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ve 


NEWS SUMMARY 


6EMERAI 


BUSINESS 


-V • 




-u - - r; ' 






Shell pay formula 
may offer solution 
to tanker strike 


UK contingency plans ready 
to offset Iran oil stoppage 


BY SUE CAMERON 


may unti suiuuuu drawing np contingency plans 

tinjjvn V to deal with the effect of a 

- /i«V.TTJfcI protracted Iranian oil stop* 

1 tn tank nr dritro c^ss; 

ijeda ? IU Idlmti MI Uic ssssarfiai! 

' ' • crude that the UK consumes 

a w-m’ . JJC ■■ 'SV. each year. But daring the past 

UU XD BY ALAN PIKE, LABOUR CORRESPONDENT^ four days an oil exports from 

• JT- - . .7.*,?;';'. Iran have ceased, 

. ; T.' rm. _ , _ _ . . Britain has sufficient oil 

• equities were unsettled by *ne national tanker drivers threatened strike next week may he averted after reserves to last at least 72 

l breakthrough by union officials during negotiations yesterday with Shell' b £„" s 


BY ALAN PIKE, LABOUR CORRESPONDENT^ 


-A over the threatened tanker “ 7 

Steep house pace /rises this year driyej^strikc. The FT ordinary management. 


;■ 5*?;- i have Included increases as high down H at lG\.sun„ 

< .Vi.'- -as 55 per cent in the London dosed 5.3 off at 472.9. y- 


area, the AilgHa, Hastings -and 
Thanet Building Society says. 


Union leaders concluded the 15 to reject, with the remaining 
22-hour negotiating session by depots stiLl to vote. 


5 to reject, with the remaining The Shell offer is being 
epots stiLl to vote. presented to drivers during the 

The final decision will be weekend and shop stewards will 


* Thanet Building Soefetvsavs. ® GILTS showed little move- reaching an agreement which The final decision will be weekend and shop stewards will 

AAK- - i ■ ' m -"* raent at the longer end and the they will recommend the com- based on a head count of meet on Tuesday to consider 

•V ' • A^ era Se p nces for new homes Government Securities index pany*s 2.600 driver and related employees rather than a depot- their reaction. 

• rose by 31:5 per cent In' the last closed unchanged at 68.66. . ' employees to accept by-depot vote. This means that the question 

‘ : W. monthly ;fto_soclefy*s annual. ^ stfrt rsrr fi.ii jmi _nfntv * A The Shell agreement is Although the offer could of whether Wednesday's 

' «S!^ia G its sirailar in si7e to the 15 per "grease Esso drivers earnings threatened strike action will go 

by about £15 per week, many ahead is iikelv to be finally de- 


by-depot vote. This means that the question 

Although the offer could of whether Wednesday’s 
increase Esso drivers earnings threatened strike action will go 


-rose An average bv 30Dercent lndex unchanged at 6L8. The tssso offer but union 

Vnh »Te* tfcn -nninOfk “rrririn o P dollar improved in the ‘fbreien ! officials say it does not contain 


SSS 5B5e355 rwir 

£ ' n ^U -'E M per «BL opposed. important factor m many tif me 

Union officials hope thal they 


him edsc aasu uiivcrs cainmp inreaienea sinxe action Will go 
by about £15 per week, many ahead is likely to be finally de- 
have complained about the cided at the very last moment. 


. , ATh e - society based its analysis 
' 33.000-. properties it dealt 

.■ 1 urilh lliirinp -tQTft Thnrk uiua 


il uccut w GOLD fell SI tO $2212 in «>ill nnw hn In ,U„ ,,,c j *«*«•»«.■ % ««U “'in Krui" tuujiu us. 

... .^ during 197$. Ther% were London, and in New York the shell a-reeeuent w a model for Workcrs ’ U ™. n c ™? ur, s Most of industry has enough 

_ sign? That pnees were beginning Corner January settlement price tntinuInr ZIJ th£ ^ P3 . rjt !. nce ° Dat ’ oas wth . 311 oil" to last for four weeks or 


attached productivity condi- The Government is training 
tions. This is clearly an troops to maintain essential fuel 
important facior in many of me supplies if the strike goes ahead 


tinning for weeks, the Govern- 
ment will be forced to take 
emergency action. One 
possible course being con- 
sidered by the Department of 
Energy is a ban on North Sea 


Street 


oil exports. 

The North Sea now supplies 
just over half the UK's oil 
needs but between 38 per 
cent and 40 per cent of 
Britain's North Sea exude is 
at present being exported. 
Oil companies could be forced 
to divert much of this back 
to the UK. At present they 
can export North Sea erode 
only If they are granted 
waivers on UK oil landing. 

If the Iranian stoppage 
began to have a serious im- 
pact on domestic supplies, the 
Government could simply 
withdraw the waivgrs. 

The Department of Energy' 
said last night that a total ban 
on North Sea oil exports 
would probably be unneces- 
sary. especially as it was 


looking at other ways of 
making good a long-term 
cessation of imports from ban. 
It said part of any shortfall 
could be met by an Increase 
In imports from Saudi Arabia 
and it pointed out that Saudi 
exports to the UK bad risen 
in the last few weeks from 
about 25 per cent of total 
British consumption to 
roughly 30 per cent. 

British Petroleum, which 
normally relies on Iran for 
about 30 per cent of its global 
oil supplies, has started to cut 
deliveries of nude to its 
customers. In October the 
group warned customers that 
it might have to cut supplies 
by up to 25 per cent of what 
bud been ordered if the situa- 
tion in Iran worsened. 


voles to reject the package. but has no plans to issue the 
The Transport and General public with petrol coupons. 


signs that prices were beginning Comex January settlement price 
-ErA toj cake, .it added: Back Page was $223.10 ($222.80): L \ 


Mo.sf of industry has enough 


continuing negotiations with the i ea dj n g oil companies. After mor „ S ivs thp rnnfedprarinn n r 
other major ml companies and. leaving Shelli officials opened >i s the Confederation o. BY S|MQN HENDERSON 

by removing the contentious talks Tast .night with BP and British Industry. 

issue of the Esso productivity Texaco Companies were unlikely to -r-rtro * xr c- „ 

clauses, obtain settlements However, the settlements are have io lay off any workers for c0 ^^d~ t0 e ™f fn the tin^T7 to remain at home a 
^L ftelr • raeraers * closely influenced by each other sSsof iAni.Sdtiesyester" suyAy frlwork wlTeph 


lighting as 
output ceases 


• • I - - . . • . . » lilg, UIIVIH UIUWIBI0 

arhllMtv • LEAD, reached a - record price P y removing the contentious last .night with BP and 

yganaa. amnesty on ^ U/[E risiD g JE 5.^ : . toiinc issue of the Esso productivity Texaco. 


BY SIMON HENDERSON 


. - -.UgjiEdab. Vice; President Gen. 
. .T- - ; : : Mtiisfafa Adrtsi . has been 
4 y replacetl as Defence Minister 
, . “ by klaiUen. Ibrahim Mondo. 
' ■■’s-y . presidertt.Tdl Amin said. • n« 

■ ; Vr" ~alsQi announced, an amnesty .for 
t -all ..exiled .Ugandans: who had 
• P . '■ lefE.th^ ; coimtiy- 'after 1971, 
y- V wlien he-. came to power. Page 2* 

■ rf'y A" : : ' ; • • ' • 

- : ETTfine-l lm it nears 

' . N „ Strenuous efforts .are; being 
'■ :;«^-.:.. Amade.: to ward of_ . today’s 
- -: r - c \ - threatened killing” of the two 
- ' v. .-British- bankers being held hos- 
' . .■ ' guerrilals:; in El 

’ ir. - v'-'i Sajvador. Tage A 


f TEHRAN — Savage fighting Expatriate employees con- normal 500.00 barrels a day 

« T.4 .on d^ if Se ”x[ke continued to erup! in the ttnue to remoin at home and output. 

went" - head the CRT said streets of Iranian cities yester- stay away from work while plans Anxiety is also being 

T1 ‘ J day as the government claimed are reportedly being mode to expressed shout the level of oil 

Tins view was based on an t ^ at j ran — wor ](j- s second evacuate them until the crisis reserves left in the country. The 

d of ^ largest oil exporter — had ends and production resumes. Government says it only has five 

st OCRs held DJ industrial com- stoppe ^ a j] production. There are over 6i»0 working for to seven days’ supplies, against 

SSUf “ t:,akS ° n ,h<!,r 0Wn Mora than 30 neonle were OSCO but many dependants the three to five months' sup- 


endorse. 


and if union officials consider w® 111 -head, the CBI said. 


The result of a ballot among the Shell offer superior they 
employees at Esso’s 39 depots will apply strong pressure on 
on whether to accept the cnni- the other companies to conclude 
pan.v’s offer will be known similar agreements. 


pany’s offer will be known similar agreements. panic.-, in tanks on tneir own | " 

today. Close voting is expected. Mobil delegates meet today tn premises. | .More than 30 people 

Unofficial estimates j'esterday consider a new offer from the Heavy consumers of oil often j reported killed in « 
showed that 16 Esso depots had company — again in the region hold stocks which can last for between demonstrators 

voted to accept- the offer anil of 15 per cent. up to a month. soldiers in the souther 


’ — More than 30 people were «suu out many dependants uw ui=« u uve 

Heavy consumers of oil often reported killed _ in clashes ’ J|?ve already left , There is P ^.os 


v LEAD 

LONDON 
CASH M£TAL 


between demonstrators and Hkely to be strong Iranian season, 
soldiers in the southern eitv Government pressure against an 
of Ahwaz in the centre of the evacuation of the oil staff them- ine 
oilfields. Ten bank branches selves. 


- ■ J A S O D 

r-'-Sfe. Mbumersfly in -JiZL — 

: arrt^p^- -today's -d^s.nse. of S]A2». Page^i - 

7 State>. -iuneral^ ■/ of? •-‘President • WALL STREET closetf 2.60 

.-Afe • Hduari'Boumedleiinel . First tir down at S 05-96. . 


Agriculture policy dispute 
may delay EMS start 


and^he offices o^lranair "were The Goverment claims that t Stocks 

set ablaze. production and refining has now observers consider that stocks 

In the North Webern eitv of stepped completely. It has asked must have been topped up last 

the missions leaders, the Shah's week when Production had 


The low figures are again 
thought to be a deliberate Gov- 


BY JONATHAN CARR IN BONN AND DAVJD WHITE IN PARIS 


Qazvin three people were killed 
and two wounded, apparently by 
tanks. In Tehran itself the 
intensity of the rioting lessened 
but at least three buses and 
three fire engines were burned. 
The sound of sporadic rifle fire 
still echoed across the city. 

Contrary to the Government’s 
claim other reports say reduced 
production is continuing at 


Vote ■ • mOBIL has failed la find oil 

- f-. Dafly Express journalists voted or gas in the seventh dry well 

- .tq .stbp bladdhg - f*ress . Asso- drilled in the: Baltimore Can- 
eiition' copy! ' Management of yon. 100 miles off the New 


100 miles off the New 


71- - Kin^ 'ahQ Hutchings, printing Jersey coast r Page 4 

wnflrc "TTwT.riflap rliemi«cprl 'TO' ■ ... 


THE START of the European in an elaborate exercise in bluff the system will have to be i production is continuing at Tn p . iriw hn , vi , v . r 

Monetary System- may be but also because of the visits sorted out fairly quickly 340.000 barrels z day compared vt," i 

delayed beyond the Jan uar>- 1 abroad of President Giscard and’ because of changes in the tn 5.7m barrels a day in normal ^oomeim. w principal tocu- 

target date because of the con- Chancellor Helmut Schmidt of method nf valuation- times. This is still .only' enough S »hl.» 

tinuing dispute between France West Germany. Arrangements for the start of 10 meet half of Iran’s domestic nfThPni! l0r . 

and other EEC members over The. foreign exchance markets the system are going ahead, requirements. The opposition "' tS * *}!!! a 

the-. Common Agricultural believed that EMS would fSr {hemoment. as^piann^: hasaccused the Government of 

Policy. . _ start next week and would Central parities between the deliberately keeping oil products 


fiercest opponents, to tell people reached 3.bm barrels a day. 
to return to work because of the . Even if' production weie to 
serious consequences to Tran of increase now, a total strike has 
a prolonged shutdown of the closed the main crude oil export 
oilfields. The country’s normal , f rn ’. I . n ?J ^ Khargh Island m 
oil revenue are vme $21 bn a the Gulf. Not only are the load- 
year mg facilities shut with as many 

t as 6Ci tankers waiting offshore, 

r’nn^rele but a production unit and a 

VvUalllUI^ chemical complex on the island 

In Paris, however. Ayatollah ar ; also closed 

„ ■. . . . Iniliql Ivor if 


Initiatives to break the dead- 


. works. TJxbridge. dismissed 10 

. ..'ft-.V.'' -press room .workers for taking 
T^Xv--. acGen ' in support of the pro- 
.. ...^-iii. vinclal journalists' dispute. 

/ Ps^e--7'.' 

‘More saw ITV’ 

to-, four times as many 
• .^V .families watched ITV in pre- 


SCO’n’ISH . manufacturing peated tbeir earlier warnings beginning. 


companies will invest at least unless the balance of sub- 
£575m in new budding and sidies to French and German 


■ginning. will tj C fixed on the basis of 

that unless the balance of sup- There were some suggestions the market raies ruling this A ^nous oeveiopment nor politician untainted by corrup- 

sidies to French and German yesterday that the system could afternoon where Continental li l P*’ ev10 ^ oil workers JJJ® ut • y ' ced tion scandals now seem very 


s-.cu>v uibujw li. Mviuifli f nnmmilinn tn ih*. «3h-h ICCK nave oeen - limuea io a 

lethod nf valuation- times. This is still .only enough ehimed on Wednesday thai senior employee of the National 

Arrangements for the start of to meet half of Iran s domestic . workers of Thp r il cor . Iranian Oil Company being sent 
The.foreign exchange markets the system are going ahead, requirements The opposition Df I alio n have oruduced enough to talk with strikers on behalf 
believed that EMS would for the moment, as planned, has accused the Government of f internal use " He said fund? of the company’s president. 

, ^art next week and would Central parities between the deliberately keeping ml products Ipd ' houses riiould t!* mlde The chances of a new civilian 

French officials yesterday re- include France from the eight participating currencies Jo ^ J market so as to “ | U the o 1 strike^ government under Dr. Gholam 

—i- ill be fixed on the basis of discred.t the strikers. . Hossein Sadqi, the veteran 


discredit the strikers. 

A serious development, not 


to the oil strikers. 


Rationing of oil and all its L \ n ™7Z 

products, introduced ou Wcdnes- ^."^“d^'n™ J e mn£ 
day. is now being implemented I °? Hl SCa s seem Very 


slight. 

West confident of oil Page 3' 


''n fereace toBBG TV on Christmas ?T tr ADE ^ ueuvu , m tbat Bonn had not received 

:^^T'-'D8y *vehlng i a preliminary November _ narrowed to below wor( j s to the contrary from 
nut hvr Ann . 52hn and the Index of leading p-rjc ejnee earlier this month 


to start as planned and noted allowed to last longer than a d ?. fadliti£l jn 

-D/stit, nn« n»-r.lrpH voar Ml’Ae urn mpchanicm< 1,1 ‘ LrLlm lat,1UleS W,U worfc - 


remaining questions about how OSCO and claimed tn number common. 


survev carried out by AGB ~ ,u .'““r Paris since earlier this montn 

for Thames Television shows. ’SSJKJSJI Th\ wH'' Resident Giscard d'Estaingcom- 

Page 3 * ' . mitted France to EMS member- 

- V ‘ the trade^ defi^t: for th. II shin from the start. 

Minm killpd ~°i , A s of 19,8 t0 5-6.»4bn.- - .- Thp ove rall position was 

min0.rS : KtllDCI- BackPage confused last night, not only 

F&W. " Soiitb^-African mine 0 xi^. TREASURY has launched J«cause of uncertainty about 

workers were.-kHIed- and nine ^ mvesfeatioii into whether/ liow iar France was involved 

1 n jured when ^ pre^u re^burrt , 150 _ Sm of ^Tbon steel v . ■ 


that Bonn had not received year. MCAs arc mechanisms 
words to the contrary from which allow national farm 
Paris since earlier this month prices to differ while maintain- 


the trade deficit for the *1 j^VoTronTthe start. EEC currencies to* be linked member countries will deposit a 

raontns . of I9«S to. $26.i4on.* •'■‘The • overall position was without an immediate settle- fifth of their gold and dollar 
BackPage. - ..confused last night, not only ment of this issue since EMS _ reserves in return for tiie issue 

a U S.TRF4SURY has launched because of uncertainty about and CAP will operate separ- of new European Currency 
an rrmeSSStinn into wither flow . -far France was involved ately. But the CAP aspects nf Continued on Back Page 


ins Community prices. °* ?old in the very short-term 

It is technically possible for swap facilities under which 


the credit facilities will work. 4.400 by the opposition, were The only refinery working is 
In particular, officials will sent in three days ago. The com- Abadan, near the Gulp.' where 
have to decide on the valuation P an >' * s expected to coun'er Tour people were reported killed 
of "old in the verv short-term theni asking for the resigns- ’ yesterday. It was due 10 process 


£ ia Sew York 


- Dec. 28 

Pravioua 


ACM <9|Jl» S2.0S35 -D350;B2.OSB5-05a5 

1 month 0.10-0.05 drt (0.27-0.38 dit 
Or 5 months 0.30-0.34 dlB 10.48-0.41 di» 
its 12 months, 1.75-1.65 dls 2.10-1.95 dls 


tion letters to be submitted in- the entire 3-10.U00 barrels of 


shin from the start. 

'The overall position was 
•confused last night, not only 


dividual ly. 


production. 


Continued on Back Page 


■ . - ’ . - ■ • *t-i j T-i- t j ^iuv.uuL .nviui i/4 vs*i »/vu svv* _ • 

•"••SSS^.Doorfiftotein gold^ne, gg* # ’_ 

■i-SWBESf gg*&e. ltaly md * e - Rra/il national 

«ee U v\ '' WfeMwWle, further losses are- \ MJM.&JLU. lAOXlUlMJ 

'• .' /J; , .• v.'V-' /. ’ ■ feared throughout the EEC steel - 

. Ecevit move industri T with production costs' : . gy rjchard LAMBERT 

Tu^ish Pnme Minister Buient “ft* 

- g»vit set tip a co-ordination crease P in P pricS THE LAST large foreign- shares were 

.directorate/ including- senior . . . mrin „ Back Pace, controlled utility operating in Wednesday at 

Tmlitnra-'- nffiiwK In enfnrrp «BO«.UlC j***,*-.- n >1 ^ Tn,Q T.mhiCornir 


Brazil nationalises power group 


Am 


military officers, to enforce 6 ' -Tt 

.martial 'law* regulation in riot-. * FORD would have been the 
hitgEfi^., 1 Page 2; The economic 3973 market leader in Western 
threat te democracy. Page 12- Europe for both cars and com- 


suspended 

C$16*. 


buying Brascan's stake for a 
reported U.S.$760m_ Payment 


, b " - Brazil is to be nationalised. The Light-Serviqos dc Eletricidade under that deal would have been 

FORD would have been the -Brazilian Government is paying distributed about 41 per cent spread over 10 years. 
rS market leader in Western U.S-S3S0m for the 83 per cent of the electric energy consumed In the absence of a guarantee 




Europe for both cars and com- interest, in Light-Servigos de in Brazil in 1977. Its service by the Brazilian Government of 
mercial vehicles, had it not been! Eletricidade currently owned area, with a population of 21m, the payments to Brascan, the 
for the UK industrial dispute-' by Brascan; the Canadian invest- includes the metropolitan talks came to nothing. 


wm : ■■ 




/ . . By the end of October, Ford had ment management company. 

Body . of -British university captured 13 per cent of new. The disposaJ.wiU involve the 
: -lecturer Malcolm Caldwell, ^ax sales and 13.3 per cent' of Canadian company in a book 

nrardpred by'.gunnwn-in Phnom commercial vehicle sales, loss of $466m. Unlike similar 

Penh, Cambodia, last Saturday, BackPage deals in. the past, the consider- 


f ment management company- regions of Sao Paulo and Rio The offer announced yester- 
!-■ The disposal will involve the de Janeiro. ^ a >' b as been made by Electro- 

Canadian company in a book Last year, the company pur- bras, the national power com- 1 
'loss of $466m. Unlike similar chased 77 per cent of its energy P^y owned by tbe State. Bras- 
’ deals in- tiie past, the consider- requirements from Government- van says that it has been allowed 
ation will be payable entirely owned generating companies. no time to submit the proposals 


. left Pelting: for Britain. , 

Sig- Emflio Colombo, President 
of the European, ParKaznent 


COMPANIES 


in U.S. dollars and there are no 


S. HOFFNUNG pretax profits i| rehivestment requirements. 


iij . i n r: ■ i lll/wCUii A iU4X|au|WUM V aavi' a iV w ■ » u g 0 "" w k >M ft t 0 * vu khj .« m * _ _ , 

will- pay an official visit to for the half year to September Under the terns of the ttans- pany has been finding it increas 

— - “ _■ ^ a mm < * __ MA mm mm abL .1 mmU AM 0>0 V n ■•All kA kknwA Ml A «t*l iMfflW fllttifll Ji ff AnOmT r. 


China from January 3 to 7- 30 feU from £2. 52m to £880,000. 

Some 43 per cent of Dai.es ™ >“™« r 
‘oppose l continu?d“EEC member- tG £4S - 4Sra - Fa § e 14 
ship by thei^eC^inby; wia ionly # • DALGETY has 


39 per: ceqt^ 
opinion poll s] 


Page 2 


30 feU from £1.52m to £880,000 action. $210m wfll be payable on ingly difficult to generate 

on turnover down from £50.97m * e closing date, which is enough funds to finance a grow- 

to £48.48m Page 14 '— expected in the next fortnight ing capital requirement Elec- 

0 The rest .will be payable 90 days tricity demand has been rising 
• - DALGETT has sold Its later/ annually at 10 per cent, sort 

av 2. nr *- Australian wine and spirits .The proceeds represent about its capital spending for 1978 


Net income of Light amounted to a shareholders’ meeting. Its 
to $135m in 1977. but the com- directors have accepted tbe 
pany has been finding it increas- terms which they say are “ In 
ingly difficult to generate tbe interests ’’ of the corn- 
enough funds to finance a grow- panv and its shareholders. 
ing capital requirement- Elec- No decisions on reinvestment ; 
tricity demand has been rising have been made. However. , 


spirits 


division to Seagram (Australia), [C$17.20 a share, and Brascan has been estimated at 8325m. 


annually at 10 per cent, end Brascan plans to use the money 
its capital spending for 1978 to develop its existing interests. 


World chess champion Anatoly a subsidiary of Seagram . of l says that tbe net worth of its 


K&rpov has-been named -Sortefc , Canada, in a dea} believed to be remaining assets exceed a of prominent Brajfcfn business- 
Union sportsman of the year:' ■ .worth about £7m to Dalgety. further C&O a share. Brascan’s men expressed an interest in 

Greek. cargo ship Tenorga 7 sank Pagc 14 


is been estimated at $325m. which are in three main areas: 
At the end of 1976, a group natural resources, consumer 
prominent Braa^fSpn business- goods and financial services, 
en expressed an interest in Lex Back Page 


off Leixoes, PortngaL with 20 of 
its crew feared drowned. . 


• COMMERCIAL UNION has 
declared . record bonus rates oh 


Floods on the Wonesiait Island ■with-profits life business for the 
of Sumatra have, left -.20,000. in three-year period to December 


CONTENTS OF TODAY’S ISSUE 


urgent need pf food. 


31. Page 14- 


CHIEF PRICE CHANGES YESTERDAY 

(Brices lii pence nhless otherwise indicated) 




• .^Prices in pence unless . . 
otherwise indicated T 
’ RISES, . 

Funding 5|pc ‘82-84 £81} + 

DeVere Hotels : 186 + 4 

ExteJ 130 +. 4 

Kennedy Smale 44 + 5> 
Saga, Holidays, v..,..- 182. + 5 
Anglo United -/.-:..-. 2S0 4- 34 
Ayer Bitam 880 + 20 

;De Beers Defd- 382 + A , 

West DriefcmteiD . M £23 + | 
RISES 

Bab«^ahd lRteBC.14S - 
Baker 144 -r; 6 . 

.BrentnaJl. Beard , J: 32. — . 2 
Brown (J.) -10 


. ; :4 /'• 


Daily Mail u A n ( .... 353 - 5 •; 

- Distillers J’-' 

GEG 323 - 6 , 

Gill and Duff us 146-7 • 

Glaxo 505 — 5 

• Guinness (A.) 166 — 3 

Heath (C. E.) . ...... 233 - 7, 

Hi ghland Distflls: ... 77 — 3 

■ Hoffnung (S.) 64 — 4 

Ladbrpke 177 — 4 

Monk (A.) « “ J, 

Pilkington 293 - 10;, 

., Turher'and Newall. 157 ** '6 ' 

• Yarrow . .i. ............ 308 — 7 

" BP ; 916 -.Ilk 

LASMO . .i. ...... 128 — 6 '• 


European news .: 2 

American hews 4 

Overseas news 3 

World trade sews 4 

UK news— general ....5-6 

—labour 7 


Turkey: the economic 

threat to democracy 12 

Great take-over battle In 

Canadian pulp 13 

Gothenburg employment: 

- learning from Britain ... 2 


Appointnwnta ... 
Appoints. Adwts/ 

Bank Return 

Crossword ^ 

Entertain, Gold* 
Euro-optiora , 


Technical page 9 

Management page 9 

Arts page 11- 

Leader page 12 

UK Companies 14 

Mining’ 14 


FEATURES 

New Zealand Bank warns 
of dangers to recovery ... 3 

Tbe crisis in Iran: West 
confident about oil 3 


* 

FT- Actuaries .... 

18 

Sham Information 

20*21 

8 

Letters 

13 

To-day's Brants... 

13 



22 


10 

10 

Lombard 

10 

-• Unit Tracts 

10 

10 

Man and Matm« 

12 

W aatfier 

22 

16 

Racing 

10 

Base Land. 'Rates 

16 


ItrtnL Companies 15 

Euromarkets Z5 

Money and Exchanges 14 

World markets 16 

Farming, raw materials ... 17 
UK stock market 18 


Energy Reviewi coal, high 

technology mining 6 

Around Britain: Windsor, 

juggernauts at bay 10 

U.S. agriculture: high price 
forpeannts 17 


INTBIIM STATEMENT 
S. Hoffnung 2Z 

ANNUAL STATEMENTS 

DundM Lon. Inv. 11 

Mid Kant WMtU 6 



For latest Share Judex 'phone 01-246 8026 


Rirturiately his spirit 
liveson. 

(Myjames Buchanan, regarded by many as the 
father of Scotch Whisky, could have composed a 
blend of fine whiskies so smooth and satisfying as to 
win the centay-long devotion of his entire house. 

The Buchanan Blend is now being introduced 
to the public in the belief that discerning whisky 
drinkers everywhere will appreciate its rounded 
excellence. 

You may have to lookfor it, because supplies 
may be limited at first, but youTl find it well worth 
the trouble. 

The 

Buchanan 

Blend 

THE SCOTCH OF A LIFETIME 









EUROPEAN NEWS 


Financial Times Friday 

OVERSEAS 



— — ■ — 1 ~~ v * 


Poles set 
to walk an 



tightrope 

By Christopher Bobinski 


G-Metall halting 3 more plants 


BY JONATHAN CARR 


! POLAND IS about to embark 
: on a delicate economic 
I manoeuvre which entails cut- 
[ ting economic growth by half 
nest year through a 10 per ! 
cent reduction of investment 
and tight controls on imports. 
It has been dictated largely by 
the need to eliminate the trade 
deficit by 1980 and keep the 
confidence of western banks 
and institutions which have 
lent Poland around SIGbo so 
far and which will be asked 
to lend more in future. 

The question is whether this can 
j be achieved without provok- 


BONN — Exactly a month 
after the start of the strike in 
the West German steel industry, 
the -trade union IG-Metall 
announced yesterday that it 
was planning to extend the 
action “ to force the employers 
back to the negotiating table.'* 

The decision means that from 
| next Wednesday about half the 
200.000 steel-workers in the 
North Jfthine-Westphalia, Osna- 
hrueck and Bremen areas will 
be affected by the strike. 

At the same time, the union 
leadership called on the 
employers to resume talks to 
end the stoppage. A senior 
management representative said 


the employers would discuss 
the proposals without delay. 

So far 37,000 men have been 
on strike end another 43,000 
have been locked out by the 
employers. The extension of 
union action will affect Fried 
Krupp Huttenwerk in Bochum 
f 9,200 workers), Kleeckner 
Huette in Bremen (5,300) and 
Thyssen Edelstahlwerk in 
Krefeld (5,500). The KrefeJd 
works, the special steels arm of 
Thyssen, is one of the enter- 
prises which has come through 
the world steel recession rela- 
tively well, and’ has so far 
escaped the impact of the 
strike. 

It had been thought that 
lower earnings around Christ* 


mas might undermine support 
for the strike, which was 
launched mainly, .to back 
demands for progressive Intro* 
duction of a 35-hour week. 

I G-Metall is estimated to have 
paid out DM60m in strike pay. 
But there was no sign yesterday 
of any weakening of resolve in 
tbe union leadership or from 
the rank and file. 

The strike is believed to have 
cost the employers close to 
DM500m. There axe also fears 
that a continuation of the strike 
might mean short-time work in 
other sectors, such as the vehicle 
industry, later next month. 

The employers were believed 
to be ready to accept a com- 
promise proposed 10 days ago 


by a political mediator. It in- 
volved additional free shifts and 
would have meant de facto 
introduction of a working week' 
of less than 40 hours. But the 
union rejected the plan. 

Despite the strike, the first in 
the West German steel industry 
for about 50 years, confidence 
about the development of the 
economy next year seems wide- 
spread. 

Representatives of trade 
unions, employers, Government 
and opposition agreed at a 
round-table meeting on Wednes- 
day that real economic growth 
next year was likely to be 
between 3.5 and 4 per cent and 
that inflation would be about 
3 per cent 


_ ing the kind of consumer pro- 


tests which has led to strikes 
and demonstrations on several 
occasions in the past. The 
Polish leader. Mr. Edward 
Gierek. came to power in 
December 1970 in the wake of 
strikes and demonstrations 
which toppled his predecessor 
Mr. Wladyslaw Gomulka. Mr. 
I Gierek nearly suffered a simi- 
lar fate in 1976 when the Gov- 
| eminent tried to raise food 
prices steeply. 

Saddened and wisened by these 
events the leadership drew up 
a 1979 plan, which has just 
been debated in the Polish 
' Parliament, with the inten- 
tion of softening the effect nf 
a reduction in overall growth 
to 2.8 per cent, compared 
with the 5.4 per cent tar- 
• getted but not achieved in 
, 1978. 

i 

Import surge 

The main brunt of next year’s 
cuts will be in industrial 
investment, precisely that 
area which so far has received 
top priority and which was 
directly Jinked ot the mas- 
sive upsurge of imports 
financed by credits and bank 
loans. At the same time 
however investment is to go 
up in those sectors which 
directly supply the consumer 
and which require Jirtie 
foreign exchange. 

Thus spending on house con- 
struction is scheduled to rise 
by 5 per cent next year, the 
health service is to get 
another 15 per cent while 
funds devoted to agriculture 
are also to rise by 1.4 per 
■ cent Housing, agriculture 
and the food industry com- 
bined are scheduled to take 52 
per cent of the total 5S8bn 
zloty (£9.5bn) earmarked for 
investment next year. Invest- 
ment in the energy sector — 
mainly the development of 
coal mines and electric power 
infrastructure— will take a 
further 25 per cent while 
industry will get the remain- 
ing 23 per cent 

Diere are also significant 
changes planned in the com- 
position of industrial produc- 
tion. The former emphasis 
on tbe production of capital 
goods is being downgraded in 
favour of boosting consumer 
goods production and produc- 
tion for export. 

rhus while overall industrial 
production is to rise by -.8 
per cent, consumer pro- 
duction is to go up by 7.7 pe r 
cent and output of export 
goods by 9.7 per cent. 

Price increases 

The rise in the cost of living in 

1978 is officially estimated at 
6 per cent, hut this is largely 
due to unplanned price 
increases. The authorities 
are promising more energetic 
measures to hold down prices 
next year. It could well be 
however that the 16 to 18 pt*r 
cent real wage increase 
pledged in the five-year plan 
up to 1980 will not be fulfilled 
by the eighth party congress 
which is scheduled for early 
1980. 

lard currency exports next 
year are a crucial area in the 

1979 plan. Trade turnover 
is planned to go up by 7 per 
cent, with exports up by 9.1 
per cent and imparts by 5.1 
per cent compared to this 
year. Already the cutbacks 
in the import of raw 
materials, plant and spare 
parts are causing consider- 
able production losses. This, 
taken together with power 
cuts caused by shortages nf 
power generating capacity, is 
another reason for the low 
growth rate next year. 

igricultural production, 
another key area given 
Poland's meat shortages, is to 
go up by between 3.9 and 4.8 
per cent in 1979. compared to 
3 per cent growth this year. 
Plant production is to go up 
from 5.1 to 6.8 per cent and 
animal production by 2.4 per 
cent. 

oJand's economic difficulties 
are also having an effect on 
debates inside the party. 
Provincial party first secre- 
taries were keen to speak of 
local problems at a Central 
Committee meeting devoted 
to the implementation of the 
1979 plan last week. This 
group of 49 men who run the 
equivalent of British counties j 
are at present in a very 
difficult position. Thov have 
to answer to the centre for 
fulfilment of their plan at a 
time when raw material 
shortages and power cuts are 
playing havoc with produc- 
tion schedules. Aiso they are 
much closer to a tired 3nd 
sometimes angry population 
than are the leadership in 
Warsaw. 

/ 


Union ‘no’ 
to Spain - 
pay limit 

By Our Own Correspondent 
MADRID — Spain's two biggest 
trade unions will ignore a pro- 
posed new wage ceiling decree 
and will seek average pay rises 
of 16 per cent and shorter work- 
ing hours in 1979, according to 
reports published here yester- 
day. 

The top leaders of the Com- 
munist Workers’ Commissions 
and the Socialist General 
Workers* Union said after a 
joint meeting on Wednesday 
night that they consider the 
11-14 per cent ceiling planned 
by the Government too low to 
maintain the purchasing power 
of wajje earners. 

Their attitude was fore- 
shadowed in a leading article 
published on Wednesday by the 
Madrid Communist daily Mundo 
Obrero. That article was con- 
demned by Sr. Fernando Abril 
Martorell, the deputy Prime 
Minister and Minister for 
Economic Affairs, as simplistic 
and distorted.” It provoked the 
j deputy Prime Minister into 
‘ launching a challenge to the 
secretaries - general of the 
Workers' Commissions and the 
General Workers' Union, Sr. 
Marcelino Camacho and Sr. 
Nicolas Redondo respectively, to 
debate the Government's 
economic programme with him 
in a nationwide television 
broadcast. Both have accepted 
the challenge. 

The tough attitude of the 
union leaders is of immediate 
importance since a number of 
major collective bargaining 
agreements come up for discus- 
sion within the next few days. 

Hotel strike on 
Tenerife ends 

By Our. Own Correspondent 
MADRID — Hotel and 
restaurant workers were back 
on the job in Tenerife yesterday 
after winning an average 27 per 
cent wage rise; but the strike 
continued on Grand Canary 
and Lanzarote islands. 

A report from the correspon- 
dent of tbe semi-official Spanish 
news agency EFE in Las 
Palmas, on Grand Canary 
Island, said; “ Desolation and 
chaos reign in the most import- 
ant tourist centres ” as a result 
of the work stoppage which 
began before Christmas. He 
added that one out of every five 
hotel reservations for New 
Year’s holidays has already 
been cancelled. 

A hotel manager in Santa 
Cruz de Tenerife said the situ- 
ation returned to normal there 
shortly after midnight on Wed- 
nesday. He added that the new 
agreement between hotel man- 
agreement and employees pro- 
vides for proportionately larger 
pay rises for workers at the 
bottom of the scale and sets the 
minimum monthly net pay rate 
for new unskilled staff at 
Pta 25,000 (£176). 


12m jobless forecast for Europe 


BY JOHN WICKS 

ZURICH — More than 12m 
people of employable age may 
be out of work in Europe by 
1990, according to a study pre- 
pared by the Prognos AG 
European Centre for Applied 
Economic Research, of Basle. 

In its 1979 Euro-report, the 
centre foresees a dramatic 
growth in the number of 
unemployed unless there are 
drastic changes in “ working 
hours and work organisation.” 
This would be due to an above- 
average increase in the working 
age population, which is not 
expected to reverse until after 
1990. 

On the European average, says 
the report, tbe jobless rate will 
rise to 7.5 per cent by 1983 and 
as much as 9.1 per cent in 1990. 
By then double-figure unem- 


ployment is forecast for Italy, 
with 10.4 per cent, the United 
Kingdom, with 10.5 per cent, 
and Spain, with 11 per cent. 

Record levels of 15.7 per cent 
and 18.4 per cent are expected 
in the Netherlands and Ireland, 
respectively. Sharp increases in 
unemployment rates are also 
anticipated for other European 
countries, with rates of 6.9 per 
cent in West Germany, 9.5 per 
cent in France and 6.8 per cent 
in Switzerland. 

Three countries are seen as 
likely to experience a shortage 
of labour. There will be minus 
unemployment rates -of 1.5 per 
cent in Sweden, 9.5 per cent in 
Norway and 11.8 per cent in 
Luxembourg. according to 
Prognos. In comparison with 
the overall rise in West Euro- 
pean unemployment, the Basle 


body believes the U.S. rate will 
fall to 4.4 per cent in 1983 and 
only 3.6 per cent by 1990. 

• Switzerland’s foreign currency 
reserves reached a new record 
level of SwFr 3 1.92 bn (£9.7bn) 
in the week ended December 
22. The Swiss National Bank 
registered a sharp increase of 
SwFr 998m for the week, inter- 
ventions on the foreign 
exchange market add dollar 
receipts from the repayment of 
a further SwFr 47.5m worth of 
U.S. Swiss-franc treasury bonds 
having exceeded obligatory con- 
versions into foreign currency 
of the Swiss-franc proceeds 
from foreign borrowings. 

Gold reserves remained un- 
changed in value at 
SwFr 11.9bn, while banknote 
circulation rose by Sw Fr 1.33bn 
to SwFr 22.8Sbn. 


Stagehands halt Nureyev show 


BY DAVID WHITE 

PARIS — The late-night 
queues at the Paris Opera in 
this festive season are of people 
wanting their money back. 

Rudolf Nureyev was due to 
make bis first appearance on 
Wednesday night in the Opera's 
current production of Swan 
Lake. But the performance had 
to be called off for the fourth 
time because of a strike by 
stage-hands. 

The strike showed no sign of 
being settled yesterday after- 
noon and the thousands of 
refunded tickets were estimated 
to have cost the Opera some 
FFr 500,000 (£58,000). 

A more serious conflict was 
narrowly avoided on Wednesday 
night after Nureyev proposed 
that the dancers move the sets. 


nicians were sacked for hinder- 
ing rehearsals. Last Thursday 
one of the television channels 
suffered convulsions when a live 
performance from the Opera of 
Camille Saint-Saens' “Samson et 
Dalila” was interrupted by 
strike action. 

Half-hour delays in theatres 
throughout France are now 
being threatened in support of 
the Opera strikers. 

The Opera is hoping to clear 
up the dispute in time to get 
a costly production of Alban 
Berg’s opera “Lulu" under way 
in January. As for Tchaikovt&ft 
as one Paris newspaper, put it. 
"Nureyev’s Swan seems to have 
fallen in the lake." 

• This year's harvest of French 
wines was 11 per cent up on last 
The dispute broke out the year’s but was still below .what 
week before last when 50 tech- are considered normal levels. 


according to the Budget Minis- 
try. 

The total volume amounted to 
58.2m hectolitres, 5.8m hecto- 
litres more than the past 
harvest. 

AP-DJ adds from Paris: 
French consumption of petro- 
leum products is expected to 
show an increase of 5.4 per cent 
to 104m tons over the 98.Sm 
tons consumed in 1977, 

Renter reports: The Eco- 
nomics Ministry announced that 
the price of petrol at the pump 
would be increased by between 
six and seven centimes a litre, 
according to grade, from 
January 3. The increases were 
largely the result of dollar 
fluctuations, the Ministry said. 
Further increases would be 
made in February to take 
account of the next round of 
OPEC price rises. 


Hungary plans to import more Soviet oil 


Ecevit calls 
meeting on 
anti-terror 
measures 

By Our Foreign Staff 
MR, BULENT ECEVIT, the 
Turkish Prime Minister, is to 
meet the country's top generals, 
and martial law commanders 
today to discuss measures- to be 
adopted in the fight against 
terrorism. 

last weekend’s death toll of 
over 100 has brought to. nearly 
S00 the number killed in politi- 
cal violence -this year. But. in 
the year that his Government, 
has been in office. Mr. Ecevit 
has so far been unable either 
to tackle the economic problems 
which his Government believes, 
provide the soil for extremism 
or ensure that the security ser- 
vices act effectively and even- 
bandedly against the individuals' 
involved. ' ‘ . 

One month ago his Govern- 
ment warned NATO leaders of 
the threat to. democracy in 
Turkey and urged them, to back 
his efforts to raise fresh foreign 
credits. Sources close to him 
believe that Chancellor Schmidt 
of West Germany will raise this 
issue at the forthcoming Guade- 
loupe summit 

The OECD’s efforts to provide’ 
an emergency fund have 
apparently come up against the 
problem that members want a 
lead from the U.S. — and such a 
lead is. according to State" 
Department officials, dependent 
on a Congressional vote. Such 
a vofe, Turks fear, could require 
Turkey to make concessions on 
’ Cyprus. 

In the meantime Mr. Ecevit 
faces a rough ride at home. 
Having just overcome dis- 
agreements from his coalitirin 
partners over what they con- 
sider the high degree of state 
involvement laid down- in the 
1979-83 five-year plan, he now 
faces a vote of censure from the 
opposition. He is forecast to 
survive this, even though his 
own left wing is critical of the 
increasing trend towards the 
erosion of the liberties they 
believe essential. Meanwhile at 
the meeting today sources close 
to Mr. Ecevit expect him to tell 
the generals that he is dis- 
turbed at the failure of MIT. 
Turkey's Central Intelligence 
Agency, to send the govern- 
ment any reports on the 
Kahramanmaras massacres until 
these were over. He Is also 
known to be concerned at the 
slow way that the police is 
responding to his efforts to 
make it a less partisan and 
more effective force than the 
one he inherited. 

Background to crisis Page 32 


Smith says 
Minister 
to leave Rhodesia 



BY TONY HAWKINS 


welcomed- file -, 
a disillusioned - 


SALISBURY — Mr. Ian ZANU said it 
Smith, the Prune Minister, last departure of 
•night accused Mr. Roflo Hay- right-winger. M 
man the Minister of Internal More than 
Affairs, who. announced his emigrated from Rhodesia last 
fesignatifih on Wednesday* of month to give a net migration 


2,000 White* 


making plans to emigrate from 

Rhodesia. 

.' Mr. Smith said he had been 
told that Mr. Hayman was plan- 
jarog to . leave Rhodesia . and 
had accordingly .informed the 
former Minister that it would 


loss of 1,834— tbe largest 
monthly figure yet In the 11 
months to November, 1973 
Rhodesia suffered a net outflow 
of 10,938 whites, -the largest 
such loss in anyealendar year. 

With the December figure 


be “right and proper M f or him likely to exceed 2.000, it seems 
to resign. probable that the ; migration 

“ From experience, . I "have loss for the year will be- around 
found that in some cases when 13,000 compared with 10,900 last 
-people have made . tip' . their ye**: That would- mean a 5 per 
minds to leave Rhodesia- ; tbey rant fall in the white population 
adopt an unbalanced and ia- the past year. . 
defeatist attitude,” . the Rrime ' . So :far mu year the. number 
Minister said. Therefore '/it new white .-Tmnugrantff -has 

would have been -wrong .for fallen more than -20 -per- cqnr, 
Mr Hayman to continue -in ’averaging, only: 380 .a month, 
office. Mr. Smith said he was The - November figrae for white 
pleased that Mr. Hayman had innMgratipn of ^ 223 was. the 
accepted his advice and followed , ^ ,T* ie 

"the only honourable course.** lS40s. The 1978 total, of less 

In hisTesignation statement# in 

Hr. Hayman made no reference 

Mr SM5SS .jjjSSSs?! 

he planned to fight his Partia- SfnJf*? a 

2 E-S 


criticised for defeatism by Mr. 
David Smith, the Deputy Prime 
Minister and Finance Minister. 
Sfc Smith said that Mr. Hayman 
knew that 'the transitional 
Government was doing every- 
thing possible to prevent . a 
Marxist take-over of Rhodes!*, 
“by establishing a democratic 
and stable majority-rule govern- 
ment through free and fair 
elections." ; • ... 

; Mr. Smith said that If Rhod- 
esia followed Mr. Haymatfs 


260,000.' 

-Meanwhile Combined Oper- 
ations . Headquarters:.-, -has 
.announced, the. murder of a 
German-bom R oman' - - Gatboli c 
missionary : : the -30th 

'.missionary ^casual ty in thesix- 
ydar. anti-guerrilla :waiv Father 
Gerhard. IPeigsr' Was ' shot oh 
Boxing Day .by a gang of - 30 
ZANLA guerrillas- loyal tor.Mr. 
Robert McCabe. . .- '.- . .. 

-' In other incidents, the . com- 
munique said -two black, mem- 
bers of the .security forces had 


"advice and handed . over: its ■ been killed. by : guerrillas' and 
affairs to a Bntish administra- nine black civilians had been 
tor, the Government would be murdered. Security forces had 
deprived of any control over its . killed 15 ' guerrillas, four 
own affairs inibe future; • guerrilla collaborators ■ and a 
. : The Rev. Ndabaningi Sithole's catte rustler, 



BY ROGER BOYE5 

HUNGARY HAS announced 
plans to import an additional 
8.5m tons of crude oil from the 
Soviet Union next year, in a 
move apparently designed to 
offset the effects of the OPEC 
price rise and the Iranian crisis. 

National energy economy 
board officials told the Budapest 
journal Heftoi Hirek that 3m 
tonnes of the imported total 
would be paid for in hard cur- 
rency and the rest in transfer- 
able roubles (Comecon's com- 
mon trading currency), or on a 
barter basis. 

The announcement is ihe first 
indication of how the oil- 
dependent countries of Eastern 
Europe will adapt their energy 
policies to accommodate the 
14.5 per cent price rise decided 
on at OPEC's recent meeting in 
Abu Dhabi. Hungary, although 
it produces 2.15m tons of oil a 


year, is probably the worst-off 
Comecon country in terms of 
indigenous energy reserves. 

The energy officials made no 
mention of oil imports from the 
Middle East, but these will 
clearly be scaled down. In the 
past, Hungary has imported 
some hundreds of thousands of 
tons of oil a year from Iraq and 
Iran. 

An energy spokesman said 
that, in view of general price 
rises for oil. ** consumption 
growth must be reduced and 
greater efforts made to raise 
domestic production.” As 
Hungary imported over half its 
energy, the Government would 
soon announce “ broad 
economies " to help reduce 
increases in consumption, the 
journal said. These economies 
are expected to include wide- 
ranging pnee increases in the 


new year, as well as intensified 
development of other energy 
sources. The interview indicated 
that natural gas production 
would be stepped up. 

The OPEC oil price increase 
has caused considerable concern 
among East European countries 
which fear that the Soviet 
Union — their main oil supplier 
- — will follow suit. 

Reuter adds from Moscow: 
Mr. Valentin Mesyats, the 
Soviet Agriculture Minister, has 
told a Press conference that 
next year's Soviet grain target 
would be 227m tonnes. 

Last year's target was 220m 
tonnes, but a record 235m 
tonnes was harvested. This, 
Mr. Mesyats said, would enable 
the Soviet Union to build up 
livestock, with the long-term 
aim of easing the meat shortage. 


Danish GDP 
up by 1.5% 

By Hilary Barnes 

COPENHAGEN, Denmark's 
real Gross Domestic Product in- 
creased by 1.3 per cent in 1978, 
compared with 2 per cent in 
1977. according to estimates by 
the Bureau of Statistics. In 
value terms the GDP rose by 
9.5 per cent in 1977 and 11 per 
cent this year. 

While exports in volume terms 
increased by 3.5 per cent, the 
same rate as in 1977, private 
consumption spending fell by 1 
per cent compared with a rise of 
1 per cent last year. Fixed in- 
vestment rose by 0.5 per cent 
this year compared with a 
decline of 3 per cent in 1977, 
while public sector consumption 
rose by 3 per cent this year com- 
pared with 2.5 per cent in 1977. 

Meanwhile, a recent Gallup 
poll shows that a 43 per cent 
majority would vote against 
Danish membership of the EEC 
if there was a referendum now, 
while only 39 per cent would 
vote for membership. The poll 
showed little change compared 
with the poll in February this 
year, when 40 per cent said they 
would vote against membership 
and 38 per cent for. 


.BY OUR OWN CORRESPONDENT ; . 

I '-6NlTEl£ NATIONS— ^Altbdugh - uhtiL'.there 1 has been- a, c dta pre- 
Britain and the other Western hensive cessation -of violence 
members of the .Security Coon- and hostilities.*' 
dl are eager for the UN to The Western plan, approved 
renew negotiations quickly on. by the - (security: Council . in 
the proposed Namibia settle- . September, cadOs specifically for 
ment, Dr, Kurt Waldheim, the the. withdrawal of all but 1,500 
Secretary-General,-; appears in South African troops and their 
no hurry to respond to the. latest .replacement by a^U.N. security 
South African conditions. . :.. force of 7-, 500 men.- 

A UN Spokesman; said yeater- \ ;Mr.‘ -Botha also mentioned 
day that Dr. Waldheim was still other ^serious matters," which 
studying the text of the cont *he said the Namibian parlia- 
rmiriicatfon he - received' last . ment, ' chosen in early Decern- 
Saturday from Mr: • Pik Botha; ber v had raised. These included 
the South African Foreign a demand .that the UN. publicly 
Minister. . dissociate. .Itself.’ "from the 

The spokesman denied that a forces of anarchy and terror ” if 
decision on whether or not' -to SWAPO did not end violence 

^ S<*ha devoted a separate 

UN special representative,, to, better to this subject .which is 
Namibia would be taken by the Men here as a rign that it is 

not a serious condition and tha t 
a UN refusal to reject SWAPO 
at this stage should not become 
an obstacle to final agreement. 

The - Namibian Parliament, 
chosen under South African- 
supervised elections, is not_con- 
sidered here- -to have legal 
authority... V . ... - 

Dr. Waldheim is presently 
away from New York on holi- 
day, after which he is to pay 


end of the week. (Mr. Botha 
invited Mr. Ahtisaari to go to 
South Africa. and Namibia as 
soon as possible to complete 
consultations oh outstanding 
issues, such as tbe size, compo- 
sition and location of the UN 
Transition Assistance Group 
(UNTAG), which would main- 
tain security and supervise and 
control pre-independence elec- 
tions. . 

Regardless of Western wishes 


for the utmost speed, Dr. Wald- oEciti tisite to Mexico, Jamaica 
heim is expected to authorise No meeting of the 


GOTHENBURG UNEMPLOYMENT 


Learning from Britain’s problems 


BY ROGER BOYES, RECENTLY IN GOTHENBURG 


GOTHENBURG city officials 
rank high in Sweden's dedicated 
band of Bri tain-watchers. Their 
skills are devoted to analysing 
Britain's social and e.conomic 
problems as -they search for 
clues to Gothenburg's future. 
“ We don't." said one shipping 
executive with remarkable can- 
dour, ‘-want to end up like 
England." 

This concern stems essentially 
from the number of tbe city's 
jobless which, by Swedish stan- 
dards, has reached dangerously 
high levels. True, an official 


levels, waiting for an economic 
upswing. Now the country has 
had to revise its ideas and make 
sweeping cutbacks. Gothenburg, 
as the major Swedish ship- 
building centre, has borne the 
brunt of this shift. 

The level of unemployment 
has created social tensions in 
Gothenburg and city officials are 


has been designed to show that 
immigrants are actually help- 
ing the city to prosper. Each 
immigrant saves the city 
SKr 4.000 (£450) annually in 
training casts alone. Finns, for 
example, make up the bulk of 


The problems of urban 
decay, mass redundan- 


reaching British or even U.S. 
proportions. An exaggerated 
response at this stage perhaos. . 

But for Gothenburg ihe cies and racial friction 

problems of urban decay, mass . 

redundancies and racial r Ciativ ely DCW tO 

frictions arc relatively new. Gothenburg.The City IS’ 


figure of 9.000 unemployed out 
of a working population of some 

250.000 would be regarded as "We mustn’t let things escalate, 
unexceptional evpn enviable it’s important to keep the public trying tO Come to terms 
by most West European cities. ~~ £ J “* ** ” 


But the elaborate structure of 
the Swedish welfare state means 
that much of the unemployment 
has been concealed in a mesh 
of retraining schemes and state- 
aided job creation. Gothen- 
burg’s actual unemployment, 
hovering around the 10 per cent 
mark, is among the worst in 
Sweden. 


informed at all times,” says 
Herr Jan Erik Dimming on the 
city council staff, who has spear- 
headed a campaign to smooth 
over race relations in the city. 

As the cutbacks in the ship- 
yards have bitten harder, so 
resentment at foreign workers 
has grown. "They^e 


with them. 


5,000 workers were being 
retained by the city while 1,560 
were enrolled in company 
schemes. Most of the retrained 
workers were employed by the 
State-owned shipyards Swed- 

yardS which has had to cut back 
capacity sharply over tbe past 
two years. Some of the workers 
bad transFerrable skills— the 
welders for instance — and they 
were taken on without trouble 
by Volvo which has its heart- 
quarters outside Gothenburg. 
But most of the workers are 
middle-aged without readily 
adaptable skills. It is among 
these, that social problems 
abound: Social workers report 
cases of alcoholism, of broken 
marriages and, even of suicide 
attempts. 

For example, the latest legis- 
lative proposals, presented by 


is still feeling the effects of 
the recession in the steel 
industry and the decline 
iron ore 
tion. 

However, the main job 
generator in the area is Volvo 
and tbe city is clearly looking 
to the corporation to absorb 
many of the redundancies from 
the shipyards and other sectors. 
The company claims that it 
creates about 1,000 new jobs 
annually. Tbe trade unions how- 
ever have complained that 
Volvo's recent deal with Norway 
will export jobs from tbe 
Gothenburg area because of the 
transfer of the Volvo Penta 
subsidiary to Norway and the 
creation of some 3.000 new posi- 
tions in Norway. These jobs — 
300 in the Penta subsidiary, and 
the rest in a new research 


Mr. Ahtisaari to leave only if 
the African frontline states and 
the South Wdst Africa People’s 
Organisation (SWAPO) - agree. 
He turned down a similar invi- 
tation . last October -when 
African approval was denied. 

Mr. Botha listed five condi- 
tions for UN. involvement in 
Namibian elections. The first 
is potentially the most trouble- 
some— that “ there shall be no 
reduction of the South African 
troop strength in the territory 


Security Council on Namibia 
appears likely before the middle 
of January. 

■' Unfortunately, two of the five 
Western States which initiated 
-the Namibia . settlement ■ plan 
will by then have ceased to-be 
Council members.. West Ger- 
many and Canada complete 
their two-year elected, terms on 
December 3L They will be 
succe e ded by Norway- and Portu- 
gal. 

Editorial. -Comment, Page. 12 


the Gothenburg hospital ser- 
vices yet they are usually 
trained at home and come to 
taking the city as fully qualified per- 

thc city 


end of 19S0. Two thousand jobs 
have already been lost to 


away our jobs." runs the con- sonnel. Moreover. 

ventionai wisdom. There are council argues, the immigrants Gothenburg over the past two 
Gothenburg is in many ways 40,000 foreigners working in hav e not aggravated the tight years and a further 2.000 will go 
e victim of the global reces- Gotbeuburg — 14,000 of them housing situation because immi- by 1980. The government has 


the 

f.ion. Until the early 1970s, 
Sweden was a major shipbuild- 
ing power, second only to Japan 
in the shipping first division. 
Not unnaturally Sweden has 
been reluctant to shed this 
strength and the Government 


Finns and 6,000 from Yugo- 
slavia. The traditional Gothen- 
burg tolerance seems to have 
worn th|o over the past two 
years. The incidents have 
stopped short of violent clashes 
but there have been repeated 
has ploughed financial support cases of prejudice and dis- 
imo the stock production of crimination at the work place, 
vessels to keep up employment Herr Dimming's campaign 


government 

;rants to Gothenburg are in also confirmed the shutting 


^ New Uganda defence chief 

NAIROBI — Major-General Mohamed has’ bWn ousted as 
Mustafa Adrim, the Ugandan Minister for Commerce and has 
Vice-President, has. been re- been- replaced by the Ministry’s 
placed as Defence-. Minister, . Permanent Secretary. 

Uganda Radio announced. Gen- The radio announcement did 
eral Adrisi returned home lest not make it clear- whether 
week . after -eight -month*, in General Adrist will continue to 
Cairo . recovering from .leg hold the office of Vice-Presifent 
injuries received in aumyster- He has long been viewed, as a 

ious car accident- ' potential successor to President 

The radio, .m^. * broadcast Amlh'and arfyalfortheleadei- 
monitored here, said President ship. .. . 

Idi Amm had appointed Major- AP - : 

General Ibrahim Hondo as the • John Wonrall adds: Xa^a 
new Defence Minister. It gave New Year speech to a- meeting 
no reason for the replacement of senior government officials,. 

General Adrisi was flown to ~^ resid 5 n * Amin announced an, 
Cairo for treatment Jest April a ? ne / ty f o/ *U ex3ed Ugandan* 
of multiple -leg fractures le ^ tbe country j^ce 

suffered.in a car accident" on the 19 I& w “ en came to powfer. 
outskirts of Kampala: • It was- exact figure Saiiot known • 

out there are estimated to Jje 
least; 15,000 Ugandan exjlss 
in- Kenya, Tanzania,; ; Zambia,. 
Britain . and- elsewhere In 
Europe.. ; . - 1 “V 
President Amin' said; that the 


the government last month sug- division— could all have stayed 
gest that shipbuilding capacity in Gothenburg, the unions 

should be cut back by an argue. But Volvo, maintains that w » — 

average oE 20 per cent by the the long-term prosperity of the j widely -Believed that the add- , t “ ere are estimated toT jie . 

VO thousand inhs on mnanv will liltimatolv KnnaAt i rfon* utm* tian nf 4 At lG&St 15.000 TT 0 flTif)im aviToc 


‘S' a 

- r*-. 


company will ultimately benefit 
Gothenburg’s employment situ- 
ation. 

City officials are closely fol- 
lowing what they believe are 
parallel developments in Britain 


dent was part of a plot to 
assassinate him. While in Cairo 
General Adrisi bad denied that 
there was . breach between 

himself and President Amin, 


ro ugh^ba lance with emigrants, down in 1979 of the Eriksberg —relatively accessible by ferry j hajj^maflfr 0 two ^qtoer e> Cahlh!^ b ot stOpped'^^eS 

In 19 it. It ,000 people scitled in yard in Gothenburg which had a over the North Sea— for possible I appointed rats. °The DirSor^of -the u ^- “Buyers ire^gettini 


Gothenburg but J 9,000 left the 
city, many or them to seek wurk 
elsewhere. 

