch 25522 


holder is used and only a 
modest air supply is required to 
operate it and should this not 
already be available in the mill, 
then a small compressor can be 
supplied with the creeL In this 
piece of equipment a very large 
number of packages — usually 
more than 1.000— can be accom- 
modated and warping can be 
carried out at very high speeds 
and with completely uniform 
tension of each end of yarn. 

AJi the advantages offered by 
the original Scantec holder are, 
incorporated in the new type of 
creel. 


quire meats "of the stabilising 
molecules.- 

Much of . the early work in 
this area of colloid science- was 
published in -197& In the book 
“ Dispersion Polymerisation in 
Organic Media” written by 
.members of the Research and 


plied. Jaw travel ranges from 
chucks are available from 3” to 0.04" to 0.38" as standard, but 
10" in tooth 2-jaw and 3-jaw up to I" is available. for specific 
models. 'Larger models are requirements, 
available .on request. Completely sealed chucks, 


essential for highly corrosive 
environments, optical grinding. 
EDM and ceramic work can be 
obtained as standard equipment 
from the range. Models with 
air ports on the sides of the 
chuck body can also be supplied 
for static applications. 

The company operates from 
Fordwater Trading Estate, 
Ghertsey, Surrey. Chertsey 
62766. 


Photoresist for boards 


Remote hydraulic control 


s 


. AVAILABLE- FROM 
Gevaert is a photosensitive 
liquid resist designed for - the 
. production of: printed circuit 
• "boards. 

The board is first evenly 
- ; coated with the fliiid, either by 
centrifugal action after pouring 
’ it on to the centre, or by dip 
coating. , . . : .. .. 

/ After' drying' the board is 
C 'exposed to ultraviolet .'light in 
'■ contact with a film .-positive of 


areas that- were exposed, and the 
board is then etched to remove . 
all the- copper not protected by 
the photoresist 

The resist, called Copyrer 
RP 59, Is resistant- to any con- 
ventional etching solutions. 
After etching, the remaining 
resist is easily removed either 
by . organic solvent, strong.', 
caustic 50hition, or-, by re- 
exposure to ultraviolet and re- 
development.'' 

More from. 27 Great West 



the circuit. Development of the Road, Brentford. Middlesex (01- 
board reveals bare-copper in the 560 2131). 


USING A flexible push-pull 
cable. Teleflex Morse has 
designed a system for the 
remote operation of hydraulic 
valves used for control pur- 
poses on building contractors’ 
and agricultural vehicles and 
implements. 

' The need arises, says the 
company, from the increasing 
use of suspended and quieter 

ftPLASTICS 


cabs coupled with the growing 
requirement to improve driver 
safety by removing high- 
pressure hydraulics from the 
vicinity of the machine operator. 

Each- lever control unit is 
designed as a simple modular 
block which can be banked to 
control aoy number of valves 
If desired, dual axis operation 
on a single lever can be pro- 
vided, movement of the lever 


in planes at right angles to each 
other controlling two valves 
separately. 

Control cables can be supplied 
with either standard ’ rod ends 
or suitably adapted for direct 
cabling to most of the popular 
hydraulic valve blocks available 
internationally. 

More from Christopher Martin 
Road. Basildon, Essex SS14 3ES 
(0268 22861). 


SSSSm: Molding machine iuspecnoo 


is dimensionally stable, ft is 2 

stated to have a tensile strength 

higher than that of steel and is injection moulding 

able to Operate over a tempera- machin es _may cause problems 
ture: range of —200 to +300 

deg: C m pressures up to 200 companies. While it will be a 
j^r - - ■ voluntary code to . begin with. 

Desired to icita* shaft *n<l 

M sleeve' wear Laftyflon 4788 can tJ0 . ns . “d is an extension of 

Rased 6a a Dupont synthetic' be‘ used in mixers, agitators;. es ^ n f 1I1 si»ction procedures, 

material It also contains a and pumps, handling resins, . Briefly, it will require that with relatively oew equipment 

RTFS dispersant and an inert monomers, -slurries and abra-' either there is in each firm a -might be able to seek the assis- 


ASRESTOS is frequently 'used 
as a gland packing material in 
; the rotary seals .of food proces- 
sing machinery, and. in view of 
. ' the unease 'currently felt about 
the.: substance , Thomas A. 
Ashton of Sheffield 'is offering 
an . alternative called .LattyScm 
4788. 


recourse to a qualified person — 
i.e. an engineer surveyor— able 
to carry out inspections. 

It is felt that although the 
code is being' applied in the 
plastics industry initially, it 
might be adapted for use in 
other industries 'm the future. 
Plastics injection moulders 


been 


particularly if. it had 
purchased secondhand. 

A solution for many firms is 
provided in a special scheme 
which will be made available by 
Pointon York, insurance and 
financial specialists, and a mem- 
ber of the British Safety Coun- 
cil, which will arrange for 
inspections to be carried out as 
part of an insurance, contract, 
the client paying an appropriate 


kiMcant Made hT France by sives suitably trained and competent tance of -machinery manufac- inspection lee. 

'•L^InteziBmihnalihe'iiewW< More from P.O. • Box 133, person experienced in the turers, but this aid could be as Pointon York, The Crescent, 
sSSe ^s^Soxic^mm-con- Sidney Street, Sheffield SI 3QB routine - inspection . of such readily available to those com- King Stret, Leicester LEI 6RX. 
tamma^' non^bstrfbeift -and (074221401). ' ■ • machines; or. that the firm has pames with older equipment. 0a33 54i545. 


NOTICE OF REDEMPTION 
To tho Holders of 

ENTE NAZIONALE IDROCARBURI 

' . E.N.L 

• (National Hydrocarbons Authority) 

6 % Sinking Fund Debentures due February 1, 1981 

NOTICE IS HEREBY GIVEN that, pursuant to the provisions of iha Sinking Fund for the Deben- 
tures of the above-described issue, Morgan Guaranty Trust Company of New York, as Fisral Agunt, 
has selected hj lot for redemption, on February L 1979 at the principal amount thereof $1,000,000 
principal amount t>£ said Debentures, as follows: 

O utst a n ding Debe ntu res of U.S. 81,000 Each, of Prefix “M* Bearing Serial Numbers 
Ending In the Following Two Digits : 

33 23 c* 32 3* 45 52 63 61 83 84 ' 88 91 92 St» 

On, February 1, 1979, there wiU hecome and he due and payable upon each Debenture the principal 
amount thereof, in such coin or currency of the United Stales of America as on raid date is legal lender 
for the jwynient therein of public and private debit., at the option of the hnlJrr. either (a* at the 
corporate trust office of Morgan Guaranty Trust Company of New York, 13th Floor, 30 West 
Broadway, New York, N.Y. 10015, or (h) subject to any Jaws and regulations applicable thereto 
with respect to the payment, currency of payment or otherwise in the country of any of the following 
offices, at the principal office of Banco. Nazionalo del Lavoro in Rome or the principal office of Banca 
Commerride Itoliona in Milan orihe main offices of Morgan Guaranty Trust Company of New York 
in London, Brussels, Paris or Frankfurt or the main office of Algpinpii? Bank Nederland N.Y. in. 
Amsterdam or the main office of Kredielbank SLA. Luxembourgeoise in Luxembourg- Vilie. 

Debentures surrendered for redemption should have attached all -iinuia! tired coupons appurtenant 
thereto. Coupons due February 1,1979 should he detached and collected in the usual manner. 

Front and after February L, 1979 interest shall cease to accrue on -the Debentures herein designated 
for redemption, 

ENTE NAZIONALE IDROCARBURI 

By: MORGAN GUARANTY TRUST COMPANY 
of new yorjc , Fiscal Agent 

December 28, 1978 


NOTICE 

The f oflomng Debentures previously called for redemption have not as yet been presented for payment: 
DEBENTURES OF U.S. $1,000 EACH 


M-1911 1933 
1917 J958 
3923 1962 
1925 1967 
3932 1368 
2934 1384 
3944 1986 


2005 

2030 

2031 
2035 
2038 
2043. 
2085 


2036 

2067 

9085 

2092 

2103 

2165 

2170 


£182 10270 10282 
2187 10271 10284 
2191 20S73 11138 
2200 10374 14907 
4736 10279 14908 
4729 10280 14910 
30267 10281 14911 


14935 14938 15187 15448 16019 16446 165 18 lGglO 

14926 14941 15188 15154 16031 16460 16534 16613 

14927 14942 15422 15468 16389 16472 16537 16618 

14930 14945 15423 16010 16397 16473 1C556 16623 

14935 14946 15424 16013 10408 16505 16570 16626 

14336 14953 15436 16014 16422 165U 16574 16632 

14937 15184 15440 16018 16437 16517 16604 18750 


1 . .• - • 





• ; . T; '~ ;• • \ 

Financial Times .Thursday December ^^g.^ 


BY DAVID LASCELLES IN NEW YORK 


AT A TIME when British home- 
owners wish their mortgage 
costs were less liable to "adjust- 
ment," it is ironical to note that 
some of their UJS. counterparts 
wish the exact opposite. America 
is a fixed mortgage country — the 
cost of a loan is fixed at the rate 
prevailing when it is negotiated, , 
and it never changes, whatever 
happens to interest rates in the 
meantime. Quite why this should 
he is lost in the mists of time. 
But inevitably, today's sharply 
fluctuating interest rates have 
made both leaders and 
borrowers unhappy. Banjos do 
not like lending when rates are 
down: home buyers are less will- 
ing to borrow when they are up. 
The result can be a badly dis- 
torted mortgage market, and 
people have begun to cast round 
for new ideas, like the Britisb- 
style variable rate mortgage. 


The VRM, as it is called, is not 
unknown in the U.S.. but it is 
still confined to California where 
the local mortgage watchdog, the 
Federal Home ■ Loans Board, 
formulated a set of rules for 
VRM's back in 1975. Unlike the 
loosely-organised British system, 
Californian VRM's are indexed, 
and tightly regulated in favour 
of the ‘borrower. 

Every six months, the Home 
Loans Bank produces a mortgage 
rata index based on its calcula- 
tion of the banks' cost of funds. 
If this goes up more than 0.1 per 
cent, the banks may. but are not 
obliged, to raise their mortgage 
rates accordingly. But there are 
limits. The maximum rate 
increase is 0.5 per cent a year, 
and no borrower can be asked to 
pay more than 2.5 per cent more 
than the rate 3t which he took 
the mortgage out. Thus, if he 
was lucky’ enou;zh to borrow at 
6.5 per cent he will never have 
to pay more than 9 per cent, 
and then only in the unlikely 
event that interest rates go up 
five years in a row. 

The borrower also has the 
right to pre-pay his mortgage 
without penalty, or. as in 
Eritain. extend the mortgage’s 
life. If the index goes down, 
on the other hand, the banks 
must cut their rates accordingly, 
and there is no floor. 

The first — and so far only — 
time this mechanism was trig- 



BBC 1 

• . f Indicates programmes 
1 in black and white 

9.50 am Paddington. 9J55 
■Tackanory. 10.10 Why Don't 
You . . . ? 10.35 The Seppala 
Race. 10.50 Pixie and Dixie. 
*11.00 Buck Rogers. 11 JO Fan- 
tastic Journey. 12.10 pm The 
Selfish Giant. 12.35 News. 12.50 
The Man Who Talks to Animals. 
1.35 Bag puss. 1.50 "Sinbad the 
Sailor." with Douglas Fairbanks 
Jr. 3.40 Bugs Bunny. 3.53 


The homeowners' -objections 
are even more curioui — though 
they are ’ probably emotive 
rather than rational: The 
American family, the reasoning 
goes, likes its finances to be 
planned and orderly, and vary- 
ing mortgage costs would cause 
bavoc. American individuals are 
also haunted by the fear of 
being “ ripped off n by the 
banks, so the last thing they 
want is mortgages with terms 
the banks can change unilater- 
ally. Much of this conservatism 
has to do with the fact that the 
majority of homeowners got 
their fixed rate mortgages long 
ago. when rates were well below 
today’s levels, so the real im- 
petus for change may not come 
until today's new borrowers are 
left high and dry once rates go 
down again. 


Regional News far England 
(except London). 3.55 Play 
School. 4J0 Yogi Bear. 4.25 
Jackanory. 4.40 The White Seat 
5.05 Blue Peter Review of the 
Year. 

5.40 News. 

5.50 Cartoon (London and 
South East only!. 

6.00 Film: “ Call of the Wild." 

7.40 Secret Army. 

8.30 News. 

8.45 Film: “ Steptoe and Son 
Ride Again." 

10 JO She Must Be Joking. 

11.10 Most Wanted. 

13.10 am Weatherraan/Regional 
News. 

AH Regional programmes as 


FX CROSSWORD PUZZLE No. 3.857 i 


p 



m 

» 



12 







I =5 


STiT® 


ACROSS 

I Choose the French preserve 
< 6 ) 

4 Perplexed about something 

else io plot (Si 

10 Meant not to appear in act l7) 

11 Dog for a part-time soldier 

<7 1 

12 Cook in a state of mental 
agitation (4) 

13 Imagine chief Is only a nomi- 
nal leader <10 > 

15 Bad tot was at the front 16) 

16 Amaze with a report about 
teamlcadcr (71 

20 Initially profitable racket 
could be just idle gossip (7) 

21 Load crew from the west (6) 
24 Rule for shortening discussion 

could make one lose one's 
. head (10) 

. 26 Stop the race (4) 

28 Producer of joint part for 
singer round the north-east 
lT > 

29 Our entry into prison needs 
spirit (7) 

30 Cloth worker and NCO (8) 

31 Soldiers give way and with- 
draw (6) 

DOWN 

1 Understanding of the statue 
(Si 

2 Swindle delicate opponent (9! 

3 Delayed by the French note 

(4j 

5 Explosion giving sudden and 
violent expression of feeling 
(S> 


6 More energy than that 
supplied by a donkey-engine 
(10) 

7 Levy is praised endlessly (5) 

8 Some French travel to laugh 
at (6) 

9 Let in to confess (5) 

14 License pet to create plague 
( 10 ) 

17 Dark horse giving unpleasant 
nocturnal experience (9) 

18 Apartment on metal base 
could be smoother t8) 

19 Impress editor on eastern 
panic (8) 

22 Stones as put round entrance 
(6) 

23 Nutritious starter in bag for 
a quick meal ... (5) 

25 . . .- and type of man thaf 
needs feeding most of dinner 
(5i 

27 Unite us in iron (4) 
SOLUTION TO PUZZLE 
No. 3,856 


sagaBsaa-:- iHaasnes 

. ':2 • .a.v, & e g □ 

GEEJESgriS 3dEDQ0 

a z E 

hedee -gaan aEEnn 

SfcpEk-'Bl- E 

--□GEnna /znsEnne 

a a 

HaEnasGT'EnaaiiE 

aW'-GI: '3 -a-;.;,': a m 

C3H0ECj@HSS.':'' ; -EIH3EE 

H2KJ3 an: anansnaa 

3-'- 55 9 n -.-.a - s 

nnsetas • ssaEHDEE 





Cautionary tales on product liability 

»ng came a spider . . . 


BY PROFESSOR D. OWLES 


gered on a widespread basis 
was last August when the index 
rose just over 0.1 per cent, and 
the 20 Californian banks offer- 
ing VRMs upped their Tates with 
apparently little or no protest 
But the banks had been careful 
to dear the way. At every 
previous revision- of the index, 
they reminded their borrowers 
by mail that though there was 
no change this time round, it 
was bound to come one day. 

California's experiment is 
still too young to show whether 
U.S.-style VRMs work. But it is 
being closely watched from the 
east coast . Most people here 
accept the underlying logic of 
the need for flexibility .at a time 
of sharp peaks and troughs in 
the cost of money.' And would- 
be owners have been supported 
by consumer groups in their ! 
campaign for VRMs. But on the 
whole, both lenders and ; 
borrowers have mixed feelings. j 

The banks’ main fear is that j 
even though rates would be in- j 
dexed by an independent agency, ; 
the introduction of VRMs would j 
be an invitation to political in- 
terference. The cost of housing 
is such a sensitive issue, they i 
argue, that no government 
would leave it alone, given half 
the chance. The British experi- 
ence. with the clubbishness of 
the. building societies and its 
record of blatant government in- 
terference. is frequently cited in 
this regard. 


CONTRARY TO the horrific 
product liability tales now cur- 
rent, not every drinker in 
America who cuts his hand when 
his wine glass ■ disintegrates is 
awarded a solid gold plaster by 
the courts. 

When one such unfortunate 
sued a restaurant, he claimed 
that under the Uniform Com- 
mercial Code there was N an 
implied warranty of fitness for 
tbe ordinary purpose for which 
the glass was intended and that 
this warranty had clearly been 
broken. Not so. said tbe court 
the fitness of purpose applied 
to the wine and nobody had said 
that the wine was not fit to 
drink. The plaintiff came back 
with a reference to the warranty 
of fitness of the package in 
which the product was sold. The 
glass, was unfit for its purpose 
and had caused damage, Again, 
the court said no. The warran- 
ties under the Code applied to 
a sale of goods. The glass re- 
mained the property of the 
restaurant, only the wine was 
sold. So the unhappy plaintiff 
had to go away empty handed. 

The risk of drinking in a 
restaurant was further illus- 
trated by the unhappy experi- 
ence of the customer wbo 


ordered a vodka martini. In 
the martini there was an olive. 
He took the olive out of the 
drink with his fingers and saw 
a hole cut in the end of it 
Then he put it in his mouth and 
bit on it In the olive there 
was a stone and by biting down 
on this stone the customer 
broke a tooth. He summoned 
the manager, displayed the olive 


BUSINESS AND 
THE U.S. COURTS 


stone and the broken tootb, and 
receiving no satisfaction, sued 
the restaurant under the fitness 
provisions of the Uniform Com- 
mercial Code. The question was 
whether the martini was fit for 
the ordinary purpose for which 
it was intended and the answer 
to this question, according to 
the court, was whether the 
customer would expect to find 
a stone in an olive. The success 
of his claim depended on 
whether the hole cut in the end 
of the olive justified the assump- 
tion that the stone had been 
taken out A Court of Appeal 


sent the case back for a jury 
decision on this point. 

Another case of getting more 
than one bargained for con- 
cerns not an olive stone but a 
spider. The unfortunate cus- 
tomer was bitten by a spider 
when she tried on a pair of 
trousers in a shop. She sued the 
shop owner, claiming that an 
article of. clothing which con- 
cealed a venomous creature was 
certainly unfit for use, and that 
there was, therefore, -a. failure 
to meet the implied warranty of . 
merchantability. The court dis- 
agreed. The trousers, il said, 
were fit for the ordinary purpose . 
for which trousers are used. 
There was nothing wrong from 
a manufacturing standpoint 
There was no evidence that the 
manufacturer or the retailer 
had any 'control of the spider, 
which was not part of the pro- 
duct and had not caused it to 
be in the trousers. 

Another unsuccessful plain- 
tiff was the woman who, going 
away, put some personal 
property in a coin-operated 
locker for safe custody. When 
she returned she found the 
locker in apparent good order 
but her property had gone and 





4 I’ll order, ar.soon as my lawyer has advised me of my rights’ 


Shannon Bridge and Swordsman 
can maintain Winter’s success 


A YEAR ago The Dealer won 
Kempton's Felchani Novice 
Chase, and it could well be that 
three of yesterday's runners for 
the same race will soon be 
making names for themselves. 

The winner. Jack Madness, 
owed his success almost entirely 
to superb jumping and there 
can have been no one happier 
with the outcome than owner- 
rider, Mr. George Sloan. 


Br DOMINIC WIGAN 


Not only did the Tennessee- 
based amateur rider champion 
of our 1977-7S campaign enjoy 
a particularly exhilarating ride 
but his faith in Jack Madness 
has now been fully vindicated. 

It was back in June that Mr. 
Sloan, who flew from Nashville 
for yesterday's ride, went to 
12.000 guineas to retain his 
David Jack gelding at the Ascot 
sales. 


BBC-1 except at the following 
times: — 

BBC Wales — L204.40 pm Mae 
Gen I Stori. 5.50-5.55 Wales 
Today. 5.55^.00 Newydd. 12.10 
am News and Weather for Wales. 

Scotland— 5fiO-6.0D pra News 
for Scotland. 12.10 am News and 
Weather for Scotland. 

Northern Ireland — 3.53-3.55 pm 
Northern Ireland News. 5.50-6.00 
Northern Ireland News. 12.10 am 
Nev.-s and Weather for Northern 
Ireland. 

England — 5.50-6.00 pm 
Regional News. 

BBC 2 

11.00-11.25 Play School. 

3.15 pm The Tongues of Men 
by George Steiner. 

4.25 The Craftsman. 

4.40 The Toncues of Men 
(continued i. 

5.40 The Three Kisses. 

6.45 News. 

6.50 When the Boat Conies In. 
*7.40 Film: “Hith Noon.” 

9.00 Plain Murder. 

10.40 News. 

10-50 Film: “The Last Sur- 
vivors.” 

12.00 Story: “The End nf the 
Party.” by Graham 
Greene. 

LONDON 

9.30 am Dynomutt. 9.50 Gho«f 
of Motley Hall. 10.15 West side 
Medical. 114)3 Nobody's House. 
11.30 Westway. 12.00 Littl* Blue. 
12.10 pm Toycraft. l.CMi News 
plus FT Index. 1-20 Thames 
News. 1.30 Film: “ Operation 
Crossbow.” starring Sophia 
Loren. 3.35 Little House on the 
Prairie. 4.30 .Sandringham 
Sydney and Company. 3.13 Uni- 
versity Challenge. 

5.45 News. 

6.00 Thames At S. 

6.35 Crossroads. 

7.tW) The Gentle Killers. 

8.00 The Ken Dodd Show. 

9.00 The Sweeney. 

10.00 News. 

10.15-12.10 am Sir Laurence 
Oiivier presents. 


But for a succession of minor 
errors brought about through 
pressure from Jack Madness, 
Kass would undoubtedly have 
justified favouritism. 

However, jumping is the 
name of the game, and in any 
event the Peter Ashworth six- 
year-old seemed far from cer- 
tain of overhauling the Find on 
gelding when catapulting his 
rider at -tbe- last- as he clipped 
the top of the fence. 

Nevertheless. Kass, a high- 
class hurdler, has the scope to 
make his mark over the bigger 
obstacles once errors in his 
jumping have been ironed out. 
and his formidable speed could 
then make him a force to be 
reckoned with in any company. 

Of the remainder, Edward 
Courage's mare, Quickapenny. 
will be the one I shall he watch- 
ing with most interest 

Mares rarely take to the win- 
ter game but those exceptions 
to the norm more often than 
not make their presence felt in 
no uncertain way. 

Quickapenny, a fast-finishing 
third behind Jack Madness and 


All IBA regions as London 
except at the following times: — 

ANGLIA 

9.30 am The Last of the Mohicans. 
10.05 Wilkie on Water. 10.30 Taka A 
Bow. 10.55 The Jersey Battle of 
Flowers. 11.15 Lord Tramp. 11.40 
Oscar. 1.55 The Sweet Sugar Dough- 
mi r 1.25 pm Anqlm News. 130 
Film: "Camelot.” 6.00 About Anglia. 

6.20 Arena. 

A TV 

9.40 am Pinocchio. 10.00 Angling 
Today. 10.25 Darts. 10.50 Lord Tramp. 
11.15 Journey to the Centre o( the 
Earth. 1.20 pm ATV Newsdesk. 1.20 
University Challenge. 2.00 Spies. 3.45 
ATV Picture Show, followed by Beu 
Genie. 6.00 ATV Today. 

BORDER 

9.30 am Captain Nemo. 9.3S Stars on 
Ice. 10.05 V/ilkic on Water. 10.30 
Take a Bow. 10 55 Jersey Battle of 

• ••vers 1978. 11.16 Lord Tramp. 11.40 
Oscar. 11.55 The Sweet Sugar Dough- 
nut. 1.30 pm Border News. 1.30 Film: 
’CamefoL” 6.00 Lookeround. 12.05 am 
Border News. 

CHANNEL 

1.18 pm Channel News. 1.30 Film: 
"Csmelot.” 6.0 Channel News. B.10 
Cartoon. 10.13 Channer News. 10.17 
Survival. 10.45 F.lm: "Winter Kill." 
*2.25 pm News in French. 

GRAMPIAN 

9.25 First Thing. S.3Q Woody Wood- 
pecker. 10 .05 WlffciO on Water. 10.30 
Tii<g a Bow. 10.55 Jersey Battle of 
f'ov/crs 1978 11.15 Lord Tromp. 11.40 
Os-rar. 11.55 Sweet Sugar Doughnut 

1.20 pm Grampian News 1.30 Untvoi- 

.vtv Challenge. T12.00 Spies. 3.00 
Sandringham Svdney and Como.iny. 
13.45 Film: ’ Kidnapped ” 6.00 Gram- 

pian Today. 6.30 Police Newsom. 
12.05 am The Practice. 12.30 Reflec- 
tions. 12.35 Grampian Headlines. 

GRANADA 

9.30 am Sesame Street. 10.25 Look 
el Life. 10.35 A Christmas Star. 11.00 
Speed rhe Plough. 11.10 Grizzly Adorns. 
1.20 pm This Is Your Rioht. 1.30 Film: 

" Camelot." 5.15 Crossroads. 6.00 
Granadj Reports. 6.30 University Ch*l- 
tonne 12.05 am Baibara Dickson in 
Concert. 

HTV 

9.40 am Boachccmbers. 10.10 Wilkie 
on Water. 10.35 Take a Bow. 10.55 
Jersey Buttle of Flowers 1978 11.15 

Lord Tramp. 11.40 Oscar. 11.55 5weet 
Sugar Doughnut. 1.20 Report West 
Headlines. 1.2S Report Wales Head- 
lines. 1.30 Film - "Camelot.’* 5.15 
Cartoons. 6.00 Report Wesl. 6.15 
R®po»i Wales. 6.30 University 
Chaliange 


BBC Radio Haw Wavelengths 


4 1053k Hz /35m 

« 103?kHxfZ75fn 

2 693kHz. 4 Mm 

ftWcHi/wOm 
& 8S-9:vbI nerve 


3j 1215k Kz ■’2I7ni 
& 90-125vhl stereo 

4 2O0VH: '1500m 
& 92-95vhf 


BBC Radio London: 

20bm & «L9vM 

Capital Radio: 

1548kHz. 194m A 9£4vhf 

London Broadcasting: 
USkHs. 261 m & 9?.3v hf 


RADIO 1 

5.00 9ftt As Kad'D 2. 7.02 Paul 

BufflOlt. 9.00 Simon Bates, 11.31 Mike 
Reid. 2.00 pm Tony Biackbum. 4.31 
Kid Jensen. 6.31 Keith Moon Who. 
7.30 As Radm 2. 10.02 John Peel (Sj. 

12.00- 2.02 am As Radio 2. 

VHF Radios 1 and 2—5.00 am With 
Radio 2. 10.00 pm With Radio 1. 

12.0- 5.00 am Writ Radio 2. 

RADIO 2 

5.0 am News Summary. 5.02 David 

Allan (5). 6.16 Pause lor Thought. 
7.32 Terry Wogan including 8.27 Racing 
Bulletin and 3.45 Pause lor Thought jS). 
10.02 Jimmy Young (S| 12.15 pm 

Waggoners’ V/jUr. 72 .30 Pew Murray’s 
Open House including 1.45 Sports Desk 
With raping resu'tj (Si. 230 David 
Hamilton including 2.45 and 3 45 Sports 
Desk (S). 4.30 Wageoners VVaU*. 
4.45 Sports Desk. 4.47 John Dunn 
including 5.45 Sports Desk (S). 6.4S 
Snorts Desk. 7.02 Country Club. 9.02 
Folkweovo IS). 9.55 Spens Desk. 10.02 
Offbeat with Braden. 10.30 Slot Sound 
Extra. 11.02 Brian Matthew introduces 
Round Midnioht, including 12.03 News. 

2.00- 2.02 News Summary. 

RADIO 3 

6.55 am Weather. 7.00 News. 7.05 
Overture (S). 0.00 News. 8.05 MoW'ng 
Concert (S). 9.00 News. 9-05 This 


Woak’j Composers? Offenbach and 
Messagcr (S). 10.00 Holiday Special 
(Sj. 10,20 Bach: Christmas Oratorio 
Part 2 (5). 10.50 Rcadinq. 10.55 Christ- 
mas Oratorio. Parr 3. 11.30 Piano Duo 
(St. 12-10 pm Midday Concert: Born- 
stem. Gershwin. Port 1. 1.00 News. 

I. 05 M'dday Concert, Part 2 (S). 1.50 

Prague Spnng Festival 1978: Chamber 
music (S). 2.3S Talk. 2.45 Prague 

Festival. Pan 2 (5). 3.40 Les Pieheura 
dc Pcrlcs: Opera. Act 1 (S). 4.25 

Listening-in to Opera. 4.30 Lea PCcheurs 
do Pories. Acts 2 end 3. 5.45 Home- 
ward Bound (S). 6.30 News. &3S 

At Home (51. 7.30 City of Birmingham 
Symphcny Orchestra. Part 1; Jaubert, 
Handel (S). 8.05 Perwch: Taffc, £.25 • 
CB50. pan 2. Holst (SI. 9.30 
Scientifically Speakma. lOJn The Tno 
Senate (SI. 11.20 Aris. Worldwide |S|. 

II. 40-11.55 Schubert Songs (S). 11-45 
News. 

RADIO 4 

6.00 am News Briefing 6.10 Forming 
Today. 6-25 Shipping Forecast. 8.30 
Today? Magazine, including 6.45 Prayer 
tor the Day, 7.00 and 8 00 Nows. 7.30 
and 8.30 News Headlines. 7 45 Thought 
tor the Day. 8.45 Serial reading, final 
part. 9.00 News. 9.05 Mid-week with 
Desmond Vtfiicox. 10.00 News. 10-05 
Flight Deck Fan lacy. 10.30 Daily Ser- 
vice- 10.45 Morning Story. 11.00 


Fringe Benefits (S). 11.45 Listen with 
Mother. 12.00 pm Nows. 12.02 You 
and Yours. 12-27 The 27-Year itch tS> 
12.55 Woulher 1.00 Tho World at Ono. 
1.40 The Archers. 1.55 Shipping fore- 
cast. 2.00 News. 2.02 Woman's Hour 
1978. 3.00 News 3.05 Biassed Assur- 
ance. 3.35 Afternoon Thoairo: "All 
Those Women.” 4.35 Story Time "The 
Pied Piper of Hamelm" and ‘‘The Jack- 
dow at Rhoims ” 5.00 PM; News 

magazine. 5.50 Shipping forecast. 5.55 
Weather. 6.00 News. 8.30 Top nr ilia 
Farm. 7.00 News. 7.05 The Archers. 
7 20 Time for Verse. 7.30 Joseph and 
the Amazing Techninohjr Dreembocr. 
Rock Opens (S). 8.45 The Countryside 
at Christmas. 9.30 Kaleidoscope. 10.00 
The World Tonight. 10.30 The lion and 
Tho Unicom 11.00 Book at Bedtime. 
1T.15 Financial World. 11.30 Un- 
loigettables. 12.00 Ncw3. 12-15 pm 
Shipomg [precast. 

BBC Radio London 

5.00 am As Radio 2. 6 JO Rush Hour. 

9.00 London Live. 12-03 pm Cali In. 
2.03 206 Showcase. 4.03 Home Run. 

7.00 The Million Seller.,. 7.30 Black 

Londoners. 8.30 Soul 78. 10.03 Late 

Night London. 12.00 As Radio 2. 

London Broadcasting 

5 00 nm Morning Music. 6.00 A.M.: 
news, iriloimaiion. travel, sport. 10.00 
Brian Hayus Show. 1.00 pm LBC 
Reoorrs. 3.00 Goorje Gale. 4.00 LBC 
Reports (continues 1. 8.0Q Alter Eight. 

9.00 Nigh lli ne. 1.00 am Nighi Eictia. 

Capita] Radio 

6.00 BreaMasl Show ISJ. 8.00 Michiel 
Asocl ISl 12.00 Dave Cash f$). 

3.00 pm Roger 5con iS). 7.00 Lord 

Georgc-Brown’s Capital Commentary 
(S). 7.10 London Today (SJ. 730 

Open Lmc (SI 9.00 Nicky Homo’s 
Your Mother Wouldn t Like It 11.00 
Late Show (SJ. 2.00 am Night Flight 


she claimed compensation from ’ safeguarding th$ir personal 
the locker company. The court ' property.^. Quite clearly,- the 
said that there had been no jicourt concluded, the. answer to 
entrustment of .her ' posses-' “ fhat problem 'did not' rest in 
sIoqs to the locker company, facing valuables in the defen* 
and she had only rented'.. 

storage space. The plaintiff '*'' "But in another case concern- 
also argued that there should vitig lockers, >the ; plaintiff waj 
be a warranty of fitness. as in a ^successful- Tep - reconditioned 
sale, but here a g ai n] the court^lockers containing 90 separate- 
would not agree. It said it : rompartmeiprts, each with lock- 
was too much to' attribute to;-- and key,, we re sold. to a uniform 
owners of such lockers * guaran- ' ’-■supplier. Within 24 iiours of 
tee that they will be - . secure- ;«delivery, 15. uniforms, locked 
against the all too familiar in various, compartments, had 
devices of unlawful entry. 01der . : been stolen. There .was no eyi- 
people of modest means, living *rflence cif a forcible break-uu and 

alone under circumstances of was shown, that 18 of the. Ioeks 

limited security, often des-Tund keys were identical, a»d 
perately sought some means of -ithat the misang. uniforms had; 


an been stored in compartments 
fitted with these locks. . The 
question was whether there was 
an implied warranty that each 
locker compartment would have 
a separate lock, not common 
to the others.. The .court said 
there was such a warranty. The 
locker was inherently a security 
device, and; security -was im- 
paired ^y; duplicated keys. With 
18 identical ■ keys .it -did not 
satisfy the. .warranty, of fitness 
for^ "-a partacnlar purpose pro- ‘ 
vided by the Uniform Commer- .* 
rial Code. • ' 

*' Professor D.erric k Ow lcs, is 1 
Professor th ihc Department o'f ' 
Administrative Studies, Gloss- 
bore State CoUege, New. Jersey. 


ENTERTAINMENT GUIDE 


TALK OF'THE TOWjl.lCC- 01-734 505" - 
■ Air^rnnriitifinina From fi-DO- Dining. 


Bold Saint, could, conceivably, 
go on to prove herself a 
National horse. For although 
she is not bred to possess bot- 
tomless stamina — being by 
Espresso out of the Flush Royal 
mare. Neapolitan Lou — it is in 
that department that her 
strength seems to lie. 

Fred Winter and stable 
jockey, John Francome, com- 
bi oed to lift three races on the 
Sunbury course — their hat- 
trick being. completed in devas- 
tating style by Killwarren — and 
both Swordsman and Shannon 
Bridge may prove capable of 
maintaining their run this after- 
noon at Fontwell. The last- 
named is suggested with con- 
fidence following his encourag- 
ing win over My Buck at 
Nottingham. 

FONTWELL 
12.45— Swordsman *■* 

1.15 — Jacka dandy 

1.45 — Upton Bishop* 

2.15 — Flying Orchid 

2.45 — Shannon Bridge*** 

3.15 — Scottish Glory 


HTV Wales — As HTV General Service 
except: 1.20-1.25 pm Penjwdau 

Newydd ion V Dydd. 4.30-4.45 Panchito. 
4.45-5.15 Seren Wib. 6.00-6.15 Y Dydd. 

HTV West — As HTV General Service 
except: 1.20-1.30 pm Report WesL 6.15- 

6.30 Sport West. 

SCOTTISH 

9.30 am Frosty’s Wmtor Wonderland. 

10.00 Really Bosio 10.30 T aka o Bow. 

10.55 Jersey Battle ot Flowers 1978. 
11.15 Lord Tramp. 11.40 Oscar. 11.55 
Sweet Sugar Doughnut. 1.30 pm 
University Challcnie. 2.00 Spies! 3.00 
Sandringham Sydney 3.45 Film: 
"Livmg Free." 5.15 Cartoon. tflOQ 
Scotland Today. t6-30 Garnocfc Way. 

110.20 Connolly til. CO From the Top. 
til. 30 Late Cali. 11.35 A Christmas 
Carol. 

SOUTHERN 

9.30 am The Rovers. 955 Cartoon. 

10.05 Wilkie on Water. 10J0 Take a i 
Bow. 10.55 The Jersey Battle ol 
Flowers 1973. 11.15 Lord Tramp. 11.40 
Oscar. 11.55 Sweet Sugar Doughnut. 

1.20 pm Southern News. 1.30 Film: 
"Camelot.” 5.20 Crossroads. 6.00 Day 
by Day. 6.30 University Challenge. 

12.05 am Southern News. 

TYNE TEES 

TYNE tEES 

9.25 am The Good Word and North 
East News. 9.30 Nanny and «he Pro- 
testor. 10.05 Wilkie on Water. 10.30 
Tate a Bow 10.55 Jersoy Bailie ol 
Flowers. 11.15 Lord Tramp. 11.40 
Oscar 11.55 The Swaet Su;iar Dough- 
nm 1.00 News ,•! One 1.20 pm North 
East News 1.30 film: " Camelot.” 

6.00 Northern Lite. 

ULSTER 

10.05 Wilkie on Water. 10.30 Tale a 
Bow. 10.55 Jersey Battle ol Flowers. 
11.15 Lord Tramp 11.40 Oscar. 11.55 
Sweet Sugar Doughnut. 1.20 pm Ulster 
News Headlines. 1.22 Cartoon. 1.30 
Film. "Camelot.” 4.28 Ulster News. 

4.30 Sandringham Sydney. 6.00 Ulster 
News 6.05 Hogan's Heroes 6.30 
University Challenge. 12.05 am News- 

WESTWARD 

9.40 am Gold is Whore You Find (t. 

10.05 Wilkie on Water. 10.30 Take a 

Bow. 10.55 Jersey Battle ol Flowers 
1978. 11.15 Lord Tramp. 11.40 Oscar. 

11.55 Sweot Sugar Doughnut. 1 20 
Westward News. 1.30 Film: "Camelot.” 

6.00 Westward Dior/. 10.13 Westward 
News. 10.15 Westward Report 10.45 
Film: "Winier Kill.” 12.2S am Faith (or 
Ule. 

YORKSHIRE 

9.30 ant Frosty's Wmier Wonderland. 

10.00 Tree Top Talos. 10.15 Tarzan. 
11.10 Record Makers 1.20 pm Calen- 
dar News. 1.30 ’’ Camelot " starring 
Richard Harris. 6.00 Calendar (Emlcy 
Moor and Belmont editions}. 



GA*WICK.CC. 01-BS6 4601. trs. B.OO. 
(Sharp*- Wed. 3.00. Sat. 5 30 and 8.30. 
DENIS QUILLEY in IB* LEVIN'S 
New tfinUer 

DEATH TRAP 

•• THREE CHEERS FOR TWO HOURS OF 
MARVELLOUS E NTS R TAIN ME NT." S.Tel. 
"VERY INGENIOUS, VERY FUNNY 
VERY EJCCITING." Fin. Times 
CkOBE THEATRE. CC 01.437 1592. 
Evil. B.ts. Wed. 3.00. Sat 6.00 .8.40. 
PAUL EDDINGTON. JULIA MACKENZIE, 

Benjamin whitrow 

/U - AN AYCKBOURN'S New Comedy 
TEN TIMES TABLE 

Thu must be the haopuui tauahter. 
maker in London." D. Tel. -An irrei-itibly 

-jgfoTOPle erenmq." Sunday Thtiw. 

GREENWICH THEATRE. 01-858 7755 
En 6.00, Mats. Sail. S.OO SEE HOW 
THEY RUN. A tarte by Pblilp kEV "An 
ewnlnq ol unadulnralrd lauahter." FT. 
EXTRA FOR KIDS Toni 4nhur iPiay- 
nwnx Gea ffrmr Haves tGcoff ot Ralnbowt 
.!* CHRISTMAS PLAYTIME. UntU Jan. 6 
3 IS and J 30. Saturday* 11,00 and 2.t5 . 

HAYMARKEY 01-930 9839* 

E*BJ. 8.00. Wed. 2 30. Sal. 4.30 A 8.00.' 
PENELOPE KEITH 
NIGEL CHARLES 

HAWTHORNE KAY 

ANGHARD REES 
and IAN OGILVY In 
THE MILLIONAIRESS 
Br BERNARD SHAW 

H|* MAJMTY'S'. CC 01-930 6606. 
Evfll- 7.30. Mats Weo S. and Sau. 3.00. 
THS New MUSICAL 
SARMITZVAH BOY 
Thu Munriid oroductlrn uninuclv 
unlovable Fin. Times. The funniest 
musical around bar none." £. Mirror. 
Season a nd* January 6th, 

KING'S ROAD THEATRE 01-35Z 7468. 
From Dec. IB. Dally Mon. to Thurs. 
9.00. Frl. & Sat. 7.30 & 0.30. 

THE RO CKY HORROR SHOW 
DON’T DREAM FT. SEC IT. 


CLASSIFIED ADVERTISEMENT RATES 

EFFECTIVE FROM 2nd JANUARY, 1979 


per 

line .. 

. £ '. r 

Commercial and Imdmrtriai Property ‘5j30 

Residential Property : 2.30 

Appointments . - 53U ' 

Business & hrestment Opportunities, 

' Corporation Loaas. Productioa Capacity, 

Buslneaea for' Sale/Wanted J . 

Education,' Motors, Contracts & Tenders, 

Personal, Gardening • rqo '1 ? 

Hotels and Travel . : Vnh 

Book Publisher '• 

' P remium positions available V* : 3 
(Minimum size 40 column cms.Y- ' 

per single cqltnmi c&L extra ' ^ A 
__ For further details; write; to:'. ' , * r 

' .Classified Advertisement^ ' 

Financial Times, 10, .Cannon Streep; fgjfe 


&oo - : 

3.00 V^ 


single 

column 

cm. 

£ 

16.00 
9JH) - 
l&Ofl 


r risjoo ■ 




ts* 




. : . • 


V;. ■_ - 










['- . financial 'rimes Thursday December 28 1978 


THE ARTS 



THEATRE IN 1978 


: •• J . 

r- ‘ % V - . - ' > * 

>cr;* s , ■ = 5*r» J ?.-•■ 

;- : 'r ... 

V »*A'- 

■ '&A 
.. Mr 

*?*?&■■ 
:• '.■ • \.-M : n '.V- 

- . 7 *&'■■ 

t • *•• 



r .r 
••! 




™: ••-*- M 7 : — ' 
• - 7V 4 ? ‘ : - 

-.■ -•■■■ v:^: - 

- s2 r* - : 


-/• '7:57 , 

‘ • ' r. * • 

Vj'v -■• 
s . - . ;; 7 la r- ' - 
* u^ T. .-'■ 


‘‘ 'It 


Ti ; Ti' l-wond^* -bow .atfr theatrical 
> ;■ • se^triiglit "have been trana- 
v : fojariKf ^if ^ibe'r pfp- Simmons' 
.' - •' vTheASre - . -iGrtitp 'had presented 
U ■: their •stemiing adaptation 'of 
■_■ ; Zamyatin’s We -‘at; the .Round 
■■■ Hodse? For the Simmons group, 
-j -■whidt .celebrate^its tenth anni- 
•'• verrary m i978, remaijd5 one of 
‘ , r the' most explosively exciting 
r fy ‘ and pofentialiy' popular fringe' 
Jt\ groups -in Britain- . They -did 
,] '■;■ 7 appear ^In^Xondon last: year— in 
A ? - : the sbiittfr 1 .rfv the Riverside 
'll’ Studios with : ju disappointing 
.[ : Tempest. But to. see We I 4jad 

CV' ' to travel to the new Birming- 
.f.T hanj •..'•• Arts]: Lab, very- well 
iLV equipped .and cosy in its*way, 
but not the sort of . base out of 
.t which. Pip Simmons is likely to 
.r break through to his long-over-' 

f due national recognition, 

r - • Not everything oii - the fringe 
■ { - is of broad appeal, which is, of 
.1 ' r course, -often the point .of its- 
* being ; there. It is ; in . tbe hot- 
.v ■• .■house r climate of our small 
studios and pub- attics that the 
_ . new talent is. given its: head. 
[I It.isrsurely significant that both 
frr<: ■ the RSC and the National now 
.put .'almost as much store by 
^tbeir studio, work .as by the 
mainhouse ;' product At the 
Warehouse, for instance, there 
have been, in- my. view, four 
+-- major new plays this year: a 
& ’.revival of David Rudkin’s Sons 
Light; The Jail Diary of 
W: Albic Sachs, the first of two 
1978 plays by David Edgar (the 
• Other, at the Birmingham Rep 
■jjtJ . and arriving at the Royal Court 
cf ■ in January, was Afary Barnes; 
jjg;;-inu which this rapidly develop- 
jpr-.; ing playwright is testing his 
S . . skil] and ability against strong 
f . source material after the 
achievement of Destiny ; Peter 
- Flannery's debut with Savage 
'Amusement, and . Stephen 
V'__ Poliakoff's Shout Across the 
River, in which the writer for 
S’, ' the first • time matched the 
ambition of his bleak urban 
vision of. decay with the 
emotional complexity of his 
characters. _ 

Ibis latter piece was 


The fringe edges into the limelight 


by MICHAEL COVENEY 



Jill Baker. David Threifail and Lesley Hanvilie in Savage Amusement ” 


directed by Bill Alexander, the 
brightest young director to 
emerge in some while. He also 
directed Nigel Williams's scath- 
ing Class Enemy in the Theatre 
Upstairs and. at the RSC's 
Stratford studio, Peter Whelan's 
Captain Siring, a tremendous 
historical play that vindicated, 
as it emerged from, the RSC’s 
play reading policy at the Ware- 
house. 

In addition to Captain Suring. 
the Other Place has had an 
outstanding year with a justifi- 
able revival of Howard Bren- 
ton’s The Churchill Play {if 
only that could have been on at 
the AJdwych instead of Women 
Pirates!). Pam Gems's Piai (a 
real surprise packet this, with 
my favourite female perform- 
ance of the year from .lane 
Lapotaire) and a powerful ver- 
sion of Euripides’ Sippolyins 


'--J- lr-vA' ^.-WP 
- ■ t.sr , * ^ *.^= -H U 

*•-. r.-. . ; 


m :rns: 



• ... , ... 

- . :i. e\ ( . .. -jt..-. 

.» » " _ "••■■■•■ > 

’ - 

• ■".• 

. . • ■ - rt. - "v^ - ' •; 

. =« * :.::n V 





by Rudkin. Now: how can the 
RSC get all this writing and 
directing talent on to their big 
stages? Not one of Howard 
Davies. Ron Daniels and BUI 
Alexander has directed Shake- 
speare. It is about time they 
did. and not in a studio. 

If the Other Place and the 
Warehouse are now essential 
elements of the RSC, the extra- 
ordinary’ Riverside Studios in 
Hammersmith, under the direc- 
tion of Peter Gill, is now essen- 
tial to London’s cultural life. 
Not only in respect of Mr. Gill's 
own brilliant productions last 
year of The Cherry Orchard, and 
The Changeling. but also 
because of their record as im- 
porters from abroad and around 
the fringe. Thanks to Riverside, 
we have seen Yvonne Bryce- 
Iand's unforgettable perform- 
ance in Fugard's South African 
production of his own Hello and 
Goodbye: Terayama's imagina- 
tive. beautifully lit Directions to 
Servants which belatedly 
acquainted British theatregoers 
with something all Europe has 
known about for years; and 
Jean Miro’s puppet extrava- 
ganza. Mori cl Mcrma. Other 
homegrown products have been 
Alec McCowen's St. Mark's 
Gospel (which transferred to the 
West End) and Nicholas 
Wright’s elegiac and informa- 
tive lament for free political life 
in South Africa, Treelop*. And 
as if that were not enough, ray 
favourite production of the year. 
The Fagged Trousered Philan- 
thropists, broke its tour to play 
to sold-out houses in Hammer- 
smith. 

Ragged, directed by William 
Gaskill for Joint Stock, was 
unbeatable in every, depart- 
ment: in Stephen Lowe’s 

adaptation, in the design, in the 
lighting by Andy Phillips, in 
the acting. Gaskill has. for some 
years, been one of the few top- 
class established directors to 
bridge the gap between the 


Churchill, Bromley 


main house subsidised theatres 
and tbe fringe. 1/ any doubts 
remain as to the value of groups 
like Joint Stock (actually, 
there is no other group like 
Joint Stock) or, indeed, as to 
how their work is fuelling the 
mainstream, be appraised of the 
fact that Gaskill is taking the 
Rapped company complete and 
installing it in the National’s 
Olivier as one of the NT’s 
resident companies. Gaskill, 
who has rejoined the National 
on a permanent basis, will 
bring fringe accomplishment to 
bear on the luxurious tech- 
nology on the South Bank (or 
as much of it as is working) 
with his production of Middle- 
ton and Rowley’s unknown 
Jacobean piece, A Fair 
Quarrel. It could he the most 
significant production of 1979. 

Although the Open Space 
sprang to life the other day with 
Mike Ockrent’s glossily efficient 
reclamation of Brecht’s farce 
A Respectable Wedding, it has 
again been an uneven year for 
Charles Marowitz who is about 
to launch one more last-ditch 
attempt to form an ensemble. If 
he fails. I fear we may lose him 
to a climate in America or 
Europe more financially sym- 
pathetic towards laboratory- 
style experimentation. This 
would be tragic, and a lot may 
hinge on Peter Barnes's upcom- 
ing version of Jonson’s Silent 
Woman. 

Down in the East End, the 
Half Moon has ended the year 
with a flourish: Simon Callow’s 
performance in the titie role of 
Brecht's Arturo Vi gloriously 
demonstrated that we need not 
think only of Leonard Rossiler 
when we see this fascinating 
play. Robert Walker’s produc- 
tion was as gritty and sensual 
as you could wish for, thp 
atmospheric little theatre using 
its full, exciting height in a 
design of grills, gantries and 
steel ladders, even being trans- 


formed into a St. Valentine's 
Massacre-like garage for the 
murder of Rohm. Perhaps even 
more ingenious was the physical 
presentation a few weeks later 
of Toller's famous Expressionist 
play. The Machine Wrecfeers. In 
which the crucial industrial 
apparatus invaded the entire 
theatre in the form of tangled 
tubing, long gutters, wire 
netting and several fiery fur- 
naces through which the adept, 
slithery company made exits 
and entrances. 

The Round House has con- 
tinuously given the appearance 
of a theatre desperately in 
search of a show. Only David 
Rabe's St reamers — and that was 
imported from the Liverpool 
Playhouse — is remotely memor- 
able. Peter Barnes’s direction of 
Bartholomew Fair was sadly in- 
competent and so much has been 
coming and going in the Round 
House Downstairs I can hardly 
recall being out of the place all 
year. Nothing much to report, 
though. The New End in Hamp- 
stead has had a couple of 
intriguing snips, notably Gloria 
Grahame playing a Hollywood 
star on the skids and Susannah 
•York in George Moore’s haunt- 
ing The Singular Life of Albert 
Nobbs. 

Under new direction, the ICA 
Theatre has had a very good 
year — apart from Richard 
O’Brien's Disaster. a poor 
attempt to repeat his Rocky 
horror Show success. There was 
Hct Wertheatre from Holland, 
Foco Novo on tour. Colin 
Bennett’s All Along the Watch- 
lowers, another London showing 
for Heatlicbte .‘Williams’s ooe- 


Pictures by Leonard Burt 


act gem. The Immortalist. and a 
memorable visit from Ken Camp- 
bell's Science Fiction Theatre 
of Liverpool with The Case of 
Charles Dexter Ward, an opera- 
tic version of H. P. Lovecraft 
that owed something to both 
Stockhausen and Meootti. but 
oven more to the technical 
ingenuity and . inspirational 
direction of Mr. Campbell. 

Pip Simmons is not the only 
nld-guard fringe survivor. It 
was sheer pleasure to catch the 
People Show No. 77 at Oval 
House. Mark Long's troupe have 
been operating for over 12 years 
now and. although famed and 
feted abroad, never get the 
coverage they merit in England. 
Well. No. 77 was a marvellous 
evening of cabaret, eccentricity, 
acrobatic* and red hot jazz, all 
done in iri^ seedy ambience of 
a church-cutp-cafe and centring 
around the ’• reincarnation of 
Billie Holiday*. If only that, 
too, could have been seen by 
hundreds more at the Round 
House’ 

Hampstead Theatre and the 
Bush have been as reliable, in 
their different ways, as ever, 
the latter venue providing one 
of my favourite new plays of 
the year. Olwcn Wyroark’s 
Loved. Other favourite plays 
of the fringe year? Snno WH- 



Simon Callow, Howard Lew Lewis. Lizza Aitken and David Fielder in 11 Arturo U1 


sons’ The Glad Hand and Bill 
Morrison’s Flying Blind, both 
at the Royal Court; Thomas 
Babe's Prayer Fur My Daughter 
in the Theatre Upstairs (and 
Antony Sber is another brilliant 
young actor to watch out for); 
David Mamet's American Buf- 
falo in the Cottesloe; and a 
couple at the Edinburgh 
Traverse. John Byrne’s Stab 
Boys and John Bett’s Street 
Fighting Man. 

Before moving out to the 
regions. I must mention two of 
my happiest evenings in the 
half-way house range between 
fringe and W est End : Dora 
Bryan in Entiyn William’s The 
Late Christopher Bean, revived 
with timely acumen at the 
always interesting Watford 
Palace; and John David’s 
glistening, essential revival of 
Philip King’s See Horn They 
Run! at Greenwich, which was 
the funniest show I saw all year. 

No need to reiterate this 
page’s respect and admiration 
for the Glasgow Citizens, who 
kept up the good work. Regional 
theatre-going was more hap- 
hazard after Richard Eyre’s 
departure from the Nottingham 
Playhouse and. although his suc- 
cessor, Geoffrey Reeves, pre- 
sented Barry Collins's worthy 
piece The Strongest Man in the 
World, it was by no stretch of 
the imagination the strongest 
theatre in the Midlands. 

The Coventry Belgrade had 
a better than average year, com 
ing up trumps with the 
Coventry Mystery Plays given 
on the evocative site of the old 
cathedral. The Royal Exchange, 
Manchester, dipped a little, but 
salvaged something from a run 
of duds (Ronald Harwood's A 
Family. David Storey's Sisters 
and an inadequate production 
of The Diibbvk) with Vanessa 
Redgrave triumphant as The 
Lady From The Sea. Salisbury 
Playhouse enlivened my August 
Bank Holiday with Under The 


Greenwood Tree, now at the 
Vaudeville. The Queens at 
Hornchurch did a splendid stage 
version of The Who’s Tommy 
and the Birmingham Rep gave 
us not only Edgar's Mary Barnes 
(in the studio, naturally) but. 
also Wesker’s The Merchant 
which, in a really good produc- 
tion and with a virtuoso per- 
formance, could still have a life 
in London. — - 
--Ken Dodd . ^e-open ed the 
■ sumptuously- restored Theatre 
Royal .in Nottingham and the 
Ails Council joined forces with 
Moss Empire, the Leicester 
Hayraarket and Cameron 
Mackintosh on a fabulous tour- 
ing revival of My Fair Lady. 
Sand}’ Wilson’s Clapham 
Wonder at the Marlowe. Can- 
terbury, was. I thought, cruelly 
underrated. Everyone preferred 
Chicago at the Sheffield Crucible 
where, in • the studio. David 
Leland signed off before joining 
the Royal Court with another 
challenging season of new plays. 


his own and Howard Barker's 
among tbnu. 

Bristol Old Vic maintained: 
its reputation and standards 
and. in the studio, another 
bright young director. Adrian 
Noble, served up a delightfully 
Marlovian Tints Avdronicus. 
Simon Callow in the lead. The 
Oldham Coliseum reopened with 
the stage premiere of Kcs and 
both Liverpool houses, the 
Everyman and the Playhouse, 
offered consistently interesting 
programmes ithe Playhouse’s 
Artistic Director, Leslie 
Lawton- is about to leave for 
the Edinburgh Lyceum, which 
has not attracted much atten-, 
tion of late). • 

In all. though, the amount' 
of good new work in the region^ 
is depressingly small and it is 
a sad sign of the times when 
accomplished new work by 
David Hare and Trevor Griffiths, 
which has proved itself on the’ 
London stage, is inevitably con-- 
signed to regional studios. 


Fred Pearson and Peter Hugo-Daly in “The Ragged Trousered 
.... Philanthropists” 


Robinson Crusoe 


by CHRIS DUNKLEY 




,. c 

- • 


WE ARE PLEASED 70 ANNOUHCE THE FORMATION OF 

HAIM BROTHERS & CO. 

INCORPORATED 

MEMBERS NEW YORK STOCK EXCHANGE 

55 Water Street 

; - New York,: New* York -1 004 1 


IRVING KAHN, CFA. 
Chairman. 

THOMAS G. KAHN, CJLA. 
Executive Vice-President 


(212) 558^1644 

ALAN R. KAHN 

President 
.WILLIAM F. DeLUCA 
Vice-President , 


December 19, 1978 


With seasonal children's plays 
becoming more popular in cen- 
tral London, and West End 
pantomime long ago turned 
into semi-adult entertainment, 
you have to go to places such 
as Leather head. Croydon, or 
Bromley these days for a choice 
of traditional panto. 

Robinson Crusoe at the 
Churchill Theatre. Bromley, is 
one such, with all the expected 
ingredients from the opening by 
a buccaneer’s ghost and a fairy 
queen - speaking in rhymed 
couplets, to the closing walk- 
down with the golden-thighed 
principal boy in a special glitter^ 
ing finale costume: 

In between, writer/director 
David Poulson has packed 16 
scenes, varying from the 
interior of the Three Bells 
Tavern in Hull to The Cannibal 
Kingdom on the island of Juan 
Fernandez, and all of them 
peopled by the traditional 


-Vfx LU*' 

ART 


0 


... This mmemament appears as a matter ofrtxord onlu .\ . 


$35,000,000 



ion 


Subordinated Notes due 1993 


We hsnxmrimged the private placement of these securities. 



Incorporated 


Deemher^TS - 


characters. There are several 
villains, several funny men. 
including one dressed as a dame, 
an energetic singing-and-dancing 
chorus of “girls and boys," a 
grumpy squire and. of course, 
his pretty daughter. Further- 
more, there Is a proper orchestra 
in the pit, which is something 
that precious few of the London 
children's plays offer. 

This production does duck the 
complication and expense of a 
transformation scene, as have 
so many pantos in recent years, 
which is a shame because today’s 
children, injured to the marvels 
of television, are not less but 
more astounded by the magic 
achieved without electronic 
tricks in live theatre. 

Otherwise, though, the ex- 
pected events are all present: 
competitive community singing 
from a' giant song-sheet, slap- 
stick with buckets of paste, 
“look out behind you” warn- 
ings for the children to shriek, 
and in Bob Grant, one of the 
best pantomime dames I have 
seen in many years. Asked by 
comedian Jack Douglas if they 
had enjoyed themselves, the 
first-night audience roared n 
resounding “Yes!” and that no 
critic can gainsay. 

There were faults, neverthe- 
less: very thin singing from 
both principal boy and principal 
girl (Aimi Macdonald and 
Pippa Page) and occasional 
signs that Jack Douglas and 
George Tnizzi as ship’s male 
and captain were enjoying their 
shared comedy routines even 
more than the audience were. 
No doubt a little tinkering with 
amplification and stage disci- 
pline will sort all that out. My 
children preferred this panto- 
mime to the more modern West 
End shows they have seen, 
anyway. 



Aimi Macdonald 


Dutch pictures loaned to National 


The Queen has placed on loan 
at the National Gallery six out- 
standing 17th-century Dutch 
paintings (in addition to the 
small group of early Italian 
panels already at Trafalgar 


Square). The Dutch pictures 
all come from Windsor Castle 
and went on view at the 
National Gallery on December 
21. where they will remain for 
about four months. 


They include The Music 
Lesson by Johannes Vermeer. 
This is almost certainly the most 
important painting by ihe artist 
.in Great Britain, and now hangs 
with the National Gallery's two 
Vermeers. 


UK ECONOMIC INDICATORS 

l 

ECONOMIC A CTTVTTY— Indices of industrial production, manu- ' 
racturinfi output (1975=1001; engineering orders (1970=1001; 
retail sales volume, retail sales value (1971 = 100): registered ' 
unemployment (excluding school leavers) and unfilled vacancies 
iOOOs). All seasonally adjusted. 



' lndl. 

Mfg. 

■ Eng. 

Retail 

Retail 

Unetn- 


1977 

prod. 

output 

order 

vol. 

value 

ployed 

Vacs. 

3rd qtr. 

106J 

103.3 

106 

104.3 

234.2 

1.413 

151 

4 lb qtr. 
1978 

105.9 

102.1 

106 

104.4 

239.4 

1,431 

157 

1st qtr. 

107.1 

102.5 

108 

106.3 

246.0 

1.409 

188 

2nd qtr. 

111.1 

. 105.0 

105 

108.0 

254.2 

1.367 

213 

3rd qtr. 

110.6 

104.8 

113 

1M.8 

267.6 

1,380 

213 

June 

111.8 

105.9 

99 

108.7 

257.3 

1.365 

217 

July 

111.3 

105.3 

109 

111.4 

265.8 

1.371 

211 

August 

111.4 

105.6 

109 

111.8 

270.3 

1,392 

209 

SepL 

110.4 

104.5 

120 

109.5 

266.6 

1.378 

219 

Oct. 

Nov. 

Dec. 

109.3 

103.3 

- 

109.6 

109.5 

267-2 

1,360 

1,339 

1.321 

228 

231 

231 


OUTPUT — By market sector: consumer goods investment goods. 


•jiielalr 

manufacture,, textiles, leather and 

clothing 

(1975: 

= 100;; 

houkrog sVarts f-OQOs. monthly average). 




’ ; 

“Consumer 

?:lnvst. 

Tntmd. 

Eng. 


Textile Hnusg. 


goods 

goods 

goods 

output 

nmfg. 

etc. 

starts* 

1977 








3rd qtr. 

104.3 

98.7 

116.5 

99.9 

107.8 

101.3 

25.4 

4lh qtr. 

104.9 

97.5 

114.4 

98.7 

95.2 

100.2 

20.7 

1978 








1st qtr. 

105.3 

99.8 

116.3 

100.8 

95.4 

97.2 

17.8 

2nd qtr. 

107.9 

99.2 

122.9 

100.7 

108.2 

99.4 

27.1* 

3rd qtr. 

107.1 

100.5 

122.4 

101.6 

102.3 

100.6 

22.8 

June 

109.0 

100.0 

124.0 

101.0 

112.0 

inn.n 

M3 

July 

106.0 

101.0 

124.0 

101.0 

113.0 

104.0 

23.6 

August 

.. .. 109 Jl 

101,0 

122.0 

103.0 

93.0 

104.0 

2<U 

Sept.- • 

.. ‘ 107.0 

100.0 

122,0 

100.0 

101.0 

101.0 

24.5 

Oct. 

106.0 

98.0 

122.0 

98.0 

101.0 

99.0 

24.1 

EXTERNAL TRADED n dices of 

export 

and import volume 

(1975 = 

^100); visible balance: current balance; oil balance; 

terms 

of trade (1975=1001: exchange reserves. 





Export 

Import 

Visible 

Current 

Oil 

Terms 

Resv. 


volume volume 

balance 

balance 

balance 

Irade 

USSbn* 

1977 








3rd qtr. 

124.4 

106.6 

+ 31 

+575 

-602 

101.0 

13.4 

4th qtr. 

117.6 

102.7 

- 5 

+ 591 

-657 

102.4 

20.39 

1978- 








1st qtr. 

1195 

114.1 

-642 

—413 

-642 

104.8 

20.63 

2nd qtr. 