Gothenburg’s extensive re- 
dundancies have forced the city 
to institute comprehensive 
re-training schemes. In October, 


turnover of Skr lJJbn (£238mj. 
The government has, of Course, 
been reacting to the recession 
which has plunged the world 
shipping market into the dold- 
rums. The tanker market is 
weak and the dry cargo market 


possible 

hints. How are they coping in 
Merseyside? Huw can we 
sophisticate our re-training 
procedures? The Swedes are 
eager to learn but there i$ not 
much consolation to be found 
in the British model. 


the State ReseardT Sireau, bis - 

secret . police which has been herald/ > 


blamed for many of the killings 

aod political murders, has taken ? 

over the post of Minister for • I*** 

Xuternal^jSaira foSriyMd , - 

by the .Proa dent Captain Noah 


%v J - 








iwg- >ry i:~m : 5.;*- * • 




OVERSEAS NEWS 



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HONG JKONG- ~ JEbe -j>rime 
Jendlng iate^wasrral^ed-'by OJS 
. . pe^. cuntto -9-5 per cencyester- 
d 2 ^--t&£;thmL^^ over 

two -months-;-:- ; / v’ 

. ^ A’ further -rise bad been 
' expected*'; however, . because of 
conxhnmg r ,pfSPial concernpver 
tire- *, we^rrixig ? ' of . the - Hong 
Kong\ dollar rel^tiy&r^tB major 
"trading aarenei^., \ w 

- ■-• The Hong K<a tg cacrency has, 
declined -hy^jrP^CRAKon^ -a 
trad^weighfed Index bests since 

- the feegirailbgf^Of -ibis year,; and 
yesterday cCnthmed its decline 
with fee index slipping from 

- 83.9 1033 . 1 -. : , .. 

In the stock market too,- 
there, was an adverse reaction to 
the decision by the. Exchange s 
Banks; Association: to raise lend- 
ing and. deposit rates with effect 

- from -January 2-. The Haag Seng 

.Index via . the stock- market 
-slipped- back 3.6 points" to 
, 500 . 09 .. - • .’ . - 

. Hong^: Kbagk . best lending 


(prime) rate was last raised on 
November 7 by 115 percentage 
points, after being raised also in 
late October. Since then the 
prime has risen by 3.5 percent- 
age points or by more than 50 
per cent "i' r ; '■ ,. -‘ ^ 

The rate has been raised five 
times altogether' this ye$r, the 
most recent rises reflecting, not 
only a response to upward ad- 
justments elsewhere but. also 
ah awakening official realisation 
of the need to stem overheating 
in the stockmarket and property 
market and inflation. The.Iatest 
rate rise is 'seen ; as a. '.move 
to- cool domestic demanctwhich 
was a contributory factor- to the 
.record . trade deficit' of 
HK$7.82bn reported in, the. first 
11 - months of this year:'- . 

Hong Kong's new ‘deposit 
rates -will be: 7.5 pec cent for 
12 months deposits, 6 per cent 
for six months and 535 per cent 
for. three-months, seveff .days 

and call and savings deposits. 


Chinese protesters 
seek Hua meeting 


.-r 


jr ■ 






PEKING. — A group of young 
people, have -come to Peldng to 
report a general strike an South 
China-^-an action allowed in the 
r. wdfitiy’s '■ constitution but re- 
garded as, a startling develop- 
. ment by diplomats here. 

The [group, of 28 from Yunnan 
province unfurled -a banner in 
5 paw-covered- Tien An Men 
;siqinare\ on ‘ Wednesday, 'where 
they said they would stay until 
•a mhetitfg was ' arranged with 
the Communist Party- Chair- 
man, Him/Knotf eng/ ^ vice- 
chairman Teng. Hstao-ping. 

■; The 28- said they represented 
'■50JDOQ young, people' sent to one 
district of -Yunnan province to 
do farm work- .after leaving 
high, school. They handed out 
a - leaflet that; said a general 
strike, among tbe 50,000 began 
at -noon om-. December 9 in 
Hisishuaog / Pinna- district “ to 
. resolutely. : oppose;, the local 
leadersw’bo trampled on the 
human rights", andrespect of in- 
tellectual. youth. 51 ’ 'The. action 
occurred •: during. . a national 
confere^e in Peking oh = the 


programme of sending educated 
young people to the country. 
The meeting, which began on 
October 31 and ended on 
December 10, was told the pro- 
gramme would be phased out. 

Meanwhile, a new poster has 
gone up on Peking's democracy 
wall further questioning the 
role of the city’s former Mayor 
Wu Teh in suppressing riots 
in- April 1976, and saying he 
should be removed from ids top 
party and state posts if ^elied 
to the country’s leaders.." 
Reuter ' a" 

John Hoffmann adds/ from 
Peking: China has repeated its 
invitation to the Dalai Lama to 
return to the Tibet he once 
ruled. The call was made by 
Pancben Erdeni' GhujtGejtsen, 
who was a senior associate of 
the Dalai in the Tibetan 
Government Panchen .Erdeni 
joined the Chinese whem. Tibet 
was taken over in 1959. : The 
Dalai Lama fled into... 'India 
where he has lived Ufeteadle, 
making frequent demands for 
the restoration of Tfbetan 
independence. +** 


Gold-buying 
worries 
for Japan 

By Yofco Sh&ata 

TOKYO— Increased purchases 
of gold by Individuals are caus- 
ing concern to the Japanese 
Government 

Gold imports for the first 11 
months of this year rose sharply 
to 90,151 kg, double the figure 
for the . corresponding period 
last year. Imports from Britain 
increased by 3.7 times to 
26,665 kg. making the UK the 
second largest supplier of go)d 
to Japan after Switzerland 
which exported 55,503 kg. 

The large growth in imports 
is outr unning domestic demand. 
Gold sales for industrial ' use, 
accessories and dental use. 
which accounted for 70 per 
cent of total demand, increased 
by 30 pet cent over the compar- 
able period of 1977. 

According to the Ministry of 
Finance, quarterly gold sales 
under the category of “ others 
in the April-June and July- 
September quarters trebled and 
most of the increase is believed 
to have been accounted for by 
sales to individuals. 

Gold hoarding, in addition to 
the recent surge in stock market 
and land prices is prompting 
comparisons with the “ crazy 
inflation ’’ of the early 1970s. 

According to the Precious 
Metal Association, the question 
of redenomination of the yen 
which surfaced in the spring 
added to active gold purchasing 
by individuals. 

The possibility of redenomina- 
tion has faded with the depar- 
ture of Mr. Takeo Fukuda, .as 
Prime Minister, since be was 
well known as an advocate of 
redenomination. But individuals 
are believed to be hoarding gold 
now., through fear of another 
round of inflation. 


Strike stops 
Indian banks 

NEW DELHI — Banking 
operations in India were halted 
yesterday as over half a million 
bank workers went on a two-day 
strike to back their demands 
for higher pay. The strike hit 
Government-owned, private and 
foreign banks. 

Agitation by batik employees 
during the last two weeks has 
disrupted clearance of cheques 
in several cities, blocking 
several million rupees worth of 
payments. 

Reuter 


Egypt seeks $21bn injection 


BY ROGER MATTHEWS 

CAIRO, Egypt is looking to 
tiie industrialised and Arab 
nations to provide a staggering 
$2lbn in all forms of assistance 
and investment during the next 
five years, it was revealed yes- 
terday. 

President Anwar Sadat in out- 
lining the' government’s 1979 
budget strategy to a dosed meet- 
ing of the dominant National 
Democratic Party, said on Wed- 
nesday he would be seeking the 
co-operation of the United 
States, West Germany, Japan 
and those Arab states that 
wished to participate in a “mas- 
sive economic transformation” 
of the country. 

There was little evidence how- 
ever of the “radical” structural 
reforms that the President has 
been promising. He announced 
that there would be no change 
in direct subsidies paid to 
maintain the prices of essential 
commodities, which it is esti- 


mated, will cost the exchequer 
just over £Elba (U.Sfil.4bn). 
next year. Ten years ago the 
subsidy figure was a mere 
£E20m and rose from 3 per cent 
■ of the gross domestic product 
in 1973 to 8 per cent in 1977. At 
least another £E300m is being 
added to next year's budget for 
the cost of indirect ^subsidies. 

While Cairo newspapers 
splashed the subsidies derision 
—an attempt to tamper with 
subsidies nearly two years ago 
led to three days of serious riot- 
ing— it was stressed that parallel 
proposals to increase revenue 
via price rises for such items as 
beer, cigarettes, soft drinks, 
petrol and television sets, would 
be subject to debate within the 
National Democratic Party. The 
implication is that the suggested 
increases could be modified if 
there was strong public resist- 
ance and it is for this reason 
that President Sadat is under- 


stood to have postponed a visit 
to upper Egypt 

Prune Minister Mustapha 
Khalil has added that the over- 
all budget deficit for next year 
would be £E1.7bn, a surprisingly 
low figure given that the current 
year's deficit is likely to be at 
least £E2bn. He said that 
££l-2bn of tbe 1979 deficit would 
be financed through 'local 
savings” and the remaining 
£E500m through “other, means." 
These would include postponing 
“some debts," increasing taxes 
and curbing expenditure. 

But Mr. Khalil warned that 
the recent decision by petroleum 
exporting countries to raise 
prices by a total of 14.5 per cent 
next year would have an -effect 
on the cost of foodstuffs and be 
also promised that military 
expenditure would rise. Presi- 
dent Sadat said last week that 
£Elbn had been earmarked for 
military spending next year. 

The Prime Minister also said 


that 1979 would see a big 
increase in government invest- 
ment, rising from £E1.8bn this 
year to £E2.56bn in the coming 
12 months. There must however 
be scepticism about the ability 
of tbe country to digest such 
sums, especially as some $600m 
of investment funds have not 
been utilised in the current 
yeaT., 

The predicted size of .tbe 
budget deficit, and especially 
-the amount that needs to be 
financed through bank lending, 
is of paramount importance for 
the Government as It affects its 
right to continue drawing from 
the Special Drawing Rights 
600m extended facility that it 
negotiated with the IMF this 
summer. As the blessing of the 
IMF In turn has an effect on 
would-be investors in Egypt the 
final draft of tbe budget 
expected to be known in about 
three weeks, has some relevance 
to Mr. Sadat's hoped-for $2lbn. 


THE CRISIS IN IRAN 


West confident about oil supplies 


BY SUE CAMERON 


THE MAJORITY of indus- 
trialised pations seemed confi- 
dent yesterday that the Iranian 
oil strike would not seriously 
disrupt their supplies of crude. 

Iran is the world's fourth 
largest producer of oil — coming 
after tbe USSR, the U.S. and 
Saudi Arabia — but it is the 
second biggest exporter of crude 
with earnings in the region of 
$650m a day. The country 
usually accounts for nearly 10 
per cent of the world's total, 
crude production. But the 
political turmoil in Iran and 
the accompanying strikes have 
sent production of crude down 
from its normal level of 5Jm 
barrels a day to less than 500,000 
barrels. This is not sufficient to 
meet Iran's own domestic needs 
— home consumption is usually 
some 700,000 barrels a day. 

Japan, the U.S. and Western 
Europe are the chief export 
markets for Iranian crude but 
tbe countries likely to be 
hardest hit by the oil strike are 
those which have State-to-State 
supply deals — countries such as 
South Africa and Israel. 

About 90 per cent of South 
Africa’s oil comes from Iran 
and the Government there has 
now appealed for conservation 
at borne while seeking alterna- 
tive sources of supply abroad. 
South Africa has been building 
up reserves in case of sanctions 


but it seems unlikely she would 
want to break into these purely 
to avert what everyone hopes 
will be a temporary supply 
crisis. 

Israel imports about 50 per 
cent of her 7m tonnes a year 
frqm Iran — until a few years 
ago the figure was nearer 70 
per cent. But 20 per cent of 
her oil now comes from Mexico 
those which have state-to-state 
agreement signed last year. A 
further 30 per cent of Israeli 
oil comes from tbe Alma field 
in the Gulf of Suez and in the 
past two weeks production from 
the Alma oilfield has risen con- 
siderably as further develop- 
ments there have- come on 
stream. The U.S. has promised 
to help with supplies in the 
event of a crisis and Israel also 
has her own reserves of oil. In 
the short term, therefore, there 
seem to be few fears. 

Among Western industrialised 
nations there seemed to be • 
general feeling yesterday that 
the situation in Iran would have 
a greater impact on prices than 
on supplies. One reason for this 
is that some of the major oil 
companies have been stockpil- 
ing crude during the last three 
months in response to' the 
expected price increase 
announced by the Organisation 
of Petroleum Exporting Coun- 
tries earlier this month. 


Japanese diplomats in London 
said that they did not. expect 
Japan’s industry to be too hard 
hit by the cutback in Iranian 
supplies. Japan, which has no 
oil of ber own, imports about 
40m tonnes of Iranian oil — 17 


Tbe Soviet Communist Party 
daily Pravda has alleged that 
a U.S. “ special group ” had . 
been sent to the U.S. Embassy 
in Tehran to help find ways 
of keeping the 1 Shah in 
power. Renter reports from 
Moscow. Pravda commentator 
Pyotr Yevgenyev quoted re- 
ports that personnel sent^.to 
reinforce the U-S. Embassy 
consisted of 60 people, includ- 
ing State Department and 
Central Intelligence Agency ' 
officers. 


per cent of ber total consump- 
tion — but it was felt that the 
country has sufficient supplies 
to last for the next three or-iour 
weeks at least. 

The U.S. imports a similar 
amount of oil from Iran ' in 
normal times — about 4 per 
cent of total consumption — but 
it seems likely that the U.S. will 
also be able to adjust her sup- 
plies by boosting domestic pro- 
duction and importing from 
elsewhere. 


Much of Iran's oil exports are 
normally controlled by a con- 
sortium of multinational com- 
panies known as the Iranian Oil 
Participants (IOP). The biggest 
interest in IOP is held by 
British Petroleum which has a 
40 per cent holding. Next comes 
Shell which has a 34 per cent 
interest while Mobil, Gulf, 
Texaco, Chevron and Exxon all 
have a 7 per cent interest The 
Ifricon group has a 5 per cent 
interest and Total has 6 per 
cent. 

BP’s 40 per cent share 
coupled with its one-third 
dependence on crude intake 
from Iran means that the UK 
is likely to feel the impact of 
the Iranian cutback more than 
most , other West European 
nations. 

The biggest dread of the oil 
companies is that production in 
Iran will be shut down 
altogether for a long period. If 
this happened, it would take 
some time to start the oil flow- 
ing again — no matter how 
dramatic an improvement there 
were in the . political situation 
— for purely technical reasons. 
And if there were a lengthy halt 
on exports — -for several months 
or more — the impact in volume 
terms would start to bite. Japan, 
for example, could then find its 
supplies being seriously 
affected. 


Tunis bans 

opposition 

newspaper 

By Tanya Matthews 

TUNIS — The Tunisian Govern- 
ment has put a three-month ban 
on the publication of the opposi- 
tion paper, Er-Rai (Opinion)., 
No official explanation has been 
given. 

But an editorial in the French- 
language daily. La Presse, says 
that the editor of Er-Rai (Mr. 
Hassib Ben Aounar), a farmer 
Minister of Defence, and his 
team of Social Democrats, 
believe that the Tunisian leader- 
ship is “ sick." They also argue, 
according to La Presse, that 
social degradation in Tunisia Is 
accentuated by economic failure 
and political oppression. 

In its last three issues Er-Rai. 
has been asking: “Who is 
responsible for the events of- 
January 26 — the day of the 
general strike which degener- 
ated into clashes between 
demonstrators and the army, 
with an official death toll of 56. ; 

Er-Rai’s criticism of the Gov- 
ernment coincides with the 
approval by the National 
Assembly of the 1979 budget, 
which stresses tbe development 
of the poorest agricultural areas 
and efforts to reduce unemploy- 
ment. Energy, dam construction 
and the development of small 
industries have been given 
special priority. 

Mr. Hedi Nouira, the Prime 
Minister, said the Government’s 
policies were aimed at reducing 
inequalities in Tunisian society. < 


Israel delays 
fuel decision 

By L Daniel 

TEL AVIV— Despite the sus- 
pension of oil exports from Iran, 
Israel has not yet decided to put 
into operation an emergency 
programme or ask the U.S. 
to make good on its undertaking 
to supply Israel with oil if sup- 
plies are interrupted by a boy- 
cott or for other reasons. 

This was stated here by the 
Israel Energy Minister, Mr. 
YitzhaF Modal. He added that 
in recent months the quantity 
of oil which arrived in Eilat 
for pumping through the Eilat- 
Ashkelon-Haifa pipeline had 
come to only two-thirds of that 
previously landed (some of this 
oil is for Israel, and some for 
customers abroad, who receive 
it in tankers which load at Ash- 
kelon, on the Mediterranean). 
However, the Minister did not 
rule out the eventual activation 
of the emergency programme. 


New Zealand Reserve 
Bank warning of 



to recovery 




; ■ - BY DAI HAYWARD 

' : WELLINqTQN — New Zea- 
tend can-: expect a consumer-led 
. ' - recovery in internal-, economic 
activity- in. .1979 as a result- of 
recent government-fiscal policies 
says the New Zealand Reserve 
. Bank; in. an end of year review. 
r However,' bare will be needed 
*r. tp ensure the recovery does not 
move .- top .'rapidly : and thus 

- threaten- the chance of- further 
v ! reductions' in. .New Zealand's 

iliigh rate, - of - inflation ‘ or 
adversely affect its. balance of 
4 . payments position. ... 

During^ the first six months 
: ' 1979 export prices should in- 

- crease - at faster rate, than 
. - import costs. 'TMs shonld reduce 
■y the' J OTCrseas ; current’ . account 

deficit -rad improve New Zea- 
laniUs terms of -trade says the 
! -j' .review.-;, .- 

. ■ -The bank w^rns that beyond 
June. 1879 increased demand for 
■ imports as a result .of consumer 
> demand . .is likely to create a 
: deterioration. In. the bates ce of 
payments. ; - r : • v- 

New Zealand’s biggest econ- 
omic problem is the annual bill 
for ■ invisibles. .. . Hie. current 
account -deficit for the year 
ended September 1978 was 
r NZ$505m (£267mj. - This, was 

- N2$313ni: : worse _ than the 
. ; previous year. - .. 

This' higher deficit was in 
spite of. an improvement in the 
trade: surplus of ;.NZ$20fim to a 
surplus - pf NZ$461nj. for the 
year..- 

The ; invisible .. bill.; .- was 
NZ$968m. • -V--' : ' 

The New Zealand Government 
; is obviously woreied at the rapid 

- increase ' in- the “ invisibles ” 
deficit jjartlctflarly as there are 
no signs of any improvement . . 

. The improvement in the 
balance of trade figures in the 
past year has been- mainly due 
to a. fall in imports caused by 
. New Zealand’s internal economy 

- suffering, a rsevere recession- 

. The Reserve Bank says “ it- is 

- vital that New Zealand further 
reduce its rate of- inflation.’* 


The chances ot achieving this 
will be lessened if the domestic 
economy develops too rapidly 
warns the' bank. 

During 1978 New Zealand 
made some progress in reducing 
inflation. The animal rate of 
increase in the consumer price, 
index for the September half 
year, came down from 17.8 per 
cent .in 1977 to -10.77 per cent 
in 1978. 

The inflation rate at Septem- 
. ber 1978 was 1H per cent— the 
lowest since June 1974. Hie 
main factors in reducing infla- 
tion were the relatively low 
increase r in import costs, 
reduced demand, lack of growth 
in .the. economy, monetary and 
fiscal policies and an extremely 
slow movement in house 
property values. 

.The Bank warns, however, 
that wage and salary increases 
now being negotiated and tbe 
rate .of growth in the major 
. monetary aggregates mean the' 
prospect for a further substan- 
tial reduction in the inflation 
rate is not particularly good. . 

New Zealand’s internal retail 
trade -has declined consistently 
since' 1974. This fall seems, to 
have reached bottom at the eqdT 
of 1977 and eariy 1978. Some 
. small . improvements were- 
recorded in the first half of 1978 
and are expected to accelerate 
over, the' coming six months. 
Consumer demand received con- 
siderable stimulus from the* 
restructuring of the tax rate 
.which came into effect in 
October and from massive pay- 
- meets of back pay to more than 
200.000 civil servants. ' •; 

\ Easing of hire purchase- 
regulations in the latter half nf 
1978 stimulated sales of con- 
sumer ' durables, parttcnJarfy 
television sets mid motor cars.. 
.One of the key indicators in. 
New Zealand’s internal economy 
is house bvtt&ng. In 1978 con- 
struction of new homes feH to : 
what the reserve bank calls 
historically low levels/' 


Wvc just 


. \ ■ v - THE LATE 

PRESIDENT BOUMEDIENNE 
OF ALGERIA 

A book^of condolences on the. occasion of the passing 
away , of President Bpuiriedieiirie is. opened at the * 
Algerian Embassy, 54, Holland Park, London Wll t 
on Friday, 29th December, and Saturday, 30th 
December, between 10 am and 5 pm. 



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Financial Tunes 


AMERICAN NEWS 


WORLD TRADE NEWS 




^^SESKJ'rX-- 1. 


BALTIMORE CANYON OIL EXPLORATION 


Mobil announces seventh dry well 


BY DAVID LASCELLES 


largest potential oil-bearing Prospects there are mixed 
structure in Ihe region. Three since Exxon's we U slightly to 

other companies, Shell Oil, the south turned out to be dry, 

Conoco and Houston Oil and and the results of its second 

Minerals, also failed to find well there will not be known 

hydrocarbons in wells drilled to for some time, 
depths of 17.000 feet and more. aUq promising is the stoic- 
Interest has now switched to ture due sou th of this one where 
the three remaining structures Gu j f found traces of hydro- 
oil or gas brings the total of > n the area, all of which lie close car bons last mouth. Both 
dry wells drilled in the area to the edge of the Continental Exxon and Houston Oil and 

so far to seven. Shelf. The most promising is the Minerals are still drilling here. 

However with g further two northern one where Texaco 

announced in August that it had 
found significant reserves of 


NEW YORK — Fears that the 
Baltimore Canyon, the once- 
promising oil exploration site 
100 miles off the New Jresey 
coast, may turn out to be 
a big disappointment were 
strengthened yesterday when 
Mobil announced a dry welL 
Mobil's failure to find either 


wells showing traces oF hydro- 
carbons. one of them described 
as " encouraging," the oil com- 
panies are reluctant to write off 
the site, particularly with 
further lease auctions due in 
the New Year. 

Mobil's announcement was 
particularly disappointing since 
the company had been drilling 
un the Baltimore Dome, the 


gas. 


The fourth, and most 
southerly, structure, which is 
being explored mainly by Shell, 


The company said yesterday 50 far has tutnei 


that the second well it was 
drilling in an effort to deter- 
mine the size of the deposit had 
been logged to a depth of 17.000 


However, the oil companies 
are saying litite about their find- 
ings in the Baltimore Canyon, 
presumably since much of their 


feet, suggesting that a further drilling is aimed at discovering 
announcement could come in a more about the area's geological 
few weeks. " structure. This will provide 


valuable information for the 
next round of lease auctions due 
in February. 

The size of the bids should 
give a good due to the level of 
tile oil companies' enthusiasm 
which is hard to assess. The 
most any of them will say just 
now is that the disappointments 
so far are insufficient reason to 
dismiss the whole region. 

In terms of the whole U.S 
oil and gas exploration effort, 
the Baltimore Canyon occupies 
a prominent position, but this is 
due more to the fact that it lies 
unsually close to large popula- 
tion hud consumption centres. 
Even if the most optimistic fore- 
casts materialise, the canyon 
would increase US. gas 
reserves by only 5 per cent and 
oil reserves by 3 per cent. 


Boost for 
Carter’s 
China policy 


WASHINGTON — A key U.S. 
Congressional leader says Con- 
gress is powerless to block 
President Jimmy Carter’s new 
China policy 3nd that critics 
should concentrate on doing the 
best they can for Taiwan under 
the circumstances. 

Mr. Clement -T. Zablocki 
(Democrat. Wisconsin), Chair- 
man uf the House of Repre- 
sentatives International Rela- 
tions Committee said. " We're 
going to see what we can do to 
salvage what the President has 
done. I think ibere arc a few in 
Congress who are going to be 
hellbent against it, but I'm not 
in that group." 

Mr. Zablocki's decision not lo 
try to reverse Mr. Carter's 
decision came after an an- 
nouncement by Democratic 
Senator Frank Church of Idaho 
supporting the President’s 
action. 

Because Senator Church is 
the incoming Chairman of the 
Foreign Relations Committee, 
his stance, and that of Mr. 

3 a bl acid, seems to indicate the 
administration’s China policy 
would have little difficulty sur- 
viving challenges by their com- 
mittees. 

Mr. Zablocki said his staff has 
already found that Congress 
might have to revise the basic 1 


Cleveland Mayor rescinds 
decision to lay off workers 


BY DAVID BUCHAN 


WASHINGTON — The weeks- 
long financial crisis facing 
Cleveland, the largest city in 
Ohio, appeared yesterday to 
have receded, after Mr. Dennis 
Kucinicb. the city's Mayor, can- 
celled his decision to Jay off 
some 1,600 city workers next 
month, and postponed the 
redundancies of 400 others. 

This followed an announce- 
ment by Cleveland's largest 
bank, the Cleveland Trust Com- 
pany, which holds $5m of the 
SI 5.5m loans on whose repay- 
ment the city defaulted at the 


end of November, that it would 
not take court action to collect 
its money until after February 
27. 

This is the date for the voters 
in Ohio's largest city to decide 
whether or not to approve a 50 
per cent increase in the city’s 
payroll tax, and the sale of the 
municipal power company. The 
agreement to put these two 
proposals to the ballot, reached 
last week, marked at least a 
temporary respite in the bitter 
quarrel between the S2-y ear-old 
Mr. Kucinich and the leader of 


the City Council, a dispute that 
has made a major contribution 
to the city’s political and finan- 
cial crisis. 

City officials hope other banks 
will follow the lead of Cleveland 
Trust. Before the Mayor's deci- 
sion to rescind most of the lay- 
offs. which be bad earlier 
warned were inevitable, both 
the police and firemen’s uniots 
had threatened they would go 
to court to block the redundan- 
cies, while tiie firemen also 
looked likely to go on strike 
in protest. 


Businessmen face fraud charges 


BY DAVID LASCELLES 


NEW YORK— Three U.S. 
businessmen, one a former 
treasurer of a leading copper 
company, have been accused by 
the U.S. Attorney’s office of 
conspiring to obtain multi- 
million-dollar loans for their 
businesses by fraudulent means 
from a number of banks, one 
of them in London. 

The three men are Mr. 
Charles Kraft, former treasurer 


foreign military sales act if it ! Q f Anaconda. Mr. Nicolas 


wants to continue the flow of 
U.S. arms to Taiwan. 

He noted that the law limits 
such overseas arms sales to 
Governments, and that President 
Carters new policy does not 
recognise Taipei as the Govern- 
ment uf the Chinese people. 

The move to switch formal 
recognition from Taiwan to the 
People’s Republic brought an 
outcry from conservatives. Late 
last week Senator Barry Gold- 
water. an Arizona Republican, 
filed a suit here in an effort to 
nullify the President’s com- 
panion decision to terminate the 
nearly 25-year-old U.S. defence 
treaty with Taiwan, unless Con- 
gress concurs. 

Meanwhile Taiwan has 
reportedly sold a building in 
New York City because it fears 
that the building will become 
the property of the People’s 
Republic when the U.S. officially 
recognises Peking on January 1. 

The Daily News reported that 
the building, which houses the 
Chinese Information Service, 
has been sold tn a privacy ( 
individual for about S300.0U0. 

AP 


Reisini. president of Robin 
International, an international 
business promotion ' organisa- 
tion. and Mr. James Fallon, 
president of General Acquisi- 
tions Corporation, a real estate 


and construction promotion 
organisation. 

The U.S. Attorney’s office said 
Mr. Kraft had pleaded guilty to 
three counts of conspiracy and 
fraud. The other two defen- 
dants. against whom eight 
charges, including conspiracy 
and fraud, have been filed, are 
to be arraigned next week. 

The Attorney'ss office’s in- 
dictment charges that the three 
men allegedly claimed that 
Anaconda had a business' 
relationship with ventures they 
were promoting, in order to 
obtain bank loans totalling $34m. 
Mr. Kraft, it is alledged. told 
lending banks that Anaconda 


would guarantee tbe loans. 

Among the iendong banks 
named are Singer and Fried- 
lander, Bank of New York. 
Bankers Trust, Banque de Paris 
et des Pays-Bas Belgique. 
Marine Midland, and Weils 
Fargo. 

The indictment says that 
$19m of the loans were in 
default 

A spokesman at Singer and 
FriedJander in London said yes- 
terday that his bank had 
aranged a $40m short-term 
facility for Anaconda in 1971, 
but this had been fully repaid, 
and there were no outstanding 
liabilities. 


U.S. close to Somoza aid cut-off 


BY DAVID BUCHAN 


Iberia joins 
growing list 
of Airbus 
customers 


i *r 


EEC Commission promises 



By David White 

PARIS — Iberia, the Spanish 
national airline, yesterday 
placed a firm order for four air- 
craft from the European Airbus 
Consortium, bringing the list of 
customers for the wide-bodied 
AMO to 20. 

The A300B4 aircraft are due 
for delivery in February and 
March, 1981, and the airline has 
options on four more for 
delivery a year later. 

The order follows a deal for 
two A300B4s and the same 
number of options from 
Philippine Airlines. Negotia- 
tions for the Philippines con- 
tract, worth $89m including 
spare parts, were concluded a 
week ago. The value if the 
Iberia deal was not disclosed. 

Iberia is also one of the five 
airlines which have already 
made commitments to buy the 
□ext generation of airbuses, the 
smaller 200-seat A310, due to be 
on sale in four years' time. 

The others are Lufthansa, 
Air France, Swissair and 
Eastern Airlines. In addition to 
these, which account for over 
60 aircraft, . Alitalia has also 
hinted it may buy the new air- 
bus rather than the rival 
Boeing 767. 

The latest deals top up Airbus 
Industrie's order book for the 
A300 to 123 firm sales and 53 
options. This year has brought 
the joint venture nine new 
clients. 70 firm sales and 12 
options. 


tighter 




'rwm^ 

WBP 




BY RHYS DAVID 


EEC Commission has of the EEC associates to observe assurance his P 

ed Britain that much limits placed tin them and. the the remaining negopauong wd ^ : - - 


HiWW.tUA * . 

Commission with Greece, Spam-;, 
and Morocco. 

'■ -The- assurances have bees- \ 
given only a guarded welcome.", 
however by -the British Textiles • 


Arab meeting 
finalises oil 


price formula 

By Leslie Mitchell 
KUWAIT — Oil ministry 


THE 

.tighter procedures will be intro- reluctance of the. EEC authori- five EEC associates, memory 
duced to ensure that limits oh ties to take action to. check the Portugal the most important-;: 
textile imports from the Medi- 7 flow from these countries— can- supplier, to go a Dead, gfiaig' , 
terranean Associate countries -be avoided. has also- now rannea. agree- >;• . 

are observed, Mr. John Smith, _ first new measure 1 is a ' meats. already negotiated by toe.. 

the Trade Secretary, announced .g^ned - wanting. ■“ V bell 

^ e £? 1 f rc ^ a 7' . ' '-mechanism so that when the 

The * assurance follows restra ^ n t level agree# between 

Britain s agreement before ^ gEC and the " Supplying 

Christmas to lift the reserve it _j, IiritT v ia 75 rv>r r#»nt used nri- uuw.evci vy -iuc uuuoii *«_****, 
bad placed on deals which the eon Rations Ctil be set in Confederation. Director Mr. Tan 
Commission hss been nego- ^ accordim; M Mr MacArtbur yreterdey praise, 1 

Dating with eight countries Smi( L will enable action to be the firm stand taken by Mr. 
covering textile imports next ■ ta j ce _ | n -:®obd time before" Smith, but expressed concent at 
year. Hjher thanafter^individu^ **«e further erosion of the 

Some increases in the global -®K. r have been h^ed ^ *ioW ceilings on - textile im- 
ceilings affecting the eigbt.most . £® lls n “, ? -ports into the Community which 

sensitive textile products is . Secondly the Comnuanon has will now occur. • " 
being conceded by Britain but agreed to engage safeguard pro- -The ', clear ' ' undertakings 

in return the Commission has cedures promptly.- if ■ kgreed -- w hich the! UXriiaS'Obtai&ed re- 

said it will strengthen the limits are not respected or. if :.ghtdmg, the : enforcement of 
mechanism for ensuring tiiat ‘^sulfations do not achieve, agreements shouMcertainiy be 
limits are observed in three satisfactory results. ‘ ■ a- market improvement over the 

main ways, Mr. Smith pointed Thirdly, Mr. Smith points -out previous’. arrangements.' Their 
out in a letter sent to the where it- is. not possible to effectiveness, boweverdepends 
British Textile Confederation reach a negotiated solution , the; entirelyoBthe wfliingoess of 
and the TUG ; _ EEC will notify the supplying^ the Commission ; and : of. the 

In this way it is hoped that country unilaterally "Qf ; the member states to.'- carry -them 

the problem which has arisen in limits to be imposed on-iL . through and. toido so promptly,”, 
tbe past year — failure by some - British acceptance of Ae EEC . he said, r , . 



Indian foreign investment code 


BY K. K. SHARMA 


NEW DELHI,-— The Indian involuved. If the item to -be .insftniments,; :. transpoiiation," 


Government has issued a list of manufactured. is consistent with Tridustria] .machinery some', 
industries In which foreign ihe Government's . industrial kinds, - machine tools, -..agricul* 


ndustries in which foreign the Government's . 

investment and collaboration is policy and if the . -foreign jural' marftfoprv afid.' . mijc el. 
not considered necessary, but exchange outflow on account of ia neo Us .mechanical engineering 
added that a considerable -royalty and other charges is jess industries?, ' i ; Y:- - 

degree of flexibility would be than R500.000 (about £30^000).- -’-Also. inrtuded was ropupercial 
exercised when dealing with - The “illustrative list’-’ of trod- office' equjp feefa t; medic?! 
foreign investment proposals of industries in which foreign arrcf.sdentifie applian ces, chemi- 
this kind. • •« Investment or collaboration i? calsLof sa/foiis ki&dg- dyestuffs. 

This was explained -on the under 22 headings and . consists drugs and'. pham^ceuticals of 


officials from Kuwait Saudi j basis that although India has units io which the country ■variouffand^.paper sndpulp, 

AraRi-j anri Iran fr.au,. ms* hsu rtai-alnuj „ I .J „ 1 i - is laffplv CpI f-SrtlFRr IPTlI MnSTima, mnJc: 


Vatican envoy 
flies to Chile 


BUENOS .AIRES — Antonio 
Cardinal Saruore. the Vatican 
envoy, flew to Santiago. Chile, 
yesterday, lo continue efforts to 
prevent war between Argentina 
and Chile over territorial rights 
at the tip of South America. 

Cardinal Samore met Sr. 
.Torge Videla, Argentina's. 
President for long work 
sessions on Wednesday. Sr. 
Carlas W. Pastor, the Foreign 
Minister, also attended. The 
Cardinal also met the three 
members of the military junta. 


WASHINGTON — The cut- 
ting off of all U.S. economic aid 
and the withdrawal of U.S. 
military advisers from 
Nicaragua is “a distinct possi- 
bility.” State Department 
officials said yesterday, after 
President Anastasio Somoza’s 
refusal to agree to an inter- 
nationally administered plebis- 
cite on his future rule in 
Nicaragua. 

U.S. officials are not yet ready 
to pronounce completely dead 
the mediation effort in the 
Nicaraguan conflict, which the 
U.S., Guatemala and the 


Dominican Republic have under- 
taken on behalf of the Organisa- 
tion of American States. The 
Nicaraguan opposition parties 
have accepted the idea of a 
plebiscite on condition -that it is 
supervised by outside 
observers. 

The three-nation mediation 
team is due to report to the 
OAS secretariat in Washington, 
probably next week. 

A senior State Department 
official said on Wednesday that 
President Somoza 's insistence 
that any plebiscite should be 
administered by Nicaraguan 


officials could affect “ the whole 
gamut of relations with the 
U.S.” 

Officials in Washington doubt 
whether additional U.S. pres- 
sure will cause the Nicaraguan 
President to relent, but are 
nonetheless contemplating cut- 
ting off the remaining S23m of 
economic aid that is in the pipe- 
line for Nicaragua. 

President Somoza threatened 
on Wednesday that he might in 
vade Costa Rica to at lack anti 
Somoza guerrillas there. State 
Department officials believe the 
threat might be bluff. 


Last minute bid to save 
El Salvador hostages 


BY HUGH O’SHAUGHNESSY 


r 

i 


15 th DIVIDEND ! 


INCREASE 


YEARS 


I 


MAPCO announces yet 
another dividend increase 
for the third quarter of 
1978. MAPCO dividends 
have risen steadily from an 
annualized figure of 10c 
back in 1965 to the present 
$1.30. “This latest in- 
crease. the 15th since 
1965.” says Robert E. 
Thomas. Chairman of the 
Board, "demonstrates 
once again our confidence 
in the continued growth in 
MAPCO's operations, earn- 
ings and cash flow.” 

Interested in MAPCO's 
“continued growth"? Write 
for our latest report. 


STRENUOUS efforts are being 
made behind the scenes to ward 
off the threatened kilting 
tomorrow of the two British 
bankers being held by the 
Armed Forces of National 
Resistance tFARN) guerrilla 
group in .the small Central 
American republic of El 
Salvador. 

Mr. Ian Massic. 46, and Mr. 
Michael Chatterton, 45. who 
headed the Bank of London and 
South America in El Salvador, 
were abducted by tlic FA RN on 
November 30 and have been 
held since. 

The guerrillas" terms for their 
release include the payment of 
a heavy ransom, the publication 
of a FARN manifesto in the 
local press and the release by 
General Romero’s Government 
of five political prisoners. 

So far, considerable negoti- 
ations with the FARN has not 
broken the deadlock. While 
Lloyds Bank, the parent of the 
Bank of London and South 
America, has signified its will- 
ingness to negotiate and there- 
fore presumably to pay ransom, 
the Romero Government has 


and 


its 


a left wing group which is be- Somoza family 
ing hunted intensively by the immediate adherents, and iu El 
Romero forces, stand to lose Salvador, the so-called “fourteen 
money, prestige and possibly families.” In both countries the 
their lives if the kidnapping Catholic church is pushing bard 
does not produce results. 

The guerrillas have another 
two hostages, Mr. Takakazu 


Suzuki, the financial director of 
INSINCA. an artificial fibre 
plant in El Salvador, belonging 
to the Japanese Tore! com- 



pany, and Mr. Fritz Schuitema, 


claimed that it has no political head of the Dutch Philips local 
prisoners and has pointed to a company. 


%>mapco i 

Beer. P I0GOS. Baltimore Av*. ■ 
7 «I*A OUjhwiw Mi 19 ■ 
. SrMBOL MDA* NY5E B 

wv.se ■ PSE ■ 


law which forbids the publica- 
tion of guerrilla manifestoes in 
the local newspapers. 

The British Government, 
which the FARN has been 
urging to intervene in the 
affair, has said it does not 
negotiate with those holding 
hostages and has rejected the 
FARN demands. The guerrillas 
have now said that they will 
kill the two British bankers at 
1800 GMT tomorrow if their 
conditions are not fulfiiJed. 


The Romero Government also 
has much to lose. General 
Carlos Humberto Romero took 
power after elections which 


for change. 

The Romero Government can- 
not afford to show weakness in 
the face of the guerrilla chal- 
lenge, lest the whole shaky poli- 
tical edifice falls. It does not 
want its human rights record 
examined in public or its syste- 
matic use of torture scrutinized, 
as a British parliamentary dele 
gation attempted lo do earlier 
this month. 

It also has a number of domes- 
tic embarrassments to deal with, 
such as the predicament of 
Major Carlos Solorzano of array 
intelligence, who is charged 
with leading an ambush on a 
messenger carrying R60.000 in 
wages. 

General Romero has rejected 
pleas by Mr. Yuichi Hayasbi, the 
Japanese ambassador, that 
INSINCA be allowed to do its 
own deal with the FARN. 

One possible solution now 
being canvassed is that the 
Rom era Government . and the 
FARN be persuaded to release 
their “ political prisoners ” 
simultaneously, as a gesture of 
New Year good will. 

The FARN might think that 


were widely regarded as its image would be enhanced 


fraudulent. The disturbances in 
neighbouring Nicaragua, where 
General Somoza is being 
challenged by guerrillas and The 
civilian uopulation. could well 
be repeated in El Salvador. 


by the action, and it would 
remove the logistic problem of 
hiding the businessmen. 

The Romero Government 
might think that it was worth 
putting an end to a situation 


Social conditions in Nicaragua which is scaring off the foreign 
and El Salvador are similar, investment the General wants, 
with a large impoverished mass INSINCA has already sent 25 

members of its cmplovees' 
families oul of El Salvador. 


Both the guerrillas and the at the bottom of society and a 
Government have much at small elite at the top. In 
stake. Members of the FARN, Nicaragua the elite includes the some back to Japan. 


Arabia and Iran have met here 
to finalise details of last week's 
decision by OPEC to widen the 
price spreads between light and 
heavier crudes to make heavier 
crudes more attractive to 
refiners. 

Sheikh All Jaber al-Ali al- 
Sabah, head of Kuwait's crude 
oil marketing committee, said 
that OPEG oil ministers bad 
decided at Abu Dhabi to deduct 
5 U.S. cents a barrel from the 
present official prices of Saudi 
Arabian medium crude, Kuwait 
31 API and Iranian heavy, and 
then apply the phased 14.5 per 
cent increase for next year. It 
was ateo decided, he said, to 
deduct 10 cents a barrel from 
the gulf crudes with an API of 
less than 30 before applying the 
percentage increases. 

The meetings here were 
merely to work out the “ nitty 
gritry" of the formula, a pat 
ticipant said. Iraq opted not to 
attend. 

The decisions mean that as of 
January 1. when the first 5 per 
cent increase is applied. Kuwait 
31 API will cost SI 2.83 a barrel 
as opposed to its present price 
of $13.27 a barrel. Iranian heavy 
will be $13,062 a barrel from 
January 1 as opposed to its 
present price $12,490 and 
Arabian medium, which now 
costs $12.3225 a barrel will cost 
$12.89. Saudi Arabian heaw 
now priced at S12.0156, will be 
$12.51. 


developed a broad technology * 5 freely self-sufficient. . consuiber goods; vegetable- oils, 

base, there is a constant need ' These are metallurgical Indus- rubber, industries, 'leather -and 
to update production technology tries - electrical equipment, elec- leather goods, glass, and cera- 


along the lines of the advanced lronic components and equij* mies, and cement and gypsum 
rv...*>tTioe nence all Ministries ® ,enl - scientific and Industrial products. ' - : ' 


countries, 
of the Government have been 
allowed to consider the import 
of technology. 

This is a considerable 
liberalisation of policy and will 
be permitted under conditions 
when indigenous technology is 


'inch 


Pakistan-Kuwait prefect 


BY CHRIS SHERWELL 


SfV 


Polish warning 
on effect of 
OPEC decision 

By Christopher Bobinski 
^ WARSAW — A senior Polish 
Government official has warned 
that Poland will have io econo- 
oil. coal and power 


ISLAMBAD — The Pakistan .foreign -exchange— in this case 

not available for use by new government has signed its third .dollars— and .Pakistan- will 
entrepreneurs on competitive 'agreement with an Arab' country - furnish the rest in 1 rupees, 
terms or if the foreign tech-. -for the establishment of an. ‘ The Pakistan government says 
nology is needed to make investment company as.. a joint the .company-, has been .estab- 
domestic industry efficient or venture. In a deal with iCuwait, . lished to . give- assistance to. in- 
competitive in the: export. the two countries wiil set up the 'dustrial -enterprises in -, the 
market >. Pakistan-Kuwait • Investment conn try through the-provision of 

It will also be allowed if the Company, with an authorised -long-, medium- and short-term 

import of technology is for ■ share capital of $25m. finance and managerial and 

for manufacture of items with Th&' , agreement follows technical advice,. 

substantial exports backed by similar ..deals recently “wltii. ' Half of tiie six-member .board 
buy-back guarantees. - . Libya and 5audi Arabia for the will be- appointed hy the Pakl- 

Administrative Ministries are establishment "of larger .tlOOm stoh Government While the re- 
also being delegated powers to joint venture- companies. | . . niainderi w£H be appointed bv 
approve foreign col la boration As wi tii these, Kuwait as the ‘the Kuwait . [6 reign trading. 
proposals provided there is no foreign country, will Supply half contracting-, and investment 
foreign equity participation the share capital in the forth of- company.:.- . 


Chemical plant contracts 
concluded with China ^ 


FRANKFURT — Lurgi Gesell- Import Corporation, 
schaften said its subsidiary The other participants in the; 
Lurgi Kohle und Mineraioel- consortium are Mitsui Engineer- 
technik had received orders ing and Shipbuilding, C. Itoh and 
from China for an ammonia Kasho Corporation. The planta- 


in ise «>n 

consumption following the 
recently announced OPEC oil 
price increases scheduled for 
next year. 

Mr. Henryk Pruchniewiez. ihe 
first deputy chemical industry 
minister said in a newspaper 
interview that Polish exports 
would have to go up next year 
and more Polish cargoes would 
have to be carried by the Polish 
merchant fleet as a result of the 
OPEC move. 

According to ’ Mr. 
Pruchniewicz, Poland will be 
importing 20 per cent of its oil 
from the OPEC countries in 
1979 and the price increase will 
add around $33m to Poland's 
hard currency oil bill. The re- 
maining 80 per cent of Poland’s 
oil would come from the Soviet 
Union. 

The interview makes • clear 
that the authorities are expect- 
ing a 10 per cem increase in the 
price of the oil-based products 
lhat Poland imports. If this were 
the case the Minister says 
another SlZD-IoOm would have 
to he spent on imports next 
year. 

This figure comes after 
foreign trade plan which fore- 
sees a cut in Poland's hard 

currency trade deficit from this 

year’s estimated $L.lbn to a 
deficit of $50O-7Q0m in 1979. 

The OPEC decision, the 
Minister says, “will undoubtedly 
deepen the trend towards reces- 
sion in the West" and thus 
probably bring with it more 
protectionist barriers which will 
hit Polish . and other Socialist 
countries' exports to the West. 

• A Polish-Japunese consortium 
will sign a Y80bn ($10m) con- 
tract early next year to build 
two integrated chemical fer- 
tiliser manufacturing plants in 
he eastern Algeria, industry 
sources said in Tokyo. 

The Japanese partners 
Hitachi Shipbuilding and 
Engineering Company and 
Marubeni Corporation said they 
were continuing negotiations 
with Sonarrach. but declined 
further comments. 


plant and a methanol plant. 

Informed sources said the 
value of the combined ordens 
was about DM500m (£l34m) 
and added the plants were due 
for start-up around 19S2. No 
confirmation was immediately 
available from the company. 

Lurgi said the ammonia plant 
would have a daily production 
capacity of L000 tonnes while 
the methanol plant will have a 
daily capacity of 300 tonnes. 

Meanwhile a consortium of 
four Japanese companies has 
won a Y40bn order to build 
four petro-chemical plants in 
China, consortium member 
Mitsui Petro-chemieal Industries 
said. The order, due for comple- 
tion by 1983, was placed by the 
China National Technical 


are to be buflt at the Shanghai 
petrochemical .combine and the 
Fangshan petrochemical com- 
plex near Peking.. 

In another deal. Pullman 
Incorporated . said its Pullman 
Kellogg division had received a 
multi million dollar contract to 
help build ' a petrochemical 
facility in China. While Pullman 
would not specify the contract’s 
amount, "it said it would bring 
“tens. 'of millions of dollars* of 
export trade to the U.S.” 

Pullman, said tbe facflity_will 
consist - of processing plants, to 
produce meta-cresol. a chemical 
used to make pesticides-^bbtyl 
hydroxy toluene, a stabiliser 
used in plastics manufacture, 
and acetone, an indusviaf 
solvent 
Agencies 


see 


recovery 


By John Widcs 


pZURICH — Swiss exports of un- 
processed plastics rose by some 
■1% per cent during 1978, accord- 
ing to a study published by the 
Union -.Bank- of ^-Switzerland, 
after v* 4 per cent rise in pro- 
duction volume. 


Hoechst-Brazil venture 


BY ADRIAN DICKS 


BONN — Hoechst, the West 
German chemical group, has 
announced a joint venture pro- 
ject in Brazil for construction 
of a 60,000 tonne a year low 
pressure polyethylene plant 

The plant is lo be built »s 
part of Brazil's third petro- 
chemical pool at Porto Alegre, 
in the state of Rio Grande do 
Sul. Hoechst is to have a 40 


world's biggest, producer of low 
pressure polyethylene, will 
supply the technology and 
design for the hew plant which 
is expected to come on 'stream 
in the second half of 19821 - 
Hoeebst or its subsidiaries 
currently produce low pressure 
polyethylene in West Germany, 
Australia,' India, Bouth Africa 
arid Spain. A -sixth plant is 


per cent stake in the venture shortly .to open in JLhe {LS. 

I for which no price has be»»n ' II has also - beerr announced 
revealed), with Rcfinaria de that Hoesch Tetna, a subsidiary 
Petroleo Ipiranga taking a of the Hoesch-Estel Dutch-West 
further -10 per cent and Petro- German . steel ; ' group, has 
quisa-Pelrobras Quimica taking announced that it is to supply 
up the remaining 20 per cent, built a. turn-key-. factory for 

t • 4 . „ . production of . prefabricated 

in addition Hoechst. the building parts to Egypt 


. Earnings were unsatisfactory 
on ' both 1 ; home - and"' foreign 
markets, however, - due to fall- 
ing price levels. Due to large 
overcapacities in Western 
Europe and a sharp rise in sup- 
plies. from Eastern . Europe, 
prices were-;under pressure for 
.tfar bulk- plastics (polyethylene, 
PVC, polystyrene and polypro- 
pylene) which, account for 70 
per cent of the market 


For. 1979- the. bank forecasts a 
slight rise in output- but 'an Im- 
provement in turnover due to a 
certain recovery of -prices: 

Increased competition and in- 
sufficient profits resulted from 
substantial over-capacity in the ' 
field of processed plastics. : 


Israel seeks 
Swedish steel 
expertise 

By L Daniel 



19% rise in Irish exports 


BY OUR OWN CORRESPONDENT 


DUBLIN— ^Exports from the exports oF . live animals 
Irish Republic rose by 19 per increased by 24 per cent to 
cent in value in 19/8. surpassing ' w 

the growth rate of :he eight 
other countries In the EEC. 


The Irish Export Board's 
trade review, lo be . published 
today, says that tola] exports 
grew by about £460ro to £3bn. 
The volume growth is expected 
to exceed 11 per cent. • 

The largest contribution to 
overall expansion came from 
manufactured goods which 
increased by £M7« to £L63hn. 
Food, drink -and tobacco 


The review says that despite 
the good export perforniarrs 
the growth rate still fell short 
of wbat was needed to meet 
the * country's job creation 
requirements. 


TEL AVTV-— Negotiations to 
obtain the know-how. to produce 
highest-quality steel are being 
conducted with a Swedish com- 
pany by Urdan Industries, the 
rnetaKworkmg divisiorr of CLAL ■ 
Indusfries (itself a subsidiary ; 
of lLAL, Israel's largest invest- / 
aent company). . 



<■ s 


l.’-s.r 1- 


The . Export Board says that 
the country’ s dependence on the- 
UK as its largest export market 
has sfeadily lessened and last 
year 47 per cent of total exports 
went to .Britain— almost - the 
same as in 1977. For .the first' 


rouu, arm*, ^ua tnnaeco are time over 30 'per cent’ of tr. nl 
«um«edJio h,™ advanced by eapdrts went to the other EEC: 


11 per cent to £lbn, whifo countries 



The plant is to produce 30*900 ’ 
tonnes of. steel a year 7 -fo be^sed ; 
in the manufacture pf^mabhiO: 
neiy and moulds for.ptitetUft o. 

'■ The Investment - 

$35m-S40m, but .the^lahl: rfBl : 
be -located fn a development" -. , ...... 

area, which “meahs '^af ft wflf c - ‘ 

be eligible for ;.iage';;CTqve^ '' 

Blent - loans ' ” 

accelerated 
reliefs. - 
To 


'“TV" 



. - - . — -necessary '••sr t- 

capital for this- and^he^pan- ui 

Sion of the other .'risr.^ants ia-f ' c; r - 

yrd&n Industric^-if isjateeded v 

to float a If 130m-vis&ue. fo- he . . 

under-written \*y: i'Baiik^HaptI-4 '-rr. 

alim.- l£2m;- w3I;.d^e::^armiCrked .- > %>•.. 

for purchase- by.;ih«P-cfltnpi 











fmffa 


Britain may top U.S. 
tourist league 


-V between . Cotnmq^^ 

... . . -- :;f t ? and East Africa, -and ‘Central 
. ; • ‘Si':'* 7v ; America from "January :i in; an 
« ' '---l attempt ^'qranti^ tb^- Soviet 
-v.: V.5 1 v\ r -. presence imihdse . brier 'tradeir. 

The plan ■Was^a^eed T at-toe 
“ s.;' 1 y.j'ty EEC- Council- :/• aj£ Transport 
■ - - ju Miiustera- meetingiir Brussels 
' J y£- last month. : -- 

' - ■’> ■£■ ■ Mr. Stanley ;C3inton Baris. UK 

'£ Under^ecn^ar^'^JState ' for. 
> i- Trade; -saidr. -after the r meeting 

. 1 ' > y that' there • -was overwhelming 
evidence ' that-. EEC . shipping 
companies ; . were. - suffering 
: through Soviet competition in 

’■ • ‘"‘'Vi.'.-’" . abipping.. ' r •' * 

'v .: i * . ' ' Rates on the East Africa and 
.... . - v: . i Central American- ; conference 
•: shipping lines, -were . 10-15 per 

cent higher : than toose offered 
: by Soviet flag-vessels, according 

' tot Whitehall sources.' • 

- However-, the General Council 
f. • • of ' British Shipping and the 

British Shippers'. ConneiZ said. 
AaJ I-’, that the undercutting by Saiviet 
vlHw <* vessels operating on the cohfer- 
v U(, r ; ehce lines was up to 30 .per cent 
r below established shippmg con- 
V ference. line rates. ; 

r The' EEC Transport Ministers 
S .refused to- sanction counter- 
j*sr: measures, -against the Soviet 
• fv fleet' No - action beyond, the 
.. . - ^v monitoring scheme is expected 
v” '- "for- at . least six ; montoe when 

* V ' cargo data will tie evaluated by 

,‘EEC' officials. ' > 

;■ ^ . : . Mr. Igor Averin; head of the 
fbreign relations department at 
J c. toe - ‘'Soviet Merchant Marine 
>V. TEnistiy, said before last 
S{/. -month's. EEG meeting that dis- 
criminatory measures against 
V;. - V Soviet ^shipping '-'-woiild not' be 
VjV. left without a reply. 

French join 
tit proj% in Channel 
£ safety plan 

\ffla' ANGLO-FRENCH - plan to 
V. - ^--improve tife ..safety of naviga- 
; ' ;lion .in toe/ English Channel 
. tomes into effect* on January 1. 
' !! J:..Tbe, Jmasters -'of certain 

• - f- categories of: vessel -most-likely 
‘ • r .to be potential Sources of pollu- 
: vl-rdon or a- navigatiott -hazard will 
-V be. invited-' tor!- report to* shore 

---.^stations ^&_sooi£. as they enter 
£ the;-.shipp5ig^sepanatkin zones 
settop in, the Channel six years 
• • ^ -agtfvto reduce the danger of 
collisions. 

The scheme is voluntary and 
.:. v will operate tor six months. AH 
■ :v^J6a'tied;oil tankers and gas and 
chemical carriers over 1,600 
j7 : gross registered tons may par- 
, A 7- nripate inthe reporting, scheme, 

u irr rpfl w v rThe scheme is the result of 
5u discussions between members of 
, the' - Anglo-French. Safety of 

Navigation Group which met in 
^ i« MU 3 viSeirtember. 

~j ’.It has-been, responsible for 
, i.w njr r ;~ recommending other improve’ 

. LU r Cl * ‘ r,ments to Channel safety. 'In 
1 i August 1976, new radars came 
. . J. jnfe pse at St. Margaret's Bay 

^ ‘ and at Dungeness. In June last 

- . . ' ' ; ;jear; a ibint contingency plan, 

Mancheplan, Was: launched 
' . to SeaLwith maritime disasters 
in toe English Channel and the 
:• Dpver Strait. ‘ ' j 


BY ARTHUR SANDIES .- 

SO MAN? Britons have been to 
the U^. for their holidays in 
the past year that the UK may 
have. Overhauled Japan’-^as 
America’s prime source of over- 
sea s tourist ^ traffic/ . 

In the summer - peak period, 
three Britons for eveiy.;two 
Japanese tourists were there, 
and by this year’s end, more 
than 700,000 UK residents jwul 
have made the journey. . .-jV . 

TumhHng air faxes and a weak 
dpllax have proved so tempting 
j to the. British that thei- mid- 
summer -rise in traffic ^ was 
neariy .42 per cent By thVyear 
end 'the Americans ‘expfect a 
33- per cent total rise. 

Japanese traffic to 6ie. tJ^S. 
tends to be less seasonal -than 
that from toe UK, . so tbrir; at 
the end of the year the Japanese, 
who last year accounted" for 
750,000 visitors to America, 
might end up ahead by a'.iioSe. 
But; as one American tourist 
official said last night. ^.We 
definitely, have a horse race:” 

The boom in traffic fepm 
Europe generally — between; 20 
and 30 per cent from most 
countries— has so swamped tT-S. 
immig ration officials that collec- 
tion of figures is slipping -further 
and further behind scheduler 

The American immigration 
department has yet to work out 
how many foreigners entered 
the U.S. in August: there were 
too many to count in a country 
that has never regarded itself 


as a tourist destination. 

A big political row Is brewing 
within the U.S. since President 
Carter plans to disband the 
$I3m-«-year U.S. Travel Service, 
which markets’ America over- 
seas, as part of overall reduc- 
tions in Government spending. 

As for the present boom, the 
service said yesterday that until 
fairly recently, although most 
Britans dreamed of going to the 
West of America, they usually 
stayed on the East Coast 
because of the costs of going 
further. 

“That is not true any longer. 
Lower fares and more direct 
routes mean that, more and 
more, the British are heading 
for California and the West in 
general” 

West Coast 

The airlines confirmed that 
traffic over the past few months 
has been remarkable and that 
bookings for the coming season 
are impressive; 

TWA’s package tour pro- 
gramme, Getaway America, 
showed a 140 per cent increase 
in bookings dining 1978, reflect- 
ing an enthusiasm for U.S. 
holidays that British Airways 
confirms. 

TWA says: “Now everyone 
wants to go to the West.” 

The travel service says that 
its research indicates that low 
fares, rather than a cheaper 


dollar, have produced the rush. 

‘The increase has been from 
Europe. In mid-summer 
Japanese traffic showed a 
decline, and yet it is against the 
yen that toe dollar has been 
weakest But the Pacific is still 
a dearer ocean per mile to cross 
than the Atlantic.” 

Michael Bonne. Aerospace 
Correspondent, writes: More 
European airlines hope to he 
able to introduce cheap fares 
to Australia on the lines of 
those becoming effective on 
February 1 between the UK 
and Australia. 

Airlines negotiating with 
Qantas, the Australian airline, 
and (the Australian Govern- 
ment include Lufthansa of 
West Germany, KLM of 
Holland, Alitalia of Italy and 
Yugoslavian Airlines. 

Alitalia hopes so complete 
an agreement during the first 
week in January for cheap off- 
season fares between Rome and 
Sydney. Yugoslavia is to hold 
talks with Australia in the New 
Year on. cheap fares from 
Belgrade. 

The new British Alrways- 
Qantas rates between London 
and Australia range from £334 
return in off-peak periods to 
£588 in peak months. 

They have attracted substan- 
tial business, with many 
flights in February full and 
those in March filling up. 


Cab drivers oppose fares plan 


BY LINTON MdJUN 

LONDON 'taxi driver^ -are 
expected to reject toe recom- 
mendations of a Home Office 
commjtee which has -been in- 
vestigating the case for higher 
taxi fares. 

The Licensed Taxi Drivers 
Association applied to the Home 
Office in July last year for a 
29 per cent rise in London cab 
fares. • • . • . • I '' ; 

The Home Office agreed! to- an 
interim rise of 10 per cent last 
December, but it is now under- 
stood to have -completed 'its 
investigations. Permission far a 
further rise— which may v be 


around 15 per cent— is expected 
to be granted in the New Year. 

This would fall short of the 
estimated 25 per cent rise the 
association believes is necessary 
to meet toe shortfall outstand- 
' ing from the summer of 1977 
and the rise in toe cost of living 
in the 12 months since the last 
increase. 

Mr. Arnold Sandler, chairman 
of the association, said he had 
not been told of the level of 
the proposed increase, but less 
than 25 to 30 per cent would 
be “totally unacceptable.” 

Taxi drivers could not accept 


a rise of 15 per cent, as it would 
be another year to 18 months 
before a further application for 
a fare increase was likely 

He said they had been forced 
to wo rk 65-hour weeks to avoid 
making a loss, he said. Many 
direvers were breaking the law 
by refusing uneconomic 
journeys. 

Refusal to accept the recom- 
mended level of increases could 
lead to a confrontation with the 
Home Office, Mr. Sandler said. 
A campaign may be started to i 
remove control of taxis from 
the Home Office. 


Chemical 
companies 
in farm 
sprays row 

By Christopher Parke* 

TWO OF THE biggest chemical 
companies operating in the 
British market are involved in 
a complex wrangle over patent 
rights on agricultural sprays and 
fungicides. 

They are the German-based 
BASF (UK) and Dupont of 
toe UJ5- 

Cropsafe, a Wiltshire com- 
pany, is also involved in a 
battle with BASF, although tbe 
German company has recently 
made its peace with Fisons. 
another competitor in the 
£150m-a-year UK farm chemicals 
trade. 

The trouble started when 
BASF published a statement 
claiming that its German parent 
company held patent right on 
mixtures of chemicals. To 
support its claims, it cited the 
1977 Patents Act which came 
into force in June this year. 

Farmers have long been 
accustomed to mixing many 
chemicals together to make 
fungicidal, weed-killing and 
nutrient “cocktails" for their 
crops, the object being to make 
as many applications as possible 
with one run. Companies are 
plainly powerless to prevent 
this. 

Breach 

In the past it was not 
considered a breach of 
patent rights if a company 
recommended mixing chemicals 
to produce toe effect of another 
company's patented blend. Now 
BASF says that such recommen- 
dations constitute “ contributory 
Infringement ” under toe 
Patents Act. 

BASF said toe arguments 
were unlikely to lead, to court 
action. “We are not attacking 
anyone. But if our patents ar,e 
attacked we have an interest to’ 
defend them.” 

The patent covers a mixture 
for protecting wheat from 
fungus and stiffening the straw. 

BASF- is claiming alleged 
infring ement by Dupont. It is 
also alleging breach of patent 
by Cropsafe over a spray for 
sugar beet. 


Sir Geoffrey Howe Christmas 
promises prosperity viewers 
under the Tories switch 


SY RICHARD EVANS, LOBBY EDITOR 


NEXT YEAR must he the year 
in which it once again becomes 
worthwhile for Britain to work, 
Sir Geoffrey Howe. Shadow 
Chancellor of the Exchequer, 
declared In a New Year message 
-that will underline the 
significance 1979 is certain to 
have for the major political 
parties. 

According to Sir Geoffrey, it 
will be the year in which the 
British people wll decide to 
recover their self-respect and 
when a fresh Conservative 
Government will be . given 
authority to set the country on 
the road to economic recovery. 

The aim of a Tory Govern- 
ment would be toe curbing of 
State spending and borrowing, 
cutting personal taxation and 
slashing red tape. It wanted to 
make “Britain a country to 
which it pays to be enterprising, 
to acquire a new skill, to start 
a new business.” 

In a catalogue of the less- 
acceptable facets of 1978, Sir 
Geoffrey described it as the year 
of the bloody-minded, when toe 
average citizen found it more 
and more difficult to count on 
anything from regular news- 


paper deliveries and radio and 
TV programmes, to bread and 
petrol supplies. . 

It was the year in which 
Britain's manufacturers pro- 
duced less than in 1973. Gei^ 
many produced three times as 
many cars as Britain and Britain 
exported fewer cars than in 
1962. 

"More than £4bn net benefit 
from North Sea oil and gas still 
left Britain with a deficit on its 
balance of payments, and well 
over lm unemployed.” 

Mr. Michael He&eltine, Shadow 
Environment Secretary, said in 
a separate statement that tbe 
long-suffering British ratepayers 
should not have to pay for an 
expense reform of local gov- 
ernment proposed by Labour 
merely for political purposes. 

In his view, local government 
needed a period of stability in 
which to run its services 
properly. Yet Mr. Peter Shore, 
the Environment Secretary, bad 
succeeded in casting a blight 
over it by conducting a divisive, 
party motivated dialogue 
designed to harvest the maxi- 
mum of votes for the minimum 
action. 


to ITV 


Call to exclude food and 
drink from liability law 

BY DAVID CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 


£ 30 m micro-chip plant planned 


BY JOHN LLOYD X, 

MOSTE5K, one of the' ‘leading 
US.’ semi-conductor companies, 
said last night that.lt would 
shortly announce toe establish- 
ment of a plant to jhamifactare 
microcircuits in earner toe Irish 
Republic or Scotland, xepre^ 
seating an investment which 
might be as high as £30m. 

Mr. L. J. Serin, toe company's 
president, said a number of 
European countries had been 
considered. 'by Mostek for the 
plant, which will produce drips 
mainly /for toe European 
market./ 

He obntfinmed that toe choice 
now lay between Eire and 
Scotland, in part because “they 
appear to speak something 
approaching En glish, in both 
places!” 

Mustek executives are still 
discussing details of aid 


schemes with both • the 
Irish Industrial Development 
Authority and toe Scottish 
Development Authority, which 
are-, competing hand for the 
project 

Once tbe Mostek plant 
readies full production— which 


might take two to three years — 
there are expected to be jobs 
for up to 2,000 people. 

Two U.S. companies already 
have chip manufacturing plants 
in Scotland — Motorola In East 
Kilbride and General Instru- 
ments in Glenrothes. 


Parsons lands £7.5m 
Irish generator order 


BY JOHN LLOYD 

THE C. A. Parsons division of 
Northern Engineering Indus- 
tries.' has won a £7.5m order to 
supply two 44.5-MW turbine 
generators to toe Electricity 
Supply Board of Ireland. That 
brings toe value of turbine 
generator orders received by 


Parsons this month to about 
£20m. 

The generators will be in- 
stalled at two separate power 
stations, Shannonbridge and 
Lanes borough, which are al- 
ready equipped with Parsons 
plant 


National Theatre 
hopes for 
extra grant 

By Antony Thomcroft 
THE BOARD of the National 
Theatre is hoping for a special 
maintenance grant similar to 
toe upkeep money which 
supports national museums and 
art galleries. If a grant — pos- 
sibly from the Department of 
tbe Environment — is approved, 
money from toe Arts Council 
could be devoted to new pro- 
ductions. 

Lord Rayne, toe Board’s 
chairman, wrote to Mr. Healey, 
toe Chancellor, in October, ask- 
ing for toe theatre’s financial 
future to be nut on a secure 
footing, and toe Board is now 
hoping for '^gopd news in the. 
next few weeks. 

The National’s £1.2in annual 
maintenance costs have to be 
met before any play is staged 
and take an excessive amount 
of toe Arts Council subsidy. 


FOOD AND DRINK products 
should be excluded from any 
legislation to extend manufac- 
turers' liability for defective 
products, Britain's food and 
drink manufacturers say in a 
submission to the Ministry of 
Agriculture. - 

Such a move is being con- 
sidered by the Government in 
toe light of an' EEC draft 
directive. 

The Food and Drink Industries 
Council has told toe Govern- 
ment: “On practical grounds 
and in cost-benefit terms, it 
would be inappropriate to in- 
clude food and drink products 
within any scheme.” 

It says that its case has sup- 
port in Whitehall. The strict 
legal framework under " which 
food manufacturers work, it 
says, “ensures the quality and 
safely of their products.” 


The council says that proring 
the origin of injury or illness 
arising from food products is 
difficult. 

The most common type of in- 
jury arising from consuming 
-food,- it says, is food poisoning. 
However, experience : has shown 
that food poisoning is rarely 
due to a defect in th.e original 
product as it left the manufac- 
turer or importer. 

The council observes that the 
cost of insurance to cover manu- 
facturers against product 
liability claims would lead to 
increased consumer prices. 

However, the National Con- 
sumer Council, a main advocate 
of increased product liability in 
toe UK, has pointed out that the 
extra costs for industry are not 
likely to be as high as is 
claimed. 


VW and Audi prices up 

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


THE PRICE of Volkswagen and 
Audi cars will rise by an average 
of 5 per cent from Monday. The 
increases will take at least a 
month to work through to most 
customers because dealers have 
large stocks of most models. 

Higher manufacturing costs 
and exchange, rate adjustments 
have caused the price rise, 
according to. Volkswagen (GB), 
the importer. 

It says 1978 will be the best 


year for VW-Audi sales in 
Britain since 1973. Sales are 
up by 38 per cent at 71.000 
vehicles, compared with the 21 
per cent advance of the total 
car market over last year. 

- Britain is now the largest 
European export market for VW 
and AudL 

The price increases include: 
VW Polo N going up from 
£2,535 to £2,675; VW Golf N 
from £2,820 to £2,965 and Audi 
100 L5S from £5.492 to £5,790. I 


BY USA WOOD 

TELEVISION - viewers made a 
big Christmas switch from BBC 
television to independent tele- 
vision, says a market research 
survey published yesterday. 

Thames Television, which 
commissioned a London area 
Christmas survey from. AGB 
said: “ ITV had its highesl-ever 
Christmas night audience.’’ 

Preliminary figures show that 
the biggest changeover was dur- 
ing the peak viewing hours of 
Christmas night. 

Thames said: “ Up to four 
times as many families watched 
ITV in preference to the BBC. 
This more than reversed the 
situation at Christmas 1977." ■ 

Programmes 

Morecambe and Wise's first 
Christmas show on commercial 
television spearheaded the 
switch. Thames’ figures show 
toat 41 families out of every 100 
in toe London area watched 
Morecambe and Wise, 11 
families watched BBC pro- 
grammes and the remaining 48 
fa mili es were either not at home 
or not watching television. 

“Many people spent Christ- 
mas Day visiting friends and 
relatives. Pist surveys by 
Thames suggested that 28 per 
cent of families spent Christ- 
mas with relatives and this sur- 
vey estimated a further 17 per 
cent were away from hotfie,” 
Thames said. *’ Therefore, three 
out of every four families at 
home were watching Morecambe 
and Wise.” 

Programme makers at Thames 
were said to be “jubilant” at 
I TV’s claims. All ratings figures 
are preliminary estimates and 
the final AGB/Jictar ratings will 
be published in about 10 days. 

Callaghan will 
visit Barbados 

THE Prime Minister will visit 
Barbados on January 8 after 
meeting other Western leaders 
in Guadeloupe on January 5 
and 6. 

Mr. Callaghan will discuss 
trade and other subjects with 
Mr. Tom Adams, Prime Minister 
of Barbados, before returning to 
London on January 9. 

The Guadeloupe meeting, 
being held at the invitation of 
President Giscard d'EStaing. 
will take the form of personal 
and informal conversations. 
President Carter and Chan- 
cellor Schmidt are also 
attending. 

Stafford pit 
plan protest 

ABOUT 1,000 objections have 
been received by the National 
Coal Board to a proposed £130m 
super pit near Stafford. The 
NCB has now decided to stage 
an exhibition in toe town in an 
attempt to reassure residents. 


-1 ' <• • —M 





Chartered Surveyors 
with the right prop er ties. 


The Mid Kent 
Water Company 

“Satisfactory results for the year” 

reports Mr. A. W. White, the Chairman. 


Investments do best 

^ A»f 070 ? ■ 


■era! 1 , ill 




i! M 1 

■MMi I 


+ 93 . 4 %* 

F& C An^o-Nqjpon 
Exempt Fund 


■*Noi» : annual retaraaUcrwiny 
torro-taveatedscoaafr iconia 


F T Actuaries 




30 Sept 
1977 


30 Sept 
1978 


F&C Angltf-Nippon Except, a Japanese fund 
iarpehrionfemdsj charities and other tax exempt 
entities, topped thelateistHarris Grahamfe 
Partners equity exempt fund performance table 
for the year to 30th September 1978. 

~F& GAngjo-l&ppoii Exempt 
ismanaged byF & C, who 

alsomanage the F & C V 

NarthAmKricanEaempt t h/CBj V 

Fond, Since 1868 F&O/ 

hasspeoalisedin ST, 

ihtematdonfilinvest- - 

rant.F&CmiBage 

fondsin excess of / ^ 


^ CHARTERED SURVEYORS 

A firm of Chartered Surveyors, like SL Quintin, 

• with nearly 150 years experience, can be a good choice 
for advice on the property market 

We have advised many property owners in the UX 
and Europe on such matters as planning, management, 
investment, development and local taxation. 

But, did you know that St Quintin also have many 
commercial and industrial properties for disposal? 

In your search fora Chartered Surveyoryou may 
find that St Quintin has some desirable properties you 
had not envisaged 

Vinby House, Queen Street Place. London EC4R 1ES. Telephone: 01-2564040. Tetex: 8812619. 

Sl Quintin. la Park Place. Leeds, LSI 2RU. Telephone: C15 j2-4601'5. 

Sl Quintin S A, Rue Joseph U.36-3S. KfflBnseUcs. Telephone; 010-322-219-32-38.^ Telex: 61 182. 


SSOOm:^ 



r de vi ManagementLtd.’ Y Y 

1 &2Lanreuca Poimtoley HflULondqn EC4.^Ms 01-6234650 ■ 



The Annual General Meeting of The Mid Kent 
Water Company was held at the Company's 
Offices, High Street, Snodland, Kent on 
Thursday, 28th December, 1978. 

The following is the Chairman's Statement for 
the year ended 30th September, 1978. 

Our estimates of income and expenditure 
made more than a year ago proved to be 
reliable in all aspects, except interest rales on 
reinvestments, which have increased recently, 
and also progress on new construction and 
mainlaying works which have fallen behind 
schedule, due partly to Manufacturers being 
unable to fulfil delivery promises. 

The result is that we show a slightly higher 
surplus than anticipated and a corresponding 
increase in our cany forward from £281,157 
to £409,516. 

Consumption of -water has continued to rise 
despite the ' cool Summer and determined 
efforts to reduce waste.. Figures of unmetered 
water supplied suggest that the downturn in 
consumption in 1976 and 1977 should not be 
‘regarded as significant, as those for the year' 
indicate that the trend is back on course. 
Metered consumption, although not as high as 
in the years 1973 to 1975, has risen but future 
increases could be at a slower rate. 

The development of land for light industry, 
warehousing and housing continues, especially 
in the western half of the Company’s area 
between Maidstone and the Medway Towns. 

Work, has continued on the investigation 
and development of the few remaining 
groundwater sources. The trunk main from 
CiHlham to Ashford was completed in time to 
meet the highest ever Summer demand in this 
Division. Two new service reservoirs have been 
completed and the construction of a new 
Treatment plant at Bewl Badge Reservoir to 
augment existing groundwater sources in the 
WeaJd of Kent is proceeding satisfactorily. 


Application has been made jointly with the 
Southern Water Authority for an Order under 
Section 23 of tbe Water Act, 1945 to authorise, 
amongst other things, the Broad Oak Reservoir 
and ancillary works and also for the necessary 
Abstraction Licences under the Warer 
Resources Act, 3963. As the -result of objec- 
tions received The Secretary of State has 
determined that an Inquiry will be held some- 
time in the New Year into these and planning 
matters. 

The Company regards this scheme as the 
only satisfactory way of meeting deficiencies 
which, on the latest Kent County Council’s 
population projections, are likely to occur in 
East Kent in 1984. 

Such a capital programme involves consider- 
able expenditure and a further issue of 
£3,000,000 8% Redeemable Preference Stock 
19S4 was made on 33th December, J97S which 
realised £3,004,812 and was more than two and 
a half times oversubscribed. 

Operating costs are under constant scrutiny 
and anew Computer, with improved facilities, 
has -been installed. Economies achieved here 
and other savings do not offset general 
increases in costs, especially electricity, and it 
will be necessary to increase domestic water 
charges as from 1st April, 1979. Considerable 
publicity has been given to water charging 
policies for the future and the Company has 
taken a first step by introducing a two part 
tariff for metered consumers, which will 
remove the unfairness which it is felt existed by 
applying minimum charges based on rateable 
values. 

The average number of staff employed 
throughout the year has fallen for the fourth 
year running. The Directors acknowledge the 
interest shown fn improving both productivity 
and standards of service to consumers. 



Financial Times 






Colour I Mild autumn cuts 


television U ge of energy 


' BY MAX WILKINSON 


By Ray Rerman. 
Scottish Correspondent 


SCOTTISH companies are to 
invest at least £575m in 1973. 
leading to a net increase of 
more than 4,000 jobs. 

A survey by the Scottish 
Council for Development and 
Industry shows that confidence 
Is returning to many companies 
and. in particular, that there is 
a renewed willingness to invest 
by U.S. corporations. 

The council wrote to 1.800 
companies employing between 
them about SO per cent of 
Scotland'-s manufacturing work- 
force. Only those who had firm 
commitments to invest in' the 
next year, or who were going 
to increase or shed labour, were 
asked to reply. 

The 705 answers received 
showed that there were definite 
plans by these companies to 
spend £479m on new building 
and equipment. About 8,700 
new jobs would be created, but 
nearly 5,400 existing jobs would 
disappear. 

To these figures the council 
added its own estimates for 
small companies employing 
fewer than 50 people, which 
were not covered by the survey. 
It was assumed that these would 
add about 20 per cent to the 
totals for investment and net 
jobs created. 

The final Retires are likely to 
be an understlmate of the 
amounts to be spent in Scotland 
in the coming year since the 
survey did not cover oil-related 
industry nor those companies 
involved in downstream activi- 
ties directly dependent on oil. 
Additionally, the survey was 
confined, of course, to existing 
companies and new enterprises 
established during 1979 will 
swell the totaJs. 

The construction industry is 
also likely to benefit and the 
council estimates that about 
16,000 jobs could be secured by 
new building work. 

Mr. Peter Balfour, chairman 
of the Scottish Council, said the 

surveys findings gave grounds 

for optimism that unemployment 
would continue to fall. 


Petrocon pays 


in settlement 


By Sue Cameron 

THE UK-BASED Petrocon oil 
services group has reached a 
£290,399 out-of-court settlement 
over an allegation of breach of 
contract brought against it and 
its subsidiary. Offshore Drilling 
Supplies, in the U.S. 

A U.S. petroleum consultant 
and an American supply com- 
pany said that the group had 
failed to honour a contract^ to 
buv case piping worth $2.7m. 
Last October a Texas court 
ordered Petrocon and Offshore 
Drilling Supplies to pay 
$1.1 13m. 

Petrocon, which fought the 
claim, originally intended to 
appeal against the decision and 
seek a new trial. However, Mr. 
Peter Hodgson, chairman of 
Petrocon, has informed share- 
holders that the Board even- 
tually decided against that 

It was felt thta there were 
“ too many uncertainties regard- 
ing the application for a new 
trial and appeal." 


BY SUE CAMERON 


NEARLY 7 per cent more 
colour television sets were 
delivered to UK distributors in 
the first 10 months of this year 
than last year, according to the 
British Radio Equipment Manu- 
facturers’ Association. 

Its figures, out yesterday, 
also show that deliveries of im- 
ported sets increased twice as 
fast as the total. 

The association finds that con- 
sumer sales of all radio and 
television products were 
disappointing during October 
and ’“failed to sustain the 
gradual improvement that had 
been seen in the earlier months 
of the year." 

Although stock fluctuations 
make projections difficult, the 
figures point to a total UK 
colour television _ market of 
1.75m sets in I3TS compared 
with I.frtm Iasi year. 


THE MILD autumn weather 
caused a 0.9 per cent drop in 
UK energy consumption during 
the three months ending in 
October, compared with the 
same period last year, says the 
Department of Energy’s latest 
statistical bulletin, published 
yesterday. 

Petroleum consumption 
between August and October 
was 4.2 per cent higher than at 
the same time last year, but this 
was offset by less use of coal 
and natural gas. 

Coal consumption was down 
by 2.9 per cent, while natural 
1 gas was down by 4.5 per cent 
and nuclear electricity by 39.7 
per cent. 

Yet the total electricity sup- 
plied in the three months was 
1.8 per cent higher than for 
the same months of 1977. 

The total amount of fuel used 
for electricity generation during 
the period was 25m tonnes of 
coal equivalent — marginally 


MPs seek review 


Imports 

In the first 10 months of the 
year, deliveries by UK manu- 
facturers were 79 per cent of 
the total. However, imports, at 
296.000 sets, were 15 per cent 
up on the corresponding period 
last year. 

Deliveries of monochrome 
sets, at lm. were 16 per cent up 
on the total for the first 10 
months of last year. Of that 
total, UK manufacturers’ sets 
accounted for 55 per cent and 
imports remained at about last 
year's level. 

In “ domestic audio- 
incorporating radio.” which in- 
cludes music centres, deliveries 
rose markedly compared with 
Ja>t year. The total for the first 
10 months was 2.84m units, com- 
pared with 2.61m for the whole 
of last year. Of that. 87 per 
cent represented imports. 


of policy on Iran 


BY RICHARD EVANS, LOBBY EDITOR 



TWO Left-wing PMs have 
written to the Prime Minister, 
calling for an immediate review 
of Government policy towards 
Iran. 

Both Mr. CaHaghao and Dr. 
David Owen, Foreign Secretary, 
have been criticised by Labour 
MPs for their continuing sup- 
port for the Shah. 

Mr. Frank Allaun, Labour 
Party chairman and MP for 
Salford East, and Mr. Stan 
Newens, MP for Harlow, argue 
in their letters that the unrest 
in Iren is causing grave concern 
to both the business community 
and the Labour left 

Businessmen now recognised 
that the Shah would probably 
be forced to step down end that 
any new Iranian Government 
would look with considerable 
disfavour on those who had 
given his regime unreserved 
support 


“We should be the last to 
argue that the British Govern- 
tions of commercial expediency 
to determine its policy, but as 
you will be only too well aware 
the argument has been put for- 
ward up till now that the econ- 
omic consequences of speaking 
out against the present Iranian 
government would be cata- 
strophic. 

“It must surely now be recog- 
nised that the economic con- 
sequences of failing to speak out 
may equally be catastrophic and 
in these circumstances other 
considerations should be 
brought to the forefront,” 

Neither Mr. Callaghan nor Dr. 
Owen are expected to make any 
controversial announcement in 
the immediate future on 
Britain’s relations with Iran. 
Minis ters feel it would be wise 
to allow events to develop with- 
out external influence. 


Renewed growth is 
forecast in 1979 


BY MICHAEL BLANDEN 


RENEWED GROWTH of the 
world economy is expected in 
the second half of next year in 
the latest forecasts produced 
by the Economic Models group 
of researchers. 


The strong growth in the first 
half of this year, the group com- 
ments, has not been sustained 
through the second half. While 
the confidence expressed by Fin- 
ance Ministers at the Inter- 
national Monetary Fund talks in 
September was overdone, the 
recent pessimism has been simi- 
larly exaggerated. 

The forecasters say that the 
growth, of world gross national 
product next year will be only 
3.1 per cent, compared with 3.9 
per cent this year. The decline 
is mainly due to slower growth 
in North America. 

Moreover, while the general 


slow-down is expected to con- 
tinue into the middle of next 
year, a strong upturn is 
expected in the second half 
“ with the growth prospects for 
1980 looking very promising." 

Growth of the gross domestic 
product is forecast at 2.8 per 
cent next year after an increase 
of 3.4 per cent this year. 

The group feels, however, 
that the cushion of Norih Sea 
oil has “not yet had all the 
stuffing knocked out of it” and 
that “ there is clearly a danger 
of lost output and employment 
opportunities." . 

Looking at the U.S., the group 
argues that the problem of the 
dollar will continue into the 
medium term. It is expected to 
slide by a further 5.9 per cent 
in 1979 after a drop of 11.2 per 
cent in effective terms during 
1978. 


Coal Board men stay on 


BY JOHN LLOYD 

THREE MEMBERS of the 
National Coal Board— including 
two who had reportedly pro- 
tested over their salaries—have 
been re-appointed to the Board 
for periods ranging from two to 
five years by Mr. Anthony Wedg- 
wood Benn, the. Energy Secre- 
tary. 

Mr. Norman Siddall, the 
board’s deputy chairman since 
1973 and a member since 1971, 
has been reappointed until 
December 31, 1979. 


Both Mr. Siddall and Mr. 
Donald Davies are believed to 
have protested strongly over the 
level of board salaries, which 
often means members are less 
well paid than, senior officials. 


Mr. Davies, the member with 
special responsibility for mar- 
keting and open-cast activities 
.who was first appointed in 1973, 
has been reappointed until Sep- 
tember 30, 1983. Mr. John Mills, 
the member with responsibility 
for mining and production, who 
was first appointed in January, 
1974, has been reappointed until 
December 31, 19S3. 

It is not known if the accept- 
ance of reappointment by Mr. 
Siddall and Mr. Davies means 
that their their dissatisfaction 
over salary levels has been 
allayed by the announcement 
earlier this year that national- 
ised industry board members 
would receive increases phased 
over a three-year period. 


UK NEWS 


Costs of 
fire damage 
at record 
£287.9m 


higher than last year. The use 
of coal and oil for electricity 
generation rose by 2.9 per cent 
and by over 17 per cent respec- 
tively, but the use of natural 
gas was more than halved. 

Refinery output for August to 
October was 10.7 per cent up on 
the comparable period in 1977 
and the output of aviation 
turbine fuel rose by more than 
25 per cent Motor spirit, fuel 
oil and naphtha outputs went 
up by 11.3 per cent, 12.9 per 
cent and 16.6 per cent respec- 
tively. 

During the three months end- 
ing in November this year deep 
mined coal production was 3.1 
per cent higher than in the same 
period of 1977 and opencast out- 
put was 1.5 per cent 

Coal stocks continued to in- 
crease during November, rising 
by nearly lm tonnes to total 
35.5m tonnes at the end of tbe 
month. This is 3.5m tonnes 
higher than a year ago. 


FIRE 
DAMAGE, 
- G.B. 


1976 1977 197 ? 


£5 .6m plan 
to extend 


runway 

By Rhys David 


PLANS BY Manchester 
Airport to extend its runway 
by 800 ft— part of a £21m 
lengthening and strengthening 
scheme— have been put before 
local councils in the area. 

The airport. Britain's busiest 
outside London, is due to go 
ahead next spring with a 
£15.4ra rebuilding of the 
existing runway and is hoping 
the lengthening — to more than 
10.000 ft — which will cost a 
further £5.6m, can start as this 
project nears completion. 

The improvements are 
designed to safeguard the 
Category A international 
gateway designation for 

Manchester - made in the 
Government's recent White 
Paper on airports. They also 
will enable long-haul operators 
to use their aircraft at more 
economic capacity levels as well 
as providing an extra safety 
margin for landings. 

The airport authority, drawn 
from Manchester City Council 
and the Greater Manchester 
county, decided earlier this 
year not to proceed at this stage 
with an alternative scheme 
which would have involved the 
building of a second runway. 

However, the improvements 
now proposed are expected to 
cope with traffic growth up to 
1990, when the number of 
passengers handled is estimated 
to Teach 6m compared with the 
present 2.75m. 

Strengthening of the runway 
is due to start in March and 
will involve night closure of 
the airport until October and 
again between March and 
August in 1980 when the work 
is expected to be completed. 


Why administrators live longer 


BY PAUL TAYLOR 


WHITEHALL OFFICIALS live 
longer than messengers and 
civil servants are healthier, if 

they take up sport, stop smoking 
and use stairs instead of lifts, 
according to medical reports 
published this week. 

The reports, based on three 
medical studies of Whitehall 
civil servants, appear in the 
current issue of the Journal of 
Epidemiology and Community 
Health. 

The first, called Employment. 
Grade and Coronary Heart 
Disease in British Civil Ser- 
vants, shows that Civil Service 
messengers are four times more 
likely tu die from coronary heart 
disease than department admini- 
strators. 

The study. Involving 17,500 
men over more than seven years, 
found that the risk of coronary 
heart disease was lowest in ad- 
ministrators and increased 
gradually over the next five 
grades studied. 

During tbe study. 1,088 of the 
sample group died. 462 from 
coronary heart disease. Mes- 
sengers stood the highest risk 


and tended to have higher 
blood pressures, blood sugar and 
cholesterol levels. 


Twice as many messengers 
smoked cigarettes as did admini- 
strators and messengers were 
less likely to undertake “active” 
leisure-time pursuits. Profes- 
sional and executive grades were 
found to run twice the coronary 
heart disease risk of administra- 
tors, and clerical workers three 
times the risk. 


cent of those who took no 
vigorous exercise. 

Vigorous exercise includes 
sports, such as swimming 
tc-nnis or hill climbing, keep-fit 
exercises, climbing more than 
450 stairs a day. and heavy work 
such as digging tree felling, 
sawing or concreting. 


The study suggests that those 
differences cannot be accounted 
for by the recorded differences 
in such matters as smoking 
habits, blood pressure and 
height and calls for further 
research to determine whether 
other factors, such as diet and 
social life might explain the 
results. 


A second study, on relation- 
ship between leisure-time 
exercise and the death rate of 
nearly 18.000 executive officers 
showed that only 1 per cent 
of a sample who undertook 
vigorous exercise died of heart 
disease, compared with 4.3 per 


The third study attempted to 
examine the success of a cam- 
paign to persuade civil servants 
to give up smoking. Tbe cam- 
paign involved interviews with 
a doctor who explained the 
hazards of smoking, but 
although the results were 
successful— -more than half 
those involved gave up smoking 
after a year — the report says 
That many smokers not involved 
in the campaign also gave up. 

Further studies with larger 
sample groups are needed 
before the true effectiveness of 
the anti-smoking campaign can 
be judged, the report says. 
About 600,000 men and women 
die every year in England and 
Wales, 160,000 because of 
coronary heart disease. 


- ■ ' _ .-I 


ENERGY REVIEW: COAL 




Facing up to 


-•r.-J? .-. li- 


P 

‘0 


By Eric Short . 

FIRE DAMAGE costs in Britain 
this year are already at a record 
£2S7.9m with figures for 
December still to come. 

Yesterday's announcement by 
the British Insurance Associa- 
tion that fire damage costs for 
November totalled £32 -2 m 
brought total damage figures for 
the 11 months of this year to 
the record figure, compared with 
£261.7m for the whole of 1977 — 
itself a record annual figure. 


'• ' • 



0 




The figures for last year were 
seriously increased by the fire- 
men's strike, which sent costs 
for the last two months soaring 
to record levels. This year, only 
January's figures were affected 
by tbe strike. November's costs, 
although £6.6m lower on the 
month, exceeded £30m for the 
third successive month. Over 
these three months, damage 
figures have been nearly double 
the average for a normal year. 

The most significant feature 
of this year's fire damage costs 
has been a marked increase in 
the number of really big fires, 
where damage has amounted to 
at least £lm in each case. 

There were a further three 
such fires in November bring- 
ing the number so far this year 
to 36. This number is well up 
on last year. November's major 
fires occurred at an oil complex 
at Hull, a needle makers at 
Walsall and a printers in 
Preston. 

Last month, there were also 
a further 16 fires where damage 
in each case was estimated to 
be at least £250,000, and 
another 78 which cost at least 
£35.000 each. 


MECHANISATION OF coal- 
mines during the 1950s and 
1960s took different courses in 
different countries. The Ger- 
man coal industry went for the 
plough. In the UB. they deve- 
loped the continuous miner. 
Britain pursued the Anderton 
shearer loader, first demon- 
strated successfully in north 
west England in 1952. 

A quarter century of con- 
tinuous development of the 
Anderton shearer loader has 
brought this machine to tbe 
point where not only are Bri- 
, tain's. new min es such as Selby 
l and Belvoir being planned 
| around the latest versions, but 
I major markets have begun to 
I open overseas. The U.S- South 
! Africa, Australia. Romania, and 
most recently China, are all 
prospective markets for the 
most highly powered versions. 
They will exert some 400 hp 
through their rotating nicks to 
chew their way along tbe coal- 
face. 

The National Coal Board in 
Britain owns about 3,000 Ander- 
ton shearer loaders— costing up 
to £200,000 per machine. About 
1.250 are in use at any one 
rime, on 850 coalfaces — up to 
three simultaneously on some of 
the most productive faces. The 
rest are in process of being 
moved to a fresh face or. more 
probably, being repaired or 
renovated. As Mr. Peter Tregel- 
les. the mining engineer in 
charge of the NCB's Minin g 
Research and Development 
Establishment at Bretby, near 
Burton-on-Trent, puts it the 
key short-term problem is to 
find means of improving the 
running time of the coal win- 
ning machines. The - reliability 
of a machine, which is still 
being stretched to ever higher 
performance, is central to tins 
problem. 

Bretby has set itself some 
tough targets. In the early 
1960s the life between overhauls 
for the Anderton shearer loader 
was 100,000 metres of coal-, 
cutting. Some 50 per cent of 
the NCB's purchases achieved 
this performance without a 
single failure requiring the 
machine to be brought up from 
the coalface to the workshop 
for repair. A major overhaul 
costs about half the price of a 
new machine, but even this is 
small compared with the cost 
of interrupted production if the 
overhaul is unscheduled. 

Unremitting attention to re- 
liability has improved the 
figures three fold: 300,000 
metres between overhauls, with 
50 per cent of machines achiev- 
ing that distance. Moreover, the 
best today go on to reach 
500.000 metres. But it still 
means that six or seven 
machines must be set up during 
the lifetime of a coalface. 

Ideally, a machine would cut 
a complete face 200 metres in 
length — some 2m metres all told 
—between overhauls. Given 
round-the-clock cutting, this 
would take the machine about 
15 months. “ A little bit of a 
pipe dream,” confesses Mr. 
Geoffrey Knight who is in 
charge of rotary testing at 
Bretby. Yet in the best circum- 




mm 




m 






iji 


' ’ * speed -with which ;co^:is 

cleaved. 

.The-upstot says Mr. Tregefies;. 
is a- rather remarkable machine 
equivaleoric powerbfa 
London .'hut at the endrofuioi- 
ann, mounted on -.'tux' unstable 
base.” The'NCB wiD put a-dozeu 
of,theiate^t-30dkW machines, oa 
tt.cpaifacps^diiriiig the coming 
yeari fn^matfbririal organised 
by. Bretby; tBreihy ltseif_ spends 
a -quarter of - Its budget, or 
£3 Uhl to £4ni. ayear.'bnyihg. new 
equipment for. demonstration: in 
fifinea) If the demonstration is 
! -successful r tiie SOOkW machine- 
wfll- be 'iisei to equip Selby, 
tSe. sBw.-l&a tbnfr - a - year pit 
beingTsiink fa Yorkshire/ It . is 
a’ supbrb; tychnplogyr'Mr. ■■ Tre- 
geUes'SayS’ironfideutly: 1 onte : that 
Will? certainly carry the 'Goal 
Board ‘ -through ..to "the end' 1 of 
the century . • 

^ -But Bretby's job is far from 
finished. - Far ■ example, -it wants 
to. gfvp -TTM Tiers more 'warning of 
any-fleierloration in . tire,' per- 
formance of this machine. . Can 
. it obtain advance : warning _ of 
Mr. Peter TregeUes — tbe key - problem is improving the . Impending machine;. failure. and 
running time of the coal winning machines. J/.-. ... . perhaps avoid : thq necessity for 

• - an unscheduled, replacement of 

stances he believes the NCB Recently, the NCB’s opera- the marine ? Vibration patterns 
could closely approach it even tional research team in London 1 from . bearings. I aie V showing' 
with today's technology. lias been making statisticalBUr-.* promise _as .i»i^catqrs of the 

Reliability has been a major- veys of the causes of holdups at jieaJfih and weUbeahg. of inining 
objective for -two decades at Hie coalface. These provide machinery. ■ They already 
Bretby, but never more than Bretby’s data bank, he!ping .to .' proved- ^uccessfid in the case 
today, when it is absorbing one- identify the areas to which it' r of > mine, y^jtilation- sfans, a 
fifth of a total annual research .should give priority; to helping critical. item. A -flte-4n--such a 
budget of £15m. The £3m is-to improve the products -of; •Jtsv fan .could easily cause- the’deatb 
aimed chiefly at the new equip- ‘.suppliers. The data * is also of evetyone 3 re the mine.. The 
ment worth £150m a year which valuable for assessing changes ; law' requires, -.the 1 industry to 
the NCB is buying for its 1“ performance as -a ew equip- check.theie fans eyery half-bour. 
national plant pool; that is, on ment, procedures and practices B ret hy^s/s:' researchers ", have 
equipment related’to the pro- are introduced. • identtfiedva- hand of-vibration 

duction and conveyance of coal.’ ' 0ne recect example of the frequencies?; which is - always 
(The NCB’s total capital budget - worrying initial performance^, perturbed -ity - any ^incipient 
was £535nO On the produe- ^ -a -product on Bretby's /'machine : bearing failtif 6 rh’the'Cahi^ About 
tion side it Involves wn rfcing -breakers" is that of a new .409- mine ventflatiog systems 
with a dozen British companies,- eralion of hydraulic pumps, through out! Britain are :«to4ir*y 
some of which are offshoots of operating at up to 3,000 pounds au^atil^y^cmitored fOT «ny 
U.S. organisations. With all tbe -’P« r square inch, which is twice perturbations^ In ' vibration 
peripheral equipment, however tbe standard pressure. All prigmating in their- anti-friction 
the number is over goo -models submitted for testing, bearings orlan Impellers. . 
companies. ..'-failed on first showing-— and A; - _ • • ‘ > : ? ’.- V t : "V; / y :7- Y ' 

again when tested a second time. . VitiraimTl : • v ‘ 

• Another example ibMri; Knight’s , II . 

T PStin? - .experience in testing, electric ; rdr . r thb past ‘ two years 

motors. Of 30 supplied for one . researchers at Bretby have- been 
“Across the whole spectrum,. ser ^ es of -tests, 24- failed to meet trying "to; extend ' the -^same 
failure on first showing is *b e specifications to which thoii '^healtb. care ” ’ principles to 
alarmingly, high,” says Me." manufacturers claimed to have more intricate •• items ’ • of 
Knight “ First showing ” is the - designed them, machinery surti as biff gear- 

phrase used when Bretby is test- In “ e 0856 of the Anderton -boxes. - Bdsie Idea of the'eom- 
ing a prototype machine irest shearer loader, manufacturers plexity Vot vibration patterns 
from the maker — which will have suffered an additional com- frqm'_’siich machines Cab ' be 
already have done its own de- plication for this very high duty gauged from .the fact that they 
velopment testing. Design ere, machine, has been constantly haVe measured about 400 modes 
Mr. Knight says, are often sun- stretched : In performance. " As of 'rtbration ih W typical SOkW 
prised by the poor performance Mr. Knight puts it, .“ reliability gearbox. • The «fti'estiof£now is ' 
of their products at Bretby. has been consciously mortgaged whether they dan; isolate modes 
“They have made sincere efforts” to get . other, . ; advantages that ace specifically perturbed 
—but their testing facilities will from the machine.’' .For. ex, ^ , ^pending- in .a 

inevitably be more limited than ample, tbe. origtnal^ ^fixed-head particular part of the machine, 
those of Bretby. Often their machine h as g iven way,/ to poe The full y?dae ; of sophisticated 
experience will be confined to with -the cutting head at ^the. -mamtarmf^nF this ltind will.be 
testing only their own company’s end of a flexible arm. Power realised when British, mines are 
products. The main reason to this am has been; increasing- making "extensive use of com- 
why the NCB has invested steadily from 75 , kilowatts to putenc control and monitoring, 
heavily in its own reliability 150kW and now. id the .latest as- is planned' by the- NCB. 
facilities is that, historically, versions on trial. In ..Britain; - Mfrids/ the Mine Operating 
testing of new equipment was SOOkW; And industry is working System evolved during - the 
done down the mine — which on^ designs for 750kW machines. 1970s at Bretby. is : a system of 
made miners extremely cautious At the same time there hasbeen ^computer control which from its 
of accepting any innovation, considerable pressure to restrict "initial .'.[jHdcemeal demonstra- 
Even when a colliery manager the size of .the machine; in tibns is already considered a 
was persuaded to try something order to give it maximum flexi- winner. Hie enthusiasts rfaim 
new, there were serious difficul- bility in the thinnest possible that it.. will. repeat the. dramatic ' 
ties in evaluating new equip- coal seams. Moreover, the quest : leap forward in mine prodne- 
ment accurately and fairly for a better mining environ-, tirity^obtaihed- in the IMOs by 
under conditions prevailing at meat has obliged designers to \tbe' introduction 'of. the' Ander- 
the coalface. reduce, dust— by cutting .the ton shearer loader inachine. 




[omi 

inch 




the num 
companies. 


Testing 




c- - 
>_ . - 


the coalface. 


Urban councils ‘are failing to use aid’ 


hinij] 


BY PAUL TAYLOR 


TOWN AND city councils in 
England have failed to use the 
Government’s urban aid pro- 
gramme and its funds to give 
sufficient support to local com- 
munity initiative, the National 
Council of Social Service says 
In a report published today. 

Tbe council, which promotes 
and supports voluntary social 
work and is partly funded by 


the Government, particularly 
criticises local authorities' 
handling of the programme and 
of project bids. 

Tbe report says that local 
authorities often fail to keep 
voluntary organisations aware 
of their Intentions, to involve 
them in planning new projects, 
to stimulate volunteers’ involve- 
ment; and that councils are 


unhelpful over' : programme 
procedure. 

.It suggests means • of - 
improving the system . and 
increasing voluntary organisa- 
tions* involvement rn-^more 
systematic plans for .tacldltig 
urban, deprivation. . . .. _ 
Voluntary- organisation^ . It 
says, have made a large contri- 
bution to relieving urban depri- 


vation However, . -• it 1 :■ adds, 
concern •exists about how effec- 
tive the programme has been In 
Involving and promoting .com- 
munity initiatives^. -' 

. The .Traditional- Urban' Prp- 
ffraJTMH?;' Xkvolving ~the ■ VoUmi- 
; tary Sec for (Notional Council 
of Social Service, 26 Bedford 
Square, London WClB 3ff V). 


dpi 




$65,000,000 




/* -■ . 

of: 


Beecham Inc. 


Guaranteed Notes Due August 1, 1999 


This financing has been arranged privately. 


■■ •><*- i 




Goldman, Sachs & Co. Hill Samuel Securities Corporatidf ; 






December 21, 1978 


: r ff f f 

" -• vr; f . •- 


5-* 


' 6 *^ 










. 'The : - 'press nrom workers, 
members of the.National Society 
of: Operative Pririters, Graphical 
and Media Personnel, had re 


•r- — • -V . 

BY ALAN PHGE, LA&O UR CORRESP 6 NDE NT 

theDady- Slough and Hounslow, failed to 
f -. ExprKS yesterday to stop appear. The London oditibn of 
;i iMaridng- «£yr irean^-the JPresjS 'the liitefhational Herald Tribune 

.'and Other publications produced 
>i .agency. r _.Uigh ■ Court - . bythe company under -contract 
; - f. - action iag&i n$t their.' union. .,- win also be pur 'at risk ..by _ 
-•;* ••$:', : ;The : SiMfonaq;... Uniofi, i *>f ’ long dispute. ' 1 " s " 

v. bers=oji:Kleet JS&eetnewgj^ers 
£:*..■ . to stop; todlu2g;M Bi&te^a3 at' 

v** the -start^a- im6ht4i :fl*o of the. ^—.,7 r - r- - ..- . . 

!•' ---si ■ •' 'provincial : ''iounia'S^te r ''- strike,- fused .- to. handle neW5P nQ t 
The -High,jCo^ jb^i ; 'tbar Gkl ' • delivered to th e ' works; py 
union's ..^ iD^nw^ida-'- ’iSas -. -not ■ : non-union lorry driver. 
covered ' by tbesynrpiathy action • The NUJ yesterday seat an 

• piwidons of the Trade Union OP™ letter to; -all.. Wff?™ 

• v anff Ij^bour Selaticxa Act and newspaper managements-: .with 

' whom they are in ; disputed urg 
.ing them to; resume negotiations 
through their national' body, the 
Newspaper-Society. " . v/- 

Members, of pie nenTUC 
Institute of. Journalists.'; have 
received ah . improved '. iff er. 
-worth about 11 per cent,;frr#i 

the society, 'which win "b^con 
sidered by institute leaders to- 
day. The society says; however, 
that it will not negotiate "Wfh 
the NUJ until the strike 
called off. . *** 



- T- "S'-C 




"tflhe union: lost an appeal against 
' the decision last week. - - - 

iTradeTUiionists ore concerned 
-Siat the decision might have 
wide implications for sympathy 
action in other areas of indus- 
try. ••• / - - %--• V-v. • 

King : and .Hutchings, -the 
printing wbrks at Uxbridge, dis- 
missed, iff press Toom workers 
yesterday, for acting in support 
of .the provincial Journalists. 
Asa reside the Evening Mail, 


is 






ore to win 
pay rises 


«Y PAUUN£ CLARK, LABOUR STAFF 


• a BIGTncrease this year in the 

' • . ; i " -Central Arbirtation Committee’s 

J • -V! workload ' 'has. pointed to _a 
-j : mounting use of comparability 
: "• «>’ ^ -.-exercises by groups of work ers 
"• • - " -. seeding -to sidestep ' pay policy 
- restriction?. ; • • • 

. 4 X."'"' The - number of awards', made 

• Hr x ’1 by, the committee in the first 11 • 
‘ *' ;• ."months of ,1978,2- at 776, is 

already more than double the 
\..V- .>. bomber in. the :fnU year 1977, 

’ when fhe wards -totalled 306. 

. In ‘addition*-:, between _i00 and 

- : uV' ; . ; ;150..;hea^4dgs. Temain off the 

• : .- •' December ifst'for ‘.consideration 

. . - from thismiratii otnrards. . 

. 'i The . figure i§ Also . about 11 
‘ -times . .' greater than ' that 
. . y:.\ recorded »&bnt;‘Efebraary 1976 

7 - y . —when thh eobimittee was first • 

‘ - 'f.-r-.-set .up^adraXtfie end of .that 

"_ : .-...yearrV -i-' V : . •' 

7 UndoUbtedly,.; the committee’s 
Iniffeased'. ’.-work can :• -be 
• ~ . 7r attribiitedrtolhe impact of sne- 

’> - Xrassive ( Government. . incomes 
v;.XiP 0 Ucics in. particular since pay 
■-'“jV ^restrictiQttS were • relaxed with 
" -v^l'j&i'intrd.diirtiott of the .Phase 

- ■ i/^^'-.-.-rTbins-lfiper cent pay ceilihg 

_ X . v ;, j.-The permitted use nf ' self- 
. . nrfv‘ J - financing productivity deals led 
- - many- groups of workers who 

. j v^i/. were unable, to. exploit this new 
. T: ,provision' tb try to maintain 
.r.;.V';fibeir learnings in other ways. 

• X The CAC apparently has also 
. _s';^ become an. important instrument 
for" achieving pay increases . 

• X ahove “the Government guide- - 

- • - .".^VTfnes Jor tfrorkers in individual 

•L'k" r companies- or organisations 


where the nature ' of the 
industry probably would have 
led to greater rises- through 
negotiated productivity . deals. 

The committee was set up as 
an independent body under, the 
2975 Employment Protection 
Act to take over the functions 
of the former industrial 
Arbitration Board as weR as to 
hear complaints on trade froion 
recognition and other issues. 

For the most part, -^-CAC 
awards have been made;- with 
minimum publicity, if t-only 
because increases awarded 
under Schedule H of-.-the 
Employment Protection Act or 
the 1946 Fair Wages Resolution 
can be- made outside Govern- 
ment pay policy. XV 

In some cases, the CAC has 
been -able te prevent serious 
industrial conflict 
1 For example, ite eleventh- 
bour 12± per cetft award to 
technicians of the Association 
of Broadcasting Staff prevented 
a BBC Television- blackout over 
Christmas, .• 

According to the association, 
the Government actually re 
quested union discussions with 
the BBC under Central Arbitra- 
tion Committee auspices be- 
cause of the build-up of mili- 
tancy over pay. 

The ,CAC has also been use- 
ful to both Government and 
workers- in the past, in particu- 
lar in the case of shipbuilders’ 
pay. 



may 


union aims 


BY OUR LABOUR CORRESPONDENT 


" PLANS. TO. restructure englu- 
eering apprratice training could 
assist moves t® create a angle 
X; union in/ the .industry, Mr. • 
• r ’ George Guy. general secretary 
of the Sheet Metal Workers’ 
Union, said yesterday. 

Proposals for a new appr oach 
•* to training in the industry 
“• ..were being made against a 
V background of a shortage "of- 
. skilled teraftsmen, , too few 
- apprentices in training, difficul- 
f "• ties '.' faring ; adult entrants to 
!r skilled, -occupations ’.and the 
* -likely - effect of . technological, 
-• changes. : • 

• Qne of. the plaiis was for 
* : greater job flexibility and the 
-- • development . of. .the 1 ^‘multi- 
skilled craftsman.” But this 
depended, ubon- unions - being 
prepared to: let other skilled 
employees’ . do what they con-- 
sidered to > be their work; 

This could: be : solved only 
- - if the Confederation. . of Ship- . 

; . T wiilding _ and- - ; EngSneenng r 
: Unions or. : 'faiiixvg that, the 
v industry*s_ major ; unicn — the 

• Amaigamated- “ Union •' of' 

• Engineering Workers — gave: 
.; sufficient .impetus, tp get . the 

scheme off the -ground. 


“Such a change would lead 
towards one union for engineers, 
and that may be on the cards 
eventually in any case,’’ says 
Mr. Guy, writing in his. union 
journal. 

The - Engineering Industry 
Training B*!ard is proposing 
changes under which apprentice- 
ship tr ainin g would be related- 
to standards ..of attainment 
rather than specific periods of 
time. 

Mr. -Guy also calls for a more 
tolerant attitude towards the. 
employment of adults who ns 
train for new skills owing to 
technological change during 
their working lives. 

“Adult trainees are not some 
kind of foreign invader qf 
skilled preserves. They are 
members of the working class 
requiring . employment, many of 
them with their own skills the 
demand for which has disap- 
peared. ’ ' „ 

' “Caii we face this dramatic 
change? Is there any real 
alternative? If we hang on to 
'tlte old' ways, wDl we by default 
no less than we can and ought 
'to do for the skilled workers of 
the future?” . 


Nurses’ natiGnal protest 
called for January 18 


- jfr-o&jftVUWUMS; STAFF 

TEE ROYAL-Co&ege of Nursing 
Is to can a national; protest 
meeting -Of .nurses on January 
18 following a refusal by th* 
prime Minister to meet, nurses 
trade tafioh representatives oa 
their claim for “ special case ' 

. lay treatment, . - , 

Other* contingency plans for 
national aqtiou axe being drawn, 
up by -the college hi support of 
a demand for- payment in .lieu 
: 'of productivity nr the" face of 
oroded : -diff erentialS --between- 
■ nurses : and -other hospital 
workers. - . r 


-Health service- workers- 
belonging to COHSE to begm 
industrial, action m Ipswich 
from Monday. . c " 
The 350 workers at bt 
Clement’s psychiatric .hospital 
decided to go ahead with their 
action before the threatened 
national -dispute, due to begin 
later in January. The workers 
bad already rejected the 5 P * T 
' cent national offer, but their 
decision will not be supported 
by workers at other hospitals in 
-the 2.000rStrong' Ipswich ana 
East Suffolk branch of the 
union. ■ 


NOTICE OF REDEMPTION 
To Holders of 

International Standard Electric Corporation 

Fund Debentures, Due 1986 



NOTICE IS HEREBY GIVEN, that pursuant to Section 3.02 of the Indenture dated as of February 1, 1971 between 
International Standard Electric Corporation and Bunk of America National Trust and Savings Association, Trustee, (the 
“Indenture"), S4.500.000 principal amount of International Standard Electric Corporation 8%% Sinking Fund Deben- 
tures due 1986 (the “Debentures") have been called for redemption on February 1, 1979 (lhe "Redemption Date”) 
through the operation 1 of the Sinking Fund at 100 ft of the principal amount thereof, together with interest thereon at the 
rate of 8 ! /i 7a per annum to the Redemption Date. Pursuant to section 3.03 of the Indenture, the Trustee has selected for 
redemption on February 1, 1979 the following Debentures, to wit: 


2 CO. 

3280 

IBS* 

231* 

33U 

*045 

$1,000 COUPON DEBENTURES, EACH BEARING THE PREFIX LETTER “M” 

£958 557* 6015 69K 7476 9096 8557 3783 9157 10729 12086 13859 

35709 

17308 

39494 

20546 

20967 23738 

22=54 

4 «U 


3893 

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= 2(62 

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7142 

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11110 

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212(6 



On February 1, 1979 the Debentures designated above will become due and payable and are required to be presented and 
surrendered for redemption, and payment on or after said date at any of the following places of payment: 


CUIBAWCM-A. 

Ill WaH Street 
Hew York, HLY. U.S.A. 


CmlHo JtaEano 
Milan, Italy 

BaniBedsBnDCdteS.Ha 


Amsterdam, Nathwteads 


Baaqso Generate da Lnxembenrg 

S.A., Luxembourg 

Deufei&eBankAklieagesBlIscItaft 

Franldurt/Main 

Federal Republic of Germany 


Bank of America National Trust 
and Savings Association, 
London, England 

Banque Rationale de Paris S. A. 
Paris, France 


.Dated December 29, 1978 


The Debentures must be accompanied by all interest coupons appertaining thereto maturing after February 1, 3979. 

Interest on the Debentures so called for redemption shall cease to accrue from and after February 1, 1979, and the 
interest coupons appertaining thereto jnaluring after said date shall be void. 

International Standard Electric Corporation 
by Bank of America National T rust and Savings Association, T rustee 



l- 






BOND DRAWINGS 


if the scope of your present position seems too narrow, if your 
progress is restricted by circumstances which have, nothing to do 
with your capacity or performance, then you should write to us. 
We are one of the largest firms of United States management 
consultants, active throughout the world, and in the European area 
we are at the moment looking for junior consultants and 


wjmmm 



Your career with us depends entirely on your abilities. There is no selling activity. 
Nor is there any routine work, as our assignments include production, distribution 
sales, marketing, and training, for our clients are major companies active in many 
different fields. As our projects are Europe wide, you must be prepared to travel 
every week. Those who are graduates in economics, business management, 
sociology, psychology, etc., have the best opportunities with us. But even if you 
arc not a graduate you are not excluded if you can demonstrate solid experience 
in working with people. Fluent French or German is necessary. The most 
successful candidates may expect high salaries once the training period is over. 


Write immediately, preferably giving your telephone number, as preliminary 
interviews wifi take place in the next few weeks. 


LETTERS TO BOX NUMBER M 78 FT 62 
C/o INSIGHT PUBLICATIONS SA, BD DE LA CAM B RE 42 
BTE 13, 1050 BRUSSELS, BELGIUM. 


LEGAL NOTICES 


IN THE HIGH COURT AT CALCUTTA 
Original Jurisdiction 
Company Application No. 345 of 1978 


In the matter of the Companies Act 


' No. 003966 of 1978 
In the HIGH COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Matter ol EXPERTGRADE LIMITED 
and in the Metier of THE COMPANIES 
ACT. 1948. 

NOTICE IS HEREBY GIVEN, that a 
Pei man for the Winding up ol the 


BOND DRAWING 


*1956 and in tho mailer of THE CAL- above-named Company by the High 
CUTTA ELECTRIC SUPPLY CORPORA- Court of Justice was on the 11th day 


ro^PDPfiTION 'INDIA) LIMITED. : "V : .*■ — 

1. The Calcutta Electric Supply Corpora- whose registered office is Situate at 

ttan Limited, and _ _ Abacus House. Gutter Lane. London. 

2. The Calcutta Electric Supply Corpora- e.C. 2. end that the said Petition is 


«. w , __ ... Court ol Justice was on the 11th day 

TIOJN limited and in the "supply ° r December 137B. presented to the 
THE CALCUTTA ._.ELECTRIC__SUPPLY ) Bai(j pHQNODISC LIMITED 


Iron Limited, and 

2. The Calcutta Electric Supply Corpora- 
tion < India) Limited. Applicants 
Notice Convening Meetings ol Prcforence 


directed to be heard before tha Court 


and Ordinary Stockholders or the Calcutta sitting at the Royal Courts Of Justice. 
Electric SuppIv Corporation Limited Strand. London. WC2A 2LL, on the 
■£ p u»nv ia <>iu > su 22 nd day of January 1979. and any 

! #S?d£d™» C *TSf Bmf creditor or contributory of thB said 


her. 1976, the Honourable High Court I Company desirous to support or oppose 


at Calcutta has directed separate meet- the making of an Order on the said 


.lugs to fcnt held of til the holders of Petition may appear at the time of 

6 per cent Cumulative Preference Stock L.ivsrJ. 

of The Calcutta Electric Supply Corpora- hearing. in person or by his counsel. 


tion Limited, (ill the holders of Ordinary for that purpose; and a copy of (he 
Stock of The Calcutta Electric Supply Petition will be furnished by the undar- 

S?SS™ ti0 ‘ , Ord'iM^ ed sKT bfel.fij “ ""y or contributory 


owned by The CaJeutta llectriC Supply of tha said Company requiring such 
Corporation (India) Limited! and dli) copy on payment of tha tegulated 


the holders of 7X, per cent Debenture | charge for The same. 