122.0 

110.3 

-182 

+ 126 

-398 

1A4.6 

16.75 

3rd qtr. 

125.3 

116.1 

-342 

- 26 

— 515 

1«U 

16.55 

July 

126.3 . 

116.1 

-152 

- 47 

-221 

104.6 

16.74 

August 

124.4 

111.3 

+ 46 

+ 152 

- 98 

103.7 

16.4 

Sepi. 

125.1 

120.8 

-236 

-131 

-196 

105.5 

16.51 

Oct. 

127.4 

111.9 

+ 97 

+ 217 

-131 

103.3 

15.97 

Nov. 

124.5 

120.3 

-192 

- 72 

-167 

106.6 

15.67 


FINANCIAL— Money supply Ml and sterling M3, hank advances 


rale); domestic credit expansion (Im); 
inflow: HP, new credit; all seasonally 
lending rate (end period). 

building societies' net 
adjusted. Minimum 


Ml 

Bank 

M3 advances DCE 

BS 

HP 

MLR 


% 

% 

% 

£m 

inflow 

lending 

% 

1977 
3rd qtr. 

280.0 

10.4 

20.3 

+365 

1,157 

U49 

7 

4th qtr. 

23 J! 

12.6 

8.7 

+ 698 

1,639 

1,189 


1978 
1st qtr. 

24.3 

23.8 

17.5 

+ 1,791 

1.049 

1.260 

64 

2nd qtr. 

8.5 

15.7 

24.6 

+2.858 

694 

UK 

10 

3rd qtr. 

16.8 

5.3 

8.6 

+ 525 

746 

1.427 

10 

July 

9.3 

9.5 

34.7 

+ 104 

200 

458 

10 

August 

•>.< 

1.6 

15.7 

-292 

200 

493 

10 

Sept. 

16.8 

5.3 

8.6 

+ 713 

346 

476 

JO 

Oct. 

13.8 

5.5 

1.8 

+ 535 

363 

469 

10 

Nov. 

12J 

10.6 

9.8 

+ 106 

261 

, 

W 


materials and fuels, wholesale prices of manufactured products 
(1975=100); retail prices and food prices (1974=100); FT 
commodity index (July 1952=100); trade weighted value of 
sterling (Dec. 1971 = 100). 



Earn- 

Basic 

Whsale. 



FT" 


1977 

ings* 

matls.'* 

mnfg.* 

RPI* 

Foods* comdty. 

Strlg. 

3rd qtr. 

116.1 

146.4 

142.9 

184.7 

192.1 

239.9 

61.8 

4lh qtr. 
1978 

119.9 

1422 

145.8 

187.4 

193,3 

234.2 

63J 

1st qtr. 

123.1 

140.2 

149.2 

190.6 

197.3 

238.61 

64.6 

2nd qlr. 

129.9 

146.3 

152.0 

195.8 

203.8 

242.27 

61.5 

3rd qtr. 

133.2 

144.9 

154.7 

199.2 

206.2 

253.74 

62.4 

July 

133.6 

145.8 

153.8 

198.1 

206.1 

237.68 

62.1 

August 

131.7 

144.2 

134.8 

199.4 

206.2 

248-54 

62.4 

SepL 

134.2 

144.8 

1 55.7 

200 JJ 

206,3 

253.74 

62.7 

Ocf. 

135.1 

145.8 

156.6 

201.1 

205.6 

265.22 

62,5 

Nov. 


147.2 

157.1 

202.5 

207.9 

263.63 

62.7 


* Not seasonally adjusted. 






10 


FINANCIAL TIMES 


BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BY 
Telegrams: Finantlmo, London FS4. Telex: 836341/2, 883897 
Telephone: 01-248 8000 


Thursday December 2S 1978 



rates on 



way up 


ALL THROUGH 1978 the 
American administration has 
h«.en ch iT-vied towards austerity 
by ' mistrustful holders and 
sellers of the U.S. dollar. The 
process has further to go »n lhe 

New Year. The U.S. economy 
js proving too resilient for the 
dollar's good ami it is only 
wh«-n it first shows signs of 
fullering that the pressure on 
th>? currency and the need for 
h:ch infercst rates wilt ease up. 
The first cHiu-refi’ signs of 
revision, often predicted and 
0 ‘tii, at limes, prematurely di<- 
wunied during 1978. continue 
in recede like a mirage. The 
U.S. prime rate went up yet 
again nt the weekend and U.S. 
looney rates in general are now 
a* or n-.-ar record levels, but they 
?re >ti!l not hitiny. The U.S. 

-Jit market* need still more 
r '-a.- .‘.urar.ee that U.S. monetary 
p.ilivy ha.? become i neon trove r- 
tihly restrictive. 

<>n the race of it much has 
already been achieved to 
reassure fhe army of do/ Jar 
investors. The federal funds 
rate i*- up Trent 6} per cent in 
April Vo 10 i per cent today. The 
Ml money supply figure is now 
gr"winy m urn more slowly than 
the iO per cent annual rale of 
Vij-e it was showing until 
Ui: tuber, i.'mugh at this crucial 
moment the picture has become 
i -i inn !•*!“<! by the tilt reduction of 
iriiere.it bearin';: current 

Bccmnts at the U.S. banks. 


Ouse? delayed 


The problem is i hat though 
talk of the coming recession it 
now widespread in the U.S. 
business community, its onset 
has been repealed ly delayed— 
and partly by just the infln- 
iionary mentality is it designed 
to break. There is no shortage 
oi borrnvvers at today's interesl 
rates and no shortage of funds 
in lend. 

U.S. inflation is now running 
a 1 per cent and is expected 
t.i rise former. The rate was 
si ill higher in 1974. but the 
point is that a growing percep- 
tion has since emerged in the 
U.S. that this son of inflation 
rmiUI be a loir.’ term slate of 
a ‘fairs. This has made cnrrenl 
horrov. ing costs lnok much less 
daunting Ilian they appeared 
lour years ago. 

There are other reasons why 
intf.V't rates have not so far 
had the impact expected of 
them. U S. corporate liquidity 
remains adequate. Industry is 


not financing excessive inven 
lories. Various structural 
changes — like the improved 
ability or mortgage companies 
to raise funds directly — have 
offset some of ihe rise in the 
cost of money. The upshot is 
that the monetary brakes are 
going to have to be applied still 
harder, and held on for some 
time, before America's economic- 
momentum will be visibly 
checked. 

Meanwhile, so long as the 
growth continues, there will be 
increasing interest in President 
Carter's ' budgetary resolve. 
Already the budget deficit for 
live year ending in September 
1979 has been revised down- 
wards frnm SfiObn in .January 
in S50hn in July to §39bn in 
September. The President is 
now talking about S30bn fnr 
the year ending in September 
1930' That will be a year of 
presidential election, and if 
President Carter is going to 
slick to his plan of increased 
military expenditure, it will 
mean some unpopular cuts in 
other areas. Yet as ihe plans 
for next year's budget unfold 
Lhe administration will not only 
be under international pressure 
to honour this difficult looking 
target but to revise it down- 
wards. ... 

Given ihe sustained scrutiny 
of U.S. economic management, 
the vulnerability of the dollar 
and the continuing need for 
high interesl rates in the U.S.. 
what does this mean fur the 
credit markets in the UK’/ The 
answer is nut very much for the 
moment but perhaps a problem 
later. UK money rates are still 
marginally above U.S. rates, the 
pounJ is not weak against the 
dollar and— setting a UK 
current accuunt surplus next 
year against a certain U-S. 
deficit — is unlikely to become 

so. 


Re-alignment 

So lung as Ihe dollar is 
perceived to be vulnerable it 
will he possible for U.S. rates 
tn move ahead of UK rales. If 
and wnen this perception fades 
there could be pressure fur re- 
alignment. So long as the prob- 
lems of managing the domestic 
British economy more closely 
resemble thn.se in the U.S. than 
those within the European 
Monetary System, sustained 
UiverGencies between U.S. and 
UK interesl rates are unlikely to 
develop. 



road from 



p David 


THE DECEMBER 17 deadline 
for a treaty between Egypt and 
Israel ha> now passed without 
the per-.i-.ieiH diplomatic 
manoeuvres orchestrate;! by 
Wa.-lunglon producing any re- 
,-uli. The Middle East tour of 
Mr. Cyrus Vance, the U.S. Sec- 
retary of State, earlier in the 
month ended »n failure, and the 
euphoria which followed the 
Camp David accord^ agreed in 
September now looks somewhat 
premature. At that time Presi- 
dent Carter asserted that they 
” resolved almost all the issues 
between the two countries ex- 
cept Tor a few lines that have 
in be drawn un the map ami 
ihe settlement.-,." 


Magnitude 


Current difficulties tend ru 
obscure the magnitude of what 
has a i ready been achieved. 
Sinai, the area which ihe 
Jsmelis are to give up. covers a 
larger 3rca than Israel itself. 
Bui Camp David was only 
possible because so much was 
left unsaid. A long-term aim 
nf Israeli foreign policy has 
always been u» deal with Egypt 
]>iJ;ti<.’ralJy. By reaching a sepa- 
rjiie agreement with the largest 
Arab state. Israel could be sure 
that no militarily effective Arab 
coalition. like that of 1973. could 
ip the future be in a position 
»>.i launch an attack. The bi- 
falm-af nature nf Ihe agreement 
is crucial tn Mr. Begin and his 
Cabinet. They hate tried to 
keep an agreement on the 
autonomy of the West Bunk 
and G::.ta distinct. from a pence 
treaty between Israel and 
Ecvpt. 

President Sadat has on the 
contrary tried tn emphasise that 
Egvpt is imi abandoning the 
Palestinians or the other Arab 
>ialos. The extent to which a 
final treaty will .simply be a 
deal between Egypt and Israel 
is the veal question which gives 
significance tn the superficially 
petty disputes over the exact 
timing of autonomy, the polic- 
ing n f Gaza. revision nf the 
treaty after five years, the ex- 
change nf ambassadors and the 
priori ly of an Egyptian-Israeli 
Meat;- over Egypt's commitment 
i o other Arab states. 

There issues will be difficult 
in resolve. But at Camp David 
both Mr. Begin and Mr. Sadat 
owed far down the road to- 
wards compromise on questions 


of principle. It is difficult to 
believe that they will prove in- 
surmountable obstacle* to a 
final peace treaty. The personal 
prestige of Israeli and Egyptian 
leaders is partly dependent on 
a successful outcome to the 
talk* which are to be resumed 
in January. Above all, Camp 
David marked the upturn in 
President Carter’s political for- 
lunes. He will be anxious 10 
ensure that the momentum to- 
wards peace which built up as 
a result of President Sadat's 
Jerusalem visit is not slowly dis- 
sipated as petty recriminations 
reawaken recently buried anti- 
pathies. 

Certainly, Mr. Sadat has been 
worried by the strength and 
coherence of the .Arab rejection 
of Camp David. Particularly 
dismaying for him is Saudi 
Arabia’s muled but very definite 
dislike of his accords with 
Israel. Yet arguably the real 
loser at Camp David, whatever 
the domestic political benefits 
for President Carter, was the 
United States. Egypt is no 

longer in a position to act force- 
fully as America’s ally in Arab 
politics. The position of the 
more radical slates such as 
Syria and Iraq has been appre- 
ciably strengthened. King Hus- 
sein of Jordan believes that any 
move to involve himself in 
negotiations would bring his 
country few benefits and a host 
of troubles. 


Algeria 


Financial Times Thursday 'December 28 '• 






z-t 




a new 



BY ANTHONY McDERMOTT 


T HE DEATH of President 
Boumedienne comes after 
a long illness from which 
he had not been expected to 
recover. Inevitably his closest 
political- colleagues have been in 
protracted conclave deciding 
who should be his successor. 

His departure is unlikely to 
lead to any immediate radical 
changes in Algerian policies. 
The long illness has given the 
Council of the Revolution time 
to choose a succesor more 
calmly titan if he had died 
unexpectedly. The period or 
suspense has strengthened the 
resolve of the Council’s mem- 
bers to emphasise continuity — 
whatever happens. 

Secretive ness has inevitably, 
been the hallmark of the nego- 
tiations about Boumedienne's 
successor. They have been con- 
ducted mainly by the nine sur- 
viving members texcluding 
Colonel Boumedienne himself) 
pf the Council of the Revolu- 
tion. and occasionally involving 
the three chiefs of military 
regions not in the Council. The 
Council originally had -6 
members, at the time of its for- 
mation in 19R5 when Anmed 
Ben Bella was overgrown. 
Sn.ie then, eight members have 
died and eight others have 
either retired or passed into 
opposition. 

The details of their discus- 
sions are almost entirely 
unknown. But it certainly was 
to their advantage that Presi- 
dent Boumedienne's illness 
proved to be a drawn out one. A 
decision on the succession can- 
not lx- too long delayed, even 
though inter-ministerial com- 
mittees under the guidance of 
members of the Council have 
been taking a reasonable num- 
ber of day-to-day decisions. The 
cabinet itself, however, did not 
mean to meet for many weeks. 

The- 1979 budget requires 
presidential approval. The next 
four year plan, lo begin in 1980. 
will require full pirly 
approval. There remains also the 
continuing friction 'rith 
Morocco over the Western 
Sahara. 

Colonel Boumedienne held 
almost every office of influence 
and power. Beside being Head 
of Stale, he was prime minister, 
dc Fence minister, chief of 
siafT, head of the Council of the 
Revolution and the Nat ti.naf 
Liberation Front iFLN). ‘he 
sole parly. With the government 
shuffle of April last year, he 
brought control of the- national 
security force and the 
gendarmerie directly under ;he 
command of the defence 
ministry. 

The process nf institution- 
alising the Algerian regime 
after the coup which misled 
Ben Bella in 1965 still needs tn 
be concluded. In broad terms, 
the . main effort has been lu try 
lo transform lhe FLN from 
being a liberation organisation 
into a responsive single political 
party. So tar success has been 
limited. The march towards 
structural legitimacy has been 
marked by the approval or the 
National Charter (Juno. 1H76i: 
the adoption of the coiteliiutiun 
(November. I975i: the election 


of Cotonel Boumedienne to the 
presidency (December, 1976), 
the election of the National 
Assembly / February’, 1977); and 
the appointment in April, 1977 
of a new cabinet. 

This year has been devoted 
to the holding of national 
congresses of the “ mass " 
organisations of workers, 
peasants, women and war 
veterans. Only two more steps 
remain. The first is the holding 
later this month, of the national 
congress of the youth organisa- 
tion followed next year by the 
first national congress of the 
FLN since April 1964. 

The Counci i of the Revolu- 
tion continues in charge "as 
long as the institutions . . . 
foreseen by tbe constitution 
have not yet been created." 
according to Article 198 of the 
constitution. 

The leading contenders 
for President Boumedienne's 
succession largely select them- 
selves — provided that logical 
criteria are applied and that a 
totally unknown figure outside 
the Council does not take over. 
Io the short terra, the constitu- 
tion provides for Mt. Rabah 
Bit at. head of the National 
Assembly, to take over. He was 
dully sworn in yesterday for a 
period of 45 days to prepare 
for the election of a president. 
He himself is barred from 
standing, and the candidate h3S 
to he pul forward by the FLN. 

The leading contender? all 
have several • factors in their 
favour. They are: 

Mr. Mohammed - Salah 
Yaliiaoui, for eight years head 
of the Gherchell military- 
academy (and therefore with 
good army contacts). in 
October 1977. he was appointed 
lo be in cargo of reforming Lhe 
FLN (and therefore has good 
party contacts). He has a rich 
and extensive family. 

Mr. Ahik-l-Azir. Boutcfiika, 
Foreign Minister since 196 3. the 
mnst prominent Algerian in 
international standing after 
President Boumedienne. to 
whom he is extremely close. 
Some hold against him his inve- 
nt flashy living. Nevertheless 
he is regarded by many as Un- 
favourite. 

Colonel Ahmed Bencher if. 
Minister or Environment and 
Soil Improvement, head of the 
gendarmerie 1965-77. 

Colonel Ahmed Draia, Minis- 
ter of Transport, from 1965-77 
in charge of National Security. 

Colonel Mohammed Bcnah- 
med Ahdelghani, Interior 
Minister since 1974, and a 
former commander of several 
military regions. 

Colonel Bcnjedid Chadll. coin- 
mander uf the military region 
of Oran since 1964. where two- 
thirds of the armed forces are 
concentrated near the Moroccan 
horder. He has powerful tribal 
following. 

The future pattern of events 
under a new leader could well 
be affected by several basic 
factors. Fir.-i. after the cosily 
war nf liberation from the 
French there followed among 



Mr. Rabab Bilal, sworn in yesterday as iutccini President of Algeria, and members of the Revolutionary Connell-, pay Uig 

homage to the late President Boumedienne. ' --.- V: , V 


the leaders of the revolution 
a series of assassinations and 
feuds which gave Algeria a 
reputation of chronic instability. 
Nu leader would want that to 
recur. Secondly, as has been 
shown, there has been a con- 
scious attempt to set up a 
constitutional political structure 
io survive a change of Govern- 
ment. Thirdly, the people, who 
suffered badly during the war. 
want a peaceful transfer of 
power, and not one which would 
be uvertly military. 

Finally, observers' see little 
evidence of hostility to the 
broad Lhemes rather than the 
details of the Boumedienne 
years — at home the industrial, 
agrarian, social and cultural 
revolutions, and abroad non- 
alignment. 

First official indications of 
this have come Trom the Council 
itself. Continuity is to be the 
main theme, and responsibili- 
ties have been shared out. Mr. 
Boutcfiika is to be in charge 
of foreign policy; Colonel 
Chadii is to maintain contacts 
with the armed forces; Mr. 
Yahiaoui is to control tbe party; 
and Colonel Draia is to co- 
ordinate the security services. 

Some slighL changes of 
emphasis in domestic policies 
had become apparent even 
before President Boumedienne's 
illness. It is unlikely that the 
crippling combination of a 
French-style bureaucracy run 
along strictly socialist lines will 
be undone. Nevertheless, there 
was grow ing interest in the com- 
parative efficiency and higher 
productivity of the private 
sector. There have been moves 
to return to private hands some 
of the lands taken over under 
tlie agrarian reform. In recent 
months — partially to coincide 
with the end of Ramadan, the 
month of fasting — private 


growers were permitted — with 
visible effect In the markets — 
to sell agricultural goods direct 
and not through the state 
monopoly. The budget for 1979 
is due to contain provisions 
easing the tax problems for the 
private sector. 

One effect of President 
Boumedienne's illness which 
enormously impressed Algerians 
.and gave them a sense of pride, 
was the world wide interest in 
and response to his condition. 
At . one stage eight countries 
were reported to have sent a 
total of more than 40 doctors. 
Obviously a proportion of these 
were sent as a political gesture, 
and the main treatment was 
conducted by Algerians, with, 
advice from American, French, 
British, and Swedish doctors. It. 
made a deep impression that 
the U.S. flew a gigantic Galaxy 
transporter direct from 
California containing a large 
and sophisticated brain-scan-' 
ning device. 

This world wide' interest 
reflects what is perhaps Presi- 
dent Boumedienne’s greatest 
achievement: he has given 
Algeria considerable inter- 
national status. It received its 
greatest boost while Algeria 
chaired the non-aligned nations 
between 1973 and 1976, and 
President Boumedienne argued 
powerfully for re-alignment of 
the world economic order. 

But while its history, its 
support of liberation move- 
ments, and its radical attitude 
towards Israel places it among 
the militants of the Third 
World, the foreign policy of 
Algeria has never been entirely 
dogmatic- One example will 
suffice. Algeria has always been 
in almost complete disagree- 
ment with the U.S. un major 
political issues, yet the U.S. is 
now the main trading partner 


and will, through purchases is to be expected lir a centra Uy^ 
of natural gas, become crucial- nm state, there have been fail 
to- the country's long term records in' the newspapers of 
economic future. tributes "atfdjcondolentes from^ 

The country undoubtedly the Ieadere'-bf'';M and 

faces severe challenges. In the iratermanable'; e^resskras ,; of 
Maghreb, there is not only the- loyalty^affecriori and' hopes for 
continuing conflict with Morocco his- full 'recovery from- the 
but also the uncertainty created J‘ mass .", pob-tic*! organisations, 
in neighbouring Tunisia -by. But -, there has; been, also, 
.President Bourguiba's ill health - tangible: concent in -interviews 
and the riots earlier this year., with ind . letters from ordinary 
Internally, the main challenge people which soiraded genuine — 
is to breathe some life into the' if. hjqjerbolJC— irT the case" of 
TDN, so that people who have. ^ wo men offering riot just their 
been suffering from appalling kidneys for transplant, but their 
housing, an inflation „rate> of bodies. A • sense of 

about 30 per cent (if wage rises, sympathy and worry about the 


tills year are any guide);' and a 
tifgh growth rate of the papuia- 


future. could t>e felt also in day- 
- - /. , , to-day conversations with 

tion by 3.2 per cenfwill feel,- A1 ■ 

they have a genuine butiet for - 


r In , .keeping : ; -with i . Algerian 
traditions' of secrecy, “ordinary 
people wefe. given phiythe most 


their grievances. Corruption, 
always a problem, is likely- to 

-become worse at * time of -leas . , . . — . . -- - „ , 

-firm control from above. ; ., ^ . perfunctory aapunts . of the 

... v Presiaetft’iT eiihjebl^- Trai led 
; Much of the basic Tnfrastruc- ^ V -protects 1 " • wrhep many 
ture is in place, most notably ;^AigeO0ns dIsco.vered the details 
in administrative^ terms^ whete qf bis illhess onty lroni foreign 
Sonatraeh. the kg/ h>;droc^rbons . newspapers > -;and^ -iradi os.. The 
organisation— one of .50 or so AJgetle Actiwlite. while 

such “ societies n alienates ” to. ; saying tiiat cpmpul^v e listening 
have been set up— is well rum ; -tb the .radio Aras a sign of 
The next development plan will popular afFec£on ;for. theBresi- 
have to pay more attention to deat .alsa ^protested ^ that the 
social rather than to industrial National Charter staled that “all 
needs. should- he; well in- 

Algeria remains a good target fonHed: T ', TbaL required ^allow- 
for investors and will refclit the ; Jng^them to share better in 
confidence of. foreign lenders, the preoeeupatiotis of those who 
But early in the nex t decade: :_£i» we The. ■ godntry. - 

there Will be an income gap t— .. : >Algeri^ have tended- not to 
as oil production declines,, and )tjfp decisions. The sueces- 

bef ore money from gas comes sign is “a. difficult ' .problem 
in. The debt service, ratio Car-;- because tfiOrifc "has been no 
rentiy between 321 per cent and precedent > since independence 
22 per cent could well reach 25;-' and .because ^ the political, struc- 
per cent in 1983, lost when local rtare; £s still Incomplete. But the 
funds are short- • • • duration vof President BoUine- 

The President probably dienne's illness has 'given both 

never did coxae sb.close to open the pabtic and 'the. politicians 
popularity as during , his final time v enough to protect, them- 
illness. On the official level, as selves for the future. 



Unfortunate 


The destabilisation of the 
Arab world outside Egypt has 
come at a particularly unfortu- 
nate lime for President Carter. 
The inability of the United 
States to do very much to prop 
up the Shah has deeply worried 
the Arab slates on the western 
side of the Gulf. It is less easy 
lor Saudi Arabia to sec Washing- 
ton as providing an insurance 
policy against any external or 
internal threat. And it is al- 
ready becoming clear that the 
major Threat to the stability cf 
lhe Arab world Is no longer the 
risk or another Aral '-Israeli con- 
flict but flows from the Iranian 
crisis whose future Washington 
is in no position t«» cioxermine. 
This is an ironical conclusion lo 
lhe year in which the United 
Srates has made its most deter- 
mined effort to bring lasting 
peace lo the Middle Ea.si. 


Bad prognosis for 
floor shows 


"The Persian carpet industry is 
dying.” I was told yesterday by 
one or the largest importers in 
this country. A Persian him- 
self. who scoffs af the name 
“ Iran " as an artificial inven- 
tion by tlie Pahlavi " dynasty.” 
he has just returned from 
Tehran. He describes an indus- 
try in more knots than the ideal 
600 per square inch: 

The lack of cash in such banks 
as are open means ;hai rug 
makers cannot afford to buy 
wools or silks, or pay iheir 
labourers. The bazaars are 
closed, with merchants hiding 
their rugs in relatives’ base- 
ments. " I had to go tu the 
homes of t : »? makers to find 
any." the importer told mo. 
Nor. it seems, are many carpels 
flying: the customs have been 
closed for 50 days, except where 
the odd consignment has 
buksheeshed its way through. 

Yet it is not such problems 
which cause the im|>nrier’s 
gloomy view of :he future. He 
argues that the art is being 
spoiled by those Irvin* lo make 
carpels with the same style of 
production line used at 
Dagenham. 

More important still, he says, 
is that “ Persia " is no lunger a 
country of cheap labour. Prices 
have risen too steeply For rug 
makers to survive on the wages 
uf yesterday. ** In 5-7 years only 
Ihe very fine nigs will be made, 
the sort of which a Sheikh in 
the Gulf might buy two or 
three.” 

t was talking lu the importer 
in a bunded warehouse in 
Kenti'h Town whidt contains 
mine £50m wurth of rugs. 
Grouping must uf rhe 23 
Armenian. Persian. Jewish and 
Turkish families who fled 
Istanbul in 1905 and who now 
dominate lhe world's carpet 
trade, this warehouse, together 
with a handful of others in 
London, forms the channel 
through which four-fifths of the 
worlds rugs reach the world’s 
markets. 

Caroline Bnsly, a carpel 
broker who is one of the few 


1 

\Z7rh 

?T£3Eti 





to find cabs when they want 
then?. "There is a very simple 
way for them to he assured of 
obtaining taxis." says Taxi, 
which recently reported with 
some glee the wigging of Roy 

Hallers ley by an irate driver 
nn the subject of fare increases. 
" Make n public announcement 
that tn Future they will only 
use the licensed taxi service, 
and instruct the policemen on 
the gate not lo allow minicabs 
through.” “ Of course.” Taxi 
hints darkly. ” there may be 
good reasons for using them. 
M-iybe the minicabs are pro- 
vided bv the many lobbyists as 
an additional perk, and it is 
done on credit . . There could 
be less sinister reasons, of. 
course, like the desire tn sit 
in the traffic jams with a silent 
chauffeur. Or the fact that there 
never seem to be enough taxis 
al the Comnions . . . 


which imprisons those who try 
to leave. 


Politic animal 


women lo break intn (his world 
of the Oriental male, tells me 
that 97 per cent of the rugs 
imported inio fills country arc 
re-exported. An cx-leenage TV- 
star she bewails the fact that 
the main department stores 
prefer to stock machinc-ni3de 
rugs. 

Speaking to ntc from the 
U.S. where the interest in 
carpels is such that she is 
giving a scries of lectures on 
television, she told me she 
thought many British people 
remembered merchants of 
dubious reputation selling dour 
to door. “ You can fool the 
English once, not twice.” she 
says. 

As for the signs advertising 
■' bankrupt slock " 111 esc unly 
cause the trade further harm 
in her view. “ Thor? is no 
bankruptcy in inis business.” 
she say-*. “ Rugs are literally as 
guud as gold. ' To anyone who 
doubts this she is happy to 
show off her uwn collection of 
40 rugs. 


My story of Lhe French 
management consultant defin- 
ing an entrepreneur as “ a pig " 
has provoked a complementary 
tale from the farmyard. An 
American consultant tells me 
that at a recent business' con- 
ference two colleagues began 
discussing the difference be- 
tween the ” mere involvement " 
of the professional manager, 
and lhe " total commitment. ” of 
the entrepreneur. 

One asked the other to define 
the terms. “As I see it."- he 
said, the terms are best 
demonstrated in tbe case of the 
chicken who suggested to the 
pig tbal. as a special treat, they 
should treat the farmer to eggs 
and bacon for breakfast. "That,” 
said the pig. “ may spell mere 
involvement to you, but to me 
it looks like total commitment.” 


Loser loses all 


British talcs of sunburn, over- 
work.. and nasty penalties -for 
indulging in a drink or Lwo. 
have nothing on the problems 
encountered by Pakistanis 
before they even reach the 
alluring deserts of the Middle 
East. My colleague m lslambad 
reports than one man even 
pawned his wife and daughter 
for the £200 he needed to get 
there. 


Breaking ice 


Clutching a note promising 
the return of his family on pro- 
duction of the principal plus 
interesl, he set sail from 
Karachi masquerading as a 
sailor— only to find his circum- 
uavjgaiion of the rigorous 
emigration rules frustrated by 
sleuths from the customs. 


Driving a bargain 


This week'*; iKuo of the maga- 
zine Taxi throws snnie liehl on 
(lie saga of MPs not being able 


This unfortunate case under- 
tines the possibility that others 
are more successful in making 
a discreet exit No-one is 
certain how many Pakistanis 
are working in the Gulf states. 
What is known is shat they send 
homo a monthly fortune — over 
a milium dollars — which helps 
the balance of payments, and. a 
trifle ironical!} . the regime 


It is not unly members nf the 
Ruyal Family who must accept 
they will be recugnised alnio-it 
anywhere they go. With Britons 
nuw glued to the small screen 
several hours a day, even the 
humblest link man filling the 
gap between programmes is 
likely lo be accosted by total 
strangers. It would be interest- 
ing to know how many* people 
have experienced conversations 
similar to this one. purporting 
to involve the late Stanley 
Baldwin, 

Baldwin is in an empty train 
compartment heading for a rest 
in the country. A man comes 
in, and after a short pause 
peers round the Prime 
Minister's newspaper. V You’re 
Stanley Baldwin, aren't you?” 
" Ye s I am,” comes Ihe slightly 
tetchy reply. “ You went to 
Harrow, didn't you?” says the 
newcomer. “ Yes I did 
actually.” "Tell me.” persists 
lhe stranger. “What arc. you 
doing these days?” 


Observer 




Yachting' World brings you someol tlie re^i# interesting 
new boats anti accessories at the' London Boat Shnw. 
Plus art important eight page 'Choosing a Boot.' feature 
. to help you make up your mind... . 
Weexamine the? navigation problems in the Dover. 
Straits — almost half the rogue-vessels are yachts: \ 
'Sails Guide' is a pictoriai feature on ihe different types of 
spinnakers and othei*down-wind sails; what they're 
called and how they shou/</l>e used. Pius the results of - 
oiir photographic competition. Plus hundreds and - 
hundreds of boats for sale. - . . .. =; 



by sailing enthusiasts . 
for sailing enthusiasts. _ 

. ' January issue ori safe bow- - 

. '. .. - r 



iiilv a 


iuar 


'V' ' ii: 

: L i a ; 

•■•r * . . _ 


?®Pani t 


.. l ' iv '•* I,. 


:u. .< 


■ d ; - ' r: -.1 




■ ■ V 

■j * - 


• . v: ^ v 

; • -A'- *-Tta j.. 4 

.7 Vljj, / iy 

. U'“ 

' • .' r 

V rW 

• - 



-.••..v-'fe 




— i VrL-- ! : 

-ys% •*. •«• 






mmmm* 

' ■*'*! 






r- 





28;l078 

TYPICALLY ENGLISH INSTITUTION IN A CHANGING WORLD 


■ <**“? - J- 


the 


rj- _ 



survival 



11 


P.>“ 




BY ANTONY THORNCROFT 


f:, THE HERO o£tij2s.;j*ar*S panto- 
mime -at the Lqndba Palladium 
makes his- escape ■; as ^0 Lias 


always done, byjumqmmg jth.e 


* "i 


& 


ii 


»4. 




>“■ Genie oLihe lamp tor Jus aid at 
: the last ppssthlft : moment; i * ; 

£•- However; 

r . - napressario/ is hot iiankli^ j>5%'- 
■ L ; miracles . to- manage : ids- own 
-.vescape-froin life £$00,<KKfti|rirest i 
t vmeot: itC Aladdin-; , It; -is aU .a 
V . Bostoegs.-. 

Jteiwjger. 

E.'’ does' tihe ; . IPalladitira^' Vauto- 

Kv Christmas:; It dSd^m^t da^wJ lasC 
\y. year 

i V mount ^Dc'oeit’y^ar.Vlien ; Yiri : 
f P-: Bryriher ; The 

\ l King jnd^A<ral£feDi be.pack- 
| * " ing TheS^in^ liore ta the point 
I , tiifsIsVarandLieW' production., 
ft c.‘.'“aate- ncSwit lavish I have teen 
tfl p«: involved :y0th_ r for a decade." 
says Benjamin. “ We are having, 
one . huger--. $b at; evaluating 

E L .whether the public wants panto, 
si-.'or. not jTf 'AJaddfn is -not' a 
%' suceess- there * will Jrave* to-be ' a 
V- reason;. .and., we will . have to 


''13 L 'estaWisb.what JtM* ItXs quite 
isasRtaS L},-pessibte-3aiat 'Ajaddin could 'be ‘ 


f • 'Sis 


big 


•■ ..* k.-t the - .last . - of. the . really 
^5-"'— $3 piatamimes..: .. .. ..- : • ■.-. 

.'■'LL ,-M %■■[' The; jprobjem; of - cburse, - Is 
' ' ‘ r j? g money, ■Hie ; theatre .is ' a.' veiy 
^ -labour, intensive indusUy ^and 
£ t (Msts here.hava risen even faster 
, j':t. than 'the rale.-of Inflation; Pan- 

"s ^toxndmes V .were -.■ traditionally 
% Very ‘^spectacular .events,: The 
ahnuaL hlghligbt for ah ehter- 
- \? talnment-etarved public. ■ Now 
i tt S-'-Mhe abundance of alternative 
‘ >' 'f "attractions . has reduced the 
U- length .'•■■of' '-the.- panto season. 
LLLong gone are. the days when- a 
; ;. pantthrimfe'would run almost to 
^Easter and keep the. local 
u^thratre: in funds, for the rest of 
£;.^e'year.;.. ^ . 

’ iheiPaliadium ' is .trying to 
.4:- recoup £300,000 in production 
costs fn .only J 3 weeks.. When 
.-:-#' ‘£20,0TO a-week in running costs, 

. plus 7 almost as much again [on 


-advertising .and’ tbeLlike are 
added, the total investment -in 
Aladdin could be well "in. 
excess of . £800,000. It would 
.take- ■ a- miracle - to. - getLitie 
money {which is the eo&*of a 
VezyLrVambitioimr, West': 
musical) back in three ' months, 
and - in. fact Louis Benjamin 
i does not really -expert ' to'dorso. 

Any profits -will comein-over 
the years by using: the ptofluc- 
tioh again ' and again: Afaddin 
could:. well surface /next yeaf ln 
\tme uftbefewremaining Jfccge 
jQaeatres;* in.the; provinces,- or 
.nibrc probably to -Canada, where 
'•there Js an insatiable demand 
for British pantomime. In' time 
-the costumes and the .sets will 
Be leased out for rieadilymore 
'•humble pantomimes, making an 
-appearance somewhere -e?ery 
Christmas for the next ■ decade. 
However, this Aladdin is rather 
' different .■because-- it involves 
.-Danny La Rue as Widow 
TwanJcey. Around £30,000' -has 
BeenLspeht on his costumes^ one 
particularly impressive outfit 
costing £5,000. . As Benjamin 
says “Danny’s costumes eJone 
cost the same as the . whole 
show would have done a decade 
ago." They are too valuable to 
go into store after the season 
to be used by-future Dames' and 
some deal- will emerge between 
the Palladium and Danny La 
Rue on their eventual use. - 


prices have to be kept low — 
the Palladium is charging 
between £1,50 and £5, but the 
two performances a day help to 
swell the take. It would be more 
profitable for the theatre to put 
on big international stars but 
Benjamin says “I would love 
Aladdin to pay for Itself in 13 
weeks, I think it can." 


Matinees 


The Palladium, which isr-tbe 
flagship of the Moss Empires 
group, needs over 60 per cent 
capacity to. break even -'on 
Aladdin. There will be no prob- 
lem in the early weeks when 
the schools are on holiday but 
later,, especially during ' the 
afternoon matinees, some ' in- 
centives, like halving seat prices 
for old age pensioners, 7 are 
heeded. Since pantomimes arc 
very much a family occasion 


The Palladium’s last panto- 
mime, Cinderella, presented two- 
years ago, turns up this Christ- 
mas at the Bristol Hippodrome, 
and Moss Empires also has pro- 
ductions at Birmingham and 
Liverpool. But the days when 
impresarios like the Littler 
brothers mounted 30 or more 
pantos a year are well and truly 
over. For a while Howard and 
Wyndham produced pantomimes 
in its regional theatres but now 
the company has diversified -into 
other entertainment interests 
and has rid itself of its pro- 
vincial theatres and of its panto- 
mimes. This Christmas, Triumph 
Productions, with five pantos, is 
probably the most active com- 
pany left In the field. 

Like Louis Benjamin, the 
administrative consultant of 
Triumph. Gilbert Harrison, has 
mixed feelings about the future 
of pantomime. This year looks 
good with bookings up every- 
where, but it is still a hard way 
to make a profit in the theatre. 
Triumph is producing one' new 
pantomime this Christmas — a 
Robinson Crusoe for Richmond 
which will cost around £60,000 
to stage. But when this joins the 
stock repertoire — Triumph has 
a Dick Whittington at the Ash- 
croft in Croydon, a Cinderella 
in ,Bath. a Jack and the Bean- 
stalk in Birmingham and an 
Aladdin in Eastbourne — there 
are.no plans for a new panto jn 
1979. 



Aladdin still packs them in: Peter John as Widow Twankey, 
Stephanie Voss as Aladdin and Mlkki Magorian as Slave of 
the Ring (left to right) In a production at Watford Palace 
theatre. 


While costs seem certain io 
rise, because pantomime is a 
family occasion, seat prices can- 
not be easily raised. The only 


way out appears to l>e to reduce 
running costs and that is what 
is happening. There used to be 
a dozen in the chorus — now few 
pantomimos can field more than 
six or eight, although the 
Palladium still runs to 26. The 
band in the pit has shrunk to 
half a dozen rather than a dozen, 
and more use is made of taped 
music. Those still employed— 
and pantomime has traditionally 
been the starting off point for 
16-year-old dancers — are prob- 
ably earning £60 a week, almost 
double the rates of a few years 
ago. 


Where there is no stinting yet 
is on stars. Pantomime pro- 
ducers arc cominced that the 
public will only come to see the 
really big television names — so 
Moss is fielding Cilia Black at 
Liverpool and Norman Wisdom 
?t Birmingham in competition 
there with Triumph's Arthur 
Askey. Eastbourne has Terry 
Scott while Jon Pertwee and 
Bernie Winters are appearing at 
Bath. .All these are likely to he 
earning around £1,000 a week- 
And there have to be "the' 1 
spectacular effects — -the scenes 
that dazzle the children and 


impress the adults. At Bromley, 
for example, where the 
Churchill Theatre is putting 
on Robinson Crusoe. Jack 
Douglas, the comedian, has per- 
suaded the producer to include 
a gag which involves everyone 
on stage wearing the same 
clothes as he does — and fifteen 
identical costumes can play 
havoc with the costings. It is a 
seasoned pantomime tradition 
that the stars should introduce 
their own business into the 
shows but Bromley is rather 
sensitive about the matter be- 
cause last year's improvements 
pushed the cost up to £40,000 
and consumed the profit. This 
year costs are being kept down 
where possible, but still there 
are 29 in the cast and 14 in the 
orchestra. 

It is the same story at the 
Watford Palace which is put- 
ting on Aladdin. A backcloth 
now costs £450 and 15 are 
needed in this production. The 
theatre cannot afford new sets 
for each pantomime, so a com- 
plicated system develops of 
hiring in where possible appro- 
priate props and scenery for 
Aladdin while hiring out sets 
which Watford has produced in 
years past Even so, it no longer 
expects to make a profit from 
pantomime. Like more and 
more theatres, the Palace is run 
by the local authority, many of 
which tend to see pantomime 
almost as an extension of the 
social sen-ices department. 

And so a pattern is emerging: 
a few, a very few. lavish new 
productions playing the handful 
of major theatres. A middle 
band of theatrical impresarios 
who include pantomimes as 
part of their annual work load 
with increasing worries over the 
cost; and a mass of small, local 
pantomimes underwritten by 
the local councils. In terms of 
numbers, there are probably 
more pantomimes this Christ- 
mas than for many years, but 


few will be on the grand scale. 

• Not all commercial manage- 
ments are dubious about the 
future of pantomime. Paul 
Elliott and Brian Hewitt-Jones 
are presenting half a dozen 
pantos this Christmas, some in 
their own theatres, as at Lin- 
coln, some for civic theatres, as 
at Rickmansworth. As usual, 
this management has a new pro- 
duction — Goldilocks — which 
will first be seen in Canada with 
Lionel Blair. Ail its new pro- 
ductions are launched through 
profitable tours of Canada and 
then return to go round the' 
British provinces in subsequent 
Christmases. So the sets and 
costumes of last year's Dick 
Whittington are now being 
hired out to Oxford, which tries 
to keep its pantomime tradi- 
tional, steering a middle course 
between the lavish and the 
sparse. The stars are well 
known without being famous, 
and their top weekly salary is 
rarely over £500: there are 
dancers, but perhaps only four 
of them: the sets and costumes 
look good, mainly because they 
have been well treated over the 
years. 


First visit 


With such an approach panto- 
mime can be profitable, but it 
can never mafce.a fortune, and 
more and more in the theatre 
the choice is between a financial 
disaster or a fantastic success. 
If a production does not have 
the potential In guarantee an 
asset tu set against tiie more 
speculative' ventures it is 
usually not worth the manage- 
ment time involved in prepar- 
ing it. Just as the local 
authorities are keeping alive »he 
provincial theatre so they will 
keep alive pantomime. It is 
still the first, visit to the theatre 
for most children and although 
it faces, as it always has. an 


almost impossible task in try- 
ing to appeal to all age groups, 
pruspects now are probably 
better than for many years past 
— at least at the grass roots 
level. 

Alternatives such ns ice 
shows, circuses, seasonal pup 
concerts seem to have fared 
less well than the pantomime, 
although it dees have rivals 
which have quickly established 
themselves as almost traditional 
in a very few years. David 
Wood has now written 15 
musical plnys for children 
intended to appeal to the whole 

family at a rime when panto- 
mime has been aimed increas- 
ingly at adults, with big 
television names dnins their 
routine acts. This year It Wood 
plays are heing produced. They 
are especially attractive To 
repertory companies because 
they do not require stars and 
often need only one set. As z 
result they are cheaper — ? pro- 
duction seldom costs more than, 
£ 20 . 000 . 

There are nmv almost as many 
approaches as there are panto- 
mimes. front those aimed at 
children to the pantos aimed at 
TV watching aduifs. from the 
very traditional to the very con- 
temporary. There is liiih* in 
common between the Palladium 
Aladdin, which forgoes many of 
the . traditional panto murines 
in favour of the special clamour 
which surrounds a tnp TV per- 
sona lily, and the new David 
Wood play. Babes in ihe Magic 
Wood, at Hornchurch which em- 
broiders a modern approach 
around the familiar panto 
theme. And there are si ill a 
variety or financial interests in- 
volved, although the fill lire 
would spent to Ih» with final 
authority sponsored show s. What 
does secra certain is thai the 
fears expressed for the survival 
of pantomime, first aired almost 
a century ago. arc sull rather 
premature. 




Letters to the Editor 


%■* 


Initially a 


- 


1 good year 


frw ........... 

£ • From Mr. B. Bruce Lockhart 
Sir,-— Once again, as the year 


declines in output and increases 
in unemployment caused:. by 

- inflation, in addition to misallo- 

- cation of resources, social ten- 
sions, etc. • — • 

In order to let the market 
system work, prices must be free 


-r .'jL^raws to Close . the time bar to fluctuate. Otherwise the price 


_r- come to maker: myV customary 
brief ; accdont;.i^ the • past 12 
' - ,V months,: i - ' > 
Most of 1978 has- been , taken 
r up irith^ VIBDP 1 - r confrrences-^-an 
experience with so 


•' k.'teany of toe GMWU quarrelling 
' • r- /ever PSD and EDS. It was such 


£ a, pity when BOTB and ECGD 
£~went to great lengths to achieve 
^harmony over EMS and GEC. 

^ ^' Nevertheless some light relief 
. Ir TTas provfded by a KNUFNS 
Relegation...- which • arrived 
^ directly from ;,a . PWR/OECD 
fmeeting: .delegates were con- 
■ tinually' confusing AEIH with 


mechanism cannot perform Its 
essential function. - Keynes was 
tragically mistaken in claiming 
that a "flexible money" policy 
was- more • sensible than , . v ~ , a' 
“flexible wage" policy. For ma# ■ 
years now we have been exper*: 
ienring the “long run" which he\ 
said we could afford to ignore. 1 
The Government pretends to 
be fighting against inflation. Yet 
— alone of - the nine EEC 
Governments — it refuses to join 
the European monetary system 
whose main aim is to stabilise 
currencies. \ Why? Because, as 
a matter -of policy, the British 


their redundancies, we are con- 
vinced that statistics of this sort 
clearly point to even more deter- 
mined policies to improve the 
climate of our sector, and to the 
need to re-order some of our 
economic priorities. 

Brian Kingham, 

Europe House, 

World Trade Centre, 


creasing penetration of Imported 
foreign vehicles 1 Into the UK 
market 
D. S. Hulse. 

204 Haynes Park Court, 

Sleunns Close, 

Hornchurch, 

Essex. 


EL 


Changing 

jobs 


Citizens’ band 


radio 


^ CPSAi. Hardly helpful when dis- .■ Government wants a higher rate 


cfc#cu5sfcns> arose - on - PWR and 
:PSBR matters. •- ; 

Quite'; separately the SALT 
frvahd .GATT decisions .made life 
L:-^rticnlariy : Troublesome -for 
Is; EDO and PUMA and . I j bad a 


of inflation than the other EEC 
countries. 

One particularly damaging 
aspect of' the British Govern- 
ment polity ctf - permanent infla- 
tion. is its effect on the reliability 


From the Secretary-General, 
The Life Offices* Association 
. Sir,— Your article “Why you 
should think twice before chang- 
ing -your job” (December 20) 
discusses a survey on preserved 
pension levels on change of em- 
ployment recently carried out by 
the British Institute of Man- 
agement This survey claims, as 
you indicated, that most of the 
insurance representatives con- 
sulted took the view that “people 
who leave companies do so for 
thrir own benefit and therefore 


-A;- rrr’ - . "uu *-um a., uimia CliCtL Uil LUC icuauililj ,7 

^.^particularly, difficult time with of economic calculation. What. 5 811 hardly expect to be treated 

Is needed is a system of infla- decently. 


4 


I0W 


X-JNSEK. ...... ..... , . .. 

V. -AH bad things must come to 
r : an end, however, the GEM 
inward-giving at toe conclusion 
^ftf toe conference, was followed 
K;- by Effl-lKFs jointly given fare- 
£v : w 01 i cocktail" party- The CFDT 
ifjireally missed lout on this- one; 
Vtiit. was* a magnificent “carousel 
v. :■ of which the TTJC-— not to; merw 
F'. don EIB— would - have - “been 
proud.. The only : trouble' was 
&;toat some, bright : spark- from 
L -ACDA set , fire - to my copy of 
tfce 'FT. of December iC which 
^-explained' all these goings-on so 
v:-fflKsixictJy. ’ / V : 

1 fKB. Bruce Lockhart : ' 

Pehney Castello^Carlebach 
i^ jandCo^ :.' \--V. ■. 
V 2 - Finsbury Square, EC2. 


Tea. companies 


otii 


f_ Frqm the C$oirini»v. India 
. Regional Committee, British 
; - _Tea. Producers Associatiojt 

Sir,— -Your report (December 
0) of the Withholding of- remil- 
|:'- tances' of - biofits - earned by 
:* Britisb tea epmpanies in India, 

. - by . its ref erehce to a -suspicion 
--on the- part of tbe Indian tax 
anthorities that, more money has 
. ■ been paid by wiry of secretarial 
" ; and- -mahagement ’ fera ;4a Vtheir.. 


tion accounting which is logical, . 
simple to underst&id and to 
operate, and which fully adjusts 
for the effects of inflation. Con- 
stant purchasing power (CPP) 
accounting is such a system: cur 
rent cost accounting (CCA) is 
not. More than five years after 
the -accountancy bodies pro- 
posed' CPF toe Government con- 
tinues to rerist it- 
; Government-created inflation 
is harmful enough: Government 
interference with proposed 
. accounting adjustments exacer- 
bates toe damage. Even Sir 
Francis S&ntUlands now recog- 
nises - that the report of the 
Government’s so-called inflation 
accounting committee was less 
than satisfactory. Even after: 
the purchasing power of the 
pound has been halved yet 
again, it is still not too late for : 
the Government to withdraw its 
political, objection to constant , 
purchasing power accounting. - 
IX R. Myddeltdn, 

Cranfietd School of Management,. 
Cranfleld , .. .. . 

Bedford. ■ - 


The value of 
small firms 


This is most certainly not 
the -view held by members of toe 
Life Offices’ Association. In 
written evidence submitted to 
toe Occupational Pensions Board 
in .connection with toe Board’s 
inquiry lute the protection of 
occupational pension rights and 
expectations on change of em- 
ployment. toe LOA and its sister 
body," toe Associated Scottish 
Life Offices, stressed that for 
employers within the private 
sector the question is one of 
costs and of toe priorities of 
allocating the contributions to 
pension schemes between em- 
ployees who remain in one 
employment until they retire 
and those who leave. 

--Cost is the major constraint 
on : improvements to pension 
benefits on leaving service — as 
indeed it is on any improve- 
ment to employee remuneration 
or.’ benefits on retirement — and 
only the employer can take toe 
'Ultimate decision. As the BIM 
survey correctly points out the 
insurance -industry will react to 
whatever an employer wants. 

T- ; H. M. Oppe, 

Aldermary House. 

Queen Street, EC4. 


From Mr. G. B. Moser 

Sir.-— Your report by John 
Lloyd (December 22) on the 
problems that have beset Burn- 
dept Radio is timely having 
regard to the pressures on 
Government and others for per- 
mission to amend the Wireless 
Telegraphy Acts relating to 
Citizens’ Band Radio. It is very 
clear to all users -of toe Radio 
Frequency Spectrum that chaos 
caused by too many stations on 
the same or closely related 
frequencies can arise should the 
relevant authorities not main- 
tain an effective control. 

The business user should not 
be confused with toe person who 
merely wishes to have “ toe 
freedom of the air" for social 
chit-chat In roy view the 
increased use of business radio 
can be highly effective as 
regards cost and efficiency to 
toe benefit of the customer and 
the community generally; I am 
not aware of any material 
evidence that supports the 
corresponding argument for 
Citizens’ Band Radio. 

Having regard to the present 
congested state of the short 
wave bands one must hope that 
the Government will stand firm 
against this pressure which is 
commercial in origin and which 
does not have toe needs of toe 
UK community to support iL 
G- B. Moser. 

20, Kentwood Road, 

Kendal, Cumbria. 


The strike 


weapon 




■ - the Chairman, the 

i J?„ th8Il VaS Avocialim oj Independent 


-justified - is misleading. 


Basis for 
complaint 


Businesses 


From 4fr. D. S. Raise 
...Sir, 1 — I refer to your article 
headed “ BL Tops Safety Com- 


- ■ To the best o£ my knowledge,- .7'- airvpv from- 

; Sbeu’uK, "small firms in dues,” traded “BLTops Safely com- 

has . Qr0f i UC ed some previously plaint Survey’? (December 22). 
^ to the IJK secretin®, of Sterling rmtntoiished • evidence that In view of the fact that BL and 

'SSerfirms -alone can create Ford are toe market leaders in 

flds counts, if 


.mriRi-ihff - : This "is *an argument that the , prising that their vehicles should 

2SB.T.«s 



been made witt^-th^ toior per- 
. mlssieir of toe Reserve Bank of 
- India. The point oh which dis- 
it has* in i^ct arisen is 
oar not toe t7K :secre- 
: . taries have at . all times carried 
out toefrtojtiesentirely outmde 

; t.'-v-. -• - •• 

•_ Sir Johhv&jiShePatersoii,: 
Victoria Rou$e,\i :i: x - 
Vernon Plac&'W&Si ■ : 


Permsinjenit; 


Businesses has been putting for number of complaints than their 
more than a decade but which competitors. I find it disturbing 
the Shell-study takes from the that - a responsible newspaper 
realm of opinion- into the realm should publish such misleading 
of facte • • statistics without any kind of 

toa20-year study. Dr. Gudgin qualifying statement 
ftf thfi SJisity of Leicester, While it would be nnreason- 
comtoided that small finns in -able to pretend that Ford or 
the -East’ Midlands, while BL have no complaints. I feel 
accounting fbr only 11 per cent that such statistics should be 
of -thfe^region's lobs, were represented, not as a percentage 
responsible for fully two-thirds of total complaints, but as a per- 
oftbe net Increase in jobs cartage ~ e ^ " 




of vehicles sold in a 
given period, with the resultant 
figures- expressed in complaints 
per hundred units and tabulated 
for comparison. 

r - I feel sure you wiTl agree that 



recorded between 1048 and 1067, 

We "are -already aware that 
politicians of all parties are 
coming around to our way of 
thinking on firms and em* 

fVom Pro/«*or Dafamin ptoySSt prospects, hut as m- rtWshs 
— v«- • « : - c •' flpures remanr -make ■ a comparison oetween 

Kt^SSSechhology advances; makes, and suspect very strongly 

j-'; . . .. . 

IJ '' ' ' ' '' " l " 


From Miss M. Gouqh 

Sir.— -Having once myself 
been in the same situation as 
Mr. Irarie (December 19), i.e. a 
principal in the civil service 
asked to strike for a fair and 
reasonable rate of pay. he may 
like to know toe points which 
occurred to me when. I decided 
what to do. 

Governments have treated 
the service -unfairly and 
have, by changing the rules 
of employment unilaterally, 
created bad feeling and 
diminished the quality of 
entrants; but to disapprove of 
such behaviour implies an equal 
dislike for oneself if one 
behaves similarly. Any 
employed person is free to 
resign if he dislikes his condi- 
tions of employment (I know 
toe snags in leaving the 
service); I liked my job and did 
not wish to leave. . One good 
thing about the service is that, 
even if one belongs to a union, 
one is not farced by a closed 
shop to strike- if one does not 
wish to; one retains one’s own 
independence of action. 

Mr. Imrie's moral dilemma 
therefore resolves itself into a 
personal battle between his 
desires and his principles. The 
quality of toe service would be 
di mi nished further if all its 
members abandoned their 
principles because others seem 
to Save none. 

(Miss) M. Gough. 

2 Cross Cottnpcs, Sloqursey, 
Bridgwater, Somerset. 


Today’s Events 


GENERAL 

Herr Helmut Schmidt, West 
German Chancellor; Mr. Pierre 
Trudeau, Canadian Prime 
Minister: Mr. Malcolm Fraser, 
Australian Prime Minister; Sr. 
Carlos Andres Perez, President 
of Venezuela: Lt. Gen. Oluesgun 
Obasanjo. Nigerian Head of 
State; and Mr. Odvar Notdli, 
Norwegian Prime Minister, are 
among those attending a summit 


on North-South dialogue In 
Jamaica,, at the invitation of Mr. 
Michael Manley, Jamaican 
Prime Minister. 

Investment intentions oE 
Scottish companies in manufac- 
turing and construction for 
1979,. published in Edinburgh 
by the Scottish Council, Develop- 
ment and Industry. 

Price Commission report pub- 
lished on prices and profits of 


four companies in the Dollond 
and Aiehison group. 

OFFICIAL STATISTICS 
Department of Energy pub- 
lishes energy trends. 

COMPANY RESULTS 
Final dividends: Reliant Motor 
Group. Vectis Stone. Interim 
dividends: S. Hoffnung. Sterling 
Credit. 

COMPANY MEETINGS 
Blackwood Mortnn, Burnside 


Works. Kilmarnock. 12. Bnrcay, 
Bloomsbury Centro Hotel. C.nrain 
Streer, WC. 12. Swan Hunicr, 
Royal Station Hold. Newcastle 
upon Tvnc. J2. 

LUNCHTIME MUSIC, l.-suSon 

Organ recitals by Prof. Gonlnn 
Phillips at All Hailnv.s-by-ihe- 
Tower, 22.15 pm and 1.15 pm. 
EXHIBITION 

Boys and Girls Evhiliiilnn, 
Bingley Hall, Birmingham (until 
January 7>. 




AU of these securities having been sold, this announcement appears as a matter of record only. 


New Issue / December, 1 978 


r'l- 


V 


A 


$125j0Q0,000 

American Can Company 


9%% Notes Due June 15, 1984 

Interest payable June 15 and December 15 


Salomon Brothers 


Morgan Stanley & Co. 

lncorpoiBted 


The First Boston Corporation 


Goldman, Sachs & Co. 


Donaldson, Lufkin & Jen retie 

Securities Corporation 

Merrill Lynch White Weld Capital Markets Group 

Morrill Lynch, Ptorco, Funner a smith incorporated 

Bache Halsey Stuart Shields Biyth Eastman Dillon & Co. Dillon, Read & Co. tac. 

Incorporated Incorporated 

nrexel Burnham Lambert E. F. Hutton & Company Inc. Kidder, Peabody & Co. 

Incorporated Incorporated 

Lazard Freres & Co. Lehman Brothers Kuhn Loeb Loeb Rhoades, Homblower & Co. 

Incorporated 

Paine, Webber, Jackson & Curtis Smith Barney, Harris Upham & Co. 

Incorporated Incorporated 

Warburg Paribas Becker Wertheim & Co., Inc. Dean Witter Reynolds !nc. 

Incorporated 

Bear, Steams & Co. L. F. Rothschild, Unterberg, Towbin Shearson Hayden Stone Snc. 


ABD Securities Corporation 
Basie Securities Corporation 
F. Eberstadt & Co., Inc. EuroPartners Securities Corporation 


Atlantic Capital 


Alien & Company A. E. Ames & Co. 

iRODtparatad Incorporated Coiporallon 

Alex. Brown & Sons Daiwa Securities America Inc. 


Robert Fleming 

Incorporated 


Kfeinworf, Benson Ladenburg,Thaimann & Co. inc. Moseley, Hallgarten & Estabrock Inc. 

Incorporated 

New Court Securities Corporation The Nikko Securities Co. 

International, Inc. 

Nomura Securities International, lnc^ Oppenheimer & Co., Inc. Wm. E. Pollock & Co., Inc. 


Scandinavian Securities Corporation SoGen-Swiss International Corporation 

Stuart Brothers Thomson McKinnon Securities Inc. Tucker, Anthony & R. L. Day, jnc. 
Wood Gundy Incorporated Yamaichi International (America), inc. 

New Japan Securities International Inc. Nippon Kangyo Kakumaru International, Inc. 

Sanyo Securities America inc. 


■ ■■■ ■> ' ' ' ■ 


• I 




~Y TV. 






i 

r 






Financial Times Thursday 


12 


Companies and Markets 


UK COMPANY NEWS 


BIDS AND DEALS 


Canadian purchase will 
cost Ultramar £23m 


Brentnall 
suitor 
pulls out 


The London-based oil yrcmp 
Ulfnunar’s offer for Canadian 
Fuel Marketers, a subsidiary of 
Shell Petroleum, has become 
uncoDdiiinnal. following the 
consent of the L f K Treasury, the 
Bank of England nod the 
Canadian Foreign Investment 
Review Agency. 

Ultramar will pay around 
CS55in t about £23m) Tor CFM. 
rather less than the outside 
estimates generally made when 
the negotiations were first 
announced in -Tuly. The pur- 
chase will be financed out of 
Ultrama-r's existing resources; 
the s roup raised US$50 ro of new 
money through a Eurodollar 

Inan. secured oh the cash-flow 
of Us Indonesian operation, at 
the beginning of this year. 

CFM. which was originally 
wi-quired by Shell to place 
Venezuelan production c»n -the 
Canadian market, supplies fuel 
nil and heating oil to factories 
m Eastern Canada. Including 
gasoline .its sales arc in excess 
of 70.000 barrels a day. Ultramar 
Uself is weak in fuel and beating 
oil hut has a very strong 
presence in the gasoline market 
with over 1.000 filling stations. 

The purchase of CFM should 
allow Ultra mar's Quebec refinery 
io he run at considerably higher 
levels than the 70.000 to 75.000 
barrels per day average at which 
it has been operating and there- 
fore. by lowering production 
ensts. bring the group's Quebec 
and Ontario operations back into 
profit. Rationalisation of market- 
ing and distribution facilities 
should also bring significant cost 
benefits. 


BOARD MEETINGS 


Net assets at September 30, 
187S were £135,355. Pre-tax profit 
for 1977-78 was £44.032 and for 
the hair year to September 30. 
1978 it came to £41,789. The basis 


The following companies have notified 
dales ot Board meeiinqs to ihe Slock 

Exchange. Such meetings are usually , . . • ■ . 

held for the purpose of considering Of Valuation of work in progress 

dividends, official indications are not has been changed for the period 
available a$ to whether dividends are tO September 30, 197S and had 


interims or finals, and the sub-divisions 
shown below are based mainly on last 
year's inner able. 

TODAY 

Interims — Alisa Investment Trust. 

S. HaHnung. Sterling Credit. 

Finals — Reliant Motor. Vcctis Slone. 
FUTURE OATES 

Interims— 

Amalgamated Industrials 
talma 

Mowden Group 

Inchcape 

Finals— 

Derby Trust 

Winiertinuom Trust 


this change not been made profit 
for the period April 1. 1978 to 
September 30. 1978, would have 
been £33.345. 


Dec. 29 
Jan. 9 
Jan. 4 
Jan 25 


Jan 25 
Jan. 9 


Anglo-Swiss 
Holdings asks 
for suspension 


DAWSON AND 

HAGGAS 


Shares of Anglo Swiss Holdings 
were suspended at the company's 


Bid talks have been called 
off for Breotiiail Beard. Ihe 
insurance broker which is the 
subject of an investigation by 
Lloyds of London. The un- 
named suitor, thought to have 
been a major UK company with 
no insurance broking interests 
of its own, bas pulled out of 
talks, Brentnall announced 
yesterday. 

At the same time the company 
has announced a “ restructur- 
ing " of its Canadian interests 
which until this year, when 
profits slumped by 60 per cent, 
had produced nearly 40 per cent 
of group profits. 

Brentnall is expected to out- 
line the actions it proposes to 
take in Canada sometime next 
week. It is thought likely that 
these will involve a significant 
reduction in its involvement in 


The Dawson International offer 
for John JRtaggas bas been 
accepted in respect of 81.43S.176 
shares (93.33 per cent). The offer 
is unconditional as regards 
acceptances and remains open. 

Confirmation that the offer will 
not he referred to the 
Monopolies Commission has not 
been received and the offer re- 
mains conditional in this respect 
only. 


request yesterday on news that h Canadian market where con 
a bid may be on the way for the 
loss-inakins engineering concern. 


Ultramar bas arranged that 
era's banking facilities Tor 
working capital finance should 
continue after the purchase. 


FIRST CASTLE 

First Castle Securities is 
acquiring B-R-M. Electronics 
from Mx. and Mrs. Norman 
Williams for £160.000 cash on 
completion ant? up to a maximum 
of further £70.000 cash depen- 
dent on B.R.M.‘s results for the 
two years to March 31. 1980. 

BUM. is based in Rochester. 
Kent, and carries on business as 
a supplier of services to the 
electronics industry. 


After making pre-tax profits of 
£602.000 in 1974 the company 
plunged into losses — totalling 
£400.000 in the three years to 
December 31. 1977. 

In the first half of the current 
year Anglo Swiss incurred 
increased pro - tax losses of 
£87.000 compared with £70.000 
for the same period in 1976. 

Anglo Swiss said Ibat the 
improved performance of its 
screw company in the first three 
months of this year had not been 
maintained. 