Stock, i960 of The Calcutta Electric 
Supply Corporation Limited and tlvi the 
holders of Equity Shares Of The Calcutta 
Electric Supply Corporation (India) Limited 
for the purpose of considering, and If 
thought fit. approving, with or without 
modification, the Scheme ol Arrangement 


POLLARDS. 

55-59. (Mord Street. 

London. W1R 1RD. 

Solicitors for the Petitioner. 

NOTE — Any person who inlands to 


and amalgamation croooscd to be made Appear on the hearing of the said 

between The Calcutta Electric SuppIv Cor- Petition must serve on. or send by 

poration Limited and The. Calcutta Electric post to. the above-named notice >n 

Supclv Corporation rlndia) Limited. writinn of hi* inrnntinn tn in j. tu 

In ourvuance of the Mid Order and as ?? 0n *° ,0 J do JJ Tho 

directed therein, further notice is hereby notice must State the name and address 

gl«wii rft3‘ s senanre meetinq of the o> the person, or. if a firm the name 


holders of the 6 per cent Cumulative and address of the firm and must be 


Preference Stock ol The Calcutta Elec- einnad hv rh* ntnnn r.,m ... » . 
trie Supply Corporation Limited wifi be ,. tn " P # /® on or his 

held at •• Victoria House." Chowrlngheu Of their solicitor (rf any) and must be 


Square. Calcutta-700 001. on Wednesday served, or, if posted, must be sent by 
the 24th dav ol January. 1979 at 11 a.m. post in sufficient time u nwrh ih„ 


the 74th dav of January. 1979 at 11 a.m. post in sufficient time to reach the 

at which time and place the Mid holders ,hnv,.n,m«l nnr lata, ihi, , 

of 6 oer cent Cumulative Preference Stock ?.°lr. na 2 0d not 'ater than four o doc) 


of The Calcutta Electric Supply Carnora- 
Hwi Llm'tf? are requested ta attend. 

In pursuance of the said Order and 
as directed therein, further notice Is 
hereby given that a separate meeting or 
the holders cl the Ordinary Stock of 
The Calcutta Electric Supply Corporation 
Limited (other than tho £7 nominal 
Ordinary Stack beneficially owned by The 
Calcutta Electric Supply Corporation 
r India) Limited) will he held at •• Victoria 
House." cfiowrlrghee Square. Calcutta- 
700 0C1. on Wednesday the 24th day 
.of January, 1979 it 11.30 a.m. (or so 
soon thereafter as the preceding meeting 


in the afternoon of the 19th day oi 

January 1879. 


soon thereafter as the preceding meeting 
shall have been concluded or adjourned) 
at which time and place the tald holders 


at which time and place the tald holders 
or Ordinary Slock of The Calcutta Electric 
Supply Corporation Limited (other than 


Supply Corporation Limited (other than 
the £7 nominal Ordinary Stock bene- 
ficially owned try The Calcutta Electric 
SuppIv Corporation (India) Limited) are 
requested to attend. 


in the HIGH COURT OF JUSTICE 
Chancery Division Companies Court. In 
the Matters of: 

No. 004028 of 1978 

CAMARLA INVESTMENT CO. UM1TEO 
No. 004030 or 1978 
NEERA LIMITED 
No. 004032 of 1978 
POOLSHIRE LIMITED 
No. 004033 of 1978 
MARINE PLUS LIMITED 
and fn the Matter of The Companies 
Act. 1943. 

NOTICE IS HEREBY GIVEN that 
Petitions for the winding up of the 
above-named Companies by the High 
Court of Justice were an the T8th day 


reacted la attend. uy me nigo 

Copies of the said Scheme of Arrange- Court or Justice were on the T8lh day 
mem and Amalgamation, and of the ol December 1978. presented to the 
to? tad Wo? « id I^.fJ^'SSIONERS 


charge at the Registered Office of Tha 
Calcurti Electric Supply Corporation 
Limited at Victoria House." Vernon 


OF INLAND REVENUE, of Somerset 
House. Strand, London WC2R 1LB, and 
that the aaid Petitions are directed to 


Place. London WOH 4DH. or at Its Head ha heard bwlnm the Court ulMino 
Office at " Victoria House." Chowringhee , K „ r ™ , i.7„.: 2* 


Square. Calcutta-700 001 or at the office 
oi its Solicitors. Messrs. Linklatm 6 
Paines. ■’ Barrington House." 59-67 
Gresham Street. London ECZV ?ja. or 
at ihe office of Its Solicitors and 
Advocates. Messrs. Orr. Dignam A Co.. 


(he Royal Courts of Justice, Strand. 
London WC2A 211. on the 29th day 
of January 1979. and any creditor or 
contributory of any of the said Com- 
panies desirous to support or oppose 


at 29 Neuii Subhas Road. Calcutta- the making of an Order on any of 


7 °Pr£2is entitled to attend and vote >r ,h * S *‘. d P 0 * 1 ?' 00 *. appear at the 

the Sale rn^in^ rel^ to atave % b * hl8 

may attend and vote in oerson or by Counsel, for that purpose and a copy 


proxy, provided that all proxies In the of the Petition will be furnished to 
p^eserjbed fa nr, are deposited not later any creditor or contributory of any bl 
than f orta -eight hours bq'ore the respec- fVmrunlo. 

jive meetings at the places mentioned {"« “•' a '“ q “ " ,Ll h . e T®J5! a 

below: — by the undersigned on payment si the 

Ca) fn the case of holders of Preference regulated charge for the aame. 


and Ordinary Stock whose holdings 
are registered on (he Calcutta Register 
Of The Calcutta Electric Supply Cor- 


poration Limited at the Head Office 
of the Company at ■•Victoria 
House. Chowringhee Square. Cal- 
cutta-700 OOI: and 

fb) In the case of holders of Prefer- 
ence and Ordinary Stock whose hold- 
ings are registered on the London 
Register of the Company at National 


Westminster Bank Limited. Registrar’s 
Department. P.O. Box 62. 37. Broad 
Street, Bristol B599 7NH. Ennland. 


at the Registered Office or at the Head 
Office of The Calcutta Electric So poly 
Corporation Limited. 

The Court has appointed Mr. Bhaskar 


ERIC MOSES. 

Solicitor of Inland Revenue. 

Somerset House. 

Strand, 

London WC2R 1LB. 

NOTE.— Any person who Intends to 
appear on tne hearing of any of tha 
said Petitions must serve on or send 
by .post to the above-named notice in 
writing of hie intention to to do. Tho 
notice must state the name end address 
of the person, or. if a firm, the name 
and address of the firm, and must he 
signed by the person or firm, or his 
or their Solicitor (if any) and must bo 


Witter and (ailing him. Mr. Barcndra served, or. if posted, must be sent 


Prated Rav and falling him. Mr. Aslt 
Kumar Mitra a. Chairman ol (he Mid 
separate meetings. 

The above-mentioned Scheme of 
Arrangement and Amalgamation. h 
approved by the meetings separately con- 
vened. will be sublcct to the subsequent 
approval of the Court. 

The Register of Members of The 
Calcutta Electric Supply Corporation 
Limited will be dosed from 17lh January 
1979 to 24th January 1979. both days 


bv post in sufficient time to reach the 
above-named not later than (our o’clock 
in the afternoon of the 26th day of 
January. 1979. 


CLUBS 


Induflve. 

Dated this 15th dav or December. 197B. 
BHAS AP MITTER 
Chairman appointed lor the several 
meetings referred to above. 


No. 002874 ol 1 97B 
IN THE HIGH COURT OF JUSTICE 
rENGLANDi Chancer, Division. Mr. 
Registrar Hum. In Ihe matter of THE 
CALCUTTA ELECTRIC SUPPLY COR- 
PORATION LIMITED and in tha matter of 
THE COMPANIES ACT 1048 

NOTICE IS HEREBY GIVEN that by 
an Order dated the 7th dav of Decem- 
ber 1978 made In the above matters 
the Court has directed seoaraie Meet- 
ings or the holders, of ill tee C per cent 
Cumulative Preference 5toe* and no the 
Ordinary Stock (other than the £7 
Ordinary Stock beneficially owned bv The 
Calcutta Electric Supply Corporation 
(Indial Llmitedi respectively of the above 
named The Calcutta Electric SuddIv Cor- 
poration Limited Rierelnaltcr called " the 
Company ”1 to be convened fbr the pur- 
pose of considering and. if thought ht. 
approving (with or without modification) 
a Scheme of Arrangement proposed to 
be made between (Inter alios) the Com- 
pany and the holders of its respective 
classes of Stock (other than as aforesaid) 
and that such Meetings will be held at 
■■ Victoria House.” ChO wring hoe Square. 
Calcutta-700 001. India, on Wednesday 
the 24th day ol January. 1979. at thu 
respective times below mentioned, 
namely:— 

(i) the Meeting of «»e holders of the 
6 per cent Cumulative Preference 
Stock at 1 1.00 ajn.; and 
(li) the Meeting of the holders of tha 
Ordlnayy Stock (ottior than as afore- 
said) at 11.30 a.m. (or so soon there- 
after as tfie preceding meeting shall 
have been concluded or adlourncd); 
at which place and respective times all 
tee aforesaid Stockholders are requested 

l ° Aflv* persons entitled to. attend the said 
Meetings can obtain copies ol tho said 


EVE. 189. Regent Street. 734 9562. A la 
Carte or All-in Menu. Three Spectacular 
Floor Shows 10.45. 12.45 and 1.45 and 
music ol Johnny Hawkeswonh A Friends. 


COMPANY NOTICES 


INDUSTRIAL AND MINING 
DEVELOPMENT BANK OF IRAN 


HITACHI LTD. ORDINARY SHARES BDft'S 
ISSUED BY CITIBANK N.A. 


Loan ot SUS3o.ooo.ooo. — 
Amortization of SU53.ooo.0oo — on 

February Sth. 1979 


We Inform the bondholders that 300 
bonds ol nominal each SUS 1.000- — 
have been drawn lor redemption In 
the presence of a Notary In Luxem- 
burg on December 15th. 1978. 

The Bonds will be reimbursed at 
par on February 5th. 1979. coupon 
nr 4 and following attached, accord- 
ing to the Instructions for Payment 
on the reverse of tee bonds. 


NOTICE IS HEREBY GIVEN that m 
dividend duo 18 th December 1976 to 
holders of 8 DR's as a: 30th September 
1978 mar now be claimed at the rate 
shown below on presentation oi Coupon 
No 20 detached from BDR’s ol ID stares 
each and counon No 15 detached from 
BDR's el 80 stares each to the under- 
signed- — 

Gross Dividend per share ~ US1D.015314 
Less 1 5 °n Japanese 

Withholding tax — USSO. 002297 


The numbers or such drawn bonds 
are as tallows: 

16521 to 19520 Hid. 

Amount outstanding alter February 


Amount outstanding alter February 
5th, 1979. 5U527.000.000. — nominal. 
The Principal Paving Agent. 
SOCIETE GENE RALE 


.. .. ^ Difidend _ ™ USW). 013017 

United Kingdom Income Taa at tee reduced 
rate of IB* 1 ., In the £ will he deducted 
from tee amount cl nils dividend recent 
In cases where coupons are accompanied 
bv a United Kingdom Inland Revenue 
'Affidavit of Non -Residence. 

Special listing forms are available from 
the undersigned. 

CITIBANK N.A. 

Friars House 

39,41 New Broad Street 

London E.C.2 


ALSACIENIUE DE BANQUE. 
15. av. £. Reuter 
LUXEMBOURG. 


MITSUI AND CO. LTD. 


Sen cm c af Arrangement, forms of Proxy 
and copies of the Statement required to 
be furnished pursuant to Section 207 of 
the above mentioned Act at tee Head 
Office ol the Company situate at 
” Victoria House.” Chowringhee Square, 
Calcutta-700 001. India and at tee 
office of the undermentioned solicitors at 

the address mentioned below during 
usual business hours on any dav (other 
than a Saturday. Sunday or oubfK holi- 
day) prior » the dav appointed tar 
the said Meetings. 

The said Stockholders may role In 
person at such of the said Meetings as 
they are entitled to attend, or they may 
appoint another person, whether a mem- 
ber of the Computer cr not. as their proxy 
Co attend and vole in their ctead. 

In the case of Joint holders tee vote 
of the Senior who tenders a vote whether 
In person or bv proxy will Be accepted 
to tee exclusion of the votes of the other 
joint holders and for this Purpose 
seniority will be determined bv the order 
In which the names stand in the Register 
of Members of the .Company. 


ORDINARY EDR'g 

„„ ISSUED BY CITIBANK N.A. 

_ NOTICE IS HEREBY GIVEN THAT A 
DIVIDEND DUE 27te December 1976 to 
Holders of EDR s aa at 30th September 


JAPANESE PRE-WAR 
EXTERNAL STERLING 
BONDED DEBTS 


1978 mar now tc claimed pt the rate 
shown eel gw on presentation of Coupon 


BRAZILIAN STERLING LOANS.- DECREE LAW No. «019 


State of Bahia 5% Funding Loan 1975 


None* Is hereby given -that for the Sinking -Fund of the above Loan tor January 197B bonds for a 
nominal Amount of £319 tavi been purchased and £7,420 drawn for redemption. 


Thy fallowing ore the numbers of the bonds drawn for redemption at pat on 1st January 197V »Bof wNcfi 
date all interest thereon will ceasa. 


CT3 Series A Bonds el £70 nominal nine each <*£5.130 


7 

109 

140 

161 

231 

533 

360 

443 

466 

486 

509 

874 

743 

817 

854 

• 977 

1029 

1030 

1071 

1130 

1170 

1292 

1440 

1490 

1550 

1592 

1693 

1732 

1789 

1790 

1601 

1943 

1980 

2044 

2085 

2173 

2229 

2397 

2462 

2541 

2557 

2563 

2654 

2354 

2321 

2922 

3024 

5069 

5109 

3165 

3186 

3241 

3287 

5297 

3371 

3437 

3S74 

3637 

3691 

3755 

3757 

3770 

3064 

3092 

4000 

4064 

41 SB 

4102 

4165 

4201 

4354 

4367 

4397 

4568 

4581 

4862 

4785 

4gS6 

4981 

5007 

5041 

5007 

5172 

5213 

5227 

5247 

5374 

5463 

SMS 

5630 

5632 

5660 

5601 

5704 

S7S5 

5788 

5847 

5879 

5916 

6021 

6115 

61 92 

6205 

6510 

6345 

6402 

6408 

6549 

- 6578 

66X4 

6705 

6759 

6771 

. 6879 

6938 

6970 

’ 700.1 

7109 

7142 

7161 

7229. 

73S1 

7392 

7450 

7512 

7503 

7590 

7604 

7605 

7629 

770S 

77ST 

7859 

7973 

8015 

8121 

8139 

8193 

0283 

3294 

8379 

8588. 

8403 

8563 

B5S4 

8664 

8769 

8868 

8910 

0972 

8988 

9032 

9090' 

9176 

B2S1 

9294 

9326 

9335 

9403 

9427 

9481 

9544 

9557 

9563 

9605 

9648 

9650 

9736 

9790 

9808 

9851 

9967 

10045 

10153 

10206. 

10261 

10371 

10389 

10440 

10463 

10511 

10554 

10639 

10778 

icado 

10831 

10096 

10932 

10977 

11016 

11041 

11069 

11135 

11176 

11275 

11308 

11334 

11394 

11 548 

11574 

11620 

11681 

11711 

11756 

11840 

11873 

11920 

11961 

12024 

122D9 

1Z277 

12278 

12334 

12477 

12531 

12579 

12632 

12884 

12916 

12056 

13083 

13264 

13314 

13358 

15359 

13552 

13605 

13619 

13685 

13095 

13743 

13819 

13929 

13930 

14203 

14281 

14443 

14462 

14924 

14747 

14791 

14836 

14940 

14965 

13024 

15056 

15164 

151 B6 

15334 

15364 

15401 

15440 

15490 

15554 

15561 

15581 

15603 

15668 

15739 

15783 

15903 

15963 

15997 

16052' 

16123 

16160 

16252 

16253 

16412 

16458 

16506 

16330 

16579 

16841 

16708 

16794 

16821 

16873 

16805 

17105 

17133 

17212 

17298 

17304 

17309 

17388 

17490 

17604 

17701 

17717 

17811 

17803 

17904 

17953 

18082. 

18115 

18124 

1 8271 

18337 

18405 

10461 

10540 

1BGZ2 

18797 

18818 

18838 

18844 

18062 

19049 

19081 

19173 

19211 

19274 

19504 

19375 

19376 

19521 

' 19594 

19600 

19024 

19841 

19966 

19999 

20051 

20052 

20076 

20134 

20206 

20243 

20333 

20477 

20503 

20533 

20589 

20645 

20694 

20754 

20850 

20858 

20927 

20968 

21092 

31093 

21104 

21 1 Bl 

21315 

21344 

21473 

21523 

21 5G7 

21600 

21621 

21760 

21B19 

21097 

21963 

21968 

21969 

22001 

22098 

22109 

22272 

22200 

22303 

223 as 

22522 

22583 

22625 

22664 

22607 

22699 

22788 

22866 

22953 

23060 

23145 

23230 

23324 

23354 

23431 

23524 

23587 

23580 

236 SI 

23019 

23953 

24040 

24071 

24122 

24194 

24222 

24297 

24351 

24361 

24432 

24614 

24711 

25160 

24750 

25200 

24861 

25320 

24668 

25347 

24070 

25389 

24909 

25466 

24960 

25567 

25013 

25573 

25096 

25578 

25110 

25816 

25153 

25877 

25966 

26008 

26011 

26093 

26139 

26167 

26252 

2628S 

26286 

26376 

26451 

26547 

26569 

26725 

26779 

26818 

26912 

26968 

28974 

26979 

27072 

271 SI 

Z7265 

27320 

27369 

27445 

27S04 

27680 

27744 

Z7B15 

28059 

29060 

26129 

28176 

28329 

2B431 

28505 

28S73 

286 59 

2S704 

28823 

28649 

28988 

29101 

29206 

29271 

29346 

29396 

29416 

29458 

29496 

29654 

29742 

20920 

.29929 

30154 

30177 

30210 

30221 

30355 

30443 

304S8 

30497 

30524 

30526 

30504- 

30638 

30690 

30713 

30741 

30849 

30897 

30920 

30932 

31023 

31054 

31154 

31214 

31417 

31483 

3155E 

31727 

31786 . 

31875 

31878 

31920 

31924 

31925 

32150 

32160 

32277 

32306 

32428 

32469 

"32522 

32629 

32548 

32670 

32743 

32093 

32898 

32955 

33055 

33157 

33197 

3X268 

33272 

33300 

3340S 

33449 

33518 

33687 

33730 

33763 

33858 

33914 

33991 

34116 

34153 

34264 

34394 

34506 

34S03 

34651 

34683 

34709 

34884 

34974 

35002 

35172 

35273 

35350- 

35574 

36621 

35630 

35731 

35605 

35006 

35994 

36091 

36110 

36403 

36574 

30589 


B9 Series ■ Bends of CIO nominal Tata* aach - L5W 


155 

381 

329 

1154 

1495 

1550 

1996 

2502 

2734 

3670 

. 3671 

3080' 

4079 

41 GO 

4211 

4297 

4364 

4S13 

4718 

5028 

5551 

5097 

6360 

6840 

7057 

7086 

7E27 

8023 

8150 

8684 

8822 

9209 

9396 

10104 

10123 

10196 

10406 

10407 

10680 

10829 

10831 

13194 

132S3 

13354 

14240 

1424) 

14382 

14423 

14455 

14436 

14451 

14407 

14702 - 

14006 

15039 

15057 

11314 

15369 

15425 



20 Scries C Beads of £20 nominal value each- £400 


2 Series D Bonds of CIOO nominal value each -£300 
158 270 340 


The above bonds should be presented at the London Offices of Lloyds Bank International Limited, listed on 
the appropriate forms and must bear all coupons subsequent to 1st January 1979. otherwise the amount of . the 
■fussing coupons will be deducted from tne principal moneys. 


ENSO-GUTZEIT OSAKEYHTIO 
6%% Sterling/Deutsche Mark Guaranteed Loan 1980 


S. G. WARBURG & CO. LTD., announce that Bonds for the amount of £400,000 have 
been drawn in the presence of a Notary Public, for the redemption instalment due m February, 
1979. 


The numbers of the Bonds so drawn are as follows:— 

£500 Bonds 


1 to 

17 

21 to 

30 

33 

34 

45 to 

57 

62 

64 

65 

83 

100 to 

102 

106 to 

108 

111 to 

114 

121 

123 

124 

127 

130 to 

144 

149 to 

155 

160 

161 

169 

171 

172 


226 to 

229 

233 

234 

241 to 

- 243 

247 


251 to 

261 

293 to 

296 

305 to 

308 

313 to 

332 

340 to 

346 

356 

367 

373 

374 

389 


429 to 

522 

4311 to 

4380 

4391 to 

4394 

4398 


4401 to 

4420 

4426 to 

4428 

4433 

4434 

4451 

4452 

4454 


4461 to 

4470 

4477 to 

4480 

4499 

.4512 

4515 to 

4621 

4564 


4569 to 

4573 

4592 


4594 tO 

4597 

4605 to 

4618 

4631 


4633tO 

4637 

4645 

4647 

4650 


4652 to 

4654 

4656 

4657 

4659 

4660 

4877 to 

4698 

4703 TO 

4705 

' 4707 to 

4714 

4717 to 

4736 

4747 to 

4751 

4754 


4763 TP 

4774 





£100 Bonds 





4801 to 

4821 

4831 

4832 

4835 

4836 

4857X0 

4860 

4866 to 

4873 

4881 to 

4830 

18151 to 13196 

18200 to 18208 

18226 

18232 

18233 


18257 to 18259 

18261 10 18291 

18294 to 18297 

18310 


18341 to 18344 

18361 

18365 

18366 


18373 to 18375 

18381 to 18390 

18393 to 18396 

18399 


18404 to 18407 

18409 to 18480 

18509 to 18566 

18572 

18573 

18577 to 18653 

18679 to 18690 

18701 to 18704 

18710 

18772 

18719 

18736 

18740 


18747 to 18752 

18766 to 18774 

18791 to 18810 

18821 TO 18850 

18852 to 18861 

18866 to 18890 

18896 to 18898 

18912 to 18926 

18928 to 18930 

18937 to 18939 

18942 to 18967 

19002 to 19004 

19032 to 19046 

19081 to 19090 

19095 to 19130 

19135 to 19144 

19146 to 19148 

19151 to 19164 

19166 to 19168 

19170 to 19175 

19184 


19193 to 19195 

19203 to 19450 

19469 to 19474 

19477 to 19483 

19507 TO 19539 

19600 

19636 

19658 

19664 

19668 to 19671 

1967S to 19680 

19682 

19683 

19685 to 19689 

19692 to 19723 

19731 

19732 

19751 to 19764 

19769 

19770 

•19791 to 19800 

19808 to 19830 

19838 TO 19842 

19848 to 19867 

19870 

19B71 

19884 


19911 to 19923 

19925 to 19930 


19932 TO 19938 
20091 10 20170 
20241 to 20325 
20389 VO 20393 
20425 to 20427 
20541 to 20550 
20617 to 20635 


19991 to 19999 
20184 to 20188 
20331 to 20333 
20396 To 20401 
20429 TO 20434 
20552 To 20582 
20654 TO 20705 


20001 to 20006 
20198 20199 

20353 to 20360 
20405 

20444 to 20469 
20592 lo 20601 
20726 to 20729 


20013 20014 

20201 to 20205 
20368 to 20370 
20408 to 20410 
20475 to 20491 
20603 to 20605 
20779 TO 20784 


20058 TO 20060 
20210 to 20213 
20376 to 20378 
20421 

20493 to 20505 
20607 20612 

20787 to 20796 


On 1st February, 1979 there will become due and payable upon each Bond drawn for 
redemption, the principal amount thereof together with accrued interest to said date at the 
office of:— 


S. G. WARBURG & CO. LTD., 

30. Gresham Street, London EC2P 2EB., 

or one of the other paying agents named on the Bonds. 

Interest will cease to accrue on the Bonds called for redemption on and after 1st February, 
1979 and Bonds so presented for payment must have attached all coupons maturing after that 
date. 

£400,000 nominal amount will remain outstanding after 1st February, 1979. 

The following Bonds, drawn for redemption on the dates below, have not yet been 
presented for payment. 

1st February, 1977 
£100 Bonds — 15356 
1st February, 1978 

£500 Bonds — 1051 1063 1054 1209 1210 1241 

£100 Bends -8776 to 8779 8891 to 8895 8904 to 8907 8936 8937 

10725 10740 17324 to 17328 


Financial Tixnes jnoay- 

APPOINTMENTS 




••• -. • v •- ;■ I,-: ..i • • 


® ma/Ma] Greater IaOndori - Wgfi»te5^wi- v ' ’ . 


WtM 


of MIDLAND r^tWr Loodori - 1 ; • . 

a general manager with special . r 

responsibilities within the inter- - 

national division.' -• V 


Coachman is to 


as a joint 


nsaa&sjciSf; 


Hr. M. H. Coachman is to - fte _ ^ • . V- : 

become deputy managing diree- D ecaiDi ] wr test year.' -> r r—‘ 
tor of A. MONK AND CO. at the * . ... .. • ■$ 

beginning of n*rt yei. ^ lewis 

* _ chairman and chief eMCTftte'of.V' - ‘ 

J: SAINSBURY announces: the Scottish' DeveTopfeOnt/ . 1 

appointment to- the Board of Mr* ’ Agency has joined the c&ahcil : -• 
Angus Clark as personnel diree- .y. the - SCOTTISH BUSIKESS = 
tor on January L -Mr.. Swnon/ ^ SCHOOL. ■ 

Satnsbnry and’ Mi.-'' Bernard .v ri.v. - , 


Ramm will be' retiring - froin the; 
Board, next July at the^.annual 
generki meeting-. . . . < 


Tie Earl of Inehcape KaB pem - 
appointed . to ; the. Boar d s of ; ■ 

-XN.TERNATIONAii. ADVISERS,. . v-;.;. ... 


Tjuivrv • Wm part of . the- Swiss Bank Corpora- ■ 

T; . 5?? tion, following 4he retirement of : r. 


appointed The following’ to the lo^j gj&vey. ofrPrestbury. 


executive poard from the begin- 
ning of next' year: Bfc G. I. 


Via UVAL JVWv . Vl _ _ * a, • -i m 1 . 

Bur gun, Mr.J.C.- Bomines and .-Sir- Michael Sandler has been < 

Mr. N. M. "Vere-Htfdge. a ppoint ed an- associat e dire ctor of . 

■■■■•■ mTEKST^nO^AL NEWS SER- y 

Mr. E..0. VFUkBn .las been'- «CE,«r»m 3™™** 1 -"". ' g 

elected chairman ■ and- .Bte • Bn • .• : j> - . ;• ' , 

Coleman, deputy ■ chainnan of' -- .- Mr.’ A- I*, ^uichaei. wio ■ fiae 
LLOYD’S AVTAHON UNDER- TetiTed : eha&mah ; of ' Stanley 


WRITERS’ ASSOCIATION. 


Gibbons gnterriatlonaL has been 

made an -hohorazy Sffe member 


Hr. -Alan Stephens, previously frf t be P HILATELIC' TitAO'ERS' 
finance director, becomes SOCIETY. • ‘ 


deputy managing mre'etor, .'and 
Mr. P. McGcDUgh, formerly rhief ‘- . Mr./. JL . Tj. Shavr has been - 
accountant, m o ves -.to .the : Board. q« pointed flrrance • director of 
of PERGAMON "PRESS .as ECONOMIC- FORESTRY CSCOT- 
finance director. :7 . : . t LAND>. • V V'T 

' - •" 

. Mr. A. JR. Sinclair has been r ' v- Minor a '- *nral ^ 

flSmSaiSBf !*-- vAoigex ;af ' MIDL AND^LND : 
CONEX-SANMtA .(a- , > Delta . inTERI^ATIONAL 'BANKS is to ■- 
group company). from January ; 1 . of DecenAer, 

Mr. A. J. Clark TL * :■ - 

Webb have . been, appointed ’ 

directors of Bl w: MARSHALL - topM^ima^ndMr^fll'^HiiMrte - 
.crRRT.mni. Mr M. face .ana .-assistant, general _ manager 


(STERLING). Mr. 3L face -and - ‘ 
Mr. P. N. Ward have, - : been ■IfflbnEyjsflpS&e : next . ■ •. 

appointed, respectively,, a diree- ^aar,^.- '. -''i 


tor and an assistant director of • . ■" 7 . 

M. W Marshall (Currency). -• The .-following A appointments 
* -have been' made -.to -tteii Boards 

Mr.' Alan 'HoIUday has beeft ofsabsidlarr. cn in 'pa g lp s of Culter 
appointed ‘ production .director- Guard Biid«er-_5BtaJdings.. . - At 


company’s Northampton taerory. ,v_> iy r. u««m .. 

Mr. Derrick Robinson,' who h« ar - 


been tSSg direcSTat No^' . gDARD WB» Wm COM- . - 
amp ton. has. been appointed the fANY— Mfc D. .S- 
company's technical and. develop- J 1 ' -r J 

ment director with -special . «C OlFLO W — Mr. • _ 

responsibility for new .jfrddiacts. "• spoerarL. ■■■ - 


Mr. Douglas Myland has b.een. 


.. : i. 

Blackwood Morton and Sons 


a^nr&*r;.M ssseawBaf js 

BANBURY BUILDINGS - home « Wifliam King 


DmxDuni ouiiiWiKua ■- uvjuu __ . 1 — — » _ 

improvements division of London ' “4 ■ ^ :: • ‘ ' 

Ttrirfc RiiildinoK ' '• ■ tors of- its Subsidiary' BLACK- 

BncK jsuuaings^ , . . WOOD: MORTON. AND SONS 

From January 1, Mr.' John fronv Jannaiy li . ■ ‘ -■ 

Ramsden is appointed manager; ~ ■ ^ ... ' 1 . ' " , .. 

motor and TJK blenches, of • .Mr; R.-C. Satton, president and .; 

SPHERE 3JRAKE (UNDER- . “d chief executive of Theo.- H. 

WRITING), a subsidiary of the UaVTes.. and .Co^ 'has Seen 
Alexander Howden -Group. He appointed ; executive dnraetor • 
was previously manager. Cityi theL HiainrSoard of t he pa rent 
broker division; of the Conuner- -. concern ’ JAKDINE MATTIES 0 N ' ■ * 
cial Union Assurance Company. AND-.C0. from January 1. Also'- - .. 

-on that- date. BIr. Stuart- Barnes, ■ 

FoIJnwing. the . retirement Mr. - Dicf: 

Lord Hawke and. Mr. A. P. BL- Partridge and Mr. Michael 
Carliha on .Deeernher ,T ll,' from •; SwoervUle ' 'become assistant" 1 
the Board of INITIAL SER-- 4irectors -or .Jardine Mathesort _ 

VICES, Mr. N. K- S. WiUs, a .and Miv- JG: Lo wm '-be a ■ 

deputy chairman, ia to be diair- ^enetal maEnager.- Bire. Eleanor Rfi fl n 
man in- place \of Mr. Carling. . Ltog: has been made an executive || 1 1 ■ ■■ 
Mr.,.- P. ;N. -:M: t Rodder -and -asSistant- to-': the- ehai r manj^ Mr. LI- II II 
Mr. W. BL M/ Kirkwood are To T. Monaghair ^ihajthe Board of l|| IB II 
be directors^ and Mr." Rodder ft Jardine Sfathefion insurance • • • ■ ■ ■ 
deputy chainnan, In.- place nf Mr.: BrokerS" CU^) Holdings - Com-, 

Wills. Mr. Rudder isran mtecu-. pan'y at^the beginning' of next--: T «THL 5 R Bel 
tiye of the British Electric-Trac- • year.-.,- ; ■ *r- 1 : f.- 

tion Company and' deputy chair- : . ..- ^ V. - . T * 

man of Advance Laundries. Mr. . !• • iSarry Delnh : has been s» nM , 
Kirkwood has been .an; e^entive . appointed ; assistant manager nr.^WMATIvI 
of Initial Group companies since SWISS . BANK i CORPORATION, 

1964. , * V.V-: London, from Jandary 1; '• pAr 

Mr. A. L Sunderland has jiiven. l*r-:R,d,Art f; Midiili>tnn nhlPf 1 ' ' , vO 


Mr- A. L. Sunderland fiasgfvett. BJr, Ro*ert J. Middleton, chief 


no the post o f general secretary 'executive . 'of. .the-, sat.tfr 

e ss 

iinJr of George “Salter and Co..js to* 

become, chairman from January ' 


MeHor, who succeeds iOm. as ' 5 ’- 


general secretary ;having- been ■. -- : - 

l^ t ^5 Uie -«««■ SSSff SVSSS mSS' ■■■■;: 

Mr; George M. Lawrence has ' v L » ‘ - 

been elected- chairman of ABETt- M j- ”■ V*. ^*T* es ’ **5^2**®?* 


Mr; George M. Lawrence has 
been elected- chairman of ABER- 


DEEN BARBOUR BOARD, in j^Plpyee,. relations at KODAK, ; ...- 


succession to Mr. R. J. C FLcm- Jafr been appointed a'difector of : 
fag. Mr. Lawrence Ts a partner the company.- ■’ 


in Jamies and George Collie, __ , , ... 

advocates in Aberdeen, and an Mr. X. A. RidJey, managing,;; ;i- 
imined late past-president of Aber- director. , of . . High ■ Duty’ Alloys J; 
deen Chamber of Commerce. Extrusions, takes, over from Mfr. V :: '£i - 
* Meflwfalth .'of,. Indaiteit - as , 

BR^HTSH EtTBOPEAN ASSO-*' chairn iaTf oT 'tbe ALUMINIUM ‘ V.‘- ' 
CIAT^D PUBLISHERS states EXTRUDERS ASSOCIATION ‘ 

that Mr. Geoffrey. BL Perry has COUNCIL from' January 1. At' Vij r 
acceoted an offer from VNU of th.e same time .Mr? W,,-j.’.Danter p ? : . , 
Haarlem, . Holland, for the pur- joint managing director of BKL 
chase of bis holding of 24 per Extrusions, wiU become' vice- ; Sv 
cent in the company's equity and chairman of the AEA Council.' 
that BEAR . is nqw a - , wholly .. .' fc'-"-" ' 

owned - VNU subsidiary. Mr. B RIND EX, the Association of;'**- : 
Perry resigns from the Board of British Independent Oil Explora- 
BEAT* at the end of this month tion Cmnpanles, ha^ elected the;^ 5 ^ ■' 
and Mr. Her Hagedooro becomes following as officers for ■ next ■ 4 ^ *-f 
managing, director of that com- year: chairman— Mr. K. U. Shavtr ^ 1 n'h" 

nom/ urith Civ Hactaw Q ’ CeTlr eni ' ■ Allot * a 


30, Gresham Street, London, EC2P 2EB. 


29th December, 1978 


pany with Sir Boger S. Falk con- (Premier Consolidated Oilfields ), 7'=' :> ^ l£ , ,; 
tinuing as chairman. . - . - vice chairman-rMr. 6 Li PreBtiee ’ ^ ^ 

(Plascom), honorary Becnetary.— ,<5.7^ to i 

Mr. A. ML McGMe has been Mr. -B. Montgomejy fCarfess,-?^ ., - 

' appointed chairman (VorsitaenF- Exploration); honorary treasurer: e - j 


der)' on the Board , of — Fox (Tricentrol '', 

arlmlBhtrpatrfttt ■ of WAWTrl^ itf***. «sTl> 1 / 


^ 'HOBBS:: : i r 

unTOBITW -fimliTf WiMhuifan : . . juora . 1 omngton - u- ... 


No. 20 to tfie undersigned* i 

Gross Dividend oer Stare U.S.J0.01776G 


Less 15 oor cent Japanese 
Withholding Tax 


The Bank or Tokyo Limited are 
authorised to announce that the per- 
missions granted Ov the Bank or 


Withholding Tax 
Net Dividend 


U 5. (0. 002665 
U.S.)D.0151 01 


COMPANY 

NOTICES 


PUBLIC NOTICES 


general manager (Geschifts- Si 

ftthrer). Mr. D. J. SWife has he- SSSSUJfv 11 

rnmp Pwibnricf of -tho -raYinnaTTV ’( n . -dlUgS)),-. Mr,. R. SuiliU., vf 


England relating to the import Into 
the United Kingdom of Japanese 
Pre-War External Sterling Bonds for 
their proentatlon to the Bank of 
Tokyo. Limited, as Paving Agent for 
cntaLemcnl and other purposes, 
pursuant to the Japanese Government’s 
Offer published in " The Times ■ on 
the 24te November. 1952. and also 


United Kingdom Income Tax at the 
reduced rate of 13 per cent In the E rvfll 
be deducted from tbe amount of this 

dividend except in cases where coupons 
are accompanied by a United Kingdom 
InUnd Revenue affidavit of Non-Residence. 

Soeciaf listing forms are available from 
the undersigned: — 


CHILEAN EXTERNAL LONG TERM DEBT. 
LAW No, 8962 

MUNICIPALITY OF CONCEPCION 
5:j- a LOAN 1928 


SOUTH EASTERN ELECTRICITY BOARD 
REVISION OF TARIFFS 


NOTICE 15 HEREBY GIVEN ttfPt for the 
Sinking Fund of tee above loan for Drcem- 


r elating to the export of such 8onds 
after their en fa cement are non valid 
until the 31st December. 1979. 


• Please note that talon No. 1 together berlSFa. bonds for a nominal amount of 
with old EDR sheets should also be *“ v f. be * rt for redemption. 


It is requested that (arms appointing 
-oxies be lodged: — 


f irosies be lodged: — 
at In the case of Stockholders whose 


holdings arje registered on the 
Calcutta Register of the Company at 
the Head Office of the Company at 


COPENHAGEN TELEPHONE CO. 
(Klobenhavns Telefon Aktiesefskab) 


the Head Office or the Company at 
" Victoria House,” Chowringhee 
square. Calnjtta-700 001. India; and 
(bi In the case ot Stockholders whose 
holdings ire registered on the London 
Register of the Company with Notional 

u, . — i... > — r..L i DMiirM,', 


UJ41Z.OOO.OOO 5L*fc EXTERNAL 
LOAN 1970/84 


The following are tee numbers of tne 
bonds drawn for redemption at oar on 
31st December 197B, after which data all 
interest thereon w,li cease. 

4 Bonds of £100 Nominal Value each 
-=£ 400 ■ 

1162 1437 1459 1477 

These bonds should fee oi a ie ntad at The 
GROUP Limit* W | London Offices of Lloyds Bank International 

— Limited listed on the appropriate lorms and 

NOTICE IS HEREBY GIVEN that the must bear all coupgna subsequent to 31sl 


presented to the undersigned, in exchange 
for New EDR’s and coupons: 

CITIBANK N.A. 

Friars House. 

39-41 New Broad Street. 

London EC2. 


The Board hereby gives notice (pursuant to Section 37 of the 
Eloeeridcy Act IM7 as amended by Section >4 of the Electricity 
An 1957) that it has fixed the following new tariffs:— 


.-Mr- J ohn -it- Haim, 'managing;’ w ' x ~ ^- 4 . *• 

director of the Chad Valiev - W. J. Orr has been nrade-^ 


THE BRITISH STEAM SPECIALTIES 
GROUP LiMlETO 


Ordinary Share Transfer Books will be 1 December 1978 otherwise the amount of 
dosed from Sth January. 1979, to 17th - * - - 


Westminster Bank Limited, Registrar’s 
Department. P.O. Box 82. 37. Broad 
Street. Bristol BS99 7NH, England. 
In both cases not less than forty-eight 
hours before the time appointed tor the 
Meetings, but If forms are not so lodged 
they may be handed to the Chairman St 
the Meeting at which teev arc to be used. 

Gy the said Order the Court has 
appointed Bhaskar Miner or failinj him 
Barendrn Prasad Ray or failing him Asit 
Kumar Mitra to aef as Chairman ol each 
of tee said Meetings and has directed 
the Chairman to report the results thereof 
to the Court. 


Bondholders or the above Loan are 
advised that The annual redemption due 
12th February. 1979, |.g. UJ.WTO.OOO 
nominal, has been affected by purchase. 


PRIVATBANKEN AKTIESEJL5KAB 
Copenhafan. 

Denmark. 


January. 1979 . both dates Inclusive. 
Bv Order of the Board. 

R. D. THOMPSON. Secretary. 
Fleet House, - 
Lee Circle. 

Leicester. 

Z0.12.7B. 


to 17th [ the rms-ung coupons wKf be deducted from 


the principal nvoaoys. 


CHILEAN EXTERNAL LONG TERM DEBT. 
LAW No. #962 

CITY OF ANTOFAGASTA 5% LOAN 1914 


DomcsticTmhpart Tuiff 

Domestic White Meter Economy 7 Tariff 

Domestic Whit* Motor Tariff 

Flat Rato Tariff 

Off-peak Tariffs 

Tariffs five-forty 

All the tariffs re f erred to above shall have effect from the 
of che first normal meter readings taken xftnr 31 m Decent bar 1978 
or die daces on which those meter readings would ordinarily hare 
been taken whereupon the corresponding existing tariffs shall 
cease to h*ve effect. 


Frank J.' Manning has been- made- M next ye>£.. 

'deputy wanSging direkt'or of fhe ‘ „ ' _ * - J? . •. 

Chad Valley Division, reporting • »uce C Wan* n,' -general ^ 
dirtCtiy to Mr. E. R Simpson. o f raOMSON>lWmt-V 

chairman <jf the company's toy ^^°N"AL PRESS :;*’;C0£K ' 
gltrap. SuLTANCY, a ■ 

- - • * Thomson Re^onal, .Newsp^n -' 

Mr. C- G. Erwin and Mr. has begn-^ a ppoigfed^ n 


1 • - 
V -n* 


CITY op UMA 

(Tta Honourable Provincial Council 
0( Lima) 


ART GALLERIES 


5% FIRST MORTGAGE BONDS 1911 
Uovds Bank International. 40-66. 


The Mid Scheme of Arrangement vrill Queen Victoria Street. London EC4P 4EL, 


b* subject to the cutocauen: approval of announce (tat coupons due 1s( January. . . 

r-..— I 1970. of the City of Lima (Tfie Honour- f * 


CRANE KALMAN. 178- Bromoton Road. 
S.W.3. 01-564 7 566 MILLS AND INNS. 
RIVERS AND STREETS OF EMC LAND 
— Paintings 1830-1976. .Until Z7 Jan. 
Men.-Frl. 10-6. Sits. 10-4. 


□aTeri the 29th day of December. T978. able Provincial Council of Limai 5", 
LINKLATER3 * PAINES (A. Rob.), First Mortvage Bonds 1911. mav be 


THE MARKET PLACE GALLERY. Colvten. 


NOTICE IS HEREBY GIVEN that tor 
the Sinking Fund ol tne above loan for 
December 1979. bonds igr a nominal 
amount of £14)00 bare been drawn for 

redemption. 

The following are the numbers of th» 
bonds drawn tor redemption at par on 31st 
December 1978. after wffich date all in- , 
terwrt thereon will cease. 

to Bonds of £i 00 Nominal value each 
- £ 1.000 

39 324 336 330 340 

3S7 362 368 97S 1035 

mc« bonds should dp orcrented at ihe 
London offices ol Lloyds Bank Iniernatlonal 


Copies of the now tariffs will shortly bo available in all shops and 
offices of che Board. 


D. A. GREEN, 

Secretory, 


Queen’s Gardens, 
Have. East Sussex 
BN3 2LS 
December f97S 


SEEBOARD 


<0UTM ElX7r*y £LtCT*IC>? ► 


Barrington House. 

59 67 Gresham Street 
London ECZV TJA- 
SaliCHors for the company. 


lodged tor payment but mutt be loir an 
appropriate period lor examination. 
Coupons will not be accepted through 
tho OQSL 


Devon. Tel.: 10297) 52B41. ” Beach Limited luted on the aaoroorute forms 
with an Old Breakwater ” hv Tristram and must bear all coupons subsequent «e 


Hi flier. R.A.. and 100 plus other works 31st December 1^78. otherwise the amount 


hv artists of Note and Promise. 
6th January- 


of the mlsvng coupons will be deducted 
bom the prattoal moneys. 


Explanatory Note: The: effect rs to consolidate fuel cost adjustment 
at its current /eve/ into the unit rate in quarterly tariffs; there are no 
price increases and no ether changes , 


i o^-^NI 


7 A. genent jnanager oi-'.tSe'.:-Y6rk-4 * J 

b bee " Tnafle d eputy P 

PANY (, Staon-TR com PW >. 


•• r • s 












EDITED BY CHRISTOPHER LORENZ 


CJAiJfff; .ar^fiofift^slngly "iN.TERMjS of speeches* W 

- and articles during 1978, 

cnrirti ^ «* subject ceuld 

source . of. .-flew., employment - t e „ ».„ ■ ■•■ 

" ey looXnfepowt.see. fet/mw 1 S ®f2l®^ anes ! 

t'bosiiresseS being’’ ■ ” r title of F ashi o n .- of 

* / ^ ; ^iider w^y- j r : ' - the year.” But is thepe jnurfi 
l^answer. to theDi :is-&knpIe. ■ substance -behind the fa&hion- 
l 3^5tIy I : you- ..ham tosurto that “' able veneer ?. In particular, 
be' \i»viroflm^; i$''Wrnr^ by /has the Governments moch- 
TOtUOting.tto^ ixm:^ publicised series of .small 

ict Ypu:fOster JeatoUST of sue-, business incentives done aiiy- 
■*.=; v r*^<*ss ; ' rather' .thafl-. promoiiflg JHung to encourage entre- 
i.':-^\L ,-:isncceS£f - its^-£ei^dly,vyou prencurs to take greater 
/f " v '}ham hamstrttng' .the. independ- 
■' /. sal. • ■’”.v\- 

-'to ••'#$ ^-'ha^fl^d^dthTaws concern- . . I • _-r v 

totion,_ .egnjployment:; and ;-.- . | g\Wmf 

-t.. » to G overmnent rnteiference ; which •-. . ■ ■ ■ Ilf 

•:./ w, -enough to'dea^oythemoral' - . . f F- 

-.: .'■yto fibre ef r a- Saint. - •; to ' : 1 ' o - to -‘ .-. ' to 

-.; to '. The ' .smhn/bjMQe«Ftnah n»*B V'i 


risks? And do entrepreneurs 
really need the sort of help 
they are now being offered by 
socially. (or publicity-) 
minded giants like Shell and 
ICI ? 

Today we publish the un- 
compromising views of an 
entrepreneur who has an 
unusual ability to eomblue 
direct personal experience 
with thorough economic 
analysis: David Cooksey, the 


38-year-old managing director 
of Intercobra, which was 
formed in 1971 at Glenrothes, 
Fife, when he and several 
other former executives of De 
La Rue bought the old 
Thermoplastics Division of 
Formiea. An Oxford graduate, 
Cooksey had previously been 
responsible for Formica's 
European manufacturing 
plants, so he has first-hand 
experience of the worlds of 
both big and small business. 


When the Management 
Page first looked at his com* 
pany In June 1974, turnover 
was less than £600,000. The 
current rate Is approaching 
£3m, and Intercobra now has 
150 employees.' The article 
that follows is an abbreviated 
version of a paper David 
Cooksey gave to the recent 
annual conference for smaller 
businesses of the Scottish 
Council for Development and 
Industry. 


* /Estate br :Afln^:L<^: : .e be is. - m.M-gW 1. 1 | 

. ?-• giveh fbe change 4® h a ® reai "* ® ■ ■ ■ M w. 

~ ::ind^pfind«ce^t<^»Wjtaxidipg 
to V>S- on Ins dwhrivo“fecf and to have ■ ‘ 

' ; ; to fun _ maMi^ .i : success of his - • . ■ - 

'* to^u«ae»to ' 

V * * ~* u '' That financial and . social people setting up businesses 
■ i " t ^dependence which is our re- during tog marority of his busi- 
" ijuirement ha& been - steadfastly ness career. to 

’ .-^•“iondermined . by the politicians The financial and taxation 
to" ;/\.t'vrwho espouse onr, help. How problems facing small buskiess 
. ' ' <-£|jnany'of us can.say thatwe have in this country are unending. 

f.tlb ad fun running oar businesses For one tiling, the supply of 
S. . * to. In the part four years? . funds for a small company, have 
..V 4- -: Five years ago it gave me been carefully cut off. ‘--The 

* v • - v ‘ ; groat pleasure to increase ray small investor no longer exists 

‘ workforce:; it was. a sign of' as a source of external equity 
/'^growth. Todays r search for or loan funds for the small' com- 
1. > * toievery exciise for -not taking on pany. because current levels of 
r ;-. i; extra. labour because the people income tax rapidly take the top 

"// /that I employ 7 have moved dh tax levels to 98 per cent. . 

: JZijay Balance . Sheet from assets .Who wants to invest in a: high 
■I: to liabilities. Today , it is much risk business if the Goveriupent 

- ' '^ ^fliore difficult,, and probably is going to grab eg per cetit of 
• r --“ ore expensive, to shed an era- the reward? Why .invest in. a 
wr^plbyee from your payroll than high risk business when. -the 
. r -' to;fto:diTOrcft your wife. ’■ • Government needs to pay'such 

' ' Jp-If we compare small business high rates of interest to sell 4ts 

-the ' UK with that in own securities and gives wholly 
' / -Germany, France, Japan or the unreasonable tax advantages to 
'U.S^ find some striking 4116 building societies and pen- 
: i;f'!diffaraflc«s. First, each of the funds? They attrart^what 
''■/j'-'i^nther, countries- has proportion- Private investment funds -are 

* ' j rMately i higfief number of small available and invest them *n -the 

-■i- V --bnsinfiS9es, ' These businesses bf S£ er compames’ in property or 
'-:r- I jflore' lftely to fail than in <be; gilt edged market As a 

.• — c result, the onvate investor: has 


How the entrepreneur is 
lamstrung by government 


BY DAVID COOKSEY 

until death -or the industrial 
tribunal — do us part’"- 







- Mk 


. ; : '-t^c^mpasies berk They stay in the *&*** funding. 

■— =; ownership for longer and 115 here differentiate 

ijithey-. -provide a considerably between what the Government 
• u 1 ': higher ' proportion-' of the Wimta,- which is the creatioiLof 

/ 7 fciSSal ; einployment. The ^/factiinng industry, ^and 


. . - ifkccumnlate wealtifi smd rerinvest t h^ roiSw tkf h C o ! r 
. . ■ vS-rt. i_ fite 'Aum ' am) other hiKi- them, Neither the sandwich bar 
ow ^. ana otner busi nor the shop which sells -;im- 


satisfies ,-:the 


• ?;2fl* s g ^s to s d?f 

- ve“Stoetrfthe?S 

• ;>r*5- get ^ *S5*^i£ e * 4 ?, forglve 5 is highly attractive to the bver- 

. - H ^ttore readily ’for jallive, and taxed ow f, er . The cash , is 

• : ~ does nothecessanly see- the accessible and usually untrace- 

. jiff-sale of Ms btffiiness. as being the able. Yet once manufacturing In- 
only, way m^.whicl) .he can gain dustry is successful and efficient, 
- . access .to lus-capitaL: He is also these services ran provide 

- ' ^'.available 'Jas. a^oUrce, of. invest- pleasure and employment for. a 

. . and ^-Adviee i for other wealthier nation. 


Government has countered 
this situation by offering a cotton 
wool existence for the small 
manufacturing business by offer- 
ing subsidies and grants, selec- 
tive assistance and other forms 
of help which are all available 
to you provided you are happy 
to have a host of civil servants 
enquiring about your company, 
that you report on a monthly 
basis that you have done nothing 
to offend Her Majesty’s Govern- 
ment and that you will devote 
a large proportion of your 
administrative effort to filling in 
forms, while the one thing you 
want to do is to get on with 
running your own business and 
enjoy making a profit from it 

Just read the list of who gets 
selective assistance and grants 
of one form or another. You will 
find that the vast majority is 


taken up by such over-familiar 
names as the National Coal 
Board, British Steel, ICI and 
British Petroleum. .Assistance is 
available to the company that 
can afford to make the invest- 
ment, that has the bureaucracy 
to deal with bureaucracy, and 
lias the balance sheet strength 
to convince the civil servants 
that they will not be risking 
their necks or the taxpayers* 
money. A substantial proportion 
of their profits is derived from 
their skill at milking the Govern- 
ment cow rather than driving 
their business in the appropriate 
direction. 

I must not complain. My 
company has enjoyed selective 
assistance and we have enjoyed 
courteous and helpful assistance 
from the Scottish Economic 
Planning Department, but the 


contortions that we went 
through tn qualify for help led 
us to make wrong business 
decisions on the way. I am 
convinced that the whole mish 
mash., of Government inter- 
ference should be dismantled 
and healthy, virile industry 
should be encouraged by 
creating opportunity rather than 
by paying subsidy. 

The term “company" ought 
to refer t*» a group of people 
working together. Those people 
work to create wealth and a 
better life Tor themselves. If we 
look at the strike records of 
small and large companies, then 
we find that the legislation that 
is being passed is only necessary 
for the large companies: there 
are. more appropriate ways of 
settling disagreements in the 
smaller companies. Yet the poli- 
ticians persist in passing legis- 
lation which sets employee 
against employer and creates 
the strife that it is purported 
to eliminate. 

The Employment Protection 
Act and the Trades Union and 
Labour Relations Act force 
unionisation into companies 
where n has been totally un- 
necessary. This legislation runs 
counter to the legal principle 
of being innocent until proven 
guilty. Unfair dismissal claims 
are positively encouraged by 
civil servants at the Department 
of Employment, and companies 
arc put to immense expense de- 
fending themselves in this most 
un-British form of justice. The 
company always pays directly 
or indirectly for the costs of 
prosecution and defence. 

At a time when the small 
businessman finds it difficult to 
accumulate capital himself, un- 
fair dismissal and redundancy 
claims seem to be an excellent 
method for the employees to 
acquire capital. Some are be- 
coming quite professional at it 


Have we really progressed to- 
wards a fairer society? I think 
not. 

So much for just some of 
the problems. What of the 
remedies? 

Remember, industry pays for 
all the extravagances of our 
spendthrift politicians. Those 
politicians do not contribute 
one penny- towards their own 
profligacy. The solutions 1-pro- 
pose are likely to be highly 
disagreeable to those who have 
risen to power by promoting 
conflict and envy, and by 
spending our earnings. 

The prime requirement is to , 
improve the ability of indivi- 
duals to accumulate capital and | 
improve the rewards for back- 1 
ing successful entrepreneurs. 
This will be achieved by: ; 

• A substantial move to taxa- 
tion of spending as opposed to 
taxation of earnings. Increase 
VAT and reduce all levels of 
income-tax so that extra taxed 
earnings from a company com- 
petes with untaxed moonlight- 
ing. The top rate of income- 
tax must not exceed 50 per cent 
of any form of income. Restrict 
the tntal tax take by restrict- 
ing Government spending. 

• Put investment in manufac- j 
luring companies on an equal 
footing with investment in the 
building societies and the 
pension funds. 

• Ease the burdens of Capiral 
Gains and Capital TransFer Tax 
for the owners of small dtun- 
panies. Encourage transfer of 
the company during the 
owner’s lifetime. It is vital 
that capital should be employed 
efficiently in high added value 
industry rarher than in idle, 
easily transferred assets such 
as pictures, etc. 

• Ensure that proposed legis- 
lation is scrutinised and drafted 
with smaller firms' management 
in mind. The entrepreneur is 
to be treated as someone wanted 
in the community, not as an 
outcast. He is a member of the 
general public. 

• Pay more attention tn the 
cost-effectiveness of legislation 
and tax gathering. 

• Make all employees, union- 
ised and non-unionised, equal 
under the law. 

• Finally, remove all discretion- 
ary assistance from govern- 
ment departments and replace 
it with specific relevant govern- 
ment purchasing or develop- 
ment contracts aimed at encour- 
aging a strong competitive in- 
dustrial sector. There is no 
point whatever in robbing 
Peter to pay Peter. 

Britain will only. regain her 
status as a great trading nation 
if her managers can concentrate 
on competing in world markets. 
It is distressing that we are 
being increasingly forced to 
concentrate our efforts in the 
work-place and in administra- 
tion, at the expense of effort 
desperately needed in the mar- 
ket place. 


The Red Baron 
spreads his 
catering wings 

BY DARRELL DELAMAIDE IN HAMBURG 


HOMESICK German business- 
men and other travellers with a 
taste for Teutonic cuisine may 
soon be able to dine on 
dumplings and other delicacies 
in Saudi Arabia and Egypt, 
courtesy of Lufthansa. 

The - airline's catering sub- 
sidiary, Lufthansa Service 
GmbH, has just received the 
green light to set up a chain of 
high-class restaurant centres. 
The first of these " Senator-Res- 
taurants.” which include lounge 
and shopping facilities, is to 
open in the centre of Munich in 
the summer and will be 
followed by at least three others 
in Germany and at least seven 
abroad. 

The restaurant chain has 
little to do with the airline — 
known as the Red Baroo — or 
even with flying. The restaurant 
clubs are to be located In city 
centres, nowhere near airports, 
and will offer not only every- 
thing from soup to nuts, but 
services like sewing on buttons 
as well. 

LSG’s managing director. 
Reiner Jodjahn, sees the new 
chain as a logical expansion nf 
the unit's business, which has 
long since outgrown its initial 
task of providing on-board 
repasts for Lufthansa flights. 
Besides being the supplier for 
150 airlines at German airports, 
LSG caters for special events 
in places like Rio. New York 
and Moscow. For instance. LSG 
will feed U.S. television crews 
covering the Moscow Olympics 
(as it did in Munich). 

LSG itself will have revenues 
this year of about DM 250m 
(compared with Luthansa's 
total turnover for 1977 of 
DM 4.6bn) and now will have 
its own subsidiary, LSG-Ros- 
taurant GmbH, to operate the 
new chain. According to LSG 
projections, the new unit should 
reach a cumulative turnover oF 
DM 30m by 1983, the first stage 
of its expansion. 

The first establishment in 
Munich (and later domestic 
centres in Dusscldorf. Hamburg 
and Berlin)- will enable the 
fledgling enterprise to gather 
experience. The first foreign 
branch is scheduled for a 1980 
opening and is likely to be in 
Cairo. 


Other likely centres are 
London, New York. Toronto, 
Sydney and Saudi Arabia. The 
Middle East is a prime target 
because of the large colonies of 
Germans and other temporary 
expatriates in that region. 
Tehran in fact, would have been 
LSG’s first choice before the 
unrest there. 

If the idea catches on, pre- 
dicts Jodjahn. as many as 24 of 
these oases of German culture 
could be planted around the 
globe- 

The restaurants will offer a 
menu of German specialities in 
an atmosphere designed for 
business meetings, with a 
maximum capacity of 16n per- 
sons. The lounges, resembling 
the Vip lounges maintained hy 
many airlines in airports, will 
also be suitable for meeting 
business contacts and will offer 
a news ticker, an airline and 
hotel bookings service, as .weLl 
as other facilities. 

The shops ahrnud will he 
stocked with German products, 
including Wurst and 
Schwarzbrot. Payment by 
credit card nr eventually even 
by signature will he encouraged. 

.Tndjahn feels that the new 
Lufthansa enterprise differs 
from hotel and restaurant 
chains operated by other air- 
lines not only in its ciub-Irke 
concept but in its exclusive 
character. He hopes the food 
and service will correspond tit 
least to one star in the 
Michelin. 

The centres will provide a 
more upmarket image for an 
outfit which spends a lot of time 
smearing butter on bread for 
the bag lunches offered on the 
Red Baron's domestic flights. 
Jodjahn sees the new unit as 
a profitable way of capitalising 
on LSG’s existing logistical 
system — for example as another 
professional outlet for the cooks 
trained in LSG's Frankfurt 
kitchens, or Lufthansa cabin 
attendants 'tired of flitting 
around. 

Beyond its own operations, 
LSG-Restauvant plans to offer 
logistical and managerial advice 
to third parties and is ready to 
engage in cooperation with nr 
even capital participation in 
other restaurant firms. 


RESEARCH 


COMPONENTS 


RWS Analysis of vibration Work on Simplified door closer 

^ A 1AU A XTT A nlTC nf mnnitnrifln firm nwit-irw S nd r«niii am • NOW IN volume production by employed, checked 


EDITED BY ARTHUR BENNETT AND TED SCH0ETERS 


automation 


: : 'j . 


^, r?ECONOMIC assembly of a five- 
-j£*part electrical component with- 

• rVout-the ipeed :for jL costly, fully 

- *r ; aWoniat'ed proems . yet _prpduc- 
•_ yying a reduetkm in the labour 

v : content of the. jbb.was a chaJ- 

• ;~;lenge successfully met recently 
• -.-by VSI Automation Company. 

. ‘T’ The . parts . included _ two 
. .: moulded plastics arms con- 
<j. aected by a plain headed hinge 

• .J. pin, a, steel ‘,U ‘shaped contact 
I.' ,-*; and ’a Tecessedt head retaining 

.Vicrew. A'design feasibility study 
^indicated that a mechanised 
-^assembly - unit, built from 
: r standard VSI components and 
paced hy. a single operator, 

‘ .would be economic in terms of 
r ' > .limit cost while., at the same 
time, achieving the required 
output with no defective end- 
‘ ; prbdncts. V. . . 

• * r To assemble- the parts the 
' '.-operator raises the guard on the 

^cnit,- inserts two plastics arms 

- - - into a special jig and locates the 
; ' . " U-shaped contact on to the end . 

."'of one: arm. The- guard' is then 
‘ > v powered to initiate the assembly 
- r ‘ ''process. 

X The jig moves forward under 
•‘ r . ..,.tiie action of an air cylinder 
^.«nd: a headed hinge -pin is blow- 
: • •- • f ed-from ' one of the two vibra- 
•- ' Ttory :J>bwl feeders to 7 the nozzle 


of a vertically-mounted, modi- 
fied' pneumatic screwdriver 
which presses it -into the hinge 
bosses of. the plastics arms. 
Then the second bowl feeder 
delivers a screw to a horizon- 
tally-mounted, pneumatic screw- 
driver which inserts it into the 
contact hole to a predetermined 
depth. The operator then opens 
'the guard and this retracts the 
fig and automatically ejects the 
completed assembly ready for 
the operation to. be repeated. 

The whMe assembly process’, 
takes only a matter of seconds 
and outputs- of up to 900 parts/ 
hour can easily be reached by 
semi-skilled operators. * 

Sequencing .of. the hinge pin : 
and screw insertion is accom- 
plished by means of a bank of 
pneumatic relays operated by 
an. electric motor-driven cam- 
shaft. Two control boxes, with 
on-off switches and bowl feeder 
speed regulators. . are located , 
adjacent .to - the operator’s 
assembly station and the whole 
mechanism is contained within 
a dear-view safety enclosure. 

.Farther* information from 
VSI Automation Company, 194- 
Stanley Green Road, Poole, 
Dorset BH15 3AW (0202 
624727>. 


ADVANTAGES of monitoring 
vibration levels in helicopters 
with the Scientific-Atlanta 
Model 2538 vibration signature 
analyser include a reduction in 
the cost of testing rotating 
■helicopter components, com- 
pared with spectrometric oil 
analysis and magnetic chip 
detector inspection systems. It 
also, reduces helicopter down- 
time by giving advance warning 
of troubles in gearboxes, shafts, 
pumps and other components. 

On-site measurement of vibra- 


tion is provided and results are 
compared against the charac- 
teristic vibration signatures of 
the various gearboxes, shafts, 
pumps and other rotating com- 
ponents, permitting efficient 
trouble analysis. 

The analyser weighs only 
18 lb and operates on recharge- 
able batteries. Hard copy of 
the test results is available on 
4 in by 6 in cards which can 
be filed for ready reference, 

Scientific-Atlanta, Randolph 
Park West, Randolph Township, 
New Jersey 07801, U.S. 


Close look from above 


GENERAL Electric Company’s 
Space Division. Philadelphia, 
has signed a $77m contract with 
NASA to build Landsat-D. the 
most advanced Earth resources 
monitoring satellite system to 
date. 

- The incentive contract cost in- 
cludes a 35m fee with additional 
earnings of up to 54.3m, de- 
spending upon how well the 
system performs once the satel- 
lite is in orbit 

7 - Scheduled for launch in 
-autumn 1981, Landsat-D is the 
fourth in a series of experimen- 
tal satellites to explore the 
Earth from more than 640 
kilometres up. 

• In addition to the multi- 
spectral scanner (MSS) carried 
by the first three Landsats, 
Landsat-D will carry a sensor 


known as the thematic mapper 
(TM) which will provide a 
spatial resolution approximately 
three times as detailed as its 
predecessor multi-spectral scan- 
ners (MSS). 

The contract also calls for a 
backup spacecraft: a data man- 
agement system: an operations 
control centre to be located at 
the NASA Godtiard Space Flight 
Center (GSFC), Greenbelt Md.: 
a transportable ground station: 
and a Landsat assessment sys- 
tem to quantify and demonstrate 
the advantages of the thematic 
mapper over the MSS. 

Landsat data are primarily 
used for the monitoring and 
management of food and fibre 
resources, water resources, 
mineral and petroleum explora- 
tions and land cover and land 
use mapping. 


preserving 

archives 

ACCORDING to Battelle Colum- 
bus Laboratories it is possible 
that the minute amount of light 
emitted by almost all organic 
substances during degradation 
— chemiluminescence — will 
eventually provide the necessary 
clues for predicting how long 
paper will last 

The research team has 
developed a chemiluminescence 
monitor and has been measur- 
ing how much light is emitted 
from Library of Congress paper 
samples treated in various ways 
and exposed to different 
atmospheric conditions. 

Results, so far. indicate that 
chemiluminescence is higher at 
a given temperature for dry 
paper than for wet, the amount 
of emitted light rising with 
the temperature. 

Changing the humidity by 
cycling between moist and dry 
air also increased the emission 
— supporting the common prac- 
tice of maintaining books at con- 
stant humidity to minimise 
deterioration. 

It is hoped that future work 
will, for example, provide a 
measure of the damage caused 
by incident light and yield 
information about oxidation 
rates under ambient conditions. 
The laboratories are at 505 King 
Avenue, Columbus, Ohio 43201. 


NOW IN volume production by 
TI James Gibbons of Wolver- 
hampton is a compact door clos- 
ing unit which can be let in to 
the underside of the top of a 
door frame and so be virtually 
invisible. The number of moving 
parts bas been minimised. 

- Known as the Transom a tic 
m, the unit measures 314X94X 
38 ram (12.3X3.7X1.5 ins) and 
is able to deal with doors weigh- 
ing up to 90 kgs t20O lb). The 
design permits straightforward 
installation by one man. 

A spring loaded cam action is 


employed, checked by an en- 
closed oil cylinder mounted 
between the two springs: the 
cam swings a lever connected to 
the top of the door. 

The unit has a wide range of 
closing speeds and tensions, both 
easily adjustable, and a “ hold 
open ” option is available. 

An • additive in the cylinder 
oil prevents bounce of piston 
within cylinder, giving an 
exceptionally smooth closing ‘ 
action. 

Church Lane. Wolverhamp- 
ton. West Midlands WV2 4BX 
(0902 58585). 



• IN THE OFFICE 

Tax forms made easier 


IN PREPARATION for the end 
nf the current tax year in April. 
Wilkes Business Forms has 
brought out its new P11(S)/P60 
computer tax forms. 

Consisting of three-part con- 
tinuous sets interleaved with 
one-time carbon and with each 
part printed in a different 
colour for easy identification, 
they are fully approved by tbe 
Department of Health and 
Social Security and the Inland 
Revenue and conform to the 
requirements of tbe Social 
Security Pensions Act 1975 
which comes into force in April. 

Under the new legislation, 

• METALWORKING 


those contracted out of the 
State scheme will have to fur- 
nish additional information on 
the next Pll. Many existing 
forms will become obsolete but 
the extra requirements are 
catered for in the Wilkes design. 

Although intended for use on 
all line or serial printers, the 
forms can also be typed on an 
ordinary typewriter or hand- 
written, and provide an efficient 
method of completing the end- 
of-year tax documents that every 
employee receives. 

Wilkes Business Forms, 
Oxford Street, Bilston. West 
Midlands WV14 7DW. 0902 
42961. 


Eases shaping of metal 


Speeds food quality control work 


SEMINAR 


* Hot riser corrosion 


-A : PROBLEM of- 1 the utmost 
importance to the developing 
-.North. Sea ofl fields, 'corrosion 
-.of . hot .riser . systems, .will be- 
/ discussed at ' a - seminar to -be 
? held in .London at' the Sud- 
bury Conference Theatre, on 
-February 20, 1979. - 
V: The - problem is being acti vely - 
Studied by : 'the ' ’ National 
■ Physical Laboratory 1 , and tbe . 
1 Corrosion and • Protection- 
-Centre ■tJMQST ' m tho UK, by 
-TNO in Holland, the Corrosip’n 


Centre in Denmark, and by 
DNV and NPD in Norway. 

Papers will be presented at 
the seminar by .contributors 
who are recognised leaders in' 
this field, says the organiser. 

' Enquiries .-Jo Lindsay Lyth, 
Scientific and Technical 
Studies, Oyez International 
Bosmess. Communications, Nor- 
wich . House, .11/13 Norwich 
Street, London EC4A 1AB 
(01-242 2481), • 


• SAFETY 

Gloves for hot work 


' SAFETY ; GLOYH 5 for use in 
.'high . temperature industries 
w'sucb as welding; glass manufae- 
;.turing t ' and bakeri^— -but also 
by -fire ■ -brigades - tod' _ racing 
■ drivere^-are made from Nomex, 
■which is Dupont's hlgh tempera- 
'tare resikant nyinn fibre- -’ 
Among ' Its" many' properties 
-Ue the possibilities ' of -washing, 

comfort in: vaeari BtrtogfiL icy 
thermal -conductivity and' low 


flammability. ' 

The glove is made without 
any seams in tbe fingers, palm 
or back, and because it is close 
fitting;. allows, the wearer maxi- 
mum. finger dexterity. It is also 
made, with a long cuff to protect, 
the forearm. . 

Further details from Anthony. 
Moor, Units. 5-6. Bingham In- 
dustrial Estate, Bingham, Notts. 
(0949-38517.) • - 


PLANER has begun marketing 
an anaerobic incubator cabinet 
which offers quality control and 
.research laboratories in the 
-food and allied fields a more 
[efficient alternative to the con- 
ventional use of multiple 
- anaerobic jars. 

Designed in consultation with 
[bacteriological experts, the 
[cabinet is intended for routine 
incubation of anaerobic bacteria 
trader strictly -^controlled condi- 
tions. 

. The cabinet comprises a 
ragged stainless steel incubator 
chamber with, a ' double-glazed, 
rigid-plastic window in. which 
one or two glove ports are 
mounted, 'transfer of speci- 
mens into and' from the cabinet 
Is via a side-mounted" airlock 
which can be evacuated and 
backflushed with the desired 
anaerobic gas to prevent ingress 
of . oxygen into the main 
chamber. 

The anaerobic atmosphere in 
the latter (normally 80 per cent 
nitrogen, 10 per. cent carbon 
dioxide, 10 per cent hydrogen) 
is .maintained at a slight posi- 
tive pressure, -removal of oxygen 
and moisture being assisted by 
a. palladium' catalyst unit, and 
desiccant respectively. 


Airlock purge operation is 
automatic, with cycles of 
evacuation (via a rotary pump) 
and backfilling with gas from 
the main chamber, before the 
internal door can be operated. 
AH controls and operations are 
interlocked - to prevent acci- 
dental admittance of air to the 
main chamber. Stages in the 
airlock purge cycle, and correct 
closure of the airlock door, are 
indicated by coloured lights on 
the control panel. Incubator 
temperature Is accurately con- 
trolled and uniform tempera- 
ture distribution is aided by a 
circulating fan. 

The front of the unit 4s con- 
structed as a hinged door which 
can be opened to obtain full 
access to the chamber when 
required, e.g. for cleaning. In 
normal operation, it is held 
dosed in gas-tight contact with 
the main chamber via a flexible 
rectangular seal. 

Petri dishes, tissue cultures, 
flasks etc. can be .transferred 
from the airlock into the main 
chamber manually using the 
glove ports’. Alternatively, an 
indexed carousel to take over 
100 Petri dishes using an ex- 
ternally operated transfer arm is 
available as an optional item. 


Further from G. V. planer, 
Windmill Road, Sunbury-on- 
Thames, Middlesex. Sun bury 
S6262. 

Protects 
the crops 

PLASTIC protective netting for 
seed beds and growing crops is 
now being produced by BIF 
British Industrial Fastenings, 
Gatehouse Road, Aylesbury, 
Bucks HP19 3DS. (0296 S1341). 

It is claimed to have a life 
expectancy up to 20 years and is 
of Don-extruded knitted construc- 
tion and coloured green, Mesh 
size is '22 by 22 mm and the 
netting is supplied in rolls 6 m 
wide and 200 m long. 

• Completely new . overhead 
electric travelling cranes are 
available from a new crane 
maker in the UK. Allerion 
Industries of Northallerton has 
been manufacturing’ fabricated 
steelwork for UK crane com- 
panies since- 1947, and the com- 
pany has. .decided to expand into 
the assembly ot complete cranes. 


FIVE DEEP drawing and metal 
forming lubricants are to be 
marketed by Rocol. The range 
has been given the brand name 
Ultraform and it is claimed the 
lubricants will meet the most 
exacting requirements when 
forming, drawing, piercing or 
blanking difficult materials or 
when producing complicated 
shapes. 

One of the major advantages 
claimed for these lubricants is 
that they can also be used to 
reinforce the appropriate con- 
ventional lubricant. 

In field trials, says Rocol, the 


Ultraform range has demon- 
strated outstanding improve- 
ments in surface finish and pro- 
duction rates. 

One company, drawing i in 
deep copper cups, achievef a 
rate of 600-700 drawers per hour 
by using one of the products 
and reckoned that this level of 
productivity and acceptable 
finish could not have been 
obtained with ordinary pressing 
ails. 

Rocol bas its headquarters at 
Swillington, Leeds (0532 
862261). 


• ENERGY 


Efficient heat saver 


NEI PROJECTS (Process 
Engineering), sole UK distri- 
buter for the Westinghouse 
centrifugal "Templifier” heat 
pump, bas negotiated the first 
sale outside the U.S. of a heat 
recovery system incorporating 
the new Westinghouse model 
TPE Templifier. It is to be part 
of a new dairy installation being 
supplied by Engelmann and 
Buckham of Alton, Hants., to the 
Unigate Dairy in Walsall. 

The system has the very high 
coefficient of performance 
(COP.) of more than. 5.4 and 
recovers waste heat from a 
Hydrolock milk sterilisation 
unit. This heat Js supplied to 


heat water to 70 degrees C for 
use - as boiler feed, milk process 
and space heating. The system 
also gives a considerable saving 
as the water from which the 
heat has been 1 extracted is 
cooled down to a temperature 
which allows it to be re-used as 
cooling water in the Hydrolock 
steriliser. 

This order will be of 
particular interest as it is the 
first centrifugal compressor heat 
pump application in the UK. 

NEI Projects (Process 
Engineering), Victoria Works, 
Gateshead, NE8 3HS. 0632 
770288. 


• INSTRUMENTS 

Tells if 
shaft is in 
trouble 

IN MUST rotational machinery 
the noise and shaking 
produced by out-of-balance 
effects are relatively easy to 
detect; torsional vibration in 
shafts is less easily identified 
— and sometimes not noticed 
until the component breaks 
down. 

An instrument developed by 
Scientific Atlanta and available 
. in the UK from Data Acquisition 
of Stockport allows torsional 
oscillation measurements m be 
made and then used in deter- 
mine if a system is performing 
according to criteria established 
by the manufacturer. 

The unit acepls inputs from 
magnetic nr optical encoders 
and is able to plot torsional 
vibration data in two ways. In 
a histogram piot mode the 
instrument analyses and plots 
sequentially the vibration ampli- 
tude of each engine “order.” 
that is. the frequencies which 
are multiples or sub-multiples 
of the shaft angular velocity. 
Out-of-ihe-ordinary amplitudes 
are easily seen. 

Alternatively, an ’’order pint" 
mode selects ihe engine order 
of interest, say " times 3.5," 
.and then plots the amplitude 
as a function of engine RPM. 

The instrument incorporates a 
small pen recorder and plots 
the data on a separate card for 
each order. Both X and Y axis 
scale factors as well as the 
order number are automatically 
printed. 

For (he "order” mode, the 
instrument uses narrow band- 
pass filters which lock on to 
the selected order frequency 
and track it through two seleo 
able RPM ranges. 

A front panel meter monitors 
the vibration amplitude and 
also serves as a battery test 
indicator. Displacement signals 
are available for external use. 

More about the model 2524 
from the company at Brookfield 
House, Hopes Carr. Stockport, 
Cheshire SKI 3BG (061477 
3888), 


**i£*+ii r .?.': : 



10 

LOMBARD 


The limits of 
reason 



Juggernauts at 


.. Fmanolal qmes 






WINDSOR 


BY DAVID FISHLOCk 

THE FEROCITY with which As Lord ^^oUisehUd has 


recent suggestion tlr^nhe to work at tne coauace. iney 
^Government aii^TtlyTo draw touch us all. He challenged 
up an “.'index of risk ” to help the Coal Board and the Royal 
the 'public get risks into proper- Commission on Environmental 
■lion does not suggest too much Pollution to refute the charges 
interest in a dispassionate of . the_ American Medical 
■search for truth in this matter. Association this summer that 
-It is reminiscent of the less a cdal*fired power station caused 
temperate outbursts which 400 times as many premature 
To) lowed publication of the deaths as a nuclear station, 
report on the.Windscale inquiry, The economic trend is already 
suggesting that since the inquiry plain. The nuclear industry is 
had concerned itself with veri- often attacked for The way 1 lie 


■fiabie facts such inquiries must price of nuclear power-stations 
•therefore be the wrong way to has escalated in the 19iQ$. well 


approach I he problem. 

Values 


beyond the factor ascribable to 
inflation. Increasing concern 
with their safety is the extra 
factor. But the U.S.. with 


Lord Rothschild himself, rather wider experience than 
.drawing readers' attention to Britain nf commissioning new 


several “inaccuracies or mis- power stations m the Seventies, 
representations ” in an attack finds that just about the same 
on his Dimbleby lecture in the factor for safety can be ascrihed 
scientific journal Nature, says to the increased cost nf eoal- 
sweetiy that they were “doubt- fired stations. 

Jessly unintentional.” Stephen 1$ it really a highly developed 
'Cotgrove. professor of sociology sense of values that persuades 
at Bath, expressed the resistance people to support coal rather 


to »-onsider hard facts in its than nuclear energy ? Or is it 
most civilised form when, in- a merely expediency ? It is becom- 


Jetter to The Times ho said clearer that the so-called 

. . ' -■ i : — i " — 


that the nuclear debate was benign and renewable ” energy 


about values, not facts. " The forms are less benign and much 
acceptability of risk cannot be more expensive than nuclear 
isolated from values." He is energy's opponents have led 


was timn to strike back. 

In Britain, the irony of British 



J: t Indicates programme in black 


and white 


BBC 1 

9.55 am Paddington and the 
“ Cold Snap.” 10.00 Jackanory. 
10.15 Why Don’t You . . ? 10.40 
A Dog in Paris. 10.55 Pixie and 
Dixie, tll-00 Buck Rogers. 11.20 
The Fantastic Journey. 12.10 pm 
The Little Mermaid (cartoon). 
12.35 News. 12.50 Spitfire! The 
World War II battle for 
supremacy with the German 
Me 109. 1.45 Heads and Tails. 
2.00 "Bearheart of The Great 
Northwest.” 3-15 Tom and Jerry. 
320 Glas y Dorian. 3.53 Re- 
gional News for England (except 
London). 3.55 Play School. 4.20 
Jackanory. 4.35 The Happy 


F.T. CROSSWORD PUZZLE No. 3.858 



ACROSS 

1 Undomesticated creatures, 
led b> a rake" <4, 4i 

5 Disinclined to compose a bit 
of poetry (61 

9 Group of musicians in match- 
ing garments (S) 

10 Slop accepting direction in 
front of tbc wicket l6) 

11 Turned as a page may be (81 

12 Failed to see young lady going 
to editor (G) 

14 Tolerate plot to create a 
turbulent assembly (4-61 

15 High-Fi enthusiast going into 
print? (TO) 

22 Drink wiih favourite needs 
little Hap (6) 

23 Colour incorporated in race to 
river (8) 

24 Wrongly beat silver that goes 
in pot (3-3) 

23 Droll fellow lalking_ about 
literature on sleeper ('5-3 1 

26 River bird to aggravate (6i 

27 Warms utensil for skin 
blemish (4-4) 

DOWN 

1 Lass holding right tool (6) 

2 Bad result giving gloss (Bf 

3 Gasteropod that could be mine 

( 6 ) 

4 Wrong prongs held on plates 
(5-5) 


6 Green. 1 state, is upright (Si 

7 A dry shop supplying musical 
composition (Si 

8 Oriental repairing and -cor- 
recting (8) 

13 Left one feline in offal and 
cube t 10) 

15 I'd accept three consecutive 
notes to be left alone (Si 

16 Note politician delayed 
making a pattern (S) 

17 Left always on time for 
mechanical advantage iS) 

19 Stop airman on charge (6) 

20 Stop and remove from ’the 
ground (4, 2) 

21 Be a bird and depart hastily 
(4. 2) 

SohitUn .to ‘Puzzle No. .3,857 


0 ra a q 
Boat 

3 a 

GHEBnidEJE 



0HEEJEIESI 




WINDSOR’S line of defence 
against the juggernaut lorry 
runs in a 12-mile arc south of 
the castJe, just beyond the 
range of vision from, its battle- 
ments. And despite being 
severely tested, the defences 
have held. 

The decisive clash in the 
battle of the Windsor Toad 
cordon, in which . Berkshire 
County Council has sought to 
retain a six-month-old ban on 
heavy lorries from a wide area 
around Windsor, was fought 
out in the High Court just 
before Christmas. Berkshire, 
the victor, is now free to decide 
whether to make the ban, which 
is still experimental, permanent. 
The losers, the Freight Trans- 
port Association, the Road 
Haulage Association and the 
National Farmers Union, 
retired from the . field. The 
decision cost the losers an esti- 
mated increase of £$m per year 
in the operating costs of their 
members, and the £10.000 bill 
for the court action. They are 
not to appeal. 

The five-year-old Heavy Com- 
mercial Vehicles (Controls and 
Regulations) Act, dubbed the 
Dykes Act after its sponsoring 
MP. Hugh Dykes, charged local 


authorities with surveying lorry 
movements, identifying areas 
where heavy lorries, were con- 
sidered to be causing environ- 
mental damage— and gave them, 
for the first time, the power to 
deny access to lorries on 
environmental grounds. 

Berkshire decided to impose a 
five-ton unladen weight limit 
except for access, on 11 50-yard 
stretches of road, .and one of 
25 yards, at all junctions in a 
semicircle stretching from the 
M4 near the Thameside village 
of Datchet, east of Windsor, to 
the M4 at Paley Street, nearly 
10 miles to the west 


call its cordon ** unique ” rather 
than “ devious," it is certainly 
ingenious in that it is much 
easier to police than would have 
been the case if the entire area 
had been labelled “ prohibited 
except for access.” 

. Berkshire justified the ban on 
the grounds that for many years 
it had been suffering from an 
unreasonably heavy use by 
northbound and southbound jug- 
gernauts wishing to avoid the 
congested areas nearer to 


outcome of the . High Court 
action. Enforcement, ’ they, 
indicate, will, now be -stepped. 

Up. _ 

What is clear is that for those . 
living within the. area, the bani 
has been a marked success. The. 
rush-hour tailbacks on the 
Windsor approaches have 
shrunk noticeably and The 
Transport and Road Research.- 
Laboratory, which has been - 
monitoring the scheme, -reports . 
that some 1,500 heavy lorries ' 


s~\ 

^HENLEY 




rf* 1 * - 






t • * • 

#* ' 






&READWG 








BY JOHN GRIFFITHS 


ASCOT 


Since virtually all the road 
‘'plugs” are in rural areas, 
their total 575-yards length con- 
tains at most a few farm gates. 
But the plugs’ combined effect 
is to make the 40 square miles 
around Windsor a “no go 
area ” for heavy traffic. 


The road lobby argued in 
court that Berkshire had 
exceeded its powers under tbe 
Dykes Act by not delineating 
the overall area of the ban and 
in not providing reasonable 
access to areas affected, but not 
specifically covered by the ban. 
However, the judge ruled that 
the council was required only 
to name the specific stretches of 
road covered by the ban. and 
pointed out -that maintaining 
such access was described in the 
Act as desirable rather than 
mandatory. 

While Berkshire prefers to 


London in the east. Once the 
M25-M3 link to the south-west of 
Staines was completed, it felt 
justified in using its new powers 
to create the cordon. 

The five-ton ban is not a com- 
plete one. Agricultural tractors 
and trailers, animal trans- 
porters, milk, oil and petrol 
tankers, breakdown and ready 1 
mixed concrete vehicles are 
automatically exempt For 
other companies . genuinely 
requiring access, bright yellow 
windscreen permits are issued 
for easy- identification. So far, 
nearly 1800 have been issued, 
and 16 applications refused. 

In the seven months since 
the ban was introduced, there 
have been no police prosecu- 
tions for infringement. But 
county officials suggest that the 
police bad been taking a softly, 
softly approach, pending the 


per day are being kept out of 
the cordon area. On routes' 
directly affected by tbe ban, ; 
1.400 homes are enjoying, an J 
average daily drop of 410 pass- 
ing lorries. 


But the other side of the coin ’ ;• 
is that for" 1200 homes on the 
perimeter of the cordon, there ..: 
has been an average daily ' 
increase of 360 lorries. 




'KECSUSBBED BtWIt WOO*? WBEHT j 
LASTS ■ -• | 


risht: but that is no argument politicians and the public to 
whatsoever for refusing to take believe. The government sifted 


a cool look at the statistics of the options according to the 


promise they held for Britain 


Queen’s College set for victory 


The exasperation y f those who and chose wavepower as much 
believe most strongly in Duclear the most promising large-scale 
energy — who tend to be those source. It funded a variety of 
who know most about it and are experimental work into dif- 
as »ni-jatcd nio.-t closely with its ferent ways of harnessing waves, 
risks — is quite palpable these It then asked independent 
day.?, in Washington the other engineering consultants, uncon- 
day a journalist advised a woe- neered either with wavepower's 
begone- U.S. nuclear industry at potential customers or the 


its annual conference io let out Department of Energy, to ex- 
a “ great bellow of raye ” at the trapoliate those experiments 


torment it was enduring so and estimate the likely eleetri- 
passively from its opponents. It city cost. It turned out to be 


QUEENS COLLEGE, the sole 
course and distance winner in 
the line-up. looks to be the one 
in back in today's renewal nf 
Newbury's three-mile Weyhill 
Handicap Chase. 

The Queen Mother's tough and 
consistent seven-year-old, who 
succeeded in making the frame 
on each of his five appearances 
last term, gained his success here 
with a head victory over Nelson 


a horrifying 20p a unit or more. 
And so wc come hack to coal. 


RACING 


Nuclear Fuels being obliged to But a finely honed sense of 
pay -hostility money " to its values would surely say that 


BY DOMINIC WIGAN 


Windscale workers is not lost on men should not be permitted to 
the industry's leaders who — with work underground, much less at 


scant public .support from poli- a coalface. In Britain it is clear 
ticians in defending an activity that there is no way in sight lor 
the Government itself officially raising coal from the richer 
approves of— -are constantly ex- deposits, half-a-mile or so deep, 
posed to attains by the media, without miners. 

The torment has led. however. None of this, of course, sup- 
to the idea being canvassed of a ports the case for a counter- 
counter-attack by the nuclear attack by nuclear interests upon 
industry upon the coal industry, the coal industry. But it does 
This is a heavily subsidised show just how vulnerable the 
: public activity, the high risks of coal industry and its supporters 
which— at least tn its employees would be to a well-orchestrated 
— are freely acknowledged by intellectual assault on the safety 
government. The forthcoming and social values of winning and 
public inquiry into the Vale of burning coal. along lines 
Belvoir deposit would afford a analogous to those being used to 
convenient public launchpad for make the case against nuclear 
such an attack. energy. 


Boy in a poor novice event: run- 
ning on gamely -to win in the 
final strides. 

Although the form of that 
event does not amount to much. 
Queen's College showed sufficient 
promise on two other appear- 
ances last season to suggest that 
he could well become a smart 
staying chaser given time. 

If, as reports suggest, the 
College Green gelding has gone 
the right way over the close 
season, he ought to prove capable 
of giving a fair amount of weight 
to St. Cadwaladr. not seen out 
since running Joe Kelly to six 
lengths on his chasing debui at 
Chepstow last season. 

Captain Tim Forster has 


decided to saddle Burridge in 
preference to Lochus. Cither 
Pen dragon. Forbidden Fruit and 
Deep Memories for the 21-mile 
HuDgerford Chase and I believe 
the tip will be worth taking. 

Burridge. who easily landed 
the odds in a novice hurdle early 
last season, showed that the big- 
ger obstacles held no fears for 
him when not beaten far by The' 
Clerk at Worcester on his chasing 
debut. 

In the absence of Snow-shill 
Sailor be is given a reasonably 

confident vote. Course and dis- 
tance winner, Hesgotit. looks a 
better proposition than Ambre- 
mont who had only to stand up 
at Kempton on Tuesday for the 
forecast. 

With Easy Commission. Goose 
Pimple and Ten Dollars More 
all absentees from tbe Elcot Park 
Novices Chase, the way may well 
be clear for Ian Watkinsoo’s 
moderate mount. Miss Melita. . 

This seven-year-old who lost 
toneb with Great Brig in the 
final half mile at Uttoxeter’s 31- 
mile Rocester Novice Chase on 
December 14. will be all the 
better for that run and it is 
douhtful if she will find an easier 
opportunity of opening her 
account over fences. 

In spite of the strong claims 
of Tony Dickinson's northern 
challenger, Honegger. I snail 


be looking to Pardon for the 
winner of the Ramsbury 
Hurdle. 

Fred Winter's improving 
four-year-old easily disposed of 
Genovese in the closing stages 
of the valuable Hampton Court 
Hurdle at Ascot on SGB Day 
and >t could well be that he is 
now a young hurdler with a 
bright future. 

Half an hour after the Rams- 
bury Hurdle Royal Judgment 
seems certain to take a great 
deal of beating in cite Abing- 
don Opportunity Hurdle. Josh 
Gifford's five-year-old gave Bail - 1 
ador il pounds and a 12 -length •. 
beating in a handicap at Kemp- 
ton on November 22 . and that 
form looks superior to anything 
recently achieved by his 
opponents. 

For the danger I turn to 
Leterellan who beat Metals by 
seven lengths at Uttoxeter after 
going down narrowly to Hon- 
egger in Chepshow's 2j-mile 
Night Nurse Hurdle. ] 

NEWBURY i 

12.30 — Hiss Afcfita 

1.00 — Burridge** 

1.30— Jack O’Lantern 

2.00 — Queen’s College* 

2.30 — Pardon 

3.00— Royal Judgment*** 


World of Hanna-Barbera. 

5.40 News 

5.50 Regional News (except 
London and South East) 

6.00 Star Trek 

050 -David Soul fa portrait) 

7.30 Citizen Smith 

5.00 The Liver Birds 

8.30 News 

8.45 “ Ooh, You Are Awful! " 
starring Dick Emery 
10.20 Year of The Horse 78 
11.05 "Theatre of Blood." 

AH Regions as BBC1 except at 
the following times: 

Wales — L45-2.00 pm Melin 
.Wynt- 5.50 Wales Today. 5.55- 
6.00 Newydd. 10.20- Kane on 
Friday. 11.10 “Theatre of Blood.” 
12.55 an) News and Weather for 
Wales. 

Scotland — 5.50-6.00 pra News 
for Scotland. 

Norlhern Ireland — 3.53-3.55 pm 


Northern Ireland News. 5.50-6.00 
Northern Ireland News. 

England— 5.50-6.00 pm Tom 
and Jerry— cartoon (London and 
South East only). 


BBC 2 


11.00 am Play School (as BBC1. 
3.55 pm) 

1.50 pm Leonard Bernstein at 
Harvard 

4.15 New Year Matinee: “ The 
FBI Story," starring 
James Stewart 
6.40 News on 2 

.6.50 "The Glorious Muska- 
teers" (cartoon film) 

8.U0 Country Game with 
Angela Rippon 
MO Pot Black 79 
8.53 Cricket: Third Test — 
Australia v. England 
(highlights) 

9.25 Horizon 
10.20 Late New-s 

y 10.3G Jack Lemmon in ** Days of 
Wine and Roses ” 


Days of 


LONDON 


9.30 am Cartoon Time. 9.40 
“ Great St. Trinian's Train 
Robbery." starring Frankie 
Howerd. 11.05 N'oiodv's House. 
11 JO West way. 12.00 Handful of 
Son^s. 12.10 pm Pipkins. 12.30 
Three Little Words. 1.00 News, 
plus FT index. 1.20 Thames 
News. 1.30 " Doctor Doolittle." 
starring Rex Harrison. 4.15 
Premiere for Elizabeth: Royal 
Philharmonic Orchestra. Mnura 
Lympany. Tommy Boyd, from 
the Fairfield Hall. Croydon. 5.15 
Thames Sport. 

5.45 News 

6.00 Thames at 6 

6.30. Father Dear Father 

7.00 The Muapct Show 

T.30 The Krypton Factor 
Special 

8.00 General Hospital 

9.00 Vcsas 
10.00 News 

10.30 “The Wild Bunch." star- 
ring William Holden. 
Ernest Borgnjne. Robert 
Ryan and Edmond O'Brien 

1.15 am Close: An event in 
the early lif.-> of Christ 
read by Xnnthi Gardner. 


All IBA Regions as London 
except at the following times: 

ANGLIA 

9.30 am Manlnad. 9.45 Wilkie on 
Water. 10.10 Take a Bow. 10.35 They'll 
Never Gei ii to Fly. 11.15 Lord Tramp. 
11,40 Oscar. 11.55 The Sweet Sugar 
Doughnuts. 1.25 pm Anglia News. 

5.15 Bygones. 5.00 Abour Auerfia. 

1.45 am A Carol loi the Christmas 
Season. 

ATV 

9.30 am The Adventures of PinuccMo. 

9.55 Survival. 10.20 Wilkie on Water. 

10.45 Lord Tramp. 11.10 The Skating 
Rink. 1.20 pm ATV Newspesk. 5.15 
Happy Days. 6.00 ATV Today. 10.30 
ATV Today Review ol Hie Year. 

11.15 Love at the Movies: " Brief 
Encounter ” starring Sophia Loren and 
Richard Burton. 

BORDER 

9.45 am Wilkie on Water. 10.10 
Take a Bow. 10.35 They'll Never Gel 
il ia Fly. 11.15 Lord Tramp. 11.40 
Oscar 11.55 The Swear Sugar 
Doughnut tl .20 pm Border News. 

5.15 laveme and Shirley 6.00 Look- 
ami»nd Friday 6.30 Thing urn myjig. 

1.15 am Border News Summary. 

CHANNEL 

1.16 pm Channel Lunchr.rne News and 
What on Where. 5.15 Poo Quest 
Christmas Special 6.00 Weporr .-.I SJr». 
6.35 The Remarkable Rockci 10.28 
Channel Late Nows. 10.32 La-irencc 
Olivier Presents Ecst Ploy •■ii the 
Year 1973: " Saturday. Sunday. 

Monday." 12.20 am News and 
Weather in French 

GRAMPIAN 

9.25 am First Thmu. S.30 The Herbs. 

9.45 Will it on Water. 10.10 Take a 
Bow. 10.35 The-("*l Ne«cr Gc: n id 
F ly. 11.15 Lord Tramp 11.40 Oscar, 

11.55 T he 5 wee: Suae/ Doughnut. 1-20 
pm Grampian News Hcnlhnoa 5.15 
Laveme »nd Shirley. 6.00 Grampian 
Today. 6.30 Spons call. 10.3Q Redac- 
tions. 10.35 "Two Mules lor Sister 
Sarah," starring Clint Eastwood and 
Shirley MncLatna. 12.20 am Grampian 
La:e Night Headlines, lollowod by 
Road and SL' Rcoon. 

GRANADA 

9.30 am On the Twellth D.iv. 19.50 
The Best ol Laurel and Hj,dv. 11.05 
Survival Soeci.-I. 1.20 pm Tins is Your 
Rrqht. 5.15 This is Yvur Rnhs. 6.00 
Granada Reports. 5 -0 Kiel -off. 

HTV 

9.20 am Stars on Ice. 9.50 Wilkie 
on Water. 10.20 Take a Bow. 10.40 
They'll Never Get It Tr, Fly. 11.15 Lord 
Tnmo. 71.40 Oscsr 71. 55 Rawer 
Snnar Dcn'-lir.uts. 1 20 pnt Report 
V/est Headlines 1 25 Report Wales 
Headhrcs. 5 15 L.wurne j>nri Shirley. 
6.00 Report West. 6.15 Report Wales. 
6.30 Survival. 

HTV Cymru/ Wains — HTV General 
Service except: 1.20-1.25 pm Pena wdau 


Newyddion y Dydd. 5.15-5.45 Plant y 
Byd 6.00-6.15 Y Dydd. 

HTV West— As HTV General Service 
Except: 1.20-1 JO pm Report West Head- 
lines. 6.15-6.30 Report WesT. 

SCOTTISH 


9.25 am Davy Crocket. 10.10 Take 
a Bow. 10.35 They’ll Never Get It To 
Fly. 11.15 Lord Tramp. 11.40 Oscar. 
11.55 The Sweet Sugar Doughnut 
1.25 pm News and Road and Weather. 

5.15 Mr. and Mrs. 6.00 Scotland 
Today — John Toye. 6.30 Steve Janes 
Illustrated. 10.30 Late Call. 10.% 
Feature film — "Two Mules For Slater 
Sarah." siairing Clint Eastwood end 
Shirley McLaine. 

SOUTHERN 

9.30 am Cartoon Time. 9.45 Wilkie 
c>n Water. 10.10 Take a Bow. 10-35 
They'll Never Gel It To Fly. 11.15 
Lord Tramp. 11.40 Oscar. 11.56 The 
Sweet Sugar Doughnut. 1.20 pm 
Southern News 5.15 Leveme and 
Shirley. 5.40 VVeehond. 6.00 Day by 
Day. 6.00 Scene South East (South 
East Aiea only). 6.30 Out ol Town. 

1.15 am Southern News Headlines. 

TYNE TEES 

9.20 ant The Good Word followed 
by North East Nows Headlines. 9.30 
The Herbs. 9.45 Wilkie on Water. 
10.10 Tal.e a Bow. 10.35 They'll Nevar 
Gel It To Fly 11.15 Lord Tramp. 
11.40 Oecar. 11.55 The Sweot Sugar 
Doughnut. 1.20 pm North East News 
and Look-.iimmd. 5.15 Mr. and Mrs. 
6.00 Northern Life. 6.25 Sports lime. 1.15 
am Epitoguo. 

ULSTER 

9 45 am Wilfclc on Water. 10.10 Take 
a Bow. 10.35 They'll Nevar Gal It To 
Fly. 11.15 Lord Tramp. 11.40 Oscor. 
11.55 The Sweet SugBr Doughnut. 

I. 20 pm Ulster News Heodlineal 1.22 
Cartoor. T.me. 4.13 Ulster New* 
Headlines. 5.15 Mr. and Mrs. 6.00 
Ufstor Television News. 6.05 fn Search 
of . . . Earthquakes. 6.30 The Mary 
Tyler Moore Show. t10.30 Feature film: 
*' The Golden Age ol Comedy." 11.40 
News at Bedtime. 

WESTWARD 

9.20 am The Roll Harris Show. 9.45 
Wilkie on Water. 10.10 Take a Bow. 
10.35 They'll Never Got It To Fly. 

II. 16 Lord Tramp. 11.40 Oscar. 11.55 
The Sweet Sugar Doughnut. 12.27 pm 
Gus Honey bun's Birthdays. 1.20 West- 
ward News Headlines. 5.15 Pop Quest 
Christmas Special 6.00 Westward 
Diary. 6 35 Time Out. 10.28 Westward 
Lain News. 10.30 Laurence Olivier 
Presen is — The Best Play of the Year 
. . . 1973: *' Saturday. Sunday. Mon- 
dry." 12.20 am P*ith fnr Life. 

YORKSHIRE 

9.30 am On the Twelfth Day. 10.00 
T/co Top Tales. 10.15 Tarznn. 11.10 
Winners end Losers. 11.35 Tell Me 
Why. HO nm Calendar Nows. 5.15 
Sam. 6.00 Cilnndar (Emlny Moor and 
Belmont editions). 6.35 Calender 
Sport. 


BBC Radio New Wavelengths 

*1 US»Hi/»Sm * iashH.«fm 

I UOWHl-TTSm 0 SSSSSm 


BBC Radio London; 
1453kHz. 206m & M.tvhT 


Ton-rht's Sihubert Songs (si including 
11.45 News. 


693k Hz /433m 

2 HHkMz/J30m 
& SB-Uvhf stereo 


Capital Radio: 

XSSbHc. 194m 9, WJJvhf 


4 300k Hi /1500m 
81 92-95VW 


London Broadcasting: 
2151k Kz, 261m & 9T.3vhf 


RADIO 1 

(s) Stereophonic broadcast 
t Medium Wave only 
5.00 am As Radio 2. 7.02 Paul Burnett. 

9.00 Simon Bates. 11.31 Mike Read. 

2.00 pm Tony Blackburn. 4.31 Kid 
Jensen. 6.31 Ke.ih Moon Who. 7.30 As 
Ream 2. 10.02 The Fnday Reck Show 
O). 12.00-2-02 am As Radio 2. 


RADIO 3 


14.55-7.05 am Cricket: Third Test 
Australia v. England, t7.00-7.05 Nows 
{VHF only). 7.05 Weather. 7.06 Ovortute 
(s). 8.00 News. B.OS Morning Concert 


is). 9.00 News 9.05 Thij Week's 
Composers: Offenbach and Meseager 
Is). 10.00 Holiday Special (5). 10.20 
BBC Northern Ireland Orchestra (si. 
11.10 In Shan. 11.20 Young Artist's 
Rectal (5). 12.15 pm BBC Northern 
SympHony Orchestra part 1; Dvorak, 
Haydn Is I. 1.00 New;. 1.05 Plj.bill (si- 
1.20 BBC Northern Symphony Orchestra 
part 2: Shostakovich (si. 1.55 Tippett 
chamber musit (s). 2.30 Stomp It 

Down. 3.00 MiSiule' by Alec Roid (A 
fantasy) (a). 4.05 Schubert and 

Cherubini concert, part 1 is], 4.35 
Interval Reading. 4.40 Concert, part 2. 
5.45 Homeward Bound (3). 6 JO News. 
6.35 Ai Home; Cantclli in Stcreo7 (si. 
7.30 Music from Pebble Mill, part 1: 
Schumann (si. 7.55 A Miscellany of 
Parsons: Fust of two extracts from the 
conversation of Jamos Noitkeote and 
William Hazliii. B.1S Music Irom 
Pebble Mill, part 2: Sirjuss. Britton (s). 
9.05 Public Duty ant) Personal Faith' 
The Example of Themis More (talk by 
Lord Rawlinson ol Ewell). 9.25 Bruckner: 
Symphony No. 8 |S). 10.55- BBC Sym- 
phony Orchestra (s). 11.40-11.55 


RADIO 2 


5.00 am Nows Summary. 5.02 David 
Allan (s). 7.32 CrtcLer; Thi'd Test 
(report). 7.34 Terry Wogan (s) including 
5.27 flserny BoUeitn and 8.45 Pause lor 


Thought. 10.02 Jimmy Young (3). 
12.15 pm Waggoners' Walk. 12J30 Peia 
Murray's Open House ($) including 
1.45 Sports Deal 2.30 David Hamilton 
is) including 2.45 and 3,45 Sports 
Desk. 4.30 Waggoners' Walk. 4.45 
Sports Desk 4.47 John Dunn (3) includ- 
ing 5.45 Sports Desk. 6.45 Sports Desk. 
7.Q2 Barn Dance in Ibe Radio 2 Ball- 
room fs). B.02 Geoff Love conducts the 
BBC Rad<o Orchestra (*). 8.45 Friday 
Night is Music Night. 9.55 Spuria 
Desk. 10.02 Best of the News Huddllnes. 
10.30 Let's Go Latin 11.02 Brian 
Matthew introduces Round Midnight, 
including 12.00 News. 2.00-2.02 am 
News Summary. 


RADIO 4 

6.00 am News Briefing. 610 Farming 
Today. 6.25 Shipping ' forecast. 6.30 
Today. Magazine, including 6. 45 Piayer 
lor the Day: 7.00 and 8.00 Today's 
News; 7.30 -md 8.30 News Headlines; 

7.45 Tliuui.ilit for the Day. 8.45 The 
Story-Teller by 5aki. 8.00 News. 9.05 
Bakor's Dozen (a). 10.00 News. 10.05 
Prcm Our Own Concspondent. 10.30 
Daily son/ice. 10.45 Morning Story. 11.00 
Down Your Wev visits Aviomore. 
Inverness-shire. 11.40 Announcements. 

11.45 Listen With Mother. 12.00 News. 
12.02 pm You and Yours. 12.27 My 
Music. 12.55 Weather: programme news. 

1.00 The World at Ono. 1.40 Tho 
Archers. 1.55 Shipping forecast. 2.00 
News. 2.02 Woman's Hour from Man- 
chester. 3.00 News. 3.05 Afternoon 
Theatre. 4 00 News. 4.05 Listen to the 
Banned. 4.35 Story Time. 5.00 PM; News 
magazine. 5.50 Shipping loiecaat. 5.55 
Weather: programme niiwe. 6.00 News. 

6.30 Going Placos. 7.00 News 7.05 The 
Archer;. 7.20 Pick ol the Week from 
BBC Radio and Television fs), 8.10 
Profile. 8.30 Any Questions 7 9. IS Letter 
from America. 9.30 The Holv Blissful 
Martyr For to Beak. 9.59 Weather. 10.00 
The World Tonight. 10.30 Quote . . . 
iinquoio (s). 11.00 A Book at Bedtime. 
11.15 The Financial Worl/i Ton. phi. 11.30 

?5v4*°.? lma - 11,45 Jusl Bo *or« Midnight. 
12 00 News 

BBC Radio London 

5.00 am As Radio 2 6 JO Ruah Hour, 

3.00 London Live. 11.40 Lobby. 12.03 pm 
Call in 2.03 206 Showcase. 4.03 Home 
Run. 6.10 London Sports Desk. 6.35 
Good Fishing. 7.00 The Million Sellers. 

7.30 Black Londonets. 8.30 Track. 
Record 10.00 Lato Night tendon. From 

12.00 As Radio 2. 




The National Fanners Unlon’3 'Jggj n * f 1 
involvement has been based on -“-fSSS Act S- 
fears of disruption to feedstviffs, . again pSw' 

fertilisers and other supplies the Windsor 

to the dozens of farms within „ -- 

the cordon area. But so far ^a?^»Sv^Cumbria County 

2 SS 2 L report no mainr ^df 1 * near to: publishing 

problems. details of a similar ban^ : on-,t|e . 

“We’ve said all along, that ^591 betweeri : ' KeSwi(*' r aind- 
this scheme is unlikely to solve ^ehdal. although.- : West York- 
any problems, only move them shire also >y ants to ' implement 
elsewhere," points out Mr. Don Vban on heavy 16rr^e&''crbss^lg , 
McIntyre, transport officer for 33 bridges in the Lebds area: ; 
the 1 4,900-member Freight Berkshire does nbV partieu- 

Transport Association, the seek te minimise:' the . 

members of which operate, some _ hauliers’ daficidtiesj-'T'its -own 
400,000 heavy commercial briginal projecUdns-O^-thP \ctBi£ 
vehicles. of the ban (film peri 'year : it' 

The hauliers’ over-riding con- ■ 1976 prices) were presented to 
■ cem now is that local authori- . councillors ahead -the 

ties elsewhere, virtually all of decision to . 
which have abandoned ..the f ‘tP bring- home the gravity of 
schemes for mandatory lorry the decision . r -they^.'-'Ajrere 


making "• ' -according . -to. Mr. 
rVatdle-.':': were - told 


simply, tins " is' tiie . cost- of 
protecting- th,ee&vli;onment.‘:In 
making ; a decision to go ahead, 
we were fully aware of the need 
for ai before-andaafter-. study. 
And it ’still stands that.-£f, if Is 
.found not to-vork, then. we are 
quite willing to 1 take the ban 
off. -But sinefc .'the scheme was 
Introduced; V hot: .’tdnV sub-. 
stantlatedi;ca§tf^ hSri&hjP." has 


mental penodi:"jvhicI^f expire d 
in netSBmhevhas-weady.heen 
“extended inpifi&s and = 

can be extended again by: the 
- same amounts oufrAy.’. B ecem- 
i b er-ri)79; Berk^btte jndstidecide 
whether to^bandbh^ thd-scheme 
-—or make'-ftvperinMient;~_. , 


; h jy r 

m- 


l 


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V aM* 


7 ts'„. i VTt.'.' ; "•’ „/ • 

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• ."A* • > M : '•:'• 

-4. '%v: '! ' .' : -. " r •' 


THE ARTS 



11 


ore flaws than Jaws 




' by NlGBL ANDREWS 


a.: - ••:>- ,-- & ; J, - -.-> :• •••*-.■_- • -.i, ;••- 


■- .'•_ 


; %;rv 

1 i;; Empire 

:AMtmtag-(AA* «£ , 

;'•>:• :•' 

'• : ■:■- , v^selecte'd'-Od^ oils . 

Eriisf Lubitsik- 

. yNadoad Flhfr-Tfteatre 

"- &judt-yd& .yon , thought- , it • 
- was-.safe ~i6: r ..& ..the 

-water .'; . sjiysrtbey piaster: 

indicating -that Jtees ' 2 :'p»s: the 

• unenviable task ■ afjfoll pwi ijg on 

•=the ^5hy. [ heels’ ef - ; tbekmost 

ffiomertfxnis y repord-tfireaker /in 

jnoTife "hi ttfty? :"V.v- 
Withy that , mdsodmtic . jevaq- 

gelisiBpec ullar-.to tiwe. Aineri ca n 

• Jettore mdusti^this tiine last 
yS6r bur- cinemas verb visited 
'by . Rollercoaster, ’broadcasting 
thfe destructive possibilities . of 
the fun . fair— -Hollywood ,'_' is 
trying for a -f second time to 

‘ terrify the - . public -away’ from 
thp; beaches, it’ .wbn^t/yl think, 
suoceei Npt that Jatri- 2 i£x£f 

w i»yi*Z 


Robert Shaw and. Bichard/Drey- 
ftiss. •' The ' number _ofo token 
' victims thrown bn to the screen 
■ mfeiely-to be eaten up wa^kept 
■to a discreet roiniratitnwi-arfd so 
.. wns thfe quantity of screen .'time 
. allotted' to characterising them. 
jaws 2 dwells for far loo long 
' on .the anticipatory high-jHtfcs of 
these Hollywood teenagej&'-who 
look . as if they have stepped out 
“of Gadget Goes Shark Fishing, 
and .there- is' rio "one except 
Scheider in the rest of the .cast 
..'who seems to have been setitipted 
.‘. By the screenwriters into^three 
-dimensions. 

•. Certainly not the shark.!. In 
Jan's 1 the animal operated- on 
• a now-ybu-see-him-now-you-don’t 
' basis, so that one nbver ha^thne 
lo wqnder- whether it was- real 
or not. In Jatra 2 the shark sits 
- up and begs to have its unreality 
noticed; With its lifelesS/eyes 
--and . auto-pilot movements, it 
jloofcr as if it would berapre at 
■home patrolling your bath-tub 


Geraldine Chaplin., insists.) 
There are Mia Farrow (Bride's 
nymphomaniac sister), Howard 
Duff (worldy, lascivious family 
doctor), Viveca Lindfors (mad 
Swedish something-or-other) and 
Laureen Hutton (Itinerant. film- 
maker). There is even Lillian 
Gish as the aged grandmother of 
the Groom (G0G?1. who dies 
in bed. in an early 'scene and lies 
there throughout the movie as 
a silent and undiscovered re- 
proof to the revels downstairs. 

■ Mia Farrow steals the film by 
saying almost nothing (three 
lines;. £ hazard) and yet some- 
how spreading among her fellow 
characters the rumour that she 
is pregnant by her- newly-wed 
brother-in-law. The running 
gags run and run and run: some 
to good effect (Geraldine Chap- 
lin's demented pedantry as the 
wedding coordinator), gome 
less so (Carol Buruen's wnirl- 
wind^ flirt at loo with the Groom's 
uncle). 


and insubstantial as a souffle. 
Enjoyable enough: but one 
hopes that another square meal 
will be on lhe way from Allman 
before loo long. 

k 

Talking of square meals— and 
four days after Christmas may 
not be the best time to do so — 
the National Film Theatre *s 
celebrating the New Year with 
a full-scale Ernst Lubltsch re- 
trospective. The German dlrei> 
tor famed and fabled for his 
••touch” is honoured by a mouth- 
watering season running the 

length of January. Lubitsch's 

penchant for sweet-and-sour 
romantic comedies, playing mis- 
chievously around themes of 
sex, is represented here not only 
hy the well-known 'movies from 
his days in Hollywood — Trouble 
In Paradise. Design For Living. 
The Merry Widoir, Ninolchhn — 
hut by earlier, less trumpeted 
German efforts from the late 
“teens" of the century. 



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.- .‘c - 

•<: '-V' 

: 

A . .. 

.. '■* it.Vrv' ; ■ ' ■ 

: - 



■ already gobbling up -receipts 1 it 
, . . thei^boje. office in^ America “But 

1 ■•'vtenror this time round, the 
;yisceral shock :is L gone and it 
v :is ill .tod much like a ’conjuring 
•itrkk -whose secrets have been 
given away. . 

, 5 T3ie - little. Island-resort . of 
v! Aimty is again the setting and.! 
ytoy Scheider, he of the worried 
■frowir and ah ark-like features, is 
;the . police- officer , tirelessly 
/championing -; public safety 
against the yenal interests of the 
•fslandV tourist-conscious .Mayor 
'(Murray Hamilton). ' When- a 
senes;-: of luckless boaters and 
swinuners mysteriotfely , “ dis- 
appear.’*- at 1 * - sea, . Scheider un- 
pdpularly decides that another 
shade mdst be ib the' vicinity. 
HJsf-yjew is vindicated, when a 
larger ^aiiy of teenagers, are' 
dlmaetically ^ stranded :iat" sea, 
with the finny, creature snap- 
ping around their boats eager 
for : bis dinner” ' ' • . 

..'Those -teenagers are" part-— or 
.BMist — of the film’s .. problem. 
.The strength! of : .Jan*s^ was that 
the' -hunters .and the hunted, 
were one. and_the same^-tb wit; 
the . central ’ trio of- %heidet.- 

Kinjg r s Head ’ v. . 


This; Is - not aq! adaptation of 
.-the romance' thai Shell'ey wr^e 
at Eton,, but an 1 original piece 
devised by.tbe/Ciiiidiah. writer 
; George F:-. Walker when he: had 
read a' .destriptfbn :of : rt. ; n. is. 
t -sn4f..- - a Gqthic jevenge tale. fuU .of 
.. ." I. violence ahd^ murder Trcrt-of -not 
. much ; else. Zastfbs^i; flatters . 
' .' hihrietf lhat h e’'^ 

i v - \ criminal of all Europ^” though!!'-. 
• : T • -'In' this play Ke sets himself only 
' ■one,easy target. He intends to. 

: . kilt Verezza; '■ • .the complete ; 
• , ' "ReuaiBsajlce ' man who . . has ein- 


Canapes and champagne — a scene from * A Wedding * 


*•- 

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than pretending to be an ocean- 
going fish. Arid J Although 
. much blood. is spreadarbund the 
screen at climactic moments, the 
frissons in the film, fire lob few, 
the absurdities and^incongruities 
too many. 

•k/ 

That last statement can also 
be made about Robert Altman's 
A Wedding. /This strenuously 
farcical account of a wedding 
party in -richest Chicago uses the 
Altman cast-of-dozens format 
(a la Nashrilleyto provide what 
is more like ai hectic series of 
revue sketches than a unified 
film. For A Wedding Altman 
has doubled the number of-. 
“ main " ' - characters used in 
Nashville — 24 has exploded into 
48— and it is hardly surprising 
"that a sense of ■ hopeless dis- 
orientation results. 

The familiar faces fly by, and 
one has to catch the lines they 
speak and the grimaces they 
fiash as best- one can.. There is 
;Carol Burnett, smiling in toothy 
some . anxiety . as the Bride’s 
mother. There are Nina Van 
iPailandt and Vittorio Gassman 
as the mother and father of the 
Groom. (Or the MOG and FOG, 
■as. • Mistress-o f-C ere monies 


• The pace haVdly flags, except 
for one ill-conceived sentimental 
'dupfogue between Gassnian and 
'■Van Pallandt, and for Jong 
'stretches the overlapping con- 
versation that is an Altman 
speciality keeps the- gags going 
simultaneously as well as in 
oonnstop sequence. There is 
even a dance-room scene, in 
which couples swing past the 
camera delivering their lwo- 
liners, that is like an inadver- 
tent hommage to The Muppct 
Show. One searches in vain for 
.Miss Piggy locked in a fast fox- 
trot : emfirace with Kermit the 
. Frog. ■ 

" r Tbe problein with A Wedding 
is , that it comes from the 
- director, of Nashville; a multi- 
/chaxacter tragicomedy which 
aa^ceeded in bringing ail its 
.characters to life and making 
Jhe:' gags serve them. In A 
.Wedding the characters serve 
the' gags, and if the first do not 
fit/ the second then they are 
miafle to do so by some Ptd- 
. trustean twisting and stretch- 
ing- The film is -shot in a 
shimmer of pastel colours that 
softens any hint of serious 
social satire. It is all as fluffy 


by B. A, -.YOUNG 


.braced all the arts one .after 
another and is now mainly coni 
' cerried with being the' voice of 
God, if not God himself. Vereazi 
murdered Zastrozxi’s mother, but 
.-tve never hear' the details; the 
' act . is' no . more than the spring, 
ih the clockwork of the plot . . 