The company has announced 
plans for a “drastic reshaping" 
of its loss - making screw 
activities which will include 
cutting out some of the more 
unprofitable parts of the 
business and a major reduction 
in the workforce. 


ditions in non-marine insurance 
have been difficult for some 
time. 

Apart from Brentnali's involve- 
ment in the affair between the 
Sasse underwriting syndicate of 
Lloyd's and the Brazilian rein 
siinnce group which is at the 
heart of the Lloyd’s enquiry 
Lloyd's is also thought to be 
studying the placing of Canadian 
fire risk business by Brentnall 
with Sasse which could give rise 
to some C$5ni (£2.2m) of claims 


American acquisition 
into ‘high end’ of market 


ALLIED PLANT 

For an initial purchase price 
of £605.000 Allied Plant Group 
has agreed to acquire Edmond 
i Builders), and its subsidiary 
Kingston Plumbers. 

A further sum of up to £200.000 
myv be payable depending upon 

MT,„-h r r&o Swiss shares 

1979. 

The deal is to be financed lar- 
gely by the issue of new APG 
ordinary and preference shares 
a TBtA I'B H is proposed to douhle APG’s 
Vfcll TC n authorised capital to 12 m. 


have been suspended at 29p 
valuing the concern at around 
£751.000. 


BSR 


In a move -to expand its 
■product range into the higher 
end of the audio equipment 
market. BSR, the record changer 
manufacturer, is paying USSSm 
l£4mi for DBX, the U.S. audio 
concern. 

BSR claims to make around 
75 per cent of the worlds record 
changers and also produces 
magnetic cartridges for audio 
equipment systems. 

Mr. John Ferguson. BSRs 
chairman and managing director, 
'viid yesterday that DBX — which 
makes .tape noise reduction 
systems and dynamic range 
expanders — will expand I he 
group's product range and take 
it into the “high end of the 
consumer and professional audio 
equipment market." 

BSR bas traditionally domin- 
ated the lower end of the market 
Ihrougb its record changers but 
profits have come under pres- 
sure recently as consumer tastes 
have become more sophisticated 
and expensive. 

Last year group pre-tax profits 
fell £8.3m to £20.3m and in the 


first half of the current year 
profits were down further from 
£12.2m to XlO.Lra. 

In the first half of the current 
year DBX showed pre-tax profits 
of 8633.519 (£312.000) compared 
-with the §862.331 (£425.000) 

earned in the whole of the pre- 
vious financial year. 

According to the group net 
assets of DBX at September 30. 
1978 were US§1.4m (£690.000). 


SHARE STAKES 

Slaius Discount — E. D. Healey, 
director, has disposed of 110,500 
shares, beneficial, and M. S. 
Healey director, has disposed of 
89.500 shares, beneficial. 

Waller Duncan and Goodricke 
— Lawrie Plantation Holdings 
bought 17.000 shares on Decem- 
ber 21 and. now holds 458,002 
shares (36.64 per cent). 

RL Brown Investments — D. 
Alliance, director, and Mrs. V. 
Alliance, wife of director, as 
trustees of a trust csi3hlished by 
N. Alliance, director, have 
bought 25,000 shares at 37p. 


Cope Sportswear — Mr. H. M. 
Russ now holds 426.147 shares 
(less than 5 per centi having 
sold 722,038 shares. 

Maurice James Industries: Mr 
L. M. James, chairman, bought 

10.000 shares at 14p on December 
18. 17,000 at 14p on Decemher 1«. 

30.000 at 14] p on December 18 
and 100.000 at 14.* on December 
20 . 

Rockware Group: — D. M. fi. 
Bailey, director, has sold 23.071 
shares. 

Brown Sipley Holdings: 
Duncan Lawrie Investments has 
purchased a further 25.000 
ordinary shares increasing its 
holdings to 305.000 shares (5.5 
per centi. 

Edinburgh and General Invest- 
ments: Birmingham and Midland 
Counties Trust has acquired 

475.000 ordinary shares Giving it 
a total holding of 1,050.000 
129.S5 per cent) ordinary shares 

Trust Houses Forte: Kuwait 
Investment Office has acquired 
an interest in 25.000 shares mak- 
ing a total interest of 5.605.000 
shares (5.57 per cent). 


REGIONAL 
PROPERTIES 

Regional Properties lias sold 
the •* bhorthold " interests in the 
office buildings. Roxburghe 
House and Langliam House 
Regent Street, and Egyptian 
House, Piccadilly, Wl. 

The unexpired terms of the 
leases were 28 years. 25 years 
and 26 years respectively. 

The company having un- 
successfully explored the possi- 
bilities of extending the leases 
decided that these interests were 
more appropriately held by 
gross fund and accordingly they 
have been sold to a pension fund 
for an aggregate figure or £471m 
The properties stood in the com 
pane's hooks on March 31. 197S. 
at £2. 85m. 

In addition to. and in’ accord- 
ance with the police of reviewing 
l he growth potential of the nnrt- 
rolio. further sales of £l.9m have 
been made, including residential 
sales. 

Total sales since March 31 
have, therefore, amounted to 
£6.609m. showing a surplus over' 
hook value of £2.3m. after esti- 
mated costs. 

The income in the full year 
from properties sold amounts to 
£437.000. 


Motor side strength lifts Mann Egerton 


A GOOD performance Trom its 
motor division, reflecting the 
buoyant car market, has lifted 
taxable profits Of Mann Egerton. 
a subsidiary of Inchcape and Co., 
from Li.Llm to £2.55m for the 
half year to September 30. 197S. 
Turnover, of which the motor 
side accounts for some 90 per 
cent, was well up at £92.4 9m 
against £71.$2m. 

The directors say the motor 
division continues to perform 
well — trading profit was up 41 
per cent for the first six months 
— and because of this strength 
they look forward to yet anniher 

successful full year's trading. 

Pre-tax profit for the 19ir-7S year 
was a record £4.56m. 

Results from the industrial 
division are less encouraging, 
the directors state. Though 
Aran. st cad (manufacturer of out- 
door leisure furniture l and E. V. 
Hawtin (distributor and im- 
porter of camping and sports 
equipment and leisure wean 
produced satisfactory profits, 
these were more than offset by 
the losses incurred by Sbc-erlite 


( man u f actu rer- <if domestic light 
fittings), they say. • . 

As mentioned in the annual 
report, 'this company is being 
re-organised and is not expected 
io return io .profit until next 
year. 

Pre-tax figure was struck after 
interest £585.000 compared wRh 
£270.000 and was subject in lax 
of £ 1.05m (E42S.OOO). SSAP 15 
has been adopted and com- 
parisons adjusted. 

There was an extraordinary 
credit of £178.000 (£17.006) for 
the first half, being the prufit 
from sales of properties. 


Allied Hambro 
launches Far 
East Exempt 


The Allred Hamhro Group is 
to-day launching Us third exempt 
fund — the Allied Hamhro Far 
East Exempt Fund — managed by 
Hambro Unit Trust Managers. 
This fund will enable pension 


funds and chari lies to invest in 
the Far East without having to 
build up the resources necessary 
to oprate directly in an overseas 
equity market. 

Equity funds based on Far 
Eastern markets have heen the 
host performers this year, both 
on the ordinary unit side and in 
the exempt funds. Investors are 
now becoming aware of the 
potential offered by investment 
in these territories. 

The invstment policy of this 
new fund is to go fur capital 
growth rather than high income. 
The initial portfolio will hold 
between 50 and 55 per cent in 
Japan. 20 to 25 per cent in Hong 
Kong. 10 io 15 per ent in Austra- 
lia and between 5 and 10 per 
rent in hoth the Philippines and 
Singapore and Malaysia. Invest- 
ment initially will be financed 
predominantly through loans, 
hut the managers will use invest- 
ment currency as well, depend- 
ing on circumstances. 

Units are offered a( 50p. yield- 
ing an estimated 2 per cent gross, 
and the minimum initial invest- 
ment is £1.000. 


This launch follows the suc- 
cess achieved h> the Group with 
its two previous exempt funds, 
the Exempt Smaller Companies 
and the U.S.A. Exempt Fund. 


Increase for 

Brunner 

Investment 


-\cl revenue of Brunner 
fnteslmciu Trust emerged 
higher at £676.079 for the year 
ended November :i0. 1978 against 
£589. 14S and the dividend is 
stepped up in 4p net per 25p 
share with a final of 2.15p — last 
year's total was 2.55p. 

Total income for the period 
was £I.29iii (£].02mi and 
expenses and tax look £241.446 
< ES7.948) and £371.656 (£346.725) 
respectively. 

Earnings per share arc shown 
as 4.13p i3.58p) and after 

deducting prior charges at par. 
net asset value per share is given 
as 131.9p (124.5m: the final 

dividend is payable on March IS. 


MINING NEWS 


Strike of black workers at Rossing 


BY KENNETH MARSTON, MINING EDITOR 


TOP OFFICIALS of Rio Tlnlo- 
Z Inc's bic Rossing uranium mine 
in Namibia (South-West Africa I 
were yesterday holding talks 

with representatives of some 
2,000 striking black imneworkers. 
in a bid to end a five-day -old 
dispute there, reports Quentin 
Peel from Johannesburg. 

The strike is the most serious 
to date at the controversial mine, 
where production has previously 
heen plagued by technical 
problems and earlier this year 
hy a fire which destroyed the 
solvent extraction plant. The 
company claimed yesterday, how- 
ever. that so far the dispute, in- 
volving about two-thirds of t*»o 
labour force, has not affected 
output 

The immediate cause of the 
dispute is the introduction of a 
new unified system of pay rates, 
and the annual pay rises which 
have just been awarded. But 
other issues, including allega- 
tions of continuing racial 
discrimination in pay and con- 
ditions. and the political situa- 
tion in the territory following 
this month’s Souih African- 
organised elections, boycotted nv 
ihe South. West Africa People’s 
Organisation (SWAPO). the 
principal black nationalist move- 
ment. afe also said to be behind 


it. 


Mr. David Murray, executive 
controller of Rossing Uranium 
in Windhoek, said that Mr. Craig 
Gibson, the managing director, 
and other senior officials, were 
at the mine having talks with 
representatives chosen by the 
workers, and they were expect- 
ing rurihcr progress. 

“We are finding it a little 
difficult in understood." he said. 
“The eause appears to be that 
we have introduced a new job 
evaluation system, but it is not 
a uniform dispute. Obviously 
there appeared to be misunder- 
standings. and we have taken 
every effort to try and remove 
any Further misunderstanding.” 

Mr. Murray said the new 
system was based on the 
Patterson plan, a single, non- 
racial wage curve covering ail 
employees. However SWAPO. 
which is particularly well 
organised at Rossing. where the 
voting turn-out ai the recent 
elections was notably low. issued 
a statement claiming that dis- 
criminatory practices were 
continuing at lh*r mine. 

Pastor Festus N’ahnln, Ihe Sec- 
retary for Foreign Affairs or the 
organisation's internal wing, and 
clergyman at the mine's hlack 


township of Arandis. said in a 
lengthy statement that the now 
pay system had resulted in in- 
creases of ahoul RS f£4.6pj a 

month for the lowest paid black 
workers, and R100 to R200 a 
month for the lowest paid white 
workers. "Thu caused a 
tremendous amount of distress 
among the black workers." 

Pastor Naholn said other 
grievances included the poisonous on January 29 
effects of radium or. mine workers, 
their had treatment bv the 
security police at the mine, and 
the low priority given to the 
health and welfare of the black 
workers there 

He added that multi-national 
corporations operating in the 
territory were involved in the 
exploitation and plundering of 
Namibian natural resources, and 
should comply with UN Council 
of Namibia resolutions to stop 
their operations under the rule 
of the “ illegal South African 
occupational regime." 


with MS” film in ihe same period 
Of last year and a total for the 
12 months to Marcn 31, 197S, of 
M84.3Sm. 

Profits at n re- tax level were 

higher in the ialesi half-year, but 
Ihe increase was outweighed by 
a heavier tax charge. An interim 
dividend is declared of 66 cents 
ti:».99p). less Malaysian lax at 40 
per cent, which will he payable 


ROUND-UP 


SOUTHERN K11NTA 

The tin-producing Southern 
Kioto Consolidated, which is 
now incorporated in Malaysia, 
reports a net prnfii fur the six 
months io September 30 ■»! 

MS2.64m i £611.000) compared 


South Africa's gold product inn 
again declined in November, 
slipping to 1.SS0.211 oz from 
1.894.900 oz in October, accord- 
ing to the Chamber of Mines. 
The total for the first J1 months 
of 1978 amounts to 20,865,298 oz 
compared with 20.fi84.020 oz in 
the same period of 1977. 

★ * 

A strike on January 7 faces 
the Grande Cache. Alberta, coal 
operation of Canada's McIntyre 
Mines unless a settlement can he 
reached in the meantime. The 
company bas suffered a consol i- 
dalert hiss of ahnort GS4.1m 
(£ 1.73ml in the nine months to 
September 30 after including 
losses »f the affiliate companies, 
notably those or the 37 per ceni- 
nwned Falconbridgc Nickel. 


CURRENCIES, MONEY 


* 




Dollar shows 
sharp fall 


Trading in the foreign 
exchange market on the first day 
after the Christmas holiday 
proved to be fairly active, with 
financial centres experiencing 
a reasonable turnover. The V.S. 
dollar lost ground sharply against 
most major currencies, with con- 
tinued concern over the unrest 
in Iran having a depressing effect 
on the U.S. unit. Support from 
various central banks was limited 
to merely minimising the dollar’s 
losses, and confidence remained 
low ahead of the U.S. trade 
figures. 

Against the West German mark 
it fell to DM 3.8200 before 
recovering to DM 1.8315 at the 
close, compared with the previous 
level of DM 1.8540. Similarly 
Ihe Swiss franc improved to 


reucies with the D-mark rinprov- K 

jng to DM 3.71 from DM 3.7225 y-reoch Fr- 


the firing by the dollar to ; 
DM 1.8283 from DM .1.8532 on 


DV- 27 

rale 

€> 

P.S .8 


CsnaiiinnS 

1 BA*. 

GiiiMer 

6 l S 

PolfiUn r 

6 

Dan If h K 

B 

D-Marlf 

S 

Port. Km. 

18 

*p«n. Pw. 

8 

lam. 

IOZ 3 

>>fgn. K. 

T 

Treoch Ft. 

*8 

SnolubKr- 

®‘s 

Yen 


AustrioSehi 

<»9 

t)«lss Fr. 

1 

■ .- 1 


Ifcjrt 

Spread 


'L Clofie ' On* month ; 35p*r | 


XlU. 


2.O1StW.0Satf2.fl56O-2.B3SO' 0-52 0 JBe-pinJ 


.a».U adnraii-MVifv- J— — “ 

SJ8WWE.4JBB 2.4t4frMW- MQ-MBe.pm| 8.75 Jb 15- 148c.; 


i-llftf? 


4J8-4.M 
*850-69.08 
10.SS-10.40 
5.634-3.73 
8MMM0- 
T4.£Q0-14U0j 
1,673-1*886 
- (0. 13-10.2! 

8.45-8.55 


4.004-4.0 H 1e.pm'-p*r 3,450 


58.5*^3.35 1lbpDt-»r i LOS 
10.563 jnrepm ljdi* -0.87 


|SJ0*4.714 

92.B6-95.26 


pf |ioi { 9*30 
60-186 Mai 


HL83-MS.90 30-IW-mU* 
1,684-1.666 par-2 the 4(a 
te.134-t8.2fii S-Tiorenm. 
*46*4.464 Sl«-ll«OLpm 
8.7B+3-1S - Si-11 ore pm j 

• 590-400 3954-3874 , „4:SM.fiy pm{ 

27.06 -27. W 27.18-27- 2S IMgrajmi , 5.75 
S.2HJ2 . IgBU&i 4-*«.pa I IS. 77] 


r sjdb- 

e-pm- ' 

6or«Kl» i — 1.83 

!: [•' 9-H ■ 

a tUsL-llJt 

c.-jUBk-t.ao.' 
tire <tw 

74 ore pm friar 
74 fc.pni.; ;S,-WS 
3.09 <64-41 ai«tn j.a.40-- 
13.471SJB-1 1 .££ ypm 11.90 
45-36 grec pm 1 -'6.88 

Wi-H tLym (■ 12.01 


(0 


be 


- - - - - . Belgium rata-.is (or. awmrtbl* . trails. 1 ~ Siic-monri" forward dollBr 0:7W.62c 

Friday, prompted -intervention by Financial franc 69L9S-KWS. . pwlr ra^mondr t.87-t.77c pm. 

the Bundesbank to the stun of- , ; . ■J-./.v.'-. - ' - " - 

$11. 6m. During the afternoon,;. '• . - ■ 

the U S. unit continued to lose- j -■ 

ground to DM 1.8270 in ex--. .' • . 

; ™ E DOLLAR SPOT AND FORWARD 


moderate dollar sales - tending toy- 
push down the rate. Dale. 27 


■ Day's 

spread-- Ckm 

PARIS — After falling steadily Caitodat 34Ji?-ae.88 3«.ffi-S4.e3 p«r-fl.Q3c •pni^^o.watc-o.iyc Dm 073 
throughout the day. the . . .. ;oa7-i2o-i.oscj»n> i25 

clncpri apain«ri the French - franc ® 8 ^' un1 28^6-29.33 2 9.3 0-29 A3 par-2c dis . ”ft3t:77-t4cdi*. ■ ' ' in 
closed against uc r renm- iranc ;0ai)n)Brlc sn9B(W.lZ2S 5.0950-6.1000 dnO-r.30w^w ; -Z»ij(MitorB<te 
at around its worst level The - w Gef . i^ 2 to.i« 8 S.i«»-i^ 2 » t^o-i.iApf m : ' -€ H 
U.5. unit finished at MITGOupmmi .-o 

sminrt Fr4 2tR7V earlier arid Spain 70.1 0-70 AT 7D,10-70.T8-_ 3<V®c-dh -6,® 130-165bi)i«' - 


Ons mbmli ■ plsr,: Ttireii months 


% 

p.a. 


SwFr 1.6125 before finishing 
SwFr 1.6155 against SwFr 1.643 


at 
37 J. 


STERLING 


Danmark 5JJ9S0-S.127S 5.0950-8. 1000 oa0-T.30crtdi«P a^0-4n0orftdiK *-2.83 

- e.» 

9^9 

inly 831.00-B34XKI 89i2£-4S2.7B vjtoKagMbMb 'l|S 

was also helped by the small & 1?S3S5 S 

increase of 0.5 per cent in ^ 


against Fr4.2187} earlier add 
Fr4U500 on Tuesday. The franc 



French retail prices. Against the "Al 

D-mark the franc rose to ^wiu. • i.6iso-f.fi3«-j.wsSibb,JSl?3^rr^TOS3aSwepnr^ifS 


CURRENCY' RATES 


Fr2_2915 from Fr2^000 in the 
morning and SwFr25725 com? 
pared with SwFr 2JS00 earlier. 

MILAN — Yesterday's firing saw 
a sharp 'decline in the dollar 
to LS32.70 against Friday's level 
of LS3S-55. At the. same time the 

lira was weaker against most — 1 — : 

European currencies, with the n«^r Z7; \ -6%^ & 
D-mark at L455.60 against • ■■ Rights Account 

L452.75 on Friday, and the .sWi.n 0 _:... mm answ 

French franc at L198.7 from u.s . daiicr l. 

L 197 50. Trading Was described. Canadian. dollsr ... 
as acUve, with pressure on the: £. h ,!! ,nB " 

lira expected to increase ahead Danish krone ..... 
of its fixing for entry into the Deutsche Mark ... 

EMS. ' Gu,,dor 


CURRENCY MOVEMENTS 


December Z7 


Bnikof Morgan 
. England Guaranty 
. Index ohangaa % 


'HI 


The French franc was also 
sharply firmer at FFr 4.1550 com- 
pared with FFr 4.2600. .On the 
other band the Japanese yen 
eased Id Y194.50 against YUH.0. 

Using Morgan Guaranty figures 
at noon in New York, the dollar's 
trade weighted average deprecia- 
tion widened to 9.7 per cent from 
9.4 per cent. On Bank of EogUnd 
figures, its index fell from 83.4 
10 S2.9. 

Sterling opened at $2.0180 
which proved to be its lowest 
level for the day. it then rose 
steadily during the dav to finish 
31 $2. 0360-82. 0330. a rise of 3.1c. 
On Bank of England figures its 
trade weighted index rose to 63.S. 
its best level since mid-March, 
and compared with 63.4 on Fri- 
day. Sterling was generally 


ZURICH — In quiet early morning 
trading, the dollar showed a 
weaker tendency despite central 
bank support. The U.S. unit fell 
to SwFr 1.6260 after SwFr 1.6340 
and to DM L8310 from DM 1-8345. 
AMSTERDAM— The dollar was 
fixed at FI 1.9SS5 compared with 
the previous firing of FI 2.0115. 
In later trading the U.S. unit 
fell further to FI 1.9735. 

TOKYO — The dollar finished 
slightly higher against the Japan- 
ese yen yesterday at Y 195.525', 


■L29967 

1-54388 

17*383 

37.8514 

6.657SS 

2.37619 

2.58439 

5.45082 

1062-30 

253:438 


French Irene 

Lira 

Yon 

Norwegian krona ... 6.53214 

Peaara - 91.3807. 

Swedish krona 5.60093. 

Swiss franc 2.11458 


T-38899- 
1.S2440 
18.3610 
39.5597 
7.01100 
2.50703 
2.72921 
5.74840 
1141.23 
287.285 
6.88696 
96-3316 
5.9011 
2.7 


63.31 - — 40.5 
182.87 9.7 

78.92 —18.0 

147.S3 - +18.3 
114*4 +15.4 


Sterling 

U.S. dollar 

Canadian dollar — ' 

Austrian schilling >. 

Belgian -franc - 
Danish lerona .;.... 

Deutsche Mark ... v> 

. Swiss franc - 

Guilder ,....; 

French franc - 

tin — :.... 

Yah - 

SuhI on trade weighted changes from 
Washington- agreement December, IS 71 
(Bank of England Index-iCOj. 


118.60 

151,17 

ise.ss 

125.10 

100.6D 

53.9t 

147S5 


-7.0 
-+.42.3 
:+as.7 ; 
+21J 
- 5.2 
-49.7 
+4S.8 


ftflO 

feeria 

\v 


f. -k 


OTHER MARKETS 


Y 195.325. During the morning, 
the U.S. currency touched 

Y 19*95 before recovering to 

Y 195.30 around noon. After 
reacbinc Y 195.80 in the after- 
noon, on year-end settlemenrs.it 
eased slightly to its closing level. 
Trading in the spot market 
totalled S445m. with forward 
trading at Sl99m and swap: deal- 
ings at around Slbn. 


Dm. 27 


* ' ' 

r • ; • 

-Nate^aM 7 • • 

Arjp;nKaa Peso.... 
Australis Dollar.. .. 
Finland Markka.... 

Jlnuil Cnutiiv 

r.reefc Drariima..... 
none Kuos Dollar. 

Iran Rial 

Kiixtall Dinar (KD) 
LuAeaihunrg Franc 
Mala vaia Dollar^... 
Aen ZcalamlDrHlar 
nau-li Arabia ICI.ral. 
Mn^iiprre Dollar— 
Smn b A Frican Hand 

2-020-2.02* 
1.7655-1:7709 
7.99-8.00 
41.90-42^0 
72.9SS-73.863 
9.7400-9.7650 
148.00.108.00 
0.9470X55T 
68.704&8S 
4.47 50-4.4990 
1.9040-1.9110 
6.68-6.78 . 
4.3960-4.4160 
1.7499-1.7762 

991.66 iraS.^^Aurtrl k.. 

0-8705-0 ^716 Brtgi mo..'..- 

3-9500-3 -9525Jtonm*rii 
.20.55-21.05 friance:...-....™: 
38-85-38.25 -feenmay.^.....-.. 

4.79 60-4.799 OH taly_ : 

. 7+78 iJapah 

0 ^72 1-0.2723; >'«t bvrUndt 

88.76-28.79 |Xonray„;. . 

2^050-2^08 OT’ortmjal 

0 J380-0.9410§pain 

33150-3 -3250;SxvlLrertaiMl. ........ 

8.167O-2a890;Uatlcil Stales-.:. 
Qj8990-0.8720IYi4iMlBTla 

. 26% -2744 

S9t(-e01i 

10.30-10.40 

8.46-8.60 

3.6S-3.7S ' . 

1630-1680 ' . 

394400 
■ 3.95-4.0S 

10.10-10^5 

91-97' 

. 143-148 " ' ' 

-3.80-0.39 

2. 0290-2.0400 
'41.44 


Rale given for. Argentina is free rate. 


EXCHANGE CROSS RATES 


IKv. 27 

I'.Niud Merlin^ 

l'.s. Ihinar 

Dei U m: 1 i * mark 

JapaDoa Yen 

Freiu-u Frew 

inrun Franc 

Uutcti trail der 

. Italian lira 

j-Uaasos Donor 

neiaivn Pram 

i‘>»uii‘1 ^reriuii' 

i »- 

2.037 

3.710 

396. S 

8.460 ' 

5.290 - 

.' -4.Q10 - 

' .1696. 

• 2.416' 

58.60 

V.<. U-Uar 

; 0.491 

t- 

1.821 

194.6'.. 

. 4.153 • 

1.615 

1.969 . 

.831.9. '- 

1.186 

28.77 

D.-iil --In- n 1 * 1 - 1 . 

0.270 

0.549 

1. 

106.9 

2.280 

0-887 

■ . L081- 

■ «a.7~- 

'O.esi 

• 15.80 

Jhimi-K' Imi l.'*'* 1 

2.522 

. 5.137 . 

•- 9.597 .. 

lOOU. . • 

- 81534 


'419.11;. ■< 

v .-4IH, >; 


.wl47.B 


1.182 

2.408 

4.585 

468.7 

' 10 

’ 3.809 * J 

T- 4.740 - - 

'.2003. * 

' 8.855 

69.27 

*»•! i,» Fntif 

0.504 

0.619 

1.128 

120.5 

2.571 

■ *•' 

- U19 

.' 515,3- 

■- Q.734 - . . 

17.81 

MuK-li liniiilm 

0.249 

0.508 

0.925 

98 88 

2.110 

0.880 ‘J 

. "1- 

488.6 ... 

- 0-602 

14.61 

Ireiwii lain 1*0.1 

0.590 

1.202 

2.189 

234.0 

4.993 

1.942 . 

2.366-. 

•1000. 

1.425 . 

34.58- 

' .xiui-lmn Lr-illar 

0.414 

0.843 


164.1 

3. 502 

1362 

' J .660 

V 70K5 ; 

-- 

24.26 

HrlaiMii Praia- li»' 

1.706 

3.476 


676.6 

14.44 

5.614 

-0.945 ; 

i092. 

■ 4:122 ' . J 

ZOO. 


,'T m 


EURO-CURRENCY INTEREST RATES 


rip,-. 17 ! 

•■'lerliuc 

l'.\ llollar 

Uiuadiau 

l>>llar 

* 

DirUrb Guilder 

Swim Franc 

Wait German: 

• Mark • 

French. Franc 


Allan 3 

JipuMM Yen 

l-li..rl |.»riu 

llU-lHs ’ 

10'j 10l 3 

7i = 8i B 

io-ioi* 

■ir-A ■ 

61? -65* 

- . 10 -ii ■ 

• 915 s 

‘ 

. '7A-5A 

I il«V.‘ ni-t l,->-. . 

12-12:, j 

10JalO-i» 

7i- 81 - 

1010U 


. • 45*-5 ■ 

10 -n 

.lEiy-lSi*- 

U{*-12A 


Ala.nl 1< 

12 12 ’1 | 

10 ly 105| 

10-lOa* 

10 10U 

A-A 

3an.3S« 

••'8S*-9 

12 1 2 - 14 la 


lliix.-e in.»nl ll-. . . .. 

12Tr 131* | 

1 JT* 121 * 

10 .x. a. V 

9 la 9*. 


358^6*- • 

9 9la 

14-161, ; 

lliVllis 


■»!% ,n>.iilli- 

13U 131? 

12Is-l2>« 

LJS,1H» 

9 9 U 


• 37a 4 

. Sq-Slr 

15-16 



• ill.- t,.«r 

13'* 131? , 

12-12U 1 

106b 11 

em-si* 

;i-n 

4-41* 

-SVW 

14-161* 


214-3*4 


Tl.c lot lowing nnmmil rates were quoted lor London dollar certificates of deposit: one month 11-15-1t.2f par -cant; three months - 11 .50-1 1.00 per cent: -six 
mnmhs 11 95-12. CR par cam; one y«ar 11 70-11.80 per cam 

Long- let m Eurodollar doposits: two years 10V 1 IS oer cent: three years IO’c-10 5 , per cent; lour years ‘10V10S per cent .flue years 10S-10S par cant: 
■iqmmai dosmo taias. ohori-torm rates are call lor sterling. U.S. dollars and Canadian dollars: wo-dey cell for ouiidsrs and Swiss Irenes. . Asian . rates are 
■.losing rales m Singapore. , ■ ‘ 


INTERNATIONAL MONEY MARKET 


GOLD 


Fed funds very firm 



Thp U.S. Federal Reserve 
intervened to add reserves to thu 
banking system yesterday, with 
Federal Funds hi around 11 per 
rent. This was ihe second round 
t«r repurchase orders by ihe 
authorities, following similar 
aciion on Tucsdaj. when Fed 
funds finished at around 11-11 
per cent. Squaring or positions at 
the end of the year, and weekly 
make-up day for the banks, 
tended In distort trading, but 
interest rales are expected to 
remain firm over the next few 
days. The general level of bank 
prime rales is now 11 , per cent, 
hut the Federal Reserve's target 
rate for Fed funds is probably 
nu higher than lOi-lOJ per cent. 

Treasury full rales were easier, 
with 13-ACek bills (ailing to 9.^6 
per cent from per cent late 
Tuesday; 26-wcck hills to 9.44 per 


cent from 9.51 per cent; and one- 
year bills to 9.61 per cent from 
9.62 per cent. 

FRANKFURT — Cal I money 
rose to 3.45-3.55 per cent, from 
2.95-3.05 per cent last Friday. 
One-month, three-month, and 
six-month rates wore all un- 
changed at 4.10-4.20 per cent; 
while 12-month funds were 
quoted at 4.15-4.30 per cent, com- 
pared with 4.20-4.30 per cent pre- 
viously. 

AMSTERDAM — Interbank 
money market rates were 
firmer, with call money at 105- 
11 per cent, compared with 104- 
11 per cent previously. One- 
mnnlh rose to 10i-ll per cent 
Troni 101-lOi per cent; three- 
month to lOJ-lOj; per cent from 
10*10* per cent; and six-month 
to 94-9J per cent front 92-91 per 
cent. 


BRUSSELS— One-month de- 
posit rate . for the .'Belgian franc 
(commercial) was slightly 
firmer at 101-11 per cent, com- 
pared with 202-11 per cent before 
the Christmas holiday. The three-, 
month rate' was unchanged -ai- 
101-101 per cent; as was six- 
month at JMH per cent; and 12- 
morith at 81-94 per cent. .. 

BARIS— Short-term . interest' 
rates showed little change,' with 
day-to-day money 'at 63 per cent: 
ooe-montb at Si-Si per ; cent: 
three-month at 6, T e -6,V per 
centr six-month . at 6^-61" per 
cent; and 12-month at 72-72 pet 
cent. • • 

ROLAN — Money rales were un- 
changed, with call at KH-IO? per 
cent; one-month at 10ji-l 1 per 
cent; two-month at 11-11 J per 
cent; . and three-month at" Ui- 

U2 per bent. ; 


rise 


Gold rose sharply in the Lon- 
don bullion market yesterday to 
S2223, a rise of an ounce. 
The metal opened at 8222-222$ 
and reached a low for the day 
of $2191-220 before the morning 
firing of S220.75. It then rose to 
be fixed during the afterneon at 
S22Q.59 and touched S223-223J in 
early New. York trading. 

Dt' Paris', the 124 kilo bar was 
fixed at Fr3Q,060 per Kilo 
(S222.85 per - -ounce) ; against 
Fr30,000 f $221.83) in the morn- 
ing and Fr29,900 ($218.18) «u 
Tuesday afternoon. 


m Xi 


•5-1 


Te 



-.Dec- 27' ; D«. 20 

Gold Ballkra ta fine)! 



UK MONEY MARKET 


Small assistance 


Cldre*..v_........ S222J-2C5 'S71B2ISJ 

OporiWt 'Sm.222* 'S2I5»3IU 

3Joounft fixiu# ; 8220. 7b ? 21 8. BO 

(£408.0121 :(£W7.MJ) 


Altermon j82l5.1l) 


Bank of England Minimum 
Lending Rate 12i per cent 
(>incc November 9. 1978) 
Day-to-day credit appeared to 
he in fairly good supply in Ihe 
London money market yesterday, 
hut the authorities gave a small 
amount nf assistance by buying 


There was a fairly large net per cent for-secured call loans *e*&»cra « m. 


to 


lakc-up of Treasury bills 
finance, but the market was 
helped hy surplus bank balances 
brought forward from Friday: a 
moderate fall in the note cir- 
culation: and a fairly large 


tfimW) if£1 97.141) 

GoW Coin*. • 

donrenlcaUIy. • J 

krurfpmual : 8228+2»l 

l£) 144-1 lft4)(£1 15-1 1lj 
MM6 ,™SB5-«5 


ISO 

if.*; 


^iHB-86. - J 

. Wat-IS). 

' - t 


in the early part, and .some . :<£3i*-S24) 

balances’ were taken Vt 11 f per 0,d . jssi-ss 

cent, but closing. , rates were Onw 'ci«n* .l.i 

Kenerally in the xegion of ioj-. . im*™ikiwinv...i 
111 per cenL i •. 

In, the inierbanj market over : **r*rer ^ ' 
ntght rates opened at 11-114 per . ^ - •&: 


'r>-. 


>■ 111.111 number nf Treasury excess of Government disburse- cent, and .touched :sei4a 

hills from Ihe discount houses, ments over revenue payments to cent; but traded at ll-ll} ner gaom w 
and a small amount of local Ihe Exchequer. • cent 'for most of the day. before sioScS'"- '"-'"! 

jiiihfirliy bills. Discount houses paid 1U-11J closing at 10-101 per cent. '. ' >1 «tgi w ■- ...'2 


'to 


M9WBV 

*185:00 

siia-m 


j$)55-)68 

■SHUTS 


LONDON MONEY RATES 


MONET RATES 


- -*•« 


; Slrrliiuj 

Drr. -J7 | f.i-rti [Mg 

l 1 !? am alep<«it 

Inlnrhtak 

L.’esl 

Auihoriiy 

Iinnil A nth. 

negmiHhie 

I ■•ml* 

Financn 

Bouwe 

DcpoaiU 

Company 

Deposits 

Dtscocnt 

marfcM 

deposit 

Treetury 

BUlsf. 

.sffgttie 
Bank . 

. BlU*f 

rirernuhl ■ — 

2 .too malice... .’ 

7 a |*v* air • — 

7 il« - .> nutiit:... 

Onemnnlh. . ..j 12-117* 

T*» nionilr ... | 12r.T-12U 
Three innnifi-. .. 12.1 iSil 
fix ■ii>>iii!i« . . 1 12l?-12j« 
imt niaimli-.. . 1 12l*-)21r. 

a-ar .... 1 12.A-12,'.. 

I n.i Hairs 

10-1136 

1113-113* 
12.121* 
13 ;-12Sh 
ISJulZii) 
12Je-12.: t 
lS,;-12Ja 
12,;. 12,'/. 

use UTS 

1170-12 

12 

X2Je 

llTe-181* 

12 

121*. lain 

12-121* 

18 >a- 12>2 

ISi* 1 25a 
12.124a 
12-*n- Jt S 
18-181* 

12 

121s 

12&a 

12T B 

126* 

126b 

121* 

111* 

113*12 

12V 

121* 

“ 

r 

lOij-lia* 

Cl **711*8 
UV11>4 
113i 
113*-17 

w _ 

A 

. ", ■” 

■W8 


BOta« 


NEW YORK - V 

Prim* Bmi 
Fad .’ Funds 

Trasauiy' Bills (J3-we*£) 
Treasury Biffs (26-wask), 


12U 
J3se 
. 12w 
"13 " 


GB4HANY ;" v 

Discount Rata —.. 
Ovsnogfet/ w'lv;.!! 

On* ■ month ;. 

Ttiraa months ■ - 
Sijt months . 

RtANCE 


ulW hV,,‘ n i;!, i'‘, i, «n!* uv,nfl ram Onmo MP0 ’' y,, ’ r, ,ar bam. bin* «>. S KfSwiJSSt; ©j« ■ & , 


Apflror.main S''lli>tT MIPS Inr one-mnnlh Treasury bills ITS oei cent iwo-mnnih IV* per cant -thru-moMh‘rin.-i*«. Snrlnmtthi' 
err «nr. imam snHiiKf rfito I or one-month bank bills lHr*7l*»* par cone two-month II j? J-t-V ' 

l-'i. P>Jf CCi't: one-month Hade Nils 12't par com. iwu-mnnlh 12«. PD r conu and also rhr~,T«, - —- 1, 0nd lh, «- 
f -iJi't." Hinffl Bific Rains (public 
Ci.-.,r.ii.| B^.it Dnpns<l Roles lor small 
p>*r cpiiu Treasury Bills: Avaraso 


IIS-11.75 ■ ‘.V 
.11:0 

sss- - . ' - 

944. 

y 

$ 

- . : v 


'**•' • 

ZSO 

4J5: • i. 

-4.». , 

}4.15 •••/; ... 

’•r 

.'c 

>0. 

i j ‘ 

r V - ■ X 

'V 

7:77" -'- ". ** • 

.Vai -* l - A 






A 

*5 
























13 


3iiursiay t Decembei; 28; 2978 


INTERNATIONAL COMPANIES and FINANCE 




jJppCLl ' }Ja£s£> 



NORWEGIAN BANKING 


New round in compensation fight 


Swissair 
sees lower 


. BY FAY GjESTER 


. ;OSLO— Norway's aew[ law to 
f. democratise " the commercial 
"banks, which took effect from 
January this year, does not 
-provide for adequate compensa- 
tion: to shareholders who wish 
to sell their' shares to the state, 
Oslo's municipal..; court, has 

decided. - - -i- - 

The court's ..verdict,' against 
which . the .. state intends to 
appeal, is"» ’-partial triumph for 
a group of 68 bank shareholders 
who- are. challenging the ^consti- 
tutional -position of the new law 
in the- courts. The. law puts 
public appointees in a T majority 
on the banks' representative 
councils (which elect their 
hoards) thus depriving share- 


holders of control. It says that 
shareholders who object to the 
new state of affairs may sell 
their shares to the State at the 
market price on January l. 
197S, or at the average price 
over the preceding three years, 
whichever is the higher. 

The 68 shareholders who 
brought the case were seeking 
the right to full compensation 
for their stakes in the banks — 
that is, compensation based on 
the banks' total assets. This 
right was not conceded by the 
Oslo court. It ruled, however, 
that the compensation based on 
the shares’ average price over 
the three years 1975/77 would 
be unfairly low — because bank 


shares began falling in value 
from October 1973. when the 
Labour government was 
returned to power and 
announced its plans to make 
the banks more democratic. 

According to the court, 
Norway's constitution entitles 
shareholders to full compensa- 
tion for the probable value their 
shares would have had on 
January 1, 1978, if the taw had 
not been passed. This price 
will have to be determined by 
an independent group of 
experts. 

If the higher courts uphold 
the Oslo decision, the official 
commission which has been 
working uut compensation 


prices for bank shares, in 
accordance with the law, will 
have been wasting its time. So 
far it has fixed prices for 
the shares of Norway’s three 
largest commercial banks — 
Bergen Bank. Den norske 
(Jreditbank and Christiania 
Bank og Kreditkasse. 

Mr. Tor Moursund, chairman 
of the Norwegian Commercial 
Banks Association, has advised 
shareholders to hang on to their 
shares at least until the Oslo 
decision has been tested in the 
Supreme Court. Under the 
law. shareholders have until 
end 1980 to decide whether to 
sell their shares to the State 
at the official price. 


earnings 

By John Wiclu 


Hershey Foods in 
takeover bid for 


Ciba-Geigy U.S. sales 
will exceed $lbn mark 


BY OUR OWN CORRESPONDENT 


Currency movements hit 
exports at Adam Opel 


Problems in 
Nigeria for 
East Asiatic 


•" ; By Hifciry Barnes 


' .COPENHAGEN — The East 
-Astefr& Company of - Denmark 
has informed staff in. an internal 
. memorandum that it is experi- 
' eiicing difficulties do. Nigeria, 
and that some of its shipping 
iipes are producing unsatisfac- 
tory results. 

’.‘The; company has- refused to 
, publish the statement to em- 
ployees, hut the Danish news 
jEgency, '* Ritzaus : Bureau, 
Reported, that the statement said 
the-; company's -Nigerian sub- 
sidiary, ft. T. Brisco, i a which 
35ast Asiatic has a 40 per cent 
shareholding; is suffering from 
Nigerian import restrictions. 
.Brisco's main business is the im- 
port and distribution .of., auto- 
-mobile, parts. . . .. . . 

East Asiatic reported a $32 m 
net profit on ‘a worldwide turn- 
over of $L5bn in 1977 against a 
uet profit o£ $§4m on a slightly 
lower turnover in 1976. 


ZURICH — Turnover of Ciba- 
Geigy Corporation, the. U.S. 
subsidiary of . the Swiss Ciba- 
Geigy concern, will ;$&££ the 
$lbn mark for the first time 
this year. In an interview with 
The Swiss newspaper Basler 
Zeitung." company spokesman 
Mr. Howard Wheeler said that 
the $2bn sales , level should be 
reached by 1985. 

: For .1978, sales ' are - put at 
some $1.05bn, of which some 
5450m' will have been accounted 
for by agrochemicals, $250m 
by pharmaceuticals, and SI 50m 
each by the product groups 


plastics and additives, dyestuffs 
and chemicals and Airwick. 

• Ciba-Geigy, acting through Us 
West German subsidiary, Ciba- 
Geigy Holding Deutschland, will 
in early 1979 take over the 
Luebeck-based pharmaceuticals 
manufacturer Dr: Christian 
Brunnengraeber Chem. Fabrik. 

The *Luebeck undertaking is 
currently owned by L. Possehl 
and Co. mbH of Luebeck, and 
specialises in products for the 
treatment of gastrointestinal 
disorders. 

Annual - turnover is given at 
DM18m. 


RUESSELSHEIM — Adam 
Opel AG is finding exports in- 
creasingly difficult in view of 
currency problems, but is deter- 
mined to maintain and extend its 
export market positions, accord- 
ing to Mr. James F. Waters. 
Opel management board chair- 
man. 

In a statement, he said almost 
every second job in tbe concern. 


the West German subsidiary of 
General Motors of the U.S.. 
depends on exports. This year 
exports are estimated to amount 
to 438,000 vehicles, out of a total 
record production of 959.200. he 
noted. Last year total pro- 
duction was some 34,000 lower, 
with exports totalling 422,800. 
he added. 

Reuter 


Yankee bond for Norway 


Warning by Landis & Gyr 


BY OUR EUROMARKETS STAFF 


BY OUR OWN CORRESPONDENT 

ZURICH — The SvvTss elec- pit 
tribal engineering concern thi 
Landis and Gyr does - not expect no 
fiscal 1979 to produce the same ^ 
favourable, results as the fin an- g w 
rial year which ended on ho 
September 30, 1976, according to < 
parent-company management to 
chairman Herr Gottfried Straub- eai 
Gyr. Sw 

. For the time being 1979 must Sw 
be seen as a “ lean ” year for de 
profits and perhaps also for em- gre 


ployment. A normalisation of 
the currency situation would 
not take place until the dollar 
rose to SwFr 2 and the 
Deutsche Mark to SwFr l to the 
Swiss currency, he said in the 
house journal. 

Group cash-flow rose slightly 
to SwFr 102m in 1977-78. Group 
earnings increased to a net 
SwFr. 46m ($27.5ra) from 

SwFr 41.2m for the fiscal year, 
despite a 7 per cent drop in 
group turnover to SwFr 986m. 


The Kingdom of Norway has 
filed a proposed offering of 
$100ni of five-year notes in the 
New York Yankee bond market. 

The offering, filed with the . 
SEC, will be underwritten by 
an international group led by 
Lehman Biros. Kuhn Loeb, 
Goldman Sachs. Merrill Lynch. 
Pierce Fenner and Smith, 
Salomon Brothers, Bergen Bank, 
Christiania Bank and Kredit- 
kasse and -Den Norske Credit- 
bank. 

The notes are scheduled to he 
offered in mid-January. 

The Japanese real estate com- ■ 
pany, Tokyu Land Corporation. 


. plans to make a Deutsche-Mark 
private placement by way of a 
DM70m convertible bond. 

Negotiations are 1 ': currently 
under way with ’• Berliner 
■ Handels und Frankfurter Bank 
on the issue, scheduled for 
February. Proceeds will be used 
for urban development and 
construction. 

The international bond 
markets were quiet yesterday in 
dull year-end trading, with little 1 
price movement in the main : 
sectors. Technical balance-sheet 
dressing in the dollar straight 
market tended to offset the 
impact of the weakening 
American currency. 


ZURICH — Lower profits for 
the second year running are 
expected by Swissair, the 
Swiss International airline. 

This was indicated In a 
. year-end speech to staff given 
in Zurich by the airline’s 
president, Annin Baitens- 
weiler. He said that profits 
would be the “third best” this 
decade. This means that they 
will He between the' 
SwFr 42.9m booked In 1974 
and the SwFr 43ihn earned in 
1976. 

Last year, the net after-tax 
profit had emerged at an all- 
time high of SwFr 5L9m. 

In the past year, the airline 
was bit hardest by tbe cur- 
rency situation, said Baltens- 
w t-iler. The faet that most 
foreign currencies dropped by 
more than 20 per cent in value 
against the Swiss franc led 
to a revenue shortfall of about 
SwFr 370m. Savings doe to 
the mounting value of the 
Swiss franc totalled only 
SwFr 200m and an increase in 
traffic and various cost-cutting 
measures offset the net 
revenue loss only in part 

However, the growth rate in 
Swissair traffic surpassed that 
for 1977 and was “even con- 
siderably higher than 
budgeted.” since the expan- 
sion of capacity was less tban 
in 1977, the load factor con- 
tinued to climb — the overall 
load coefficient of 58 per cent 
was the company's highest for 
18 years. 

“It is a really depressing 
fact that despite a traffic 
boost of more than 10 per cent 
we had to suffer a decline in 
revenue of almost 7 per cent,” 
Baltensweiler told personnel. 
' '• The 1978 results worilfl, he 
disclosed, allow, payment of 
an adequate dividend (last 
year Swissair paid SwFr 35 
per share) as well as such 
additional depreciations as 
were indispensable for the 
auto-financing of future air- 
craft purchases. 

With regard to 1979, 
Baltensweiler said the year 
would he “ rougher and under 
more severe competitive con- 
ditions.” Swissair could not 
rest on Us laurels. 


Friendly Ice Cream 


BY STEWART FLEMING . 

NEW- YORK — Hershey 
Foods, the largest U.S. cocoa 
and chocolate manufacturer, has 
announced a major diversifica- 
tion with an agreement to pur- 
chase 40.5 per cent of The shares 
of Friendly Ice Cream. Hershey 
says it plans to make a $23 a 
share offer for the outstanding 
stock of Friendly. 

Friendly operates a chain of 
over 600 restaurants specialising 
in ice cream and sandwiches 
across the north-east of the U.S. 
Its sales revenues in .1977 
totalled $200m and profits were 
$8.8m. ‘ 

The company has already 
indicated before that it would 


not be adverse to a takeover 
offer, and it announced that its 
rwn founders and principal 
shareholders had agreed to sell 
the bulk of the 40.5 per cent of 
the equity which Hershey has 
agreed initially to purchase. 

Hershey sold that the pro- 
posed acquisition was part of its 
programme to diversify in the 
food industry. Friendly had 
been growing rapidly until the 
mid-1970s, when analysts con- 
cluded that it had practically 
saturated its home markets in 
New England. It then began to 
expand in the Midwest. It could 
present Hershey with an entry 
into the expanding fast food 

market. 


Continental Telephone 
acquires stake in WUI 


BY OUR OWN CORRESPONDENT 

NEW YORK — Continental the Securities and Exchange 
Telephone, one or the major Commission saying that it plans 
U.S. telephone companies inde- to purchase up to 20 per rent 
pendent of the giant American of the WUI equity, and says that 
Telephone and Telegraph which jt does not rule out a full take- 
monopolises the market, has over bid. 
bought 7 per cent of ‘ihe.’ equity WUI shares, which are now 
of WUI Incorporated, whose quolet i 01l the New York Stock 
main subsidiary is Western Exchange. were suspended 
Union International. WUI was yesterday at S2tf$. which puts a 
split off from Western Union ‘market value on the company's 
Corporation in 1943. The latter 5 5m unils 0 f STOck 0 f $148m. 
company is an independent com- _ , ,.. m rPr , nrlpH 


pany operating domestically in 
the U.S. 


Last year. WUI reported 
operating revenues of $112m 


Western Union International net * ncome ^ ust °' er 
competes with RCA and Inter- * 10m - . , ^ , , 


national Telephone anti -Tele- Continental Telephone liad 


IldLItJUUJ ItltpiU-HC - 

graph in the international telex sales revenues last year of 
ancLcable business. Continental $753m and net income of 
TriEpfiotferhas. 1 filed forms with $76.3m. 


Montreal bank deal next month 


.. BY OllR OWN CORRESPONDENT. 


MONTREAL — The Bank of 
Montreal expects to complete 
negotiations for the purchase of 
89 retail banking branches in 
New York from Bankers Trust 
in January. The offices have 
assets of about U.S.Slbn or 
about 4 per cent of the total 
assets of Bankers ' Trust New 


York Corporation, the parent 
bank bolding company of 
Bankers Trust. 

The price and method of pay- 
ment have yet to be finally 
settled. Bank uf Montreal, but 
much of the work required for 
the regulatory process has been 
done. 


v : ■ 


Toshiba sees 




INTERNATIONAL BOND SERVICE 


<■ V.- . The list shows the 200 latest international bond issues for Which an adequate secondary market 
/' exists.. For further details of these or other bonds see the complete list of Eurobond prices published 


recovery m 
electrical sector 


Volume of Amman SE trading I 


. oo fhe second Monday -of each month. 

.V .AJ.Si OOliAfL- .Change. on 

STRAIGHTS lasuad Bid Offer day wank 

*. -AS* AJO. 9H 88 ...... 25 944 95 -OH O 

Australia 8 45 83 ,U... 175 95H 864 -04 -04 

Austral >o 94 93 75 97 s * 97H — 04 — 04 

•- * Basilica Foods 7*, 83 , K)0 93*, 93V -OH -OH 

. CECA 8H 87 60 . 94 944 O -04 

^ CECA 9 93 25 36H 964 -OH 0 

-CECA 9H 98 n.. 25 98H 9BH —OH « 

.•Ctrf j 93 . 75 9*4 94 \ -OH -oh 

•• Canada 8 83 .... 250 94 94H -OH -OH 

; Canada 8.20. 85 *260 93H 93H -OH -0 s , 

Canada 8H 98 ............. 250 9ZH 93 +04+04 

Canada 9 83 400 97 97H -OH -OH 

Canada 9H 98 350 97H 97H —OH -OH 

*:■» Canadair-SH 83 70 . 84H 84», -1- -OH 

./ Dominion Brirfga.il- 86V 25 . 8BH S3*. —OH —OH 

• ElB 9H-98 125 96H 9W, —OH -OH 


Closing prices on December 27 


.harp 


E1B 9H 98 .: 

EfcaportTmans 9 88/:.. ’ 

JElntaniT 8V83 

Finland 9 88. 

Hospital O/S 9 83 : 

I tat E nance 94 90 

3. C. Penney 8 s , 83 ... 
Mao Bloedol 0H 33. ... . 
NZ Dbv. Fin. 8H 83 ... 
NZ Dev. Fin, 8H 85 ... 

Nat Wwt B-85 .1 

Newfoundland '9H 90 .... 
Nord Inv. .8icJ By 88 _-/■ 


Norn eg Komm. 9H 98 . . 
Norsk Hydro 9H 94 ... 50 

Norway 7H 83 . 250 

Norway 8H 83 150 

Occidental 8H 95 ...... 15 

Ont. Hydro 8ir 85 IS 

Quebec Hvdro-9H 93 ~. 60 

Swedon .9H 98 IS 

.UK 8*, Sb 200 

lUK'BH 83,._..; 150 


50 
100 
IDO.' 
25 
2D 
100 
50 
20 
20 
,75 
*50 
- 75 
75, 
50 


Bid Offer day weak Yield 
94H 95 -OH 0 10.12 
9P 4 86H -OH -OH 9J6 
97H 97H —OH —OH 9-65 
93H 93H -OH -OH- 9.63 
94 941, o -OH 9J6 

86H 96H -OH 0 9.45 

S8H 9BH -OH -O • 9A1 
9Vt awn -OH -OH 3.70. 

94 94H -OH -OH 9.91 

93H 93H — OH — 0«, 9.78 
S2H 93 +0H +0H 9-99, 
97 97H -OH -OH 9.96 

97H VP* -OH -OH 9.74 
94H 84H -1- -OH 10.10 
93H S3*. —OH -OH 10.27 
96H 9«H -OH -OH 9.76 
95H -96H -OH -OH 9-77 
9BH 96H -OH. - 0», 10.16 
94H 95H — 0*a ^OH 10.06 
96H 97H -OH O 927 
91H 97', -OH -OH.11-34 
95H 96 -OH O 9.66 
-94H 95*. -1 —0*. 9.89 
33H 93H — O*. -OH 10JJZ 
S3 93H -OH -OH 9-82 
96H 96», -O’. —OH 9.83 
96H 9SH -OH —OH 9.77 

95 85H -OH “OH 9.52 

9F, 96H -OH -OH 9.78 
96H 96H — 9H -OH 9.72 
92H 93H -OH +4H 9.91 
95H 96H -0*. -OH 10.11 
92 92H-0V!-0H 10.57 

93H 93H -OH -OH 989 
97 97H -OH -OH 9^5 

97 97H -OH —OH 9.78 

B4H 94H -1 ■ —OH 9.88 
95H 96H —OH -OH 9.59 


OTHER STRAIGHTS 
Rank O/S Hold 11H AS 
Auto Cour B. 7 93 EUA 
Copenhagen 7 93 EUA 
Finland Ind. 7 93 EUA 
Komm. Inst 7H 93 EUA 
Panama- BH 93 EUA ... 
SDR Franca 7 99 EUA 
AJgemene Bk 6H 83 FI 


Change on 

Issued Bid Offer day week Yield 


CFE Mexico 7H 83 FI . 


Nader Midd. 6H 83 R 75 
New Zealand. BH 84 FI 75 

Norway BH 83 R 100 

OKB 6H 85 FI 75 

Elf Aquitaine 3H 88 FFr 150 

EIB 9H 88 FFr 200 

Unilavar 10 86 FFr ... 100 
BAT 8 88 LuxFr ...... 250 


Geatetner BV 11 . 88 £ 
Whitbread 10Hr BO £ ... 


12 

W54 

96 

0 

+04 

12.74 

16 

944; 

954 

— 0*4 

0 

7.54 

30 

944 

95*4 

-OH 

0 

7.55 

15 

95H 

96H 

-04 

-04 

7.S0 

15 

974 

984 

-04 

-04 

7.73 

20 

954 

964 

-0 s . 

-04 

B.E9 

22 

964 

97*. 

-OH 

-OH 

73b 

75 

S14 

924 

+04 

+04 

8.53 

75 

94 

94H 

+04 

+04 

9.05 

75 

964 

974 

0 

+04 

8.48 

75 

934 

94H 

+ 0*. 

+04 

Bj47 

75 

934 

94H 

+04 

+0*, 

8.19 

75 

914 

924 

+0*. 

+04 

8.59 

100 

924 

93H 

+0*. 

0 

8.55 

75 

90 

904 

+04 

+04 

8.50 

150 

9BH 

984 

-0 s . 

-OH 

10.01 

200 

• 984 

384 

-0 s , 

-OH 

10.00 

100 

10OH 

101 

0 

+OH 

9.86 

250 

954 

964 

0 

0 

8.60 

250 

954 

964 

0 

0 

8.75 

250 

954 

964 

+04 

+04 

8.42 

250 

954 

964 

0 

0 

8.62 

260 

964 

974 

-0 s , 

-04 

8.51 

500 

97 

98 

-04 

+04 

8.12 

600 

1004 

I01H 

-OH 

-OH 

7.87 

500 

99 100 

0 

0 

8.07 

ID 

89 

90 

+04 

+04 

12.97 

15 

.864 

88H 

+04 

□ 

12.94 


FLOATING RATE 
NOTES 


OEUTSCHF MARK 
• - ’STRAIGHTS' 

^ .Argentina. BH 88 . 
•-'Aaian Dov. Bank ! 
_ Australia 6 88 


88 „ - ISO 
mUc.^2 SB' 100 


- ' Austria 5H 90 . . 190 


43ankanwrice 5H 90;. 


j. Ean-' Algerie ‘7H 85 100 


CiCA 6 88 

Canada 4*, S3- 


Change on 

Issued Bid Offer day uraeK YfeM 
■ISO 95H 95H +0H +0H 7.09 
TOO B2H 92H -OH +0H B.» 
250 TOTH 102 0 +OH 5.75 

190 94Hl. 95 +OH +0H 6^ 

150 *9H 99H 0 O 5.81 

ICO 96H 97H +0H +0H Y.83 
150 96V 97H +OH +OH 5.38 

600 9B*, 9BH +OH +0H 6.10 


American Express 82 ... OH 
Arab Inti. Bk. M6.5 83 OH 
B. El Salvador MB 83 1H- 
B. Nac. .Argent MS 83 OH 
Bank Handlowy MB 88 1>. 
Bk. of Tokyo NBH 93... OH 
Banquc Worms M5H 85 OH 
Bq ExL d’Alg. M8.375 84 OH 


Spread Bid Offer C.rfre C.epn C.yld 


Bq. Ext. d'Afe. M7.5 85 OH 
Bq. Indo et Suez M5H OH 


Ch. Manhattn. O/S 6 93 100 . 1$^* +gH 


Commerzbank WW • 3H 100 
Com mart bank XW 3H 100 
Copenhagen City 6 90... 75 

-Cooncii of Europe BH... -10O 
Council of Europe OH... 130 

EIB 6 90 ..... 300 

EJt Aquitaine 5% 88 ... 100 

Finland 6 83 ISO- 

Hitachi Ship. 5H 83 7 ..' 

IBJ .5 64 TOO 

Indonesia 7 94 •: -. • .100 

Kobe. City, of 5V 66 ... 100 


tight Serviette.. da Etoii . ISO 


103H 1D3H -OH 3.07 

32H B3». -OH.-0H 5.92 
94H 95H -OH “S' f-S* 
98H 99H -0H -OH 624 
97H 9BH 0- -1H 6.63 
96H 9BH r® 1 * 2. 5 ,4 5 
93H »4H -OH -OH 6.14 
98H- 99 -OH 0 BJO 
lOttH WIH +0H +0H' 5.51 
S9H 100H -OH -OH 5.06 
37H 98 +0H +0H 
99H100H -OH +0H 5.70 
9&* VP* +0H +0H 7-26 


Bq. Indo et Suez M5H OH 
8q, Afr. Occ. M6.5 83 OH 

CCCE M52S'9B 0»* 

CCF MBH 85 ,.« 0>* 

Ch. Man. O/S M&H 93 OH 
Credit National M5H 88 OH 

G ota ban ken MB 88 OH 

Ind. Bk. Japan M5H 85 OH 
lahikawajima M5H 85... OH 
Liubljanslra M7.75 85... 1 
LTCB Japan. MfiH 85 ... OH 
Midland Inti. M5H 93... 0i« 
Nai. West. M5H 90 ... 

OKB M 5 H 88 - , OH 

Offshore 'Mining 86 ... OH 
PrrvrBdna Bantu' MS 86 OH 
Stand. Charr. M5.5 90 OH 
Sundsvallsbnkn.. M6 33 OH 
Utd. Ova re' 8 Bk. M6 83 OH 


98^, 99H20/4 10H 10.72 

95H 96>4 31/1 9", 9.77 

96H 97H 12/4 11.31 11.66 
96H 97H21/1 9H 9.K 
97H 97H 25/11 12.94 13.29 
96H 97H IB/4 104 10.B4 

98J, 38H15/6 12 12.20 

96 U 964 9/2 9H 937 

95H 96 2/5 124 13.33 

97», 984 26/1. 94 9-55 

97 974 12 / 1 94 9.64 

974 87H 3/2 9.19 9.44 

99H 994 3/5 124 12.31 

97H S7HZ7/1 9-31 934 

974 SSH 11/1 9.19 S.39 

974 9B 15/5 12.31 12.80 
9BH 594 1/6 12-35 12.46 
VP* 98 27/4 11H 11.51 

86 964 19/1 104 10.64 

90H 384 9/5 12.06 12-23 

97^2 98 20/1 9.44 9.66 

874 9BH21/B 124 12.76 
39H 994 18/4 10.58 10.60 
9BH 9BH19/1 9.44 9.59 

954 984 22/12 — — 

96 s , 974 10/2 8.94 9.23 

984 97 4/4 10.08 10.40 

984 93 4/5 12.31 12.47 


Mexico. 6 T. 8 S^- 200 - 
Miisubiahr Petro.. 54 95 .100 
Nippon S tael ' 54 85 ... 1 «> 

■ NorgoR Komm.-b .90 WO- 

; Norway 4 », S3, s:.- '330 
r Ndn*aan. Ind". Bk.'B BO 125 
Oeoldantal BH 90 150 .- 

■ OKS. “64 88 - 100 

Poiroleo . BraziT 7 68 •.... -100 
PK Barton 54 8 T ; 4 (D ■ 

: Quebec, -.FrovU-.pf .8 B&-. 150 , ' 

Rrcph 54 83 30 

Spate 'B 83 - 

State il B 'BS r...- ISO • 

UDS Group 54 83 - 65 .. 

Venezuela iHPz 80 “ ...i.. 150 - 
World Bank 84 88 ....... 400 


974 984. +04 +£» r „ 
1004 101H +1H 
101410^4 +14+14 5.ffi 
< 97*, 97*, +04 +0H 6.29 
97 97*2 +04 +0»2 5-10 

97H 97*, 0 +0H 6-g 

:S7H 98*1 +04 +OH 7.02 
.1004 10V, +04 +OH 6.34 
99 99H+0H +0H 7.10 

'.JftMi 0 +£«. 6.54 
964 96 -04 -OH 6.64 
7004 1014 +04 +D>, 430 
- 94H 954 -04,-04- 6.75 
984 99 0 +04 6.19 

974 9B *+04 0 6-31 

-944 BS. O -04 7.17 
97». 38V+-D4 +04 *51. 


•n ;i ::i 


• SWISS FRANC . - Ojange on 

STRAIGHTS? r - : Issued Bid Offer day week Yield 

Aceca 54 flBv 1034 104H ,+OH “OH 4.70 
Amer. E*p. fnt. 34 S3 40 t?f* 

Arlberg Tunpei .< 93 ' 40 - 4“!* ^ H fS* ^ 

■Austria 34 SI -'1M ■ g* +1 . 