A basic To'm-and-Jerry chase; 
.continues, throughout the play 
with little ‘deviation. Zastrozad 
'decides to tempt' his victim into ; 
the suicide with the help of the' : 
trollop Matilda, so ensuring that 
be will go to hell; but the line 


UMITED 

Extra ct . from the Report and Accounts 
• for;Year ended ^ 31 October 1978 
’ ^ 1978 . " 1977 

Revenue after, charging. ’3h- 
. terest and Expeiraes.. Of - 
"Management £7t7,$3S . 

Taxation" ...... .i... ' -. 238,128 . 


£651.038 

237.401 


£ . Ui ■ V-! ' -£48L50» £413,637 

Preference Dividends ...a .... ... ■■ ■ 14^75 . .14^75 

! - J ’ ?' ;! ^ ,f;7 V • . ,i : ' £446,634 ... £398,762 

. Ordinary Dividehdi*r ! j- 

interhn of 0.8p. paid: (48p) £161^08 ..£134,400 

Final, ofi,7p: propowd'ti'-Sp) 585,6Q0 252,000 •• 

. . . . 436^100 ’ 386,400 


Transferred *to. 
"ReSeiye. 


"Revenue 


£9^34- 


. .£12^62 


r Earnings per . Ordinary 25J> 
'< -Share ■■ ...h.-m', ,.« v 


2.6fip- 
- 31 

October 
•1978 - 


2.37p 

3J 

: October" 

- 1977 


j ; Valuation: red ; investments 
\ "Investment, currency -pre^. 
• mium. included, above. 
f Net Assfetyalueper Ordinarr 
-Share 


.£15^50^32 ^151719,072 


i 


£879,253 
-8tiP 


£719,692' 
S4p 


; ROYAL EXCHANGE: - v- ' THOMSON McUNTOCK & CO, 
^DUNDjSE.:.;^ ^ . Secretaries: 


1 . 
■r.; 

1 .. . 

c. •• - • *- . •">»£* 




Jeads to nothing. There Is also 
-’. a young, virgin, Julia, who pro- 
rides saipe for some incidental 
^seduction (once, father cleverly, 
.‘.yrith words alone) and provides 
some action for Zastrozzi’s man 
Bernardo. -a kind of Leporello. 

My problem Jay in 'deciding 
./whether- the play was true 
jpastiche Gothic or parody. The 
'■incidental music played by Andy 
= -Smith 'at the piano indicates 
■ parody; .It sounds like an 
amateur organist extemporising 
- a. Voluntary. But the writing is 
ttJrisciously literary. When 
Zastrozri. says that Verezzi is a 
.fool, Bernardo (who is given a 
likeable Cockney performance 
by George Sweeney) says: " r 
.would fend to agree." In spite 
of ' all ..the rough-bousing and . 
sword-play so "admirably 
directed by William Hobbs, I 
think' the stoiy belongs, between 
cpyers rather than on the stage. 

John - Castle plays Zastrozzi 
like Lucianus in The Murder of 
.Gonzago. radiating evil as -hard 
as he can/ go. He ..has- a good 
. time when, after a nightmare in 
which 'he is. leading the forces 
of^ good, against the forces of. 
evil, l?e cannotTesist putting on 
a- terrible good-natured smile as 
if -if were ,a ;«false nose. His 
opponent, Verezzi, gets little 
from Aftthony Milner, but a 
beard and a Bunthorpe voice. 
Susan Eenhaligon plays Julia 
as the essence of virginity, 
rippling, with orgasmic shivers 
when Zastrozzi merely describes 
the; process of seduction; and 
Christina Greatorex in a vivid 
gipsy dress wields a passion or 
ia sword as well as the men. In 
a'finaie to rival Hamlet's, all the 
charaiuers but Zastrozzi lie dead 
in'a disused prison- for lunatics. 

Keruieth Chubb directs with 
resource, and Rita. Furzey has 
provided some appropriate 
designs dri a simple, scale. 


In his preface to the NFT 
booklet, the season's organiser 
John Gillett wags an admonish- 
ing finger at those who would 
consign the German director to 
the . imprisoning — and trivial i- 
sing— ciichri of "the Lubltsch 
touch." To do so, argues Gillett, 
ignores his steady and' thought- 
ful development through three 
decades of movie-making. 

There is no doubt 'that 
Lubitsch's career was i 
triumphant object lesson in con 
sistency and certainty of style 
end vision. Alone among the 
pre-war German directors who 
moved to Hollywood (he did so 
very early, in 1923), Lubitseh 
had almost no teething troubles 
in adapting his polished, 
swirling style to American set- 
tings and characters. He found, 
furthermore, both in Germany 
and America the ideal players 
to enact his brittle, satlrica 
feather-light romanticism: actors 
and actresses like Poia Negri, 
Maurice Chevalier, Claudette 
Colbert, Jeanette Macdonald, 
Carole Lombard. Greta Garbo. 
All these are to be seen — and 
many, many more* — in the 
coming month at the NFT. Book 
now. 

St. John’s 

L’Enfance . . . 

Listeners to Radio 3 were to 
have been the main benefi- 
ciaries of last Friday's perform- 
ance of Berlioz's oratorio by the 
BBC - Singers and BBC 
Symphony Orchestra. But the 
strike by members of the 
Association of Broadcasting 
Staff meant that it was heard 
solely at St. John's. 

I wondered, nevertheless, 
how on earth the intended radio 
audience was supposed to follow 
the work, which does not unfold 
in familiar biblical sequence. 
The decision to perform it in 
French, Instead of in a good 
English translation, seems in 
retrospect to reflect those 
mandarin-like attitudes of the 
BBC's music management 
which have helped lo make 
Radio 3's audience as small as it 
is. 

There might have been an 
excuse, if French solo singers 
had been specially engaged Bfit 
this performance was par- 
ticularly **home-made M and not 
remarkable for distinction -of 
style. That admirable young 
baritone Stephen Roberts, in the 
role of Joseph, seemed the best 
habituated to .Berloiz's idiom. 
Ann Murray (Mary) did not 
seem happy at exchanging 
Italian operatic coloratura for 
these long-sustained lines. Brian 
Burrows as the Narrator faltered 
in tone towards the end, and 
Paul Hudson (Herod and 
Ishmaelite) had the right bass 
sonority but little persuasive- 
ness, in the language. 

The performance was con- 
scientiously shaped, in a rather 
restrained style, by Gennady 
Rozhdestvensky — who con- 
tinues. to show the .widest 
sympathies in his first season 
as the BBC's principal con- 
ductor. - • 

MtTHUR JACOBS 



Colin Huehnx (centre) in “ The Two Fiddlers ” 

Jean nett a Cochrane 

The Two Fiddlers by DEBORAH PICKERING 


This is destined In he a 
11 school opera " although its 
unequivocal message is a warn- 
ing to adults, who masochis- 
tkdlly dominated the audience 
of its London premiere on 
Wednesday. 

The si ory of two fiddlers, one 
of whom fell among trolls, is 
based on a Scandinavian-Orkney 
folktale. George Mackay -Brown 
retold it in a book from which 
Peter Maxwell Davies has 
created his two act opera. 

Fiddler one. Storm Kolson, 
was played by Simon Haynes 
who, like the rest of the cast and 
orchestra, is a pupil of Pimlico 
School — incidentally, the only 
school where the local educatiun 


authority has set up a specialist 
music course inside a large 
comprehensive. 

Storm is lured into the trolls’ 
mound where he plays a tune 
for the king and queen and an 
assorted bunch of long-armed 
subjects whose fingers tickle the 
ground as they whoop and whirl 
in concentrated malevolence. He 
is rewarded with a wish . . . and 
asks that Orkney folk should 
never have to work again; and 
extends his visit for 21~ years. 

Meanwhile, back in reality, 
his mate Gavin (Ben Buckton) 
has freed himself from Storm's 
music and mayhem. He marries, 
reproduces, buys a bungalow, a 
television set, a life insurance 


policy and collects his old age 
pension. 

When they next meet, in Act 
2. Gavin looks aged but Storm 
Two. Storm is still a young man. 
He is. nevertheless, astonished 
to discover that he has ’■Inst" 21 
years underground and further 
perturbed to find his wish has 
come true . . . the islanders 
watch television all day long 
and eat chocolates whose papers 
are unwrapped for them by 
unseen supernatural hands. 

Food, drink and entertain- 
ment are all gifts at the trolls 
— and nobody works. Bacchan- 
alia is occasionally interrupted 
by someone's effort of turning 
the switch over from one 
abysmal (ITV is featured) tele- 


vision channel to the other — in 
this case, TBC. the trolls' own 
station. 

. Thank God for music! Storm 
does his thing on the fiddle, is 
forgiven and joined by Gavin, 
and soon the island is rocking 
and rampant with pent-up 
energy. Then people actually 
stan to work once more. 

Enthusiasm can mollify a 
multitude of sins. The Pimliro 
players burst with vigour that 
is twice as strong as vocal 
quality. 

The music is made for child- 
ren to perform and i.s not over- 
taxing. At times it is almost 
enchanting. In all. it is 50 
minutes of immense fun. 


Arts news in brief . 


The Arts Council Poetry 
Library, formed in 1953 and 
claimed to be the most 
comprehensive and • accessible 
collection of 20th century 
poetry in the English language 
has moved from 105 Piccadilly 
to 9. Long Acre. The move will 
give the library much needed 
extra space and will consider- 
able improve facilities. The 
Arts Council - Literature 
Department is also moving to 
Long Acre and in the Now Year 
the Arts Council Shtip will also 


be transferring from Sackville 
Street to the adjoining 
premises. 

The library was set up by the 
Arts Council of Great Britain 
in 1953 and the collection was 
first housed at the National 
Book League's headquarters in 
Albemarle Street. It moved to 
105 Piccadilly, the Arts Council 
headquarters, in 196B. The 
collection has grown substan- 
tially over the past six years 
and the nuive lo larger 
premises in the Covent Garden 


area will enable the further 
development of the collection In 
a well-designed library. 

At its new premises in Long 
Acre the library will be open 
Tuesday to Saturday from 10 
am to 5 pm with late opening 
until 7 pm on Fridays. 


On January 4 the Oxford 
University Press, which • has 
made its reputation from 
reference books and other works 
of scholarship, publishes a 


series of books especially de- 
signed for children who have 
failed to learn to read. 

The course is called Ju-srbuzz 
and has been devised by Colin 
Harris, deputy headmaster of 
Eston Lowfields Special School 
in Middlesbrough. 

Fuzzbuzz aims to ' teach a 
basic 250 words, and its struc- 
tured combination of reading 
hooks and workbooks ensures 
that the pupil will never be dis- 
couraged by being confronted 
wirh something be cannot read. 


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12 


FINANCIAL TIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P 4BT 
Tele g r am s: FloutiiM, London PS4. Tries: 886341/2, 833897 
Telephone: 41-243 SOW 

Friday December 29 1978 

f 1 



monopoly 



A RECURRING theme in the 
history of Britain's nationalised 
industries has been the uneasy 
relationship with their suppliers. 
Several nf the si ate corporations 
have been accused of under- 
mining their suppliers' escort 
prospects hy choosing equipment 
ti» suit their own engineers' 
tastes, with no resard to over- 
seas requirements. This applies 
particularly to the Post Office, 
where the inability of the 
British exchange equipment 
makers to offer a competitive 
system is blamed on faulty tech- 
nical decisions by the dominant 
purchaser. 

The hope is that System X. 
the ali-electronic system now 
being developed for the Post 
Office, will enable the British 
telecommunications industry to 
regain a respectable share of 
the world market. But there 
appears to be no agreement as 
vet on how the system is to be 
marketed. The Po>t Office is 
hoping to establish an inter- 
national marketing company 
which will include itself and the 
three main supplying companies. 
General Electric Company, 
ricssey and Standard Tele- 
phones and Cables, the ITT 
subsidiary. 

Showcase 

In principle, ihe direct 
involvement of the dominant 
domestic purchaser in selling 
• equipment and systems over- 
seas would seem to be undesir- 
: able and unlikely to be effec- 
tive. nut least because of the 
poleniial conflicts of interest 
: among the consortium roem- 
! bers. There are other ways in 
r which the state corporations 
can usefully assist their 
; suppliers to gain export busi- 
; ness. The most important is to 
! act as a showcase to potential 
| foreign customers who wish to 
j see the equipment they are 
; being offered in operation. The 
; experience and know-how of the 
j state corporations in their par- 
1 ticular industries are highly 
1 regarded overseas: consultancy 
; work by such organisations as 
‘ British Rail and British Steel 
has led directly ur indirectly to 
j hardware orders fur UK equip- 
ment manufacturers and con- 
tractors. 

The nationalised industries 
( can, at least in theory, use their 
, buying power to influence the 
structure and performance of 
their supplying industries and 
so make them more competitive 
, internationally. Attempts to 
exercise this power, however, 
have had rather mixed results. 
Some mergers were brought 
about in the mining machinery 
industry during the 1960s 
through the combined efforts of 
the National Coal Board and the 
Industrial Reorganisation Cor- 


poration: the results appear to 
have been satisfactory. But 
recent experience with the tur- 
bine generator and boiler 
industries has been much less 
happy. Unless the state cor- 
poration is prepared to take a 
firm view about the appropriate 
structure of the industry and to 
impose it on the companies con- 
cerned — and for this it needs 
full backing Trom the Govern- 
ment — the end result is likely 
to be muddle, bitterness and an 
even more divided industry than 
before. 

Nuclear gloom 

The nuclear industry pre- 
sents an even gloomier story, 
with apparently endless argu- 
ments about the choice of 
reactor system and about the 
right organisation for building 
it. This debate, which has gone 
on for at least ten years and 
could continue for another ten. 
has made a major contribution 
to the failure of the British 
industry tu export nuclear 
reactors. 

Parr of the problem is that 
the state corporations simply 
have mo much power. Because 
decisions are centralised they 
become political decisions, sub- 
ject to lobbying From all 
interested parlies. If a wrong 
decision is made, as in the 
choice nf the Advanced Gas- 
cuolcd Reactor (AGR), it will 
have profound consequences on 
the supplying industry for many 
years. It would be 'highly 
desirable for some of this 
decision-making power to be 
decentralised, but proposals for 
splitting up the Central Electri- 
city Generating Board, for 
example, into four or five 
regional authorities have never 
been given serious considera- 
tion by successive governments. 

Restructuring 

Breaking up the telecom- 
munications side of the Post 
Office Is. unfortunately, not a 
practical proposition: the 
decision to introduce System X 
has to be a national derision. 
The task for the Post Office is 
so to organise its procurement 
and its development work as to 
facilitate the emergence of a 
supplier (or suppliers) who 
can start taking big overseas 
contracts away from Ericsson of 
Sweden, Siemens of Germany. 
Nippon Electric of Japan and 
the rest. This may involve some 
restructuring among the 
supplying companies, but it may 
also require the Post Office to 
relinquish to the companies 
some of its system designer 
role. Without the right relation- 
ship between -customer and 
suppliers. System X could prove 
to be another of those British 
innovations which no-one wants 
except the British. 


Second chance 
for Namibia 


SOUTFT AFRICA has now 
announced its conditional accept- 
ance of UN plans to hold 
pre-independence elections in 
Namibia next year. It is a 
move that is open lo a wide 
variety of interpretations, rang- 
ing from a cautious optimism 
that an internationally accepted 
Namibian settlement may now 
bo in sight, to continuing 
pessimism and a profound 
scepticism of Pretoria’s motives. 

All that can be said with any 
confidence is that the prospects 
for a settlement acceptable to 
the UN seem somewhat brighter 
now than last Oclober. when the 
South Africans announced that 
they were going ahead with 
their own “ internal ” elections 
in Namibia in December, in 
defiance of the UN and of the 
five Western powers which have 
been trying In negotiate a settle- 
ment for nearly two years now. 
Pretoria merely said at the time 
that it w'outd use its “ best 
efforts " to persuade the 
•• leaders " who emerged from 
these elections to consider ways 
of achieving international 

recognition. 

* Rest efforts’ 

These “best efforts" la 
euphemism for the fact that 
Pretoria can ultimately dictate 
terms to the Windhoek 
politicians) turn out to have 
been more forceful than many 
people expected. Just before 
Christmas, the newly-elected 
assembly in Windhoek agreed 
in principle to UN supervised 
elections, albeit with some pre- 
conditions. 

In turn. Ihc South African 
Government has now written to 
Dr. Waldheim saying that it has 

decided to co-operate in the 
expeditious implementation of 
Security Council Resolution 
435.” which covers plans for a 
UN supervised election. 
Although Pretoria attaches five 
pre-conditions to its acceptance, 
none of these seem in them- 
selves incompatible with 
Resolution 435. 

But among the preconditions 


are a number of issues which 
could complicate future nego- 
tiations. These include an 
insistence that the election take 
place not later than September 
30. 1979 and a demand that 
there be further consultations 
on the size and composition of 
the UN military force to be 
sent to Namibia. 

In themselves, these and other 
outstanding issues need not be 
insuperable harriers to an inter- 
national settlement. What 
matters ic the willingness of the 
South Africans and the black 
African states which support 
Swapo. the Namibian nationalist 
movement. to reach a 
compromise. 

Although South Africa's past 
conduct inevitably casts strong 
doubts on its motive^ Pretoria 
has at least put on an appear- 
ance of a more co-operative 
stance towards the UN during 
the past few weeks. This may be 
due in part tn the high turn-out 
in this month’s election, when 
the pro-South African Demo- 
cratic Turnhalle Alliance won 
80 per cent of votes cast. The 
election proves nothing— it was 
boycotted by virtually every 
other party, including Swapo, 
and there have been allegations 
of voter intimidation. Never- 
theless. it may have made 
Pretoria less worried about 
Swapo as an opponent in a UN 
poll. 

Vulnerability 

At the same time, the halt in 
oil shipments from Iran, which 
supplies South Africa with 90 
per cent of its crude, has under- 
lined the country’s vulnerability 
to the sanctions which have been 
threatened if it 'does not go 
along with the UN on Namibia. 

Certainly, South .Africa seems 
at present in no mood for 
blustering defiance of the inter- 
national community, its past 
record suggests that it may 
merely be playing for time, but 
it is also possible Pretoria has 
realised that it now must work 
towards an accommodation with 
the UN on Namibia. 






| ®£KDJCH WHISKIES BtENOEPfiBCffUSB 

. -Perth, Scotland 

L In IBOO.^rTHE SAKE ACtf® 

SMSi 


tyrooor'w 


| 'Hie exception 
Tlhat could prove 
! tobevourrule. 


Friday December 


fighting between left and right wing factions 


Tirrkey after- 
last week.. 


Financial Times 


Economy and political institutions under strain ^ 


Turkey’s tightrope 


between 


coup 


BY DAVID TONGE 


Burnt-out minibus In Maras, eastern 


T WO YEARS AGO, Turkey 
seemed poised to recover 
its old imperial greatness, 
or so many Turks would have 
had one believe. Economic 
growth was averaging 7 per 
cent, one of the highest rates in 
the OECD. The air was full of 
talk of green revolutions and 
a great leap forward into heavy 
industry. 

Now they are a shell-shocked 
nation which, while retaining its 
faith in tomorrow, wonders how 
it will struggle through today. 
Both political and economic 
crises have been mounting, in 
spite of a series of belated and 
severe measures. Even so radi- 
cal a move as the introduction 
of martial law this week is in 
a sense merely the tightening 
by one more notch of ah already 
tight belt. 

This year's toll of political 
deaths is around 8D0, treble the 
sorry record for 1977. The 
Sunnis and Alevis (as the Shi'ite 
Moslems are known in Turkey) 
are in open conflict and the 
country's 5ni-7m Kurds are as 
restless as at any time since 
their last uprising was crushed 
by Kemal Ataturk in the 1920s. 

As for the economic back- 
ground it could hardly be worse. 
Just as there are queues at the 
mortuaries, so there are queues 
for bread, meat, heating kero- 
sene. and cooking gas. Power 
cuts are a daily occurrence. 
There are frequent shortages of 
petrol. 

The weight of overdue 
foreign debts and famine of 
Foreign exchange have choked 
the flow of the imports on which 
industry and investment depend. 
Factories are on average work- 
ing at half-capacity. Unemploy- 
ment is approaching 20 per 
cent of the labour force. Con- 
sumer prices are rising at an 
annual rate of nearly 60 per 
cent. The growth of GNP is 
down to 2.7 per cent — a rate 
little above the annual popula- 
tion increase. 

All these problems- pre-date 
the access to power exactly one 
year ago of Mr. Bulent Ecerit. 
That he has since had so much 
trouble in coming to grips with 
them reflects in part the cold 
shoulder that Turkey, a member 
of NATO, has bjeen shown by the 
West. But it is also indicative of 
the fundamental nature of the 
problems. Turkey is a country 
in the process nf i ran* far mo- 
tion. In the course of this trans- 
formation it is inevitable that 
the political institutions shaped 
by yesterday’s reality should 
themselves come under strain. 

In the last quarter of a 
century Turkey has seen its sub- 
sistence economy largely 
replaced by a market one. As 
part and parcel of this there 
has been a massive population 
shift In 1950 only 18 per cent 
of Turks lived in towns of over 
10.000 inhabitants. Today this 
share is 44 per cent. Three-fiflhs 
of those living in the main 
cities were born elsewhere. 
Over half of them have to make 


Mr. Buleat Ecevit : cold 
shoulder from tbc West. 


do with shacks little better than 
slums. 

This strain on urban living 
is matched by the breakdown of 
traditional patterns both in 
inwns and in particular in the 
heartland nf Anatolia. The 
road network has extended to 
most of the country's villages, 
bringing in its woke the outside 
world. Tractors are breaking 
down traditional cropping pat- 
terns. The return of emigrant 
workers from West Germany, 
the wider use of radio and, more 
occasional^-, -television- and 
newspapers, are spreading ideas 
which question practices dating 
back to the time when Turkish 
hordes stormed through 
Anatolia in the early part 
of this millenium. 

Such mobility of population 
and ideas have inevitably put 
fresh strains on the Kemalist 
philosophy which underpins 
modern Turkey. The republic 
itself was conceived in the 
bitterness of the years when 
Britain . and France occupied 
Istanbul and backed the Greek 
invasion of Asia Minor. But in 
192 3. when the republic finally 
emerged from the ashes of the 
Ottoman Empire. Keraal Ataturk 
set a course of reform and 
westernisation. 

He was a dose friend of Reza 
Shah, the present Shah of Iran’s 
father, and like him was a 
despot. Bui his achievements 
in modernising the fabric of his 
country have largely stood the 
test of lime. In (he six years 
after he abolished the Caliphate 
in 1922 he repealed the Holy 
Law. the serial, disestablished 
Islam, and had references to it 
removed from the constitution. 
He ruthlessly crushed those who 
resisted his dissolution of the 
various Islamic brotherhoods. 

On the economic front he may 
have neglected agriculture but 
in spite of his crushing of the 
Communists he obtained Soviet 
help in laying the. foundations 
of central planning and State 
industry. Equally important he 
made change and a ficht against 


privilege the accepted targets 
of the young Turk. 

Kemalism has in it the 
valuable vagueness which allows 
it to be the creed of widely 
differing groups. Its basic con- 
cepts are the “six arrows" 

. which form the symbol of the 
Republican People's Party 
which Ataturk founded and 
which Mr. Ecevit now heads — 
secularism, nationalism, popu- 
lism. republicanism, for the pre- 
dominance of the State and 
(peaceful) revolution. 

In the 40 years since Ataturk 
died, part of this lay. mixed- 
economy. approach has been 
eroded. The late 1940s and in 
particular the 1950s saw religion 
allowed into the open. As a 
result of U.S. insistence plan- 
ning. however rudimentary, and 
the idea of the mixed economy 
were placed by loisser faire 
and the development of free 
enterprise. By the end of the 
1950s the ectfnomy was in chaos 
and Mr. Adnan Menderes. then 
Prime Minister, had so abused 
a political system tailored to 
the form of Ataturk himself that 
the armed forces stepped in. 
Tliev have long seen themselves 
as the custodians of the modern- 
ising tradition which Ataturk — 
himself a successful general — 
had sought to institutionalise. 

The military coup of 1960 
ushered in a liberal constitu- 
tion but the next two elections 
saw power returned to the anti- 
reformist forces that the army 
had overthrown. By the late 
1960s the Left was actively 
challenging the belief that 
reforms- could be introduced 
through Parliament. At the same 
time a group in the army was 
preparing a Left-wing coup 
which, but for the defection of 
General Faruk Curler in 1971, 
could have seen the army’s 
intervention that year being 
radically different from the 
form it took. In the event its 
ultimatum which led to the 
resignation of Mr. Suleyman 
Demirel and his (conservative) 
Justice Party Government 
ushered in a witch hunt of the 
Left and widespread use of 
torture during the. two years of 
martial Jaw which followed. 

Since then the constitution 
has been made more restrictive 
but the basic nature of the 
State has remained egalitarian • 
and participatory. The rule of 
Parliament has been reasserted 
but the elections of 1973 and 
1977 both led to no clear Par- 
Jiamentary majority nor any 
natural coalition. The 
Nationalist Front coalitions 
headed by Mr. Demirel 
polarised the political climate 
without being able to agree 
between themselves on any 
major policy moves. By com- 
parison, Mr. Ecevit has -this 
year run a relatively tight ship. 

At the same time the 
challenge to Reraalism has been 
mounting, from at least four 
separate directions. The 
National Salvation Party (NSP) 
under Mr. Necmettin Erbakan 


has attempted to lead an Islamic 
revival. After some early 
success in the provinces it has 
apparently run out of steam, 
partly because of the': light: 
weight nature of Mr. Erbakan 
himself, partly because the 
secularist policies of Ataturk: 
have largely worked, and partly 
because the NSP has been out- 
flanked by the far more militant 
and aggressive Nationalist 
Action Party. 

This creation of a retired. 
Colonel, Mr. Alparslau Turkes,. 
has been compared in Turkish 
intelligence reports with the 
early Nazi party. Mr. Turkes 

would abolish parliament and 

replace it with prime minis-, 
terial rule. He di smis ses social 
democracy as “the democracy 
of the employers." Criticising 
“sadistic Slav Marxism” and 
11 bhe cold capitalism of the 
Anglo Saxons” he called for a 
“third way." •; 

HU appeal to the national 
heritage of the Turks and to 
their previous great empires — 
he cites the Moghul Kingdoms 
in India — in practice has led to 
the first stirrings of racism of a 
sort not seen since the massacres 
of Armenians and Kurds earlier 
this century. Equally, lire 
followers appear to have been 
benefiting from, If not actually, 
inciting,, the differences between 
the long co-existing Sunnis and 
Alevis. As for violence in the 
cities, neither Mr. Ecevit nor 
anyone else in authority makes 
any secret of his belief that 
the militant Right is mainly 
responsible. 

If Islam and a version of 
national socialism represent two 
challenges to Kemalism. . the 
third challenge comes from the 
Left. The Maoist and similar 
movements have been increas- 
ingly militant. But Mr. Ecevit 
may be more worried by increas- ' 
ing criticism from the pro- 
Moscow parties — the Turkish ■ 
Workers’ Party, TIP, and the 
still-banned Communist Party of 
Turkey, TKP. . 

They are strong in the union 
movement and in powerful pro- 
fessional organisations. ■ The- 
TKP at least has long supported 
Mr. Ecevit as the only alterna- 
tive to the fascist threat it fears. 
But while long critical of 
Kemalism In general it is now 
increasingly critical of Mr. 
Ecevit in particular— for his 
refusal to capitalise on the 
support he had from the Left, 
for his u weakness " in tackling 
right-wing militants, for- his 
economic policies, and for his 
countenancing “ anti-demo- 
cratic'' measures of the sort 
which he consistently opposed 
when in opposition. 

More specifically, he is 
criticised for failing to make 
the police a more effective force 
and to rid it and the intelligence 
services of NAP supporters who 
have infiltrated these bodies. 
Before the introduction of 
martial law he had been plan- 
ning to make certain normal 
courts solely responsible for 


. political violence ' and ; more 
controversially to- give.' t ho 
security .services powers- of- 
arrest and search without 
warrant. ' 

. ~i'A fourth challenge . to 
Kemalism comes from the. West 
itefiir. Just' as the U.S. opposed 
the mixed model o£ develop- 
ment applying- in Turkey in the,- 
1040s. so the West and in par- 
' 'ticular the International; 
Monetary Funds, have- been' 
bringing pressure for major 
- changes in the economic field— 
and; in particular for the run- 
ning down of the state economic 
enterprises and the opening of . 
tljfi country, to foreign invest:., 
meht. " 

.•-/■In spite of recent talk in 
.favour of foreign investment, 
when the U.S/ Ambassador in - 
Ankara was about to deliver a 
erilogy on- tbe ‘ subject, the 
-Minister -of: Finance, Mr. Ziya- 
Muezzinoglu, had the paragraph 
iif 'the speech removed,, accord- 
ing to the. -Diplomat; .a - weekly 
newsletter from Ankara. As 
for the IMF, it has been at odds 
with Turkish Governments for 
the last IS months, demanding 
the acceptance of an austerity 
programme but continually, in 
Turkish eyes, raising. - its 
demands. Its latest argument 
with Turkey has been about the 
release of the third tranche of 
the $450ra credits agreed In the 
spring. Thp IMF is arguing that 
Turkey has not kept to the -letter 
of intent and is demanding a 
further devaluation of the 
Turkish lira by around 30; per.' 
cent and a freeze' on wages. 

. The tranche involved is a 
mere 838m. but 'Its ..symbolic 
importance is far greatgr.as* the 
IMF's good-housekeeping seal is 
crucial for Turkey's attempts 
-to attract fresh - money, .jto- 
■ supplement the rescheduling of 1 
?l-2bn worth of , debts which; it 
.has so far arranged; 

•'.The banks have.14rgely.been. 
voicing the same, arguments as 
'the IMF does in private — that 
Turkey has to take .' the well- 
worn classical measures,' how-. 




ever harsh: But. the. resentment 
caused -' isVinxmense. with Mr; - 
Ecevit- . ophniy .■■.•siticisiAg the 
IMF ■for.i.ftflmftVio.' '.'allow for 
the. political canseitheh ces , dl its 
actions. ' Indeed, ’such' is : the 
resentmearLthat 'there ts a wide- 
.spread. belief that perhaps. after 
all the -IMfr ’is -'only- Too well 

awarp- (b^r the measures h calls - 

for could' eauss : rn Ecevit to 
. fall like Mf.'-Mario Soares 1 , in - 
Portugal:. Farther, those closest 
to- Mr. Ecevit say - that' the 'West 
and in particular- Britain bgVe 
viitual|y in a de.it .dear that until -. 
Cyprus islsolved — which means- 
'concessions - from: Turkey.:.— , 
fresh, money .may not be-_ayau- 
able* . 

. With ,tlre;GoverriBieht:belley j 

ing' -that- ecwtomicA^ressares . 
have added to poUScaEvtolence 
which has : ifsb'er.edi;m ^ martial ' 
Jaw, there, is sbme anguis^abottt : 

tfie West in the.vheart' of a 
Gdvenuheni whioh tn- character / 

. is basically: pro-West. ; ■ It-.- bas 
re-opened, the-- )£Sz ~. bases in 
' Turkey, agreed^td •joia. the new 
NATO AWACS^airborne warn- 
ing -system) .and y concentrated 

- on degotiatiohs , such 

bodies as the. EEC, NATO and 

-0Edp.;-~ : 5®us -I-tf. ir is 

'demanding that ’ll* to& should 
be allowed to* Share in . the pro- 
cess of dfetente and Improve its 
• rel atiohs; with’-' fche-Sovi et Ub ion- 
it is in -general f srJftom wishing 
to torn,' its back piv the West. • 

- It* would in. any oase be hard 
•for-i it - to. do. .so. Russia is 
Turkey's historic enemy. More- 
over even' if relations with 
Baghdad are,. 'as. usual, good, ; 
Turkey has., a wary eye on • 
1 Damascus l and" is disturbed by 

- what cbald happen in Iran. Mr. 

.' Ecevit’s Government . has long 

made: it^cloar that it woedd 
prefer 'a Goverirment based on 
the people'; than. one based on 
' the . Shah— not least because of 1 
fears in Ahkara and • reports in 
ith^ .Tqrkl^^Press ^tnat . the 
Shaft'd ' secret- .service;. Saviak, 
has been active among Turkey's 
Kurds. • ' . ■>'; ■. - > 

Blit for Che moment Such. fac- 
tors tend . to Unite . theiTuridsti. . 
authorities rather than 'divide , 
.Them.- r A u man ' who bas' fdng < 

. made it his business ttfq&nsutt • 

. with the -miirtary; ^ Mr. ••Eoeyit.,.| 
thus lias some' chance of .ensur- 
ing that.'by declaring: martial 
"law he has. not stirred up again - 
'thehoroe^nesTwhich. burst-' 
on the: country, in -the .early 
,1970s. The; military have ne- 
wish to bum theuv fingers again 
as they then did by, intervening 
opfehiy inip^ItiiS; and as. far as 
one can teU,! seen): to prefer exer- 
dsihg .power from the wings 
rather .than. from the centre, of 
the stage. Their domestic pres- . 
tige was onjy restored through 
Mr. : r Ecevit. ; sdnding. them to. ■ 
Invade. Cyprus in 1974. But--' 

- whether this optimistic scenario 
will prevail ^depends largely bn 
how quickly- the economic sitiia* 
tiepcan be tackled and the scale 
of debt -is: such that, optimism in 
this area is hard to justify! 


MEN 


Clean fingers at 


question time 


With its unenviable record oE 
bank and post office hold-ups — 
probably the highest in Europe 
— Sweden has just witnessed a 
coup with a difference, an 
armed robbery performed by a 
young man in a Father Christ- 
mas suit complete with white 
beard. The police are not 
amused by suggestions that they 
look out for reindeer tracks to 
see if the SKr 60,000 are at the 
other end. 


Sorting out which Claus to 
interview could, however, be a 
problem, and the Swedes might 
profit from reading an article 
in the current Police Review 
giving 11 guidance to those 
embarking on a career as a 
detective.” It is coincidentally 
illustrated with a picture of 
Father Christmas being menaced 
with a spotlight and □ whip. 
The text, written by a Cheshire 
detective inspector, steers a 
novel course between popular 
psychology. Machiavelli. and 
Kojak. 


o 


A friendly gaffe 


One episode in President G»s- 
curd's much-publicised Christ- 
mas globe-trotting jemains 
unrecorded. I hear there was an 
unfortunate rlottb/t* entendre 
durinc the ceremonies marking 
Fra nco-G u i nea n r econcil i a t ion 
after 20 years or "misunder- 
standing. 


being aimed across the Atlantic. 
No doubt he will be glad of 
some backing in his eight-year 
battle with the U.S. dairy indus- 
try. which insists on using the 
Stilton name on what Mr. 
Stockdale sniffily dismisses as 
" American ’blue." 


“ I resent queuing for da vs to 
buy goods at last year's 
prices." 


Misunderstandings were finally 
cleared up in a sentimental 
speech by the Guinean President 
Sckou Toure. A man reckoned 
to keep incarcerated some 3.000 
or 4,000 political prisoners, 
Sckou Toure confessed that he 
was seen by much of Europe as 
"a despot a dictator — a savage 
without feelings or pity." 
Giscard, enthused Sekou Toure 
in the next breath, was "the 
moral partner we have always 
sought.” 


He has, however, made some 
progress. Even though the U.S. 
dairies are still marketing their 
product under the Stilton name, 
he recently won on injunction 
preventing them, from packing 
the stuff in wrappers 
emblazoned with pictures of the 
Houses of Parliament and the 
Union Jack. 


Twice bitten 


It is unwise, argues the 
writer, to make Hit- suspect 
too uncomfortable physically. 
" Barred windows are not 
appropriate." And the rooms 
should be “ clean and tidy " 
with a restful colour scheme 
and carpets " in a plain colour." 

In many ways it reads like a 
handbook for personnel officers: 
** The desk should never be 
positioned to come between the 
interrogator and his subject, as 
it represents officialdom." Dirty 
fingernails are also not a good 
idea. Then comes a Dostoyev- 
sky an note: "To see the sus- 
pect and interrogator with tears 
in their eyes usually means a 
success story. Along with the 
flood of tears may come the 
flood of truth." Confession it- 
self is “purgative of ihe soul," 
writes the policeman-philoso- 
pher, who, along with " slow 
motion techniques ’* and " com- 
puter-assisted video analysis," 
advises “ sincere" pats on the 
shoulder and nicknames to 
break down the man. interroga- 
tion techniques which Liddell 


Towers would no doubt have 
appreciated. 

*' would bo happier." $avs 
Patricia Hewitt, head of the 
National Council for Civil Lib- 
erties." if ihe police spent iheir 
time sticking to the judge’s 
rules rather than trying lu make 
their premises look like den- 
tists' waiting rooms." 


Blues for the U.S. 


Stopping the rot 


Converts of any kind often dis- 
play a certain excess of real, 
and the Parti (Juebecois govern- 
ment of Ren* Levesque seems 
no exception in its Francophile 
pursuit uf linguistic purity. He 
has gone one better than the 
French. In future the word 
”stup" is to be expunged not 
only from the Qucbecois lexicon 
but — at a cost of £.50.000 — from 
every "Arret-Slop " sign in tbe 
province. 

Even Quebec House in London 
pointed out that "stop'' and 
“slopper" had been accepted in 
France since 1792. Such argu- 
ments cut no ice back home, 
where the imprimatur uf 
L'Academie - Fraucaise and 
Lai'ousse is not enough. 


Ceorge Holmes, the perky new 
director nf the National Dairy 
Cuuncil— ■' I like to think of 
myself as the brand manager 
for milk "—held a modest little 
Press conference yesterday. 
Mudesly can, however, be taken 
too far. He spoke gleefully of 
the impeuding breakthrough for 
British cheese exports into a 
“ major new market." But, 
sorry, he couldn't say which, 
when or how. He also brimmed 
with enthusiasm for a major 
sponsorship he was an the verge 
of announcing . . . but. no. he 
mustn’t say anything about that. 

£ can reveal, if you are still 
reading, that the *' break- 
through " can be expected in 
the U.S. and the cheese 
involved U Stilton. And while 
the NDC bubbles with enthusi- 
asm. Umgate and Express 
Dairies are doing all the leg 
work. 


The Transatlantic naif in Ber- 
muda shorts is dead. In his 
place has arrived a person of 
dour scepticism and inelastic 
funds. An American couple I 
overheard in South Molten 
Street yesterday were perhaps 
typical. 


Husband (inspecting a GLC 
plaque): " II says ‘William Blake 
lived here. Do you believe 
that?" 

Wife: "Naaw." 


Husband (doubtfully): "It 
does say ' Greater London 
Council 

Wife (indicating the res- 
taurant now occupying the poet's 
home): "Some people will do 
anything to pull customers." 


Rising tide 


Clearly someone at the .Berlitz 
is m s 


The independent dairies are 
researching new outlets in what 
they say cautiously could 
develop into a must lucrative 
market . John Stockdale, chair- 
man of the Stilton Cheese 
Makers' Association in Melton 
Mnwhray, was delighted lo hear 
the commercial big guns were 


School of Languages is in sure 
need of a Private Tuition Crash 
Course. If nothing less than 
the Total immersion course 
(price £1,153.44 for a fortnight) 
is felt to be necessary,, the 
person who sent me. the 
Berlitz price list had better 
hurry up; on it is typed "The 
Company anticipates that these 
prices will be superseded (sic)' 
from January 1979.” 


Observer 





13 


-a ! 




Zyir'-y'. - “ ;. .’•••• v " : • 

riBeceinfer -29 ;1?78_; 




Canadian takeover 





BY ROBERT GIBBENS in Montreal 


1 


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r it oe • accounted IGr - nearly Mff per 

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iv m&w &vmv*-- z&n rsrsESS* 

^ u< ^ s - pwaWSR-D^t^W; r.-. . - v 'AnglohNewfoundlaud Develbp- 
• /-The I'ie^aBn^ibditM^tfteiere?^ raent newsprint producer, -.with 
ation : pf ;largjBr"'.uhil^ is. tu con 1 Price, and the integration: of 


- tainiCastSr..*jijl.;lritfi. ! tfie i . help; -the Anglo-Canadian, newsprint 
of the’ devaluaticpJ. ttt; the Cana- mills:- into . what became Reed 

- dian .dollar to jnoye . ahead wit h . Paper Limited, Canadian arp) of 
. mddBrhisafio^T^di^Jlne.Pew Reed. International Prirehas 

capacity *1/ nflW become part of Abltibi 

. ..'*Z0iei3^'^i^v5Oicai^ ^epi^ who Paper, forming the .-wprld's 
: woaif&y tfhethtt • ,^the_ .. U.S.— , :}a. r Sfst, newsprint group., Th * re 
Canada's main export? market — is. a possibility oT a Jarger'jjnit 
; can get ■: control of inflation being formed through a merger 
-'without a'sejious recession or 
not -But -the industry's .path 
seems clear: the. argument is 
..- about Which companies should 
.get together •. and whether 
greater concentration is in the 
public interest 

The background to. the latest’ investments- of such European 


with ■ ' . Consolidated-BathOrsi. 

pulp, and paper arm of Power 
Corporation of Canada. 

One area of the industry 
seems likely to rcmaihti'.un- 
touebed by the present merger 
moves. This area represents kV* 


-merger moves 'is the immense 
cost of trew plant. A new medium 
- sized "-..pulp "mill .. now’ - costs 
C$250m-300m; a new wide news- 
print, machine;- costs -C$1 00m-. 
I50mv -Even the "conversion of 
an old liherboafd. machine at 
Stephfinville, in Newfoundland, 
to • newsprint production -will 
cost C$70m. . Environmental 
cTean-up costs run into hundreds 
of millions.' .’• 

Another aim is to reduce the 
disastrous - impact of the 
economic cycle on the industry. 
There ' have been two serious 
crisis' points in the last decade, 
in 3970 arid" in 1974-75. 

The industry has frequently 
been caught in phases of over- 
investment- as • in the 3960s, 
followed by cash problems and 


groups - as Feldmuehle^--; of 
Germany, Cellulose Du Piq,. of 
France, mills owned by - some 
Scandinavian interests,. .^and 
such American owners as- Inter- 
national Paper, the Chicago 
Tribune. Boise Cascade. Crown 
Zellerbach, Scott .Paper. 
Kimberly-Clark. Procter ; and 
Gamble, and Rayonier (ITT). 
These companies long agorecog- 
nisdd the importance of opera- 
tions based on Canadian .-wood 
resources, and their production 
in Canada is largely captive. 
The companies partk-nlarly are 
conscious of the pressure- on 
their domestic wood resources. 

That is -the background to the 
?a keover battles now unleashed. 
They and similar excitements 
are likely to command htTen- 
tion for quite some time^yet. 


The biggest bid yet, that by 
Canadian Pacific for full con- 
trol of MacMillan Bloedcl, 
would create a forest products 
group with ■ sales of nearly 
C$4bn (about £1.7 bn) yearly. If 
it were to succeed. Canadian 
Pacific would became far and 
away the largest and most 
powerful industrial, transporta- 
tion,- and resource group in the 
country. The- strategy of Mr. 
fan Sinclair, chairman of 
Canadian Pacific, is not yet 
clear. 

MacMillan is already Canada's 
largest forest product company 
with, sales in ihe first nine 
months this year of almost 
C$1.5bn. For around a decade, 
Canadian Pacific has held n 13.4 
per cent interest in MacMillan, 
the largest single stake, acquired 
for C$82.5m through its non- 
rail investment holding sub- 
sidiary, Canadian Pacific Invest- 
ments. Two CPI representatives 
sit on the MacMillan Board. 

Because of this major holding. 
CPI had been expected to react 
quickly to the pre-Christmas 
bidding war between Domtar. a 
Mont real -based pulp and paper, 
building materials and chemicals 
group, and MacMillan. There 
are nuw three bids nn the table, 
and Ihe Ontario and Quebec 
securities commissions have sus- 
pended trading in the stock of 
both Domtar and MacMillan. 

A week ago Domra r, which 
expects to do a volume of 
C$1.25bn this year, found its 
own controlling shareholder, 
Argus of Toronto, had 
negotiated the sale of its total 
20 per cent interest tn 
MacMillan for C$27 a share, nr 
about C$75m. Argus, founded 
by a Tnrnnto financier, Mr. E. P. 
Taylor, and associates, also con- 
trols Massey-Ferguson. the 
troubled farm equipment and 
tractor manufacturer. and • 
several other companies includ- 
ing Huiiinger Mines and 
Dominion Stores. Argus itself is 
now controlled by Mr. Conrad 
Black and associates. 


Once the Domtar Board 
learned of the -transaction it 
swiftly pul in a bid for at least 
51 per cent of MacMillan, worth 
about C$27.75 per MacMillan 
share which had last traded 
between C$22 and C$23. The bid 
was one Domtar share plus 
C$3 cash for each MacMillan 
share. The Board of Domtar 
includes two members of the old 
Argus management, Mr. Alex 
Barron and Mr. Max Meighen. 
who were edged out this summer 
in a contest with Mr. Black and 
his brother. They had knnwn 
that the new Argus controlling 
group had put the Domtar block 
up far sale. Once the deal was 
done with MacMillan, they 


cent, and reserved the right to 
seek more. 

AH three bids involve values 
in the region of CS200m, or, if 
CPI were to seek aU the 
MacMillan stock it does not 
already own around CSaQOm. In 
effect, with the present disposi- 
tion of. key htocks in Domtar 
and MacMillan, control could 
he acquired of eilher for a 
relatively small sum. 

For purpose.; of .comparison, 
C$200m represents the cost of 
a new large newsprint machine 
plus pulp supply. It would nut 
he enough to build a medium- 
sized pulp mill. 

Domtar on Wednesday evening 
said that it would pursue its own 


THE BIG FOUR OF CANADIAN 
FOREST PRODUCTS: 

(«) 



Sales 

Net income' 

MacMillan B>oede( 

Ubn 

- 38.3m 

Abitibi Paper 

lJMbn 

36.2m 

Domtar 

l.Obn 

26.2m 

Consolidated Bathhurst 

869m 

22.7m 


After extraordinary items. 


Source- Wood Sunil/ 


apparently launched their bid 
for control of MacMillan, taking 
Argus and Mr. Black by- 
surprise. 

The key to this bid lies in the 
prospective value of Domtar 
stuck and in the company's con- 
siderable rash resources. 
MacMillan replied within 24 
hours with its own bid for 
Dnmtar: C828 each per share for 
enough Domtar stock to bring 
its holdings to 51 per cent. 

A respite followed over 
Christmas. Then, on Wednes- 
day morning, came the reaction 
of Canadian Pacific Invest- 
ments as the largest single 
shareholder in MacMillan. It 
bid C$28 a share cash or one 
convertible preferred share fur 
enough MacMillan stock to 
bring its total tolding to 51 per 


bid because acceptance of the 
MacMillan counter bid would 
not be in its shareholders' 
interests. But it dropped the 
condition that holders of a 
minimum of 51 per cent of Mac- 
Millan. shares must accept its 
nffer for it to go through. Dom- 
tar said Mb shareholders would 
be relegated to a minority posi- 
tion " in a subsidiary 1 of another 
company " if MacMillan suc- 
ceeded with its counter bid. 
That was an oblique reference 
tn CPI. Domtar has raised its 
dividend and forecast strong 
earnings for 1979. 

Of the three companies 
involved < Argus being out after 
selling its Domtar block to Mac- 
Millan). Canadian Pacific, as 
“ Canadian as Ihe Mounties,” 
has by far the greatest financial 


clout. The implications in terms 
of concentration of corporate 
power if the C.PI bid for Mat> 
Millan succeeds are iegion. As 
matters now stand, MacMillan 
has the controlling block in 
Domtar. CPI has more than 50 
per cent or Great Lakes Paper, 
an Ontario newsprinT and pulp' 
maker, and of Canadian Pacific 
Lugsing. 3 western lumber firm. 

CPI would end up controlling 
a pulp and paper, lumber, build- 
ing materials and chemicals 
group with annual volume of 
nearly CS4bn. CPI and its 
parent already control com- 
panies with assets of many 
billions of dollars, apart from 
CP Rail and CP Atf, Canada's 
second largest airline, and great 
real estate interests. The com- 
panies they control include 
Cominco, one of Canada’s largest 
mining and metals groups, 
Algoma Steel, third lal-gest 
steelmaker. Dominion Bridge, 
the largest steel fabricator with 
a highly successful U.S. busi- 
ness, CP Ships. PanCanadian 
Petroleum, a western oil and 
gas producer. Fording Coal, CP 
Hotels, an expanding general 
insurance firm, plus investments 
in such companies as Nureen 
Energy and Rio Algom. CPI is 
the primary source of income of 
its parent. Canadian Pacific 
Limited. It is 82 per cent owned. 
CPI income is derived mainly 
from dividends paid by sub-, 
sidiaries and affiliates. 

In 1977 CPI earned CS213.2m. 
or C$3.55 a share. Nearly half 
was provided by its $7 per 
cent-owned oil and gas sub- 
sidiaries. 

The issue of size and concen- 
tration implied by the CPI bid 
would be the hottest chestnut 
ever dropped in the lap of the 
Canadian Government's com- 
bines branch. While the 
Cabinet and the branch were 
lenient in the Hudson's Bay 
bid . for Simpsons, rhe stores 
concern, and might not find it 
difficult to acquiesce in the 
merging 'of MacMillan and 


Domtar, the CPI bid for 
MacMillan raises much larger 
issues. 

MacMillan Is the result of a 
stormy west coast merger 20 
years ago. It has gone through 
some wide swings in perform- 
ance, especially . during the 
1974-75 downcycle. . Troubles 
came to a head in 1975 when 
it lost C$18.9ru nn sales of 
CSI.Sbn. Presidents had been 
coming and going almost yearly 
in a scries of management 
shakeups. 

Finally the board brought in 
a senior Weyerhaeuser execu- 
tive. Mr. Calvert Knudsen, an 
American, to be chief executive. 

Retrenchment followed, with 

severe cutbacks to managerial 
and other overheads. Non- 
fnrest products ventures were 
dropped, as was an investment 
in a French pulpmaker. A ship- 
ping subsidiary which had cost 
MacMillan's cash reserves 
C$69 m in 1975-76 was sold. 
Timber costs came next, and 
then attention turned to pro- 
ductivity in the mills. More 
stress was placed on newsprint. 
Profits responded in 1977 as 
U.S. world markets improved. 

In the first nine months of 
this year. MacMillan earned 
C$72. 9m or C$3.25 a share on 
volume of nearly CSl.abn. 
Besides CS163m earmarked for 
a newsprint machine, important 
sums are being spent on 
improving productivity at 
lumber and plywood, pulp and 
packaging plants. 

MacMillan owns a two- 
machinc newsprint mil! in the 
Canadian East and has interests 
in packaging and plastic 
products in the U.S. and UK. 
It has worldwide sales 
operations. Heavy dependence 
on exports has given MacMillan 
great advantages from the 
devaluation of the Canadian 
dollar. 

Domtar went through a tem- 
porary cash crisis in the I97u 
recession, but has consolidated 
and improved its performance 





lait Sinclair of Canadian 
Pacific. 

markedly since. Operations are 
concentrated in Ontario and 
Quebec, and it is Canada's 
largest fine paper manufacturer. 
It recently bought building 
materials interests from Kaiser 
in the western U.S. for 
U.S.$35m. 

In the first nine months of 
this year. Domtar earned C$41m. 
or CS2.75 a share, on revenues 
of CS9 H»m. 

Consumers naturally are 
worried about the possible effect 
on prices of the creation of 
larger market shares. Trade 
unions are afraid that rationali- 
sation will cost jobs. So the 
Combines Branch of the Govern- 
ment has a difficult task. 

It is as well io know that 
the Canadian Government in the 
interests of its external pay- 
ments is committed to helping 
the forest industry to keep down 
its costs and to export more. 
The outcome of the battle 
reriiains obscure, especially 
since analysts believe ihat there 
are more surprises to come. 


Letters to the Editor 


institutions, and an international 
regime which will allow nuclear 
commerce to proceed as freely 
as possible — and this is tbe^con- 
ciusion' of a thoughtful study by 
Russel Fox and Mason Willrich 
recently published by the 
Rockefeller Foundation / Royal 


. , Advertising and 

T : ’ the BBC 

. ;• / [ From Mr.-Bv- Dodsioorth 

• . Sir,-T-B:BC TV’s cash : crisis 

’ ulff eaw^Vbe.- resolved by 

- L 2*5 revenue. Institute of International Affairs. 
“BBC Pdblfcations " makes a „ 4 

. .".'-‘I handsome profit* derived in no .. danger lo pqace is not. on 

- • ~T- ’ r smi iii part: ifrom Tthe “free" the diversion of materials from 

L ; advertising of . books that are nuclear power stations.-^ut 
’ ' ’• j prepared,. to. coincide with well L" Purpose-built weapon 

• i' £: 1 made series— Alistair, Cooke's facilities By developing the,full 

’ . “ America," ; Bronowski’s Potential -of -nuclear power to 

. " Ascent of Mian," Huw Wbel- • “** ejrt ® nt ™ !t becomes- a 
^-•Uon’s~" Royal Heritage" and major-source .of electricity, it 

- . r*vr;iMteri3r Jaihes Burke's “ Conner- wrtl be-eyen less likely that any 

-J-'v fians." All excellent nrn- country would risk the opera- 
■ : grammes, with 1 which an adveiv nf 

-i‘ -:£ ser wuld be happy to -be £X522L 7-J? 

. ^identified. 

. #/.{'• Is it not. reasonable to link 
v - gv the desires nf advertisers for 
v more TV time with a productive, 
i-$b V> exportable .output? English 
. . . -i v ‘ “ packaged ” as completed TV 
. . series should be' one of our 

■ -• i-i- prime exports to the 400m 

• ^'.'’.worldwide., who speak the 

. . '. .language. 

: I would like to see the BBC * Mansions, 

y-V’ attract revenue from advertisers EmbariBtiienf, 

‘ " "r--- = and -■ independently - produce 

- .• .-y-V- Quality " shows' and series 

. " . . ttnat- are - capable of being 

* \ nfflmately self-financing from 

_ export sides) and screen tbe pro- 
".^ -ductioh” at -home " carrying 
. . _ -:>.v “^normal " advertising free, of 
• cost-to thpse f and only those) 

- lritcr financed the production . . • 

” ’ ITV^ended (his year with' pro ; 


transgressing estifiilished inter- 
national rules. •' 

By pfoviding.'a secure energy 
supply nuclear; power will prove 
to be a stabilising factor. The 
greater risk. • of conflict is over 
the limited? world resources of 
oil at a, time of growing energy 
shortage. 

Geoffrey Greenhalgh 


anticipate a fall in the bank rate 
after the next General Election. 
But what happens if the next 
Government maintains bank 
rate at its present level and the 
real value of equities continues 
to fall? Do we have to stand 
aside and watch the National 
Enterprise Board increasing its 
holding with funds borrowed 
from bur pension funds? 

It all has the nasty taste of 
a massive take-over in which 
the authorities use “insider" 
information which they now 
have the right to obtain. These 
arc rhe guestinns to which Mrs. 
Thatcher must devote her 
attention. 

F. K. C. Pike. 

50 The Shires, 

Luton, Beds. 


of 


The right 
medicine 


Putney, SW15. 


A taste of 
life 


'From- Mr. Mi Wright 

' Sir,— At this time of the year 

- fltibf-ifelKfe; -IT- ^per :bent more many of the most gifted boys 

.* V * 1 AMil-.niill0 I rt fhic /mtintlttf OPO 


rr 


thanLast year.^Tbe Aimarr Repdrt ; and ' girls in this country are 
Report vfaaed -Jov deddc who .seeking emplojment having left.. 
slio^fl^haVfr ,'5he ^ fourth TV-, school after taking Oxford and 
vhaj^eL TT^e' TbTy I%xh- T has > X>mbridge examinations. Would 
iprommed.lt-To iTV/aB tbeRBC^/.U possible for the lead- 

;'..can. : do ix -to' offer an ""'Obeh'* ' management recruitment, 

• Fcsjolm 'T backed by the present agencies to set -up a clearing 
' • Gorcrmne-nt - bot financed - bv" house, so that these able.. 
j " " ' ’ * ’ rtudents con "have a small taste' 

chary of- of the rttalienge of industry to: 
. flnandfngi'^ndependent, .specula- the .hope that some of the 
tiv«;. : fflm;and*TV ventures, but brightest and most able enter; 
’ are ir*p£y-& “ VorihftJjeir way " British industry, when they leave 
bd “spon- uhiversit)'? 

{ ; soi^" spp*fe';evii0tsl;JLet tfiehi ; Martin Wright: 

", JbC^Me’.'a.'riSyely Txisolyed with (Head of . Economics and • v 
' tfi^jftwictng- o¥-TV output, as : Careei-s Master). 

they Jlighgato School, Nd. .-7. 

; ^ -their ^ .. - 

; mate rial’ _’ ’ 

attr^jng^ig aiidlences'plu^ the • 
benefifr ; or reverittb.-fronx export: 
sale&\^-^vl:V 7c .’ '•;/ ; '. 

^TJi& 'approaW.'Sh jml^ b'ene- > 
fit 1 ^ aad. is. ’J ‘am 

sni^ : 3pbr&. effective than spon- . From Afr. F. Pike . 

horse racing’ as -.-Sir,— r would like to endorse' 
it ffie-.-names pfrthe ihe views expressed in your- 

advtt^s^.^j^.'tJbie qiiality out- editorial of December 19- Mrs.. 
puttfi^BiitiSh r TVv>cafi>produce f Thatcher does need to make a 
givehrtiret^ecefebiy ::<ia53C" clear, statement on the policies 

Tbe.mhn^^ ' : w hjcb she will adopt with res-,; 

_____ :£480m^ profit Tanjplj;, testifies". ' . peel .to pay claims in the public * 
> Ima^bl;.;thbu^-\wh^ sector. She continues to speaky 

you r' : reabtioiL.ia^'breh’: as an - of- productivity when we want.'! 
■v : r£?.‘ -industrialist -if. ajfted- to finance " her-to speak of profitability; she 
■ “Darwfn " ’' Leb the BBC eon- talks about excess government' 
stitute -an dxport diyisioni give expenditure when we would like - 
advertisers “ free ” home adver- her to talk about the public ; 
Using . and a. major share 5 ot . deficit end the long term effects - 


Clear statement 
heeded 



export profits- 

Ha ward Dodsworih- . 

15, Mereworih Road, 
Tunbridge Wells, Kent’ 


A stabilising 



, of .investinen.t5 by the National 
Enterprise. Board . She needs- to; 
discuss the validity of growth as. : 
a viable economic objective and 
to . review .the alternatives to . 
the proposals on industrial - 
democracy which might be 
; imposed on the board rooms of 
; our industries. 

, .There is something a little 
■ disturbing about the current 
high bank: rate. One gets the. 
Sir, — Mr p. Soutfiwood xrf the ; impression that there is a 
Bradford Uniyersity department 1 d^ il>erate 'policy to. 5®.™“ 
of Peace Studio :( December 23 ) . large sums from the Public to 
appears not to h ave readthe last finance the investments of ine 
column, of' David. • Fighlock's'- : National Enterprire Board, m 
. article. ’on, "WBy the proEfera- fhe long term this must lead 
tiomproof nuclear cycle is- a to .an increasing number 01 
znytb" (December 20}. 