- Bread «z, ?. .100, " S7H 97>j-+OH 0 4.68 

•. Chase Manhatttn-4-93 - 70 1® 1^» +14 +’J» | ® 

Bankamancs 3V 93. ;.. , H? 1 Im* Ini! Itc- 

BNOE 5 88 76“ 101YHB +04 +04: 4.75 

Denmark 44 90 jSft lift + 2> S 

□nnnwrlc-Mortgage 8k- "90 iM4 1®J» 

EIB 44 93 -100-. .102 1024 +04 +OH 4.0ft 

Euratam 44 93 -'•80' 1024 T02-V +14 +14 *-® 

F.-L SmidZh 44 SB-.,. -25' 102H 102H ~+0H ,+OH -4.20 

- Finland 4 VSS r »T ’ 3^* 7®4 +04 «•« 

. Fra^ Chicago 34 S3 ._ to ^ +^- 2'U 

GZB- 44 93 100- ,11324 10Pe.+04 +?4 


CONVERTIBLE^ Cov. Cnv. . dig. 

BONDS . date price Bid Offer day Pram 

Asics 54 93 8/78 B28 914 92H -104 0E8 

Baker Int. Firu 64 93 1/79 34 t102 103 +QH 8.06 

Beats BH 83 2/79 2.16 924 93H +0*, -1.10 

Coca-Cola Bottlmg 64 ■ 4/79 9 89 904 +0*, 24.10 

Ito-Yokado 54 S3 6/78 1473 1294 1304 0 0.52 

.Novo Industri 7 89 4/78 269 894 91H -OH 3 JO 

Texas In l- A ir; 74 93 ... 4/79 14.5 188 89 +0*, 10.34 

Thorn Int. Fin. 7 88 ...11/78 3.67 1024 1034 +1H -3.58 
Tyco Int. Fin. 84 88 ... 9/78 21 19B 99 -04 17^3 

Tyco \m. Fin. <5 84 5/7B B1.5 175 76 -04 163 .37 

Asahi Optical 34 DM... 12/78 588 90 H 91 7 g ~0H 5.73 

Casio Cp. 34-85 DM. .11/78 841 1O1H10ZH 0 7.81 

Izurniya 34 SB DM 10/78 889 84 9S -1H 5.95 

Jusco 34 88 DM .1/79 1270 . 914 SZH “3 8.63 

Konishrfctf, 34 SS.DM... 1/7S 612 *904 914 +04 3.69 
MBrudat Food 34 DM... 2/79 1033 984 994 -04 16.75 

Murata M.,34 *8 DM.. .11/78 854 94 944 -1H -9.16 

Nipp. Air. 3.5 88 DM. 12/78 508 904 914-04 5.66 

Nippon Simtpn. 34 DM 3pB. ,738. 112H 1134 -1 6.59 

Nippon Ysn. 34 85 DM 1/79 25V 954 96*. -04 4.59 

Nissan Diesl. 34 88 DM 2/79 477 94 95 -OH 8.92 

Oiymp. Opt. 34 85 DM 2/73 703 98H 97 0 -4.75 


TOKYO — Toshi ba Corpora- 
tion, the electrical appliance 
and machinery concern, said it 
predicted net profit in the year 
ended next March 31 at Y18bn 
($92.8mj against Y2.36bn in the 
previous year, on estimated 
sales of Yi.73 trillion (million 
million) ($8.9bn) against Yl-50 
trillion. 

The company earlier reported 
net profit for the first half 
ended September 30 of Y9.12bn 
against Y134b a year ago. First 
balf sales rose to Y846^32bn 
($4.4bn) from Y726.58bn. 

The company attributed the 
recovery chiefly to good per- 
formances in the divisions of 
electric home appliances, includ- 
ing air conditioners, refriger- 
ators, communications equip- 
ment, electronic devices and 
computers. 

Exports of heavy electrical 
machinery slowed due to the 
Yen’s appreciation against the 
dollar, it added. 

The company also said that 
subsidiaries and affiliates, which 
suffered - deficits totalling Y3.5bn 
last year, produced Y4.5bn 
profit this year. This follows 
structural reforms including 
severing loss-making divisions 
and merging affiliated group 
companies. 

Reuter 

• Mitsubishi Electric Corpora- 
tion also predicted an increase 
of nearly . 53 per cent in net 
profit to nearly Y19bn ($98m) 
in the current year ended next i 
March 31, against Y12.4bn last 
year. The company said that it 
expected second-half consoli- 
dated sales to rise 10 per cent 
over the earlier reported first 
half’s Y467J6bn. which was 11.3 
per cent higher than the same 
year ago period. 


will top $17.5m in first year 


By James Forth 


BY RAMI G. KHOURI 


AMMAN — n The total volume 
of trading in the first full year 
of operations of the Amman 
Stock Exchange will go -over 
JDa.Sm ($ 17.5m > with 2.4m 
shares changing hands during 
the past year. Dr. Hashem 
Sabbagh. the Amman S.E. chair- 
man and general manager, has 
forecast. 

While relatively small, 
compared to trading on other 
markets, the volume of the 
Amman Exchange has neverthe- 
less been right on target, 


according to projections made 
before it opened its doors last 
January. Dr. Sabbagh said. He 
expected an increase in total 
turnover of 30 per cent for next 
year. 

This will be accounted toe in 
part by the listing and. trading 
of the Government's 10-year 
development bonds, which 
previously holders have either 
held until maturity or sold back 
•to the central bank at par value, 
due to the absence of a 
secondary market. 

Private corporate bonds will 


also enter the market place,, 
after- a royal decree has been 
issued providing them with the 
same tax exemptions on interest 
earned as the state’s develop- 
ment bonds now enjoy. 
Corporate bonds have never 
been floated here. 

A total of 68 companies are 
now listed on the Amman Stock 
Exchange. with a total 
authorised capital of $640m and 
& paid up capital of $390m. 
Altogether 179,000 shareholders 
account for the total of S3. 5m 
shares, whose market : value to- 
day is ?770m: •. 


Keen demand for Jordan’s first CDs 


BY OUR OWN CORRESPONDENT 


AMMAN— The range of mone- 
tary instruments available to 
investors in Jordan s tradition- 
ally dull financial sector has 
grown considerably with the 
introduction of certificates of 
deposit into the market this 
week and the expected develop- 
ment of a corporate bond market 
within the coming months. 

Citibank of the United States, 
which has operated a branch 
here for four years, started 


issuing Jordanian dinar de- 
nominated certificates of deposit 
this week, with insurance com- 
panies stepping forward as the 
first buyers. 

These one, three, six and 12- 
month bearer CDs will be listed 
and traded on the one-year old 
Amman Stock Exchange. 

Mr. Zuhair Khouri, chairman 
of the semi-state Jordanian 
Housing 'Bank, said that bis 
bank is also preparing to issue 
CDs in the coming months, as 


well as a seven-year bond issue 
worth JD5m (about $15mj. Boih 
the CDs and bonds would be 
traded on the Amman Stock 
Exchange, and the Housing 
Bank's bonds may be the first 
to benefit from a new law, to be 
promulgated by Royal decree 
shortly, providing corporate 
bonds with the same tax exemp- 
tion of earned interest ns is now’ 
enjoyed exclusively by the 
central bank's development 
bonds. 


SYDNEY — international Har- 
vester Australia, agricultural 
machinery makers, incurred a 
loss of AS3.49m ( U.S.$4m ) in 
the year to October 31. a turn- 
around of A$10m for the year. 
In 1976-77 ihe company posted a 
record profit of A$6.47m 
«U.S.S7.4m*. 

International Harvester is the 
second atrricultural maehinery 
gruup within the past week to 
report heavy losses for 1977-78. 
Massev-Ferguson Holdings 
.t Australia ) registered a deficit 
l of A$6.34m. reflecting the 
depressed rural conditions and 
intense competition. 

Like Massey-Ferguson, ' huw- 
ever. the directors of Inter- 
national Harvester are confident 
that the current year will see a 
“substantially better” result. 
Mr. D. N. Upshaw, the chairman, 
said that the record wheat 
harvest forecast for the 1978 
season should add confidence, 
and purchasing to the rural 
sector. 

The group's order book For 
trucks in the current year was 
good, he added. 

Referring to the 1978 loss, 
Mr. Upshaw said that the 
smaller market resulted in high 
discounting, factories operating 
below capacity and higher 
operating costs. 

Sales for the year dipped 6.7 
per cent. from A$238m 
(U.S.J255mi to A$±12ra. 


KLK plantation group 
achieves record year 


IsraeU power 
earnings fall 

By L Daniel 


Frameworks set for 
securities borrowing 

TOKYO — The Japanese 


BY WONG SULONG 


Debenture plan 
by Matsushita 


94 95 -OH 8-92 

9SH 97 0 -4.75 


Ricoh 34 86 DM: 10/78 517 10041014-04 12-93 


Sankyo Else. 34 DM ... 8/78 869 1094 1104 +0*4 8.04 
Sanyo Eteciric 34 DM... 11/78 295 8SH 90S -04 10.48 
Seiyu Stra. 34 88 DM... 9/7B 327S 1124 lift +04 -1.78 
Sharp Co. 34 E® DM... 2/79 487 914 924 -2 -1.68 
Stanley Elec. 34 0M ...11/38 623 93 94 -04 1S.51 

Tokyo Elee. 34 87 DM 4/79 476 86 s , 97 s , +04 3.10 

Trio Knwd. 34 ® DM. ..11/78 711 854 864 -34 18 J1 


S3 94 -04 15.51 
85 s , 97 s , +04 3.10 
854 864 -34 18-91 


* No information available— previous day's price. 
fflnly one market maker supplied a price. 


. First Chicago 34 93 
GZB- 44 93 


IQ! i;in. NV. 44 93 100 ..1044 1044 +04 +04 3.85 


Malaysia ‘44 : 90 8D _ _g 

Manitoba 4 93-.: ,, 1M f 2, f 2^ I'S 


1044 104* +0V +04 3.85 
«94100 -04 -04 4.78 


... Straight Bonds: The yield fs4he ylild to redemption of ihe 
.... mid-price: the amount issued is in- millions of currency 
units except for Yen bonds where It is in billions. 
Change on .week “Change over price a week earlier. 


Namag 4 03 .. : to 

Noigto Komjn- 44 90 -• 100. 
OKB 4 93 80 

Oy Nokia- 5.30 - ■ 20 

Safe 44 93. 

Sandvik 4 90 — 85 

.Sea* 4H 88 — ' 15 

Voest-Alpine 44 93 ... ,10Qr 
Vorjlborq ‘Kraft 4 93 ... 30. 

- Vienne 4 93 ,100- 

Worfd Bank 44 93 l... 1250, 


TO 1W4102, +14+1; 3.84 
100 .W34 *04 +04 .+04 
20- 1014 TOT.. +14 +14 3-B6 
. 20 103 1034 +04 -.04 . 4.6J 
30 : 1O2H-1O2V-+04 +5?* J-92 
:as . 102 1024 +04 +04 3.7S 
IS ■ -1034 1MV+04 +04 3.9B 
10a: .1024 102V +0 1 r +2* i’SS 
30 - 1014 K»4 +0H +1^4 3.80 
10a , .1014 I01 s j +04 +04 3^7 
1250 1 10241024 +04 +04 4.01. 


Floating Rate Notes; Denominated in dollars unless other- 
wise Indicated. - M"Minimum .coupon. C.daie»Date 


next coupon becomes .effective. Spread ■ Margin above 
six-month offered rata- for U.S. dollars. C.epn “The 
current 'coupon. C.yld = The currant yield. 


Convertible bonds': Denominated. in dollars unless other- 
wise indicated. ChQ. day^Chang'e on day. Cnv date* 9 
First..dete. for conversion Into shares. Cnv. price ™ 
Nomina/ -amount of -.bond per share expressed >n 


currency -of share, er conversion rate fired at issue. 
Pram ■ Percentage premium of: tits currant effective price 
oi acquiring shores via tbe- bond over the most recent 
price of the. shares. 


Change or- . 

YBI STRAIGHTS Issued Bid Mar dev week Yield 

Aslan Dev. fik. SH 88 - .15 ^ ^ 5 m 

. BFC6 6.4 80 30. ’ Wi 9S4. 0, “04 7.10 

Eurofina ,6.3 SO 10 ■ 8gi ^964 -OH “OH 5^6 

i.NorwBy-5.7 83- 2S - 10W.1014. 0 0 . S.ftft 

- 5WCR. 6.6 90';.^. 20 '964 W4 0 0 7.W 

: ‘Sweden- 6.3 90 1 40 ^5 * 954 0 0 7.01 


£} The Financial Times Lid., 1978. Reproduction in whole 
or in part in.^any ‘form not permitted - without written, 
consent . Data supplied by Inrer-Barid Services. 


By Richard C. Kanson 

TOKYO — Matsushita El Petrie 
Industrial plans to become the 
first Japauese company to issue 
unsecured convertible deben- 
tures in Japan. It said it would 
like to float Y50bn ($2 56m) of 
debentures next spring, but that 
approval would be required from 
the Finance Ministry- 

The practice of securing com* 
pany bonds through a bank! 
guarantee dates back to the ! 
19305, when mauy companies I 
! failed as a result of world-wide 
economic depression. There are 
no specific regulations requiring 
such guarantees. Banks, which 
collect a sizeable fee fon the 
guarantee, • have generally 
opposed any changes in the 
system. The Finance Ministry 
has. however, softened its 
resistance. 

It is expected that Sears. Roe- 
buck of tbe U.S. will become the 
first foreigu company to issue 
unsecured yen bonds in Japan. 
The completion of those plans 
will open the door for top-rated 
Japanese companies to do the 
same. 


KUALA LUMPUR — Despite 
the effects of the drought, 
which severely affected produc- 
tion in most Malaysian planta- 
tions, Kuala Lumpur-Kepong. 
the fourth largest plantation 
group, -yesterday announced it 
had achieved* record profits for 
the year ended September 30. 
Pre-tax profits were 45.7m ring- 
gits. (U.S.$20.8m) compared 
with 4.16m ringgits the previous 
year. 

In its interim report, KLK 
said there was “ an even 
chance " of matching the record 
profit of the previous year, but 
as it turned out, the profits 
were 10 per cent higher. 

This was largely due to the 
fact that KLK had not suffered 
as severely as other plantation, 
companies from the effects of 
the drought early this year, and 
partly because the group had 
managed to get more favourable 
prices for its produce. 

Rubber output, at 16,118 ■ 
tonnes was only 7.6 per cent 
lower than the year before. A 
similar- trend in oil palm pro- 
duction was offset by a 9 per 
cent increase in the harvesting 
acreage with the result that out- 
put rose by 5 per cent to 68,436 
tonnes. 

The impressive profits were 
also attributed to the substan- 
tial income from investments 
(8.4m ringgits) and the sharp 
reduction in interest charges. 


KLK says that given prevail- 
ing prices, it expects an even 
^better year ahead because of an 
expected sharp increase in out- 
put as large areas of its oil 
palm estates reach maturity and 
peak production. 

Earlier, Batu Kawan Berhafl, 
the large Malaysian plantation 
and investment group, announ- 
ced the issue of 15ra new shares 
which would be sold to Malay 
institutional investors as part 
of its programme to conform 
with the Government’s new 
economic policy. 

The new shares of one ringgit 
each would be sold at 1.1 ring- 
gits per share through private 
placement, Batu Kawan shares 
closed at 1.68 ringgits on the 
Kuala Lumpur stock exchange 
on Tuesday. 

The company said that with 
the issue of the new sharia, its 
issued capital would be I 
increased to 1 14.3m ringgits of i 
which 13.3 per cent would be ! 
directly owned by Malays. 1 
Tn addition, a further 14.5 1 
per cent of the company’s issued | 
capital is held by the Island j 
and Peninsula Group which is ' 
controlled by the Government- 
sponsored Pemas Organisation. 

Batu Kawan said it should be 
able to pay a dividend of not 
less than 12.5 per cent on its 
enlarged capital for the current 
year ended August 1979. 


TEL ■ AVIV — The Israeli 
Electric corporation, the coun- 
try’s main electricity producer., 
reported a drop in its net profits 
by 59.4 per cent to If 17m 
(£970,000) in the year ended 
March 31. 

The lEC's income rose by 54.2 
per cent in the year under re- 
view to reach LE4.35bn but 
operating expenses increased by 
55 per cent to X£3.7mn (of 
which l£2.5bn were fuel costs), 
while financing expenses rose by 
75 per cent to L£622m. Never- 
theless. the corporation will 
maintain its annual 10 per cent 
gross cash dividend. 


finance ministry said il had 
[ notified 26 securities companies 
i of their respective frameworks 
totalling SSOOra for borrowing 
foreign currency »n hedge their 
holdings of foreign currency 
bonds. 

The frameworks comprise 
SSQm for Nomura Securities 
Company. $50m each for Nikko, 
Yamaichi and Daiwa Securities 
Companies. SI Ora each for New 
Japan. .Merrill Lynch. Nippon 
Kangyo Kakumaru and Sanyo 
Securities Companies, and $30m 
for the remaining IS securities 
companies. 

The companies may start 
borrowing from next month, 
using their frameworks, it said. 
Reuter 


Unibond 



Copies of a Bi-annual Report for the period ro 7th 
November 1978 are available to shareholders at the 
offices of the Managers and Paying Agents. 


Managers: Barclays Unicorn International 
(Channel Islands) Ltd., 

P.O. Box 152, St. Holier, Jersey, CHANNEL ISLANDS. 







vT; .J • - rj... .7*' • '' 





Financial Times. Thursday; December 2$ 


Companies and Markets 


WORLD STOCK MARKETS 


Wail Street retreats 7.4 in moderate 




NEW YORK -ptoses 


•-* j*--’. . r ^ * 


INVESTMENT DOLLAR 
PREMIUM 

S2.00 to £ 1 — R+% (831%) 
Effective S2.G3070 43 J% (41 1%) 
THE DETERIORATING Iranian 
situation, a weak dollar and 
worries over rising interest rates 
caused Wall Street to retreat yes- 
terday in moderately active 
trading, bringing to an end the 
stockmarket's recent good rally. 

The Dow Jones Industrial 
average, up '21 points over the 
past two business days, reacted 
7.45 to 8GS.56. The NYSE All 
Common Index declined 46 cents 
to $53.90. while losses outpaced 
gains by 1.037 to 451. Trading 
volume came to 23.5$m shares, 
exceeding Tuesdav's tutal of 
21 17m. 

Analysts said the market also 
Ml ’the influence uf year-end tax 
selling and portfolio switching. 

The U.S. State Department said 
a continued shutdown of Iran’s 
oil industry could lead lu a 
critical shortage of fuels for 
Iranian home healing and 


cent Prime Kate, matching the result expects a year-end lax 
high set in 1974. credit to raise 197S operating net 

iBM was one of the most active profits by 50 cents a share. 

NYSE issues and was down 6 i THE AMERICAN SE Market 
at S3MJ. The issue jumped 141 V aJue j n dex reced 
points on Tuesday and 19J last jsopg j n fairlv bt 
week following its dividend in* Volume 3 . 55 m share 
crease and proposed four-for-one Sharon Steel gaio< 
stock split. but a dive Houston < 

Teledyne fell 2 1 to S9S1. Xerox SIS?. Resorts Inter 
1 J to $531, and Control Data 12 slipped 2 to $26] ; 
to 834;. while Schlumbetger declined 82 to $51J. 
declined 2; to $94 ■, Eastman 
Kodak 1? to $60- and Polaroid Canada 
1; to S51j. 

Continental Telephone were *££ ^splavtd* 
unchanged at $14*. The company ™^, kels T^L’dav 
has purchased 7.4 per cent of Volume' 

the 5.522.300 shares of WUI 5™!?’ 

Gninmnn stock stiff outstanding. *? “ n p ri 

said WUI. which advanced 2J to dQ ^ e ^ ^ Pom, 

8L-61 before trading in its stock 
wjj, halted. , hyd 2? lQ l ogg g 

Mobil Oil receded 1% to 36S*. "Minerals came back 1 
The company and its partners 0ils and Cas 34 l0 
are plugging and abandoning an p g ,g l0 154 j 
exploratory well on block 544 However Banks in 
of the Baltimore Canyon after ^ 3 S 550 wh U ^ the 
lesis indicated no significant ^ ,5. 


150.08 in fairly busy trading. 
Volume 3.55m shares 1 3.03m.). 

Sharon Steel gained ; to S205, 
but active Houston Oil lost 14 to 
SIS?. Resorts International "A" 
slipped 1 to $26] and Amdahl 


Canada 


Tokyo 

Shares continued to strengthen 
in very active trading on wide- 
spread buying. The Nikkei-Dow 


Value Index receded 1.45 to j ones Average moved ahead 

14W1C in hnev Irnriinrr jo r » n C 070 nc ..itiSIn 


After last week's strength, 
markets displayed an easier 


53.48 further to 5.979.08. while 
the Tokyo SE index finished 3.55 
higher at 447.35. Volume reached 
550m shares. 

Steels, Heavy ■ Electricals and 
Communication Equipment 
issues led the market forward, 
buoyed by buying orders frorfi 
institutional investors and In- 
vestment Trusts. 

Precision Instruments. 

Vehicles and Electrical 


tendency yesterday in a light Appliances were bought selec- 


Toronio 


amounting to only 1.9m shares, Chemicals were higher. Cotton 


industry. Oil production in Iran quantities of hydrocarbons. 

I I l” _ n l I * . D....*L r fn 


has fallen dramatically. 

Textron >tated yesterday that 
its Bell Helicopter division was 
notified by the Government of 
Iran to terminate work nu its 
Iranian helicopter joint produc- 
tion programme. 

The new industry-wide prime 
rate of 11 J per cem. com limed 
with the other influences, took its 
psychological toll- analysts noted, 
adding that investors are 


Raytheon hardened 1 to $47 on 
raising its quarterly dividend to 
40 cents a share from 30 cents. 

11 V Industries gained i to S23J. 
Sharon Steel, an S 6 per cent- 
nv/ned unit or NVF. has filed with 
the Securities aod Exchange 
Commission to buy at least 10.000 
additional shares uf UV by 
January 19. 

Dillingham climbed J to $ 8 }. 
The company has sold an Aus- 


beginnmg to talk about a 12 per tralian subsidiary 


?' down from last Friday’s 4.63m. 
? The Toronto Composite Index. 
1 following Friday's rise of 13.5, 
shed 2.7 to 1.295.6. Metals and 
"»■ Minerals came back 8.1 to 1,079.6. 
Jrs Oils and Gas 3.4 to I.S38.0 and 
™ Papers 0.16 to 154.57. 

Jr! However, Banks improved 1 35 
J. to 305.50. while the Golds index 
advanced 31.2 to 1.417.6 on small 
nn volume, with Dome Mines adding 
t0 C$4 at C$90. Campbell Red Lake 
1 at C$35? and Famour also I at 
3 }. CS 6 {. 

nl . Simpsons units, the most active 
ilh Toronto stock, eased } to CS7J 
lee on 130.34S shares. Simpsons lost 
m 20 cents to C$2.40. but Simpsons- 
by Sears gained J to C$7 i. 

Hudson's Bay, which is bidding 
31 for Simpsons, put on 4 to C$20*. 
js- Inco “A" lost 1 to C$18i aod 
a Bank of Montreal 4 to C$25 >. 


and Synthetic Textiles were also 
favoured. 

Nippon Steel rose Y3 to Y137, 
Hilaehi Y7 to Y265, Canon Y16 
to Y481, Toyo Kogyo Y13 to 
Y375. Sony Y80 to Y1.670 and 
TDK Electronics Y120 to Y1.900. 
while Tokyo Sanyo climbed Y22 
to Y342. Tokyo Electric Power 
Y 20 to Y 1,080 and Casio Y13 to 

YSS 6 . ‘ 

However. Nippon Kogaku, 
Sankyo Seiki and Tohoku Metal 
lost ground. 


Germany 

Bourse pTices>d rifled easier in 
listless trading, reflecting lack 
uf interest. The Commerzbank 
index declined 3.0 to S16.6. 

Among Stores. Neckermann 
lost DM 3.50 and Kaufhof Dill 3. 
while Motors had Volkswagen 


NEW YORK 

IW. 

-I«4 -i 


A 1 J u a t Luin. 

.\>lilr»-".<^nipili ... 
,V...run l.l |.- 1 «.«• 
A irf.nlii. i - 


.UinAiii!„li)i>iiu; M 


1 uni" 1. 
riH 

) IV nv 

i rip-kf' ,\jli 

i ',...■ ,i Xi-Ht-rl ijoJ, 
1 ■l.tltlllll* ► llSUn 
tint i.* "ntlil.... 


Ali-m “8 

A Hoj. L.I.11.IHI 14sg 

.\ri-gllHII.V I'.IOH is 1 ^ 

Aliie.1 1’licmiini..] 28 S | 

Allied 2D} 

AIII'OihIiih-po. . 295g 

AMW 481* 

Ahihim-Iii Hi-f... ‘ 291, 

.\I,I.T. \hlllW,... 13S, 

A nivr. Hnmils .. 50h 

A n„r. 35ig 

A hut. inn s5 34 

A i„i r. <.‘\*n*H>i'i 25 ■, 

.\i»rr. />i-t. lei.. £4S» 
.liner. Klii-r. IV ■* 81 i, 

Auiri*. K\|.n“,-. .. 30 

Airu-r-Huinr 2 7ig 

Amrr. MhIkjI ,. 33 U 

A iiinr. 

Amer. .Sm. It--- . J9J, 

.iinir. .'Mn,l«>l. 41 

A Stnro« .. . 31A, 

Airri-r. T*;l, A "lei. 60tj 

Auiftek 3D U 

A M V 15. , 

A\LP. 31U 

A hi [•PA 14, j 

Ani lmr H"- I.i,id.>. 25 j b 
Anlipusur iJi.vli . 25 A* 

Arm.-, i 19 Sg 

A.S.A £4 

AHlliielM i.*il i lb 

A«nn 13>« 

A-Iilnnil Uil 50ij 

AM ff<rfiru-M 5b.> 

Aufn UbIh Pp> ...• 30Sj 

AVI* B 

A\cu 23 it, 

At.»n I’m.! net - .. 53 > b 

K#l«. inn Klci-i... 24 1 j, 

ittun.M I'ihiih 20id 

Jirfnl. Amcrti'a.... HSij 


ZlJi, ) l*,wi. 




Iljll |||,(||'|||P> .. 



I VI M..IIIC 

Ivll.-ln .... 

Iv, »»-,«» Ini.. . 

I till vi, ... 

IV<l<MI»l MtJlItrK 

t •<•«- 

I'ltiltnl I»,I.I|..? ... 

l'iv||p\ , Wnlti .... 

1'. ivr-rO •r|.'n .. .. 

)■»» l*)u-»iun! .. 


t3i- I 13; 3 


-liilin- Alans l1lc...f 23 

J.,linvii Ji.linMiir 75 <b 
J. ■I mi',i (..xili-’i.l 24^, 
Uniiniiu imi's - 28s« 

k. .Um ! 23 14 

K«it<L-rAiin>i<iirii,i 17 5# 

KfliMri- In.lii-trltV! 2 

(vjI'ut M«l 19t 3 

!»«.*• ; IDs 

K'-imc-nti 20 

Ki*it Ali ftcp 47 ij 

K i.W. ■ WjIut | 29 lg 

hlnll«‘l-lx- I. hiTk.. 401; 

k'..|1*r • 20*4 

Kmlli j 451* 

kmuer I/.- ; 3« 

Ihvaiiv Timiio- 31 
Lr»'i .’rtnui- 35'4 

l. ii*^ t*,v-. r.T.l..' 291 , 


IIkk l.m 51** ■ 5 2ig 

llMR4h)irMh.: 33Jg . 33 1 ; 

I:. A. ...• 571 m 1 57** 
lin-li'-^n Alertflii 233e ! 23U 
Kix-kucll Inlcr.. . 341, ■ 35 1 « 
KaIiid A Hnv 1 32i« ■ 32lit 


Wr.il nnilll • 

Mil) 

Xi*mx...._ 1 

/•Inin 

/^niih I<m. lit - 


I lii.VJI Dlll'-ll • 

1 

Kit— Tub* 

Kv'lpr sv*4cm....| 
-BlCtHV •'ri'Hfr...[ 
m. J'v Mutcmih.i 
>r. I’urwr ..I 


L...'*.Tnu,-.«^l3f - 193;.: 
U-1-rren.A iVokS t78lg 
AUlay Uni*.' 9.14^ 


CANADA 


■Sunlit Kc l,„l*. ...I 3Di.j 


3Q4 ; J I'k-m-i 37 1 ( 

28 l»,.|..i.i ... 127*5 

SSt-d 1 Knjiic |**t*-i*>-r . ... 2 l», 

4 m ! ViHln.' .... 8 ., 

39 -g • l-.-tninn W.-imI... 60., 

41 1 Ijinii 35'l 

52 ( 

cO-t : K. u. I!.. .... ■ 28'« 
30' « 1 KII'm-.- N at. «-••• 151. 

I5*a I Hu 11 . 27^ 

it I Kimci •*•11 ki.firi* 36 

15 I KjH'itAu Ki ulil 18s, 

£5'; | h.nlMit ... I 36 J« 

19 ‘t ! KiijHImril 28 

23 Vj I h-u— I. " 24 

i Kil.yi • 21*s 

14 J Ksa-iu ! 491, 

51U 1 Kniii-mtii • Miiu-m- 2BJj 

D7»j *«». ^l*Urr' 5Ha 
50 N K>i'*-|. .lie in,-.... 12 lg 

K-:. Nut. U.T.IH 11 . 27 

24*4 f'»^ , -i Van 15i? 

54 nuiivlT 28»j 

24*4 Kkiruki I'Niiti-i. „■ 31 

21s« Klni .1 33'* 

25 

3444 VMA 23ia 

26*; V..I-I Vlnlnr 41Sg 

42h Ki.iciii.r .1 M 19 1 4 

22 lg Kir.lMts 3 lag 

,,, Kinnkliii M ill I ..." 5*2 

t‘ v *l«'» Mineni.. 32 Jg 

»?, I'm. ill mi 271* 

j Kii'ina 9*4 

6.V.1 11 U 

iil ! 1 mlillMI 4 i Sg 

C.cn.Amcr.ini... lD»g 

“® 1 ‘ U.A.T.X 23'g 

*.>n. *.mMi- 14. tg 

lien. I'siuttiiUj.. 79'4 
’ | I .ni, hl«-i mi—.... 47*4 

-ci* i lien. 32U 

i5i ' ‘ ' iciicimI 29*4 

lBdft licnnal M •>.. 54Vg 

16 lien. I'll*'. * HI . ' l" 1 * 

l£*i (f.-tt. .uijiiinf 26 

161 ? i.hii. Id. Kiwi..., 23*2 

5ig lien. I'm- 2470 

36N4 t.lllCMM. ’ 370 


: K.1..A 1: ; 

* Kl I’m-.- Na,. «..#• 

I tUn, . 

I Kinci **n hiii'it* 

I KjH'itAu hi 1 J 1 I 
I h.iiVn ... I 

K tl * I 

! KiijcIIimmI 

I K'l>M>k ' 

• K«l*yl ; 

; Ksa.iu • 

1 hSui-uitii 1 Hiiwm- 


K«». Il-fl. fl'iir?' 5Hs 


lianhen tr. \.1\. 53 >h 


UaHaTlIil 26»d; 

RnlerTn.vrn.il.. 417; 
llrtUrii-v Ki>«t 22 Vs 


Kcgtnn l>K'hiiiMin 32 

U-nVr H.itvell • 15*, 

Jlcmlis 36 •; 

IVuuneiC.in- -H’ 3 '4 

Kdlildmin Mad., 20 
Ulm-L-A Ueckar .. 17 I 4 

73w, 

Um-i> i avwle 26 U 

Hwlrldi 2?5is 

Unra VVarnHi- 28 14 

Jlmnin In, 13 

Jlm-tii, ■ V 14 lg 

KrHinl Alvora 35 i-j 

:i.r»i a Urn ii...- i 8 sg 
Jli x-bv.qy Ilian,." 16 U 

Krun-nu'k 12 i| 

Btn -4 ni« Knc 16 1; 

Unlitvit VVnii-li ... ■ 5og 
ltnrlinslnn N> Im.j 35v t 

tSiirnMijfii 74ig 

laui|ilivll duu|'.. j 33 la 
tfingiJian I'ai.-itii-l 201 * 
1 null 1 taiiiii'>l(ili..< 9h 
(arnntH.ii 25l* 


I.C.'-jril tjpiii, ,....' 36*; 

Liiivikiji ; 4ai« 

l.m-tn liiiliiilne. 20 i» 
LiM-hliecI Air.-rU: IBS 4 
LnlK- rtinr lmtn-1 1 2 1 Sg 
Ij'IIU Islitll'l 1 4-1.' 17Sfl 
UiiiiMaiwLMinl...; 22 

Lni.rl/aii 461* 

Ijl.-Ly rfl.irCM 14 >d 

I.JliTM i;..rpn 64g 

Mac.Vltlian 10** 

Mm v IL H 35 lg 


t»,n InvM ( 

19 naxnn In. I*- 

, Sclillti Brt-tvinu 

®?7 S,'himni«n;er. 

24J « »u*U ! 

3pi.il I r 

33 J« V.miviI .\lr-j; 

48 >4 Sn nlilpr I s, . 


| .Vniihi I'Hfer-...' 19U 19*e 

I Ajiihs* bjle.... 5*j , 6 

AI.-HH AluminiT r" 40 U 1 40*j 
| .Urniirt-bW -is-.-i. 26 S« 26*4 

: .'.\ai*nii*, 46 f45V 

j" llpnV ,u yfonmn. - 2 S> 4 ‘ ; ^5V 
I Vmnk In - , 23 is ; 233® 

Kevimt*.. 4.86 5.00 


lilt*. Uanuver,...l 33 Jg 


At«4»nt ; 293 

.VI* rat I mn 1 . 1 1 1 | S55 

.'I urine Mnllnni'..| 15 
Alaralnll b'icl>l....i lb 


21 '* , 2 l»* 
49U 491* 


| K»iv-i-n« 'I'lii-.... 
j K-!. Nat. B.T.IMU, 

I'K'i V *n 

| Clin, U' 4* 

[ I'luri.l* ISini-i , „• 
j Klnni 


Mnv llc|*. 23 Sg 

V1C.V 411* 

lU-Uenimit 2 ih 

MoUinii.eH Ih-uy 33 

.Vl 6 >jinn Hill 24 

Memoi-ri 291* 

lim'k 68 

Merrill l.iiK-l,.... 16'g 


Sen i. fiinaini.T ... 21 ', 

! 27'*"t 

Spa He ili.li.l 127* 

>»-Mm Ifuelin-l..... £ 0 'a 

HKIK-'f ' 30 U 

'Ml <Jil " 32->i 

Stile il "I raiis|*,rl . 46*g 

Mdfual _.... 20 U 

siu'iu-Mle ' «irp. ... iO 5 , 

5lniplleUV Hat... 10 

Milder 13 3« 

?mirli miet ' 46U 

am lift Kline. 92. Sg 

Ajinnui 4*g 

■SfiiUp(in*ii 32^ 

Southern <-»l.bl." Lb*; 

S. Hit ln.ru I3i« 

.Slim. -Nat. «<■»...' a2l< 
.Stiurheru Hat-itn - 1 26 
5 >.<ul tier n Kail was' 47U 


UnM JeiephniiP... 651* j b55g 
Kr*« Valiev ln-1. < 21U I 21*t 


HH CanailM • 20 

UmMui, llbl* 


llru Heirttienra. 331* 


Smililaiiii 

S'te't bna-luinea . 
a[«*rry Hutch. ... 


Lin,M-*l, 110*2 1 

«vjj‘ I UrliMxi t7.25 . *7.50 

33 l»ls»n Hinier...- 40*« ' 401* 

H 57 Mine* .. l3*j : 1312 

lariHtlei Urnicni..' 1 leig ; 12*? 

301 b IfcuMa 25 W Lan.' 101< 1 10 li 

a," Cun. ImjiUk Comi 28^4 " 29 

13 i* (.’anait* Imliikt ...j US I 120*1 

ifi;! Can. Hacifr: 24 hs ! 24 1 1 

l din. HiciJJc Jnv.j 23*4 ’ 25 
35 Cali. .Miicr OH...I 76t* 751? 

32 U Carling U'Keele.. I 4.80 1 4.60 

g 65 g nr. i VU I 9^8 

13Sa L'liteitain 27*4 ! 28*t 

32*4 CV'ntlnco 311g ■ 31A« 

26»i i.HBr. Dntlunrtt.... 13 t e : 13>g 

46<i Consumer Ui»«. 18*« I I8id 

i.Vr-eg* |{r»nirce-; 5.62 j 5.62 

•- 6*1 C<«ia.tn 11 . 11 

244 Uh'iii Upipl 13*1 14 


K.M.L £3ig 

4. . 1-1 Mnli.r 41ig 

KitU'iiitp .1 Sid.....: 19 1 1 

KiisImiss 3 lag 

Kinnl. tin Mini 5*» 
hree|*r-l Milium.. 32ig 

I 'ninli mi 27** 


3 lag i 311g 
5 1 « 54 


SU>. VI ^ ■ 394 

Miun lln^r aSHri 63 I 4 

Misi.il t'.iqi 68 Jg 

MrmaRnln " 471* 

Mnr»mii J. P 1 45.4 

Mnli in. i* 39>g 


Hperr) Kaial | 44ij j 454 


l'uni~on VI met...' 73 


Miiqthv Oil 464 


244 

Nnltti t'lienivnl -. 1 27 4 
.Vatiuiinl Can 18** 


Stjuibl. 28 *« , 29 

suui.hnl Hra ■>(..' 2 31 j I 251 ? 
Sc i.O i !Cm ■ Mm in 47*j j 47ag 
abl. Oil In, liana. i 57la S7ig 

Mil. Oil Ohat 1 424 ! 43 

SlbuIT Cliemtcal.. a8Sg I 381? 
Stenma L'lua ... ■ 16»g ( 164 


Lit him* .Mine-...— j 90 I 66 
(taunt HetPJ'eu*-!., 974 1 964 
Ui.iinmk.tii Bruiae 30is 130 

1 tom tar 24 Ss ! 237* 

i l*,ip.Hii_ ■ 16 i 1154 

I Kakaat’ce Mckel.J 32 | 314 

C.htJ ilou.r Can.. I 714 . 704 


*n u-iehaker ! 2 1 1 » 


10 *g I 10 ■« 


29A; | 294 
547g I 554 


■Nat. Ul-rilll'l 19 
Sal. StfiAM-e Inti. 14'; 
.Ntlil III* 1 Sluei.... 29»* 

Nal-Hiit- 41*i 

.\CU 62ig 

.'*|tliii, e 1 nt 2 24 

Ne* l.iipi* n. i K..i 214 
.New hl,a|*inl I ,-ii 34 -a 
N lay Ml a M.Owwk 14 
.Niauaia ''hare.... 10 *li 


aim C"._ 1 42* g 

MimlAtraD-l 21 

Syntec ■ o 4>3 

tedium ii.i r 10 

Vdurfnii 474 

ri-mlviu...... ; 984 

Teie* 5*2 

leoew 304 


Oenatar — - 55t* , 35*g 

Oinni leitwkUllei' t!04 j flOlg 
It, ill On Cunatla..! 57 ! 56*i 

Hhb ker Bitl.C'iui. 8 ** i 84 

Hitilln-er ■ 384 | 39 4 

Home On W ' 464 95*g 

Uiulwn Bay Muu 194 I 194 
Hu. 7 a.*t Hav • 20Sg . 204 


Hlhl.rui Oil N lia. ! 51 


.V. L. In.hi-tnes. 204 1 2 °4 


Null. .ILAVV e-lpru 22 
.'..Ml. .Nat. 4a-.. • 351 
•Nlliu. Staler I'wi 1 241 


IrM'ti. I’.Hnileiiti'- 

t. •.tacit 

ltf*BNfIllll 

lew hj-tem ... 
Irur lli-fui. 
l*M«iiii £ 4a'-.. 
I'l-xa- L : i mriT-a .... 
XitnwH In 




lnuv> t39Jg * 597g 


lMi|*-rail Oil i 

Inrt.-A' 


ItiviuM lNiuiHi-... 241; 


l.iMr^iiiri-e : 

hell i Oil 


1 N'litia—i An hue- 274 
XL , I MIiwm Haimrar 254 
, 2 * Nitnra, Hiunin....' 16ig 


Times Mlm>r 297g 


l.to-iilvulal l*«n.>l! 
ihpirv Malltei...' 


Carrier A liefiem II 11 


• '■inter Haw ley .../ 15*: 
CatcriiillarTnu-t-j 584 

CHS ! 511? 

t.el«ne»e Cnri'ii 904 
Cei Ural A 15ia 

L'ertainlet-1 16', 

C>:->iib Anvmli... 18tg 

1 1 1 n ii 1 1 > i ■ h ■ Inter..' 20 -g 

I'haM.- Alan hat Lur 29>, 
Cliuiuktil Uh.AY. 37 
l.'lietdtryli I'iiuil... 22 Jg 
Ciie-Me >v-leii'.. 27'* 


lllelte 

'-•Ini li LC H . .... 
■ nltrHI llie....i 


III, in tvIl^iTT, 15. 


■at e VV.K [ 26*g 


! I i rt— VI i*n H*e'l r 


■ I. N-rllt li 214g 


1'lnfflRu Itrlil",-... 47ij 


Clir valor 

Chip. Milavrui.... 

Citiuiirp 

i. it ie' Hart lw 

City Inreaims... • 
Llut-elaial CMT... 

1 1 ■.«!-! da 

C>>C?il« Halm 

Collin- ARmHii.. 


(■ivl'InHUl'l I 

Hull v " e-lern..; 

• ■nil i'll \ 

] L'l • iiiurti >ii ' 

llaiiim V| tinn^.. • 
Hal'Ui'eliiok'-i...." 

Main- t .-lyu 

ll.-i li- H. .1 : 

HfiiMem 


Z4ag i 24* ; 
674 I 684 
30 ". 294 

164 • 17 
28 >, j £94 
39 4 ! 394 


Coluiuhin iia- 254 

CnllllllLiM Hi< 22ig 
Vmi. lfiii, 

C. >uil in .nun I’.nu. 334 

C.iutiiit'tniii h*i 10 

l 'll Tv. lit hallMHl.' 25*4 

Satertm.-.’ 594 

CttiniHiti-rM-iein-.' II 

C.tuu Lite Inr ■ 35 4 

C'lnnn 14 

(.••ii.KiiiN-in NN 234 

Ctin-vi KimhI- . ... 224 
I .in-.tl >al 1 :* ..J 57'; 

t •tri'tiiin-r i'lUter. 224 
l.iiul m.-iilal ttrp.i 26'-; 
A <1111 ■'■filial * »li..; 27 4 
l "iitmi;ni*i Tele. 14t> 
tjilintil lialn .. .. 341* 

Lit.'lier lieln- . ... 49*j 


1 1 ,- » I , -11 l'.lfhl|tl, 

Hi-ll-iat I lint .. .. 

Hoine-laltu _ 

If.. in •,.•*! 

H« -it ei 

(l.t-|-l.i>T|t. Ainer 
1 1 - ", — I •• 1 1 Nnl . t ,*. 
II mil , I'li—V A Inn 
H»i ■■hi ih.h.i . 
J.L. 1 11. 111 -I rlt.— .. • 

/A l 

luuei'.Hi h'.'ini...' 
lll'aii.l -l.vl ] 

lu-lll’i 


Otpr-eat -hiff...t 22Ag . 224 
Owen- Oii-nintt...; 264 ' fc7lg 
iltreiin lllicnilt-.... 175a | 17.’g 

Ha pi 1 ip Ua.- I 2l7g 21-i 

I'ar, In; Litfhimtr, ai 4 1 214 
I'an I'm 1 . A Li^...[ 19. g 1 194 
l’anAiiiVVr*-l.l All- 7 | 71 j 

1‘ai-kt r Haiiniliii.l 244 i 24 

Hmi-siv lot' 234 1 234 

IViin i'n .1 L ... .; 194 * 194 

IVlll'i-V -I. C 30‘g | SOi, 

Penn.. tii 31 307g 

l'i’||'i« " liruu • 10 *i 1 10>4 

lVt>|'k> fta- 3368 : 654 

354 , 254 


I limkpa 4a 

'Irane 394 

1 'rxn-inpric"- 16 J* 

'lntuv.v • 20*1 

I Tran l. : nua»»„ 29&a 

ltin .11111 Inin,.. 214 
| 1 ran V.'itrhi Air..' 184 

| 1 ra-ern. 33ig 

I TriS-intuic-Diai - 174 


liMtuI ' 124 t 124 

iulaial Aaf. f,'a-." 104 ' 11 

laf |i.v.Hi|«Unc. 157j | 15:* 
Kmn/ Ke-iuivp! 16ig [ 164 

i l^iiin Fui. Cmit-i 10 • 10 

U4ilner C<tu. ‘B’ 14.25 j 4.35 
Mel lid 'u llii«>1... 2l:g • 214 
Matvey I'ertM-tji. 104 : 11 4 

Mi-lntyre 34 4 24> 

lliXTe.Curpu...'.. 3 2 1 m 324 


VltHiniaioMatel; Z.50 


“S 1 - 1 In-CiAHUR-oiai.. 

k7lg ! 

J7;« I 1 rMrai On t,»-. 
217, I HIM' 


'aAlilentiirt htt 30to 


L..V.4 294 

LAIR,.' 50 

141 167* 

I 30 

l hi lever A* 60 

In 1 . 1:1 llari.-.r,,... 28 

1 111 , hi Cjri.u'c.... 334 
1 . ninii Cnnunerv* bin 
f nn.ii, nil Calil... S 6.4 
I. n I'.'n Han hi- 55 


-Nijnutita Mine.... 36t; | 364 
Xoctan Knorcy.. l~"-i . 174 

Nrh. rpic.'.'ii 354 ; ,364 

N'lrnac Oil \ ,ia*l 28*d [ 304 
UaktiifBi Helm !■ 4.75 j 4.85 
tNi’ldcT'iiiifi M. 1.85 21.78 

Hari lip h’cl Pikiint 6 1 Sg 6 1 Sg 
hklUL an. relnHIi: ;38 " o74 

I’alliin 2U4 1 2 «Jlg 

lN'Hae-il*ei 4 . 5 .... 6 i» 6 i; 

I’Ih r Can. .t t'j .. 2.25 i 2._! 

Klaeet Lh-veii'iHfl 1 26 ig , '-*6 

I’tJtsiH C,Hi«tnil'r] 24 . £4 

Hint- I lUh : tifo 

J IfiMwSIms-""., rl.25 1.1 

Knnjtpr till.. ... .J 154 t 16 

I.Veisienbeii-*'... 10*; : 10 

I IlsiAisriit ' 334 ! 133 

I U-nal Uk. 1.1 Cj.ii., 374 1 37 

j Uttianoi-lt-t . ..1 13*g | 15 

• •-"■vntielti. , >.H,i.t-| 84 • 8 

J Spgjtrnor J 324 1 32 

; :lwn l.ailn.i*... . 16Sg ! 16 

• tlierrill •i.'Iirp- 7*. 1 8 

1 Ven'O.i; ' 38 j, f 38 

| MinitriHi 2 .S 0 , 2 .M 

M-*ei •" lairt-ia.. 4 II- J *8 
■'tewj, K.*:k In.,.. {5.60 ! 3.i 
1 IfMii-t 1 . aiRiln .- 501? 50 

j ‘1 •-rtiiii.i l'tm.Hu. S2I» : 22 

• Oath Cun IN | "-Lu, 17 19 ' 17 

J I ntir* SliHiftt i*M, 5'a ' 8 

• I'ri.vr {16 ■ 7 16 

| I 11 * hi f, aw 9-, ; 9 

1-iitit-HM.ieUtiie: gi- ' 9 

! VVa.ki-r Hn-.tn, .. 384 . 38 

W'p-L t ,t«., Iran- I V 4 | II 
j VV r-vluu 1 *e- . Z2ig | 22 

! 7 Bid. : A4-c4. I Traded. 

. U Ncv.- MPck. 


I I'r-rkiri hluiPr 274 

I IHw 334 

HI icll-i lAaljf... .. 207g 

1 ITulatKrifiliia 81 c 154 

| HhiliijMtim? 714 

I'hiilii*. Hein Tin 314 

l I’llMiurv 37 4 

! Hiliii-v-lL'ttf 23 

j filt-li.Hi 175g 


I’lrt'Uj' Ltd AUK 214 


ILI.H 302.36 309 


Inn. t lHti.,11 
I ml. Il*t t rli 


i'nlartiitl 

I'- •iiiilifc Kltv.... 
HI'. Indif trip-. 
i*it.-i^r 1 , amine. 


£3 Si 1 I ut.. Mn , a 1 In- nt 


lull M nil ill- -I 

lull. I*:i|«'i .... 
Ini .. l.'t- 1 ill. 1 . 
inn. I,-.. A If 
l.'tV* It"! I 


3S'i l HM- -pi. Kteei. 


J t/.MMcr fair. 

1 .a|,itt Vnierv*n. 
| 4i ■lira.'ti 

I I.A V 

i I.Vjutl.tit- -tcei... 
I K.ranl- Ini'....... 


] l ninisai 54 

ff *2 ' I nn. -i Koirtii: .. Sie 

j Li? iaaiK>.r|«, 274 

1 l'b r-inti 274 

ISSiiue 214 

7f-« j I S.?lcPI 21i3 

' 1 1,1 Itelm.tt.gfir- 38*1 
*■*- ,1* lialti-irtv... 1 234 
Ih;m«KM.... 14 

l® 4 * ; WaiurtHfi, 254 

2*** ; U'a.'la-'P-Muirai' 20 

, **", ,p :-V. •'>i,ii,ii.. 47 j ; 

1 £ . U'anier Lam en 24 
1 VVa-ii- Man iiu-iii 274 
“q-"® ; vt . iu-k*ij.. 264 

‘ IIHhii Unnr-Ti 24Aj 

• W.-irm A. 234 

J ttVhni l nr<n.. 1 *54 
234 1 L "-' *64 

144 WcVcrlneu-er. .. 254 

464 "Inr. I-* 181; 

Js7ig "Till,* I ml. i63ii 
23 «"> 

274 ! " » 


384 1 38 lg 
2.40 1 2 60 
all-. ; j :84 
3.60 J 3.70 
501? 504 

221 . . 221 * 
17.9 ; 17Vg 
8 'i 1 8 J 9 

16 ■ 116 
94 : 97g 

91 ; 1 94 

384 ■ 38 a, 
H 4 ! 114 
Z2ig ; 224 


EUROPEAN OPTIONS EXCHANGE 


Jan. 

voi. Last 


F.25 
F.27.50' 
F.30' 
P.32. so: 
F.70 
F.75’ 
F.400 
F.44CI 
S50' 
«60 
>70 
>25 
F. 140 
F.160 
F.35' 


- F.29 
4.80 
3.20 
2.60 

8.50 .F. 74.60 


10 .19.50 
10 7.80 


5.10 

'26,50 F.3BO 


24 >23 
— F. 146.50 


F.37.50 
F.4Q 
S240 
S260 
>280 
>300 
F.120 
F.130 
F.140 
F.150 
F.I60 
F-170 
F. 108.90 
F.11Q 


4 S 

30'r 

■11.50 F. 118.50 


F.22.50 
F.25 
F.sa 
>50 
F.520 
F.560 
F.120 
F.130 
F. 140 


10 35.40 
15 13.80 
27 6.50 

19 2 

2 . 0.60 


total volume in contracts 


BASE LENDING RATES 


A.B_N\ Bank l^i% 

Allied Irish Banks Lid. 

A/nro Bank 121% 

American Express Bk. 12! *V* 

A P Bank Ltd 1:^*5, 

Henry Ansbacher 12}",'t 

Associates Cap. Curp.... 121% 

Banco de Bilbao 12? 

Bank of Credit & Cmce. 12? % 

Bank of Cyprus 12!% 

Bank nr N.S.W 121 % 

Banque Beige Ltd. 12! % 
Banque du Rhone er dc 

la Tamise Sj\ 13 % 

Barclays Bank 122% 

Barnett Chrislie Ltd.... 13?% 
Bremar Holdings Ltd. 13? % 
Brit. Bank of Mid. East 12!% 

I Brown Shipley 12?% 

Canada Perm't Trust... 12]% 

Cayzer Ltd 121% 

Cedar Holdings 12?% 

I Charterhouse Japhet... 12i% 

Chgulartons 121% 

C. E. Coates 12] % 

Consolidated Credits... T2'% 

Cu-operativc Bank '121%, 

Corinthian Securities 121% 

Credit Lyonnais 12]%. 

Duncan Lawrie 12]% 

The Cyprus Popular Bk. 12!% 


Eagit Trust 124% 

English Transcont. ... 12?% 
First Nat. Fin. Corp. ... 14 % 
First Nat. Secs. Lid. ... 14 % 

: Antony Gibbs 12?% 

Greyhound Guaranty... 12?% 
Grind lays Bank 12? % 


■ Hambros Bank 121% 

■ Hill Samuel $12]% 

C. Haare & Co tl2J% 

-lulian S. Hodge 131%, 

Hongkong & Shanghai 12 ?% 
Industrial Bk. of Scot. 12?% 

Keyser Ullmann 12 ;% 

Knowsley & Co. Lid.... 14.'% 

Lloyds Book 12?% 

London Mercantile ... 12?% 
Edward Manscm i: Co. 13?% 
Midland Bank 12j% 

■ Samuel Montagu 12?% 

■ Morgan Grenfell rjj% 

National Westminster I2{% 
Norwich General Trust 12!% 

P. S. Refson & Co 12 <% 

Rossminsier 12?% 

Royal Bk. Canada Trust 12!% 
Schlesin?er Limited... 12! % 

E. $. Schwab 13*% 

Security Trust Co. Ltd. 131% 

Sbeniey Trust 14 % 

Standard Chartered ... 12?.% 

Trade Dev. Bank 32!% 

Trustee Savings Bank 12 !% 
Twentieth Century Bk. !"!% 
United Bank of Kuwait 12?% 
Whiten way La id law ... 13 % 
Williams & Glyns ... 12?% 
Yorkshire Bank 121% 

■ Members ol the Accepting Houses 
Committee. 

• 7-dov deposus 10«. 1 -month 

deposits 104‘, 

t 7-day deposits on sums of riP.QCQ 
and urdsr 1C4 up to £25,000 
104% *n a over £25.000 10V.,. 
t Call deposits over Cl 000 10%. 


down DM 2£Q and Daimler Benz 
off DM 1.50. Deutsche Bank re- 
ceded DM 2 and Bayerische 
Vereinsbank DM 3.40. Bayer shed 
DM 1.70 in Chemicals. Else- 
where. Afetallgeselscftaft receded 


303.70. , 

Concenr. about the possible 
effects on world stock markets of 


Doe. Dee- .Dac. | JJac. Dec. Dec. 

st 2S- 2Z ■'ret-, so is 


19/8.’ SlaoeCwppdggf t 
Btgh • . I am • 


jp® 

(P cl ! 


aS55ii«ti iBinnMti , 4-— i -g-mrt-MTHHiem. 

broker’s circular forecasting a 8 4.B3 m.bs m it I >fiz ssj 


significant rise in Hong Kong m- 


DMXBoSSj *Zpp ™ » to terest rates ?were factors under- 

exception, rising DM 2. mining sentiment. UHGtira. ! ss.Jtj saJl 87.7K 87.' 


Dealers said trading was ex- 
pected to remain uneventful to- 
day. while West German stock 
markets will be dosed tomorrow. 

Public Authority Bonds 
registered losses extending to 45 
pfennigs but also some gains 
ranging to 15 pfennigs. The 
Regulating Authorities sold a 
nominal DM 3.1m of paper, com- 
pared with sales of DM 13.2£n 
last Friday. Mark Foreign Loans 
were little changed. 


Among Blue Chips, Hongkong 
Bank lost 30. cents to HKS17.70, 
Hong Kong Land 15 cents to 
HK$"j 30 and Jardine Matheson 
20 cents to HKS1L90. # ' 
Hong Kong Electric retracted ' 
15 cents to HKS5.60, Hong Kong 
Telephone 30 cents to HKS27.10 
and Hong Kong Wharf SO cents 
to HK325.8Q. 

Rubber Trust lost 10 cents 


Ending »ol 

. oocr*t 


■TO ' 


7B8.8& 907.74 742.12 1567.70 4U2 

(8 19) iseigl iU/W2i 

85.S* M.65 •/— - f * 

' £4*1} (27/18) , • ■:* f- 

204S2 2S1M 138.31 BUI* J9i5’ 

<B fit (9/1 1 (7/2/W) 

87.77 110.® 37 JJ '!«« VIM,' 

” , <3/1) (20/12) . WWP8W8) 


-Aoi tit index ch&ogad from Artg. S4i' 


* Day’# bigb 815.H low 884JB7 


rmj-dir.jipMar 


Dav2£ - { "Deo. '16 


[ j <Y«*r ago approx _ 

5.07.- ;:i.; ’ 5.64. 


stAjtdasd ash poobb 


Paris 


board in a fairly active business 
despite news that French retail 
prices rose only 0.5 per cent in 


purchases. 

JinUne 


Securities eased 


per cent in October. 

Banks. Foods. Metals, Chemi- 
cals and Stores were the weakest 






Dee, 

Sec. 


47 

26 i 

t indiutmli 

1S7.8S 

tOS.Mj 

J Composite 

36.66 

97.63 


.'!07H J. _ film^Coinjdkrti 

High j Ltny ' Ltiw 


10B4.11M-84 TJ8J1 f 95212 ’ J54-64 3^5 

*■-.{. - - fl2/9j f (5^3) |U/lv73;kiO/6/32) 

ffl.5lT 84.71 84.88L*;«fl*hW.® J ;8$-» I75.S8 r?t.40- 

: : »- r j J ■ - , H-t.' : cWf 3 E) 


Johannesburg 


IndLdhr.yleMS 


sectors. 

Losses of more than 3 per cent 
were recorded by CodeteL BSN, 


Ind, J*(B H*do 


Gold shares were modestly 

firmer in quiet dealings. I — — — - 

Mining Financials and other j Gor * Bond jUbw. 


:• ; 5-? 1 

. 5.14 V. 

: a.55 ; 



Gascogne. Radar, Michelin, Per- Metals were mainly very quieL 
rier, Nouvelie Galeries, Prin- Messina,- in Coppers, gained 3 
temps. Prenatal. Sanlnes, Sacilor, cents to R 2 ^ 5 , . while in 
Belon, Glc-Eatu and Application- Diamonds. De Beers featured 
Gaz. with an advance of IS cents to 

Australia Industrials tended higher io 

Stocks were again inclined to a thin trade, with AMIC improv- 
move ahead, with the Sydney AJ1 ing io cents to R12.00 and Rcm- 


S.T.8-E. J 


_epaaioiL 


Dee. Dee. . Dee. Dee. 
*7 SO .82 21. 


■ Jitsw ■nd-PfcUH. - ’■ 

• i~Dec. tr 1 Dec. 26. pec. 


Australia 


Innn Tradetl— -- 1,943 -1,870 1,897 

Hiw, . 451 863 1.301 

- ^DJ7_ 585. '333 - 

- Uanhiineed.— — 45.5 .• 484 . 564- 

■ 5 - 31- 49 

Hew Ldkl..." 78 . . 60 . r - • 34 


Guinness Mahon 12'% % Demand deposits io\ 





Ordinary index rising 2.92 more 
lo 540.S9. 

Market leader BHP advanced 
18 cents to ASS.9S, still respond- 
ing to last week's report of the 
Fortes cue three oil discovery. 

In the Oils sector. Beach 
Petroleum put on' 2 cents to 61 
cents. 


brandt Group 12 cents to R3.85. 


KOSTREAL 


Amsterdam . 

The tnarket closed on a mixed 
note after slow trading. 

Dutch Internationals, however, 
were generally tower on a 
electing in the U.S. dollar, with 
Unilever losing El 0.60 and 


. High- ; 


IndustrikT 

Combine,! 


21B.82 216J4 214.S 
22244 2224S 220J 


215.22; 222.14 llD10)-[ ‘15230 


225.61 ( 12 / 10 ) 


llVS C v ‘ 

s'cHW-'ti 1 


TORONTO ConipMttA I 1266.6 32S8.5 1 1284.8} 12B8.6j 1SB2.7 10i. j -938.2^30/1) * 


JOHANNESBITR& 

tiokl 

lodustrtel 


249.1 231.1 
270 Si 2704. 


Among Banks. CBA gained 4 RoyaI jjotet fi° 1.40. 


Tn Ifnrif a “ d V * n O mnler «“ El 1-50. but 54029 I 657-97 666.76 j 411.19 

cents more at AS8.60. In Stores, p a khoerf out on Finn and j ffa9 )ii/Sr 

Myers Emporium firmed 3 cents Algemene Bank Fl L .Bdgium «n ^.93 j 91.73 idlib ».« 


1 >*o , Pie- , 1978 i 1972 
27 I vlona [ High to* 


"D'or.' V Pi*-: I-197& 1.-1973 
K j'vtuug i-Hto), (. JU,w -. 


to AS1.74, while elsewhere, 

Carlton United Brewery . . 

hardened 2 cents to AS1.65 and hardenM. 
CSR 5 cents to A83.30. ^ 

The Coal Minings sector had BHISSI 
Thiess 4 cents up and Utah 5 Shares • 


generally | Beninark/ M j saw 89.® j 


Brussels 


France Ctrl 76.6 | 77.7 -• Hg 

GonnanyC.*) 816.6 1 819.6 j 883^ 

. J '■ . (19/10 


Shares displayed a firmer ten- 1 njina <h>' ei -2 [ so.a ^ 


cents firmer, while Oak bridge put dency, although Steels were out 


(14/5) (3 0/1*3) 

85.0 47.6. 
(4/lOj (S/2i 
883^ 739.4 
(19/lOv (17/6) 

93.1 | 76M 
(llti) -mi 


Spain. 

Swedes:. 

Switserli 


■88.65 «aio; mra 87ia 
- • ' ■ (9/6) ‘ fl7/3>. 
384X8 364LS1 WUAO 3S.74 
■; r ■“ “ -'(4)8): - (3/i i 

290.1: SBSX . 233.7 • : SfLB 
r " -—4 4.(26/91 


on 3 cents to A$1.65. 


Among companies engaged in 20 to BFr 734. 


of favour, .Hainaut-Sambre losing f Hon S > 


■Dec: tS53; . S5 Aiirewn&m Industrial 
1 970. ? . Hang. •*"• Seng '.Bank .-31 /7/€4. ; 

HD Banco. Commercialtf ttaluhe "1972. 
e Tokyo. New SF 4/1/68. ’Ti Straits 
Times "1966. c dosed.- -tt-MsdHd ' SE - 
30/12/77. e Stockholm Industrial !l/l/5a 


1 503.70 611.36 , 707.70 383.4 - 30/12/77. e StocIHiolm Industrial :i/l/S8. 
, 1 (4/9)110/41 /Swiss. Bank Corporation. . -a Uoavail- 

Vliu 63-76 ! 89-10 1 «»j«. ' ' ■Mel . :" - 


diamond exploration. CRA stood Non-Ferrous 


82Jb*t bejtb 
(25/fl) I (10/1/ 

lAPHtll.tAAM 


out with an advance of 10 cents Hoboken up 35 at BFr 2,505. Japan («i 4*7.36 443 .M l * 6 E.eo 3 fl 4 J» 
at AS3.60, while Spargos Explora- Chemicals also performed well, 34B )« ; gj ,40*1® tezo 

lion gained 2 cents at 28 cents, with Gevaert closing 24 up at "“•**"*" . ‘ ’ < 8 / 9 ).| prli 

In Uraniums, however. Pan- BFr 1.430. Among Holdings “ ■ : 


WEDNESDAY’S AcnVE STOCKS 


routinental receded 20 cents to 
AS9.60. 


i^ei-c.p,b. ,tap*v«i as to j^*j3jr»sfSiSS«^ asas-'sK.^ 

BFr 1,058. Oils were Strong, 50; Standards and Poors — 10; an d Eastman Kodak 21 000 


• .traded 
Chryslw 322,500 


= ' -" -Cfrsnus 

- ; Stocks -Oosing- ■ on' 


Hong Kong 

Market turned easier in idle 
trading conditions. leaving the 


PcLrofina rising 40 to BFr 3^30. ] Totonw 300~1.000 : : that last : nanmd Sears Roebuck 212,900 

i based on 1975). t Excluding, bonds. Uniraytt- 194,200 

t'400 Industrials.- S 400 industrials. 40 IBM - — 130.000 

Utilities. 40 Finance' and 20 Transport. Sony .1.. 1B8JDO 


Switzerland 

Firmer -inclined 


Hang Seng index 7.66 down at moderate activity. 


TOKYO 1 


Utilities. 40 Finance' and 20 Ttanaoort. Sony -. 

1 Sydney All Ordinary. H. Balden - SE Exxon 

fOUOWmg 31/12/63. ** Copenhagen SE ; 1/T/73. Fenri Cent." " 

tt Paris Bourse 1961.' « -Commerzbank - Texaco - 


puce .day 
«!» vf«. 

• :ts>, ■ v-i, 
gar. 

_.3V- •• ff 

302?. . ’ i- 6 1 , 
-■ 8 l . ■ 

-40^ -1+1. 
1B». rrh 

2*^- i-l. 


i:*v :i n 
m. L THR 


GERMANY ♦ 


AUSTRALIA 


BRAZIL 



AMSTERDAM 

I I'ruT 1 + nr O’l*. JYm 
1W. 27 1 FI*. I — l ‘i I t 


110 | * i l*IB 4.B 

.1 L— • (Fl.Sn ....I 29 -0.1 — - Met-twrf’Ctj -™e-®i5 

.V t,-ii. Hu k i Fl.liM’ 1 S72 +1 .v2ii 6.4 K-wpto Nm 3.060 

VUKV «H.»* .. . 90 —0.6 SO 5.6 (nnuUm 'Z.620 

\',mri*.nk iKi.2Ui 7+6 -0.3 A24* 6.4 J****"*;--; .J-430 

88.5-0 5 2b 5.9 UnLlBhu L) ,L640 

i<,.Ui1V-in. |R0> 118 - 1 »80 6.8 Hi***«. ?'a?5 

ltnliTiii* Twl^n»Us; 71.9-0.1 I 26 7.3 J-BeO 

KN.-ner iK).2Pi .... 287.5 — 1.5(27.6 1.9 Knrtlictlxuih r7.030 

Kniiw N.V.limn'r 140.5 Alii 6.3 le Kovak- ttelfpr— ' 6.100 

hi.rl niiil -Mri.ICn; 70.4 94.5 5.0 Hun Hnl.llmr- 2.740 

i.|.t*IUr.<-*.lc*,Fll 36.6 20 5.7 Heirtthn* 3.230 


6.4 
5.6 
6.4 
« . 5.9 
»80 6.8 


l.|.lalUrt<'*<lc«< FI 

HtUn-kea i Kl .2>i. 


Ariietl '2.0S0 '—30 , — — 

berket 12.600 I >1X6 4.5 

C.B.K. Cement.. ..1 1.000 ! 100 10.0 

L'o'luinii ; 439 1+ IS | — - 

FBK6 2.380 ' 177 7.4 

Klfutiwhcii — 6.810x1 +60 430 6.3 

FHitnifiie 3.060 .. ...10 J 5.6 

fl.H. Inaullm *2.620 +20 [luO 6.0 

(tevnert _.... 1.430 +24 86 6.0 

MILtUnu U 1 1.640 90 6.4 

HiXoUen 2.505 +3B 170 6.8 

In ten?' in... 1.860 *142 7.5 

Kivlictlxuih 7.030 +10 |29u 4.1 

Ui Knvalv BcIkd- 6.100 «32S 5.3 

Hsn Hnliilrur* 2.740 U2.45 2.8 

Petr..Hn* 3.250 +40 1BU 5.6 

Sue. Urti. Mimin’ 3.200 i— 25 I2U4 6.4 


Kinross . 5,70 

Kteof 11.10 

Huston burg Platinum 2.08 

li: - - -.-- i15.75 

South vbs) 9.40 

Gold Fields SA .1 t25.25 

Union Corpn 5 , 6 g 

De Bests Pre/errad 8^3 

BlyvooruitziOn - c.68 

East Hand Pty -46-00 

Free State Geduld 130.00 

President Brand 17.50 

President Steyn „ >w , u.oq 

Snlfontein 6.55 

Weikom — . , 5^70 ' 

-West DrieFonrein . . ... 49,25 
Western Holdings 134.00 

Waststn Deep 16.40' 

INDUSTRIALS 

1.35 



'Price I + . 


HiMpHiiit (K1.2o)l 
HiiiiIi.t |l. (KI.IUUi! 
K.I..V|.,FI.1<10,. ... 
Ini. Mi'll.-r |KJ.2T'> 


36.6 I 20 5.7 Petr. .Him 3.230 +40 18U 

95 —1.8 I 14 I 3.7 Sue. Urn. Mnque 3.200 l— 25 |2 u4 

waj,,, _ , site.ileo. Belue.. 3.020 +15 14u 
eiT. i t •> c 1 3.320 -25 215 


34.9-0.41 — | - 

22.5 ' 1.2 ! 5.3 

118 -3 I *3 j 2.5 
48.3’ + 0.8! 19 7.8 


leHva^ ...... 2.460 -15 Ar.lD 8.5 


.Nnt.Nc.lln*! Fl.IGi 109.6’+0.6 4B 4.4 
.Nnlt.ro.IHhiFI.20n 56.5-0.3 21 7.4 

.Nci Xll.l lll,FI.7ti, 200 1+0.5 22 5.5 

O.v (Fl.SOi j 165.51-0.7 j 36 4.3 

riflKAI I K 1.10) 1 30.4J + 0.1 I 23 I 7.6 

Vm Omnimn. ..: 149.5 —1.5 — — 

Pj*lrJ>'*«J /Kl.20; . . 47.d + J. 1 1 1 

Chilli- tKl.lOl 24.4*ll— 0.3 

JlinSrhVi'rfFI.lOOi 57.6'+ 1 
(FI.6JI.... 163.6 +1.3 

RuIIihi. IFIA)',.... 126 +1.9 
l?'*rejir..(F|60)., 122.4j+0.1 

]/i,\hI[>iii<-|iiFI. 20< 120. 9j— 1 .4 

tylMcnl'iiru. > 238 J— 0.2 

T.tk.v.t Hnr. Ill.tr.S 125 1 


Icsctluu blerl .... 2.780 

MW 1.200 

L'nlfui. (UlOi 702 


170 

+ 10 — 

+ 2 Sbl 


Palrh'iitJ /V1.2D;...! 
Chilli- tKl.lOl ] 


VietliL’ UitotegneJ 1,615 i+5 I — I — 


z SWITZERLAND * 


Chili!- tKl.lOl ] 24.4*11—0.3 

JljnSrhVi'rfFI.UOi 57.6'+ 1 
K^n+i. (FI.6JI.... 163.6 +1.3 

RuIIihi. IFIA)',.... 126 +1.9 
]{iirejii<'(F|.60L... 122.4j+0.1 
KiisulCnn ilii Fl.2l> 120. 9j— 1 .4 

tylMcnl'iiru. > 238 J— 0.2 

T«'h v.i l*«r, 1 1 l.lr. S| 125 [—1 
I'nitHii-r IFI.20I.J 120.6-0.6 

Vlton^ I/i» i 38.9; + 0.2 

Wi+I. Lit. Hyi.'hl 411 — 2 


!«aisc 


Jn-tiuet. Borer 



WOO :?— 10 


0 m»iv. 1 — 

r 73.0- -C 

L6i .7^ 

J . 

31a :s 

i 7.5 



Securities Rahd U:S40,65 
. (Discount of 4315%) 


SPAIN V ’ ■ ■ 

. ’ t — ;'*• * f 

Dac. 27.“-- - ■ 

Her cent. 


Banco Bilbao- 
B. 'Allentico-fl.OOOi 
Baiwd Central 

.Bancp.Exterlqr 

Banco General 

Bsnco Granada {1.000} 143 
Banco Hispano 231 


Bt..{1.0C0).1fi7 


296^0-2,0 f 


13.75 -0,7a 


0J5 


Iberdti era 


3 
1 

68- -+2 
358 j +2 



















































* t"' • *. “ v +yi ,: . •■*.'. 1 . * ' •' 1 

.• " . ^feday . Decemter 28 1978 

viSS!!^ RAW MATERIALS and AGRICULTURE 


output rise 


. : WASHmG^^^,m>tton : f. ; • .-; ~ = •’ -^T T 

“WARDS, .COMMODITIES EDITOR 

the 1929 crop tttieeligibki-foT • 

die price support payments^tfm LEAD. PRICES jumped, on the 
tfcS. > AgTiculSire.;' J 3>epart2iieit London : Metal ; Exchange y ester- 


jueaa prices jump alter 
fire hits German refinery 


said yesterday. ■ ■ •■;;• 

- .'The Department said the final 


day following news oT a-fire 
closing down a big fead'jdpier 


: target prifiie ^Ptie 1979 upland owned by Metallgesellsdirft. in 
cotton crop wQi be announced West Germany. 
later. But ' based <m- December Cash lead gained. J122S to 
i esHmateapfideW aodjiroduc- J* 42 ^ tome, only jost/bdow 
lirice .would be the all-time peak of *. £443 
57.7. cents 7 per pound compared ^eaebed at the beginnings ’ th e 
- with 52 ; 6aiits:&r,tMll978 crop, flooath. .-■::■■■■ . 

Bapert'Ctofler;' -acting sec- Aspofcesman for MetaHgesell- 
retejy of: agricUltsre,vpointed . schaffc. said., a • fire over. . the 
out . that' - cottons -stocks « nest Christmas ‘ holiday . had ' halted 
August l are.jexpected to be no production at the company's 
higher- hales land a' Etasfeld Hammer lead-refining 
stoelt leveL^'.at>aut-4*5DT bales plant near Aachen. Production 
is . generally • . ^ruddered . de- is planned to resume id mid- 

ffJinKla '- . t-? - - V Tanuartr hut imI. 


LONDON 
CASH METAL 

S O N D 

1978 


.stable. :.-:': .^ ; . January but only after. exten- I 1978 

*U&'- [consomption has im- sive plant reconstruction^ 
proved- In recent -months . and * .The plant has an annual' pro- , , , . . 

export demand remains strong duetton capacity of : 120,000 ijjHf overshadowed 
and Is expected to remain so in tonnes of lead. .. Metallgesellschaft fire. 

1979-80 ■ due to -relatively low -This setback to a major lead So was news that 
overseas- Stocks, he added. refining plant could - :hardly Glover plant in 

. A set-aside or diversion pro- have come at a worst tipxe for apparently resumed o; 
gra m me. . Coupled . with bad the market Several smelters m ' er the weekend aftei 


gra m me. . Coupled . with bad the market Several smelters 
weather, could result In tight have already , been = forced to 
supplies apd further reduction close down temporarily^ and 


pletely overshadowed by the 
Metallgesellschaft fire. 

So was news that Asarco’s 
Glover plant in Missouri 
apparently resumed operations 


a much more subdued note. 
Copper stocks rose for the first 
time since November. However, 
the rise of 2,375 tonnes increas- 
ing total LME warehouse hold- 
ings to 376,375 tonnes was only 
slightly above market expecta- 
tions and, therefore, had little 
impact on prices. 

Cash wirebars closed only 
£2.25 down at £774.5 a tonne, 
widening the gap again with the 
three-month quotation that lost 
£0.25 to £787. 

Tin prices fell fainly on the 
influence of the stronger tone of 
sterling. Although the Penang 
market was marginally higher 
over the holiday period, the rise 
was more than offset by the 
increased value of the £. 

As expected stocks of tin were 
slightly down, f alling by 60 . 
tinnes to a total of 1,625 ronnes. j 
Standard grade cash tin closed 
£85 lower at £6,842.5 a tonnes. 


over ‘ weekend after the fur- £90 above the three months 


in cotton supplies, resulting in 
higher prices and a , reduction in 
cotton use in. the Jong term. - 
, neuter. 


operate below caparity. because 
of a shortage of concentrates. 

There is a shortage of -good 
quality brands, and- LME -ware- 


nace had been shut down last 
week for the third lime this 
month. 

At these high prices it can be 
expected that fresh supplies, 
particularly of scrap lead, will 


quotation that fell £72.5 to 
£6,752.5 a tonnes. 

Zinc was boosted by the rise 
in lead and the cash price 
gained £5.75 to £348.5 a tonne. 
This was despite a rise of 3,225 


house stocks have faHexLsharply be- attracted to the market But tonnes in stocks raising total 


tins year from a peak of 69,450 scrap production is at a low holdings to 70,725 tonnes, 
m Februazy to the presenttotal ebb at present, and there is also It was confirmed yesterday 
or- only 16,025 tonnes — the the possibility of the Soviet that trading in cash aluminium 
iQvf 5 * * eve ^ sine® November Union and Japan resuming buy- futures will start tomorrow, 

a ^ ter tfieir recent with- when the first stocks figures will 
Yesterday’s stocks fail ‘.of 450 drawal from the market. be issued. According to Reuter, 


1974. 

Yesterday’s stocks ftflPSf 450 
tonnes was, however, in line 
with expectations and was com- 


SWISS CUT PRICE 
OF CHOCOLATE 

. ■ BERNER— Swiss - chocolate 
makers are cutting the cost of 
chocolate : next month because 
the costs of imported cocoa 
stablised during 1978. - 

The Swiss Chocolate Industry 
Convention, comprising the 
country’s leading manufacturers, 

said in si statement there had -IT’ 

been a- slight earing of raw I I ^ ii7nA< 
material corisrince the tmpre- vVIlCTd 

eedehted increase in 1977. TfUVI 

In Accra 1 the. .Ghana Cocoa 

Marketing Board said purchases OUR COMMODITIES STAFF 

in. the .eleventh and twelfth '-*•'/ 

weeks of the 1978/79 . season AMERICAN FARMERS boosted 
ending^ D^eniber -^l ^and 28 plantings of winter wheat this 

ZELSES' 9 ^ ' year by 8 per could 

^Ttns br&s'the cumulative PF odu “ a crop- 15 per cent 

total so fair tiiis Season to ? lgger ^ an T , “ t season, attord- 

191235 tonnes. mg to the U.S. Department of 

Agriculture. r 


holdings to 70,725 tonnes. 

It was confirmed yesterday 


drawal from the market. be issued. According to Reuter, 

Other metals resumed trading trade sources estimate present 
after the Christmas holiday on holdings at around 5,000 tonnes. 


U.S. wheat plantings increase 


MERICAN FARMERS boosted ditions Jn the next six months, 
antings of winter wheat this But the Department said that 
ar by 8 per cent and could on December 1 the crop was in 
■oduce a crop 15 per cent t0 £°° d ” condition, and 

gger than last season^ accord- e increased plantings should 
g to the U.S. Department of a bigger harvest 

piculture V V Tbe nse in Plantings has been 

_ _ encouraged ■ by higher prices. 

The. Department said "plant- despite the huge world surplus 
ings of winter wheat in the o£ wheat The U.S. Govem- 
u.s. rose to 51.5m acres this menfs reserve programme 
autumn, compared with ,47.7m enables farmers to store grain 


last year. It forecast- that f or U p to three years, keeping it 
average yields would rise .to 28 from depressing the market. 


btishels an acre against , the 
poor yield of 26.2 a year ago 
and as a result the crop would 
rise to L44bn bushels. Winter 


Average prices are currently 
at $3.05 a bushel compared with 
$2.46 a year ago. 

Meanwhile Reuter reported 


Agency said the total figure 
fell short of the official target 
due to a severe drought 

It added that this year's pro- 
duction of cotton, oilseeds, jute, 
tea and tobacco was also higher. 
8 ON 84 

In Manila it was announced 
the Philippines will have 
260.000 tonnes of rice for export 
by the end of June next year. 

Mr. Arturo Tanco, Agriculture 
Minister, said the exportable 
surplus will consist of nearly 


Call for tax 
on livestock 
exports 

By Opr Commodities Staff 

THE MEAT and Livestock 
Commission has made a re- 
newed attempt to boost its 
Income, asking the Govern- 
ment to double the levy 
farmers pay on sheep 
slaughterings and to 
authorise the collection of a 
levy on all exports of live- 
stock. 

It is estimated that 
doubling the sheep levy fgom 
8p to 16p a head would bring 
in .about £960,000 extra in- 
come for the commission, 
although half would have to 
go for sales promotion and 
advertising. 

A levy on exports of cattle, 
sheep and pigs would earn 
about £60,000 a year for the 
commission, which acts as the 
meat industry’s main advisory 
and market monitoring 
service. 

The MIC made the applica- 
tion to the Government after 
meetings with representatives 
from all sides of* the industry. 
Only a few are happy with 
the proposals and con- 
siderable opposition is ex- 
pected. 

The National Farmers' 
Union, for example. Is be- 
lieved to accept that some 
Increase is needed but says 
doubling the sheep levy is 
too big a step. 

Other sectors of the in- 
dustry are happy to approve 
any increases for promotion 
but fiercely oppose any help 
for the MLCs main services. 

Mr. Wally Johnstone, the 
chairman, warned recently 
that the commission was head- 
ing for a £500,000 deficit this 
year. While it might be able 
to. stand sneh losses for one . 
year, the organisation would 
not be ‘ able to tolerate any 
repetition. 


NZ DAIRY INDUSTRY 




Australian threat 
to cheese trade 


BY DAI HAYWARD 

DESPITE strenuous efforts to the profitability of 0ie industry, able to even modest increases 
find new customers for its The manufacturing restric- in “PPlY- New Zealand is eon- 
cheese. New Zealand has still +10 n has been cost iv f or New cerned that Australian policy 
not made up for the loss of the Zealand. Now the dairy industry wiJ l u P set these markets and 
British Market ; c both countries will suffer. 


nusn marKCT. is alarmed at efforts in 

Now it is worried that Aus- Australia to place a SA200 per 
aliau policy could upset the tonne duty on cheese imports, 
ternational cheese market and This would further hit New 
rther hit New Zealand's Zealand, 
iportant industry. The Dairy Boar(J is con . 


tralfan policy could upset the 
International cheese market and 
further hit New Zealand's 
important industry. 

The UK used to take 73,000 
tonnes of New Zealand cheese. 
From 1973 this was reduced by 
15,000 tonnes a year until 1978 
when no NZ cheese at all was 
permitted into Britain. None 
will go in 1979 either, although 


{q both countries will suffer. 

... The NZ board has suggested, 
arts the Australian government 
New should review its present sup- 
port system where domestic 
prices for Australian cheese are. 
con- se t | 0 finance lower priced'. 


cerned that Australia is now exports. Cheese manufacture in 
emulating the EEC and believes Australia is encouraged and the 
its action could have a similar jjz Dairy board believes this 
disastrous effect on the inter- creates a dangerous situation for 


national cheese market. The tlle cheese exports of both 
Board would like the countries. 

Australians to consider a joint j{ could even lead to a col-- 
ternational marketing policy lapse of international cheese 
t cheese. nrices say New Zealand’s dairy. 

J.J. industry leaders. 

l.nfnnetinoi! *•* Dy fostering production and. 

* inhibiting consumption ther 1 

The international cheese trade Australian policy threatens a 
about 500,000 tonnes a year, serious spili-over of Australian 
dustrialised countries of the cheese into a very restricted 


exports 


current trade negotiations may international marketing policy 
provide limited access. . for cheese. 

New Zealand cheese pro due- .. .. 

tion is now restricted. Factories v^OUlDCtltlOD 
are not allowed to manufacture “ 

to their former capacity because The international cheese trade 
no alternative market has yet is about 500,000 tonnes a year. 


been found for all the cheese Industrialised countries of the 
sales lost to Britain. northern hemisphere take 


The NZ Dairy Board has 
waged a vigorous campaign in 
all in ternational markets to win 
new sales during the past five 
years. As a result it has 
increased exports to other 
markets by 35,000 tonnes. 

It has also persuaded New 


northern hemisphere take international market. This; 
350,000 tonnes of this but have could lead to a collapse in 


restrictions on imports. 

This leaves a market for be- 


prices causing serious damage 
to the NZ cheese industry 


tween 100,000 and 150,000 which is dependent almost 
tonnes a year for open compe- entirely on exports." says the. 
tition among the cheese produc- NZ dairy board. 


mg countries. 

Much of the demand is for 


Zealanders to eat more cheese, varieties of cheese not yet made 
boosting home consumption by in any volume in New Zealand 


NZ has been making its views - 
known to Australian govern- 
ment officials and. also stressing- 


73 per cent and putting an addi- or Australia. This means a 
tional 10,000 tonnes on the New large proportion of Australian 


in any volume in New Zealand how an industry vital to NZ*s‘ 
or Australia. This means a economy, which has still not 
large proportion of Australian recovered from its expulsion 


Zealand market 
leaves a shortfall 


still and New Zealand exports 


from the British market, can- 


compressed into a narrow sector not afford any further restrict 


tonnes which obviously affected where prices are highly vulner- tions on sales to Australia 


West Country farm incomes rise 


. BY OUR COMMODITIES STAFF 

INCOMES ON West Country creases and reduced consump- 
farms rose by more than 30 per tion. 

cent last year while costs went Fixed costs, on the other 
up by only 10 per cent, accord- 'hand, rose 15 per cent. Labour 
ing to the Exeter University charges went up 10 per cent but 


creases and reduced consump- Other fixed costs — rent and 
tion. rates and general farm over- 

Fixed costs, on the other heads— rose by 17 per cent and 
hand, rose 15 per cent. Labour 14 per cent respectively, 
charges went up 10 per cent but Fixed costs have assumed a 
machinery charges, boosted by position of considerable impor- 


BRAZIL COFFEE In a sample of almost 300 

farms, mostly in grassland and 
DEMAND DOWN concentrating mainly on dairy 
^ production, net farm incomes 

RIO DE JANEIRO — The. increased from £100 to £131 a “-ems* 1 by 23 per cent overall. 

Brazilian coffee roasting and hectare during 1977-78. Net in- 
grinding industry association, come is the sum providing a 


agricultural economics unit. machinery charges, boosted by position of consiaerame unpor- 

r_ _ a combination of a 20 per cent tance in the cost structure of 

and rise in the fuel price index and farms in recent years. They now 
farms, mostly in grassland and ^ pgj. cen t jump in agricul- account for 42 per cent of total- 
concentrating mainly on dairy » " ™ costs and absorb 58 ner cent 


costs and absorb 58 per cent 
of the total gross margin 


ABIC, said it estimates domestic 
coffee consumption in 1978 fell 


reasonable wage to the farmer 
for his manual work, a mana- 


More milk sold for butter 


140.000 tonnes carryover stock *° around 6.8m. 60-kilo bags from gerial salary and the return on THERE WAS a further surge in and the amount diverted into the 


and nearly 130,000 tonnes from 
the current crop. 


7m in 1977. 

Walter Pierrot, 


tenant’s capital employed. 


the quantity of milk going into creameries rose 152 per cent. 


association An increase in variable costs cheese and butter manufacture 


wheat accounts for about 75. per f rom Hong Kong yesterday that 
eent of total U.S. wheat-'-pro- china has harvested about 295m 
ductlon. .. ... m f ... tonnes of. grain so far this year. 

The eventual size of the crop an increase of 10m tonnes above 
is dependent on weather Am- last year. The New China News 


The surplus in the current president, said the decline was of only 6 per cent was the last month. 


production 

devastation 


despite 


a little surprising since there smallest for some years. Spend- 


Tbe board says the small re- 
duction in liquid sales is “ really 


of had been no retail price increase 


protein 


The Milk Marketing Board's quite remarkable in view of the 
latest report shows sales off retail price rise on November 5.” 


tonnes of. grain so far this year, typhoons over rice-growing areas . so. far this year. The assoeda- animal feeds, in particular, went farms went up 5.8 per cent com- Overall fall for the April-ti* 


during the second-half of this tion was hoping for a rise to up only 1 per cent— reflecting 


about 7.5m bags. 


a combination of low price in- liquid sales dropped 0.9 per cent so far. 


November 1977, March dairy year is 1.6 per cent 


COMMODITY MARKET REPORTS AND PRICES 

1 PiPP "BitTyr A T O wa’rBhouM utocka and hedge selling Amalgamated Metal Trading rej 

- JDAaJC JrUllAJLa . pushed the pries down to OT6. A that in t he morning cash w« 


Amalgamated Metal Trading reported 304. 04.1. 03.9. 04. Kerbs: Three 69.26, nils (68.01 nils). Grain sorghum: May 356.5, 357.5, 357.0. 357.0, 1; July 

at in the morning esah wirebars months 303.8, 03.7, 03.B. 79.92, nils (78.84 nils). Flour lavies: 360.5, 381.5, nil, nil; Oct. 363.2. 363.8. 9 


PRICE CHANGES 

Price in tonnes unless otherwise 


0«Ui_>....773i-4.a-2.76 774-5 -2.2S 3 monthsj 6765-7S -70 l 

a nwnOiB.:- Y8B-.5 1 ^1. ' 786.6 -7 JS —JIB Settlem't. 6B30 U-1B0, 

SeWm.iW 774.6 -18 r — ...... Standard : 

OathodeaJ ■ » ■ j Ctah- 6820-5 ! — las! 6840-48 SB 

Gish 1758.5-0.5+2.5 , 758-60 +SLS A months 6735-40 -67.5 6750-55 -7SLB 

3 mtnUhsj' 775.5-6 +2.76' 774-6 +1 Setttem't. 6825 J — IDS' — I ...... 

SettTm,nt{ ^59.5 ' +Z5 — . Straits. JS. ;B1781 +fi 1 — ! ..._. 

D.8. flmtj — «72 Jiew York* . — I 


- juMujrju JTAJUJt^mjLAj . pushed the pries down to £7B6. A that in the morning cash wirebars months 303.8, 03.7, 03.8. 

i\ - copppb— KU nMW «**W mi Hie Lon- higher Co max opening caused a rally traded at £775, 74.5. 74. three months 

"was g7s’? 5 i7B cocoa 

: bars had marterf -at f7B8 advanced tn London tell away to dosa on the Kerb t//3. 75. 5, 76 . Kart». wire oar* mree 

•'£790 and then retreated' The rise in Bt £788.25. Turnover 23,600 tonnaa. months £787, 86.5. ®7i_^^Cf2 l0 22 : * n lra ding conditions cocoa 

M rerraateg. me nsa m , t _ . Wirebars three months £787. 87.5. 89. prices ga-ned D0-S25 on the day reBect- 

f *-m. or: jun. t+ or I a."nj. H* or] p.m. Hr 88.5. 88. H7. 5. B7 . Kerbs: Wirebars mg renewed short covering, reported 

- COFPfflH Official — | Unofficial — . TIN Official ! — 'Unofficial I — three months £787. 86.5, 86. 86.5. Gill and Dulfus. 

- ~ - , ■ • — —2 — — ; : T \- : — — ’ ; \ TIN— lower with forward metsl surt- vWcnuicV Burinm - 

f £ Ifi £ £ High Grade « ; £ I £ I £ .ing at £6,800 because of the strength TJ. i Uona 

',WixvW ■■ I ' 1 - OT:™..! 689W0 -126! 6840^45 -107* - of starling, despite a net rise in the ^ ^ Uv* ] - \ Uona 

■ Cesh_,_....773^-4,a-SL75 774-5 -2.26 3 monthej 6765-75 —70 1 6785-45 — BD East over the weekend. Hedge selling , 

-a *mi£hs.J- ! 78B^5 , -.l ; 786.5-7JS -^6 Scctlem't. .6850 1—130, — against Eastern Intake and some stop- £| 1925 0.24 D 1+20 5 1920 0-12.0 

SeWm,^ 774.6 ;-W r - Standard • f ! ioss seljing esused s decline to C6.730 iJza'.O 

n-rt-a-T ..... 'Sh- 6820-5 6840-45 J -85 . but- buying at the lower IsvalB allowed Jll|V 2MO.O-Mn.O + 18.0 2MB.M889 

Booths 6738-4O'-07J>_ 6750-55 -72.5 « ^o»e on the Kerb of £6.750. Turnover Jat| ; v ^...annj-12.0 1+9.0 -.026.0-2005 


In thin trading conditions cocoa 


Yet.len toy's; -r Hr ■ Business 
i. lObC — ! Ilona 


79.92, nils (78.84 nils). Flour lavias: 360.5, 381.5, nil, nil: Oct. 363.2. 363.8. 
Wheat or. mtaed wheat and rye flour nil. nil: Dec. 367.0, 368.0, nil. nil; March 
127.96 (125.86). Rye flour: 131.89 370.5, 371.0. nil. nil; MBy 372.0. 373.5. 
(130J28). nil. nil. Sales: 1. 


Dec. 27 M" or Uaalh 
1973 — sm. 


j — j »£0 


(130J8). nil. nil. Seles: 1. — j 

NEW ZEALAND CROSSBREDS— Close I 

n V mnr-n (In order buyer, seller). Dec. 184.0, 1 i ~ 

KtUJtSISJbK 190 -°; Morch 183A 18a.O: May 185.0, 

QUIET opening on the London Jgjxte Dec? iw!b?' 1W0?' March iMo’ Aliuniainm |£710 £710 

, ma>fcB1 - Easier throughoutjhe 198 0; May 133 _ 0> 19e 5' Sa | Ba . njl ; * Ihw martet low . l SI.-2Ml®° 


3 monthej 6765-75 -70 i 6785-45 -M 
Settlern't. 6830 1—180, — 

Standard s ! 

CjuIi.. 6820-5 —106' 6840-40'— 85 


„ 1^10 tonnes. 


-.-u mire; EillBO-SD.O [+6.0 2050.62018 

70/? in to C in 3 vi In' t"- 1 '' 20 \0 0-12.5 1+4.25 2025.0 2006 

Itirw monthfl £6.790. BO. 70, BO, 50. GO, ii»p,.n oniniRii j. 1 1 ! A 9tllRfl 9MI4 

65. 80. 50, 40, 30. 35, 40. High Grade +J5-0 201 6.0-2004 


day closing, uncertain. Lewis and Peai 
reponed the Malaysian go-down price 
wes 239^ (238) cents a kilo (buyer, 
January). 

So. ! Vesierday’J Prerioua Uii«iim*ii 

Chne Clow Done 


198:o- : May 193.0.' 138.6: Sales: nil.' * 

MEAT/VEGETABLES E§?jSiSS 

SMITHFIELD— Pence per pound. Beef: A muntlis do, d».X775 !+ 2 £762.75 

Scottish killed Sides 56.0 to 59.0. Gold .Troy ■*- 6222. 625, + 6.26 ? 200-625 

Veal: Dutch hinds and ends 96.0 to Lee-1 c**h £442 [+12X5 £396.5 

100.0. i nmnths '£«Q3.B25'+ 5.876 £286.26 

Lamb: English small 48.0 to 62.0, Nickel I t | ' 2 


Feb ; 68.00-68.06 - 


Lamh: English small 48.0 to 62.0, Nickel I t 1 2 

medium 50.0 to 58.0, heavy 46.0 to 62.0. Free MarkeUriOtll-iS 1.64 181.6B 

Scottish medium 50.0 to 56.0,- heavy I 1.76 J [ 1.82 


LG. Index Limited 01-351 3466. Three months Silver 3 02.4-3 OJ 
29 Lament Road, London SW10 OHS. ' 

L- TOx-free trading on commodity futures. 

-2. The commodity futures market for the smaller investor. 


T” —————7—— — ^ 7— ^^0 months £6,700. Kerbs: Standard 

Tine months Silver 302.M05.tl msSK^moTPS 


standard three months EB.740. 45. 40, (|i.s. cents per pound): D 
45. 50. 55. Kerbs: Standard three fo? Dec. 22: 173.80 I174.BB): 


_ , _ Mu. 6B.8M8.aa 68-Z6-68.M 60.40-68.80 4g.Q to B2.D. . - , , 

Sales: 3,187 (3,674) lots oMO tonnas. A iir- Jae eD.«6-B0J«r 6UD-81- 16 61.46-60.45 Poi*- English undar IOO lb 36 5 -lb „ • I „ L„„ 

Irrtemational Cocoa Organisation Jy-Sepr. 82.70-82.76 83,55-65.48 M.60-82.76 45^100-1M lb 36.5 m 13MM lb PhthWM tMr «*•••£ 166 £14| 

^S. cents per pound): Daily .pnee i.N.+-D« 96. K- 06- Iff fl8.'B64S.7D B6.8046JB T5.0 to 42.0. ' " Free.Mukot.. — £171.88 -a 1 ^168.3 


m ?2?£ ^r 750 - 55 ■ , price for Dec. 27: 15-day average 17B.95 ait- J ue BB.75.89.80i 70.60-70.55 70.80 

• LEAD — Firm on news of a fire at a (179.52': 22-day * average 181.55 Jv-^'epc. 72.15-72.2S; 72. B- 72. 70 — 

Metal Igesellacha It amelter. The beck- (182.06). Oct. Dec 74.60-74 J&j 76.06-76.10 74.70 


Indicator Jwi-Marl 67.3647^(0; 87.96-BBJffi 


wards tion widened and this helped the 
forward price to rise. After starting at 
£403- £405 in a quiet pre-market there 


COFFEE 


Seles: 19 Iota of 5 ronnes. 154 (66) 
lota ol 15 lonnea. 

Physical closing prices (buyers) 


stock prices at representative markets 1«B5 4Sn — l xIIos^d 3 

on weak-ending December 23. OB iinl’ilEZno ?i«"2 P 

cattle 70.53p per kg. |.w. (-1.14): BoStlSa B mR 

UK sheep 134.1 p per kg. ust. d.c.w. T, ?“' h T-' ftj ■fifi; “|"^ 5 -S'SS 

1 + 151' GB Dios 62_2n oer ka Iw 3 months- £6.7aL5 — 72.5£7,4B5 

(-3:;!: &gi^ Wr-rfS! 


wae a steady advance 10 0 day's high robUSTA colfca luturee opened £30- ww«^ a 55l.. fS, r i c *T.h' 

1 rMchad ,n £35 higher bur failed to produce any 15975)' March 59^50o (60 50) 

. rtTs level eome profit-taking entered subsUntia | Activity even though a Maren l® 0 ™!- 

the market , end this eroded some ot prom , S ing outlook appeared to be in A rav A lb.T ire 1 


154 (66) C+l-SJ; GB pigs «2.2p per kg. I.w. 

‘ 1 f — 3.4). England and Wales: Cattle S n KJ® , £kr-;;-;5J5?;55l 

(buvera) numbers down 58.6 per cent, overage WoUnur 1 22.04 elf 

5 SSp Price 69.73 p (-1.68)r Sheep numbed „ 

P down 47.4 per cent, average price Smooths |£w5fi.25 +3.5 tfasa.75 


• Theqiiarterly report as of 
' ■’ 30th September, 1978 of 

Leveraged Capital 
Holdings N.V. 

te been published and may be obtained from 

FSE3CSON, HEXDRING & PIERSON N.V. 
Amsterdam; 


the market , end this eroded some oi p r0 nusing outlook appeared to bo in 
. <£«"' j* BVin 0 ® close on the Kerb prospect initially, reported Drexel Bum- 
ot £408 altar active trading. Turnover ham LBmbBrt. The b Hern dor was very 
6,376 tonnes. ^ ^ disappointing early on as Commission 

| »,in.' 'f+orl 'p.m. 4- nr House soiling eroded values slightly, 

•.&BAD Offieul — irnnffiriTif, — but trade buyinq towards the close 

* [ pushed prices higher to finish £21-E36 

j j , { | £ . up on the day as business picked up. 


SOYABEAN MEAL 


1 " «.m. 1+ or/ p.m. -f- nr 

••tfiAD Ol&nal | — |Cnnffinnf, — 

j « “ £ I 

Osah... 434-5 44.76. 441-3 1+12* 

3 months. ) 406.5-7 +3 .409.5-. 75 +B.0£ 

SeR'ineoH 435 .+5 j — I 

UJS. >por J - I *36.36 

’ Morning: cash £432. 34. 33.5. 34, 
three months £404.5. 05. 06. 06.5, 07. 
Kerbs: three months £407. Afternoon: 
three months £406. 08.5. 09. 09.6 10, 
-09.5, 09.75. Kerbs: three months £409.5. 
09.08.5. . 

. ZINC — Higher influenced by the per- 
formance of the lead market but suc- 
cumbing to profit-taking in late Trading, 
i Forward meta l started ax £353 and 
touched £367 in the afternoon before 


IVestetrlsyl + or | business 
I Close I — Done 


v^^w-7 : February 124 M -24.8 -8.5 i2fi.00-24.20 

COFFKfi I IW J-nr ! business 1*3.1 D-21J -2.95 23.80-26.10 

CUEFLE I llwe + or, business Junfc HIM 22.bI~B.36 - 

j———— — j uone August 122.611-24. 5U-8JB — 

I *■ P^ r uiane i OuCuher l22.60-i4.5|— 2.25 — 

i IHa»mi+r.... 12 1. 50-27 Jj]—1.M — 

January 1472-1473 +38.0 1475-1445 Fehnnuy 1*1.0048.01-.... “ 

.. . ' . . n e ts-Of line Cl u- M /Sit l-_ inn 


down 47.4 per cent, average price T 

134.3p ( + 1.5): Pig numbers down 55.8 Prwlucers. 8720 | [$720 

per cent, average price 61 .9p (—3.7). nils i i 

Scotland: Cerda numbers up 12.5 per uccraut (Phil) S910o —10 S845 

cent, average price 71.73p (-0.98); (iroumfnut I ; J 

Sheep numbers down 16.5 per cent. Linseed Crude j£336 — £340 

average price 131.4p (+2.81: Pig Palm JIiUmbh. 'S610f 3598 

numbers down 1.1 per cent, average I 

price 64.7p (-1.1). I 

MEAT COMMISSION— Average iat- R--J- I 

stock prices at reprasenra live markets v Philip-. 18625?. +5 IS550 

on December 27. GB certe 71 Mp per Sl>J1lfae(IJ1 ,5306,, -3-5 ,5275 


£336 £340 

S610f 3598 


Uaroh. j 1318-1320; +66.5 1323-1506 

Stay.. 1244-12451 + 32.0 1247-1233 

July - • 120 i- 1206 [ + 28.6 1210-1195 

SepLomber.,1 1175-1180, +S1.0 1185-1186 
Mnvemlvr...| 1151-1164 +31.0 '1150-1 140 


Sales: 60 (13) lots of 100 tonnes. f + iiej. Pig average price 66.8p (+5.6). Pnoieh No. 3 Ain 

4 ~,rTjn a » Scotland: Cattle numbers down 25. B wh«t..: 

SlJvrAR p® r C8nx * avB, *go price 71.63 p (+0.64). No. 1 Bed Bprinel 

Sheen numbers up 882.3 

LONDON DAILY PRICE (raw super) average price 144Jp (+20 


on December 27. GB carte 71.38p per s.^nhwin (ll^i 

kg Iw (+0.96). UK sheep 137.8p per tu-S-l 

kg eat dew ( + 3.B). GB piga 6G.6p 

per kg Iw (+S.3). England and Wales: Grains , 

No numbers changes due to holiday barley 

marketings. Cattle average price 71 -34o Home Future i 

( + 1.33). Sheep average price 136.3p Uauv ' 


j§206v |-3-5 .8276 

\ ' \ J 


French Nu. 3 Ain i£ 107.5 [+0.5 LCI04.5 


Sheet! numbers up 882.3 per cent, 
average price 144Jp (+20.6). Pig 



January ' 1126-1140] +21.5 - £97.00 (£99.00) a tonne cif for Nov.- numbers up 77.8 per cent, average 


Sales: 2.B47 (9541 lots ol S tonnes. 
ICO Indicator prices lor Dec. 26 (U.S. 


Dec. shipment. White sugar daily price price 61. 6p (-1.6). 


No.l Bed 8pring[£96.6 IW4.75 

No-EHard wlDt*r;£64.75 l£S9.75 

Rngiigh M iUtiifi t;£95.fin [£92.5 

Other Commodities 


was fixed Bt £9630 (£99.00). 


dellrng to on the late Kerb after eenu per pound): Colombian Mild . L 

-a day of moderate two-way trading. Arabics 172,50 (172.00): unwashed |2J in 

Turnover 2.675 tonnes. Awb.cas 14S:00 (same): other Mild *n ftaw Yori 


CO VENT GARDEN (prices In sterling Cocoa 8hipment....|£2.0 14.6- + 22.5 ,£2. 177b 


First traded prices were some £3 per package except where otherwise Future Mar........ ’£1,364.5; +23.0 £2, 1S7. 6 


. reflecting the stated) — Imported produce: Lmnons — Coffee Future 


York on Tuesday, Italian: 120s new crop 5.50-6.00: Greek: U«r !£1,319 !+S6.5 £1.459 




that never ends 


1 We British are a peaceful people. When a war is 
f SCSP overwe lifce to cocsign.it to the history books - and 
forget ft. 

But for srauetho wars Evo on. Tbts disabfcdlrom 
both World Wais and from lesser campaigns, now all 
easily forgotten; fha widows, tee orphans and the 
dnWrm^ -for themtfaeirwar lives on, every d^rand 
SH|^K^aIlday. . 

In many cases, of course, Iherr is help froma 
pension. Bin thesis a limit to what any Government ' 

IH . j Department (aactoi. . 

Mated ™ s » Army Benevolence steps in. With 

anderstanding. With a sense of nr^icy . . - and with • 
practical, financial help. 

To osit is a privilege to help these brave men-and 
M|l|^|w(Knen» too. Please wifl you help us to do more? We 
WrWT^Bjminfnrtlrt oorsold^down. 

TheArmy Benevolent Fimd 


I ’. B.DI. ;+nr; n-m. -l+or 
; . r 7,1 NO j Official j — 1 Uonffirini! — 

\ £■ i £~; K ~ 

Cub 345.5.6 ' + 3 | 348-9 t*5.7S 

3 mouths .) 555-. 5 +2b< 36&-.5 :+3A 
S' moot ._.| 347. i+3 ! — I 


Atflhica? 131 50 f130 831- Robustas ICA reported C. Cumikow. Thereafter. 6.00-5.50: Cyprus: Trays 4.00-5.00. boxes Cotton - A' Index.. .[78. 05c —0.2 |79.4<f 

I07n v»g 50 /samel- Robustas ICA 1988 sejnarad short-covering lifted the SO/IBOs 4.50-6.50; Californian: canons Bublier kilu....^ 56.75i> — 0.S60p 

itq so isamei Daily average 130.50 market somewhat before New York 90/165 6.00-8.00. Oranges — Sp&ni*; Burst (Ban-) i£97 i-2 j£108 

H'tf) 171 ' y again turned easier when losses of Nevel/Navelinas 3. BO -4. 30: Egyptian: Wcnltoi-H (klh>).[370p I l274p 

(IJU.1/1. soma 5Q.75 occurred. R.l.fli 3 no.3 TO- Great- Njunlo PO kilos - 


GRAINS 

LONDON FUTURES (GAFTA) — Grains Comm. 


“ I — — I , 3Bb-4j i ...... opened unchanged. Trade_ was very 


aiifSBJr 

J f rW- 

Yenwday'a 

Plsriran 

Comm. 

Cult. 

Close 

Close 


Baladi 3.00-3.20: Greek: Navels 20 kilos 
3.80-4.00; Israeli: 4,80-5.05. Clemen- 


* Nominal, t New crop, i Unquoted. 


.. . .. ihin, the main interest baing In the -i , 

,5*5? S 46 ' three mo^hs s _ ot positions. Values eased slightly . 

.£355,55.5. Kerbs: three months £355.5. on nra-tsnder pressure to cIosb 5-15p £ per tonne 

Afternoon: three months £358, 56.5. 57. | QW er on wheat. 10-15p lower on March .. 1M.B684JB 1W.6M8.B0 K.86-04.BS 

56.5. Kerbs: cash £343, three months hariev Demand for new crap wheat »tay — 107.00-07.05 110. 75-1Q.B008.ia-07.NJ 

£355. wgs pood and values increased to Au# 110.75-10.85 114b0-14.65 12J&-10.B0 

ALUMINIU M -tit tl e changed after a close 35 p higher on the day. unchanged Ot+, 1i4.00-14JS117bO-17.B9 1B-&0-14-25 


■£355. was good and values 

ALUMINIUM— Utba changed after a dose 35p higher on the d 
modest day's trading which sew for- on barley, Adi reported. 

ward metal- Tali' away from £822 to ' 

£820. Turnover 3S0 tonnes- i 


A J tunin’ m! a.m. jr+orf p.m. jf+or 
Offlcuu | ■ — jUnofflcai > — 


WHEAT BARLEY 

flestPrttay V + or iYe^tenday V-{- nr 
31'ntbj ck*>e , — | do«e I — 


Dec. 1 16.H-T7.E0 ISO. Ifi- 28.SS — 

Much .. 119-60-21.50 124UW-S4.70 — 

Me.V lg1JM4J8186JO-g-9a - 


tinoit— Cyprus: 10 kilos" 3.20-3.60: « Jen. -March, p Dec. -Jan. q Jan. -Feb. 

Moroccan: 330-430. Satsumas— r feb. u Jan. jr per ton. a Indicator 

S pants: Trays 1 .60-2/10. Grapefruit— prices. 

Texas; Red Blush 4.5IM.60: Floride: 

4.60: Cyprus: 2.20-3.60; Israeli: Jaffa 

40/75 3.40-3.60. Apples— French: Stark 

Crimson 40 lbs 138/163; 4.40-5.30. 20 lbs 

84s 1.70-2.00, 72s 2.20-2.40, Golden IVT^ffPC 

Delicious 20 lbs 72s 1.80-2.20, 84s 1.9)- HimVEa . 

1.80. 40 lbs 138/163/175* 2. 50-4. OP, — 

i“irtS 8 20 , «» k 7& SfljSiS? FINANCIAL TIMES 

[a. 5S JSWS P i%2 

&,06+).07. . Beneias— Jamaican: per OK o u'mh od oc* on latict 


Spot, ~ I -• } Her. 

3 months, 62L5-2.64-.7S [ 620-1 j-.75 Mav 


Jan.J 91-60 -O.K' 83.20 j-0.1B not ^^lB. 

*5-7° i-s-s; Fs-5 enUrST*! 


UO.TS t8. 10 
,-1.0,85 80.70 

+0.55 88.55 


- rrj- Sales: 2.060 (742) lots of 50 tonnas. 0.06-0.07. Mnere^-jarrMican: per 

_ Tata and Lyle ex-refinery prices for pound 0.13-0.1*. 6npa»^nMM. A - 

granulated basis whits sugar were mena JJ.aM.OO. Negrr 3, 00-3, 5th Can- 

r\ ic not available. tomiane Red Eiwpow 20/23 tbs 8.00. 

lotei national Suaar Agreement f U.S_ Avocados^— Israeli i^3.jtV-3.50. 

JS cents par pound) fob and stowed Span bh: Green l^kilo boacs ^ 

- ss' 1 - 16 - &£& *SsBsr*ist*2£ ■= 

. WHITE ..SUGAi^loae S order Span^ 080-1.50; _ Canary: 2.^4-00- - 


FINANCIAL TIMES 

DmT 37 ’[ Dcui 26 Mnntii ago I YreFapT 

257.34255.98 . 263,75 J 237-W^ 
I Base: July' 1. 1952=1001 


Dept- FT*Pake of York’s HQ, London SW3 4SP 

For advertising details please ring _ 
j 01-248 8000 ExtiL 7008 


S m^,» 'Business done-Wh«t: Jan.' W.6S- btl y e " «l|er!XS? e.l«). Feb! Cucumtere-Cenary: Iftflfa 2.8MJa. 

nwi. Untreded, Kerbe, three months gi_ gg > March 93.70-93.70, May nil. Sept, jQjg 93,50. 94.00-93^5 18; April Capsicums— Canary: 0.30; Italian; 14 lbs 

SO. 10-89. M. Nov. nil. Sales; 32- og.oo go 75 89^) 103- ' July 104.50 2.M. Dates— Algerian: per glove bg* 

-HCeffia per poraL JSM per plcuL Bairioy: Jen- 83.30^3.20. March 85-75- ^54,75 106.50-104.65 3D* Sept. Illioo! 0.3W1.43: Californian: tubs 0.30. tetrtce 

tOn Previous - mfllcial dose. a5.ffi May 88.10-88.10. Sept, nil, Nov. 11200> ni | n51; No? 113JQ0. 117.00. nil. 

silver : -'toAfeafg- c« no. 1^ 

n.. ,* ,£ j ■ « t nor cant Dsc> 9&i5Q QUOtBEi. U.S. Daflc Tocantins 0.3fr4).37. Almonds * 

■ Silver WM fixed 1.3p an. ounce lower No 2 14 obt cent Soanish: seml^olt per pound 0.42. herd 


nil. Sjla ei 33. _ __ M nil: Feb. 121.00. 124.00. nil. nil; Ap 

IMPORTCD— Wheat CWKS No 1 13S 123 .00, 130.00. nil. nil. Seles: 141. 
per cent Dec. 96.50 quotBd. U.S. Derk 


for spot delivery io the London bullion 7S Sp Jan M°S0. 2 Fflb. §Q f tran- 

U . S - C9nt SSmSfeei M U.S TfcrfWKar 

^ ..? e ,^ZL na JESS: DOC. and Jen. 84.75, Feb. 


Tocantins 0.36-0.37. Almonds— 
VJ7AAT Y'rrrrTTnrL' 1 Spanish: semi-salt per pound 0.42, herd 

WOOL FUTURES shell 0.30. Chestnuts— Italian: 10 kiloci 

.nunrwi tv. * 4.50-6.50; Spanish: 5 kilos LSD^.OX 

H°?Sf2 W- ‘ Th# -ISl rk S t !?** 4 ,1 8nd 10 kilos 4.40-5.80; Portuguese: 5.00-5.50. 


LOCAL AUTHORITY -.»™j H ^ 

■ T?mvrti<3 ■ — j — 

• HI #1^1 IJJ Spot L2B5.48p :-lJ0 298.S0p -0.45 

' i BKMUfia. 503.15 b +0^0 30J-95p -8.® 

Every Sabirday ihe Financial Times publishes a .SKSiStiS - : ::::: 

ilLI. '• * - fir 1 A 111 ' - — 1 l 


5KTEI* UP 3^th^ 9 month ^ f SSJ!SjrJP m SS r EEC M 

flip, ui i WjMmh Mu S (P8fl “ P® 

4.8c. and 12-month 656.8c. up 51c. The l.u i Rn inj tn second halt Jan. 108 

tnetel opened at 296W97>dO (598L- buTmiL S. ^ Afrles Australian (Y , «erd , y 3l + uri 

WOO end closed at 294 5-295 Jp (601- K'Tn? 67 M. S Africa Yeilow G«W»-Wuol cWl-l 

Jan. 67.50. Barley: English teed fob | 

, “T : April-June 90^0 east coast. . 

SCLVEB BulUmjlf «-■ L.M.E. !+ nr EEC L iwmto ,217 IMS o' 1 

per finer J — ■ <. hse . — levies and premiUffiB Sra effsetres for Dewmt*r._ 2l7.D-a.O 

cnwrel ' vSae | • December 28 in order of current levy March . — 

apyux. , pn« i ' p | ua j fln . Fob 4fld Merch premium* May 4|4.M3JI| 

Spot 295.48P :-1M BS8 30p -0.45 (•» i»Mviouo in brackets), all in July.™... — J2S1.0to0.0|-„- 

{SSt-’SS-iS'aS**^ — pSTS SJ-tifoSS SSSSr^ffitaz: 

12 monthsj 327 jfip UW, - | H ■gi.^ n Sl>f' 7 kart^ asRs; M^dgS^SiZZ 

— ; — nils (88.19 nils). Oats: 83.80, 2.01, 2.01, ’ 


REUTERS 

Dec. 27j Dee. 22 Mmitli ago j T car ago 

H9B.b! 150L6__1516;3 I 1414.7 
(BaserSepiember 18,’ 1831= IOC) 

_ DOW JONES 

Dow | Dec, Dec. • Tear 

Jcmes I 27 ' 2S | agn J agn 

Si .... 382.70 379.66 396.42 343.42 
Futures 381-03 378.30 394.40 331.64 
(Average" 1924-2 >J6=i no i 

MOODY’S 

Dtc, | Dw. SIrvnth Y«r 
llomiv’s £7 ! 28 ago ago 

bpta Cummry 975.4 975.8 982.2 88E.9 

VDecember 31. 1931=100) 


offer to the public. 


’SSnthl SSM BSSTm BS&m. p» un u Wfl8 maimy « on „ » a «ro 

3^4 flaf’lBB TISSr Th™ SSSihl 107 0 76 (W 04. 0:48. OAt 0.21) buyer, seller, business, sales). Micron 0.30. Onfons-Per bag 1.80-2.20. growths with occasional support in 
Itti' SI ®A«S2f Si 2+3. nils (nils) Millet: Contract: March 350.0, 351.0. nil. nil; Swedes-Fer 28 lbs 0.60. Central end South American Style*. 


Filbert*— Italian: per Bound 0.30-0.31. — — — 

Paean Nuts— Californian: per pound Slnnth l«r 

0.60. Potatoos— Italian: boxes 20 lbs £7 ! 3? age eg« 

3J0. Peaches — 5th. African: 23/2&S ' — - 

2.20-3 00. Apricots— Sth. Alri can: per bple Cummr> B75.4 976.8 982.2 ,886.9 

pound 0554J.M. . „ f December 3lV 1931=100) 

English produce: Potatoes— Per 25 

kilos 1.40-1 .BO. Lettuce— Per 12 round 
1 .40-1 .50. Mushrooms— Per paurr* 0.30- 
0.50. Apples— Per pound Bramley 0.06- 

0.12: Cox's Orangi Pippin 0.04-0 13 - . 

Worcester Pearmain 0 04-0.06; Russos t fl B'l lllV 

0.06 -0.09: Spanon 0.08-0.10. Pears — wi iv/n 

Par pound Conference 0.09-0.14: Cornice LIVERPOOL COTTON— Spot and ship- 

0.14-0.18. Cabbages— Per crate 1.00- ment sales in Liverpool amounted to 

1.20. Celery— Crates 14/18a 1.40-1.80. 124 tonnes. Business was slack mid- 

Cauliflowers — Per 12s (Cent 3.50-4,50. way between the holidays and only 

Beetroot — Per 28 lbs 0,70. Carrots— Per scrappy buying persisted. Attention 


Sales: 0 (same) lots of 1.500 kg. Beetroot — Per 28 lbs 0,70. Carrots— Per scrappy buying parsisted- Attention 
SYDNEY GREASY— Clam (in order 28 lbs 0.80*1.00. Capsicums— Per pound was mainly centred on Middle Eastern 


[303.5,. 03.5. Afternoon: Three months Buckwheat; 2,13, nils (nils). 


NEW YORK. Dec. 27. ; * 

Cocos — March 173.30 (169.40). May 
174.40 (170.25). July 174 90. Scot. 
174.75, Dec. 173.55. Merch 172.70. 
Sales: 548. . * 

Coffee — "C" Contract: March' 

133.00-133.40 (134.001. May 129.00- 

129.49 (130.00). July 129.25. Scot. 

128.75-128.90. Dec. 127 00-127.40. March 
127.00, May 127.00. Sales: 614. 

Copper— Dec. 69.55 (69.00), Feb. ■ 

70.35 (69.75). March 71.15, May 72.55. 
July 73.B0. Sept. 74.80. Dec. 76.10, Jan. • 

76.50, March 77.30, May 73.10. July. 
78.95, Sep!. 79.75. 

Cotton— No. 2 : March 67.05-67 20 
(66.75). May 69.10-69.24 (66.84), July , 
70.60-70.75, Oct. 66.35, Dec. 64.30. 
March 65.25-65.40. May 66.00-66.25. 
Sales: 6,250. 

*Gold-— Jan. 222.80 (219.80). Feb. 
224.80 (221.60). April 228.80. June 
232.90, Aug. 237.00. Oci. 241.10. Dec. 
245.30. Feb. 249.60, April 253.90, June - 

258.20, Aug. 262.60. Oct. 267.00. Sales: 
16,919. 

1 Lard— Chicago loose 23.50 (same). 

NY prime steam not available [25.00 
traded). 

Maize — March 231 *.-231^ (231%). . 
May 240% (240%), July 246. Sept. 248*, ■ 
Dec. 252 \ -253, March 260V 
SPIetinum — Jan. 348.60-349.00 
(344.60). April 354.00-354.70 (349.30). 
July 357.50. Oct 360. 10-360.30. Jan. 
363.10-363.30. April 365.90-366.10. July 
368.70-368.30. Sales: 1.850. 

SSifven— Dec. 604.80 (599.30), Feb". ' 
608.90 (603.101. March 612.80. Mb y 

620.20. July 628.70. Sept. 637.30. Dec. 
650.70, Jan. 655.40, March 664.90. May 
674.40. July 684.50. Sepi. 693.70. 
Handy end Harman spot 603.50 
(594.50). 

Soyabeans— Jan. 683V683 (6S2V). 

March B99-6971> (6971.). May 707V 

706V July 712V712. Aug. 705. SepL 
680, Nov. 666V Jan. 674»,. 

USoyabean Meal — Jan. 189.30-139.40 ' 
(190.10). March 189.10-1B9.20 (189.10), 
May 188.10-188.30, July 1BS.30. Aug. 
188.60. Sept. 187.00-187.50. Oct. 1B4. BO- 

184. 50. Dec. 1 84. EO- 184.50, Jan. 184.00- 
184.50. 

Soyabean Oil — Jan. 25.05-25.10 
(25.05). March 25.25-25.20 (25.12). May. 
25.15, July 25.10. Aug. 25.10. Sapt. 
2435. Oct. 23.90-23.80. Dec. 23.80. Jen. . 
23.50-23.70, March 23.40-23.60. . 

Sugar— No. 11. Jan. 7.89-8.00 (7.95). 7 
March 8.35-8.37 (8.36). May B.58. July .. 
8.62-8.83, SepL 9.04-9.06, Oct. 9.16- 
9.17, Jsn. 9.55-9.56. March 9.85-9.90, . 
May unquoted. Sales: 3.100. 

Tin — 648.00-651 .00 nom. (644 00- 1 

650.00 nom.). 

“Wheat— March 342V342>4 <3381, ).; 

1 May 332*4 P30U. July 321 1 4 , Sept.- 
327V 327, Dec. 3381.. ‘ 

WINNIPEG. Dec. 27. tTRye— Dec.- 
91.60 asked (90.10 bid). May 97.50 
asked (96.50 asked). July 99.50. On.. 
102 . 00 . ; 

ttOate— Dec. 90.00 (89*40 bid),; 

March 81.90 asked (82.10). May 79.20- 
bid, July 78.90 bid, Oct. 79.50 bid. M 

tl Barley— Dec. 74.20 bid (74.60). • 
March 75.90 bid (76.50 asked). May; 
76.90 asked. July 77.30 asked. Oct.- 
78.00. ; 

SSRaxMWf— Dec. 277.00 bid (273.00; 
bid). May 281.50 bid (281.70), July- 

279.00 bid, Oci. 279.00 bid. ; 

Wheat — SCWRS 13.5 per cent protein* 
content cif St. Lawrence 186.70 1 
(185.70). 


All cents per pound ex-warehouse ' 
unless otherwise stated. • $s per troy - 
ounce— 100-ounce lots, t Chicago loose ' 
$s per* 100 lbs— Dept, of Ag. prices ' 
previous day. Prime steam fob NY bulk > 
tank cars, I Cents per 56-lb bushel ; 
e> -warehouse, 5.000-bushel lots. § Ss 
per troy ounce for 50-« units ol 99.9 ■ 
per cent punty delivered NY 1 Cents 
per troy ounce ex-warehouse. j| New - 
" B ” contract in 5s e ehort Ion ior ‘ 
bulk lots ot 100 short Ions delivered 
fob cere Chicago, Toledo. St. Louis and • 
Alton. •• Cents per 59-lb bushel in * 
store, tt Cents per 24-Ib bushel. - 
ft Cents per 43-lb bushel ex -warehouse, ■ 
SI Cents per 56.- lb bushel ex-warehouae, . 
1.000-buehel lots. Hi C5a per tonne. 


is. 




•Financial Times* Tbarsd^;- 


16 


LONDON STOCK EXCHANGE 


-. •' i ■* ; 



£pv . 


*rf _ 


Equities ease late on Esso news 

But trade remains at minimum levels 


Account Dealing Dates 

"First DecJara- Last Account 
Dealings lions Dealings Day 
Dec. 11 Dec. 28 Dec. 29 Jan. 9 
Jaij. 2 Jan. 11 Jan. 12 Jan. 23 
Jan. 15 Jan. 25 Jan. 26 Feb. 6 

• '* New lime “ dealings may taka 
place from 9.30 am two business days 
earlier. 

The latest events in Iran, 
particularly the cessation of oil 
exports from that country, 
failed to disturb a basically firm 
undertone in stock markets 
when business resumed yester- 
day after the Christmas holiday. 
Although attendance was reason- 
ably high,' interest throughout 
-the equity sections was ex- 
tremely poor and. as measured 
by official markings, was below 
that experienced during Friday's 
shortened session; the markings 
for slightly over half a day's 
trade then totalled 1,793. the 
smallest since the all-time low 
recorded in 1974 apart from 
freak war-time occurrences, 
while the number of bargains 
yesterday fell to only 1,675 for 
-a full day's business. 

Speculative situations provi- 
ded most of the day's bigger 
movements with dealings in 
leading stocks being .,low and 
prices of many index con- 
stituents were untested. Late 
news of the Stanwelf drivt-rs' 
rejection of Esso's wage offer 
led to renewed fears of a 
national strike early in the New 
Year, however, and caused 
dealers to lower the prices of 
many leaders. This was reflected 
in a closing loss of 1.1 to 478.2 
in the 30-share index after it 
had hovered around 4S0.0 at the 
six earlier calculations. 

British Funds noted the con- 
tinuation of the current round 
of U.S. Prime rate increases, hut 
sentiment was not affected and 
quotations generally remained at 
Friday's list levels with the 
exception of a few shorts which 
eased a shade. Y'esterday's fresh 
rise In the price of bullion 
encouraged an extension of last 
week’s advance in South African 
Gold shares, but the pace of the 
movement was more laboured 
and the FT Gold Mines index 
rose only 1.4 to 142.5. 

A rising pre-Christmas market 
following the Government's UK- 
Insh exchange control ruling, 
the investment currency pre- 
mium moved narrowly yester- 
day before closing a fraction 
lower at S3 per cent. Yesterday's 
SE conversion factor was 0.6991 
1 0.70731. 

In common with the lethargic 
equity market, only 119 contracts 
were done in Traded Options 
compared with last Friday's 110 
which was the lowest since 
dealings started last April. 

Brentnall Beard down 

Insurances were featured by a 
fall of 6 to 34p in Brentnall 
Beard on the announcement that 
the bid discussions with an un- 
named suitor have been termin- 
ated. Elsewhere. GRE declined 
4 to 22Qp but Matthews Wrtgtat- 
son firmed 3 to 183p. 

Modest.improvements were the . 
order of the day in the bank- 
ing sector following a quiet day. 
Bank of Scotland added 4 at 2S2p 
and Barclays edged forward 2 to 
36Sp. Among merchant banks, 
Hambros put on 3 to 185p. 


With seasonal influences be- 
coming less of a factor, interes* 
in Breweries tended to sub- 
side. The undertone held fully 
steady, however, and marginal 
gains were seen in Greene King, 
up 2 at 305 p. Arthur Guinness, 
169p, and Wolverhampton and 
Dudley, 225 p, which both edged 
forward a penny. 

The shareholders’ approval of 
the proposals to purchase Barrow 
Hepburn's chemical interests put 
a damper on recent bid hopes 
and caused Tunnel B to fall away 
to 306p before rallying to close 
at 3f0p for a net loss of 22. Else- 
where in thinly traded Buildings, 
Richard Costain slipped 4 to 
224p, but Y. J. Lovell put on 5 


Dealings were temporarily 
suspended in Anglo-Swiss at -9p 
following a bid approach. 