From MV.'.G.'fJremihtxlflh, •/ 


From Mr. T. Holden 
. Sir, — I should like to congratu- 
: late Professor Johnson on his 

- remarkably lucid letter pub- 
lished (December 20) under the 

" heading “.Social Costs of Infla- 
tion." 

His basic analysis showing 
that -excessive money supply is 
the dominant cause of inflation 
is - bow broadly accepted by 
many thinking people. None the 
less;- areas of dissent remain — 
notably a number of Treasury 
blimps (albeit diminishing) and. 
of course, the Labour Left wing. 
The. former seem incapable of 
uribg their brains and the latter, 
of course, would find it politic- 
aUy inconvenient to do so. 
,-;Once the- basic, analysis is 
"accepted then one can readily 
go along with Professor John- 
son, and recognise that the 
-real costs of our half-bearted 
attempts to restrain inflation 
are almost certainly infinitely 
greater than the cost of stability 
,mg the money supply and slop- 
, ping inflation. Unfortunately we 
now come to the crux of the 
: problem. Is there any hope of 
,^ny political party having the 

■ courage to take the necessary 
;-kteps? I say this having regard 

to the heavy initial (albeit tem- 
porary) rise in unemployment 
-and social distress, which is 

- quite inevitable once tbe money 
: Supply is stabilised. As regards 
jibe Labour Party, the answer is 
^obviously “No.” Even a Con- 
iservative. party, unless it had a 
: very large majority, would be 

■ very hesitant. Such hesitancy 
would be the more likely 
-because, as we know, the 
Treasury permanent officials are 

.^unlikely to. give the firm advice 
-yvfcich is necessary. .. This latter 
ibeing - the inevitable conse- 
-qtience of their half-hearted 
. acceptance of monetarism. 
'.-Thus one is drawn to the sad 
conclusion that though the 
'nation is. ill 'and desperate for 
the right medicine, this will not 
be given 'for a long time yet. 
We shall ‘ have to wait until 
there is much wider realisation 
that it will be better to accept 
a .drastic course of treatment 
offering every- hope of cure, 
than to continue the debilitat- 
ing process of receiving re- 
peated small doses of -virtually 
useless medicine. 

T, Holden. « 

The Loaning*, Fril/ord Heath 
Abingdon, Oxon. ' 


terms about the misdeeds of the 
“private sector." Middle man 
agers in manufacturing industry 
(where the real wealth is made) 
have not done at all well; talk 
to the British Institute 
Management about it. 

I once heard that comparisons 
are odious; I also beard that the 
Devil can cite the Bible to his 
own ends. I get very suspicious 
about comparisons between 
public and private sectors and 
between different groups within 
those sectors. “Let's get job 
evaluation right." everyone 
used to say, “then give equal 
pay to people doing equal tif 
dissimilar) jobs no matter where 
they work." Now comes the 
news, cried out loudly by both 
left and right that it’s your 
organisation’s ability to pay that 
matters, not what your job is. 
How do you decide how much 
the Civil Service can afford to 
pay Itself? How do you decide 
for any of those industries which 
do not have to sell their wares 
the hard way? . . . and. by the 
way, who pays $ie Pay Research 
Unit? Aren't they Civil Ser- 
vants? . . . Unbiased? 

I wouldn’t mind if Mr. 
Im rie's job commanded the 
same pay as an identical 
job in industry, if he could find 
it but let him not forget other 
things like differences in job 
security and index-linked pen- 
sions (which industry says it 
cannot afford). If Mr. Iiurie is 
young he probably does not 
think too much about these, but 
as he gets older he will. 

On the whole, rather than pay- 
ing people to come and make 
odious comparisons about pay 
so that we can be led into end- 
less arguments about them. I 
think it is be>er to make your 
choice, take an interest in it, 
stick to it, or go somewhere 
else. 

Anyway Mr. Imrie, you live 
in a beautiful part of the world; 
be grateful for that 
Hugh D. Hernmer, 

74 Stallington Road, 

Blythe Bridge, 

Stoke-on-Trent. 


Attitude 


iv an * v 

directors being appointed - by. 


Comparing 

jobs 


. The - important; . conclusion’ government de P a f t ?“? ! J B .°* 
which Mr. Flahlbck made clear necessanIy_on the basis m m 
was that. Instead of 'looking for dustrial acumen)- The h ign - 
4 “technical fix" we: should, ran-, bank rate must be a temptation 
centrate on- -developing rules,' to; investment managers wno . 


From Mr. H. Hernmer 
Sir,— ^ -I understand Mr, lmrie’s 
difficulty (A Moral Dilemma, 
December 19) ’ but he really 
must not speak in such general 


gap 

From Mr. C. Mill 

Sir, — The December 20 article 
on pension losses from job 
changes highlights aD important 
gap in thinking about pensions. 

To the employer the pension 
is a “ benefit " and often still a 
“fringe." To the employee it 
is a lifelong asset in which he 
usually feels property rights. 
Now that legislation descrimi- 
nates between those who are 
contracted into or out of the 
state scheme there is a hint 
that the situation can give em- 
ployers a chance to have their 
cake and eat it The member 
of a company scheme is ex- 
cluded from the state's earnings- 
related protection (however 
meagre that may be). He can 
be trapped in an unrealistic 
loyalty to his company with 
which he repays his employer's 
“ fringe " generosity- But is it 
realistic any more to regard a 
reasonable pension as either a 
“ fringe ” or as “ generosity. ? " 

Is there perhaps still time for 
seif-regulating industry to give 
strong consideration to national 
standards for pension transfers? 
The increasingly probable al- 
ternative seems to be a bureau- 
cratic monster. 

Christopher Mill, 

57 Queen’s Gate Me its, 

SW7. 


Today’s Events 


. 4 , \ '.'Lr: .• ■ . r 

■ 1 j.* : '■ ■ '-y • , .r-;. .•<•••» 

? :\:X 


GENERAL 

Transport and General 
Workers Union shop stewards 
meet in London to discuss 
national petrol tanker drivers' 
strike which is planned for next 
Wednesday (January 3). 

EEC sets European Monetary 
System central rates for France, 
Italy and Ireland. 

Funeral of President Houari 
Boumedienne in Algiers. 


COMPANY RESULTS 
Interim dividends: John Wad 
dington. Amalgamated In- 
dustrials. Crellnn Holdings. (All 
half-yearly figures). 

COMPANY MEETINGS 
C. H. Bailey, Channel Dry 
Dock, Cardiff. 11. Fitzrov Invest- 
ments. Connaught Rooms. Great 
Queen Street. WC. 11. Cumulus 
Investment Truss. 20 Fenehurch 
Street. EC. 12. E7ve Oaks Invest- 
ments. 503 Coventry Road. 
Birmingham, 12. Grand Central 


Investments, 33 Chisweil Street. 
EC, 12. Herman Smith, 75 
Harbome Road, Birmingham, 12. 
L. B. Holliday, Leeds Road, 
Delghton, Huddersfield; 12. Kwik 
Save Discount. Warren Drive, 
Prestatyn, 12. Northern 
American Trust, Belsize House, 
West Ferry. Dundee. 12. Peek 
Holdings, Cunard Buildings, 
Pier Head. Liverpool. 3.30. Peak 
Investments. Belgrade Hotel. 
Stockport, 12. Samuelson Film 


Service. Samcine House. 303 
Cricklewond Broadway. NW. 12. 
■I. E. Sanger. 87 Bartholomew 
Close. EC. 2.30. Stag Line. 1 
Howard Street. North Shields, 
Tyne and Wear. 10.30. United 
Tin Areas. 25 City Road. EC. 12. 
Vickers da Costa. Regis House, 
Kina William Street. EC. 31. 

LUNCHTIME MUSIC. London 

Organ recital at St. Stephen 
Walbronk by Mr. David Pearson 
at 12.30 pm. 


This announoiment appears as a matter of record only. 



Privredna Banka Zagreb 

¥10,000.000.000 

Medium Term Local 


Managed by 

The Tokai Bank, Limited 

Co-Managed by 

The Mitsui Trust and Banking Company , Limited 

Provided by 

The Tokai Bank, Limited The Mitsui Trust and Banking Company, Limited 

Asahi Mutual Life Insurance Company The Toyo Trust and Banking Company, Limited 

The Chuo Trust and Banking Company, Limited The Chiyoda Mutual Life Insurance Company 
The Daiwa Bank, Limited The Mitsui Bank, Limited Mitsui Mutual Life Insurance Company 
The Yasuda Trust and Banking Company, Limited The Kyowa Bank, Ltd. 

The Nippon Trust and Banking Co., Ltd. The Sumitomo Trust and Banking Company, Limited 
Fukoku Mutual Life Insurance Co . The Bank of Yokohama, Ltd. The Juroku Bank, Ltd. 

Arranged by 

The Nikko (Luxembourg) S.A. 

Agent Book ' 


^ The Tokai Bank , Limited 









3? 


14 


✓ 






/ 


, ..*7 * ri s : 


■» 




Companies and Markets 


UK COMPANY NEWS 


Dalgety sells Australian 
wineries to Seagram 


CUlife 
bonus at 


record level 


Dalgety has sold its Australian 
wine and spirits division to x 
Seagram (Australia), a sub- 
sidiary of Seagram Co. of 
Canada, which is one of the 
largest producers and marketers 
of distilled spirits and wines in 
the world. 

The sale includes the Saltrani, 
Stoneyfeii and Roxton wineries 
in South Australia plus the 
national liquor distribution busi- 
ness operated by Dalgety Trading 
and NZL Trading. 

While neither group would 
reveal the cost »f the deal the 
total package is thought to be 
worth £7m cash to Dalgety and 
includes ihe realisation of some 
of the Slock and working capital 
of the division. The proceeds 
will be kepL in Australia and will 
be available for expansion and 
additions to Dalgely's other 
activities in thar country. 

The move follows a total 
reappraissal of Dalgety's 
Australian activities curried out 


BOARD MEETINGS 


The tallowing companies ' have 
notified dates at Board meetings to 
the Stock Exchange. Such meetings 
ere usually held lor the purpose ot 
considering dividends. Official indica- 
tions ere nor available as to whether 
dividends are interims or lmals, and 
the sub-divisions shown below are 
based mainly on last year's timetable. 
TODAY 

Interims — Amalgamated Industrials. 
Cntlan. Jvhn Weddmgian. 

FUTURE DATES 

Interim — 

Tomkins IF. H.) • 

Finals—* 

Belt Brothers 

English China Clays .... 


Jan. 4 


Jon. 11 
Jan. 11 


this year against a background 
of losses there in three of the 
past four years. The most 

important conclusion of the 
review was that there was a 
profitable rote for the group in 
the country in the long term but 


there was a number of activities, 
which were unlikely to produce 
a return to match the risl^s. In 
the year to September 30, total 
capital employed in the region 
was cut by flSui. 

The import and distribution of 
wines and spirits was a part of 
Dalgety's " traditional rural 
merchandise business. in 1971 
It was decided to progress into 
wine production through the 
acquisition of a South Australian 
winery' and vineyards. Stoneyfeii 
aod Sultram were added to the 
division soon afterwards. 

With taxation changes making 
wine stocks expensive to hold, 
over capacity and increased 
competition eroding margins, a 
strong marketing drive, was 
becoming necessary to increase 
market penetration. 

Seagram’s move which signi- 
ficantly lifts iLs presence in the 
Australasian area follows its 
acquisition earlier this year of 
Glenlivet Distillers. 


Hoffnung expecting lean year 


AS ALREADY indicated. S. 
Hoffnung and Co., has turned in 
puor results fur ihe half year 
ended September 30. 1 MTS with 
p re-lax profits down from £1.53 in 
to fSSO.Ofrt) uii lower turnover of 
£4R.-lSm atpiinM £50.97iii. 

In spile of the poor fir.si half, 
the directors had expected that 
ihe year’s results would show an 
improvement -over the previous 
year. However, they now 
anticipate that (he pruif! fur 
1978-79 will only approximate the 
Jl2.7$iii of last year. 

Tiie Board explains i fiat the 
outlook for Liu? year was largely 
based on an expectation of a 
recovery in iradiivj coudiliuns in 
the second half. This proved to 
be the case in Ovluher. Novem- 
ber and December, toil on the 
other hand the business of the 
UK subsidiary has gone through 
a difficult period. 

With eonlidence in the 
groups future, the directors 
have decided lo maintain ihe 
interim dividend at 1.485p — the 
previous final was 2.8142p. The 
group is continuing ils policy nf 
rationalisation in less profitable 


areas and actively pursuing 
opportunities lo improve profit- 
ability, the Board adds. 

Half-year 


Turnover 

1&78 

tow 

48.478 

1979 

cooo 

50.974 

Profit before tax . 

880 

1.520 

Tax 

466 

782 

Nel profit . .. . 

414 

738 

Euraorri. debits . 

98 

— 

Mniuritios 

91 

02 

Piclerence divictund 

10 

10 

Allnbul.iblcr ur-1 

215 

606 

S SAP 1 2. Which 

refers 

to 


accounting for depreciation, 
applies for the first time. Pend- 
ing recei f»r of professional 
advice, no provision for deprecia- 
tion on freehold or long lease- 
hold buildings has been made. 

The Board does not expect any 
provision for full year to be 
material. Tax charge for the- 
current half is expected io be at 
a similar rate to 'that provided 
in the first half-year to Sep- 
tember 30, 1978, 


• comment 

HofTnung’s revised comment on 
prospects for the second half 
tuok the miirkei a little by sur- 


prise. It had been prepared for 
ihe relatively poor first half 
figures but had been led to 
expect a brighter final six 
inunths and an overall improve- 
ment for the year. But profit 
contribution from the UK power 
generator operations is lower 
than expected. The bulk of 
revenue comes /mm Australia 
but last year the UK produced 
about 25 per cent of pre-tax 
profits. As Pet bow and other 
power generating groups have 
found, trading conditions have 
been disrupted by. events in 
Iran and Nigeria and there is a 
heavy cloud over short-term 
prospects. But the retail hard- 
ware division in Australia and 
the manufacturing division are 
showing signs of improvement 
and the full year figure is likely 
to be around last year's figure 
of £2.Sm before tax. The shares 
have come back during the year 
from' a high of 97p and. after 
ihe news dosed at a low of 84p, 
giving a prospective p/e of S.2 
and a yield tassuming an un- 
changed dividend? of 10.2 per 
cent. 


RECORD BONUS rates on with- 
profits life business have been 
declared by the Commercial 
Union Assurance- Company for 
the three year period to Decern 
her 31. 1978. CU is the first 
major life company to announce 
its bonus rates for 1978. 

On individual' life business, in 
eluding the “Homemaker/ 
“Wealth maker” " and. "Profit 
maker" policies, the rate for the 
triennium is lifted to £4.SQ per 
cent per iinnum of - the sum 
assured and attaching- bonuses 
from £4.60 per cent— the rate 
declared at the end of 1975. The 
interim rate during this period 
had been kept at this latter rate 

On with-profit individual 
pension contracts. including 
" Pensionmaker." the policy for 
the self-employed and “Retire- 
mentmaker," the contract for 
executives, the bonus rate is now 
£6 per cent per annum of the 
basic pension - arid . attaching 
pension bonuses. At tlie previous 
declaration^ the rate was £5 per 
cent and the interim rate was 
increased to £5.50 per cent from 
July 1. 1977. 

These increased bonus rates 
reflect the stronger financial 
position of the life fund com 
pared with three yfears ago 
Investment income has been 
particularly buoyant during this 
period resulting in part from the 
very heavy investment made in 
high yielding gilts. 

However, on with-profit group 
pension schemes, the bonus rate 
remains at £2.50 per cent per 
annum calculated on . pensions 
purchased. These contracts 
operate on a different system 
and this unchanged rale reflects 
the virtually unchanged yfeld re- 
turn nn long dated gilts. 

Interim bonus rates from 
January 1. 1979. nn all with 
profit contracts remain at ihe 
same rate as has been declared 


‘Yes’ vote 
at Swan 
Hunter 


Peak £0.5m for Vectis Stone 


REFLECTING AN improvement 
in the profitability of its build- 
in g and construction division, 
which last year v*a* severely 
affected by unusually wet 
weather, Vcclis Slone Group ex- 
panded pre-tax profits from 
£404,302 to a peak £539.147 fur 
the year to September 30. 197X. 

At midway, when reimrlim* 
profits up from £126.000 to 
£205.000. the directors expected 
the full year figure lo he well in 
excess or the previous year. 

Yearly sales of the building 
and construction sector rose rrom 
£2. 32m to £2. 66m. Operating re- 
muneration of £701.790 
(£281,7861 was allowed for fuel 
distribution, on sales of £11.47»u 
(£4.53m j. 

After tax of £221,329 (£127.188). 
net profits were higher at 
£317,818 against £277,114. Com- 
parison!, arc restated in connec- 
tion with deferred tax. 

Stated earnings impruved from 
an adjusted 5.36p to 6.14p per 
JOp share, and a final dividend 
of 0.957p net makes the maxi- 
mum permitted total of 1.657p 
(1.4S4p). A one-f«r-«ni* strip 
issue is also proposed. 

The building and construction 
division recently secured a nuin- 
her of substantial civil engineer- 
ing contracts and the order hook 
position is stronger than for a 
number of years, the directors 
report. 

The fuel distribution division 
produred a small increase in 
profits for the year, while Celtic 


Oil Supplies has shown a satis- 
factory - return on. capital since 
ius acquisition in a £130,000 cash 
deal in December Iasi year. 


Reliant Motor 
lower at 
£108,000 


Fnlluwing a first-half loss of 
£4 16.UV0. mu inly, due tu redun- 
dancy cusis involving reorganisa- 
tion ur ils motor company, 
Reliant Motor Group finished the 
year lo September 30. 1978 with 
pre-lax profits of £108,000. cTiln- 
pared with £229.000 for the pre- 
vious seven months. Turnover 
amounted to £22.] Sin against 
fl5.Hu. 

At the annual meeting last 
March. Mr. J. F. Nash, the chair- 
man. anticipated a full year 
profit of not less than £200,000.. 

Losses attributable to the 
luuluv manufacturing division 
emerged at £153.000 (£15.000 
profit), afler a £555,000 deficit at 
half-time. The directors say, 
however, that it would be wrong 
to assume the profit earned in 
the second six months could be 
maintained in a full year. 

"There are still many 
problems facing any company 
involved in the British motor 
industry." they add. 

At the interim stage, second- 
half motor profits of around 
£400,000 were forecast and a full 


year contribution or not less than 
£200.000 was expected from 
engineering — in the event this 
sector produced £261.009 
I £214,000) profits. 

Afler tax nf £74.000 (£67.000), 
yearly attributable group profits 
were lower at £29.000 against 
£159,000, giving stated earnings 
of O.lp (0.6p) per 5p share 
Again no dividend is to be paid 
— the last payment was 0.l75p 
net for 1974-75. 

• The holding company is J. F. 
Nash Securities. 


Wrights Retail 
Grocers leaps 
to over £1.2m 


SHAREHOLDERS at an EGM of 
tlie Swan Hunter Group in 
Newcastle- on -Tyne, yesterday 
look just two minutes to a£ree 
unanimously lo accept proposals 
for a group restructuring. 

Under the scheme there is to 
be a cash pay-out of between 
130p and 145p a share and a 
the assets of the group wjlj be 
transferred to a company called 
Gosforth Industrial Holdings. 

There is to be a further extra 
ordinary general meeting, also in 
Newcastle, on January 12, 1979 
to finalise the plan's after time 
has been given lor dissenters to 
come forward. 

However. Mr. Tom llclver, 
managing director, said after the 
meeting that in view of the votes 
already received In favour ‘of the 
reorganisation, "there is no 
danger that 1 know of the 
scheme not going through." 

It would need more than in per 
cent of shareholders to object to 
the scheme for it to fail and this 
appeared unlikely said Mr. 
Mclver. 


Following the return, to growth 
seen last time Wrights Retail 
Grocers) achieved a sharp jump 
in taxable profit from £789,000 to 
£1.267,000 In the year to April 1, 

1978. The company, which is a 
subsidiary of Cavenham lifted 
sales, excluding VAT from' Ytpl 

Racal Electronics has bought a 


BIDS & DEALS 

Racal lifts 
stake in 


122.15m io £27.97m. 

However there was a lax 
charge this rime «»f £369.000 
(credit £340.000) leaving the net 
balance down from £1.129.000 tn 
£S9S.OOO. 

Extraordinary credits amounted 
to £153.000 (debits £344,000) and 
an ordinary dividend costing 
£966,000 (nil) was paid. 

The ultimate holding company 
is Ueneraic Occidcniale. 


MINING NEWS 

Return to work at Rossing 


further block of shares to 
Exchange Telegraph Company 
(Extel) taking its slake from 5.3 
per cent to 8.3 per cent. 

Extel. the financial and sports 
information service recently 
announced a joint venture with 
ihe Financial Times io provide 
business information on Presiel. 
the Post Office’s view-data 
service. 

Earlier this year Extol 
launched a joint venture in the 
U.S. to manufacture teleprinters 
and other telecommunications 
eipjipment. 


BY KENNETH MARSTON. MINING EDITOR 


THE 2,000 black nunc workers 
previously on strike *t Rio Tiitio- 
Zine’s big Rossing uranium mine 
in Namibia (Suuih-Wesi Africa) 
have returned ti» work pending 
negotiations nn their dispute 
over a new pay scale, reports 
Quentin Feel from Johannesburg. 

An announcement h\ Rossing 

Uranium in Windhoek said dis- 
cussions with representatives of 
the workers were continuing. 
Production had nul been affected, 
and was continuing nurmully. 
The return lu work coincided 
with the arrival at Rossing nf 
Mr. Ronnie Walker, the company 
chairman, to lake part in the 
negotiations. 

The workers’ principal griev- 
ance appeared lu be discrepan- 
cies in annual pay rises awarded 
on the hasis of a new and olli- 
ciily nun-racial pay scale, which 
they claimed showed no change 
from the previous racially-based 
two-tier system i*f pay rales. 

However, observers in Wind- 
hoek believe that the strike may 
have been partly political, as' a 
protest againsr the recent South 
African-sponsored election* in 
the territory. 

The mining operations at Row- 
ing arc extremely sensitive, 
politically, for RITZ is accused 
by the Soulh West Africa 


D« you need current information on 
Limited Compares, including Balance 
Sham, prepared in 5 days at a cost of 
only £330? 

You need a 



For mm ■rifonnioan. win ‘Siuop’ on vour 

viubrtgsrd JrMfMntf ii la:— 


E.CS. Corowny (OX), Shm Houic, 
Zl Won W«y. Borior* 0*lwd. 


People's Organisation (SWAPOi. 
Ihe territory's principal black 
nationalist movement, which is 
well organised among tlie mine's 
migrant labour force, uf colla- 
borating with the South African 
Government in the territory in 
defiance of UN resolutions. 

Meanwhile. Mr. J. O. Richards, 
chairman of the territory's 
Association of Mining Com- 
panies, says in his annual review 
that international companies 

"are prepared to make big in- 
vestments here once political 
uncertain! ies are resolved." 

One of ihe most important de- 
velopments lias been tlie decision 
hy Judge Marlhinu* Sieyn, the 
Soulh African Administrator 
Genera! in Windhoek, to open 
up the iribal homeland areas for 
prospecting, he says. 

Low prices on international 
markets have forced the zinc 
mine ui Berg Aukas to close, arid 
have seriously reduced income 
from other hasemetal exports 
such as copper, he adds. How- 
ever, Judge Sieyn has now 
appointed a commission to in- 
vestigate ihe introduction oi a 
subsidy for marginal mines. 

"These mines must he helped 
through a lean period," Mr. 
Richards says, '‘because their 
closure would result in large- 
scale unemployment." 


building up or great pressures at 
deptb — occurred on Wednesday 
morning at the mine's No. 2 shaft 
area, 2.100 metres below surface. 

Six men arc still missing aod 
presumed killed. Meanwhile, 
rescue operations are continuing, 
it is slated. 


No oil problem 
for the Mines 


FOUR KILLED IN 
DOORNFONTEIN 
PRESSURE BURST 


One white and three black 
miners have been killed al the 
Gold Fields group's South 
African Doomfonieln gold mine 
and nine others were injured 
follnwing a pressure burst. 

The burst— an underground 

.e 



SOUTH AFRICA’S mining in- 
dustry is likely to be little 
affected, in the near term at 
least, by the disruption or the 
Republic's oil supplies from 
Iran. 

Virtually all the power re- 
quirements of Lite mines are pro- 
vided by electricity which, in 
turn, is supplied hy power 
stations based on the country’s 
abundant coal supplies. 

The advancing price of this 
electricity, however, has played 
a major pari in the rise in 
overall mining costs during re- 
cent years. Over the past six 
years Ihe Orange Free Stale gold 
mines, for example, have seen 
their electric power cost rise by 
167 per cent In 147 cents (84.7p) 
per kilowau-hour. 

At the same lime their 
electricity requirements have 
been boosted from 481.8 fcwhr 
to 793.2 fcwhr per centare mined 
because of the increased ventila- 
tion and refrigeration needed as 
the underground workings have 
become more extensive. 

Oil consumption is relatively 
small, being mostly in the form 
of transport. Furthermore, the 
mine are likely to be given a 
priority rating in the allocation 
of oil fuel, but the cost uf this 
may well increase thus adding 
in tiie already worrying burden 
of total cents. 


SQUIRREL HORN 

PURCHASE 

Squirrel Horn, manufactur- 
ing confectioner of Stockport, 
has bought (he capital of Ander- 
son and Wuodthorpe. a private 
company, for £135.000 cash. Mr. 
and Mrs. Anderson, the present 
directors of Anderson and Wood- 
thorpe, will retire aod be re- 
placed by Mr. John Hardy as 
chairman and Mr. David C. 
Smith and Mr. Kenneth Taylor 
as directors. 

In the year ended March 31, 
1978. Anderson's turnover was 
£440.000 and profit £44.376 before 
directors salaries and pension 
premiums. The 1978/79 profit is 

expected to be lower than this 

figure. 


BANK RETURN 


Wednesday Inc. i+i or 
Dec. 27 Dec. • — » 

1978 for week 


BANKING DEPARTMENT 


LIABILITIES X 

Capital. Kw.vi* 1 

Public Deposit. bi.bi£S.212 + 2.9M.&76 

So'c'l Deposits. l.c*W-,7«UV.irifi - 

Bankers eoa.FB7.fll8 + ll.OTMl* 

Reserves & 

Other AiCS. ....... fcH,i9M49 — 14.8fr.96b 


2.I77.MS.259 - 60&.36o 


Assets 

Govt. Securities I.77U. 43 LOW + 3.36b, 000 

Adv. A Other 

A/CS. .. ." fciG.433.321 - J«,Sb4jtl9 

Premises, Equ 

* other Sees .. LiMttJKM + • M.«r7 

Notes & JUS * IO.OI9.72S 

Coin 229.05b - i3* 


2.l77.iB?.fr9 - a 05,3*1 


ISSUE DEPARTMENT 
LIABILITIES C 


Nates issued.... n.»75.iCO.OOO 
In Circulation 9,5*>.7iv3 I t<ri - |n.ni9.i?s 
In Bank'g Dept 2J,2S*.*li6 +• 10,019,123 


ASSETS 

Govt. Debts... • ti.ni&.lou 
OtherGovt.Secs S.M2,276.KW - «,i*b.JH 
Other Sec' rltles * 1 , J ra,i£i> + i ,(*a.7 1* 


5t.siij.uuu.MXi + «2.‘>.noti.v«i 


*A-, 


CURRENCIES, 


Dollar improves 
trade 


. . . ^ .Financial Times itoiday . ^ 


“Tv- ^ 


THE TO UN D' SPOT 

t ' 


.'.i&uikL 
■H«. 28 Lt-sre j 


,'f£? A 

V- 


JtiyV. 

Spread 


7 : Ope [punt h 


.w;. — y’Hr , 





The dollar improved in the 
foreign exchange market yester- 
day afternoon following Uie 
announcement of a smaller U.S. 
trade deficit in November than 
expected.' The deficit of Si.95bn 
was an improvement on October's 
figure of 82.13bn, and well below 
the $2.5bn foreeast by some 
analysts. Central bank support 
for the dollar was evident,- par- 
ticularly before lunch, when the 
U.S. currency fell to a low point 
of DM 1. SI 00 a gainst the D-mark 
and SwFr 1.8150 in terms of the 
Swiss franc. 

Publication of the trade figures 
pushed the U.S. currency up to 
DM 1.3350 rand it finished at 
DM' 1.8300. compared with 
DM 1.8215 on Wednesday. Against 
the Swiss franc, the dollar cose 
to SwFr 1.6325, before closing at 
SwFr 1.6302}, compared with 
SwFr 1.6155. 

The doDar’s trade-weighted 
depreciation, as calculated^ by 
Morgan Guaranty of New York. 
wa<? unchanged at 9.7 p«*r cent. 

Stirling’s index, on Bank of 
Enelahd figures, was also un- 
changed at 63.8. after touching 
63.9 at noon, and opening at 63.8. 

Tho pound opened at R2.037O- 
2.03R0. and rose to a high point 
of 82.0455 in the morning. The 
lowest point touched in the after- 
noon was S2.0200, and it closed 
at S2 .0280*2.0301). a fall of SO 
points on the day. 

PARIS— The dollar eased in 
late trading, after a recovery on 
the news of the U.S. trade 
deficit for last mooth. Central 
banks were re.oorted to have 
given support ’ to the U.S. 
currency on a small . scale 
throughout the day. At the clo«e 
the dollar stood at FFr 421025 
against the French franc; com- 
pared with FFr 4.1750 late 
Wednesday, and FFr 4.1650 at 
the start of the day. Sterling 
rose to FFr 8.5300 from 
FFr 8.4800 Wednesday, apd the 
French franc also fell against the 
D-mark and Swiss, franc. 

FRANKFURT— There was no 
intervention by the Bundesbank 
at the fixing, when the dollar fell 
to DM 1.8175 against the D-mark, 
compared with DM 1.S2S3 on 
Wednesday. The central bank 
was seen to support the U.S. 
currency at other times, how- 
ever! leading to a slight improve- 
ment during the morning, from 
a low point of DM 1.8100. The 
problems of Iran, and nervous- 
ness about the U.S. trade figures. 


(Aillilcr 
■BeJjjbiii P 
-Ukiilali K 
-IMUrk . 

7 Ron. Kw. 

were cited as the ' imniediate 

causes of the d J?} l * r s k". ! 7 '} to.is-wjj^ 

performance. Publication of-. the j^nch Fr. .mwi 
favourable November ■ trade ' .SncuisbKrJ.' (Hat. ..sJB-xn 
figures produced a sharp rise- in: lul jTtBA' 

the afternoon, however, with the. ggTEM 1 * 
dollar improving to DM LS32&V ;.' _J 


C.s. S ; 9 la! 2.D2»-2.iMSeg.BZ8(k2.fl24Ul- 0.13-fl.HSn.pmi 0.56 
Ckrai<lJ*o$/ 10V Sjmi427D;2.«55-2.M3S fl.40-flJDr.pnj; - L6R- 3JJ2-L1 

B' ] E8.4S-6B.M - 1S4 e.pcrt >: > Sr.04 pMB c.pni’-- 

-a imo-imt viMiMMK. . i«v^nrr-.W4tj,-o,a4 w 

S . .3.63i4J2A. f uSUjh* jifiimV l-iMoJu 

IB i 8lawS.ro ■'r‘55dR^^r' , '8(kWJ;cFi»':'“tO.Wbl 


*: j ; r. ].-.1«22Ul44ej5ii4fc65-14tfiS: .Jfl-jM 
' 1 10ii?-4.U6-I,W. j . S-SJtrg/H* ;-B.12j9-12 

f [ 7 'J ' m1T VlYni 4A rt'-li « n — '. t<Q Jlr<i 

\ » 


KLIM0.17. 2’(wrpfD-pBr'ti-i:lB jSitSI rae-rutf. - ^ ^ . 

.warns* - 'Xw-Ata.pBd.-'i.w 

MLBWJQ wbpoE: 1^.43 8Hl7*i»pu).H:-s*^L 

V 5M-S86’- - )«ui' OJ541.-60- “ 

27.lfc2Z.RL : WAjrtppnt 


in quite hectic trading, compared M 

with DM 1-8270 late. Wednesday, franc*, financial, (rone 
The Japanese yen also gained - vL 
ground, while sterling rose to £ 

DM. 3.7134 from DM 3.7070 vV, 

Wednesday. .... _ . . 

MILAN— The D-mark con-- THE COLLAR SROT; Afl 

ground against ^ — ■ _ . — - — - J — ‘ ~ 

of the start of- 



lancfat . Irene 55.S0-59.BCC: ::, peg, . l^mootlr^kTBjT^Kc. .... • ' . ^ 

an p-» mVi - > n' .' ■ ' t r - 


■ Doc- 28 


tinuetT to gam 
the lira ahead 

the European Monetary System. , . 
The German currency rose to 
L456-50 ar the fixing from 


Sty'll 

sprrtdt. 


Ctosa : ' On« month 


V.-- ■: „ 




84J3-84^7 Vo.C3-dDSc pm '.'ffcTS - diS' 

NKhlnd. 1^6fl0-ira780 1. 9750-5 :9780, 0. 3^ ^}.2Ste pm ^.55- 
. Belgium 18.7i.-2l M' r Z8^^8.W'~ > &jc •pni T'.- ,l!23 itMSrtr i-i -: : -2,26 

L455.60 on Wednesday. , The :D^m«rfc-s.0Bap-5.0828:K077^s:<M2s»0^&flL3s«^i«::-^-^iif-^-ift^^r^og 
Dutch pnilder. Sterling, -and -Wi- Gar. 1 .8IH-l;831B. 1;8296-1ia3T&r.t .37-I^ZpL' pnt' 1 -; Mi --8.29 

Scandinavian currencies ' rlgS? -1 - -mSSSi' .SSSlS'i:. ’’ 

rose in terras -of the lira, but*- the Italy 8Z7-K3S ' - sai-sss — :. i ^o^soi ini isrrr^^vi- irk ~ - t to . 

U.S. dollar was weaker. It was Nprw®/ 439h«.flp25 4 . 937535 . 0025 . o.«wkiooi» pm^.-S8-V3fct'J0or» p)n'*‘ ono 

J boo ns 1 - -4-a?-4^T; 120-0.9PC >n):~r-3.g) ' 3^5-2. 9QO pm- 2>8* 

Sweden 4^00-4.2850 4.28tX)-4,2820 O ^SO-TSors Dm ;-V.75, 2. KW J/ .»r 6 pm 1.S4 
192 ^0-134. 10 -133.90-194.10 2,00-i&y-.-pra ; '. r»,l4 ^ &SO-5 .thP 11 .DO 

13.27-13.43- 73.41-13,43 .J. 6J$-B.7BQto-0thr’ 539* 49-15. SOqro . pm ' 5.29 
3'maS-1.C16 1 -E280-1.B300 -L69-1.'S3c- pm 12.19.4.79-4.746. pm «^3 
•*. . • - '* fU/S. cents par Csnadrtm S. ’ •' 


liilin) 


fixed at LS29.05, compared with 
1^32.70 on Wednesday, in a 
quiet market, with only $10.9m 
traded. The Bank of Italy did 
not intervene, but bought most 
of the 4Sm D-marks traded. The 
Swiss franc declined to L510.75 
from L512.30 at the fixing. 

Surprise at the U.S. trade 
defiat' brought about a- sharp 
late improvement of the dollar. 
It rose to L834.50 during the' 
afternoon. 

ZURICH — Heavy intervention 
by the Swiss National Bank was 
behind the dollar's recovery in 
fairly quiet early trading. During 
the morning it fell to SwFr 1.6150 
in terms, of the Swiss franc, but 
was pushed up to SwFr L6^!0 
by the Central Bank, by mid- 
morning, compared with . 
SwFr 1.6155 on Wednesday even- 
ing. 

.AMSTERDAM— In late trading 
the dollar rose to F1.1.9S10 from 
the fixing level of FI 1.9690 
against the guilder. The 
previous day’s fixing was at 
F1 1.9885. . 

TOKYO— The dollar fell 
sharply to close at Y193.Q5. 
against the yen Compared 
with Y195.52J previously and 
Y 194.30 at the opening. The 
lowest level touched 


Japan 

Austria 

Swux. 


ii 


iffle 


CURRENCY RATES . . CURRENCY ^OVEMEtitS 


Dacomber 28- 


S pa clal Edropaan 
Drawing t Unit of 
Rights Account 


0 *c*mtrar 2 t 


Banit of. ^Morgan 
EnflJaoti Guaranty 
.In^Bx. oriinflss % 


Starling ........... 

U.S: dollar...- 

Canadian 'dollar 
Austrian schilling 
Belgian franc ... 
Daftiah krono .. 
tieotseba Mark 
Guilder . L . :..... 

French franc 

Lira 

Van 

Norwegian krone 

Peseta 

'Swedish krona ... 
'Swiss franc 


0.639041 0 67719 
1J0O3 ,137773 
1.S4741 1.63377 
17^790 19J296 

37.5632 39.N2S 
■6.62020 8.93956 . 
2J7735 2.50547 
2.68901 2.T1 2it’ 
544333 6.76204 
108162 1142.14 
253:770- 266000 
6.52039'- 6.88210 
91A451 96.5226 
9.686&S • 5.83910 
2.11692 -2^3280 


-HWA. 
H -s.7 - 


-Swrting' 

U.S, dollar v.^.. ...... 

' Canadian -dollar .. 

Austrian acmlRngi .. 

: SBlglon franc ...^ 

- Danish' krone 

Deutsche Wartr 

Swiss Italic - ."r 

Guilder: ,v.v.’.r.;j t 7i 
F«arn;h trape 

!•;, :.»V, 

EiW on tr^.J*- wctfjfrtad- xhat*a> .from 
WaeMnifMft -aonwnam, Ddce^W; ',1971 
(Bank of Sigtand' o Wide*-f 100). 


.63^6. 

83.95 

78.91' 

14S.30 

.314.79- 

118.71.' 

TttS: 

•124.8 
.'89 


<•■*•20^ 

•W5JB 

4.-7.-1 

/-F850 
•H 20.-8- 

4 -->6 


£St«'£-.7»4AS.- 


/J.. 


37 i 


V 


OTHER MARKETS 


hi**-:- 

,' v - ;j-j, 


tin. . » 


Ac 




Aiymtine |*a*>....: 1 2.020 8.040 1 993.S1H.t)05 J ' a634-^N»“ 

■wac SuSrielta n.ifbu-.... 1 I-7600-1.1690 , ,(L8a , M-0^685JBdlfjluoJ.:... 1: SBls^OJe 

vioonn .Rintan.l MmVlur™ ; • 7.98-V.B9 -. 9^31045'Ji28aDeD«iBA-._;.i l .^aCLar>,ip.4a 

Y1 93.00, where intervenuoa .. to7i , l niwltl ‘Jn;77-48.7V - ,- 20 . 59 - 21.08 -Fraote..,..-..i.-..: i !;.: - 8 . 45 &W. 

to support the dollar by the r»niw»n«.. .. ,72.i88OT.ww.F3fia»583T3ri i ri04i»yi.:....-..wJ 

Bank of Japan, estimated, .at ^ tar * ' 

S20m to S30ra. brought about a -Ti^^iliV^riKn) f D^8o:.a3i^i’a;^ito.-87eONrt!^l«uta!~'i^ ' 

slight recovery. Foreign and n,iwinir.i.ip Fuu* i BttscfSfeeB ' 1 3a.8&88:&frjNortrav...:^.'.....-.-; 

Japanese banks were reported "'.3ijii»i*i* Uniii»ri...;j 4^650-4.-48901 8Jf036-'8^O45lPDrt«««L v ...„; rt .i.’ 
tn be selling the U.S. currency,. 

with the domestic banks widen- - __ 

ing short dollar positions. 

anticipation of a further a ppreexa- ■ ■ ■ — j ; ■ .. i m^ v i v - j , 

tion Of the yen. Raw Ciuen. toh-Ar8cnua|i'tB tice;ra1fl: : ' ■" ". -. y • 



EXCHANGE CROSS RATES 




I ' r - ‘ \ \ v v ; -* •; ^ 

> «-•' r. ') r ^ » 9 •• •’ • ' 2 •/ 


Dec- ZB Pound Sterling; U.S. Dollar ; Deutscbem'k 

Japan'aa Yen|FrenchFranci Swiss France DutahCuHd'r 


psnadB. Dollkr|Bfrt 9 iii» Fraiit 


394.0 

194.2 

I 8.531 U-. 3.608 . r . ■"4,013' , j 
1 4 .206. I ; . UB3S0 ... iJ»78 | 



Deutache mark j 0.869 i u - a *7 j 

Japanese Yen 1,000 , 3.5 38 ; 5.150 ( 9.4Z3 

10611 ' 
10UU. i 

1 ' 2.298J 

f 21.66 

'?V 1.081-' '■! 

['-. -8J9B ' 10.18- " - 

H&.V- 

fr b»/t8 t ': MW*. - 

French Franc 10 1-178 2.378 j 4.581 j 

Swiss Franc 0.302 0.613 1.122 | 

461.8 

1X9.1 

- lu. 

3.580 

•3 876 : •/ 4lTO3'. !. . 

-. i..- • vrfi* . ■ 

f&'7»:.. s 
.' :510.4 ■ 

r ;. f ; aiai8 s -:J -gCg&Ei: ' 
f-. '(L7SC7.- . fj A . 17:71,--.. 

Dutch Guilder 1 0.249 | U.506 j 0.925 ! 

Italian Ura 1,000 0.592 1202 | 2.199 

98 19 | 

233.4: | 

2 136 '! 

5 055 ' . i 

0.824- . r -'r-r '-v 

.; . 1.959 } * 

; '.^420,-7. '■ \ j 

0.599 - .- 1 - J*6d>;i. : 

[-•■■■<•1.484. v ! 34.70 . ~ 

Canadian Dollar J 0.4J6 U.844 ! 1.544 | 163.9 j 

Belgian Franc 100 \ 1.707 3.464 6.338 | 672.6 | 

3 . 549 . 
14.57 : .| 

! 1-576 i :-.i;669-’ "1 

'. 5.647. -.y-; 6.-860 --, 

--702:0. v*j 
: ., 38831.-..- i 

■J:. 4-105 • KW-,-. .- 

EURO-CURRENCY INTEREST RATES ^ ^ V ^ ’’ •’ 


T INI 


Dec. 28 i sterling ; U.S. Dollar 

Canadian 

Dollar 

Dutch Guilder 



• r - vAlUlf'*'--' 

v; 

‘Shortterm IUd-IHb 

7 day's notice-1 11 is- I17g 

Month , 12- 12 'a 

Three months... .| IZia-ti 

Six months 1 13U 1312 

One year J3-J3U 

lOU-lOi] 
1038 10 ia 
105e 105 8 
Hi* 12 

12U-12ii 

117,-12'e 

7i a -ai* 

7i s .gi 2 

10 ,:- io,-, 

105,-1118 
U.L-UtV 
1D3, 111, 

10i*. lOta 
10U-10La 
95,-10 

9i, 9i t 

9-9 1« 
830-85, 

- . 

— iV. — re ' ■ 
- 1,-per 
l«r-lg " .- 
IH U 
3,-ta 

' f-HA - 

'3i*-53n 

3V*-33« 

37, A 

-141^1718 .. 
7:71*.; j 
8St-a 

. B5*-9Ti. •- 
JMa-Blft. y 

91 aJQU r. 

: _ 91*4813 - 

: . 121*441* 
"1S-15-* . 
14-351* -. 
: IMS 
.,A8-16i3- 

.-,14^14*. 

i 


certlh cares of dBposiu pne.inonih 1.1 JJ5_-10.95 'p«r ' contr thi« mojith* ’11.er11-.55 -paf jCfOC'-jiiic : 


The Following nominal rates ware queued for London dollar 

months 12.06-11 95 par conn ona year 11.75-11.65 par cent. . . . ...... . 

Long-term Eurodollar deposits: two years 10Y1T 1 ! per cent: three years lOU-UPi per cent)- f&vr yeari- lO^-IO^i -par. cent; --(W* .yean. 10-10t( ^dr./eenr;. 
nominal dosing rates. Shou-torm rates are call (or sterling, U.S. dollars and Canadian dollars: twa-aay-cdl) lor' gut) dors end Swiss’ -frencsr Ael*n -fflted. a;* 


closing rates rn Singapore. 


INTERNATIONAL MONEY MARKET 


Uncertainty in New York 




The Federal reserve aeain 
entered the Government 
securities market yesterday, on 
two occasions to increase 
liquidity, hy making overnight 
repurchase agreements, wllh 
Federal funds trading at 10S per 
cent, still some way above the 
presumed target rale of around 
10 per cent. The limit of the 
Fed's action gave rise tn specula- 
tion that the U.S. discount rate 
may he increased today, as a 
further move to tighten credit. 

Treasury bills showed a mixed 
trend, with 13-week hills at 9.16 
per cent compared with 9.19 per 
cent late on Wednesday, and 26- 
weuk hills rising to 9.44 per cent 
against 9.39 per cent. One-year 
bills were quoted at 9.67 per cent 
compared with 9.6L per cent 
previously'. 


FRANKFURT — Inter - bank 
money rates showed a firmer 
tendency throughout yesterday, 
with call money at 3.5-3.T per 
cent against 3.45-3.55 per cent on 
Wednesday. One-, three- and six- 
month money all rose to 4.15-4.25 
per cent from the previous 
common level of 4.1-4J2 per cent. 
The 12-month rate also rose to 
4.2-4. 3 per cent against 4.15-4.3 
per cent. 

PARIS — Interest rales .showed 
3 rather mixed trend, with call 
money casing to 65 per cent from 
6J per cent and one-month 
money unchanged at 62-6} per 
cent. Tho three-month rate rose 
to 61-65 per cent compared with 
6 7/16-6 9/16 per cent as did six- 
month money- to 65-62 per cent 
from 61-63 per cent. The 12-month 
rate was unchanged at 7}-7f per 


cent..- . ■>’ 

. AMSTERDAM — Interest rates 
were ;easier ■ yesterday aridl'jwll. 
money feU from lOf-ll P er ceht 
to 104 -JI.per.cenL while the" one 1 
mozrt h rate : de eli ned .to* 10 J -1 04 
per cent against 10J-1 1 -per cebl/_ 
Three-month money fell'. to : Ifc 
104 from lOj-JOi per cent, witlri 
sLx-mooth money at 9}-9i .per 
cent compared with . 914J3 . per 
cent. r ’ . . • .. 

BRUSSELS— Deposit rates for 
the Belgian., franc Icojnmferciaiy. 
were generally unchanged, 
although - -one^mofirh;. ! deposits 
eased . to. iOjrlftj per cent from- 
lOJ-ll per cent. on Wednesday, 
Tbe three-month, rate waft un- 
changed at 10 M 0 3 per. cent,, as 
was tbe . six-oi ohth rate . ai'„ 9-9£' 
per. cdiit:' 12fmonth deposits 
remained at 8*-9i. per. cent - : 





v. 


Uoid fen $l fo «ftt }- 
■.;23S2.-. in London' yesterday: It 
; .t>pe»ed’-rat 5223-223^, ajlU was 
-.;£Lsed, at* 5223.00 hi the m oriiing, 

: 'but-lf^Ulo 82^0^5 iii r the -after- 


Ma 


*-'c 


aW-RulUuuln ffriaC 
;.CIim • —* 


; .y4.^3-:| - pj y^e r 


a 11 


1 :<f 

>■'« 

'in 

"Cc 


i>i«4itnjL^ 

Moi-ntl*H»iritf.^S225.flr ,.-?25ai.76 - 

tarm.irti'iscisiajaj.-. 


•■'■3 


AfMKtHvm ^IxW " '-SSSO.'Sa v 

■ ’ • ' ’ . 1 nr* * 


. ... .. . >.-• }t£na:4i7/. 

■■ ti oui coUbw'. ~ :z;;; r'X v — 

. * Xi' Vj ., J ‘ 

CiCrxiR&raiid,^ ' 

7<>ld 


-.’tJ 


r-i 

’■.o 

to 

"X 


UK MONEY MARKET 


Moderate assistance 


* .5 


. (M kt.fi (r i l l* -. y ■ ,'jm h 


*.13 




n. S«f Botawaii ^Mff 


Bank or England Minimum 

Lending Rate I2t per rent 
(since November 9. 1978) 

Day to day credit was In short 

supply in the London money 
market yesterday, and the 
authorities gave assistance by- 
buying a moderate amount of' 
Treasury bills and a small num- 
ber of local authority bills. Total 
assistance was termed as 
moderate. The market was -faced 
with a large excess of Govern- 


ment disbursements over 
revenue transfers to . the 
Exchequer and a similar net take 
up or Treasury bills to finance. 
On the other hand, banks 
brought forward balances a 
slight amount above target, to- 
gether with a large fall- in the 
note circulation. 

Discount houses were paying 
up lo 11 ] per cent for secured 
call loans. .. although closing 
balances were taken at 10H0Z 


per cent; " 

In the, interbank market, over- 
night loans opened at Ilf-Ui per 
cent and traded .for the, 

day . at 11-11} per .rent The 
original . flaf forecast, .was res. 
termed as a slight shortage, but 
this 'had little ’effect on rates.- 
Money firmed to- 10M1 per cent: 
later .ip the. day and closed On 
laje dempnd 'at 12 j per cent - ■■■ 
Rales -! in the table below - lire 
nominal In! some cases. 


U&hlTfc-- 

i5taw»;.- 


. -01d S6v«re4*n» 'SEcf-Mi ^ 

- (sstia)- 

SBJ Ticlai^ -SM7299 * 

SlO^agW .^.^.ho-iTa^ 

si 'jStWfTtV- •: 

Hooiii and touched : a, jjow .point . 
^-,:-J220-22I . fOUowthg ' iwwS\jSt_- 
beilfet U^- trade' figureS ; itaB> 
e3^cted; , lYa<tinJ^'iA^'YeJ7 
: - .in'Paris^ tlie. 125 Moioii { 

1 was -at : FFr , :'30Mi pdr '• ftJO 
:. tS22S,S2 per ouncei-.bi'thfe ? : 

;^opn« compared '.with.F^r.s^MJ- 
-(5225,66)', in the : -V - 

.FFr. 30, 650 (S2»555,^to^lx5 r --/'>: 
afternoon., - v -. -v vTZp--: *jr- v ; 

istt 1 ' It iinatir- : 


**-0 

5s 


•?» 

*•» 


"^1 . 


*3? 


»- 


iQ 

■a? 


LONDON MONEY RATES 


jin-. 28 

1972 

SlerlloK 
ferfifliaie 
mi ilrimll 

Iiileriwnk j 

Lucs) 

Atil hur il.f 
riepusiU 

LchmI -Viilti. 
nejtntlable 
bond. 

Ftnaure . 
Bouse 
■ Uepmilie 

Ctenjijrlii 



104 4 -12l2; 


- 



2 ii» v* mu ii-*.. .. 

— 


Uij-llJi 

- 



1 ilsy, nr 

— 

- ! 



■ _ 

7 «Uv* nmlL-c 

— 

1 13g- 1 1 SB 

irit-12 


12 

( 'tie muni h . . .. 

n;5.-ii;i 

. lli~-12rV| 

12-121* 

i3i s -i26* 

12J« 

Ten iiiiifit Ii, 

12^-12,: 

121,-121*! 

-»* 

13i«-12&a 

1218 

1 lure mom ‘is.... 

12,-, 12;, 

12IS-12SR. 

12ti-12i9 

1238-121* 

127* 

Sis 11 unit In. 

12$8-12li 

12 ig-lSanj 

12 leu 

12<3-12S* 

125* 

>me imniili, 

3 2,-_.l2,;. 

12ti-123e. 

— 

121*. 12is 

12S* 

tine veer 

».'*• «.* 

12ti-123« 

llTj-12 

1238.125* 

121*' 

I»«i )VUV,., . 

— 

- 1 

12 12m 

— 

— 


'.'DrFrlaiJkffirt 
' was .feed at DHMJjOBSSwirMft-.'; „ 11 
(S223.70 • per- tfoot&p 
"with-. , DM' - \ ■ 

■prerfously.' 


3t- 


; DtaounU . ■ SUfiiWta f .- 

CVimpaat imrkK 1 Tresaury Bank 'PiofTmlt 

Dspomm j depuutr' | Bjlbe \ '.filllwD 


111. 

us* 


ilOli-UU . _ 




iim-iini 

11 Ar llUj-UJ* 
ust-12 "lu& nitiia^-uifll 


12ia' 'liij-iUi! 

12 s 8 • us»; i 


— 1 • - — 


fiuite 


«'« 

121b-' 

.12^.- 


Local Builioniv and finonc« houaossoven da**' nolief. othora aavon dtya' flxod:'" 1 ' Long term -local ^TithnrtTJ 
moriqago raias nominally ihreo yoors 12*^12** par cenL l«»uf yoors 12>4-12>« par cam; fhre year*- 12'.-^. 



Tbratf inondi* , 

6ia oiQnBw ' ‘ : 


M.O..HOMO raws nominally mruo yoors w-io por coni, lour yoors por coni; fhre years. l2V12r. n«r^ 

♦ Bank hill uios >n table are buying raids lor prime paper. Buying rates j 0 r lour-monrii hank- bills 12^ 
lour-month rrade bills 12*o per cenL _• ;. .. per cpm. 

Approximate selling rales lor one-month Tieasuiy bills lIS. per.oeniirwo-ingnHi lV^pM cem.^hr^.mnnii.- 
11 H » per coni Appfox.mnie joIJinq reu lor ono-monih bapk bills 11 s * per cenr. iwa-monin n**iT Ooreint- jS'hSI?; 




'2'. pei cent; one-month irade " bills 12^ swr^ "coni;" iWo'-month 12>r~fmr- cmc"‘md > »lio‘ian»Shonth B |2Veer 


finance House Base Rates (published fay the Finance Houses Asanr.iaiion) 11»j per cent (rom Decemlur t ioto- 
Cl* Bring Bank Deposit Rile* IO' smell eumj sv seven dayj nolice 10 pet M nt. Ojanno Bonk r«i— ilT- V.-27" 
I2‘» per cent. Treasury Bills; Average lender row* of discount 1 1 .5657 per cent. ' ^ Iftr.iandi^ 


Oisco'oflT Rate 

: ..Owrnigbr. 

Tb’ hte. mbn ib t -n^, 
. Sipr. mopThe 

Dna month - ' ■ ' ^ 

--utaaounb Bait FSJ- 

•ss-assa?!* 



•§ 

l 

5f. 

i 

s 

3t 

.t 




% 

‘■C 

3. 

ft 




















513^^ 29 1978" 




aatflfjwlfrts 'T : rsr. '■ 


INTERNATIONAL COMPANIES and FINANCE I 






.RT-^KT6^.HAckjE/'.‘7‘ : - 


accepts the Bay’s offer 


K ■«SSySriir«52SSfe* W back - We GX P ec t a fair security and pension benefits, 

fey ami^nsh^Stl^ the serondtaigcsr ratal!- number of the small share- Mr. MeGiverin said. 

. trol of^the.^ptOTfi-merehan«£l«-' ing. chain In .Canada with .a 30 holders will be influenced by the m ,, D „ , , „ 

J5ay. per, cent, share of the .annual resuita and tender their shares " B r ? ^mn^« 0 eff *n" 

■t- ■" r -fr . : r ,Co^pany;prWiWpeg. ; /••- C$7bn total that consumers in the company said. t ve nUo ] °f Simpsons. no 

.* ■■ '* • ft* *: ■ rru« n»a .t. s* ■ , - . l ’ ^ « •> _ . _ manappmpnr rhonvpc lanli hi 


FRCD 
offer in 
Kuwaiti 
dinar 


, ■*.- .v-r r - / ^r«wn iu«su iuut wxiakuiacaa ujc tuuiuauj MIU, ■ 

•! S w-wf Hudson’s Canada spend in department Earlier this month, Simpsons ^ fl ^ ses IT 1 h be 

Bay has- -reported that over 60 stores. -./•:/ withdrew its own offer to- merge ^f ore . nex ^ wee ^ w ^ en 

P?r -cent- of : -the nutstanding The company said thatinost with Simpsons-Sears and recom- 52’ a 3,w^f*[L ret i! r r S ri from a 
' Fr Simpsons- . 8t0dc. -was ; xeceived of the acceptances had -come mended acceptance of the Bay’s deayed Christmas holiday. 

£■* under'; a lena&r ^offer^ which _ from large institutional share- offer. Shareholders tendering their 

>^ii^im^Wedn£m>’ iilght. A holders of Simpsons Ther eon- . The Bay plans no immediate shares before the expirv date of 
predse TXKmtjbf^the^-tendered trol about 50 per cent of : the changes for Simpsons, which the extended offer will receive 


wjui aiLupMjus-ofHrs ano recom- 

mended acceptance of the Bay’s d y d Christmas holiday, 
offer. Shareholders tendering their 

The Bay plans no immediate shares before the expiry date of 


. ^ ^ s 
* ■ * * r > . *> 


49ni , .Simpsons 1; shares, are But the Bay added that, most operating under 
received; the- Bay will pay out 6i Simpsons* . shareholders management, 
about C58S7i» ^U.SJ455m) in owned small amounts of shares: “Simpsons emp 


cash and .stock. i . 


•• . > ,tv . ► - * V * 


’.owned small amounts of glares: “ Simpsons employees need upon receiving 
so far most of them had! held have no concern over job Simpsons stock. 


own record January 10. The month- 
old Bay offer was conditional 
ieed upon receiving 60 per cent of 


DOtmgham Go-ahead for Italian bank deal 


sells Reef 

^ "%S : Cattle:' . 


9y Our Financial Staff 

THE INDUSTRIAL Bank of 
Kuwait intends to Issue 3 and 
4-year floating rate certificates 
of deposit (FRCDs) totalling 
KDfim ($22 Jm) In two 
tranches at par through a 
syndicate led by the Kuwait 
Investment Company. 

I The investment company 
| said yesterday that the issue 
! would consist of KD3ra 
| FRCDs, due an January 11, 

! 1982, and RD3m FRCDs due 
j on January ]], 1983. The 
| minimum interest rate Tor the 
i (wo tranches will be respec- 
tively 5.0 and 5.25 per cenL 
Interest will be payable 
semi-annually and will he 


Nissan in capital injection plan 
after Australian subsidiary loss 

BY JAMES FORTH 

SYDNEY — Nissan, the Australian operation's more ASS.4m in 1977 — its first deficit 
Japanese motor vehicle group viable. The Japanese parent — and Ford had its profit cut 
is making a A 520m (UB.S23m) company, he said, had recently, back sharply to A$3m. 
capital injection to improve its decided to double the paid However, the outlook for the 
Australian . manufacturing capital of the manufacturing motor vehicle manufacturers' 
operations, after a AS20.lm loss subsidiary, Nissan Motor Manu- appears brighter with demand 
by its local sales and marketing facturing Company (Australia) picking up, aided by recent cuts . 
arm in 1977-78. from AS20m to A$40m. in sales tax on new vehicles 

Nissan Australia ooenitK “Despite the adverse 1977-75 sales, 
through three separately owned Nissan confidently Nissan Motor Company said 

companies — Nissan Motor ^*P ates a return to saus- ye^^day that it expects its 

Manufacturing Company factory operating results with motor vehicle production next’ 

(Australia;, Nissan Motor Com- * e,ns i»P lenientEfl m year to total about 2,445,000 

pany (Australia) and Nissan V! prod H^ Proflrauuucs. units, a rise of 2 per cent on 

I Finance Corporation. Nissan ^ £rea,er utilisation of new 2.392.000 units estimated for 
Motor Company, the sales and a *j d ™°deni f acl ^ ue3 ' _ coup led lhe uurrent yeari aP-DJ reports 
| marketing arm. incurred a loss lhe introduction of aggros- f rom Tokyn. 