Dull of late on the poor 
interim results, Cullens attracted 
buyers and rose S to 13Qp with 
the A shares the same amount 
up at l2Sp following a weekend 
Press report that International 
Stores has acquired Lennons’ 5 
per cent stake in the company. 
Modest demand lifted Associated 
Dairies 4 to 204p and Cartiers 
5 to 113p. but recently firm 
William Morrison eased 2 to 96p. 
A good market since the Board’s 
confident statement on current 
trading, fresh buying interest 
was shown in Avaoa which put 
on 4 to a year's peak of 7Sp and. 



to lllp, the latter in a narrow 
market. Magnet and Southerns 
firmed 3 to 135 p. but A. Monk, 
reflecting business that devel- 
oped late on Friday, shed that 
much to 79p. 

1CI typified market conditions 
and eased 2 to 367p. Elsewhere 
in the Chemical sector, Farm 
Feed put on. 5 to 67p.onrthe ap- 
pearance of a soli tar jr buyer. 

Stores plotted an irregular 
course in thin trading. Marks 
and Spencer edged forward a 
penny to S4p, after S5p. while 
Burton A relinquished 2 to 172p. 
Home Charm also eased 2 to 
22Sp as did J. Hepworth, to 67p. 

Still benefiting from recent 
Press mention, Sound Diffusion 
encountered fresh support and 
put on 5 further to Sip. Else- 
where in the Electrical sector. 
Electronic issues tended a shade 
firmer. 

Weekend Press comment 
suggesting a possible bid from 
either John Brown or Laird 
Group prompted fresh specula- 
tive demand for Baker Perkins 
which improved further to 152p 
before settling at 150p for a rise 
of 4 on the day. John Brown 
closed a few pence cheaper at 
376p, after 374p„ Once again, 
other Engineering leaders were 
barely tested. Among the 
handful of small irregular 
movements in secondary issues. 
Hall Engineering eased 3 to lllp 
and Victor Products a similar 
amount to 115p. but occasional 
demand lifted Benold 2 to I23p 
and W. HU flatus li to 35 ip. 


reflecting continued speculative 
demand that began late on 
Friday. J. M. Nicholis (Vim to) 
gained 23p to 260p. 

Apart from Reed Inter- 
national, which improved 2 
more . to 157p on continuing 
hopes that the talks to sell its 
Canadian subsidiary may soon 
reach a satisfactory conclusion, 
miscellaneous Industrial leaders 
drifted lower. Still depressed. by 
a leading broker’s downgrading 
of his profits forecast for the 
company. Glaxo lost 5 more to 
510p. Beecham softened 3 to 
623p and Turner and Newall 
eased a penny tc a 1978 low of 
363p. Elsewhere, Hoover A gave 
up 2 to 215p, after 213p, on news 
that the group is sacking 280 
workers at its Merthyr Tydfil 
washing machine complex and 
expect to make more workers 
redundant in the New Year. 
Wade Potteries, on the other 
hand, rose 3 to 40p, after 42p, 
on speculative support, while 
improvements of 3 and 2 respec- 
tively were seen in Amaleamaft-d 
Metal, 2B3p. and Toye, 80p. 

Seasonal demand for holiday 
bookings turned buyer's attention 
to Saga which firmed 4 to 177p, 
after 17Sp. 

Motor sectors attracted little 
interest and prices generally 
held at last Friday’s levels. 

Business in Newspapers was 
centred on the major issues 
Associated gained 2 to 170p. but 
News International eased 3 to 
275p and United 2 to 326p us 
dealers attempted to attract 


some buying interest 

In generally neglected 
Properties. Laing A were notable 
for a gain of 3 at 126p and 
Regional A following the £4.7m 
property sale to a pension fund, 
hardened a penny to 75p. 

Growing concern about the 
Iranian situation unsettled 
sentiment in the Gil sector, but 
losses were modest and mainly 
reflected the virtual absence of 

support, British Petroleum 
drifted off to close 4 cheaper at 
926p and Shell finished 5 off at 
573p. Secondary issues to give 
ground included Siebens fU-K), 
4 off at 266p. and Oil Exploration 
2 easier at 222p. . 

Trusts were inclined harder 
with rises of around 2 being 
marked against Scottish Cities 
‘A.’ 164 p. Dualvest Capital. 210p. 
and Glasgow Stockholders, 9i£p. 

Plantations were featured by 
Kuala Lumpar Kepong which 
added 2 to 71p ahead of the 
annual statement and held at that 
level following the announcement 
as dealers awaited far-eastern 
reaction. Elsewhere, Highlands 
put an 2 at 210p, although 
Castle field closed 5 down at 230p. 

Firm De Beers 

De Beers shone out in lack- 
lustre mining markets with a rise 
of 10 to 378p. The shares were in 
the list of active stocks, respond- 
ing to steady demand in advance 
of next month's Central Selling 
Organisation 1978 sales figure. 

Other South African Financials 
were quiet but steady, taking 
their lead from Golds, where the 
undertone was firm as tbe bullion 
price rose S7.25 to $222,625 an 
ounce. Although there was light 
buying from the Continent and 
tbe U.S„ business was sluggish. 

The Gold Mine Index rose 1.4 
to 142.5 and the ex-premiiun in- 
dex was 0.2 lower at 99.6. Among 
the heavily-priced issues, Vaal 
Reefs at £13. Randfonteln at £233 
and Western Holdings at £15} 
were all 25 higher. 

Trading was also at j\ low level 
among- Australians. The rise in 
prices, which had .Conzinc Bio 
Tinto 12 higher at 292p,- reflected 
the firmness of the overnight 
Sydney market, which bad itself 
beea encouraged by Japanese 
copper consumption projections. 

Among tbe lower-priced stocks. 
Ncwmetal wre effectively un- 
changed at 42p following their 
share reconstruction. This came 
Into effect last week: the 10 cents 
par value shares were written 
•down to 2} cents and then con- 
solidated on the basis of one 
new share of 20 cents par value 
for every eight of the old shares. 

London Financials stayed close 
to their pre-Christmas levels with 
no interest reported. Coppers and 
Rhodesians were quiet Tins were 
idle but Southern Klnta were 
marked up 10 to 175p after the 
higher than expected interim 
dividend of 60 cents, less Malay- 
sian tax at 40 per cent. 


FINANCIAL TIMES STOCK INDICES 


Doc. 

27 


Doc. 

22 


Dec. 

21 


Doc, 

20 


Dec. 

10 


Dec. A year - 
IB ago 


Government Secs.—] 

Fixed interest ! 

Industrial j 

Gold Mines | 

Cold Mines! Ex-5 P# 

ord. Div. Yield ~! 

Earning s, Y' Id % (fullii 
P/E Ratio Ineti (•»-. J 
Dealings marked™.} 
Equity turnover £m.l 
Equity bargains total! 


68.66 
70.22, 
476.2' 
142.9* 
99.6! 
8.03| 
15,82 j 

8 .2lj 

1,674 


68.67 

70.37 

479:31 


141.1! 


99.8' 


. 6.02; 
15.79! 
B.25I 
1.7931 
27.28 
6,039i 


88.95] 
70.3 1| 
4?8.2j 
139.21 
99.2! 
6.03| 
15.B3I 
8_2l[ 
3.383 
49.84 
9.S97j 


6S.49j 

70.531 

470-2; 

141.41 

101.0I 

8 . 02 ] 

15.92! 

e.isl 

3,080! 

61.98] 

10.32sj 


68.60 

70.09 

476.1 

140.2 
10L2J 

8.05; 

15.991 

8.12! 

3,405] 
60.51 1 
12,5051 


68.66] 

70.11 

474.0 

133.7} 

98.5 

6.08 

18.07 

8.0 

3,39; 

66.39| 

13,0191 


7786 

80.64 
490.4 
136.7 

99.3 

8.46 

16.65 
8.56 

2,489 

92.68 

11949 


10 ent 430.0. 11 am 479.9. Noon 479.9. J pm 479.9, 

2 pm 479.9. 3 pm 480.0. 
latest Index 01-236 8026. 

- * Nil -7.97. 

Basis 100 Govt. Sec9. 15/10/26. Fixed Int 1928. Indue trial Ord. 
1/7/36. Gold Minas' 12/9/55. Ex-S pm. index started June 1972. SE 
Activity July. Dec. 1942. 


HIGHS AND LOWS 


S.E. ACTIVITY 



1978 

Since Com pi let' n 




High 

Low 

High 

. _ 


27 




Govt Sees.- 

78.68 

67.92 

127.4 

49.18 

—Daily 

Gift Edged .. 
Industrials.. 



t&l) 

(10/11) 

(9/1/36) 

(oll/7b) 

55.1 

Fixed Int... 

81.27 

69.30 

160.4 

60.33 

Speculative. 

ia.2 

lf/1) 

{15/11} 

| 

s 

(3/1/75) 

Totals 

38.1 

Ind. Ord. — 

Gold Mines 

536.5 
<14/9i 

206.6 

433.4 

1 3/3) 
124.1 

549.3 
(14/9/77) 

442.3 

49.4 
(26/6/40) 

43.5 

6-d’yAv’r'go 
Gilt Edged... 
Industrials J 



0«l8 1 

(20/11) 

(22/6/75) 

(86/10/71) 

91.0 

Gold Mines 

132.3 

90.3 

337.1 

54.3 

Speculative. 

. 21.6 

(Ex-S pm/... 

(14/8/ 

iia/41 

(3/4/74) 

(25/8/78) 

Totals. 

60.7 


Doc. 

23 


53.2 
6LS 

18.3 
-40.8 


107.0 

102.1 

23.5 

68.5 


LONDON TRADED OPTIONS 




- Jam 

/ary 

April 

Ju 

ly 



Ex'rc'se 

(Closing 


dosing 


Closing 


Equity' 

Option 

price 

offer 

Vol. 

Offer 

vol. 

offer 

.Vol. 

close 

BP 

9D0 

39 

7 

77 



98 


986p .. 

BP 

950 

10 

8 

42 

— 

67 

— 

„ 

BP 

1000 

2 

IB 

IB 

• ■ — - 

36 

— ' 


Com Union 

140 

10 

5 

12 

1 

19 

— 

149p 

Com Union 

160 

Hr 



4 

10 


— 

1. 


180 

5 

— 

13 is 

— 

17 

1 



110 

11 

15 

16 

— 

17 



GEC 

300 

33 

— 

46 

6 

59 


331p 


120 

44 

20 

e 

— 

a 

— 

ll+P 

Id 

360 

15 

8 

23 

— 

37 

— 

368p 

Id 

420 

ll 

— 

4 

1 

11 

— 



240 

9»S 

1 

20 

— 

26 

— 

246p 

Marks & Sp 

80 

5ia 

1 

9I« 

— 

13 

— 

85p 

Marks A Sp 

90 

112 


5 

5 

cl 12 

' — ■ 


Shell 

550 

26 

3 

46 

— 

56 

— 

674p 

Shell 

600 

3ia 

2 

17 

— 

28 . 

— 


Totals 



89 


21 


1 




February 

May 

August 


EMI 

140 

a 

5 

13 



18 



141p 

EMI 

160 

Hi 

3 

bis 

— 

11 

— 


Totals 



a 


— 


. 



NEW HIGHS AND LOWS FOR 1978 


The following securities auetetf by the 
Share Information Service yesterday 
attained new Highs and Lows for 1973. 


Hoover A 


NEW HIGHS (16) 


Mdnerney 


INDUSTRIALS a ) 

Turner & Newall 
PROPERTY (1) 


SOUTH AFRICANS (11 


BUILDINGS (Zi 

Nonvest Holst VccHs Stone 

ELECTRICALS (II 
Sound Dl Bus ran 

ENGINEERING (3J 
Dailey fC H.i Williams (W.> 

Baker Perkins , 

FOODS (21 
Avana 
HOTELS (5) 

De Vera Hotels 


RISES AND FALLS 
YESTERDAY 


Assoc. Dairies 


City Hotels 
Comfort Inti. 

INDUSTRIALS Ml 
Dj'nkie Heel Toye 

Restmor Wade Potteries 

TEXTILES (1) 

Torav 


Crellon 
SJK. Breweries 


NEW LOWS (5) 

ELECTRICALS (1 1 


British Funds 

Carpns., Dom. and 
Foreign Bonds ... 

Industrials 

Financial and Prop. 

Oils 

Plantations 

Minas 

Recant Issues ...... 


Up Down Same 


S 66 


3 

248 

705 

2 

1 

48 

3 


3 55 

129 1.161 
30 377 

0 29 

1 24 

8 84 

8 22 


Totals 


42D 132 1,807 


A chance to explore 
thebest source of news 
from the I North Sea 



In a little more ^ 

than seven years the 
North. Sea oil industry has 
grown enormously, both in 
offshore exploration and 
production, and in ancillary onshore 
developments. 

It is an industry that lives with fast-moving 
expansion, politics and projects which stretch 
■modern technology to its limits. Decisions 
involving millions of pounds arise almost 
everyday and callforconstantaccesstoawide 
range of up-to-date, accurat e information. 

This is what the North Sea Letter & 
European Offshore News (NSL) provides. 

Produced by the Financi al Times Li mi ted, 
NSL is an exclusive weekly review of oil and gas 


activities on all sectors of North- 
West Europe's continental shelf. 
Every weekJN'SL gathers ail the 
relevant information, interprets it, sets it 
in perspective, and provides a continuous 
well-referenced record. 

This is compressed into a concise dozen or 
more pages that are essential reading for 
anyone involved in this dynamic industry'. 

All for around £3 a week. So why not try the 
four-month test. Complete and return the 
coupon below and begin a four-month, 
subscription, now. 

Exploring for accurate information is rather 
like exploring: for oil: painstaking, expensive 
■work. This time, we think you'll fmdyou'va 
struck it rich. 


r 


. To: Subscriptions Dept(NSL), 
j Financial Times Limited, 
i Bracken House. 10 Cannon Street, 
] London EC4P2BY. 


| Please enrol me for a four-month trial subscription 
J to the weekly North Sea Letterat £50 in the UK (£62 _ 

| overseas including airmail postage). The overseas rate is payable 
J aL current exchange rates in any currency freely convertible into sterling. 


J Cheque enclosed (Cheque payable to Financial Times Limited (NSL)) 

□» 

1 -BLOCKCAPITALS 


lease invoice me 


1 


Xnm* 


TusTlirtn 



! 


Oreaniiatiwi 


I 


Nature of Business 


I 


Address 


J Telephone 


Dote 


Signature 


J^RegistprediaL£adoa.N(?.ItJ7S30 J 





FT-ACTUARIES SHARE INDICES 


These indices are the joint compilation of the Financial Times, the Institute of Actuaries 

ami tbe Faculty of Actuaries 


EQUITY GROUPS 


GROUPS & SUB-SECTIONS 


Figures in parentheses show number of 
stocks per section 


21 

22 

23 

24 

25 

26 

32 

33 

34 

35 

36 

37 

41 

42 

43 

44 

45 

46 

2i. 

51_ 

59 

61 

62 

63 

64 

65 

66 
87 
68 
69 
70_ 
71 
81 
gi_ 

99 


CAPITAL GOODS (172). 


BuiUHng Materials (27) 

Contracting, Construction (28) ... 
Electricals (15) 


Engineering Contractors (14) 

Mechanical Engineer! ng<72). 

Metals and Metal Forming! 16) - 
CONSUMER GOODS 

(OURAHLEX53) 

LL Electronics, Radio, TV (16) _ 
Household Goods (12) 


Motors and Distributors (25). 
CONSUMER GOODS 

(N ON-DURABLE) (170) 

Breweries (14) 


Wines and Spirits (6>... 


Entertainment, Catering (17)„, 

Food Manufacturing (19) 

Food Retailing (15) 

Newspapers, Publishing (12) „ 

Packaging and Paper (15) 

Stores (40) 

Textiles(23> 

Tobaccos 13> 


Toys and Games (6) — 

OTHER GROUPS (99) 

Chemicals (19) 


Pharmaceutical Products (7) 

Office Equipment (6) 

Shipping (10). 


Miscellaneous 157) . 


INDUSTRIAL GRPUP(494) ■ 


0ifsC6) 


500 SHAREJNDEX ■ 


FINANCIAL GR0UP(10O). 
Santa (6) 


Discount Houses ilO)...„ 

Hire Purchase (5) 

Insurance (Life) (10) 


Insurance (Composite) (7)... 
Insurance Brokers (10) 


Merchant Banks (14) 

Property QD ..... 

Miscellaneous 17) 


Investment Trusts (50) . 
Mining Finance (4) 


Overseas Traders (19) . 


ALL-SHARE INDEX(673) . 


243.73 


170.52 

199-57 

212.93 

166.07 

135.77 

124.74 

314.48 

77.67 

27020 

21416 


204.04 

10148 

296.02 


22336. 



Fri, 

Dec. 

22 

Thors, 

Dec. 

ZL 

m — ■ 

neo, 

Dec. 

20 - 

Tues, 

Dec. 

19 

Year 

ago 

lapproxJ 



EsL 

Earnings 

Cross 

Div. 

Est 

P/E 






Index 

Dsfs 

Yield % 

YieW % 

Ratio 

Index 

Index 

lltitx 

Index 

Index 

No. 

Claage 

% 

(MaxJ 

(ACT 
al 33%) 

(Net) 

No. 

No. 

No. 

No. 

No. 

234.82 

- - 

17.02 


>55 






3)630 



18.16 


758 

206.89 

206.09 

20553 

1'^ : i 


362.77 

-02 

20.82 

4.47 

6.90 

363.42 

36204 

36171 

36295 

33191 

549.94 



13.63 

3.45 

1030 

55831 

55034 

54956 

546.91 

458.72 

357.92 

183.81 

-0J 

+0J 


652 

630 

. 7A7 
727 

35893 

183.71 

S851 

36051 

18333 

398 Zl 


18336 

18235 

162L06 

+0J 


8.82 

834 

16L92 

16182 

16213 

16153 

160.97 

210.71 

+0J 

16.72 

5.12 

7.98 

21057 

289% 

209-68 

20830 

194.96 

26734 

+03 

13.94 

3.90 


266.49 

265.43 

26455 

26230 

23468 

166.43 

-0.2 

1835 

6.8S 

756 

166.76 

166.76 

16738 

16732 


121 JO 

-03 

2L39 

6.94 

5.87 

12L69 

32128 

12L66 

12135 

11839 

209-18 

+0.1 

1630 

6.09 

836 

209.03 

208.49 

208.80 

208.04 

26565 

234.04 

+0.1 

15.62 

6.42 

8% 

23331 

23290 

23205 

23173 

23218 

286.% 

+0J 

1639 

539 

9.07 

28551 

286.76 

285.91 

28131 

2564)6 

272% 

-02 

33.63 

6.47 

10.71 

27231 

27105 

279.62 

268.68 

26253 

203.94 

-02 

18.88 

557 

7.03 

20233 

20202 

20179 

20165 

20236 

230.15 

+03 

14.47 

5.12 

9.44 

229100 

22630 

225.95 

225.00 

214.82 

372.05 

— 

21.62 

653 

653 

372JW 

369.93 

37123 

369.76 

35144 

132.89 

— 

1938 

7.92 

6.80 

13296 

33292 

13151 

13058 

13058 

192.49 

+0J 

1232 

4-94 

1L68 

19237 

19192 

19358 

19287 

19838 

179.98 

-03 

17.88 

832 

723 

10038 

16005 

179.90 

18031 

17154 

236.07 

+0.4 

2350 

7.95 

5.03 


235.09 

23657 

23430 

224.97 

9228 

-03 

23.92 

7.01 

4.93 

9254 

9235 

9235 

923S 

10122 

195.87 

-02 


635 

103 


19549 

195.04 

19437 

19657 

278.67 

-OS 


6.79 

837 

mm 


Eg>f 

276.99 

246.45 

243.75 

-OS 


4.77 

10.64 

244.93 

243.48 

243.40 

243.46 

0.00 

128.55 

-03 

18.90 

6.01 

631 

32894 

12838 

12838 

125.92 

12537 

41137 

+03 

14.70 

739 

&63 

41102 

40836 

4074)3 

40652 

47669 


+02 

18% 

6.78 

735 

21148 

21180 

21145 

211.32 

205.07 


— 

Esa 


■33 

I4I>I 

FTTvIl 

Ena 

■*VM 

21034 

1-7^1 

Bill. 

PPi 

in 

■mi 



E03I 

MM11 

48L76 


-01 




232.94 


+0J2 

+13 

+QJ2 

-03 

-02 

+03 

-01 


+03 


+03 

+01 

+01 


-01 


23.61 

14.67 


1511 


3.69 

2216 


1852 

16.44 


5.79 

5.90 

031 

5.14 

6.92 

7.03 

535 

631 

3-04 

7.45 


516 

7.02 

7.92 


5.70 


635 

930 


939 


4433 

534 


6.65 

7.64 


178.44 
19916 

210.45 
165.78 
13638 
12532 
313.47 
77.71 
27013 
113.63 


283.48 

UI30 

295.45 


22330 


16935 

19710 

209.71 

165.78 

135.40 

123.96 

31347 

7741 

26911 

11313 


29322 

3BL53 

29549 


222.73 


16912 

19716 

21147 

16659 

13540 

223.90 

31319 

7754 

26731 

112J7 


202.92 

10138 

294.89 


222.78 


168.49 

19714 

21208 


164.95 

134.99 

22242 

31146 

7757 

26676 

11249 


20252 

U140 

29525 


22L93 


17327 

19842 

22249 

16748 

14142 

13737 

33691 

8227 

24543 

18912 


28741 

».« 

27951 


215.97 



FIXED INTEREST PRICE INDICES 



FIXED INTER EST 
YIELDS 

Wed, 

Dee. 

m 

Yew 








Br. SOW. Av 

Gross Red. 

27 

k2 

(approx.) 







1 



9J3 

9.72 

736 

934 

9.98' 




Day's 

nl idL 

re rej. 

2 

Coupons 


3138 

1139 

1215 


Ok. 

77 

change 

% 

TlHtXf 

1970 

10 date 

3 


U 14 








Medium 


1278 

1173 

1273 

3269 

938 

1 


10290 

130.70 

+0.01 


939 



2 

5-15 /ears-. 

+050 


1108 

1499 

6 



1272 

1031 





7 

High 

5 yeas.- 

1274 

1273 

1057 







6 

Coupon 

15 years. 

1339 

1339 

1124 

4 

Irrctemabto 

12248 

+030 

0.94 

14.48 

9 

25 years 

1331 

1330 

1129 

5 

All stocks.- 

18935 

+051 

0.02 

1265 

□ 




9.98 







Wed-. Doe. 27 


Thura. 

Dec. 

21 

Wed. 

Dec. 

20 

Tubs. 

Dog- 

10 

Mon. 

Deo. 

IB 

Frl. 

Dec. 

15 

Thura. 

Deo. 

14 

Year 

ago 

(approx) 

Index l Yield 
NO, , i 

15 

20->t. Red. Deb fi; Loans 115) 

54.81 j) 13.53 

54.85 

54.85 

55,15 

55.1S 

55.13 

95.13 

85.09 

62.37 

16 

Investment Trust Frofs. (15) 

51.17 | 15.70 

SI. 17 

51.17 

50.96 

50.96 

50.96 

50.96 

60.96 

56,23 

17 

Cuml. and Indl. Frefs, (20) 

72.38 j 12.91 

72.32 

72.42 

72.74 

72.42 

72.42 

72.42 

72.41 

76.71 


I Redemption yield. Highs and lews record, base dates and values and c Mistime bc changes are Published la Saturday 
launc*. A IlH rf the consUutcus Is mreilable from tbo Publishers, the Financial Times, Bracken House. Cannon Street. 
London. E«P 4BY. price Up. by post 22p. vunmra wren. 


RECENT ISSUES 

EQUITIES 


-V - £>V; •V&'f.'.V- ✓ i/3 r 1 . 

- r. a**' . 

' ’ - ... 



rt 


1-MO. 

i§ 3 
Issue 00 

r %‘ 

S - B 

32(3 

5l° 

42lai-F.P 

24/11 

AS0.60| F.P. 


AS1E5] F.P- 


155 jF.P. 

10/1 

-. 29 ] F.P. 

5/1 

.110 1 F-P- 

■ — • 


High j Low | 


4/111 48 j 48 [Am cliff n Hldga... 1 4o . ....- *3.5ij z^,4.7bSfc^ , 

- 78 61 (Ashton Mining . 72 +3 j -• - ■ - f . 

- 106 >100 |ttAu*t Farming A51. 103. ' -;-‘i '■ ■ 


176 

31 

135 


29' Kitchen Quean .lOpM. i 28 . |Sl.S4i 3^fiSiAR. 


115 MillttsL s’reShptfBp 1 134 |-l i.wp-^ 


•. -V 


FIXED INTEREST STOCKS 





3 


HOOd F,Pt 


. i • 

97 p 


v. T3 


F.P. 

£10 


Nil 

F.P, 

£10 

Nil 

F.P, 


H o 


. 

tie a 


1978 


t -: f 


16(2 

38/1 , 
38/12 
5/1 , 
88 / 12 ! 


11/1 

-D/1 


109p 

W 

10012 
. 6pm 
. Mpj 
13)4 
14 pm 


High | Lowr 


StocK 


ott 


on. 




109p 
115| 


P 99d 


Assoc. Dairies W«S Pref-^ — — 
Colne VaUey Water 8% Red Prf. IBU 

Findlay-** Cm/, (aim.' Red- Prf. 

Ha wley-Ooodall -1Qg Gnv. Uns. Ln: '8848 
Newman Inds. IOUJ Ackj™ PreL.. 

Mfd Kent Water 9% Prof- IBM — 
Rivlngton Road 9h|{OnT4ain4anPwJ 
U — Z Pref t 


13 

*4pm 
90p[SaflscopelDi*% 




99p 
r flpm] 

% 


\-u%- 






Zi 


^RIGHTS "OFFERS 




Issue I §=* 
Price 

pr 


<0. 


Latest 

Ren unc. 
Date 


660 

-.47 

•67 

305 

=193 

-45 

130 

810 

X86 

260 


i F.P. 

F.P. 

F.P. 

F.P. 

F.P. 

Nil 

F.P. 

Nit 

F.P. 

Nil 


56 I Nil 
■-1B5 l F.P. 

62 F.P. 
.888 I Nil 


8/12112/1 

15/ia26A 
29/12 6/1 
15/12)12/1 
15; 12; 12/1 
3/lF 9/8 
i/iaiz/i 
<ll 9/a 
15rl2ll8/l 
3/1 9/8 

6/1 26/1 
18/lSlO/l 
18/12^15/1 
10/1 9/8 


197& 


High } Low 


645 
2014 
77 
12S 1 
116 
. Bptlr] 
147 
34pm 
16 L 
70pmj 
13pm 
230- 
76 
Bphnj 


568 

191: 

7t 

107 

. 101 ; 

2pm| 
140 1 
S2pmj 

48pm 

18pm 

210 

67 

,6pm 


-Stodlc:.' 




Beecham : — 

s Bou/ton(Wmo 

CR.!jpor-Ne>»-..., 

Clifford {Chaa.)—— 

Dixon (D4-- 

Foster /John) 

Hoskins & Norton-. 
Lap Group-.".--;- — 

0(M.-L. Holdings 

1 Metal Box 

iMilbonr.r— . 

Stothert A Pitt- 

Tern Consulate 

York Fine Woollen. - 


— ...J 630 1 

' • 19 


72-1 — i. 
123 p-.- 
116-}.-^.. 
>ir 


S4pm — - 

_16S 

B2pmr~S; - 

urs 

+1-* 




: i 

,. i? 1 * 1 


Renunciation date usually last day for dealing free of Stamp duty, b Figures - 
based on prospectus estimate. * Assumed 'dividend and yfei<f. a! Forecast divi- 
dend; cover based on previous year's earnings, a Dividend and yield basal: on 
prospectus" qi other offletaf estimates i tor 1879; rg Gross; .r H 011 res- assumed. 
(Cover allows tor comreraion-of stares not now ranking for dJuidferd or^ whlsing 
only for restricted dividends. § Placing price, to -public. -PfPertee un less - other - 1 
wise indicated. 9 Issued -by tender^ | Offered to holders " of- ordmarv ohtttea da ' 
a '* rights.’' ** Issued by way", of capita) i sation ;i . §5 Re; 1 1 ri: ;» r; rtl .Tl.lss usd. "" in " 
.connection with reorganisation, merger. / or 'taka-over.- US Introduction; -Q issued 
to former prafarence. holdors. ■.Allotment letters" (or .fuliy-paid^. w ProviajonaL 
or partly-paid allotment letters. * With warrants." ; • •_ . C . . " U 




ACTIVE SIOGES 


Stock 
BATs Defd. 

Bunn ah Oil 

De Beers Defd.. - .. 
Metal Box ’New* 
Baker Perkins ... 

GEC 

ia - 

Lucas Inds 

Barclays Bank ... 

Beecham 

BP 

Glaxo 

P & O Defd. ... 

Plessey 

Tube lavs 


' No. 

Denomina- of 
tion marks 
25p 7 

£1 . : 6 . 
R0.05- 6' 


,,y 


- Closing - Change- 7 
price (p). on day- 
255 • X:-r 

S5 -’£f — ^T:“.T 

378 . •+10. ' \ 


'1978.^1978 
- high - - low - 
“-‘ 227 

•; 42: 

.•••488 "’*• 285 




Nil/pd. 6 

‘.-.52pni >4' - 2 - 

‘■’-.•‘TOpia 

: 4Sp 

50p 

5 

: isd +■ 4' ■ 

' 150- ‘ 

.-87 

25p. 

5 

. -329 '.. . 

; l l"349:. 

234 

£1 " 

. 5 

..367 2. 

,.:42iy 

- -328 . 

£1 

- : 5 

304 ". •+ 1- 

336 .7 

240 

£1 

■ " ' 4 ” 

. 368- "-. : + 2 •" 

' 372 ; 

’296 

259 

. 4 ' 

623 ' — 3 r 

7720 

581 

£1 

4 

• • 926 -4 - 

954- 

.720 

50p " 

4 

'510 5' : 

- MR 

-50S 

£1 

4- 

" 85 • . " ■ 

338 ■ 

76f 

50p 

■ -.4 

V 109 

125 

87 ■ 

: P- . 

'4 •' 

3so . -i--. 

"'436" ".- 

336 

- 




. ■ i ,.. : 


OPTIONS-;: v 


: 


-►rsi-'r* “ :r "' 


. . y • j 

1 


First 
Deal- 
ings 
Dec. 19 
Jan. 9 
Jan. 23 


DEALING DATES 


in_ Canrinigton -Viyena, Metal 


cDnawr-f i 

<i-L 


Last' 

Deal- 
ings 
Jan. 8 
Jan. 22 

Feb. 5 _ _ ... 

For rate indications see-evd-’Ofr "No: ; jiatS". /iwexe:'/. . reported. 
Share Information Service ; .although t&iiWes arranged 
Call options were completed in Enghsh PropcatF ^nd U JXT. 


Last 'For'.* - Box. John Brown/JJaker Per- 
I ^ 0 " a ‘ kins, CreQe* British Land, 

Mar. 22 Apr. .3 ."V- H- Sjrrith A, Associated 
Apr. 5 Apr. 18 Usherie^,' Avana, ' Ladbroke 
Apr, 19 -May v ’l- 'Warrants and Tunnel Holdings. 

■nno AistA Ai A .rtf* ■'M or • Tinft tiffin*.'" rAnrtrtArf 


"" \'J 
V. >-€ 
*• 


APPOINTMENTS 







Mr. Brian BMdoek joins the 
Board of COURAGE oh January 
as marketing director. -He 
comes from Revlon Intemaritmad 
Corporation where he -bolds the 
position of -vice-president, sales 
and marketing (Europe, Middle 
East and Africa). Mr. B. : B. 
Qaelehr marketing director di 
Courage Brewing, will retire in 
(he spring. ;• . ; • - - 

The Earl of incheape has been 
appointed to the - Board’ of 
international advisers of the 
SWISS BANK CORPORATION. 
He succeeds Lord Harvey of 
Pres l bury, who has reached the 
age of retirement. 

- ★ 

Mr. John T. Davey. who^ 
recently -rbera me chairman. ..of 
Rediffusion Holdings, has. joined 
he board of the parent concern, 
BRITISH.. ELECTRIC 
TRACTION. - 

Head Wrightson Process Et 
meering iThornaby Division), 
together with Davy Ashmore 
International; and Davy Power- 
gas ' (Non . Ferrous Metals 
Division) are; to form a company 
called DAVY- INTERNATIONAL 
(MINERALS AND METALS) 
from January 1. Mr. S. B. Borns 
■will be chairman and Dr- A. G. 
Raper. managing director. Other' 
members of. the- board will" be ' 
Mr. N. Cherrett, Dr. X. BL Hoyle, 
Mr. I. O. Nichols, Mr. J. B. Orr 
and Mr. K. E." Woodworth (also, 
company secretary). The new 
concern will -. comprise three 
divisions — iron and steel, process! 
engineering; and non ferrous. - 
with Mr. CberretL Dr! Hoyle and 
Mr. Nichols as diwslonal chief 
executives respectively.. ' . : 

BIRDS EYE FOODS has formed 
selling company called BIRDS 
EYE SALES, which vrill have 
own boa-rt. although the 
chairman ''of both' -"companies, 
Mr. K. J. £. . .Webb, will- >be 
succeeded by Mr. D.-Anget from : 
Apzfl'l when Mr. Webb retires. 
The managing " director of tbe. 
new concern Is Mr. Keith Jacobs 
(marketing director of "the. 
parent; company) and /other ' 
members 'of its board wfll .be 
Mr. Philip Bnshlll-Mbtthews and ; 
Mr. EeKh 1 Gordon as national > 
account directors,, and Mr, John 
Yaxley, as sales director in 
charge .of national sales. Mr. Led 
Osborn has becomc/sales director 
of Men uni aster and Mr. Keith 


Smith, sales director of County 
Fair, trading . subsidiaries •- »f 
Birds Eye. 

" > + • ■; ' 

A ..new- company - has been 
established to handle March al 
automotive equipment in the UK. 
.From January 1, Marchal market? 

’ hag wilf be. the respbnsibflity of 
REV (UK), the. operation having 
been handed over by - (he 

rMr. Alan Sntdlffe has been 
made marketing director on the 
board of DD LAMSGN. : 

" ★ - 
" Hr! D. G. Stableford . has 
resigned from board of RAGLAN 
PROPERTY TRUST for personal 
reasons. 

- Mr. Abut Sanders bax been 
Appo in t e d' sales - '.director of 
" FLOTE2C, ihe Ripley-based carpet 
subsidiary, of" - the" Low. and 
Bonar Group. 

- -- - • • * - ■ .- - 

Dr. Norman R. . Joaes has 
become * man agin g director 
(business- development): of 
TOWMASim. TRANSPORT CO. 

. Mr.- 1 Alan Monaghan;" Will con-, 
tixzixe ■ ■ jas managing " director 
toperatlonsT. Towinaster is the 
transport .division of the " Arthur . 
Bell Group and Dr. Jones will 
have . the responsibility for 
developing the. divislbh's 1 pro? 
gress.at -home- and- overseas; He- 
is also the development manager 
of the Europe an- "^nd" air trans- 
port division - the Pbt*;' Sc an d " 
Orient ' Steam Navigation Com; 
paly ■ = 

' J- R ' TENNER" AND : CO. 
(HOLDINGS) has 1 made- the 
following divisional "Board 
ap po mtmems r Mr; DereHSariow."" 
chief - purchasing bffiecer, - and ' 
Mr. Clt ve J. HUi, group personnel 
and industrial relations manager, 
to '. the ■ Boar'- dof J. !£, -i Fenner . 
ana :Mr.; fiwhimi j. Powell, 
personal assistant to die chief 
executive, . to the . ‘Board r «f 
J- Hi Fenher 1 -(Pawer- '-Traas- 
ntission); Mr. John ML 'Whisker^ 
export manager, to the: Board j£ 
Fenner Intematiohaij ,.4tnd‘ Mr' 
toh T. Addison, works - manager, 
to the Board . of Fcnamec. 

Neil T- Mor rlek ri. to join 
Aboard of CHILTERN MOTOR;. 
HOLDINGS on January 1 . as- 
chtef- executive of ; Ufa newly 1 - 
formed Motor Trade Division: He- 
Was previously managing director- 
of Bristol Street Motors, Biraunff*^ 
ham. - ' • ■■■-■ 


***L.S9 
y m r- 


’i 


>i 


1 flj 




;; 




■*,. ... . 

" 1 . 


■ ■■X 


-"••'j*.: 


- : '■ ‘ UW . r 


— . - -> ; 


• s S-i’'t!4k .. 


• i; ^ — •• -J' 




rV'*? 

* 


t'-.- " 


■■■ 

it::- »: 
- ' r 


■>n 


i '. *< U -' 5 -. - r -5 

... . l c . 

' Tr .U ta ^1. 






HADyEY & BOSS INVEST3RENT HANAGEMEWliTO, 

45; CorhhilL . London EC3\ r 3PB. Tel.: 

„ , todox Gcide as at December 2L - •" . 

Capital Fixed Interest Portfolio . • ■■ 'imi7 

Income. Fixed Interest - Portfolio 


J L , rf ' --i 




















































































































17 


**s 



: I3hE«2emT^Kr -2S : i^.7S 


. r *.. "-Jr* 




AUTHORISED* UNIT TRUSTS 



OFFSHORE AND 
OVERSEAS FUNDS 




■VI 


^TC^&aMuiftAt: 

- 

Lr-ver 

®S *2 

rSc*.TsL..__ 
uo3u. m 

A$ed Hmbr» CreupV-Ta) (g) 


- (E%5M1 



--’'IS 

7.21 
*£21 



'-OdCACCtttLl- 

rrimif’ PnSTift. iinit Tr. Mjpi.V 
“ PfaftM^aMUns. 




fiLT/Unit Managers W.+ 
IfcfJrttiury Grcoj, ECZM7DO 


r^SSS^Z — 1 
■HMSt* 

,8061. 
-FpnrYtbFdL 



633 

ti ft A-'Tkast tadfg) 

5 RayhfgfcRau, Brentwood __ .. 

6. & * J»J) . Xtfttif +0Jt A» 

tetmit Fund Managtnf UK# .'S' 

2StM«Aw,EC3A6BP . ; ip.-2S3.3531 



Anrfereon Unit Trust Miiiigiri- Ltd.- 
ISa FentlqrebSL, 03W6AA, -• £239231 

Andenon U.T.~Z-&8.5 510 

Aastarchw Merit Ittymt -Co.- ttd. • '; 

MwJfroat SBewflfes l±i--(*Ksl V ; 

aM36sai - 



Minster Fund MMgtrs Ltd. 

MlfBterHK.Aithw-SL.EC4. 01-6231050 

aastea=d« dM-jss 

MLA Unit Tnirt MugiiiuL t w 

0« Queen Street, 5W1A9J6. 01-9307333 

MLA Until J46.4 488] +0J] IK 

: 03065055 Murray Johnstone U.T. MgnLV (a) 

1M, Hope Street, Gftwnw, C2 2UH. 041-221 5521 

■ MO MJ European.— .._._(8L1 86.4j | jsi 

Dealing Day Friday. 

01-62BS131 Mutual Unit Trust Managers? fa)(g) 

15, CppUiaH Are. EC2R 7BU. 01-6064803 

Mutual Sec. Plus. — [52.4 56.0*1 +0.2) 6.57 

Mutual Inc. Tst _i.__.fes 7Sffl 4gJ| 7.73 

Mutual Blue Chip [43.8 47.tl +S3 LB5 

Mutual HWjYlI [56.5 fcO.9] +OJ] B.85 

National ant Commercial 
31. St Andrew Square, Ettnburgh. 03J-556915J. 

Income Dec. 13 [16011 1UM I 5B7 

f AsswilTSisJ jzZl.O 2Z9.2| 1 lift 

{02771 227300 Capt.Dec.13 _.pi.4 1353. ^..J 4.22 

BS+oil Jl 23 ■ CAceum. Unlls). 1160.4 J6M[ j H22 

National Provident lav. Knars. Ltd.y 
48, Gracedsnh SL, EC3P3HH. 01-60 4200 

«EgaSs=ai SHtna 

“Prices on (toy. ». Next dealing Dec ZB. 
-Prices on Dec 13. Ned deatag Dec 29. 

Nationat Westminster^ (a) 


Provincial Life Inv. Co. LtiLf 
222. Srthopspsie, EC2. 01-247 6533 

frohUc Urtts [83 4 K3| +0.4 

•Hign Income..... |117.9 12b3|-" 


id] 


Save & Prosper continued 
Scotbit* Securities LidV 


7.0 


SutMu 

ScotyleU 


Prudl. Portfolio Mngrs. Ltd.V (aHb)(c) 
Hnfborn Bars, EC1N 2NH. 01-405 9222 

Prudential [1283 1363| ....J 4.77 



Sanitates — 

Scot. Lx. Glh.' 

{inn r B vm- 

Price, at Dec. tl. Nnrt wo dw Jan.' 


Target TsL Mgrs. (Scotland) CaJ UU 
19, Athol Crescent, Win. 3. . 031-229 862L2 

Tatget Amer.Eagto]24.9 26.M +08f 1.75 

Target Thai* WLO 40*0 5.94 

Erin Income Fd. 605 £S.l +02 IflJE 


. Alexander Fund 
i 37, rue Natre-Dane, Lmnewurg- 

I Alexander Fund [ SUS6 70 [ 

Net astet value Dec 12. 


-.-I - 


Quitter Hanegement Co. Lid.y 

Tfee Stic Exchange, EC2N 1HP. 01-6004177 


Schlesingcr Trust Mngrs. Ltd. (a) 12> 


140, South Street, Dortcmg. 


Quadrant Sen. Fd ... 005.1 109.51 1 

Quadrant income [1323 136.4] | 


Am. Eremn 

Am. Growtn 

AmSmaflerCds 


Reliance Unit Mgrs. Lld.9 
Reliance Hte, Tuibnldge Welts, KL 






SeklndeT 


[658 71.4J .. I bii 

. [Atf.) — 45.9 49 ll +06| 553 

.inc...M— 4J.9 46fl+0jl 553 


Income OsL — .. 

Inc 30% Wdrud. 

In*. 1st. Units 


lull. Growths „K&3 


Martet Leaden .... 

•NaVieltr.-- 

Pref. 4 Gitt trust.. _ 


Ridgefield Management Ud.' 

3840, Kennedy St, Momtiester 061-2368521 PropeirtvStarrj-. . 

Ri««.*. U T r _.jg , aird HI BSRJtaB 


Ridgefield li 


Rothschild Asset Management (g) 

7860. (vUetause RtL. Ajtedwry. 02% 5941 


ll.K. Grtii. (Xst- i 


H.I 


1263 

P.8 

H0.5 

K- 3 

[3S.7 


.E45 

(285 

(283 


m 


' 237] +08 
29.9 +o!9 
382 +0.1| 

j» = 

32.91-w 

51 jM 

32.1a . J 
30.6 +0i 
24.7e 
- W.7 
m +94 



Trades Unicn Unit TsL Managers^ 

100, wood Street, E.C2. 01-628 SOU 

TUUTDetl ISO-2 535] ™..J SJ4 


Allen Harvey 

1; CJorWj t>«5,Sl 

AHR Clit EM 


ty & Ross Inv. MgLfGJJ 

uTSt. Holier, Jty, CJ- 0&-75741 
i.Fd JU022 1031 1194 


Keyser Ullmann Ltd. 

25. Milk Street, EC2V&JE. 

FonH-lei |FrlJI7 

Bindieie* FilRfl 

CenL Aueu Cap [139.42 


Transatianttc and Ben. Sees. Co.¥ 

91-99 New London Rd. ChetiKford 024551651 


BarUcan Dec 21 H 

(Acdum. I , 

BartLExpL Dec. 27 ^[i 
HucUmt.Dec.21 


79.7 

1236, , 

B?.9j +23 


[Acant. (IbAI. 

cio ColfnoDec22- 


4.69 


(AccumUm'Dj. f 


d. Dee. 5 


JACOBTL limtS) " - 


ulen Dec 19 , 

tSBJBgfed 


.JU 03 103J 1 

Arbiftfmot Securities (C.I.) Limited 
PJ). Box 284, St. Heler, Jersey. 0534 72177 

! Cap.Tft.<Jeney) [115 114| J 4J0 

Keu dealliH date Januinr 9. 

Corn Secs. Tsl..„J1(» IK] 1 12JJ0 

S+rt dealing dale Jan 2. 

East Alntl.TsLi C D_..|9o Z03| | 3.64 

Next deabng date December 28. 

AxtstraRan Selection Fund NV 

Market OpportmlUn, do Irish Young 6 flulhwalle, 

127, Kent si, Sydney 

USSISturn | SUSL48 ^.....{ - 


King & Sbaum Mgrs. 

. .. .. 


1 CJdrmgDrss 5L Heller. 3erwv. (0534)73741* 
WaHey Hsc. SL Peter Port, Cney. (MIZOK 
1 Thomas Street, DougUi, I AM. . <05241 < 

Gill Fund IJfrsey)™jjJ5 _9( 

Gill Trust (i.o.M.j_ KlUJ lM.fl +0J| 

Gilt Frd. GuemwyffJJ 9J4|+U2 
lad. Gait. Sect, Tit 

First Sterling. __fCl 7J 

First I ml $14 


Klemwort Benson United 

20. FencfurcOSI, EC3. 


EjirimesL Lux. F. 
Guernsey Inc 


jAccuoi l)nhsj__^__[i 


J. Henry Schroder Wagg & Co. LttLf 


.Gwh. Dec 22^f 


12D. Cheapslde, EXZ 


N.C. Equity Fund 169.7 

N.C. Env- Res. Tst._ 109 4 
N.C Income Fund ...1469 
N.C. Inti. Fd. (Inc 183.0 
N.C. Inti. Fd (Act. It ,0 
H.C. Sndlr CoysVtf,,, 157.9 



r . Ital Dec 27 

A«um.r... v — . 

Income Dec 19 

(Accura. unitsl 

General Dec 


Accxn. UritB|. 



lAct)_pm) : . 32J[ +flj{ 

«&» (Antmty) Unit Tit Mgs. Ud. 

. i Fredertairt PL. Otd jiwy, EC2 01-S884111 

ttt&EgB Mil 

■ Baling Toe. tfW«L ■ 
fionftt UnJmMP 
77 London MM, EC2 


361, Omoside, EC2V6EU. 
Capital (Accwn.) — i 
Extra Inc 
Financial 


01 -60b 6060. 


Growth In* 

Income 

PwtiWto|B».fd. 

Uiriwreal FdlCdjJ. | 



NEL Trust Managers Ltd.f (a)(g) 
M Won Court, Doridno. Surrey. 

H=J 


RotfaschHd & Lowndes Mgmt (a) ' 

St.SwutHiKLme.Ldn., ECO. 01-52643S6 

New CX Exempt — .1024.0 13Lfl| I 3.96 

Prices on Dm. UTNnt deribg Jan. 15. . 

Rowan Unit Trust Mugt Ltd.V (■) 

CUy Gale Hse, Rnawry Sq, EC2. 01-6061066 


.urope Dec _ 

ACOML 

Pn&CluFdDKJ9 

Dec 5 

DK. 5 | 


01-5885620. 


Srefl Llh 


5911 

520 

808 


DaArem 

Nsa doling aw Jan. 5. 

Srievetm Ma na ge ment C«. Ltd. _. . M ..... 

59 GreUsam Street. EC2P2DS 01-6064433 L^V-T 1 !! 8 * M ^ ?y r ?- Ltd - 


American Dec 21 [62 5 

Seoxliies Dec 19 176 5 

High YM. Dec 22...., 5S 7 

(Actum. UnHs)._ TBS 

Merlin Dec 27 79 J 

[Actum. Units) W.B 


_§5J[ 


BS ::: 


+L2J 


m 

4.40 

890 

8.90 

036 

436 


302.9 
125.7 
1933 
2»3 
868 

& 

[171(1 
@3.4 

. (203.4 _ 

•For ur WWW tun* ash 
Scottish Equitable Fnd. Mgrs. Ltd. 9 
28 SL Andrews Sq. Edinturgh 031-5569101 

Income Urits. 1503 53 71 +0 8 5.49 

Actum. Units [58.8 6231 +064 $.49 

Dealing day Wriftwsdsy. 

Sebag Utttt TsL Managers Ltd-9 <a) 

PO Bax 511, Bdtlhry. Hw, E.C.4. 01-236 5000 


-SpecExTl) 
‘Recovery I 


01-240 3434 
106.6d+2 7) 2.93 
1M2 +1T ■ - 
20DJ* +11 

3^ +lS 

376* 

2713 
2096 


(Nan. Urdu) 6LB 

Van ‘lh Decs 7L2 

Vang. Tee Dec 27.^440 


[ Actum. Unto [■ 

Wider Dec. 21 U 


(Acorn. UrtBlL |: 

WWDn.Oec&_ZJI 




Capital Dec 


Accwn. Units).,, 
ExempL Dec. 2D 


P-O. Box 4, Nonmdi, NR1 3NG. 0603 22200 
GremTst-Fd. [363.4 38251 .......| 5J9 



25% High Motown, WCltf 7EBL 

Peart Growth Fd. Cfl.Q 

Accum Units [286 

Peart Inc. — .P3J 



Royal TsL Can. Fd. Mgrs. Ud. 

50. Jetmyn Street, S.W.L 01-629 8252 

Baft=dH MS- 


sebMdeitaiFd [34.; 

Sebag Income Fd. .(31.2 
Security SelecUon Ltd. 

] 5-19, Limb’) Inn nriOs. WC2. 


K :~i 


4.5J 


Tyndall Managers LtriJf 
38, Canynge Road, Bristol. 

Income Dec 20 [97.2 

Accum Uni^,___ 1832 

(Accum. Untt3j_„_l]6J 4 

W Ear Dec. 20 ..fe4S 0 

(Actum. Units) (278 0 

Pref. Dec. 20 , 

Accum. UmUl_^,_l 
24, Castle St, EMahuru- 

Scot. Inc. Dec 2a fui$ 6 

Scot. Cop. Dee. 2Q_ [157.4 
(Acoun. Units) 11664 


Net asset value November . 

Bank of America International SA 
! 35 Boulevard Royal, Luxembourg G.D. 
dinyrtt Income 136511 ..—J 

Prices m. Dec. 21. Next «*. day Dee. 27. 

Bangoe Bruxelles Lambert 
i 2, Rue De la Regme B 1000 Brussels 

Renta Fund LF 1 1,688 1,946) +4| 

Barclays Unicorn lot (Ch, Ij.) Ltd 
1, Charing Cress. SL Heller, Jhy. 0534 73741 


Do Accum 

KB Far East Fd... 

KB Inti. Fund 


KB dap." Fund __ 


K.B. U.S. Goth. Fd._i 
Signcl Serewda 
Interatl. Bd. Fd. 



O.U 

a.?® 

LB- 


603 


Lloyds Bk. (C.I.) U/T Mgrs. 
P.0. Bo* 195, 5t. Hellfcr, Jersey. 
Lloyds Til 0>js — [55 J 


027332241 


Prices at December 15. Next dealing 


29. 


Unri GthTsAcc g4.6 

GthTstlnc &10 


Unri 


01-8316936-9 

2655 [ 4 ifl 

22.4] 4 4 .tO 


UnJai Wa troop 


Pearl Unit T5T 


(Accum. UntuV 


Save & Prosper Group 

4, Great SL Helens, London EC3P 3EP 


UT Attadu, 
E w dw o wt Eaex. 




TLAmer. 

uxkmmv UbR Tst^Mgs. Llif («Kc) 

,^ r M9h1Wb«n.WaV7IIL -.-; (H-a316Z33 

Barobyv: UiAboiii LttLW (aKclfg) ' ±***™*7*rJ- 

l HririroHo. 252, ftwfairi (U, E7. . ' 01-5345544 
goon America — . 33J 


tkanthm Royal Ex. Uolt Mgrs. LM. 

Royal Exchange, EC3P 35N 014388013. 

(ag> GuartMl Ts t — [93 A ».9[ +01[- - 434 


HemfersM AdminlstntiOitV (a)fc)(g) 


Pelican Units Admin. Ltd. (g)(x) 

81, FnonUda SL, Madcfaerier 061-236 5685 

Pelican Units JB6JJ913 +0214821 483 

Perpetual Unit Trust Mngmt.tP (a) 

48, Hart SL, Hentey on Thames 049126868 

P'petuaffijLGfb. (42.9 46.4) 4 3.96 

PiccaMy Unit Trust (aKb) 


68-73 Queen SL, Edinburgh EH2 4NX 
Dealings la: 01-i54 8899 or 031-226 7351 


S togtetgb 


WKKSI Antony Gflds Unit Trust Mnum Ltd. 

■ SS® P ’“' 0MJW ^ ?8HD - 


57.9J | 751 



•Jvi .Do. Capital. 

A 

~ ■'tSsj 


MS 


tit 


74.4 

Baring Brothers A Co 

*1 j;ratLemIeohMSL,£(3.- 

stoiunTsL: : [1792 18 

•: - . Db. — -B2*A . 23 
V, Nert s*. ttey January 

V > ' 4Mtiun)Si^tv Progresrire MgmL Co.f 
-■ ,n'» : -$BbJl0p8M*EC2.. 

-a' '.(flcaxitJDec. 1__^ .... 

:? . ; . .. 5S-iub_dqL , **fc 3. “J*. 9. 

;V ^ 'Bridge Fond Mimagers (a)(c) 

•T ^r ; ; >*gSHsf, KMg William St, EC4. , 01-6234951 



tegra=:SV u 

CapitafFund 43 J 

Inc Ena. 6 Assets 43.9 

Private Famt.. 36.1 

Accumltr. Fund 

TednohH 



—03 1080 1080 
433 -0.2 520 

466a 4.HQ 

472b +02 6.I0 

38.1 .... 4i4» 
71.t -0.1 -2.40 
66.4 380 

29J +03 2.55 
Z3.6| +0.b| 3.10 


72.71 +021 
46 0| +oU 


Practical Invest Co. LbLf (yKc) 

44, Btoombonr Sq., WC1A 2RA 01-623 8893 


Accum. UrHs- 


4.6 


Save & Prosper Securities Ltd.y 
Intemational Fuinds 

pifc===#f THta 

Unri. Growth |»J 74 +13] 

Increasbiq Incooie Fund 

High- Yield.... ...|53.9 

High taesme Foiids 

High Return [67.7 

income 142.8 

UJL Funds 

UKEtjuty H5.0 

'Ovcneas Fnubw . 

Europe 188 B 

J#an. 103.5 

S L Asia [378 

U.S [693 

Sector Finds 

Conxnodliy U6.7 ■ 82.41 

Energy.. 69J 74^ 

Financial Secs. fr-7 74.94 

. MaM Wr iliwnn Funds 

Sdeci Internal. (2504 

Select Income. IE'3.7 


237 

440 

213 


8.52 

936 


483| +02[ 5.12 


St e wart Unit TsL Managers Ltd. (a) 

■45, Charlotte Sq., Edinburgh. 031-226 3271 

tStemrt American Fund 

Sundanl Urdu [572 60 W ( 133 

Aocwn. UnMs 1622 663| J 1.53 

Withdra w! Units -.146.0 <9l| — 

•smart BritWi Capital Fimd 

Sundard 038 3 1523? +031 « 04 

Accum. Units 060.9 177j[ *Oo[ 4.DS 

De* Sny tfun. A Fri. *WM. 

Sun ABbnee Fund MngL Ltd. 
SunAHfanceHse. tfarsham. - 040364141 

MSJSSS^JKf* m 443 

Target TsL Mngrs. Ud.V (a) (g> 

31, Gresham Si. EC2. Dealings: 0296 5941 


SoceMSJu. 



Overseas Income , 

UnMolltr Trust 

UmrionQ Trust 


Barclays Unicorn InL (1-o.M+n) 


1 ; Thomas SL, Douglas, u id. 


umcotnAusL ExL 


Do. Aiisl Min. , 


Do. Gnr. Pacific I 

Do. Inti. Income 

Da. I. of Man Tst 

Do. Manx Mutual 



053427561 

J Wf 4 097 

JD03J12001 1200 

Lloyds Bank Infernatlonat Genera 


Ned dcafifd dale JantUrr 
S9.97 


Uoyds Trust Gilt . 

Ked dealing date Jauarr 


P.O. Box 430, 1211 Geneve 11 (Switzerland) 

IS. 


. . I Growth | 

Do Acoun. 

Extra Inc. Growth .... 
Do. Accum. 


Financial Pr’rty 

Do. Accum.. 


High Ik. Priority ... 


InternaUonaL .06 B 


Blshopsgale Commodity Ser. Ltd. 

P.O. Box 42, Douglas. l.o.M. 0624-23911 

. ARMAC-Dee. 4 IRISS38 31 2 q I - 

CANRH0"Dee.4 |lL 09E l.Ufl i — 

COUNT** Dec. 4 £2627 2.7M j 188 

Orighslly tuned ai *S10 and **£180. 

Bridge Management Ltd. 

P.O. Box 508, Grand Cayman, Cayman is. 
Nimbi DkJ | Y17.858 ( 4 — 


Management international Ltd. 

Bank of Bermuda Building, Bermuda 
CGury Dec 22 |$US54A2 |+L50| - 

M & G Group 

Tfeee Quays, Tower Hill EC3R68Q. 01-6264588 
Atlantic Dec. 27. ... IHJ52® 3J3U0i» — 
Auu.Ex. Dec. 27 ... ..BUSJ6 . 2.43-00 - 
GM.ExJIol Dre.27..Su|9.75 lO.Mj-fta - - 

ftc^jniai"™J:ulj3 ML^ ^oJ| 33i5t 


Samuel Montagu Ldn. Agents 
11«. Old Broad St, E.C2. 01-588 6464 


ApoJIoFd. Dec. 20. 


Jarirs Dec. 15... , 


. Group D« 13.. 
117 Jersey Dec. 13 . 


TSB Unit Trusts ty) 

21, Chantry Way. Asdowr. Mans. 
Dealings u 

(bJTSB General Hi. 

(h)fS Actum m 


Sp^F^D^3l“!^Jsli5 Z136J ....J 0.77 Ji 7° ,sDec ' 6 


an a.6 

BJ510J1 113 
M 20.5 * 


0% 

246 

0.75 


3.95 


TSB Income 69.0 

(b) Op. Accum S4.4 

SBScotiisti P4.1 

D.9 


(b) Do. Acorn. WO 



026462188 

m 

+L4I 214 
+L4J 214 


Britannia TsL Mngmt, (Cl) Ltd. 

! 30, Bath SL, St- Heller. Jersy. 0534 73114 


Murray, Johnstone (Inv. Adviser) 

163. Hope Sl. Glasgow, C2. 041-2215521 


StorBno Denominated Fdt. 


•Hope Sl Fd. 




Target Conmotfliy 

Target Financial , 

TSSI?&:i7- 


*Do. Acc. Units- 

Target5it Fund . 
Target Grmrlh., ... . 


Target PadOc Fd 
Do. Sell 


jlmr. Units.... _ 

Target In* 

Tgt re.-Dec.27... . 
TgL Inc. 


[34.9 

1626 

®TI 

.9 

[36 

m 

mi 


Dec. 59. 
+03 

ioa . o 

+04 5J7 
Ltd.? (a)(x) 
.01-5882830 


aa» 


2195b! 

3062 

HS4 


M.4)+4.7i 286 

I 7-66 Tgt. Special Sns. p0.6 

I 




-02^ 




.34 J toa 


22 ll +0J| 


609 

688 

688 

3.00 

4.92 

m 

3.77 
5.05 

8.78 
1210 

527 


023235231 
398] .. ..[ 5.79 


Ulster BankY (a) 

Waring Street, Belfast. 

(b)Uhter Growth |37.1 

Unit Trust Acaront & MgmL Ltd. 

King WBIIam SL EC4fi 9AR 01-6234951 

Friars Hse. Fund (40.4 

Wteler Grtii. Fad- 
Do. Accum.,-, 

Wider Growth Fund 
King WllUom SL EC4R 9AR 


Jeriey 
Unlvri. _ ... 

HI# InLSUg. 

118. DaOm Denomimtrd Fd*. 


30.7) +2.7 
B6J . 
127.8 . 
2.17 . 
D.96U . 


200 
1.00 
L50 
1JM 
12 JO 


■Murray Fund— 


USS40.28 

USS11.08 


KAV December 15. 


!:d = 


Negit S.A. , 

10a Boulevard Royal. Luxembourg 
KAV Dec. 15 | 5US12J8 


r -i - 


Units 130.9 

Accum. Units p68 


01-6234951 


18 


UntwI.STit BUS20 5.W | — Neutt Ltd 

InLHIgh InL Tu. |Ss096 O.oSli] . . J 9J0 

Value Ok. 21 Next drying Jan Z 

Brown SMpiey Tst. Co. (Jersey) Ltd. ... 

P.O. Box 583. SL Heller. Jersey. 0534 74777 

Sting. Bnd.F d.th) [£30.0 1083! 4 1200 

Butterfield Management Co. Ltd. 

P.O. Box 195, Hamilton, Bermuda 

Buttress Equity [SUS233 2 --I L74 

Buttress I name __Jsiis23l 209| I 111 

Prices at Dec. I. Next sub. day Jan. B 
For Capdbrea SA see under Keyser Ullman 
Ltd. 


Bermuda Bldgs.. Hamilton, Bnmta. • 

NAV Dec. 15 [fb.10 — J 4 — 

Phoenix International 

PO Bo» 77. Sl. Peter Port, Guernsey 

I nter- Dollar Fund— .(SU52J1 250| .._..[ - 

Guest Fund Mngmnt (Jersey) Ltd. 

PO Box 194, St. Helirr, Jersey, 0534 27441 


Quest Sllg.Fxd.1nL 


93. 
O' 

Quest Inti 0. . 

Price at Dec 27. Neat dealing J 


0J26 

us8.<n 


INSURANCE AND PROPERTY BONDS 


SitBOarCmT. 

HBJ Samuel Unit. TsL Mgro-T (a) 


Abbey Life Assurance Co. Ltd. 

1-3 SL Paul's Churchyard, EC4. 01-248 9111 



L uii . 45 Beech Sty ECZP2LX 

01-5886280 f 

«-ra (g) DoHar TrusL 


EwRyFmf. 
Equity Ace.. 


,.[364 


Crown Life Assurance Co. Ltd.V 
Crom Lite Hu s Woking. CU211XW 04862! 


313 


38J[ 


01-6208011 I Property Fd Q52B 



Property Acc—. 1 


: American & EesiL— : 



guAal Trust 1 

FlnnaBl Trust _F 
Income Trust— „{ 

SecnrifafThist . . t 
HlgbY5eWTsL.._J 

iBteifV UXgJ 

15 r Christopher Street, E.CJ2 

InteL In*. Fluid ___B?.4* 3L6*| J 7J0* 

•After Sub. OWskXL 

Key Fund Managers Ltd. (a)(g) 


SelecdwFund 1 

f Fund.— „ 


i7i.3 


01-2477243 


CnovertBUe I _ 

j. Fd. Ser. 4 — \ 

. jity Fd. Ser- 4 _ t 

VCon*. Fd. Ser. 4 1 

VMoner Fd!sir.4„JL 

Prices at Dec. 19T Valuation normally Tins. 


96J 

1411 

SH 

1425 

12L1 

118.1 


Mang’d Fund Acc. ! 

Mang'dFd. litem. 

Mang'd Fd. Inlt 

Equity Fd. Acc. 

Equity Fd. Incm. ^ — , 

Equtty Fd. Irdl — ... 

Property Fd. Acc.— - 
Property Fd. Incm -- 
Property Fd.lnJL — . 

Inv. Tsl Fd. Acl | 

inv. Tit. Fd. Incm. 


103.9 

[1018 

IfflLS 

"14 


Irw.TsLFd.InlL. KIU 

Fired InL Fd. Ace. — JlOO 6 


Brit amria Tnett Manageqmyt (a)(g) 

Khdmrart Besson Unit M —g ny 




01-6067070 

lEl 


Albany Life Assurance Ca. Ltd. 

31, Old Burlington SL, W.L 01-437 5962 

VEquity FA Acc — _ J196.4 
VFIxen InL Acc [341.7 

fes»a£ 5 -“ligj 

i.4 


Fxd. InL Fd. incm.— 
’•I. Fd. 


Inter'I. Fd. Acc_. 

Inter'). Fd. Incm [10B.6 

Money Fd. Acc r " ‘ 


20, Fenclwrch St, E.C3. 


K.B. Unit Fd. Inc. 

K.BJ : (Un.’T4-Acc i 

RtlnC— . 

FrLAcc— 

Hlflh VTd Fd. Inc 

HghYM.Fd.Acc— 



01-6238000 


,-Fd.AcC. . 
e Inv. Acc.. ~ 
iqufty PecFd. Acc .... 
FixMl.PeiLAcc— . 
G'ld.MwLPecAcc — 

Ind.Mn. PdFdAcc 

Prop. Pen Acc. 

M'pie imr.PBLAcc — , 


206.71 

123.^ 
114. 9j 
1214^ 
179jl 
2473 

14L3 

1223] 


Money Fd. Incm 

DbLFd. 


. Incm 


m 

%.7 

95.0 

100.1 

97J 


+0 ? 
ioi5 +o.j, 
iou +03 

18J.7 +0.1 
1017 +o3 
99.5 +o3 

m 

103 J , 

1D5.J +0JD 
104.6 +0.3 

103.4 


Lloyds LJfc Assurance 

20. CUftoa SC EC2A 4MX 


a 60 


Mlft.6LNnx.30 

Op J'A'Pr. Dec. 14,— 


694 

6.94 


138DDB 

" 

144.0 

1513 


134.2 

VO 


155 8 

164.0 


1533 

161.4 


1244 

131.0 



LL75 


OpJS’A'Eql. Dec. 21 _ 

OpJ'A'Hy. Dec. 21 ..., 

Op5'A'l4sm.Dec 21 
Opt_5'4'Dpt. Dee81 t . 

London Indemnity & Gnl. Ins. Co. 


Jfoyol Insoratsce Group 
1 'New Hall Place. Uweroool. 051-227 4#22: 

i Royal Shield Fd p«5.7 154J[ \ 

Save & Prosper Group V 
4, GLSLHelen's, Lndn„ EC3P 3E P . 01-554 8899 


Capital International SA 
37 rue Noire- Co me. Luxemomng 

Capital InL Fund. | SUS17-65 1*011] — 

For Central Assets Mugt Ud mb under, 
. : Keyset, ^Jllman Ltd. . 

I, C ha rter house JapbA' ■ 

1 Patemouer Row, EC4 $ ■ • 01-2483999 


Richmond Life Ass. Ud. 
48, AlhM Streei. Douglu. 10. M. 


(■ITHe Silver Trust _ 

Richmond Gd.Bd 

Do. Putinuii Bd 

Do. Diamond Bo 


Do. Em IncomeBtL [1681 

CarrilKHi C.G.i.Bd. _..h5o 


11117 

U6J 

,1598 

963 



AdtroM . 


Adi verba _ 


IDSOOJO 


Ltd 


6J6 

656 


13.19 


583511. 


18-20, The Forbury, Reading 

Money. Manager LJ3.Q 

ai.M^TexiSel. [29J 3- 

Fixed Interest [344 36.:. ... , 

The London & Manchester Ass. Gp.V 


Bar. In*. Fd 

Property Fd.' 

Gift Fd.:._... 

Deposit Ftff . 

Comp. Pens Jd.f 1210.4 

EqiiffyPrns.Fd p89J 

Prop.^ Pens. Fd.“_ 

Cltt Pens. Fd 


w 


+0 J0 723 C®.G| 

+0J 10-00 |exm 
+ 01 9.61 , ^Ex^L 


WhBladr Pari, Exeter. 
Growth Fund __.[ 
x. Exempt Fd._. 
Exempt Prop. Fd 


AMEV Ufe Assurance Ltd.V 


Crown Bri. lov.'A' — [159.2 
Crusader Insurance Co. Ltd. 

VinaJa House. Tower PL EC3. 01-626 8031 

Gth.Prop.Doc. 5 174.4 844| J — 

Eagle Star Insur/MMIand Assur. 

1, Threodneedle SL. EC2. 01-3881212 

Eagle/Mid. Units 1533 55.6] 616 

Equity & Law Life Ass. Sac. Uri.V 
Amershom Road, High Wycombe 0494 33377 


ExpL ln*. Tsl Fd 
leiMe 


FumL_.„..._ 

In*. Trust Fund 

Property Fund 

Cm. Deposit Fd , 

M & GGruupV 

Three Quays, Tower Hill. EC3R 6BQ, 01-6264588. 


234.7 

139.3 

3Jb4 

114.0 

1020 


0392-52155. 


Depa5.Ptns.FdT_ 


vices 


HA 


an December 20. 



«==r:Baa 

Fondis UI208B - 

Emperor fund $3.15 

Htspano [S7S422I 


4.83 

4.45 

4.98 

530 


Rothschild Asset Management (C.l.) 

P 0. Box 58. SL Julians CL. G urrasey- 0481 2633T . 


2.74 


tWeekly dealmgs. 
Schroder Life GroapV 
Enterprise House, Portsmouth. 


CHve Investments (Jersey} Ltd. 

P.O. Box 320. Sl Helirr. Jersey 0534 37361 
CJixe Gift Fd. (C.IJ _|9.66 9.671-083 1135 

CDw Gilt Fd. (Jiy.) _.|9.S 4l3|+0^] 11.42 

Cornfull Ins. (Guernsey) Ltd. 

P.D. Box 157, SL Peter Port, Guernsey 
(null. Min. Fd 11634 178.0] _...J — 


O.C.Eq.Fr.Nov. 30 
O.C.inc.Fd Dec. 1— 

D.C.InU.Fd.t 

OCSmCoNov. 30 

0 C Commodity* 

O.C. Dh.Comdti ' 
“Prices on 



,J40B 
[143.8 

R^rixt deahog'Decl S9. 

tPnces on Dec. 21. Men dealing Janwy 8. 

Rothschild Asset Mgt (Bermuda) 

P.O. Box 664, 8k. of Bermuda Bid. 

Reserve Assets 
Price on Dec. 


2.92 

7.5* 

132 


481 

0.65 


Bermuda 


Fd.UUS9.84 9. 
sl IB. Next dxihng 


— Equity 1 


= f,ffl 


InL 4 

Managed 4 

Money 4 


0224 


AmericioFd.Bd.*>_ 
Conv. Deposit* 


Equity Band** ... 
Ex-YmdFd 


Ahna Hse., Alma Rd, Retflate. 


Equity Fd. 


./-Tte L BriBsb Life Office LUV (a) 
Sri'aMahse H». Tunbridge Wells, IQ. , 089222271 

r^.P-BHBsh LHfc—— 153.7 to 


LAC Unit Trust Management Ud.f- 
The Stock Exchange, EC2N IMP. 01-508 2800 

\£\*nsndffl-JU=l-a 

Lawson Secs. LttLV (a)(c) 

37, Queen'S SL, London EC4R1BY. 01-2365282. 

m u 


L AMEV 

I AMEVm . 

AMOV Money Fd._. 
AMEVEqaHyFdM 
AMEV Fixed lid-1 
I 

| AMEV 
AMEVffi 
Ftexiplanl 


u ft v 


■Prices Dec.- 27. Next deaHng 
SMphcy A Co. Ltd.f 
, FounSm CL, EC2. . 01-6008520 

: ttustib) 



4Q4 


264 

264 



Relgate 40101 Property Fd. 


Fixed Interest F. 
GU. DeposiiFd. 
Mixed Fd_. 



Fd-Bd. 

Family 79-80— J 

Family 81 -ab" 

Glh Bond***_ 

Internunl, Bond—_ 
Japan Fd. Bd.- 


+03 


Maraqed Bd.' 
Pers.Pensli 


AMEVmwMBBtM 
American 
Income 


Ltd. 


InL Growth _ — 


0202767655 


050 

040 


For Arrow Ufe Anoyance see 
PrarMemi Capital Ufe Aiswanca 



Tuts. tlWel tnxiri. 

Legal « General Tymbdi FundV 

18k Canynge Road. Bristol. 027232241 

JB 1 4JU 

Nixt sub. Chy January L 
Leonine Administration L t d . 

2, Duke SL,LorxfeM W1M 6JP. 00-4865991 

ftSidJiS 

Lioyds BK. Unit Tst Mngrs. Ltd-V (a) 
J^^^ringJ^Sea. 


Btrcbys Ufe Assur, Co. Ltd. 
252 Romford RiL, E.7. ■ 

m 


02-6231288 


- • t 5*wda L|fo Unit Trst. Mngrs. Ltd-V 
' .^aiWflhSU PBtw Bar, Herts. P. Bar 51122 

.; if | 

•%iEjotAeomL pRA 474 —J 808 

krXapriUSWjesL MngL Ud.V . 

;-+.M0, Did Broad SL, EC2N 1BQ > . 01.5886010 

. •t^Ameffcarf__J93A- fU| _.J. L04 
.” fttas oo Dec a. Next deaDog date Jn. 3. 




General Portfolio Ufe Ins. C. Ltd.V 
60 Bartholomew Ct» Waltham Cross. WX32971 

MteS m, silEi 5 

Gresham Life Ass. Sob. 

2 Prtace of Wales Rd.. r mouth. 

Git Ewrire' FtuxCn^O 
G.L. Gift Fund 1126 

S .L IrtJ. Fund JDM 

.L. Pp»y. Fund 102.8 

Growth & 5 dc. Life Ass. Soc. Ltd.V 
Weir Bank, Bray-on- Thames, Berks. 0628-34284 
Flexible Finance -.—I 1064 

Londbaidc Secs { 54-25 

LandtankScs. Acc. -137.9 12L1 

C. AS Super Fd. — [ £7.971 

Guardian Royal Exchange 

Royal Exchange, E.C4. 01-2837107 

Property Bonds 1197.0 205JJ [ — 

Hambro Ufe Assurance UndtedV 


slon*** ._ 

Property Bd.** 

■ Recovery Fd. Bd.* 


52.4] +2JJ 
127.4 +0^ 

1444 n 

Mi +0J 


49.8 
1212 
137.9 

85. 8 
1693 
Ml 
107 4 

98.7 

58.7 , 

1384 
242.2 

._.^ 6 

Prices on -Dec. 27. “Dec. 21^ 3 *Dec 
Merchant Investors AssuranceV 
Leon Hse, 233 High SL, Croydon. . 01-6869171. 
1620 




UZH 
zoj.g ....„ 
but +o.fl 


+0.i1 


Overseas 4 > 

Property4_ . 


m 3 

844 

1653 


K& SGovt. Secs.4_. 

B.S. Pen Cap. B. 

B.5. Pen. Acc. B 

Mngd.Pen.Cap. B._ 

Mngd. Pen.Acc. B__, 

F. Tm. Pen. Cap. BJ96.0 
F. InL .Pen. Acc. BJ982 


_ Money Pen. Cap. B.. 


Money Pen Acc. B....|i00.2 
Prop. Pen. “ 


,. ,Cap.B.,_„. 

Prop. PM.Aa-B~._lll 


.2333 


070527733 


m 


1H3 

254 6 


m 



DWS Deutsche Gas. F. Wertpaptersp 
Gninehurgweg 113, 6000 Frankfurt 
Invests.. | DM3739 3980|<030| — 


Royal Trust (C.l.) Fd. Mgt Ltd. 

P.O. Bo«194. Royal Tk. Hse .Jersey. 053427441 

RT.mn.Fd BUSL26 9 B6|+03H 3J» 

fLT. lotT Usy.> Fd. _Jb 3.0 09A| +3fl 3J 

- 4 Ore. 27. » 


Delta Group 

P.O. Box 301% Nassau, Bahamas 

Delta In*. Dec, 6 ISUS1A8 J .77/ — 

Deubcher Investment-Trust 

Pent inch 2685 Biebergasse 6-10 6000 Frankfurt 

Concentre BHO.« 21.7«-OJ0| - 

InL Rentenfonds |UMI.9D 710fl|t03U — 


Pisces at Ore. 27. Nest draDng Jan. 
Save & Prosper International . 


Dealing . 

37. Broad Sl, Sl Heitor, Jersey. 
U.S. Dxlbr -denominated Fundi 


053420591 


22 . 


Property., 

?rty PW..„ 



, lity Pens. 

.Money Market 

Money Mkt Pens. — 

Deposit, 

Deposii Pew 

Managed _ 


Managed Pens. i 

InU. Eqirl 


0628-3428 

4 sl i 


m.-af 


172.7 

604 

174.6 

144.4 


InU. Managed 

Do. Pens. , 

NEL Pensiont LbL 
Mlfton Court. Dorking, Surrey. 


M6.7 

3093* 

144.4 

982_ 

102.7 

98.8 

1DL9 


::d :: 


Scottish Widows* Group 
P.O. Box 902. Edlnbwgh EH16 5BU. 
031-655 6000 
lnx.P1y4ri.Dec21... 
lrrv.Ply.Ser»es2__ 
tnxrsL Cadi Dec. 21- 
Ex UtAa. Dec. 20- 
Ex Uu Inc. Dec. 20 — 

Mag. Pen. Dec. 19 — 


Dreyfus Intercontinental Inv. Fd. 

P.O. Box M3712, Nassau Bahamas 

NAV DecJ9 [SUS1S.48 1647] | — 

Enrernt & Dudley Tst. Mgt Jrsy. lid. 
PA Box 73. SL Heller, Jerwy. 0534 20591 
E.D.I.C.T |1238 13LB) J 3.00 


Dfr.Fxd. lnL**J. 18.86 

InternaL Gr.*t 
Fir Eastern^ 

North American*t- 
Seprot. 
Stirlog-denonioafed Fwvri 
Channel Capital* 12456 

S anne! Islands* 153.0 

mmod.**** (1323 

SL Deposit* Kozl 

SLFixed—t ,11117.6 


746 


'Prices on Dec. 



The English Association 
4 Fore Street, EC2 


107-2 

vni 



1063 

106.6 


140J 

1461 


H 

1383 

2703 




****iV%r&M 


Wardgate _ , . ... .. 

•Next dealing Jan. 3. “Next dealing Dec. 29. 


tWrtUr Dealings. * Daily Dealings. 
01-588 7081 Schlesinger International Mngt Ltd. 
+0JH| — 41, u Moue SL, SL KeHer, Jersey. 


...173 


053473588 


Solar Life Assurance Limited 
10/12, Dy Place, London, EC1N 6TT. 01-242 2905 


“ Solar Managed S. 


___ Solar Cash S . 


128 6 

111.9 
17L4 
J35 6 

102.9 


— 7 Old Park Lane, London, W1 


01-4990031 


Find Irl Dep. — , 

Equity 


•Curreot units value Dec. 20. 


Beehive Ufe Assur. Co. Ltd.V 
7X Lombard St, EC3. 01-623 1288 

Btk, Hof's* Dec. 1 — 1 13233 


3723 

344.9 

m 

16.6 

.4 


I — J - 


t^AKWAL Mgrs. Ltd-V (aKc) 

griftlbbfsi House, Kewtasde^upon-Tyne 21165 

: Till ---I *JS 


Ugyft-Ufe Unit Tst. Mngrs. Lid. 

72-80, Gatehouse IfaL, Ayleshary. 02965941 
Equity, Acoxn. - [1623 17081+04] 4.74 

MAG GreupV (y)(c)(z) 

Three (hays, Tow W A EC» 6BQ 

Acoun. Unix) f" 


CxBXsfa Lffe Assurance Co. 

2-6 fOgh SL,'PoUen Bar, Herts* 


P.Bar 51122 

= 


01-6264586 


Aobbi. Unity 

■f&SSS&szz 3 

T Netf 



- 01- 6384121 


l Ate Jamary 3 
• JJ Moorgate,LondDn L EC2.' 

..^Ctaritkc-OfiKW: invest. Fd* 
i^.todw.WW/ECZN.lDB. 

'• jaane Mm, 21; , 

. Attgra. Hot. [ 

. .-$-^74Uaawfc OnVf avatouue io ... 

h-L FbrXharferimce Japhet sw Anus. Fuday 
. Chieftain Tnist M»oagers LWV <a)(g) 

: f.*13, WewSL, £C2M 4TP. 


I I TIM {AceanL Units) , 

l“j.as SSS&r— : 

- ' Far Eastern 


7J» ^ram..UnHS}. 



Foods Mgt Ltd. V (a> 

' "E ■ ffl-2420282 


ylane.WC2A.lHE. 

^;&obth'Fund_^ L.(45jj6 ; : r*W.—. J 

CosmopoStan Fund Managers 

: 3* PtrtSrTOeL London SW1X9EJ. .. 01-2358525. 

-.SSStaSLSti-- ' Ulriiii 

Crafttnotmt Unit TsL nigra. Ltd. 

WM Foster Lane, EC2V6HH . . 01-606^262 

Crescent Unit Tst Mpgre. Ltd, ta)(g) 

•A Metoilie Cres^ EdUUmryTi 3. 



01-2332632 i&TlffiS) 
+OS 2.D- 


Cannon Assurance Ltd.V 
X Olympic Wy_ WeadSey HA90NB. 


Property 

Managed Cap — I 

Managed Asx — . — i 

Overseas 

Gift Edged.. — 

.American Acc. , 

Pen F.I.Dep.Cap [ 

PenFl.DetLAcc.__rr 

Pen. Prop. Cap 

Pm. Prop, Acc. 

Pen. Man. Cop 

Pen. Man. Acc (2783 

Pen. Gift Edo. Cap (121.? 

Pen. Gift Edi Au.-J 
Pen. B.S. Cap. 

Pen. B.S. Acc 


Pen. DJLF.Cap 

Pen.DAF.Acc. 


Ks 


130i 

127.7 

147.6 


1047 

107.8 



5913 


Nftex Eg. Cop 

Nefex Eg. Accum. 

Nele* Money Cap 

Nefex Mon. Acc. 

Neiex Gth lncCap.._. 

Netox Gth Inc Acc — 

Net Mat. Fd. Can. _. 

Nel Mxd. Fd. Acc. 51.6 

Next Sub. day December 
NPI Pensions Man^etuaut Ltd. ■-• • 

48 Gracrctxrch SL, EG3P 3HH. >- fil-6234200 

Managed Fund 1157.6 -1642) [ — 

Prices Dec. 1. Next deaHng Jan. Z 
New Zealud Ins. Ca. (UK) LttLV 
Maitland House. Southend SSI 2JS 0702 62»55 
Kiwi Key In*. Plan I 


Solar Inti. S 86.9, 

Solar Managed P 128. 

Solar Property P. UU 

SeUr Equity? 17D. 1 

Solar Fxd.lnLP 

Solar Cash P._. 

'SaUu- 1 ml. P 


070527733 


110.9 

14L4 

1478 

114.2 


w • He 

Sun Alia nee Fund Mangmt. Ltd. 

Sun Alliance Home, horiham. 040364141 

Exp.Fd.lnLDecJ3 K14W 159.9J J - 

InL Bn. Dec. 19 I 0204 J J — 

Sun Alliance United Lift Ins. Ud. : 

Sun Alliance House. Horsham. 04036414^1 


[iredinterestFd 1 


> Fund f 


Small Co’iFd. 

Technology Fd 

Extra Inc. Fd 

Extra Inc. Ms. Fd.._. 

American Fd 

Far East Fd — 

Gift Edged Fd 

Con. DepoSI Fd.. __ 


S -O.b 

■163 

-03 

+23 


Ei. 

FIxl 

Property Fund.. 

International Fd. ... 

Deposit Fund 

Managed Fund 




Unas. 


/ Exec.. 


SFiSSte: 

Oepostt Bond 


2«fEqpfty .K.4 IDlt — 


2nd 



*id 


90.8 

:S&lz 

- - JAet 

GW PenS/Acc4 
imPensJACc. 
ES.I.F.. 


Current yabe December 



Hearts at Dak Benefit Society 

15-17, Tavfcwck Place. WC1H 9SM 01-387 5020 

Hearts of Oak- P7.8 39.9f _....| — 


Hill Samuel Life Assur. Ltd.V 

NLA Twr, AiMKorabe Rif, Croy. 01-686 4355 


iProoerty Units 

Property Series A . 


Property 

Managed Units — 

Managed Series A 

Managed Series C 
Money Unto. _ 



Money Serin A 

Fixed 1 - 


Pm. Managed Acc — 
s. G"teefl.Can 1 


Galtitii Ufe AssuranceV 

Gonbtan House, Chapel Ash Wtcn. 

WBbSbEd 


Pns 

Pus. Gfteed. 

Pens. Equity Cap--, .. 
Pens. Equity Acc — 

Pns.Fxd.JnLCap 

Pn5.Fxd.lqLALC 
■ Pens. Prop. Cap , 
Pens. Prop. Acc 



Norwich Union Insurance GroupV 

PO Box 4, Norwich NR) 3NG. 0603 22200 

Managed Fund [218.4 - 229 

Equity Fund 3562 374.9 

Prooetry Fund—— 1354 J42.fi .... 

Fixed InL Fund — 151.6 1594 

Deposit Fund— 109.0 1147 

Nn-.UnUDre.15 — 2153 

Pearl Assurance (Unit Finds) Ltd. 

01-405 B441 


122.7 

1993 

|ll 0.4 Ubj\ 

Sun Ufe of Canada (UK) Ltd. 

2, 3. 4. Cockspur SL, 5W1Y 5BH 01-^305400 

Maple U.Gith. | J04.7 

Maple Lf.Uangd. ..... 

Maple Lf. Egtv [ 

Persnl. Pn. Fd. | 

Target Ufe Assurance Co. Ltd. 


Eurobond Holdings N.V. 

Handebkadr 24, WUtemsud, Curacao 

NAV per share Dec. 22. SUS20 80. 

F. & C. MgmL Ltd. Inv. Advisers 
1-2 Laurence Pountney Hill, EC4R0BA 
01-623 4680 

Cert.Fd.Dec.20 [SU5536 -037] 1 — 

Fidelity MgmL & Res. (Bda.) Ltd. 

P.O. Box 670, Handlion, Bermuda 

FWrfHy Am. Ah I SUS2J.1C 

Fidelity InL Fond SUS20.91 

Fidelity Pac.FU SUS54.14 

FMeWy WrhfFd ,| . RISI4J6 

.Fldebty MgmL Research (Jersey) Ltd., 

Waterloo Hse, Don SL, SL Helier, Jersey. 0534 
27561 ' 

Series A (InWJ 8342 [ | — 

Series B (Pacific) E9.08 ) . ...J — 

Series D fAm.Asi.l._f£14i9 | | - 

SS. 2S015 

BWSflhSi-jr ~ 

Fleming Japan Fund SA. " r - 


GmFd..r.:i'..— 

ImLFd. Jersey, 

Intrt.Fd Umhrg. 

■Far East Fund. . 

•Next Sub. <By December 

Schroder Ufe Group 
Enterprise House. Portsmouth. 
International Funds 

f Equity 1043 

S Equity 133.4 

CFIxedlnterrH— 139.0 

SFixed Interest 107.4 

EManaged 1223 

^Managed — 1273 



m 


J. Henry Schroder Wagg A Co. Ltd. 

120. Cheapslde. EC. 2. 01-588 4000 

‘ 279 



Sentry Assurance International Ltd. 
P.O. Box 326, Hamlftoo 5, Bermuda 


I - I - 


1353 

13L4 

207.6 


ll = 


S3S "SLSK®U 


37, rue Notre- Dame, Luxembourg 

Fleming Dec. 20 1 SUS61.91 

Free World Fund Ltd. 

BirteritoW Bldg, Hamilton. Bermuda. 

NAV Rov. 30. —| SUS189J8 

G.T. Management Ud. 

Park Hse. 16 Finsbury Circus. London EC2 
Tel: 01-628 813L TLX: SSblOO 




Man. Fund Inc 

Man. Fund Acc....—. 
Prop. Fd. Inc 


252, High Hoftxnn, WC1V 7 EH. 
Managed Fund.— „[1152 
Equity Fund 1119. 


Prop. Fd. Acc.. 

Prop. Fd. Jiw. 

Fired ipL Fd. Inc 


-8441 Dep.Ffl, 
— Ref. PL 


Inc. 


+0J — 


01-626 9876 
+LD 


0902 28511 

1=1 = 


rtes.Amer.Fd_ 


m 

,£3^4,4,- 

m m 

MamUfe Mpnagotnent Ltd. . 

SL George's Way, Soveage. 

Gnnrtb (Jolts — [567 5?-2f — I L29 

4B1-226TOL M»yfK»wer 'Mwagemetit Co. LW. 


Charterhouse Magna fip.V 
l -Steph en son Hcev Brunei Centre, 
»tnn*. • 

Chrthse Energy — — [344 
effttec JtoragedZZ nil 33.1) 

0SSTB»ZZ ,fei 2344' 4zif 
Moanx ManwedZZZ] 1510 


Imperial Life Acs. Co. of Canada 
Imperial House, GufldfortL 

Grt.Fd.Dee.15 [75.4 82.0 

Pens.Fd.Dec.15.— )69.9 _ 76,0 

Urdl Lhdcd PprtMlo 


Prope/ry DHL 1124 33 

Property Accum.. —,]126b 13 
Phoenix Assurance Co. Ltd. 

4-5 King William St, EC4P 4HR. 

Wealth Ass (113.7.. . 

EbV. Ph- Ass ,1 784 

Eh’r. Ph.Eq.E. 1774 8L 1 

Prop. Equity & Life Ass. Co.V 
U9 Crawford Street, W1K2AS. 01-486 0857 

R. Silk Prop. Bd 1 386.9 

Do. Equity Bd 1 «• 

Flex Money Bd..._ | 149.6 

Property Growth Assur. Co. Ltd.V 
Leon House, Croydon CR93LU. - 01-680 0606 

Property Fund, 


3 = 

I 

11-486085 

ElE 


.. Plan Ac. Pen , 

ReLPtanCap.Pen 1 

Man.Pen.F4 Acc... 

Man.Pen.Fd Cap 

Grit Pen FdJtCt , 

Gilt Pen.Fd.Cop., 
Prep. Pen. Fd-Acc. 
Prop. Pen. Fd.Cap. 


guar Pen. FiLAcc. — 


■Pen. Fd. Cap. 

D A.Pen.FtLAcc. 

DAPen.Fd.Up.__ 


979 

12L‘ 

ua 


5941 


12L1 


137.0 

1011 

197.7 
75.2 
62.Z 
1284 
1361 
1343 
1247 

164.7 

162.7 
,97.4 
'96.9 
97.4 
964 


153-0 


127. 

124.9| 


106.4 

IDiS 
8L7[ 
67 .U 
135J9 


34 

130 


m 


103.1 

1020 

3D25 

1017 


London teems tor 

Anchor , 8 ? UlriB- 1SUS10L 

Anchor Gilt Edge- —Be. 

Anchor InL Fd | 

Anchor In. Jsy.Ta._.| 


_ Berry Pac 


G.T.Pacincfd Isus 

•iaS9JM 


4.44 

S4.43 


LIM 


94S+0Jfl 13 J7 
207 


Berry Poe 5irtg___ waradz: 
G. I. Asia Fd._ MKBU3 1D4W 

G.T. Australia Fdl„ sSs971 10311 

G.T. Bond Fund SUS13.71 

G.T. Dollar Fd. SUS6 78 

G.T. Dir. (Strig.1 Fd 18 A 9 0(J 


iri 

G. T. Philippine Fo._|JllS984 10 45[ 

Gartmora invest Ltd. Ldn. Agts. 

2, Sl Mary Axe, London, EC3. 01-283 3531 


J 1.08 


-0-tBl 


208 


013 

0.91 


o: 

LW 

273 


Singer m Friedtander Ldn. Agents. 

20. Cannon SUEC4. 01-248 9646 

Deka fends. IMI26J7 . 27.801 J 6.12 

Tokyo Tsl No*. 21. _ | SUS4080 I _..-] 145 

Stronghold Management Limited 

P.O. Bn 315, Sl Heller, Jersey. 0534-71460 

Commodity Trust |86 99 9147] J — 

Surinvest (Jersey) Ltd. (x) 

QueeiK Hse., Don Rd. Sl Heller, Jsy- 0534 27349 

American )nd Tst 117 3D 7J6J+0.15J — 

Copper Trust £11.84 123S-OW — 

Jap. Index Ta |OL3D UM+02T] - 

TSB Unit Trust Managers (C.l.) Ltd. 
Bagatelle Rd. SL Saviour, Jersey. 0534 73494 

**-*+*=£1 iiJItoi 

on Dec. 28 Next sub. day Jan 


- Guer nsey Fu nd 
Prtew 


04 4.66 


ADD 

147 


0 93 


T5B GUt Fund Managers (C.I-) Ltd. 
BogateOr Rd, Si. Savknar, >ney- 0534 73494 

GiHFund. 199.0 • 1020 J 1210 

Gill Fund I Jsy. L. .J99 0 1020| ^1230 




41 Wr nwf Sr. ... „ 

Glh FunKJeneyl— [96.0 


3H = 


What 

641272 



Property Fund (A). 
AgriaiHu ‘ 


Managed Fund __[94.6 

Flredl nL Fa |96.i 


Seem Cap. Fd. - — , 
Equity Fund 


tfiS 

954 


01-6068099 


- WernatT. WS- . 

'.tek Ugh. Hist wi • 47fi +03[ 

., : cwe=a- mM 

'ftfctrefioBbre UnlL.Fimd Ustmifm 
:;^teaftektSL,EC2M7AL- • 701-6384485 
: ' ' t»s3ncO«.B_L_^tl78.4- 19034 .T....I 4.99 
f F. Winchester Fmnd MngL Ltd. 

; .^JUJrwjy/ECi' ..... ; , 0L606ZL67 

- ■ -btson A Dwfey T*L MagmuL Ltd. • 

^ ArHngWn SL, 5.WJ. - -• 01-4997551 

. .J 640 


14-JS, Gresham SL,EC2y 7AU. 

IfleomeDeciJ? 

General Dec 1‘ 
imeraL DeclS 

Mtrenry Fund Mufflers Ltd. 

30, GrestowtiL EC2P 2E6. 01-600 4555 

MBcGetfeLZL*N52t- 

M 

4 


Ofcf of . Westminster Assur. Co. Ltd. 
rnwoms Hone, 6 WMUlwist RtML 
Croydon CRB 2JA. 
west Pron. Fund 
Managed Fund- 

.HESSte 


Irisb Life Assurance Co. Ltd. 
13, Finsbwy Square, EC2. 

■"•SftfSfcW. 

dFud ; 

Fd.Ser. II — | 

nrQp.MD. 



Acc Up. Dec 27. 
Line 


20 — 


Mere.' 
Acan.Uts.H«L23- 


4.79 



4.79 

3.48 

3.48 

49S 

4.95 


iilA Fund 1*7.4 

Pem.Mogd.Cap. — !.?■ 
PW8.Mn9LAcc.-_ 

Pens. Money Cap. — 


pens. 

Pens. Equity Act. 

. Fuad arrertir posed to 
Periprin Units-, 



01-6K96M 

Prp.MdLGrtlLSer.ll I 
King A Sbaxsoa Ltd. 

52, Corohfll, EC3. 

Bond FL Exempt [101.49 1B2B1| 



ural Fund 

Agric Fund 1 A! j 

Afitey NaL Fund — . 
Abbey Nol Fd. (A)-.. 

Investment Fund 

Investment Fd. (A> , 

Equity Fund — 

Eqully Fund IAI 
MonryFund 


Money Fund (A). 
Actuarial Fund—. 


Gift-edged Fund 
Gift-Efted ' 


Fd. (*> . 

Retire Arjrotty — 


I mined, Ann^j 


jntfreaiional 1 , . 

Prep. Growth ftasiaw & tomato Ltd. 


01-6235433 


All Wfther Ac. Uts^ 
VAfl Weather Cap.-. 
yim.Fdi.Uts 


58 -C 

2LT ra ra L - 


Next deafin9 <*«• Jwuray ^3. 

Langham Lift Aunrance Co. lid. 
Lomham Hse.. WmbroolDr, NW4. 01-203 5211 
Harvest 

VPrapfBaad -ZHJ— B?7J. 154, 

Wh: 

Legal & Genenl (Unit Assur.) Ud. 


Peaston Fd. UU 

Conv. Pus. Fd 1 

Cnv. Pns. Cap. Up 
Mon. Pens. Fd 


tee AUtey Unit Tntst MoyK. . 
fftoftjr & Uw Un. Tr.rftLV ,r 

-;&*lhton Hd^fllghWycoirte. - <OT4 33377 
: ■^ttyfrLaw— _.(6L5 ■ 69.9| .„4 438 

fames Finlay Unit Trust MogL Ud. : 
0-14, West NHe Street Gbtsoow. MI-2041321 

m;ltS 

.,J.Rmay!ncome 


Miiflaitir Bank Group -. t 
Unit Trust Managers LW.V (a) 
CpartwoptMtouw, SBiibf Street, 


Sheffield. S13RD. 


79842 


. CommotfltyA Gen- 
Dp. Aeon 
61 




Pnas Dec. 2a Ned. deafeig Dec. 27. 



Cite of Westminster Assur. Soc. Ltd. 

Telephone 01-684 9664 

ssssa 5 ={sr 5 ffli=d = 


vest Plan 983 1013 J — 

ighani ‘A’ Plan . — [“64 _693j _...J — 

-op. Bond— .0473 153. H J — 

p tSPl Man Fd |7t3 —j - 

pi & Genenl (Unit Assur.) Ltd.. 

Cashlnttiai [963 10L7|+0.1[ — PuHlonFad-Im 


Traiuinternatioml Life Ins. Co. Ltd. 

2 Bream Bldgs., EC4 1 N V. 01-405 6497 

WTiriiu ImesL Fd [1473 15531 +03] 

VTuOp Mangd. Fd — 116J) 1221 

WMan.BondFd 1213 1274 

Mon. Pen. Fd. Cap. -. E&? 1302 

Mao. Pen. Fd. AccHJl33 0 I39.9[ +ail 

' 104.0 


. In*. Fd, Ird— 


Mi 

Trident Life Assurance Co. Ltd.V 


Inv.FdlAcC-lloaO 10531+03] — 


_ Renslatto House, Gloucester. 


Managed . 




045236541 

H =1 = 


102 . 0 ) + 1 . 0 ] 

Eartaore Fimri tin *L (Far East) Lid. (i)(h) 

1503 Hotchbon Hse, 10 Koroourt Rd, H 
H K & Pac. U. Tsl —0.715 3 9 

Japan Fd aiflftfl 19: 

N. American TsL- ISiSlOJt 10- 

InU. Bond Fund ®£1113E 10.1 

Cmtme i e In— t int lh|t Ltd- W „ , t 1 , 
P.O. Box 32, Donbas. loE7 - Qh24 239U 

Gartmore ImTlnc;. J2LI 225) .... J 1130 

Gartmore InU. CrthfEE? * 65 9| .] ' 2.60 

Hambro Pacific Fund Mgmt. Ltd. 

2130, Connaught Centre, Hong Kong 



InteraatJonnl 

Fiscal 

Growth Cap 

Growth Acc. 

Pens. Mngd. Cap.— 


_ Pm.Ung.Att. L 

-Peiri.Gtd.Dep.Cap. 


Pe ns.Gtd. DecJtcc. -..{110.7 
— Pens. Ppty.Cai 


134.6 


Man. Pens. Cap. Ul] 

Prop. Pens. Fd 1 

Prop. Pens. Cop. Uts. 1 
Bdog. Soc. Pen. Ul| 

Bldg. Soc. Cap. Ul_| 

Providence Capital life Ass. Co. Ltd. 

30 Uxbridge Road, W12 BPG. 


Peru. Pty. Act. 

TrdL Bond 

"TrdL G.t. Bond . 

■Cash vafue 


--U372 


36.b’ 


47.0 

for DOO pmsura. 



Far East Dec. 27 |»ia+W 15.141 .j - 

und :4filS959 10 . ...4 — 


Hambras Banb (Guernsey) Ltd J 
Haro br os Fd. Mgrs. (C.L) Ltd. 


— I P.O. Box 86, Guernsey, 


— I tl. Fund. 


047J 




0481-20521 

u.6S+oja 

TOg-COll 

11V*0M 


Inbri.Bood 

InL Equity SUSttUI 
UlL sSjs. -A' 5usii.o& 

Ira. Sws. ‘B’ susaB 

Prices on Dk. 27. Next dealing Jan. 3. 
Henderson Baring' Fond Mgrs. Lid. 
605. Gammon House, Kong hong. 

Japan Fd. 

PaelflcFd. 

Bond Fd. 




1 99. 

y.i. 499 .. 

Prices on Dec. 27. Next sub. day Dec. 

Tokyo Pacific Holdings N.V. 

Intunls Management Co. N.V.. Curacao. 

NAV oer share Der. 11. SU564.84. 

Tokyo Pacific Hldgi. (Seaboard) N.V. 

Irtlmis Management Co. N.V, Curacao. 

NAV per share Dec. 11. SUS47.25. 

Tyndall Group 

P 0. Box 1256 Hamilton 5, Bermuda, 2-2760 

O'sras Dec. 20 KUSJ35 

Itecum. Unftsi IWSLfll 

3-Way InL Dec. 1«|5US173 
2 New SL, SL KeKer, Jeney 

TOFSL Dec. 21 |L7J0 

r Accum Shares' H3135 

American Dec. 21 I77D 

t Accum snares 1 78.0 

Far East Dec . 21 [843 

1 Accum shares’ 84.5 

Jersey Fd . Dec. 20 20L2 

iNoo-J. At*. UU.7...J29B8 

GHt Fund Dec. 20 [103.4 

r Accum. Shares) 14L2 





UniOfe Assurance (Overseas) Ltd. 

P.O. Box 1388, Kami turn 5-31, Bermuda 
Iirlerei. Mngd. Fa [SUSD.96 - I - - I 

Union-In vestment-fine llschaft mhH 

Posrfach 16767, D 6000 Frankfurt 16. 


_■* Tyndall Asntrance/PensfonsV 

_ iB.Caqynge Road, Bristol. 


Sel.M1rt.Fd. Cap.. 


Dp. Acoun. 
mane 

Do.Acam.__ 

Intenafaonal. . | 

Do. AcnJtn. 


Commercial Union Group 
SLHtteaV'l, Undenbafl, EC3. 
Vr.An.Ac.Dec.Z3_J 


OtkAnnoiiyllu. 


01-2837500 

Id = 


Do. Accum 

Equity InJtbl 

DP.ACBm 

Fixed InlUaL 

Do. Accum 

Inti. Initial , 

Oo. , , „ 

Managed Initial 
Da. Accura. 


Property lntUat___.JlDg.jj 


'ftigh-YWfl — 

Do. Aram.— 

Equity Exempt*™- 

Do. Acorn 


•PSas at D*t lb. M«l dsaflag 


CORAL INDEX: Close 477 - 482 , 


Confederation Ufe Insurance Co. 

50, Cbweeiy Lane; WC2A 1HE. 01-2420282 

9 LP Mnl - ■ 4003 

..J|SSE=BH W : 

Equity Petuhn 25a9 353 

Property Pension ~-|3 z4 156J 


Do. Acoun. j 


Ejuropt Cash InK 

Do. Autre. 

. Exempt Eqty- 1 nit— j 

De. Accum. ! 

Exempt Fixed Iniq 
Do. Accura. 



Deposit Fd. Cap.-... 
Deposit Fd.Acc. — 
Entity Fd. cap 


Equly Fd. Acc. 


irl Cap. 


— Fxd.lm.Acc.. 


Legal & Green! [Unit Pe»lam) Ud. 


Exempt MngtL InixJ 

De. Accura. 

Exempt Prop. init— K 
De.Attwn._-,f«a6 


104.6 
1083 

143.5 

148.6 

123.4 .... 

127.4 

ffl. 

Joll 


Iittid. Cap — — 

Intrd. A tt--_ 

Managed Fd.Cw._. 
Managed Fd.Aec.__. t 
Property Fd. Cap — . 492 
Property Fa. Acc.. 


01-749 9111 

SH ::::: 


3-Way Dec. 21 

Equity Dec. 21 

Bond Dec. Z1 


027232241 


500 

Hi 

483 

55-3 


m 2 


475 

M 

49.1 

It! 


= sssisrfc 

_ 3-WayPn. Dec. 14 — 


O’seas In*. Dec. 21 
Mn.Pn3-W Dec.l — 


Do. Equity Dec. I 

. BanD Dec. 1 


ft> 

Do. Prop. Dec. 1 , 


Hill-Samuel & Ctk (Guernsey) LM. 

8 LeFebwe SL, SL Peter Port. Guernsey, C.l. 

Guensey Ts 050.9 lbl 4] +05] 3 b? 

HHl Samuel Invet MgmL Intel. 

PJ). Bax 63, Jersey. 0534 27381 

HS Channel Is. F. — 11222 23D.H +1JK 3J2 
Box 3622, Beni, Switzerland. Telex , 


AUantlcfonds 

Etircpalontft 

Unilonth 

Unlrenta 

Umspeciail 


11.10 

2530 

17.65 

140 

165 


H.S. Otersess 

C.S F. Fd.fAcc.) 

CrocstowFd. (Acc.)-' 



Vanbrugh Ufe Asswancc 
41-43 Maddox Sl., Ldn. W1R 9UL 


— Managed Fd. 


— EauftyFd — 


Rrnrindii Life Assurance Co. LM. 
222Bbhops9a»,EC2. - 01-2476533 

teWltSi 



Gilt Fund.— 

Property Fund — . 
Enurty Riral 


Fxd. fnt Fund 



Vanbrugh Pensions Limited 
41-43 Maddox 5t_ Ldn. W1R9LA 
Managed jlgjUJ 106.41 


ITF Fd. (Acc.) [SUSL29 S.4 

Intenutioaai Pacific Inv. Mgmt. Ud. 

P.O. Box R237, 56, PHI SL, Sydney, Ana. 

Javelin Eqmty Tsl _.|SA£32 244[ J — 

J.E.T. Managers (Jersey) Ltd. 

P.O. Bo* 98, Channel House, Jersey. 053473673 
■JWey E*tml7TSL-,J,H58.0 168.01 - ■ 

As at No*. 30. Next iifc day Ok. 3L 

JartHne Flendag & Ca. Ltd. • 

46ih Root, Connaught Centre, Hong Kong 


O.U 

lSffl-aid 

biTOl+OZl 
UW. Intel. Mngmnt (C.l.) Ltd. . 
M, Mulcaster Street. SL Helier. Jersey 
U.I.B. Fund [SUSHI 3? 1D5J3] .._.[ 

United States TsL Inti. Adv. Co. 

14. Rue Sldiingcr, LiuemUourg. 

U.S. Til Inv. Fnd IHQ.75 - J+W2J 

Net assets Oecember 26. 

S. G. Wartwrg A Co. Ltd. 

30, Gresham Street, EC2. 


7.10 


0.B 


Cnv.lnLDet.22 

Eng. ii* 0ec22 


Gr.SLSFd.Niw.30.., ___ 
EW. Dec. 20 ...ISUSltti 


Merc. , 

NeetMyMktDecJ8._iU0.2D 


SUS942 

JUS3B.15 

SU57J8 


ill 


01-6004555 

+0L4>1 — 

iiiz 


01-4994923 


JiriTme-Estn. Tsl.. 
JardlneJ'pu.Fd- 


JprSnr S.EA. 
Jardirte 


+o.n — 


- /■ 


INSURANCE BASE RATES 

tPraperty .Growth. 


/ j. :fl&dteWG5wntewl4i 


-J 11 >4% 
~ 10^7% 


tAdifctsr shown uixSar lisurantx and . Property Bond Table. 


Cumhill Insurance Co. Ltd. 

32* Conthfll, E.G3. 


01-6265410 




Creda &. Cnomercs Insurance 
-120, Regent St_ Lnndou W1R 5FE. 01-4397081 
CSC i&gtL Fd. [1210 J33JJf 4 - 


Legal A General Prop. Pd. Mgrs. Ltd. 
11, Queen Victoria SL, EC4N 4TP. 01 J48 9678 
L4GPrp.Fd. Deci._|99J 1MJ] —4 — 
Next up. day Jajuiy L 

Ufe Assur. Co. of Pennsylvania 

3M2, New Bond SL.W370RQ. 01-4938395 

LACO? Units |98.b 103-5] . — | — • 

Lloyds Bk. Unit Tst Mngrs. Ud. 

71, Lamttartt SL, EC3, . 01-623 12B8 

Fvamfit L [983 303-4] J 7.61 


[965 ' lflLT 
Prudential Pensions UmftedV 
‘ HoJOorn Bars, EC1N 2NH. 01-4059222 

[quiL Fd DecJO— 105.74 


FquiL. 

Fxd.lrtrDec.20. 
Prep. Fd. Dec. 20 — l 
ReHance Mutual 
Tunbridge Writs, Kent. 
Rrl. Prop. E«fa_ 1 


-2219 


089222271 


Rothschild Asset Management 

St. 5«f thins Lane, London EC4. 01-626 4356 

N.C. Prop-- . 


Mrt S4 l day DetenAer . 


Guaranteed see 'its. Base Rates' lafSe. 

Welfare Insurance Co. Ltd.V - - 

Wins lade Park, Exeter. 0392-52155 

Uaneyraairor Fd ___ | 104.9 J [ — 

For other funds, please refer to The -London £ 
Manchester Group. 

Windsor Life Assur. Ca. Ltd. 

Royal Albert Hse., Sheet SL. Windsor 68144 
Life In*. Plans.——, 72J2 
FutureAstd.GtiUai 
FutureAtSd.Gtblb! __ 44. 

Ret. Assd. Pens 126 

Flex. Inv. Growth 2002 


! Fleet lit — , 
l«J.Poc.5ecs.tlnc.T._ 

Dp.WcoanJ 

NAV Dec. 14. 


HKS296-41 
H 041331 
HTO6.74 

HIC03.M 
-HOUL7B 

‘Equivalent SU&3J2 


240 

090 

2J0. 


Warburg Invest. Mngt Jrsy. Ltd.. 

muring Cross. Sl. Heller, Jsy.Ci 053473741- 

CMF Ltd. Nov. 30 BU51336 13.J' 

CMT Ltd-. Nev. 50__.EB.6r 14.fi 
Meuls Tst. No*. 16. _ (02.73 m 


IMTDec.14. — ,.pUSJIU1 10.66 

' " " "iaS -1035 


Next sub day Dk# after 29. 


-TOMT Ltd; Dee. 14... laiLJ 

World Wide Growth Management^ 

1*. Boulevard Royal, Lumrtxnxg 
Worldwide Glh Fd| SU314 98 |+0J2| — 


NOTES 


Prices do not Include S premium, except, where indicated t, and are to^ene# unless otjieneise indicated. 


Yields % ishown in last column allow for all buying rrowtfv a Offered prices inriude iiii txpenes 
b Today’s prices, c Yield based on offer price d Estimated, g Today's opening price, n Dhinbution free 
efllK taxes, p Peritxhc premium insurance plant.* Single premium insurance * Offered price includes >! 


76JM ...„J — - I o( UK taxes, p Period* premium insurance plans. 1 Single premium insurance x Offered prke ircludn at 

17 0 | expenses except agent's eonurtssicn. y Offered once includes all expenses if bought through manager* 

14.00 _ | z Previous day's price. V Net ol ta> «t reansed capital gams iiidew imbcaled by 1 Guernsey gran 

26 JO - * Suspended. 6 Yield before Jersey b«- T Lx-subdivision. 3 Only available to charitable txxftes. 

1053) _...J — 




/ _ ■ •- 4 V.j-.-. . . 

/ C-* .- * 




v ; c; 






BRITISH FUNDS 

1 Pace (+« 


M 

jWiiiiJBfSB 


Do. >‘*pc irred 


FOREIGN BONDS & RAILS- 


+ arl On. * 
— 1 Gnu 


17 AntofowasiaRly.- 

'5 Do. 5pc Pref 

a E Chilean Miirt 

150 German Yng.4%pc. 

1o Greet Tsi Ass 

4a DococJflEUb.An. 
-;0 Do-JpcMued Aii... 


FT SHARE s INFORMATION I SERVICE 


Financial Tinieg Wmrsdac? Dece **?^ r ^®slg '' 

- ;» FOOD, GROCERIES^ 4 

■ ;> ^"L.l •'■*- -I W-l + 4'^:te^ 

ttye-jiB'l* 


BONDS & RAILS— Coni. 


1975 Prin + nr 

Kg h Low StKk £ — | 

55 42 Hung. '24 Ass AS .| 

77 65 lceUtrf6%pc‘8368 68«d — 

S8 30 !ratand7%pc ’81-83. BOid . — ' 

91 76% Do934JK-91-%. 76% ....-, 

425 265 Japan 4pc ’10 Aw 355ul 

87 67 Do hpc ’83-88... 67 ..... 

160 140 PeruAw3pc_ .. 140 ...... 

75p 75p S.GI.6%pcl980 75p 

599 $841j Turin 9pc 1991 ... $94% . — 

DM91 OMSl Turin t4 2 pc 1984. DM91 

97 94 Uruguay 3%pc 95 ..... 

U.S. S & DM prices exdude inr. 5 


ft*, ■%[ RbL 
Gris S YnW 
41? ( «>38 
i\ 12 SO 
7% 13-36 
q 13.70 


6 1Z20 
3 2J6 

6% 8.67 

i 933 
6% 8-45 
31 2 4.C0 
premium 


AMERICANS 

Stack | £ | + -“jte[c 


21% 13% ASA - m 

60% 59 AMPS'* Con* ’87.. 59 

3Vj 22 Ama> 51 34% 

50^ 19% American Express.- 21% 

241, 11 Amer. Medic. InL 23% 

15% 912p Asarcolnc 977p 

29% 1"% RaSiwr Imnl. Curp. SI 22*8 

19% 111 Bane; Grp. S64j. 35 

3JU 22 Bendl* Corp. $5 - 25% d 

231’ 15 Both. Sleel S8 . . 33% 

15 625p Brtwm'q Fw. tlbij. 853rra 

14 855p Brunswick Corpn II . 906p 

65% 41*g Burroughs Corp. $5. 51% 

51 30% CBS 52 50 35%rt 

42% £3% C.P.C.S% 35% 

49V "2% Caterpillarll 40% 

25% 17% Cha»M'htnil2 5. 20% 

22 13% Chesrtrwtgh Sl_ 15V.W 

11 572p C6>74*er5b%. — 616p. 

22% 13% Citicorp $4 — 10% 

14 733p City inv. 51.25... 959 p 

25 14% Do Cm.Prt.BSl. 16% 

18% 11% Cokate-P. SI 31 r **0| 

32% 19% Cott inds. SI... 25% nl 

2o 15% Conr. Illinois S 10. 18%»d 

25% lb-% Com. Oil 55 19%d 

291, 20% Crown Zell. £5 .... 211’Xd 

47% 20% Cutler-HamrwS5. 4fl% 

32% 22 Eaton Crp.S0.50. 24% 

2fcij 16 Earnart - 17«d 

40 281, Ei*on || 345 6 

12% 670p Rresione Tire It _ SSOp 

19% 11% First Chicago 13%oI 

32i> 20% Fluor Corp. $%.... 23%nl 

41% 261 > Ford Motor $2. 28% 

25% 16% GATX 17%«d 

44% 31 Gen. EIkL$ 2%... 33%nl 

24U 15% G'He«e SI 17% 

56* 23 Honeywell SL50. 45%d 

18 750p Hutton E.F ITtfS 

232 171 I.fi.M.Corp.SS... 20* 

52% 30% IngersoU-R 52 33%ri 

493p 665p I.O.Imeriurionalli. 73lp 

14% 900p Kaiser AI.SSj...-. 12% 

32 20 Manf. Han.(ISS750 25-> 

41% 26% Morgan (JPJUES25 31% 

171, 10% HmwSifnnlnc.Fl.. 11% 

18?* 12% Owens-Ill. 53.125 12% 

21% 143 B Quaker Oats US55 .. Id 1 , 

28% 15% Reliance SO -25.... 25%id 

31% 16% Rep.N.Y.Cwp.S5. 24->$ 

17% 10% RecnordS5 ,ll%id 

23% 14% Bchdsr.-Mrrll.Sli4 16%rf 

53 In 25 5p Saul(B. F.JS1 .... - 43Ip 

28% 18% Shell Oil 51 „ r 22^ 

19% 882p Singer ($10) 950pni 

58 22% Sperry Rand 50.50 . 30% 

33% 15% TRW Inc. 51%...- 26 

27% 18% Teimeco 21% a! 

lbl 130 Do.lQSU.SL.91/fi_ 133a 

975p MSpTHoroPUJSSOlb-V 554o 
22 14 j Ttraw 56.25....- 17% 

40 22nI Time Inc. . 23i 3 al 

14% 365p TransamericaSl . ll%m 

41% 21% ULd.Tech.SUS5. 27Vil 

24% 14% U.S. Steel SI . — 1>% 

17 11% Woolworth? S3 1 ; . 13?s 

49% 23%; Xerox Corp. SI ... 37% 

14% 7 lOp Zapata Corp. 25c. 809p 

SX. List Premium 43% (based on 
Con version factor 0.6991 


-% SIM - 
... 5% — 

+1% 5220 - 
+1% 51.60 - 
+3L. 60c - 
+H» 40c — 

+% 44c — 

-% SLO - 
+% S2-56 - 
+% 51.00 - 
+76 50c - 

+26 70c - 
+1% SL60 — 
+% 5260 - 
+% S17D - 

+1% sao - 

t% 52.20 - 
+u gac — 
+27 40c - 

$116 - 

+17 $1.00 - 
+% 52 - 

+% SL08 - 
+% $2.10 — 
-% 5144 — 
+% SIM - 

51.90 — 

45140 - 

+% 5225 - 
+% S1.84 — 
+% 53.40 - 
-rZ6 $1.10 - 
+% S110 - 
+% S1W — 
-% 53.60 - 
+% SL30 - 
+S, 52.60 - 
-*-% SI.6D — 
+2% 5220 - 
T % 50J:8 - 
+7 S13.7o — 
+1% S3.00 - 
+13 95c - 
+% S1.00 — 
+J, 52.29 — 

+ % 52.20 — 
+J, 92: — 

+% 5116 - 
+% $120 — 

+ ? 15c - 

+% SLQ0 — 
-% 88c - , 

+i^ 51.06 - 

+% 5180 - 
! . ... 80c - 
! +1% 5132 - 
+% SL80 - 
+% S1T0 — 
... lO’L - 
+26 - - 
+% 52.00 — 

I +% SI 50 - 
1 +% SI 00 — 
+1% S2.C0 - 
+% 51.60 — 

; +% SI 40 - 
+1% $2.00 - 

30c - 

USSZ.0320 per : 
t0.7D71j 


CANADIANS 


10% Bk. Montreal $2 — 
10-1 Bk. NovaScoL... 
30% Bell Canada 525- 

60 Op Bow Valleyll. 

825p Brascanll 

14 Can.lmp.Bt.52._ 

955p Can Pacific £5 

30 Do. 4pc Deb. 1100 
16% Gulf Oil Can || . . .. 

31 ip Hawker Sid Can.U. 
lb^j Hollipger $5 - .... 
11% Hudson’iBay II.... 
22% Hud.B.0iiG.$2% 

11 % imperial Oilll 

945o inco 

585p Ini. Nat. Gas SI... 
5 Mp Masse> Ferg.ll— . 
20% Pacific Pet SI... 
Mo Place Gas SI.. . 

15 RioAfaom 

14 'J, Royal Bt.Can.S2. 
13% Seagram Co. C$1 
955p Tor. Dam. Bk. SI. 
880p |T rant Can. Pipe... | 

5.E. list Premium 43% 


14? 8 SL24 

135, +% SL16 

381’id $4.56 

125,a: +% MOc 
975pp +35 $10 
17% +% 5148 
14ij +,t 97c 

3{N .. 4% 

2H ; ni -% $114 
495p +5 48c 

23% +% &52.06 
12,% +,i 90c 

29*j -% SI 60 
14% +1- S1.00 

10% +% 40c 

635p -? 80c 

658p +38 - 

36% al SI 14 


21% -% S1.30 - 

M.lXd +,i 5112 - 

13 . .. S1.03 - 
10% -% 105c - 
(based on 52.4032 per 


94%ta 

552 1131 

82% 

6.77 12.61 

95% 

643 12 06 

77 

975 12.30 

S9% 

10.73 14 50 

52 

— 

88 

—1 — 



! and ind. 



BANKS AND HIRE PURCHASE 

ttgh^Lo* | Slock | Pike j + -°1 Net | C%rj Gr’t| ?1 


12. 1 

arts I 

Financial 

107t,| «% FFI 13pc 1981 100%-% 12.93 12.52 

110 101% Do. 14pc ’79 102 14.09 13.70 

al-LMOO Do.l4pc’&3 102%«d +% 13.62 1321 

~' z ICFCii^cDet 80-82 801- 6.98 12J0 

"Slu 72 Do. fa% pc Dh. ’81-84.. 74d +J, 8.44 1255 

38 Do i0>3>: Uns.Ln. ■&> E8al 11.93 12.95 

«>% Co Do. llpc U.-K.Ln. ’B8 88«d ...1250 1320 

JOIN 40 Do ll/tf£ Uie.Lt 90. 90%«d 12.58 13.42 

71% hi Do.7*4PCADeb a* 3 -^. 61%m .. .1179 13.40 

71% hi Co.7%ocADt).-ai-94.. 63% ... I1.B6 1320 

Eti’ 72 Do.4p: , A"91-94 73 -% 12.81 13.65 

Sl% Do.c jpcLn. ’92-97. . 71 .... 13 32 1335 


102% d +% 13.62 1321 

801; 6.98 1230 

74d +% 8.44 1235 

88 xd 11.93 12.95 

S8nl .... 1250 1320 


12.58 13.42 

.. . 1179 13.48 
... 11.86 1320 
-% 12.81 13.65 
.... 1312 1335 


184 ANZSA1 

210 Alexander, D. Cl. 
£90% Alqemene FI.100 
269 Allen Haney £1 .. 

130 Allied InVi 

140 Ar but Iwiot L. Cl 
315 Bl. Ireland £1- 
£137 Po 10pcConv._ 
11 Bf.Leumi l£l. 
150 es.LeurmfUKja. 
190 BL. N.S.W SA1 _ 
255 BznV Scotland a 
1 £21% Barters N.Y.SIO 

2% B-vclajrs£l 

200 E.?rmi Shipley £1 
232 Cater Ryder tl. 

’ 67 Cli.e Dis’nt 20p 
1 171 Com’l Aus. (5A1) 

I £12% Coin'rtt DM10*. 
£.15 C nrm.Hbk.KrlM 

18 Conmhlan lOp. 
Q3% Cred. France F75 

7 Dawes (G. R.J.- 
,£89 twrafc Bani DM50. 
58 F.C. Finance.... 
1% First Nat. lOp... 
% Do 'Nrrt 7583 
9% Fraser Ans. lOp 
157 GcrrardNatnl... 

37 Gidhs (A.) 

195 Gil lett Bros Ll. 

19 Goode D’t Mry.5p 

9b Gnndlats 

93 Guinness Peat .. 

155 Hambros 

31 Hill Samuel ... . 
1S7 Do. Warrants.. 
203 HongStwgSSM 
52 Jessel Toynbee. 
150 Josreh (Leo) r.l.. 
37 Keyser Ullmann 
56 Kiiig & StttJ ZOp . 


+5 020c 32 

+2 1455 - 
+3 tQ£%f: 23 
+5 thM49 _ 
+1 H30 — 

10 23 - 

+2 «U198 — 

010" c — 

.. .. Q16°a — 

7.47 15 

. ... Qlbc 2.6 
+4 *11.05 3.6 
+1 033.00 - 
+2 113.28 5 7 

t? 41 - 

rnl727 - 

T4 85 — 

+5 016c 2.9 

+% war, — 
.. . qi:*. — 

t0.71 73 

; 09872. - 


38 82 
S 7 - 
45 92 
SB - 
5.3 - 
10 3 — 

5.3 — 
15.6 — ■ 
94 — 
7.0 143 

3.4 113 
5.9 73 

6.3 

5.4 57 

6.1 — 

9.5 - 
93 - 
4.E 73 

4.0 - 
b.8 — 
33 53 

3.1 — 




c9.12 - 72 - 
2.23 - 6 S - 

1541 — 10 5 — in,, 
013 - 10 - [g 

2 7* 7.1 5.5 4.5' 

r.5 15 — b c — 
tS 76 — 7.° — 

T4.97 — B. 7 — 

hS159: — F? — 
jj3b5 - 8.5 - 
£.74 — 34 — 

0 67 - 22 — 

3.44 _ S.2 — 


FINANCIAL TIMES 

BRACKEN HOUSE, 10, CANNON STREET. LONDON EC4P 4BY 
>ier.: Editorial 886341/3, 883397. Advertisements: 885033. Telegrams: Finantimo, London PS4. 
Telephone: 01-248 8000. 

For Shan Index and Business News Summary in London, Birmingham, 

Liverpool and Manchester, Tel: 246 6026 
INTERNATIONAL AND BRITISH OFFICES 


EDITORIAL' OFFICES 

£nr,f.ordam: P 0. Box 1246. Amitcrdam-C. 

Telex 12171 Tel. 240 555 
Birmingham: George Hoirsr. George Road. 

Telix 33S650 Tel; 021-454 0922 
Bonn P-eunaui 11/104 HeussallM 2-10. 

Tele- 3Bo9542 Tel; 210039 
Eru.:?ls: 59 Ducal e. 

Tele* 23233 Tel. 512-9037 
Cairo P.G. Boa 2040. 

Tel *33510 

Dublin: 3 FittwiN'am Square. 

Tel-- 5414 Tel 785321 
Edinburgh: 37 Geprge Street. 

Tele*. 7?4« Tel: 05I-22b 413J 
Fr.'-nklurl: Fr3n^-ial%e 71-81 bOOO 
Frcnklurt am Mam 1. 

Tel.:- .. JI&052 Tel: 7598 234 
Jc-'ianneiburg P.0. Eox 2123 
T«lei 8-6257 Tel 838-7545 
L!:t»n- Praca d*> Alegria 58-ID, Lisbon 2. 

T??e: 13533 Tel’ 362 50S 
Wadno E'.prDrcedJ 32. Madrid 3. 

Tel 441 6772 


Manchester: Queen's House. Queen Street. 

Tele, 666813 Tel: 061-834 9381 
Moscow: Kutozovsky 14, Apartment 2, Moscow. 

Telev 7900 Tel: 243 16J5 
New Yo-v: 75 Rockefeller Plaza. N.Y. 10019. 

Tele. 66390 Tel: (212) 541 4625 
Paris: 36 Rue du Scntier. 75002. 

Tele* 220044 Tel: 23657.43 
Rio de Janeiro: Avenida Pres. Vargas 418-10. 

Tel: 253 4848 

Rome: Via della Mercede 55. 

Tele* 610032 Tel: 678 3314 
Stockholm: c.’o S»ewka Dagbjadet, Raalamfcsja;cn 7. 

Tele* 17603 Tel. 50 60 M 
Tehran: P.0 Bo* 11-1879. 

Tele/ 213930 Tel- 682t>98 
Tokvo- Bill Floor, Nihon Keirai Slilmfeun 
Building, 1-9-5 Ctemachi, Chiyoda-lo. 

Tele^ J 27104 Tel: 2J1 2920 
Waihlngton: 2nd Flour. 1325 E. Street, 

N.W., Wauiiiwnon D C. 20004 
Tele, 440340 Tel: i202i 347 8676 


ADVERTISEMENT OFFICES. 

Eirmimham- George HouSf. George Road. Manchetter thiew's Haw Oueen Sireet. 

Teir-i 35 8650 Ter 021-454 0922 - Tele* sfeo813 Tel: Obl-834 ■*331 

Eomtalrth. 17 George Street. New Yprt.. 75 Rockefeller PIm. NX 10019 

Tele* 72484 Td. 031-226 4U9 Tet c , 238409 Tel- <2121 dffl 8300 

Frankfurt. Franlr-nallee o8-72 bOOO Paris, * R« JuSp"!; J™ 2 - 

. Fra-ilnurt am Main 1. T *'*' “ 01 

Telex 4 lbl 93 .T«l; 7598 2^1 Tokyo: Kasahara Biuldmg. 1-6-10 Uchitenda, 

Permjient Hone, The Headrow. Chiyada-ku. Tele, J 27104 Tel; 295 4050 

Tel: 0532 454969 

Overseas advertisement representatives In 
Central and South America, Africa, (he Middle East, Asia and the Far East. 

For further details, please contact: 

Overseas Advertisement Department, 

Financial Times, Bracken House, 10, Cannon Street, London EC4P 4EY‘ 


SUBSCRIPTIONS 


rnuivo 

Copies obtainable from newsagents and booVsiails worldwide or on regular subscription from 
Subscription Department, Financial Times, London 



CHEMICALS, I 

£117* 600 Ak’ZO £10% 

375 220 Algmaie Intfs.... 365 
146 E4 Alida Pack 10n. 145 
°0 61 Ail'd Colloid 1 Op. 71 

77 6il Anchor Chem. .. 72 

£57 £40% Bayer AG. DM 50 £50% , 
275 122 Blag*nNMk«.. 242 
•218 134 Brerf Chens lOp 188 
36% 19 Briu Bowel lOp . 34 ; 

•bo 45 Erii Tar Prd. lap. 56*d 

14% 8% Burrell 5p 11% 

41 27 rjrl-:.:C3peil0p 29aJ' 

49 41 Calahn 43 

195 £37 CitaG’gv 7%SLn. £93%, 
£9? £83 Do.8 s «Cnv81.9>. £90 , 

£98i 2 £33 Db^ i , *X™82 95. L90% 
81 64 CfeJkie Chem.... 64d| 

79 59 Coates Br«..— 76 , 

7E 57 DO.'A’NV 72 j 

£7 37 CcrylHflracel 5p 17 . 

h5 40t2 Crodalnt.lOp.. 53 I 

34 30 CrtxU ln(. Deld. 32 

•40 1»> Cryftalale 5p . 31% 1 

11!% 69 EllijA Everard 97 ; 

65 J 2 EMltm Plastics. 6Sts I 

75 ?b Farm Feed - 67 , 

WS 300 F isons £1 305 

29 15% Halstead tJJlOp 29 , 


... Mlalf 21 5.8 

±♦642 21 ± 

-1 1.70 32 3.6 

tiW.22 2.4 a 7 
— ; 5017*. 1.4 3.0 
*12.13 19 7.5 
Ml 17 6 0 25 
-1% T0.6 6.6 2.7 

+1. ^11 2.6 56 
+ % ±0.93 0 9 } 

-1 *0.93 28 4 8 
. . f2 90 1.9 10 1 

Q7% 6 ‘80 

■ • • QB^e * 191 
+% 08%°» ♦ 19 4 
. ... ±282 47 b 6 
... . ±256 3.8 46 

±2J6 3.8 4.9 

M0.75 S3 b.b 

+% T2-22 31 6.3 

' 0 7a” * 3 6 

.. 5 03 ID 7 3 

. 7 e 05 S7 

t5 r*0 67 « 1.5 

±13 04 3.1 b 4 

0.8 5.1 4.1| 


115 105 
258 180 
125 94U 

101 61% 
310 225 
165 136 
65 46 

52% 33% 
172 108 
71 38 

43 28 

146 m 
0% 5% 

45 25 

27% 18% 
100 79 

115 92 

t 242 142 
165 107 
* 9% 4‘« 


A.C.E. MacKwryl 115 
A.P.V. 50p 
Acrow.. 

Do. 'A 

lAdwest Group 
Alcan Aluminium. 


L]lKil(4|;MlCTl 

rrTlV/ — i 


Amal. Power.... 
Andsn. S'dyde.. 

Anglo-Swiss 

Ash & Lacy 

4ss.8rllisil 1 21 Ip 
Assoc TooJinq.. 
Aura lnd‘1. lup 
Aurnrn Hlrfs. .. 


152 

iBalley (C. h.J... J Winll+J* 


7 2 
44 
85 
13 2 
7.4 

2J| 3.7)12.0 


95 50 Barrow MiHing. 55 

157 112 BasseU(Geo)— U7«d 
galleys Yori-lOp 82 
76 56% BejamlOp....- 62 
182 Blhby(J.) £1.... 297 ’. 
140 Bishop’s Siorec 140 
90 Da.-A"Ni’Vg. 93 

573« Bluebird Conf... 76 
159 104 Brit. Sugar 50p 1384 

33 22 BrlLVeraTglOp- 22%. 

52% 43 Brooke Bond..,. 47- 
61% 48 Cadfaim Sch’ps. 54% 
68 41 Carr's Milling.^ 68 

119 71 Cartiers 20p .... 113 

65 42 CRffortl Dairies. 65 

52 33 Do. "A" N/V.. 50 

153 73 WletsZOp 13M 

152 70 Do 128af 

125 102 Danish ficn/A’Cl 108 , 
26 8% Edw*ttW.C.15p. 24 
24 EngUndlJ. E,J5p. 26 

63 F.M.C 74 

W» Fisher (A.) 5p_. 9% 

57 Pilot L«eH20p.. 58 
20 Glass Glover 5p 24 
77% 56 Hajlew'ifs P. 2flp 65 
252 165 Hillards lOp 7- 220 
95 59 Hinton (A.)10p 87 


{ (J* 















































































































December 28 1978 


SI41?y^|*riSWSSir^0f^nii«l; - oi - INSURANCE — Continued 


Z32 
238 
MS 
138 
146 
138 
MS 
410? 

99 +1 
512 +2 
103 ...... 

867 +4 

170 

tgs, 

227 


LEISURE 

M, M 04 3JI 75} 6.4 

,73ri t307 ;3JS 63 5.7 

310 +1 (*253 6.6 3A 5.7 

-fg . — t4.47 l.« 6 J 1L9 

Jfg tSlfi 4.8 41 65 

130 •— 2-0 92 27 42 

309 Id 5,6 21 90 6.4 

38 . — Tp3 P27 88 63 

,65# Q423 25 63 93 

K1 ...... 90 U LU 7 6 

,37 244 17 931 gj 

W4 M5.73 3 A M12.fi 

,27s ...... h0.62 3i 3,4 7.7 

9-28 * 10.0 * 

113 ..™ 6.26 6 ii ( 

,5% h 033 25 26 115 

350 4-2 t*21i 31 21 223 

39 . — 4276 15 30.8 73 

85 ...... 205 53 3.6 82 

,71 5.95 27.4 125 _ . 

177 +4 96.75 25 5,7 20.6 

ffi 12.4 MS S3 4.7 

g% 1287 2.5 7.5 66 

70 ...... 4J A 9.2 « 

38% hd0.45 43 3.6 9.0 

28 . .. 184 * 9.1 * . 

531* +1 13 5.7 3.6 72, 


MOTORS^ AIRCRAFT TRADES 

Motors and Cycles 

30 20 B.l_5Cb__-~ 22 _ _ _ 

02 185- Gen.Mts.tMts 195 +10 0273c 17 73 L% 

S3 37 Lotas Cwlflp- 49-1 — ]ft£ 

12% 5b Reliant Mfr.Sp. 9% — — — 17JS 

12D% RDlh-RqpMWre. 96% +% M5.24 24 83 93 

■IS 762 ValwKrSn Ol* +* M 012 S 26 5.J 6,6' 


A 8.7] 4.6 
U10J 29 
1 531 73 



PROPERTY-— Continued 


1978. I 

IBgh iw I 

642 1527 
35%' 22 
272 2U 
22 5% 84 
397 280 
44 25 

,50 32% 

126 111 
43 34 

250 190 
£194 £145 
063 025 
060 025 
52 37 

275 - 172 
150 77 

80 55 

138 104 
1S9 105 
23% 16 
43 14 

• 50' 27 
300 145 
48 311a 
90 53 

137 103 
46. 44 
92 69 

347 280 
*123 61 
330 280 
126 81 

1 ! 

87 74 

78 59 

120 89 

100. 72 
107 38 

426 29*2 
129 100 

£175 an 

292 216 
.288 170 
- 76 31% 

■ 77 56 

17 33% 

-339 82 

25 18 

320 240 

a SI 

I 29 13% 

28)2 16 
46 30 


! Stek Price 

Hanmerson ‘A! 630 
lfcrtkyW.Tfl.iab.. 35 
HasIrnnerelGo- 264 
HKLdad. HKS5 114% 
liwy Property, 388 
toterainpcaaufe 41 
Jeiwjm Invest-. 46 
Lx tog Props. 'A'.. 126 
Land Invest.-.. 42 
Land Secs. 5Qp. 246 
Oe.ftKCnv.-ffl.. an 
Do-^^CoBv.-ffi. £159 
Oo!0%Conr.'95 056 
LnrLaad20p. 52 
Lend Lease 5Cc 195 
LonPnnShplO? 148 . 
Lon. Shop Prop 73 

LyntflnHtigs.2D|] 129 

MERC 151 

Marlborough 5p 23% 
Marler Estates. 35 
27 
300 
48 
9M 

125 
45 | 
92 

3 20 ! 
106 
32Qd 

126 

23 

Regional Prep.. | 78 ] 
75 1 

las I 

90 : 

106c 
40 I 
122 1 


f+ ail Ah' TO{ 

I - ) Md Cw 6 rt|P/E. 


554 

i 

±HP 

2.43 

...... L62 

+3 ii2.75 
...... dLO 

5.40 

— Q5*% 

...... QMi% 

Q10% 

..... 102 
-S 025% 
0.82 

— 303 
..... 23 
.... 3.83 
bd033 

-l" 2203 
I — 139 


1.7} 13(680 
32 2.1 01® 
13 LI 26.4 
13 4.0 193 

1.0 0.8 96.9 
* 9.2 \ 
U 53 S.7 
22 3J2S3 
13 5.6 373 
13 33 283 
63 f3J — • 
&jjf4a — 
63 >64 - 
03 2.9 JW3 
1.4 4.0 83 
3.9 Oi 333 
*62 * ; 
15 23 205 
13 3.8 282 

5.0 21103 
— - 441 
20103 4.7 
53 8.8 333 




INVESTMENT TRUSTS— Cent- FINANCE, LAND-MJontinued 

SM I PriM M Et InrlSStwEi Sod i Pita i + -“l K |cVr|ert|pK 


snot Pro | + -*1 Et ic-ff|srtlp/E 

116 188 |8riLlnd.8i Gen 96 1-2 13.60 {1315.91228 

179 U« Brit invest 161 +1 4.92 I »<* adnatT 

173 [122 |Sr«a<fctonel20p> 141 | 1 1503 

Brumer Inv. 

LR.P.Inv 


..... tU4 6.9 22 9.8 
+1 248 23 3.0193 

203 25 6.7 170) 

2D Li 32 240 

H73 12 3.4 40 J. 

H25 2£ 35 224 

...... 534 17 24 35 3 

039 OJ L 6 — 


91 1 76% 
12 



LU 29 

+1 LU 29 

8291 27 

-1 dZ3 13 

KL97 13 

I 10.75 28 

T3L30 12 

010*23.4 

-2 2X13 53 

. — 438 0.6 

-1 Ql8%c 6 

...._ 0.91 0 

...... 0.01 - 

4.09 L7 

..... 033 33 

5.62 LI 

1270 L6 

tT-06 -12 

1 ...... LQ L6 


2J 235 
22 226 
4.2 CUD 
3.9 CUf 
28 445 
65 6 J 
28 295 
160 — 
LO 27.0 
25 MM 
5.7 4 
LB f 


s SHIPBUILDERS, REPAIRERS - 


83 6Z Hawthorn L50p. 67 — — 

160 U2S SwenH inter £1. 152 +30 « 29 * 

230 fi35 Vesper 192 t5.0 45 3.1 7J 

345 |260 YammSOp — 315 -3 5J5 33 2417.7 


SHIPPING 


309 (252 
200 112 
187 112 
348 206 
157. 98 

at ^ 

145 107 
255 200 
39* 12 i 2 
130 66 

138 103 
UB 76iz 
140 58 

46 29 


296 

190 +3 

187 

240 

98 

■39Ja +13 
39 - 1 ] 
131 -r 
220 ..... 
34 -h 
125 +5 

108 

85 ...... 

77 ..... 

34 

60 


3.4 4.7 9.4 
— 5.1 6 
7.7 L2 1L0 
40 52 60 1 


05 5.7 580 
23 35 16J 

- - 15 

- 32 - 

I 261L6H9) 
1 0.4 1L7 U60 
■— 0.2 - 

- 0.4 - 
21 9.3 35 


SHOES AND LEATHER 


30 16% 

65 50 

80 56 

108 93 

60 30 

109 64 

86 47 

54 36 

59 38 

63 40 

58 46* 

4 B 33 
72 54 

. 80 41 

41 IB* 
US 66iz 
321,2 24 


125 80 

635 410 
97 42 

175 95 

125 87 

490 2BB 
102 35 

■190 130 
90 54 

680 445 
72 49 


XC3 
333 
206 
79 

£% 
98 

87 

Foreign & Coi.„ [ 160 
F.U.G.I.T IR02S) 43 
Fundlnvestlnc.1 35 
60 

17*2 
140 
83 
173 
143 
103 
82 
111 

S ' 2 

90 
89 


SOUTH AFRICANS 


90 ..... 1006 

S25 063c 

48 Q5c 

130 Q20t 

102 ..... 02& 
355 ..... tt58c 

57 M5i2C 

145 Q28c 

54 -2 011c 
535 1052c 


TEXTILES 


£80* 

39 
105 
105 
*114 51 

35 24 

•49 24* 

195 85 

113 79 

13% 9% 

k 45 
53 

37 
27 
26 
26 
42 

38 
15 

7 

34 
55 
42 
53% 21 
107 73 - 

48 29 

74 46 

147 102 , 
50 24 

82 58 

19 12 

9 a 

*56 34% 

25 18 

91. 61 
74 48 

.53 25 

40 18 
BO 20 

36 20 

99 83 

79 33% 

45 20 


48 35 

37 26 

34 23 

43 37- 

*75 20 

46 18 

66 46 

54 43% 

65% 31% 
32% 26 
90 48 

60 41 

*44* 29* 
59 29 


♦2.76 3.: 

t3J6 3J 


Lowland inv™ 
M4 GDudhclOp. 


106 
114% 

» 131 

ioi 

(421 


TRUSTS, FINANCE, LAND 

Investment Trusts 

60 1 49 lAbeKteenlns..) 58 


* 

193 
213 

129 | Del Capita! 50p. 

5?z 

47 
37% 

36 

84 | Anglo Am, Secs 

50 


162 104 
52% 36 

81 m 
43% 30 
158 206 
143 1106 
49 
69 

9% 51% 
305 73 

65 48 

. 77 <5% 
7L2 9% 4* 

2 82 lltf 140 
24.4 63 4^a 

191 I HO* 5^ 
S139S95 
26 22 
. 9 6 

3ft 
87 60 

12% 9% 


M 


EscSeo-Sp.} 11% 


26% 
14 
93ij 
69 156 
£34% 

*324 
-46 77% 

32 19 

2 D I 

62 50 

48 36 

15% 12 
28 22 
180 100 


t 5 IS 9 

K BS 2 5 


OJ 1 U| 9JJ143 


85 25 

250 147 
22 18 
135 80 

49 » 

49 25 
95 44 

25 18 IKwaftu 


19* 33% 

36 13 

77 36 

150 104 
80 30 ! 

•74 42 

£12% 640- 
71 42 

20 14 

450 290 

14 <h 
42 21% 

247 167 
14-S 10 
131 39 . 

£52 £48 
69 51 

£54 £27* 
£12 950 
28 23 

56% 36% 

- 1*4 ®, 

87 65 


LenermiQ#. 

Uhl Euro, Grp. 
Lon. Merchant.. 
u.4 5.Hld3s.5o 
ttajedle Ims. IBs 
Martm tR.P.)5p 
Mess Mrt* R*ky 
MaokoBiEll... 
NLLCJnc-Uba. 
WpsurfiSt^lOp. 
ParaffltelOp~ 
Park Place I iw. 
Pearson IS) i Eon 
St George lOp. 
Sort. £ Merc. 'A' 
S.E.£4*pcAnn„ 
SmHhEtCK. 

Sue; Fin. hFlOO. 
T>w_Rax.7n.lfl_ 
Wscn. SefccLxSc 
WettofEcgland- 
YorkweenlCp. 
Yule Cam lOp. 


25 

31 

68 +1 

130 

72 +1 

57 ..... 
B*taJ +10 

58 

19 

375 ..... 
12 +% 

41 

213 +1 

& :::::: 

£52 ..... 

56 

£48% +* 
£10 +* 
27 

a i 

67 ..... 


0.1 30 ISU 

4.7 24 23.0 
41 LB 17.4 

3.7 4.0 9.4 
2.6 L5 37.B 
4. U| 4» 




lwlLa 12 


SECURITIES CX3,LTD 

London Branch: Mark&I'Eldss., 29 Mincing 
Lane, tendon EC3R TEE TLX: 8B1 1131 A/B 
OKASAN LONDON Tel: 623-SB 14/7 


OILS 


125 60 

% (A 
168 134 
954 720 
76% 65 
89 42 

£62* £51 
£13*750- 
40 30 

65 49 

30 22 

£26% £ 12 * 
150 325 
413 375 
144 96 

93 S3 
38 24 

2 » 126 
009*697 
415 284 . 
45 13 

Z2S 178 
19 12% 
03*713 
Z* 1* 
£49 E35* 
620 320 
602 484 
69 57 

444 226 • 
£64 £52 
190 130 
284 182 
161 120 
195 36 

195 86 

82 50 


fttAnm Etergy EL 

Attack 20p 

SrlL Borneo I to. 
Brit. PetroTm. £1 
Da 8 %Pf.a 

Burmah£l 

Do0% Ln.91/96 
ittUPMkSed£lJ 
ttCandeaaRo.. 
Century lOp — 
CharteriallSp.. 
CieFr. Pdroles B. 

rrchrff ou£L_ 
w».Ciw.“A**. 
tt Clyde Petrol £1. 
Hutting Petrel.; 

KCA ! 

LASMCU ! 

LASK014%19B!-8L 

LASUO“Op”2ft)_ 
UignU Metis lit. 
Oil Expl. 10p„ 
Premier Cons. 5p 

Ranger OH 

ReyinkbDw.lc.. 
Ryl. Outran 20. 
Soeptre Res — 
Shell Trais. Reg- 
Do. 7%Pf.£l., 
ttSlebe* IU.KJ Q. 
Tnaes4*%Cnv-| 
Triceat^d...— 

Ultramar i 

Do. 7pc Citv. £1 
Weeks NsLlOOs. 

Do. Pfl Drilft; 
Waodside A50c._ 


60 

86* ...._ 

158 ...... 

926 -4 

•9*5- 

£61% 

£ 11 % 

38 

62 

24 +% 

£23 

362 

«ae 

88 

86 

33 

134 -1 
002 * ..... 
410 _.... 

25 -1 
222 -Z 

M% 

950 +45 

£42*£ +*' 
500 .... 
573 -5 
62% ..... 
266 -4 

£52% 

156 

226 

133 

155. ..... 
155 . — 
54 


4.4 U 7.0 
3Jb 4.B 8.7 
1.0 5.8 352 
12 5X23.4 

— BJ - 
UfU .2 95 

— 6.0 - 
L6 4 a 
L2 ILfi 111 
43 43 6.6 
- 3.6 28.2 
3.8 31 7.7 


13 63^112 
1 M 33lL6 


MINES— Continued 
AUSTRALIAN 


1978 

nab Lm 


6.6 L7 A4 
30 8.3 63 
153 03 140 

! — tii? - 


4.1 4 2 5.9 
UB21L7 — 

“ 195 “ 
58 13 140 
— - 63 
243 7.6 — 



10 - - 

129 +1 tQBc L4 
113 +1 — - 

340 - 

292 +12 WOc 22 

l&z — - 

60 — — 

30+2 - - 

150 +1335 20 

24% .... - - 

198 Q9e 17 

15 . — - - 

35 ..... - - 

42 — — 

107 QSc 13 

£*+% - _q 

329 Q12c IS 

22 — — 

58 - -1 

800 ...» - - 

Iffa - - 

446 +4 Q15e « 
150 -20 - - 

139+1 Q3c 0.7 

60 +5 — — 


OVERSEAS TRADERS 


310 224 
'410 345 
120 60 
170 % 

■ 73 45 

65 25% 

130 83% 

166 95 

£70 ' £49 
575 325 

■ 97 66 

445 295 

30 21 

19 9 

73 55 

49 38 

275 207 
107 68 

235 165 
225 160 
54 27 

& a 

250 175 
61 40 

£100 £87- 
73. 41 
72 41- 



H337 190 
73 30.5 
Q3.5c LI 
Th4-19 46 
6.2 6 
132 3.1 

u5-0 50 

K4.86 20 
012% 2-4 
M424JB 20 
432 16 

1503 20 
ZLO 63 


2.0 2.7 
30 31 
10 500 
43 50 
140 * 
3J1L2 
8.9 45 
4.7 9.7 
L9 220 

7.4 9.4 

9.4 8.4 
7JJ 7.4 
- 3.4 


30 23 

420 240 

60 45 

305 190 
185 111 
U 8% 
350 220 
320 130 
93 70 


640 450 
470 2 BO 
7S 40 
78 50 
Z70 165 
B7 49 
70 47 
245 140 
340 230 
240 134 
05 55 
103 B4 
100 74 
270 148 


TINS 



2.81 L317.4. 

0300c »5 200 
4.0 6 110 

QllOc LO 113 
H537 5.8 5.4 

«S3fi M Tl 

123 * -60 

♦120 L6 * 


tQ123c 

Q12636 

0175c 

::::: 

..... 0120c 
t203 

T4J9 

+10 tsQ145e 

0190c 

ra065c 

ZQlOc 

660 


6.65 23150f301 

3.46 L9130(46j 

13.40 0 0 93 (223 
092 3.1 56 63 

8.0 6.9 6.9 3.1 

80 6.9 6.9 33 

+0.08 - 03 - 

tQ30 04 Jl S0 
163 4-4 M 63 

733 07.4.4(40] 
03% 180 «.9 - 
0.84.' 7.1 07-7.9 
Q10% 306 R.9 — 


RUBBERS AND SISALS 


COPPER 

104 I 54 |Mess1raR0.50._l SL I | — I-I- 

. .MISCELLANEOUS 

68 35 Barymln 54 -4 — J — . 

17. 9 Burma Mines 17%p 33% — ~ — 

300 170 Cons. Murch. 10c. 170 *Q30c 06 ■ * 

465 245 Ncrthgate C$1 „ 370 — — — 

263 164 RT.Z 228 .... 9.5 28 60 

W 30 Sabina Inds.CSl. 4® — — — ’ • 

£12 687 Tara Eeptn. SI 712 — - — ! 

185 120 Yukon Cons. CS1. 170' Q7c 09 20 


07c 09f 20 1 


5.9 V.A 
7.4 280 
1L4 120 


1978 i 
m*. Ue 

104 75 

127 65 

17 U% 
65 31 

305 165 
57 26 

52 23* 

12* B% 
400 m 
129 65 

135 56% 

89 41% 

59% 29 
197 69 

B3 36 
63 30% 

81 55 

127 103 
93 37 



+ arf Dr/. ( YU 
Price - 1 kit iCYrltf-. 

89 2.79 4.7} 4.7 

im +1 335 1.7 51 

17 - — - 

57 +1.73 LO 43 

230s! -5 335 0 02 
48 +1 +10.4 10 43 

37% +% 03.0 11 8.0 
11% d06 83 73 

327 gl50 L2 7.0 

10« (14.0 ' 13 5.9 

110 +2 Q25c 10 4.9 

71 +2 Q12%c L5 3.0 

46 +% QllJt 00 53 

lESsI M6.0 LI <0 

64 ..... hQ15c LS 5.4 

61 +0.48 3.9 L2 

65 ++0Z1 00 51 

119 — 

64 +hL52 LI 07 


■GOLDS EX-5 PREMIUM. 

Lawton tpmuttom lar selected 5omW Mrtcm geld mMng shares In U.S. 
currenry excluding the liwrctmem dollar premiom. These prices are 
avertable only to non-UK residents. 

3U%}+% 1 0170c | 14(17.01 
985c +10 WBc L7I 91' 
393c +35 -J 
»9% +* 0315c I 4ll8.6. 
£l* +* 0150c <• 15.41 



265 175 
385 255 
123 90 

3012 20 % 
350 325 
245 ISO 
420 330 
29* 22 
130 90 

183 158 


230 [123 


TEAS 

India and Bangladesh 

Assam DooarsSl. 248 +9.65 

Assam Frontier a. 255 1015 

Assam Invs.Cl— 99 ..... 7.U 

Empire Plants lOp. 24% +tZ01 

Lawrie Plants £1. 335 bl5 

McLeod RusselJQ. 225 133 

Moran £1 330 150 

Single Hldgs-lOp 26 +0.75! 

Warren Plants.-.. 312 h7.44 i 

Williamson £1 — 157 +1 123 

Sri Lanka 

|Lunuva£l [ 227 } }538 , 

Africa 

jBlantwe [ 155a) I rtl069] 

|Ruo Estates ( 140 | |*130| 

MINES 

CENTRAL RAND 


142 149 Durban Deep R1 .. T. ■ 289 +4 05Cc - IL1 

>20 244 East Rand Prp.Rl..l" 274 +10 QlOc 20 

:42 £ 26 1 4 RantHmfn E sL R2 j '£28* +*' 0450c 4 9.8 

L7B 78% West Rand R1 -_| 95 0171#; $ H5 


EASTERN RAND 


106 57% 

37 18 

116 235 
152 76 

144 231 
75 35 

[05 52 

73% 37 
56% 31 
165 517 
63 28% 



69 -1 Q44c 1.4138.1 
25 +1 TQ20c 10 47.8 
289 +1 FQ5(fc -103 
100 +2 038c « 24 9 
26ffi ..... 05 5c 1002.6 

51 021c 10 24.6 

94 QTOc 9 509 

55+2 - - - 

46 +1 sQlOe f 13.0 

588 +4 Q129c 18131 
32 — — — 


FAR WEST RAND 



£10% +% QlSOc * 214= 

460c +5 fQ22c 23 55 

S18* +* Q115c 33 70} 

532% 5535c L7 13.8 

£22% +% Q415c 4 213- 

£1C* +% 0823c 2A 9.0 


NOTES 

U ideas otherwise imOcattd. prices end ant dhrtdcndc are la pence 
and tfeMmfcuttscs are Sp. Estimated price/eandags ratios aM 
conn ere based an latest amaal reports and acoMts aad, abara 
possible, ae opdatad os tatfgearfcr figaret. P/S* are akaMed m 
the ham of net rKstrl button; bracketed ftgares bidkata 10 per 
cent or raore di ff er en ce If catenated an ‘*nU w dtstrBarttoa. Coeera 
are based an "malnawf * dbMbettan. YMds an based ea middle 
prices, an press, adjusted to ACT of 33 per c ent- aad allow for 
rafam of declared dbtrUmtioiB aad rights. Secarittes with 
denomlaatfoac other than sterik« are footed Iwctest** of the 
In v es tme nt dollar pre adorn. 

A Sterling deoomlraled securities which Include Investment datar 
premium, 
a "Tap" Steele. 

• Highs and Lows marked the have been adjusted to allow fur rtftts 
Hsues for ea*. 

T Interim since Increased or resumed. 

* Interim slime reduced, passed or deferred. 

£ Tax-free to uonresldeos on application. 

+ ngures or report awaited. 

tt United security. 
t Price at time of suspension. 

3 Indicated dividend after pending scrip and/or rights issue: cover 
relates to previous dividends or forecasts. 

+ Merger bid or reorganisation in progress. 

9 Not congarabie. 

+ Same Interim; reduced Rnal and/or reckiced earnings Indicated. . 

4 Forecast dividend; cover on earnings updated by latest interim 
fUtemenf. 

f Cover allows for conversion of shares not now ranking for divid en ds 
or ranging only for restricted dividend. 

% Cover does not allow tor shares wtdeh may aha rank for dividend at 
a future date. No P/E ratio usually provided. 

9 Excising a final dividend declaration. 
a Regional price. 

II No par .value, 

a Ta» free. - b Figures taped on prospectus or other official 
estimate, c Ceitis. d Dividend rate paid or payable on part of 
capital; cover based on dividend on full capital, e Redemption yield, 
f Flat yield, g Assumed dividend and yleM. h Assumed dividend and 
yield after scrip Issue, j Payment from capital sources, k Kenya, 
m interim higher than previous uxaL a Rights tuue pending. 

4 Eanhras based on preliminary figures, t Dividend and yield exclude 
a sperial payment, t Indkaied dividend: cover relates to previous 
ifirHfend, Pi'S ratio based on latest annual earnings, u Forecast 
dividend! cover based on previous yew's earnings, v Tax free up to 
30p in the £. w Yield allows hr currency clause, y Dividend and yield 
based on merger terms, z Dividend and yield irefede a special payment: 
Cover don m apply to special payment. A Net dividend md yield. B 
Preference dividend passed or deferred. C Canadian. E I saw price. F 
Dividend and yield treed on prospectus or other official estimates for 
1979-80. G Auumeo dhridead and yleM alter pending scrip and/or 
rights Issue. H Dividend and yield based an prospectus or other official 
estimates tor 1978-79. K Flwm based on prospectus or other 
official estimates for 1978. K Dividend and yleM based on pro sp ectus 
or other official estimates lor 1978. N Dividend and ykeM based on 
prospectus or other official esUmetes for 1979. P Figures based on 
prospectus or other official estimates lorl978-79. B Cross. T Figures 
assumed. 2 Dividend total to date, fi Yield based on assumption 
Treasury Bill Rate stays unchanged until maturity of stock. 

Abbreviations; id ex dividend; x ex scrip Issue; r ex rigtds; a ex all; dt 
ex capital distribution. 


WeikomSOc 
£24* [£13% |W, Holdings 50c 


£13* 

60 
292 
63 
792 
640 
721 
307 

257 1-3 | Q65e J 
05* +* Q4UC 14*5.6 


“ Recent Essucs ** and 0 Rights " Page 16 

This sere lea is avaBable to every Company dealt in on Stack 
Exchanges Uroaghmttfae United Kingdom far a fee of £400 
per annum for each security 


REGIONAL MARKETS 

The following b a selection of Loodao wouthms of shares previous Ij 
fisted only In reghmcl markets. Prices of Irish tores, most of Mhid] are 
no! off! dally listed In London, ore as epoted to the Irish exchange. 
Albany lmr.2Qp—J » l I Stxf/M Brick — )■ 52 }. — I 


Albany I mr.20p_J 26 g»g*M .8ri«* — )■ 52 } 1 

Ash Spinning-—. 67 Sheff. Refrehmt I 67 

Bertam-Z—Z: 15 Slredall CWuO^J 118 }_....} 

Bdg'wtr. EsL50p. 323 

Clover Croft 28 ...... - lotcii 

Craig & Rose £1— 6l5xJ 

Dyson IR. A.) A— 35 Comr. 9% 'BI1/H2-J £90 / 

ElUsAMeHdy — 66 AIBm»Gas__J 99 I 

Evened 24 ...... Anw*l — J STffidj....- 


FINANCE 


755 424 
378 246 
£20* 03% 
950 621 
172 119 
aw 163 
25 16% 

415 2 80 
£16% OO* 
na £10 
235 138 
n 22 

207 126 
158 90 

£12*860 
*48 38 

518 375 
237 158 
59 29 

109 122 
93 78 

£15 £10* 
278 182 
340 238 
73 40 


Ang.An. Coal 50c _ 
Anglo Airier. lGc. 
Ang. Am. Gold R1 
AhS-VasISOc. — 

Charter Cons 

Cars. Gold Fields. 
East Rand Con. 10p 
Gen. MrninqWc.. 

Gold FiettS-A. 25c. 
Jo'buroCons. R2. 
Middle Wit 25c _ 
Mincorpl2%p — 
MitwuSSDIAO 

New Wit 50c 

Patina NVF1S0- 
Rand London 15c. 
Selection Trust-. 

S entrust lOe. 

Stive rmi rw-s 2%p_ 

Tanks Con. 50p— 
Do. Pref.80p — 
■Traal.Cow.Ld.R2,. 
U.C. Invest Rl_^ 
Union Conn. 605s, 
Vogels 2%c 


590 

2%rf ...J 
^5% +% 

775 

133 -1 
177 +2 

37% 

366 +10 
£11* +% 
£13% +% 
358 ..... 
68 

160 

99 +1 
£11* -% 
41 ...... 

448 ..... 

169 ...... 

36 

160 ..... 

• 92 

£ 10 % -* 
215 +5 
2S5 +5 
57 


Finlay Pfeg. 5p ZL 

Gralg Ship. O — ]40 

Hlgsons Brew 74 

Holt (Josi 2Sp 252 

I.O.M. Stnt. £3 197 

NUm. Goldsmith 74 
Pearce (C.H.) — 198 
Peel Mills-.. 22 


52 . — Carroll (PJJ 97 

a ..... CfomtaKcfai 102% 

MO ...... Concrete Prods. _ 130 

74 +1 Keitto (HWgsJ 58 ..... 

252 Ins. Carp 168 

197 +2 Irish Ropes 105 ..... 

74 Jacob 50 

198 T.M.G 190 ...... 

22 Umdare 80 


DIAMOND AND PLATINUM 



£37 

378 

950 

176 

66 

93 +1 


117 J 70 |Rus. PUL 10c. 


CENTRAL AFRICAN 

210 1140 Falcon ffluSOc.— 140 Q60c 6 

24 12 Rhod'n top. 16*p. 12 -1 057 11 

80 52 Roan Cots. K4— 70 - — 

41 29 WanldeCoI.Rh.l 29 09c V 

17% 10 2am.C|if4Sl»04. 11% — - 





























































































20 



HAU & PIGKIES 




FINANCIALTIMES 


STEEL AND 
TOOLS 


Thursday December 28 1978 







BOUMEDIENNE’S DEATH POSES SUCCESSION QUESTION 



President for Algeria 


BY FRANCIS GHIUS 


ALGIERS — Mr. Ra bah Bitat. 
the National Assembly Presi- 
dent, was sworn in yesterday as 
acting President of Algeria. 
following the death of President 
Houari Boumedienne. 

President Ekuimedierme died 
in the Mustapha hospital. 
Algiers, yesterday, after going 
into a coma on November 18. 

The Algerian leader, thought 
to be about 50 years old. had 
been in power since 1965 and 
was a dominant Third World 
statesman. He had suffered 
several ailments. including 
kidney failure and Walden- 
strom's disease, a rare blood 
infection. 

Mr. Bitat was sworn in for 
only a 45-day period and it is 
not clear who President 
Boumedienne's permanent suc- 
cessor will be. or by what 
process he will be chosen. 

Yesterday Algiers radio 
broadcast verses from the Koran 
and short news bulletins. Forty 
days of mourning have been 
decreed. As Algiers absorbed 
tiie news of the President's 
death, the city became quiet, 
flags flew at half mast, and men 



Mr. Rabah Bitat: sworn In 
yesterday. 


and women cried in the streets. 

President Boumedienne had 
been absent from public life 
since late September. He went 
into hospital in November after 
a long visit to Moscow, which 
included medical treatment In 
Algiers about 40 doctors from 
several countries — including 
the U.S.. France, Sweden and 


Britain — assisted Algerian 
medical staff. 

The immediate reaction -of 
Algerians is to look to the Coun- 
cil of the Revolution which has 
run the country since President 
Boumedienne came to power. A 
major preoccupation is that 
there should be respect for the 
institutions he so painstakingly 
established- over the last 2{ 
years. 

The interim President took 
the oath before the National 
Assembly, at noon, less than 
nine hours after the President 
died. 

But even though President 
Boumedienne's death was ex- 
pected for several weeks, there 
has been no indication of who 
his successor will be. One 
question is whether he would 
be chosen from the Council of 
the Revolution, which is not 
mentioned in the constitution, 
adopted at the end of 1976 and 
was due to dissolve itself after 
the full congress of the ruling 
FLN party, due early next year. 

The constitution lays down 
that the FLN should nominate 
the candidate, the choice then 


being ratified by the Algerian 
people. But the FLN has not 
held a congress since before 
1965 and has no' political 
bureau. 

Instead the method used two 
years ago for the election of 
President Boumedienne might 
be used again— endorsement by 
a meeting of the 200 to 300 
senior officers of Hie FLN. In 
any event, it seems unlikely 
that the late President's succes- 
sor will be known for some 
time. The interim president is 
barred from nomination. 

Institutions are accorded 
great importance in Algeria in 
view of the country's turbulent 
history. The bitter nine-year 
war of independence from 
France ended in 1962 having 
claimed lm dead. President 
Boumedienne came to power in 
June 1965. ousting the then 
President Ahmed Ben Bella. A 
constitution was adopted in 
1976 and elections confirmed 
Boumedienne as President A 
new National Assembly was 
elected in 1977. the first since 
1965; 

Search for a leader Pago 10 


Land-Rover 
parts 
may go 


suppliers 


By Arthur Smith. 

Midlands Correspondent 
BL CARS Is considering 
placing valuable contracts 
with outside component sup- 
pliers to reduce the cost of 
its £2S0m plan for doubling 
Land-Rover and Range Rover 
output. 

Jaguar Rover Triumph 
denies that pressure for 
economies has been exerted 
by the National Enterprise 
Board. BL's main shareholder. 
The move reflected “ com- 
mercial logic” and the need 
to ensure the project showed 
a healthy profit return, the 
company said last night. 

Ambitious plans for invest- 
ment in axle, differential and 
gearbox facilities at Canley. 
Coventry- are under review. 
Quotations are being sought 
from outside suppliers as an 
alternative to producing the 
components In-house. 

Firm derisions are expected 
early in the new year but JRT 
insists that implications for 
employment in Canley. where 
7,509 people work, will not be 
serious. Up to 2.000 jobs, 
which might otherwise have 
been lost could be preserved 
if the full Land-Rover /Range 
Rover programme went ahead. 

JRT has overcome one or 
the main obstacles to rapid 
progress on the expansion pro- 
gramme for the four-wheel 
drive vehicles. Shop stewards 
at the Solihull assembly plant, 
who have vigorously opposed 
night working, have now given 
a written commitment to 
operate a second shirt 
on the Land-Rover and Range 
Rover lines. 

The concession marks a 
significant breakthrough For 
the tough management line of 
putting a freeze on new in- 
vestment until workers gave 
such a commitment. JRT will 
now be pressing the main BL 
hoard and the National Enter- 
prise Board in the New Year 
for the release of funds. 

JRT is expected to cam a 
small profit in the financial 
year to December 31. Total 
output has increased by 
about 7 per cent lo more than 
203,000 vehicles, in spite of 
the disruption to production 
caused by the transfer of TR7 
sports car assembly from 
Speke, Liverpool, lo Canley. 

Production of Rover saloons 
more than doubled, and the 
company plans to sell the car 
. in the U.S. and Japan. 


Post Office plans international 
marketing company 


Canadian 
Pacific 
bids for 


pulp 

company 


BY ROBERT GIBBENS 


BY MAX WILKINSON 


-> 


THE POST OFFICE is hoping 
to announce early in the New 
Year the formation of an inter- 
national marketing company for 


telephone exchange equipment, themselves. 


For the next few years, none 
of the companies will have the 
capacity to manufacture — and 
market — the whole system by 


The company is likely to be 
a joint venture between the 
Post Office, and the three manu- 
facturers of switching equip- 
ment, the General Electric Com- 
pany. Plessey and Standard 
Telephone s an d Cables, a sub- 
sidiary of ITT. 

Final details have not yet 


Sales in the early 1980s will 
have to be achieved by a co- 


MONTH E A L — Canadian 
Pacific, the transportation, 
industrial and resource group, 
yesterday bid for full control 
of MacMillan Bloedel, Canada’s 
largest forest products company, 
in which it already has a 13.4 
per cent stake. 

The move adds to the con- 
fusion surrounding MacMillan 
Bloedel. which last week bought 
for CS75m (£31m) the 20 per 
cent controlling block of 
Pom tar. the big east Canada 
pulp and paper, building 
materials and chemicals group. 

The stake was previously held 
by Argus Corporation, the 
Toronto holding company which 
controls Massey-Ferguson. Hol- 
Ifnger -Mines and Dominion 
Stores. 

The announcement of that 
purchase followed a bid by 
Doratar for a minimum 51 per 
cent stake in MacMillan Bloedel. 
This was followed by MacMillan 
Bloedel's bidding just over 
C$1 00m f£41ra> for sufficient 
Domtar shares to bring its stake 
up to 51 per cent. 

The latest offer for MacMillan 
Bloedel is being made through 
Canadian Pacific's non-rail in- 
vestments holding subsidiary. 
Canadian Pacific Investments. 
CPI is more than 80 per cent 
controlled by the parent, Cana- 
dian Pacific, with the balance of 
the stock in public hands. 

CPI offers one ol its con- 
vertible preferred shares or 
C$28 cash for each MacMillan 
Bloedel share which last traded 
in the market around CS22. 
Terms of the new preferred 
option will be made known 
later. The offer requires a mini 


mainly in stock, 
MacMillan share.. 


STC points out that it is run 
as a separate company from its 
parent, and that the confiden- 
tiality of System X design is 
stricUy maintained. 

However, the issues raised by 
operative effort" The* Post Office this possible conflict of loyalties 
will need to be involved closely have presented a difficult hurdle 
in the marketing of System X in the formation of a joint 
because only the Post Office has marketing company. 

a comprehensive picture of the For the time being, the j mum 51 per cent acceptance 
system. National Enterprise Board though this condition may be 

Agreement between the com- appears to have abandoned its ! waived. Domtar offered C$27.75, 
parties has been made more pi an «; to act as midwife to a i mainly in stock, for each 
been agreed between the three difficult by the strong sense of merger between Plessey and 
companies, but all agree that a competition and some mutual «n ?e j de a had been some- 

new venture is urgently needed, mistrust that has built up w h a ^ caU tiously condemned by 
The Post Office's new between the companies uver the ITT . But a j 0int marketing 
generation of computer- years. . company might possibly be con- 

cou trolled System X exchanges Plessey and GEl. m particu- sidered as ^ i n iUal step 
are to be shown to international lar. continue to be suspicious rowards integrating the com- 
cus tourers at a major exhibition about what they regard as the Danies more close iy. 
in Geneva in September. As yet, ambiguous position of STC. ihmnrtani 

however, no method of seliing As a subsidiary of the U.S. One of- the most important 
the system has been agreed. company. ITT. STC could elements in the present negotia- 
Each of the three UK manu- eventually find itself competing tions is the question of whether 
f3cturers is designing and in overseas markets against the a marketing company could 
developing a different part of "System 12” computer-controlled exercise sufficient control over 
the system under the general exchanges developed by its the manufacturing plants of 
supervision of the Post Office, parent company. oLher companies. 


THE LEX COLUMN 


r t> ? 









Risk analysis is a simple and.-:' . 
attractive theory cloaked under / 
a blanket of jargon: At its most 7 
basic, the idea is that there is? 
a direct trade-off between risk., 
and return in investment — an<L 
that tbe risk can be identified, 
measured and controlled. 




1 . 

■- - sr 

. :■ - 





X ' 


-St. . 


* 

* V omesRKw 

x 

»CWURESM. 


■ BBuatEr 


. x '.. ... . _ • 

■ -S3 





numbers. Therefbi 1 ® ItiS vitally 
important tt calculate; /the ex- 
posure - of a particular /fund to 
i general . mariceti -JDWrenieots. 
This jafOTZBatjbh Egjis the load 
manager, to-ge t - 'hw/Jast/ pe r- 
. f onnance into the;~correct 1 pers- 
■ pective. 'ana- to . construct his 
' portfoUb td.meet l^ 

{Objectives.; • ) ^--1 , 

- . -Next the Afsfinctitm Jias im- 

pnr tari t r iTripUt!»ti'n ns..Tor the in- 
vestment analyst Someone who 
is goOfiat pickms out indi- 
. vidual: s tocks an d ■Sharfes sboul d 
concentrates. fiis > . analytical 
7 efforts bn/those which -have a 
reJatively/ti^r specific ride But 
• 'v’ivben it comes to- broad. market 
T . trends 7 the maid, job: is to get 
the fund’s overall exposure .in 
"■ Tialahcdr, Finally, Ute argnment 
goes, '-/thi s vhnrakd own : of. risk 
: ket as a whole rose by .123 per :8' ve s a proper understanding of 


Where the gunslingers once’-; 

walked taU, actuaries and com- v T J ^ f e || 1 Y to 478.2 
puters now lurk in the shadows/- 11106 * Ieu * -- . v ° - 
Risk analysis is the" 1 atest- - 
attempt to turn equity iavestment- 
into a science, and UK' fund/ 
managers are currently being iqC. 
troduced to the mysteries of i\, 
technique which is already com?: - . 
monplace in the UJS. Last week,/: 
brokers Rowe Rudd and. Go. 7 ; 
launched a highly sophisticated^, 
service on to the market place;’. 7 
Tbe tendon Business School^ 
will be following suit in a few/; 
weeks time with a more modest^ 

(and cheaper) version. 



Familiar idea 

All fond managers 


cent (with . dividends -.rein- way /that- risk ^re/atea to 


are 


^ vested). A portfolio -pf shares ..-rcrunis- 




, ... ... .. . , ... # -^_..with the lowest .bem Increased, 

tain' Actors tend, to perform 37 in; ' ** are far fewer 

ESS the markrt.was facing-/ 

construction, tore purchase andi£”£ 

property are among the groups - ^se with the loJSt t° 

which in the past have often led, on iy S ed wkby Y net ™ 1 

the market upwards. When the: onIy • “ Dy 7 per . Gan-tried: to -promot? the idea 

„ .. j-x — * — - cent. ' - in.tKe;lidfi; IWOsi: htitmet witii 


a sr 


mood becomes more defensive,-:. 


sectors like tobaccos or oiis lent- rfiMmS tot **AM"0**** Data ^ 


Turkey sets tip special courts 
to prevent renewed rioting 


BY Ot/R FOREIGN STAFF 


THE TURKISH Government end terrorism not to suspend 
last night announced the estab- democracy, 
lishment ■ of special military In an interview Mr. Ecevit 
courts, in most big cities in a said: “The purpose of martial 
lough new step to prevent the law is to end terrorism. It will 
renewal of rioting in which not involve the suspension of 
more than 100 people died over the functioning of democratic 
tbe weekend. institutions. It will be applied 

The announcement, which in a way that should protect the 
follows Tuesday's imposition of freedoms and human rights." 


martial law in 13 of the 
country*!? 6" provinces, came 
shortly after Turkish Radio 
reported that at least two more 
people were murdered in 
political feuds. 

The Government said 54 
military judges and prosecutors 
had been appointed to the new 
courts in Istanbul. Ankara. 
Adana 3nd four other cities. It 


His government's commit- 
ment to democracy and “the 
traditional attachment of tbe 
Turkish army to democracy ” 
would ensure this. 

“The Turkish people, are 
resolved to live in a peaceful 
and democratic society where 
human rights and democratic 
rights are unhindered by either 
suppress! ve rn easures or by 


admitted, it is too early to say 
whether it would succeed in 
restoring law and order. Over 
800 people have lost their lives 
in political violence this year, 
mostly in clashes or riots involv- 
ing either Right-wing or Left- 
wing fanatics or terrorists. 

The army is maintaining a 
very' low profile in Ankara and 
Istanbul. In the eastern pro- 


Control 

CPI is offering to pay just 
over C$200m (£83m) on the 
basis of the cash offer to build 
its present 13.4 per cent Mac- 
Millan bolding to 51 per cent 
If CPI took all the MacMillan 
shares it does not already own 
the cost would be just over 
C$500m (£207m). 

If the CPI bid succeeds, the 
group would control both Mac 
MiJlan Bloedel and Domtar. CPI 
already owns Great Lakes Paper, 
| a large newsprint and pulp pro- 
ducer in Ontario, and Canadian 
Pacific Logging in the west 

The four companies to 
gpthcr would have annual 
sales of around C$4bn. more 
lhan half in export sales. About 
three quarters of MacMillan's 
sales of lumber, pulp and paper 
and packaging products are 
already sold in foreign markets, 
including the UK. 

CPI said its offer will be made 
formally as soon as possible sub- 
ject to lesal requirements. 

The status of the MacMillan 
Bloedel and Doratar counter 
offers for each other is now un- 
clear. 

Trading in shares of Mac- 
Millan Bloedel and Domtar has 
been suspended by the securi- 
ties commission until tomorrow 
and trading in CPI was halted 
by the exchanges yesterday 


vinces. however, generals in j morning, pending news of the 


' also announced the setting up physical force." he said, 
j or the military courts to deal In private the Turkish gov- 
u-ith troubie-makers following a emment is blaming the weekend 


meeting between Mr. Bulent 
Eccvi'i. tbe Prime Minister, and 
General Kenan Eve re n. the 
armed forces Chief of Staff. 

itietin Munir writes from 
Ankara: Mr. Ecevit said yester- 


riots in the eastern town nf 
Maras, in which more than 100 
people were shot dead, the worst 
riots in modern Turkish history, 
on Right-wing fanatics. 

Turkey has been calm after 


day that the purpose of martial the declaration of martial law. 
law declared on Tuesday was to But as Mr. Ecevit himself 


charge of martial law command 
have started taking restrictive 
measures. Rallies have been 
banned and the activities of all 
associations suspended. Officials 
say that thousands of troops are 
on their way to these provinces. 

So far no dramatic measures 
like arrests or curfew have been 
taken. 

It would appear that initially 
Mr. Ecvcl may try lo benefit 
from the " psycho logical" pres- 
ence of the army before using 
it as a force to crack down. 
His desire is to avoid confronta- 
tion between troops and 
civilians as has occurred so 
disastrously in neighbouring 

Iran. 


bid for MacMillan. 


Cheap Australia flights in demand 


BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


Continued from Page 1 

Iran 


petrol will be affected but also 
kerosene, widely used in cook- 
ing. and heating oil. 

The past few days have seen 
long queues nutside petrol 
stations, and kerosene has fre- 
quently been sold under super- 
vision of soldiers and police. 

Parliament met in special 
session during its winter recess, 
ft appointed a commission to 
investigate public complaints 
and discussed the discontent 
and industrial unrest. 

In today's violence in the 
capital. opposition groups 
claimed that eight people were 
shot dead as groups of youths 


BOTH British Airways and The new fares cut more than 
Qantas Airways are experi- £100 off the present cheapest 
encing heavy demand for the rates between London and 
new cheap fares between the Sydney. Melbourne and 
UK and Australia, which were Brisbane. 


announced at the end of last 
week and take effect on 
February 1. 

The new “Super Apex” — 
Advanced Purchase Excursion 


The new return rates (with 
the existing cheapest rates in 
brackets) are £334 (£450) in 
the off-peak months of March, 
April. May. and in November; 


bourne and Brisbane route. 
Fares for the Londnn-Perth/ 
Darwin route are a little 
cheaper. 

Another condition of Ihcs? 
cheap flights is that passengers 


: taunted troops, setting fire to 
Talks on this between the UK. vehicles ai many road junctions 
Australia and the intermediate ! before being dispersed by shots 
countries are still in progress, j fired in the air. 
but a statement is expected One procession of about 6,0011 

carrying the body of a university 


soon. 
British 


Airways says that 


—fares were announced just £512 (£550) in the “shoulder 1 


must travel end-to-end, with no the new cheap fares work out 
stopovers. al a |j 0ut i_5 p per m j| e -which 

This Latter condition has been compares with about 3.S4p per 
of particular concern to mi i e f 0r the Laker Skvtrain 
countries jn South-East Asia, flints between London and 


before Christmas, with bookings months of February. June and such as Singapore, which in the York. It claims therefore 

starting immediately. July; and £585 I £630) in the past have benefited consider- that the new rates’ represent 

Throughout the holiday, both peak months of January, ably from passengers breaking one of the best air travel bar- 

airlines were swamped with August, September, October their journeys between Aus- o a i ns available, 

inquiries and reservations, with and December. tralia and Europe for a few 


the result that virtually all 
flights in February are full, and 
many of those in March are 
filling up rapidly. 

The two airlines expect to 
carry an additional 100.000 
passe- ngers a year on the 


Both airlines expect that as a 
result oi the new fares, they 


For flights in February, an days. 

advance booking period of 21 To meet complaints from _ 

days is required, rising to 20 Singanore and Malaysia that 

days for flights in March, and the new fares would severely J*' 10 mBet 

45 days for flights thereafter, damage their tourist trade. ° rovun 111 lramc - 

Ncw cheap one-way fares — another type of cheap (but In Sydney. Sir Lenox Hewitt, 

v __._ .. „ costing £254 in "the off-peak more expensive than the fares chairman of Qantas. said: “we 

‘Kangaroo route’* as a result months, £313 in the shoulder already announced) UK-Aus- anticipate adding to our fleet 

of the cheap fares, adding more period and £342 in the peak tralia promotional fare is tn be of Boeing 747Bs in 1979 to meet 

than £5Qra a year to their joint months— are also available on introduced which will allow the demand that these new 

revenues. the London to Sydney, Mel- stop-overs. fares will generate.” 


lecturer shot the previous day 
was dispersed by more than 30 
minutes of continuous firing by 
soldiers using automatic and 
semi-automatic weapons. 

I was caught up in the pro- 
cession. When the firing broke 
our some 30 yards away. I 
took refuge in a first-floor flat 
with about 50 people. 

As we crouched in the Hall, 
not daring to look out of the 
windows, firing by the soldiers 
went on continuously. It was 
an hour before it was safe to 
leave. Others in the apartment 
claimed to have seen a soldier 
shoot two officers before com- 
mitting suicide with his own 
rifle. 

As I left the flat ambulances 
were still at work in the street. 


to find more favour. : : ' • diversified -"“bartfolio*™ ' ^ rhing^oat 

Risk analysis puts numbers oa'Nati?nL Fin^re Is the Jhare beta calculataons for some time 
this kind of empirical judging; withfce hSffie^pf getf 

Its supporters claim that the , fic risk in me uif ^inarkejt:-itB v ; ;VX ^ ' 

fluctuations of a share price, gyyjtigjjg frequently seem iobe - ‘ In addition, ‘the - XI.S. ■ is much 
can be split into two main parts, qu jt e unrelated to general mar- mefe preoecBjpigd thahithe rest 
and measured accordingly. One • ^ factors. But a broadly_hased of the "world 'with the. idea ; of 
part is the market risk, which-- investment trust would ' have risk — thanks- in large measure 
is associated with general mar- . almost no exposure to this kind to : EWSA~ {Tbe Employers’ 

ket movements. The otheris the 0 f vo i a tiiity. - . -Retiremeat-IhcortnB Sertirity Act 

non-market or "specific’’ risk^. How are these risks measured? of 1974)1 -,lhe prospect of being 
which is .something special t°- Rowe Rudd's system, .whi^i is. --sued for '.making. jail; imprudent 
that particular share or itsr widely used in the U.S;, is based 'Jnyesime.pt . helps to concentrate 
sector, and makes it move when' on a five-year history of some the mind, no end, and the ideas 
the market as a whole is going- i t 500 share prices. The -percen: of . risk, : analysis tieatly comple- 

tage change in- ea<m price is ment tire* Labour Dt^rartmenfs 


*s fi 


degree 
folio 

il set the changes- in the ^has also^eeQimicouraged by 

whole. The beta of a share is All-Shane Index over the. eorre* another special factor^- the 

Ul e itJ : 3riS e fnr P ^ar.h e ? t fJ?^nr spending- period. The friendly . gradual reparation of tovest- 
- " S thA^nX t computer, {hen draws the best : ment serried, and their Indivs- 
SS’SS!. !? .“US*?- li».° it ‘■1' ot this ctoBfl of dusl prtdng .ccorttog to cost 

points on the diagram. • - and demand. ^ A manager who 

J 'ii charging the earth for what 
; ; ' : S in effect" little' more than an 


the theory is to stand up, one 
would expect a portfolio of 
shares with a high beta to per- 
form better than the market as 
a whole when share prices are 


Beta and Alpha s 

Beto measures 


fei vo; 


rising, and worse when they are the line. .Alpha measures .the 
falling. point where the lmccrosgeg tiie tr - ■ 


Tills actually does seem to be vertical axis, and. represents- the r conclnriOT is. Aat .fund 
wbat happens. Traditionally change in tbe share price over manners outride The ILS. wul 
defensive” sectors like to- a four-week interval ..when- -the- 7 .. to. stick to -more - familiar 

market does not move yt alf. \ ^market indicators, like .sunspots 
According to - tiie London ■'*?*!- ^ • length of he mlines , if 
Business School, a 'number ' of ' they so, ehoose. But- the new 
advantages, are. to be gained services should "be of value to 
from splitting ! risk into two those- large, diversified funds 
components. The first ‘is "that which, because of their size, are 
highest average beta jumped by whereas specific risk can be obliged to. remain : pretty well 
170 per cent in the first five diversified away, market; risk fuHy -invested- f&r most of the 
months of 1975, when the mar- cannot be .eliminated' by sheer time; ' . 


baccos have a low beta, whereas 
the property sector has the 
highest beta in the market place. 
Calculations by the London 
Business School show that a 
portfolio of shares with the 


■':sa\v ;r 


Weather 


UK TODAY 
CLOUDY with outbreaks of rain. 
Mild In south, cold winds in 
north. 

London. S.E„ Cent, South Eng., 
Channel Is., S.W. 
Cloudy, occasional showers. 
Max. He (52F). 

E. Anglia, S. Midlands, E. Coast, 
IV. Midlands. N.W. Eng- N. 
Midlands 

Cloudy, some rain. Max. 7C 
(45F). 

Lakes. N.E , S. Scotland, Argy ll, 
Cent. Scotland, Western Is. 
Rain, sleet and some snow. 
Max. 4C (39F). 

E. Scotland. Cent Highlands. 
Highlands, Orkney and Shetland 
Some snow showers. Max. 2C 
(36F): 

Outlook: Colder. 


BUSINESS CENTRES 


Y da/ 
midday 
“C °F 

MiDsdro. C 16 43 
Ajhpn* F 14 57 
Bahrain C 22 72 

Baclona. Fg 12 54 
Beirut F 18 64 
Ballast R 7 45 
Belgrade F 4 39 
Borlin C 6 43 
B'ham R 8 46 
Bristol R 9 48 
Brussels C 10 50 
Budapest Fg 4 39 
B. Aires S 30 88 
Cairo C 21 TO 
Cardiff C 9 48 
Chicago F — 7 19 
Cologne C 8 46 
Copnhn, Sn — 2 28 
Dublin R 9 48 
E<rlnbgl». R' 5 41 
Franklt. F 7 45 
Geneva S 7 45 
Glasgow R 5 41 
Helsinki S — 18 O 
H. Kong F 24 75 
Jo'burg C 28 79 
L. Angls. C 17 63 
Lisbon R 15 59 
London C 10 50 


Y’dey 
midday 
, “C *F 

Lunmbn. C 7 45 
Madrid F. .13 55 
Mnchsr. C 9 48 
Metboe S 21 TO 
Max. C. F 22 72 
Milan R 3 37 
Monlrl. C —3 27 
Moscow Sn —6 21 
Munich C . 7 45 
Nwcsd. R 7 45 
N. York C 5 41 
Oslo So —9 is 
C 11 52 
Prague F 7 45 
B»Vkjv1c. S -1 3o 
R-o J'o C 23 73 
Roma S 15 59 
S. Fra co, C 7 45 
Smqor. C 31 88 
Sickhm. F — 9 16 
Strnsbrg. F 11 52 
Sydney C 27 SI 
Tel Aviv F IS 64 
Tokyo C 1* 57 

Toronto C —2 28 
Vienna F 4 39 
Wdtsaw C 3 37 
Zurich S 6 43 


HOLIDAY RESORTS 


Ajaccio F 18 64 
Algiers C 21 70 
BiamU F 18 64 
Blackpool R 7 45 
Bordeaux C 12 54 
Boulogne C 9 48 
Cblnca. n 
Corfu S 
□brvnk. F 
Faro F 
Florence F 
Funchal F 

Gibrltr. R 


15 59 

16 61 
13 55 

18 64 
8 46 

19 66[RhQde9 
IS 59 Salebg. 

Guernsey R 10 SO Tangier 

Innsbrk. S 6 43 rohente 

invrnss. C 3 37. Tunis S 20 68 

1. Man R 8 48 Valencia C 11- 52 

Istanbul F 11 52 1 Venice Fp 2 36 

S — Sunny. F— Fair. C— Cloudy. R — Rain. 
Sn— Snow. Fg— Fog, 


Jersey R 10 50 
L. Pima. F 20 68 
Locarno S 4 33 
C 
c 

F 
R 
F 
C 
F 
C 
R 
C 
R 
C 


Majorca 

Malaga 

Malta 

Nairobi 

Naples 

Nice 

Nicosia 

Oporto 


16 61 
15 59 
17 63 
20 68 
14 57 
12 54 
17 53 
14 57 

14 57 
6 43 

15 59 
14 57 


^Killed 


Dfls. 50 , 000 , 000 .- 

VA% Bearer:Notes 1973 due 1977/1980 

. • V of. 

SOCIETE DlTPIPELiNE 
; X ' . SUl>EUROPEEN 

~ - Neirilly-sijfrSeme j s' 

■ FRANCE.. 


Third annual redemption instalments 

7. l and 


(Redemption Group No. 2 and No. 4 fell due on^. 
February 15. 1977 and February 15,1 978resp.p 


*vii 


move 


As provided in the Terms and Conditions 
- Redemption. Group No. 3, amounting lo,'' 

‘ Dfls. l2.5O0;0GG.- r has been drawnfori^ 

. . ^ redemption ojvFebruary. 1:5;, i^T^and -,^ 
consequently the Notewhich bears' -number : 
atidail Notes be^n^-uumberwliiidtis^,'.^ 
orainuItipleof,4, plus 3;arspayabfe as from i 

. ,Pcbiioary'i5 J ,1979 ' 

V-*-.'-. "at ' ”... 1 • 


AlgemoieBank Nederiand N. V3. 

■ (Central PayingAgeat) :■ : i' : _- 
Amstefdani-RottonlamR shti NVl ^ 

rBtoik Mees A Hope NY ' 


- PSffSM, Htidring & Person N.y. 

; in Amsterdam: ■ . . 

# ' Lazard Frfcrcs & <3e • 

. ' \ , Ranque de j 1 aris'-et des Pays-Ba^ • •-?: 

.tin Paris; - \ : ,1 

Manque de Paris etdes Pays-Basr pourl^ 

• ' ■ Grand-Ducfae dir Luxembourg 

■ wLuxcrnbourq; . 

Algemenc BankNederiantf(Geneve)S^ 

in Geneva: ■ 

Algemenc Bank Nederland in der SdrsFeiz / 

- inZuricL 


December 27.197$. ' 













■■ i •: V ’Sit?’ 6 • ' ‘i5 c 

*.■ *. - y ; ; -r . ?£->’&$?;■■■: ,, • 

. ... .... - v . i 




o*