;of A520.I2m inthe yeario.lune ‘ Japan's second largest aiito- 

30_. compared with a profit of U™* added - mobile nrnriutier also said 1979 


‘ . BY RUPERT CORNWELL- ‘ 

ROME — The Board pf the per cent to go to Monte del the advantages that would 
state-owned Monte dei Pasaii di Paschi and 28 per cent to the accrue from a substantial bank- 
Siena has- finally given..- its Siena bank's subsidiary. Banca ing foothold in the rich indus- 
approval for the purchasd-ef a Toscana, for an overall price of trial north of the country. i 
controlling interest in Gredito L233bn ($287rai. - Earlier approval came a fort- 


calculated at 0^5 points above j The main cause Df ^ 
the wx-raontt Kuwait dinar | reV ersc. according tn the direc 




‘HONOLDLU — Dillingham Commeraaie, a Lombardy4)ased Monte dei Paschi made clear night ago from Banca Toscana. 
Corporation ssrid it has Bold Reef belonging to Sig..;Carlo- that despite opposition from but only after a wrangle that 

Cattle Management, ah Austra- p «enti, the financier. ’ Italy's left-wing parties to the culminated in Board members 

iiaji subsidiary.’ and as a result No details of fhe precise- size deal — both 'from a reluctance to aligned with the Communists 

exuects a yW-en"d tax - credit of the stake were giveivloor of expand the involvement of the voting against the proposed 

t"n boost 1978 operating earnings the Price agreed after a political public sector in the banking ' agreement 

by about- $6!4m or 50 cents a argument that seemed briefly as industry and over its use to help Monte dei Paschi at the end 


interbank offered rate. The 
would interest calculations, however, 
bank- will be based on a 365-day 
indus- year instead of tbe UK prac- 
tice of using a 360-day year, 
i fort- Hie selling period ■ will 
scana, begin on December 30, 197S 
i that and is expected to end on 
mbers January 7, 1979. Payment for 
unists the eerli Scales is due on 
posed January it. 1979. 


ot A5*).i2m in the year to .Tune uetani added JaP™'* second largest auto- 

®®.' ‘ :t,m P ared w ‘tb a profit nf Nissan has snent about A$42m niobile producer also said 1979 

slightly more than A$lm id . nas spent aoout A«-m . F PBiimated af 

1 Q 76-77 m recent years on upgrading its e *'P4 rl s ar . e esnmaiea at 

- local facilities, including the 1.1*0.000 units, a drop of 4 per 

The main cause of the manufacture or a four-cylinder cent from an estimated J.21i .000 

reverse, according tn the direc engine, tn meet the Australian th *s year. 

w , as . e de P rc s_ s . e d state Government’s local content re- Nissan forecasts its domestic 


! Ja K^. neS * e ,- ven ’ whlc ! h caused per L . eu[ j ei , e j nevt year jq~ 8 It expec ts exports to the 

j .substantial increases in the cost Despite the loss, Nissan in- U.S. to total 499,000 units, little 

of completely built-up vehicles creased its share of the domestic changed from an estimated 
and components imported from motor vehicle market, from 498,857 this year. 

Japan ‘ 10.S per cent to 12 per cent. Exports to South-East Asia 

j Substantial increases in the and Mr. Uetani said he was con- are estimated at J19.U0U units. 


nwever I r »L * . ■ _ . . ■ vim ». I mucin 3 luvai (.uiutui x c- Nissan forecasts its domestic 

365-dav ! » * e J°.u molor v fPJp e P 131 ' quirements. Nissan had agreed sales for the new year at 

jr nr ac. i ■ ■ a . the unexpectedly sharp to reach 75 per cent local con- 1.275.000 units, 12 per cent 

.- vnr. ! lent l bis year and the full 85 above the estimated 1.142,000 in- 

1978. Ii expects exports to the 1 
U.S. to total 499,000 units, little 


- 


sha te:-: . 

Dillingham, with interests in 


argument that seemed briefly as industry and over its use to help Monte dei Paschi at the end 

if it might block the deal at Sig. Pesenti reorganise his own of 1977 ranked eighth among 

the eleventh bour. interests — approval by its Board Italian banks with total deposits 

According to consistent was unanimous. of L?,826bn i$9.7bn>. Crediio 


Tbe Industrial Bank of J cust of labour and materials, fident that the group could main- a rise of 30 per cent on this 

Kuwait is 49 per cent owned 1 associated with lower produc- tain this level. year's estimate of 91.629, 

hv the Kuwaiti Government 1 ^ on adversely affected, the Nissan's experience is in line Central and South America,' 

I result. Mr. Chushi Uetani. with that of its competitors in 92.000 units, down 7 per cent 

Nissan's deputy managing direc- Australia. Chrysler had a loss of from 99.500, Europe, 205.000 

tor in Australia, said the A$25.6m in 1977 and a further units, down 6 per cent from 

. temporary setback would not AS 14m deficit in the half year 217.S16. Middle East. 98.000. 

! deter Nissan from making to June, while General Motors- units, down 13 nor cent from 


consistent was unanimous. 


of L7 ,826b n ($9,7bn>. Crediio 


through the Ministry of 

. *2 ff^raSsnmptton 61 aSr? 1 thJ} e ”t reP 01 ^ here, the arrangements The statement from the bank tommerciale Ts listed in^Slth ! Jf^uwairVhe remainders 
t a 5i provide for Sig. Pesenti sell emphasised that the Bank of place on the basis of deposits; owned hy sL\ Kuwaiti banks. 


■ ■ J*''- v Plii td a private hi^ 79 per cent -holding- in Italy had given its blessing to amounting to Ll,513bn (?1.9bni 

i £ V . . L declined to Gredito Commerciaie, with 51 the transaction, and underlined at the same UaLe. 

• > $>/ 1 identify.. Dilimgbam did not ^ , — 


wn 6 per cent from 
Middle East. 98.000. 


- disclose the sale price. 

Reef ; Cattle operates a cattle, 
raneja in the Australian state of 
..Queensland on 110,000 acres. 
';Ort r thcrast decade or so. Reef 
: and an earlier company. Dilling- 
ham Corporation of Australia 
accumulated.: losses, that were 


Gas utility expects flat 
earnings performance 

DETROIT-— American Naitural been made and it would not 


Texas Intnl. 
sells $100m 
servicing unit 


fnur Insuranm rnmnanies and deter Nissan from making tn June, while General Motors- units, down 13 per cent from 
three major Industrial com- 1 further efforts to make its Holden's suffered a loss of 112,368. 

panics. — — — — — - — — 

The bank started operating __ # 

iir.it r Kansai merger talks Blg increase for 

tributing to the diversifica- ^V^JL lUJUXJ A ITlPripan-Icrilpl 

tion and development of the * 9 - g _ /YlllCi Il-dli IMaCl 

coul’tr.'s economy. ]\f 31^611 Oil ^ 


- ro Dortcd r ' a^a insT^ vera 1 1 earrv Resources said it expects. 1978 affect earnings. OKLAHOMA CITY — NL 

SffiSthl?pprepria ™peri?£ earnings to be flat- Last year. ANR said the flat forecast Industries. the chemicals 

i: v® 1 7™“ s - the company earned $5.00 a was due primarily to inadequate metals, and oil equipment 

r-.-'J The. tax credit generated by share which will be restated to rate relief for Michigan group, has completed the pur- 

" - the. sale will bring the 1978 $584 to reflect the acquisition Consolidated Gas and to that chase from Texas International 
{■V-: . . effective - tax rate; closer to a of G raves Truck Line. .. '' unit’s faUure to make antici- (TI) of its well servicing unit. 
; ; : . standard «■ per cent compared made the forecast in a pated off-system sales to other The sale is valued at $100m. 

5-5- . with abnormally high rates re- statement noting that - : its utilities. Texas International will 

ported earlier in 1978 because Michigan Wisconsin 1 Pipe line Michigan Consolidated's earn- receive $8Sm in cash and $llm 

:s : t‘ of" foreign. losses largely caused Company would refund ^about ings this year should be between in NL petroleum products and 
i*rh . by 'currency translation for 530 m as a result of settlement $15m and $17m, or about half sendees. The cash will be used 
% which tax benefits could not be agreements reached with - the the $36m it earned last year, to reduce substantially TI’s 


CITY — NL 
chemicals, 
eq uipment 


Big increase for 
American-Israel 
Paper Mills 


utilities. 


International 


recognised. 


Federal Energy Regulatory The parent company said its 


to reduce substantially TI’s 
bank debt, in addition to under- 


I . Dillingham.: said that its re- Commission on two rate policy of making regular and writing the company’s oil and 
I inainihe^ Australian, operations increases that took effect in increasing dividend payments gas exploration programme in 


were not affected by the sale 
of Reef Cattle, r- 

ap-dj ~ v ; • ' ••• • 


1975 and 1976. would not be affected bv £ 

It noted, however, ;. that 1978 or 1979 performance, 
provision for the refund. had Reuter 


would not be affected by either 1970. TI also plans immediate 
1978 or 1979 performance. completion of a 225.000 square 
Reuter foot drilling rig manufacturing 


■-3L 


FT ttirfERNATIONAL BOND SERVICE 


'. >£•*>--" • The' list Show 8 the 200 latest international bond issues for which an adequate secondary market 

- -yx.-f 1 .- exists. For further details of these or other bonds see the complete list of Eurobond pnees published 
oa the second. Monday of each month. , / Closing prices on December 28 

I hS. DOLLAR ' Oianoeon . ■ ^ « flfcftMvu,! 


plant, near Houston. 

Reuter 

Hirschfield takes 
Warner post 

By Our Financial Staff 


- t • U.S. DOLLAR- ■ 

' STRAIGHTS. ' lw« 
• • "ft-.’-l.-- Afla Akt Bti 6 s ® 

-if AuatraliB 8 . 45.83 -- 1 W 

i - . Australia % 93 ......... . * 

I'^z: Boamca_Foarfa . 7 ^ ^3 , 10 O 

— ??.. CECA B 7 M 

CECA 9 93 » 

I-! CECA 9 >. 2 S 

«r.f-- r -CNT 9;93 75 

Canada 8 83 250 

'if - CavBda 8 J 0 as ao 

' Canada 8 S 3 a «0 

- Canada # 83 400 

.Canada 38 KO 

>- . Canadair 8 \ 83 ......... 70 

'lAi 7 * Dominion -Brfdgo. 9 8 ft 25 

-• .Eia ss 8 B- ns 

. Eksportfinana 9 88 ... . 50 . 

•i/.. Fmtend W, 83 — .... 100 

-■ - Frnlaod 9 88 . L:.... v :.;:. 1 ® 

— Hdaoital O/S 9 83 ..ffi 

_ - - 4 tol Finance 9 »« BO 2D 

t .-:; • :.t C. Pannoy BS 83 ... 100 
. - Bloadal &• 93 50 

. NZ Daw. Fin. 8 S 83 ... 2 D 
-NZ Daw. Fin. 8 Y 8 S- ... » 

'. Nai-Woat 8 88 . .... ;... 75 

— - — w . , Nawfoundland 3 V 50 SO 

he. Word Inv". Bk. 8 *« BS „ 25 ' 


.light j 
ill I 


-Norses Komm.-SS 38 . 
Norsk Hydro B** 94 ... 


Norway 7V 83. . 250 ; 

, Norway 8S * 83. 150 

, OccMaiHat.8% 85..'. 78 

Ont. Hydro 8S-85 ....... 125. 

. Quebec Hvdro SS S3 ... 50 

Sweden 38 . ..... . 125 

OIC 8h 85 280 

-UR -8VS3 16° 


Issued Bid Offer day week Yield 
25 94>» 94* -0V -IP. 10.16 

175 «i 951, 0 -O*, 9 86 

75 96^ 98>, +W, +0*, 9 82. 

100 S3*. 93'. +0*1 +0*. 959., 

50 \ 95*1 -HFj +0*» 9 87 

25 96*i 96V • 0 +0>» 9.® 

25 S8>, 9B'g +0S +0*» DM 

75 95 +0** ..0 9.68 

250 93V 94V -VP* —O'* 9.99 

250 ' 33*, 9W 0 -HA 9.78 

250 , 92*a 92*, -O*. +0*, . 9.70 

400 97^,971, -HA, 0 . 9.89 

3S0 97*, » +04 +04 8 73 

70 M4 9*4 +04 -0410.06 

25 ».«, O 0 10.27 

125 984 97 +04 +04 9.73 

50 954 864 0 -04 9.77 

100 864 964 O O 10.16 

100 M4 854 O -0410.05 

25 964 964 -04 “04 9 31 

20. 314 314 -04 —0411.38 

100 864 85*. -04 -04 9.70 

SO 944 954 « -04 999 

20 334 934 +04-+04 9^ 

20 934 934 +04 +04 9.79 

35 984 974 +.04 0 9.5S 

50 964 984 0 -04 9.77 

25 , 95*4 964 +0*4 +0*4‘ 9.43 

75 96 964 +04 6 9-76 

50 964 964 0 -04 9.72 

250- 324 93 -04 -04 9-99 

150 t96 96*4 +04 +0410.00' 

76 -• 924 924 +04 0 10.51 

125 934 93» a -04 -04 9.82 

50 974 374 +04 +04 9.B0 

125 374. 97*4+04 ° 9-76 

944 9S +04 -04 9-85 

160 . 954 364 .0 0 9.59 


OTHBt STRAIGHTS Jasu 

Rank 0/S Hold 114 AS 12 
Auto Cote B. 7 93 EUA 16 
Copenhagen 7 S3 EUA 30 
Finland Ind. 7 93 EUA 15 
Komm. Inat 74 93 EUA IS 
Panama 84 93 EUA ... 20 

SDR France 7 93 EUA 22 
Algamene Bk 64 83 F) 75 

Braz+ 74 83 FI 75 

CFE Mexico 74 83 R . 75 

EIB 74 85 FI 75 

Nader Midd. 64 83.R 75 

Now Zealand 64 84 FI 75 
Norway 84 83 FI- ...... 100 

OKB- 64 85 FI 75 

Elf AouKaino 94-88 FFr 150 
EIB 94 88 FFr W1 

Unilever 10 86 FFr 1 ... 100 
BAT 8 88 LuxFr — .' 250 
Beyer Lux 8 86 LuxFr.'. 250 

EIB 74 88 LuxFr i- 250 

Finland I. Fd 8 88 LuxFr. KO 
Norway 74 83 LuxFr « 250 
Renauli 74 88 LuxFr GOO 
Solvay Fin 8 85 LuuflFr .500 
Swedialt Bk 8 88 LuxFr 500 
Gestetner BV 11 88 E 10 
Whitbread 104 BO E.-~' 15 


. Closing prices on December 28 WARNER COMMUNICATIONS 
Change on said that Mr. Allan J. Hirsch- 
laeuod Bid Offer day week Yield field, dismissed earlier this year 


Change on s-uu luh xwixh u. 

laauad Bid Offer day weak Yield field, dismissed earlier this year 

12 95*« 954 +04 + 04 12.71 as president of Columbia Pie- 

15 2SJ* IS* + !‘* +r Z'sf tures, would become a full-true 

15 »4 984+&.-04 consultant to Warner 00 an 

is 974 984 +04 -04 7.TO exclusive basis. 

2 IS ^ Hirschfield, who headed 

75 914 924 +04 +04 8.5o Columbia Pictures from 1973 

75 94 fro, 2 _04 9.05 un tii his departure this summer, 

£? IS 0 +04 8 A 7 will have “broad responsihili- 

934 9«4 0 +o*« 8.1? ties " and work directly with 

S' tm! tru! Isi Warner’s chief executive officer, 
lo^ 90*1 0 -04 8.50 Mr. Steven J. Ross, and other 

984 984 +04 0 9.se top company officials. The 

cEiofc+SS +04 lil appointment takes effect from 
954 964 0 0 8.60 January 1 . 

9fJ» +2J* 1-22 Columbia's management 

<&4 964 +04 +04 8.60 reshuffle in July followed the 
964 37*, +04 -04 9.48 highly publicised case involving 

0041014 toi +04 lire M*- David Begelmann. a former 
994 1004 +04 +04 8.01 executive fined $5,000 for steal- 
^ Su "m! + £* mot $40 s 000 from the company. 1 


934 944 0 +04 8.19 
91*, 924 +0*. +04 8.56 
. 324 334 +04 +04 8.61 
90 904 0 - 04 8.50 

984 98*4 +04 O 9.99 

984 984 +0*4 O 9-26 

100*, 1014 +04 +04 9.84 
954 964 0 O 8.60 

954 964 +04 +04 8.70 
95*4 96*4 +04 +04 8 AO 
954 964 +04 +04 8.60 
964 37*, +04 —04 8.48 
974 984 +04 +04 8.11 
1004 1014 +04 +04 7.80 
994 1004 +0*« +04 8.01 
89 89*, -0*. +04 12-99 

854 864 -04 - 04 12.97 


FLOATING RATE 

NOTES Spread Bid Offer C.dte C.cpn C.yld 

American Expreei Mt,.- 04 984 994 »/« 104 10 72 


DEUTSCHE MARX 
STRAIGHTS l«w» 

Argentina 64 88 .... — 150 
,‘AeIan Oev. Bonk 54 88 100 

Australia 6 88 280 

'Austria 54 80 . 150 

Bankameridr 5*4 SO ... 150 
Bq. Ext. Algeria 74 85 100 

CECA 6 88 150 

Canada 44' 83 ..r....' 600 

Ch. Man ha tin. O/S 6 93 100 
Co miner* hunk WW 34 100 
.Commerzbank- XW 34 100 
Copenhagen City 6 5H)..; 75 


■ Change on 

•sued Bid Offer- day wee k Yiald 
150 • 964 964 0 +04 7.09 

100: 924 924 -04 “?» a ®l 

280 - 10141014 -04 0 5.71- 

944 94», -04 +04 6.41 
994 994 0 +04 5.81 

964 974 -04 +04 7J5 

964 974 -04 0 8.40 

984 98*, 0 +04 5.10- 

100 1014 102 —04 0 5.81 

100 10341034 G -04 ^.07 

824 83 ° ■ - 0 4 5 82 


Council of Eurotw 64... 100 
Council of Europe 64-. 130 

EIB 6 90 : - 300. 

Eff Aquitaine 54 88 ... TOO 

Finland 6 63 150 

Hitachi Ship. 54 83 ... 50 

IBJ 5 84 -I... 100 

ledonesia 7 84 . 100 

Kobe. City of 54 86 ... 100 
Light Services de Elat. 150 

Mexico 6 85 - 200 

Mitsubishi Patio’. 94 8S 100 
Nippon Steel 54 85 -. 100 
Norge* Komm. B 90 ... 100 

Norway 44 S3 2SO 

Norwegn. Ihd. Bk. 6 90 125 
Oecidantsl 64 90.'..'.'... 150. 
OKB 64,88. ... . 100 

Pxtroleo Brazil 7 B8 . . 100 
PK Baoken 5V 88 ...t. 100 

Quebec, Prov: of 8 90. 160 

Ricoh '5V 83 30 

Snaln 6 88 ,*j. 200 
Sretoir 6.8B t .-..-.'; 150 ■ 

UDS Group' 54 83 66- 
VenKuela 6*1.90 ISO. 

World Bank 64 -88 1 4D0 

SWISS FRANC 

STRAIGHTS Imuw 

Acuta 54 88: ........... .40. 

Artftr. Exp tf»L J4.83 40 

Arlbera Tunnel ,4.?3'... 40 

'Austria 34 .100 

Brazil 44 TOO 

. Chose Manhattan .4. 33 *. 70 


944 954 +04 -04 6.62 

•Mb SB4 994 -04 -04 6^ 

130 374 984 -04 -0*4 6.65 

300- - 984 964 +04 +04 6.41 

100 S3*. 934 —04 -04 8.16 

T60 984 99 0 O 630 

SO loot, 1014 -04 +04 5.64 
100 994 994 -04 -04 5.09 

100 974 9&4 +04 +04 7.48 

' TOO 1014 V»4 +«4 +04 B.BB 
150 . ’ 964 974 0.0 7.26 

200 974 98V D +04 6.39 

100 TO14 101V +04 +04 5.« 
100 ion TQ24 +04 +1 5-40 

974 974 O +04 6^9 

97 97V" O +04 6.10 

125 974 974 0 +04 6JSI 

150 . 974 98*4 -W. +0*. 7.00 

100 •• 1014102 +94 +14 .626 
984 994 -04 -0*4 7.14 
100 , 93V 944 0 -04 6.6* 
1B0 95*4 954 —0*4 “04 6.57 

V30 X TOW, 101 V +04 +04 
‘200 - 944 96 -04 -04 6.77 
■ 1S> ' 984 : 984 .f 04 6.21 

6 S - 974 984 +04 +04 625 
ISO. .94*i 95 0 0 7.17 

400 ..97*, 984 0 +04 6.51 

Change on _ 

Issued - Bid Offer day week Yield 
.40. 1064106 +14+1 7 * +-49 
-• SO 1004 101V + 04 +£, 3.41 
40 101 .1014 +£* +04 

100 ‘ 97 974+$V?14 ^ 

TOO 974 98 +04 +04 -f-|2 
TO 105 106 +04+1. 3-51 


Arab I nil. Bk. Mfl-5:S3 O’, «4 9P.31/1 

B. El Salvador .MB 81 14 1 67 * RPITiKJ'T *? — Tmnravrii 

B. Nac. Argent -M8.B3 04 964 974 21/1 94 9-® BRUSSELb --Improved 

Bank Handiowy M8 as 14 *74 974 2S/ii 12.94 1129 demand and strict management 

Bk. of Tokyo I?* control have lifted Union 

£! ,q d ? A'^S? ^ M8.^ , S £ 964 97^ 9/2 94 9-* Chimique Beige out of the red 

Bq. Ext. d'Aig. M7.5 85 04 ®4 * 2/5 iz4 i|-® during the second half of 1978. 

IS: Afr° £: S5 S Inthe firsthau 19TS^ICB mde 

ccce MS ^5 SB 04 974 97*. 3/2 9.19 9.44 a net loss of BFr 148m ($5m). 

^ 1 ’Hi after a loss of BFr 397m for 

c£d” a Nan°M! SS'i S S ,a* 1977 as a whole. However, the 

Gotabanken M 6 as ...... 04 974 98 15/5 i29i 12.80 slight but persistent unprove- 

Ind. Bk. JapanM?4 85 «, 98*, 994 1/6 1135 1*48 ments ^ demand for films, 

Uubijanska ia M7.75 85 “.' i 954 964 «/t io4 to. 86 chemicals and pharmaceuticals 

LTCS Japan NB4 86 ... 04 984 994 9/5 12.06 12^ together With action tO ** CUt 

Nat B wJt ntl MS 4 M 3 ::: ^ «4 i 4 I 1 /B 124 i 2 !tg charges, develop better products 

okb MS4 88 ...ii. 04 994 ®4 18/4 io.56 10.60 and : growth markets are begin- 

Offahora S* 9M 9-59 “ng *0 have 311 impact OD 

Privradna Banka M3 86 04 .954 964 22/12 — -— » 

Stand: Chart MS5- 90 04 964 974 10/2 8.94 9^ results. 

Sundsvoiisbnkn., mb 85 04 964 97 io .06 io.TO The group continues to be 

U«L Ovars'a Bk. MB 83 04 984 99 +/S 12 31 12.47 adverse l y affected by high 

convertible Cjtv. Cnv. Chg. wages and salaries in Belgium 

bonds . 1 data price Bid offer day Pram and by an unfavourable high 

9 / 78 1628 914 924 -04 -o.io exchange rate for the Belgian 


95>, 96431/1 94 9.78 OVk 

964 97412/4 11 J1 11.66 

864 974 21/1 94 9-g BRU! 

974 974 25/n 12.94 1129 demanc 

IS MS f ,1% cooa-ol 

964 97 9/2 94 9 96 Chimiq 

954 96 2/5 12*» 13-32 during 

96 964 26/1 94 9-54 

864 974 12/1 94 9.66 In the 1 


UCB profit in 
second half 


97*4 9B4H/1 9.19 &38 

974 38 15/S 122TI 12.60 
9B*» 994 1/6 1235 12.48 

»4 96419/1 104 10.68 


984 984 19/1 
954 96*4 22/12 


4/4 10.08 10.40 
4/5 12.31 12.47 


Axics 5*. 93 9/78 1628 914 924 -04 “ 0 . 1 D 

Bakar ini. Fin. 54 93 ... 1/79 134 1014 102 - 04 8.11 franc. 

Boots 64 93 2/79 2;1B 914 924 -04 -1-TO 

Coca-Cola Btrttlinw 64 . 4/79 9 B9 90*, 0 26.43 

Ito-Yokado 54 » ...... 6/78H473 1304131 +0*4 -0^6 

Novo Industrl 7-89 4^ 259 894 904 -04 1-9J 

Texas lot. Air. 74~93 ... 4/79 14 £ 884 89 +0*4 10.65 /— n 

Thom Int Fin 7 88 ...11/78 3.67 1024-1024 -04 -4.04 W 

Tyco Int. Fin. 84 88 ... 9/78, 121 964 97 -14 17.78 

Tyco lot. Fin. 5 84 ;.... F™ 61 & 744 754 ”04 1*7.84 N-/ 

Asahl Optical 34 DM.. .12/78 588 904 914 -0*4 3.04 

Casio Cp. 34 85 DM...11/78 84r 1024 1034 +14 7.31 

Izumiya 34 86 DM 10/78 980 944 954 +04 757 BY 

Jufito 34 86 DM 1/79 1270 92 92V +04 10.87 

Konishrku. 34 8&OM... 1/79 .812 934 944 -04 4.87 

Marudsi Food 34 DM... 2/79 1033 984 994 +0*4 16.06 ZUF 


Paris ready for 
further falls 
in bond yields 

By David White 
PARIS — Favourable condi- 
tions on the French bond 
market are expected to push 
interest rates down farther In 
the New Year. 

An issne of FFr LSbn 
($42 5m) being floated next 
week over 17J- years by Credit 
Foneier de France, tbe State- 
directed building finance 
institution, carries a coupon 
of 9.9 per cent This is tbe 
first time the interest on an 
orthodox bond issne has ; 
dropped below 10 per cent 
for some five years, and 
dealers predict a further 
decline to around 9.5 per 
cent in coming weeks. 

The loan, issued at par, 
follows a 10 per cent issue 
for FFr 150m floated by the 
town of Marseilles, repayable 
over 12 years after a four- 
year grace period, and a 10-2 
per cent FFr 300m 12-year 
bond from the publle sector 
Credit Matnel. 

Interest rates, which were 
over 11 per cent at the begin- 
ning of the year, have 
dropped steadily since the 
centre-right Government’s 
win in the General Election 
in March. 

The stability of the frime, 
France's return to a foreign 
trade surplus this year and 
better than expected inflation 
figures have confirmed this 
trend. Easy credit con- 
ditions are expected to con- 
tinue following November’s 
cost of living increase, which 
showed a further slowdown 
in the rate of inflation. 

Borrowers coming to the 
market in the near future are 
expected to Include Com- 
pagnie Bancaire, a private 
sector bank which leads the 
field In consumer credit. 

The SNCF is also floating 
a FFr 500m issue in the rail- 
way authority’s unique style 
of a hybrid bond-cam-lottery. 
The lottery bond, which will 
carry' a 5.25 per cent coupon 
is already being placed ahead 
of issue and dealers report < 
an exceptionally good I 
reception. The decline in bond I 
Interest rates has been echoed I 
on the overnight money mar- i 
kets. where rates have 1 
dropped below 7 per cent 
after reaching JO per cent t 
early in tbe year. The level * 
is currently hovering between s 
61 and 6{ per cent. I 


By L. Daniel 

BY YOKO 5HIBATA TEL AVIV — American-Israel 

Paper Mills (AIPM) of Hedera, 

TOKYO — Merger talks have have rapidly progressed since Israel's main paper producer, 
been taJking place between Kansai Oil eliminated its cumu- had a 164 per cent rise in its 
Maruzen Oil. the major oil lative deficits. Another factor net profit in April-September, 
refiner and distributor and has been the Ministry of Inter- 1978 to I£38m ($2.17m) 

Kansai OiL Both Osaka-based national Trade and Industry's compared with the same period 
companies envisage a merger strong administrative guidance 1977. Earnings per share 
contract at the earliest next towards integration of domestic (undiluted) rose to 1X0.53 
March which would enable a oil concerns. (1X0.47 on a fully diluted basis) 

merger in October, 1979.. A Maruzen Oil at present has a in m id-1978, against IX0.2S in 
spokesman for Maruzen Oil said paid-up capital of Y16.4bn and April-September. 1977. 


(undiluted) rose to 1X0.53 
(1X0.47 on a fully diluted basis) 
in mid-1978. against 1X0.2S in 


Sales rose by 50 per cent to 
I£560.3m In the first half of 
fiscal 1978-79. The company 


Kansai Oil was established as belongs to Sanwa Bank Group. Sales rose b 7 50 P er Cf,n t t0 
a refiner for Maruzen Oil in * ■ * *. I£560.3m in the first half of 

1964, .Toyobo, , a major Japanese fiscal 1978-79. The company 

About one quarter of the spinning company, made a w ® s al> le 10 reduce fiuancing 
Kansai Oil's daily prodnetiori Y1^3bn ($6.2m) net mufit in expenses from l£6.3m to I£3.9m 
(110,000 barrels) is supplied the half-year to October*31 after and this * together with belter 
directly by pipeline to Kansai a Y4.6bn net loss in the’ same utilisation nf capacity, led 
Electric Power, with the period of last vear, AP-DJ t0 the improvement in 
remainder sold through reports from Tokyo. profitability. 

Marmen Oil. Sales in the period totalled AIPM paid a 16 per cent cash 

As a result. Kansai Oil has Y105.6bn. down by 2.3 per cent dividend and 25 per cent bonus 
been closely linked with Maru- from Yl08.ibn the year before, shares in respect of 19. /-7S. In 
zen Oil. In fact, merger talks AP-DJ August nf this year, the 

* company's capital was doubled 

■w-^ n, j . n - -to I£200m by the creation of an 

Profits boost of 45% ■ . ssair 5b,res ,,£ m 


to the improvement in 
profitability. 

AIPM paid a 16 per cent cash 


Profits boost of 45% 
for New Straits Times 


1 UI new straits limes FYnm-fc pain at 

BY WONG SULONG ILXpOTIS gaiH £tt 

KUALA LUMPUR — -The Pre-tax profits of the parent XSTSPl /xirCrJUT 
New Straits Times Press, company rose by 30 per cent to By Our Own Correspondent 
Malaysia's biggest newspaper 14m ringgits IU.S.$6.4m), while TEL AVIV — Exports for 
group, has reported an irapres- after-tax profits stood at 6.5m Israel Aircraft Industries, which 
sive set of results_with pre-tax ringgits, 18 per cent higher than produces civilian and mili- 
proflts rising by 45 per cent to the previous year. tary aircraft, communications 

13.9m ringgits (U.S.$6.3m). A final dividend of 25 per cent systems and other civilian as 

After-tax, the profits stood at is declared, bringing the total well as military electronic 
6.3m ringgits (U.S. 82.9m), which dividend for the year to 40 per products, will account for 50 
is 48 per cent better than the rent. per cent of the company's total 

previous financial year ending 1 * * * 1978-79 turnover. 

August. These results were KUALA LUMPUR — Profits This figure compares with 22 


13.9m ringgits (U.S.$6.3m). 


A final dividend of 25 per cent 


per cent of the company's total 
previous financial year ending 1 * * * 1978-79 turnover. 

August. These results were KUALA LUMPUR — Profits This figure compares with 22 
achieved with only a 15 per cent at United Malayan Flour Mills per cent in 1974-75 and 27 per 
increase in sales to 59.5m ring- were affected by the keen com- cent in 1975-76. ILs total turn- 
gits (U.S.S27.5m). petition inttie Industry, ami over this year will reach 

As in previous years, opera- fell from 3.58m ringgits to only I£11.5bn t$657nn. including 

tions by the parent company, 3m ringgits (U.S.$1.36m). This S3Q0m worth of products and 
which publishes the New Straits year’s after tax profits were services, such as aircraft over- 1 
Times, Malay Mail, and the even lower' because of a much haul ‘and maintenance. 

Berita Harian, and their Sunday higher provision for tax, result- The expected 1978-79 total of 
editions, were the main profit iog in a net profit of 1.3m exports is twite the S145ra; 
earner, although improved ringgits compared with 3m the recorded in 1977-78. and it is 


gits (U.S.S27.5m). 

As in previous years, opera- 


tes year will reach 
in ($657nii. including 


haul 'and maintenance. 

The expected 1978-79 total of 
exports is twice the S145m; 


results were reported in the sub- previous year. 


si diaries, particularly Financial 
Publications Berhad. 


A final dividend of 20 per i will 


foreseen that this upward trend 


though 


cent was declared. 


necessarily at the same rate. 


Singapore to tighten safeguards 


SINGAPORE — The Singapore The Government also intended 


Government will introduce pro- to develop the Singapore 

posals soon to amend its Com- money, bond and capital 
panies Act and give better markets to increase the pool of 
protection to investors, accord- available funds for investment, 
ing m Hon s “j Sen, the f-iaaiKe GoTmra , ent . s ,„ set i5 

PhVnmrc attract S$450m (U.S.$207m) 

pnSS^hi^ 0 orbits Harris worth of new investment to 

ensuring high ethical standards SiTlBaDOre npxT Vl?ar 

omnn p I'ftinnomf Hiroidnrc Ha ^ ® ® ^ 


among company directors, he 
said in a policy statement to 
Parliament. 


Where tax incentives are 
necessary to encourage invest- 


ded meats in specific sectors, they 
tore will be given, he told Parlia- 
lital mem. 

1 of A review of the public sector 
□t. role in the economy will be 
j. undertaken by -the Government- 
ml w h*ch will consider selling off 
.. parts nf its earlier investments • 
1 in some industries which had 
completed their development 
are role, 
esi- Reuler 


Swiss watch group prepares for dip into the red 


BY jOHN WICKS 


Baokarrwnai -34 ffiU-V 80 "HKy TOP* +04 +14 3.48 -Sankyo Elec. 34 DM „. 8/78 863 11141124 +14 9.28 


Maludai Food 34 dm!'.'. 2/79 1033 884 » 4 +K 16.Q5 ZURICH — A modest dip into January-October, 1977. Actiial vinus year. Nofigures were 

Muran M. 34 86 OM...H/78 *864 m 844 -1S-1&87 *>,- « ovnected for this year Swiss-franc turnover showed a given. The company has new 

ffais f:i HUM mu. ^ ^ 

Nippon Ysn. 34-85 -dm 1/79+261 954 964-04 2.53 Societe Suisse pour 1 Industrie sales of the Italian marketing will pringm more turnover ana 

Nissan Dissi. 34BGDM z/79 £7 944 9*4 o 6.57 „"io PP refSSm) subsidiary were consolidated for profits. The company also plans 

Olymp. Opr. SV.aSTOM 2/79 70S 894 100 +04 —3.19 HOTLQgeTe timp vpar tfl expand i(S agrrwhemifal 

«ffkST' 1 ol3 HI ’SS However, the company wnc business in the U.S.. and in dye- 


January-October 1977. Actual vious year. No figures were accompanied by a sharp fall in ment with Agriculture and 
Swiss-franc turnover showed a given. The. company has “new profits from SwFr 18.9m to Fishery Development Corpora- 
slight decline, however, since products in the pipeline ” which about SwFr 13m. lion, of Seoul, for the manufac- 

sales of the Italian marketing will bring in more turnover and The company plans to expand lure in South Korea of a range 
subsidiary were consolidated for profits. The company also plans its market share in 1979, how- of food products. These include 


However. 


company 


if.' 

f 


bnde 5 88 -3 

Danmark .-44 90' ---U... ,100 .. 
Danmarfc-Mortgaga- BJu 80 : 

EIB 44 93 '.WO. 

- Eurnlom 44 ■ 93 . w._.. ."80 
F. L" Smidth 44 ^ 25. 

Finland 44 93 — r — - — 80. ■ 
First. Chicago 34 93 • TO 

6 ZB 44 93 ,.:U 100 ■ 
Hlhi-LiBchensrein 44 25. 

ICI Fin! HV. 44 S3 TOO 

Malaysia 4Y 90 • 80 

Manitoba 4 93 ..... 100 

Newag 4 S3. .TO.-. 

Norqaa. Komm. 44 90 - 100 ' 

OKB 4 83 80 

Oy Nokia S 90 .. ... 20 

Safa 44 93 20 

findvik 4 90 .' 85 

Saas.44 88 15 

Voast-Alpinb 44. 93 . . .100 
Vsraibarg. Kraft 4-93 20‘- 

. Vianns 4 93 "• 100 

World .Bank' 44 S3 ...'.253 •' 

mrSTBtAIGHTS l»«o«i 

Asian Dev. Bk.' &4B8 . '15 
BFCE 8r4 90 ............ • 30 

Eorofipt 6.3- 30 ..,.,.... . 10 ' ■ 

Norway 517 83 25... 

SNCF -M-SO ............ 30- 

'Swmlen 6.3 90 40 


-7S : 101V102 0 0 4.7S 

, ,100 .. 1044 1044 +04 +1 4.01 . 

u -80 : "5024 103 +04 -04 4.19 
'..WO 1024 102*, +ff* 4-01 

80 1024 102V-04 +04 4^3- 

. - 25 1024 1024 +04 +1 4.19, 

80 10341034 -04 +04 4.19 

,-' TO «9 .984+04-14 3-57 
■ TOC ' 1034.1034 +04 +04 4.17 
i -25/ 3^ 

, TOO. .1044 1044 +04 +04 SLffl 
, 80 ‘994 1004.+04 5, 

, 100 '. 103 1034 +04 +04 3-71 
, 70 . 102 1024 +04 +04 3 ® 

. 100 : 1034-1034 +04 +04 3& 

, 80 ' 10141014 +04 +04 33S 

20 1O44-.1064 +14 +14 4.43 

20 '1084 1044 +14+14 3^7 

85 ■ 102 1024 0 +04 3-7S 

15 -1034104 “04 -04 4^1 

TOO 10S4 1034 +04 +04 
20". 102 1024 +04 +04 3.TO 
- 100 .1014 1014 +04 +04 3.W 
3S 3 103 1034 +04 +0 1 * 3.98 

1 Change on 1 

fssuad Bid Offm day vwak KWd 

- 15 984 974 0 2 . «*20 

. 30 854 854 £ S' 

IQ- •. 864 -96?* 0 0 6 . 8 S 

.' 35 . . 1 S 4 1014 -04 0 5.47 

- . 584 974 0. +04 JS® 

*> 95 954 0 0 7.01 


the first time this year. 

This net fall in turnover was 


to expand Its agro-chemical ever, and has budgeted fixed- bouillons, cereals and other 
business in the U.S.. and in dye- asset investments of SwFr 80m weaning foods which will be 


Miff M . Vf II* 1 OBJ III-I IUM TH M 4A7C2 UNO uut inn ill (Ui uw» w* . _ . ' - - — T " — — — , , , , . . 

sonyo Eteciric 3 1 * DM;..n/78 29S - B9\ 9D^ -v* sst explains that cash flow for * wholly to the appreciation stuffs plans are being prepared —including a new plant being marketed for the juintly-tiwned - 

ih*rj Cd*’34 I?dK>-I !/79 « ’£ 4 'mi -04 -IS s * ould nonetheless prove posi- flf ^ Swiss ^ ranc _ Excluding to gain more independence from built in Oklahoma — and company in Korea under Nestle . 


onarp up. j-i oa_yiw^-; m .. sn*, sriv — —lmz k +>,-* • w 1070 - Mtiirn 

Stanley Elec. 34DM u.n/78 623 934 944 +04 i2.«8 tive and that oy a return 

Tokyo Elec. 34 87 dm 4/79 * 478 964 974 +04 007 will have been made to the 

TnO Knwd. 34 88 DM.^11/78 711 . 964 87 +04 17.48 profits zone” 


• No inform it km available— previous day’s price. According to a letter to share- per cent higher, 

t Only one .-market maker supplied a price. holders, the group has this year * + 

" Straight Bonds: Tbe yield Is tfn yield id redemption of the experienced a decline in S&leS Sandoz Inc., t 

mid-pricK rhfr amount issued la in minions of currency t ^ lower end Of the market 
. units except lor Yen bonds where n is in billions. 51 . „ nm 

Change mi week— Change over price a week earlier. ThlS h8S, however, been com- 


Italian sales and assuming textiles, 
stable exchange rates, group i 

turnover would have been 12.4 nm m 


built in Oklahoma — and company in Korea under Nestle 

research and development brands. 

expenditure of SwFr 22m. The The joint venture company 


* ★ * 

Sandoz Inc., the largest U.S. 
subsidiary of Sandoz AG, 


Group turnover of Hilti AG. ^ 

the Liechtenstein-based manu- from t0 8 ' 000 * 
facturing company, feU by some * * v * 

6 per cent last year from . «« Ue n % ' « J™* 


group labour force is to grow will have an authorised capital 
from 7,500 to 8,000. of 5bn Won ($llm) and give 


direct employment to some 250. 
Negotiations on the venture 


7S2.5m 


Change oh wiik— Change over price a week earlier. ThlS has, however, been com- expects 1979 turnover tO show „ - roc— fc 4 .ee aecord- 

Raating Rata Notaa; Denominated in dollars unless other- peHSated by 3 25 per cent rise a IQ per cent rise on the $280rn ™ r J * -nmnlni ctgfpmnnt 

wise indicaimi., m*> Minimum coupon, c.dte "Daw in sales, ex works, of the dearer expected for 1978. According to iS? j a cuuipauy 

next coupon becomes affective. Spread "Margin above „ n-,.. Ticcnf iu ThlS decline results from the 

aix-month rfwred raw lor u.s. dollars, c.cpn «The brands, such as Omega, nupt Mr. Albert J. Frey, president aT . Drec j ation of th e Swisg £««-• 

current coupon. C-yid-Tho current yield. and Lanco. Group turnover m and chief executive officer of a PP^^ ai '““ 01 Jr® 

Ctmywtibfe bonds; Denominawd in dollars unluss other- electronic watches rose 74 per Sandoz Inc., business in the 7 iSJ-u m Lnl ri have 

v»ise indicarad. Chg. day=Change on day. Cnv. da:0= n __ t CCTH now nharmarentiral w»/*tnr was eftnd 19,1 l evels i Sales WOUIQ Dave 

■ First data fat conversion mu shares, cnv. prica- cent and sales now pharmaceutical sector was gooa . 16 per renL 

Nominal amount of bond - per shore expressed in account for one-third Of all jn 19 r 8, but dyestuffs and ° P 

currency ot share at conversion rate fixed at Issue. 3^55 exports of electronic chemicals were less satisfactory, Hilti, which produces 

SSWSr , i£E watches and working parte. alleged by the textile industry assembly systems and power 

price of tho shares p or first ten months of crisis. tools, expects cash-flow to have, 

— T * : the year, turnover rose slightly Despite currency losses, dropped from SwFr 50.5m to i 

© The Rnancutl Times -Ltd., 1978.] Reproduction in whale to SwFr 510m ($314.8m). com- Sandoz *Inc’s. 1978 earnings something like SwFr 45m this j 


about signed a joint-venture agree- began last April. 


bad exchange rates remained at 
1977 levels, sales would have 
gone up by 16 per cent. 

Hilti. which produces 
assembly systems and power | 
tools, expects cash-flow to have . 
dropped from SwFr 50.5m to ! 


q Tha financial Timea-Ltd., 1978.' Reproduction m whale SwFr 510m ($314 8nt), com* Sandoz *Inc's. 1978 earnings something like SwFr 45m this 

WM “ l " 1 pared with SwFr '505m for were higher than in the pre- year. This will have been 


ALLEN HARVEY & BOSS INVESTMENT MANAGEMENT LTD. 
45 Cornhill, London EC3V 3PB. Tel.t PI-6U3 6314. 
Index Guide as at December 28 , 1978 

Capital Fixed Interest Portfolio; 100.20 

Income Fixed Interest Portfolio ' 1QQ.4Q 

CLIVE INVESTMENTS LIMITED =— — 
1 Royal Exchange Ave , -London EC3V 3LU. Tel.: 01-283 1101. 
Index Guide as at December 19, 1978 (Base J00 on 14.1.77) 

Clive Fixed Interest Capital 13fl.P2 

Clive Fixed Interest Income 114.50 









16 


Companies and Markets 


WORLD STOCK MARKETS 


Trade figures briefly halt Wall Street slide 


INVESTMENT DOLLAR 
PREMIUM 

$2.60 to £1 — 83% (8:5% 1 

Effective S2.0290 42J% (43j%) 

CONTINUED CONCERN about 
unrest in Iran and caution ahead 
of the weekly banking statistics 
left slocks od Wall Street 
broadly easier again yesterday 

• .after a fair business, with ntorn- 
. ing news of a smaller-than- 

■ expected U.S. trade 'deficit for 
i November only temporarily bait- 
ing the slide. 

1 The Dow Jones Industrial 

■ Average, after showing a net 
■ gain of 2 points at one stage on 

the trade figures, reacted afresh 
to finish 2.60 lower on the day 
at S05.96 for a two-day loss of 
10.05. The NYSE All Common 
i closed 22 cents weaker at $53.68. 

' while declines outnumbered 
: advances by 1,043 to 461. Turn- 
over expanded to 25.44m shares 
from Wednesday’s level of 
23.5Sni. 

The Commerce Department 
reported that ihe U.S. trade 
deficit for November narrowed to 
"a seasonally adjusted S1.95hn 
from $2.1 3b n in October. 

Additionally, it said the U.S. 
index of iaadins economic indi- 
cators fell a seasonally adjusted 
, 0.6 per rent in November and 
. revised the October rise to 0.4 

• per cent from 0.5 per cent. 
Analyst* stated that the market 
has been looking for some sign 
nf a slowing of the economy tn 
take upward pressure off prices 
and interest rates. 

However- uil industry sources 

■ said if Iran does not resume oil 


exports by mid-January, prices 
could begin to rise swiftly. 
Iranian output is down to a 
trickle from normal production 
of 5.7m barrels a day,' about 10 
per cent of the world's needs. 

After the market closed, the 
Federal Reserve reported that 
the basic money stock (M-l) rose 
$100m in the latest reporting 
week but its new category 
(M-l-pIus) fell 5500m, 

Mobil picked up i to $68j| after 
losing 1J the previous day on 
news that its Baltimore Canyon 
well was a dry hole. 

Redman, which plans to buy up 
to 1m of its Common shares, 
gained l to S4J. 

WUI advanced lj to $28}. Con- 
tinental Telephone said it has 
bought a 7.4 per cent interest in 
WUI and plans to Increase its 
ownership to as much as 20 per 
cent, adding that it eventually 
may seek to buy all of WUI. Con- 
tinental Telephone were un- 
changed at S141. 

THE AMERICAN SE Market 
Value Index ended 0.66 .lower 
at 149.42 after an active business 
of 4.46m shares 1 3.55m). 

Anions the Amex activities, 
Houston Oil and Minerals, which 
is exploring in the Baltimore 
Canyon, lost i to $15J, while 
Resorts International “ A ” 
receded 11. to $251. Amdahl SI 
tn $50 i and UV Industries War- 
rants 2 to 82}. 

Canada 

Markets were mainly m firmer 
mood yesterday in moderate 


activity, the Toronto Composite 
Index gaining 4.5 to 1.3001. Golds 
moved ahead 11-2 more to 1.423.8 
on index, while Metals and 
Minerals put on 3.3 to 1.082.9, 
Papers 2.51 to 157.08 and Utili- 
ties 0.90 to 196.47. Banks how- 
ever. sbed 0.S3 to 304.67 and Oils 
and aGs 2.3 to 1.833.7. 

Simpsons units were the most 
active Toronto Industrial, gain- 
ing } to CS8 on 351.710 shares, 
while Simpsons were unchanged 
at C$2.40. Hudson's Day, which 
said it has more than 60 per ceDt 
of Simpsons under a tender offer, 
lost i to CS20. 

Canadian Pacific rose ft tn 
C$25 in active trading, hut 
Canadian Pacific Investments 
shed 1 to CS24J. CPI said it 
intends bidding for Macmillan 
Blocdel, which remained halted. 


scored in the New Year trading, 
which will be resumed from a 
balf-dav session on January 4. 

Electricals. Precision Instru- 
ments. Textiles and Heavy Elec- 
tricals led the market higher, but 
Real Estates. Department Stores 
and Petroleums lost ground on 
profit-taking. 

Matsushita Electric Industrial 
rose Y12 to Y 723, Toshiba Y2 
to Y156, Fujitsu Y9 to Y433, 
Nippon Kogaku Y14 to Y492 and 
Ajinotomo Y8 to Y590. while 
Nissan Motors climbed Y19 to 
Y7Q5, Casio Y12 to Y898. Jaccs 
Y14 to Y744 and Tokyo Electric 
Power Y20 to Y1.1Q0. 

In contrast, Mitsukoshi receded 
Yll to Y565 and Toyota Motor 
Y7 to Y881. 


Germany 


Tokyo 


The market put on another 
buoyant performance in active 
trading in yeserday's half-day 
session, which was the last time 
the stnek market will be open 
this year. 

The Nikkei-Dnw Jones Average 
advanced 22.77 more to 6.001.85. 
while the Tokyo SE index 
finished 2.20 higher at 449.55. 
The morning session turnover 
was a heavy' 300m shares, com- 
pared with Wednesday’s full-day 
volume of 550m. 

Investor desire tn purchase 
Blue Chips and large-capital 
issues was still strong on expec- 
tations of further gains being 


Slock prices were narrowly 
mixed in extremely slow end- 
year trading. The Commerzbank 
index, after slipping 3.0 the 

previous day, closed a marginal 
0.6 firmer at 817.2. 

Dealers said the little trading 
which took place was triggered 
mostly by year-end book closing 
operations rather than by any 
economic Factors. 

Motor shares, however, 
declined on concern about the 
steel strike. Volkswagen and 
BMW losing DM2 apiece and 
Daimler Benz receding DM3. 

.AEG, in Electricals, shed 
DM 1.20. but Commerzbank were 
that amount higher, while >1AN 
put on DM 2 and Tbvssen 
DM 1.50. 

Public Authority Bonds were 


up to, 35 pfennings lower after "U.S. dollar, which undercut, the 

Australian currency, taking a 
little of the bounce out *>f the 
market. 

The sharp rise In Bullion prices 
overnight a* speculators hedged 
against the dollar resulted id an 
advance of 60 cents to A&13.60 
by Central Norseman. 

Some • diamond speeulatfives 
attracted buyer attention as 
traders sought positions in 
advance of the next Ashton o- 
gress report, expected early in 
January. CRA, up 10 cents the 
previous day, were steady at 
AS360, although its Ashton joint 
venture partner Ashton Mining 
gained 2 cents to 91 cents. Otter 
Exploration hardened 2 cents to 
32 cents. 

Uraniums were generally 
higher, Kathleen Investments 
adding 10 cents at A$*2.75? and EZ 
Industries 3 cents at AS2.85. 

Small gains occurred in the 
Oils sector, while among- Banks, 
ANZ strengthened 15 cents to 
AS4.10. 

There was support for Food 
and Drink stocks, selected Pro- 
perties. Retailers and Insurances. 

David Jones improved 5 cents 
to A&1.30 and Rectdtt and Col- 
man 5 cents to AS2.55, but BHP 
a strong market of late on its 


NEW YORK 


Stock 


. Dec. 
28 


• Abbott Labs. 
Addressogrnph.. 

- Aetna Life *Ca.. 
Airproducts . 
Alcan Aluminium 

Alcoa 

, Afleg. Ludlum.. 
Allegheny Power 
Allied Chemical . 

! Allied Stores 

Allis Chalmers 

AMAX 

Amerada Hess. 
Amer. Airlines. - 

Amer. Brands 

, Amer. Broade'st. 

. Amer. Can 

Amer. Cyan am id 

• Amer. Dist. Tel •• 
Amer. Elect. Pow 
Amer. Express... 

■ Amer.Home Prod 
Amer. Medical 
i Amer. Motors.. . 

1 Amer. Nat. Res.... 

! Amer. Standard.. 

Amer. Stores. -. 
i Amer. Tel. A Tel. 

Ametek 

AMF 

AMP 

• Ampex 

1 Anchor Hocking. 
| Anheuser Busch. 

Armco 

< A.S.A 

Asamera Oil 

' Aaareo : 

' Ashland Oil 

I Atf. Richfield 

, Auto Data Pro. . 

AVC 

, Avco 

Avon Products....- 

• Balt. Gas Elect.. 

i Bangor Punta ; 

Bank America. .. 

' Bankers Tr. N.Y. 

I .Barber Oil 

Baxter Travenol. i 
I Beatrice Food....; 

, Beet'n Dick'nsoti 
I Bell & Howell.. 

; Bendix 

Benguet Cons'B' 

1 Bethlehem Steel 
[ Black ft Decker.. 

, Boeing 

1 Boise Cascade ...| 

Borden 

Borg Warner .. . 

Branuff Int 

Braecan 'A' 

Bristol Myers i 

B.Pet A Drit R. ...| 
Brockway Glass.] 

Brunswick 

Bucyrus Erie 

Buiova Watch-.. .| 
Burlington Nthn.J 

Burrough 

Campbell Soup .. 
Canadian Pacific 
Cana. Randolph.! 

Carnation ] 

Carrier ft Gener.j 
Carter Hawley 
Caterpillar Tract, 

CBS 

Celenese Corpn., 

Central ft S.W 

Certain teed 

Cessna Aircraft.. 
Champion Inter. 
Ch'se Manhattan 
Chemical Bk. NY 
Chesebugh Pond 
Chessie System.. 
Chicago Bridge.. 

Chrysler 

Cine. Milacron .. 

Citicorp 

Cities Service ' 

City Investing.. .. 
Cleveland Cliff — 

CocaCola 

Colgate Palm 

Collins Aikman . [ 

Columbia Gas. .. i 
Columbia Piet. .1 
Com.lnsCo.ofAmi 
Combustion Eng. I 
Combustion Eq..| 
G'm'wth Edison.. 
Comm. Saterlito, 
ComputorScienci 

Conn Ufa Ins i 

Conrac 

Con. Edison NY.., 
Consol Foods. ... j 
Consol Nat Gas ..I 
ConsumorPowerl 
Continental Grp. 
Continental Oil...] 
Continental Tele; 

Control Data 

Cooper Indus. ... 1 


34 *2 
21 ': 
38-8 
23 
33 V, 
48 
H* 
15ij 
29 
2l*» 
29i-> 
4TTj 
28i, 
131, 
SOU 
341= 
353, 
25'n 
24 »b 
21>, 
2978 
28 
32 

45a 
391, 
413* 
31*8 
603a 
29 
15ag 
31 
14 i a 

25 > 2 
253a 
193, 
231, 
16 
135a 
50 
56)2 
291? 

7?» 

23 

523, 

24 'b 

203, 

253, 

33U 

26 U 
411, 
2312 
3 1 1* 
153, 
36 

3'* 
19*8 
17 
731, 
263e 
25 s : 
285a 
1278 
14 l a 
35l a 

18H 

165« 

123: 

1578 

51* 

3538 

731a 

3358 

2118 

93. 
25 1 8 
111 * 
15*2 
53', 
50 U 
40U 
15*4 
16 
183, 
£03, 
29 
37U 
22 *a 
26*a 
475* 

85a 

3138 
231a 
533, 
IJ){ 
26 *: 
433s 
163 b 

83s 
25 1, 

22 i 2 
167s 
321; 

978 
25*g 
5918 
107 a 
351] 
14 

23 r 8 

2512 

373 b 

22*; 

26i 2 

28 

1412 

357 b 

493 r 


Dec. 

27 

35 

21 if 

39 

233, 

34 

48 

2433 

15 'a 

285, 

217 8 
2938 
4812 
291, 
135 S 
501, 
3538 
35s* 
25), 
24sa 
211, 
30 
27 is 
331, 
43, 
39), 
41 
313, 

603, 

30', 

157 8 

3U, 

147g 

255 b 

2538 

1938 

24 

16 

' 13&S 
: 503, 

. 567 B 
- 3058 
8 

: 23 Ia 
: 535 B 

■ 241* 
• 20 ', 
: 255, 

I 33i, 

I 26', 

4U a 
• 22 sb 

i 33 

! 153» 
. 36 
31, 

1 20 
171 b 
I 73)8 

■ 261; 
' 25i» 
; 28U 
I 13 

1 141* 
i 35i; 
18)3 

16U 
12 ), 
16U 
53 b 
35-ij 
747 B 
3312 
20*8 
9i, 
i 25i 2 

I it 
' 15), 
i 58i, 

I 511; 
«0i. 
15is 
16>, 
18-8 
20)8 
291, 
37 
221® 
271, 
473, 

1 8i« 

' 3138 
i 23=3 

! 533, 

I lUt 
' 26 1 2 
■ 44 
1 163, 

i 8* 2 
| 253, 

! 2258 
I 16 i 8 
I 331* 

I 10 

! 253, 
i 39 1, 

1 11 
! 351, 

i 14 

' 231, 

I 221, 
i 37 1; 

1 SI'* 

I 26i* 

I ? 7r ® 

I 14I 2 

' 39*: 
i 495, 


Stack - 

Dec. 

28 

Dec. 

27 

Corning Glass.. . 

S3i« 

53ij 

CPC Int rn tlona 

49 )b 

491, 


24 

235* 

Crocker Natl ... 

24 Jj 

24), 

Crown Zoilerb h 

307 3 

30), 

Cummins Engine 

33 is 

333 k 

Curtiss Wright. . 

1258 

125a 

Dana 

29*4 

29*i 

□art Industries.. 

397 a 

39 


34ia 

35 

Del Monte 

43*j 

437 b 

Deltona 

9)8 

9l 2 

Denlsply Int 

IS ia 

15*8 

Detroit Edison... 

13* 2 

131 2 

Diamond Shmrk 

19 U 

19)8 

Dictaphone 

261* 

26U 

Digital Equip . 

53)a 

625, 

Disney iWalti 

40 

397s 

Dover Corp'n.. .. 

42 

42*, 

Dow Chemical . 

25i< 

2558 

Dravo 

28 fq 

29 

Dresser 

37), 

377a 

Dupont 

127U 

1271* 

Eagle Pitcher.. . 

ZIU 

21'* 

East Airlines 

ai a 

ar a 

Eastman Kodak 

60 1* 

607g 

Eaton 

34)4 

35 i B 

E. G. & C 

277* 

281* 

El Paso Nat. Gas. 

15), 

131, 

Eltra 

27; R 

277 B 

EmersonElectrie 

35*2 

36 

EmeryAirFreighi 

187] 

185 b 

Em hart 

36 

36)e 

E.M.I 

2), 

2), 

Engelhard 

263a 

28 

Esmark 

235* 

24 


2D( 



49 


Fairchild Camera 

28* 

Z87 b 

Fed.DepL Stores! 31i 2 

311* 

Firestone Tire . 

12*4 

121 b 

Fst. Nat. Boston 

37 1„ 

27 

Flexl Van 

151* 

153 2 

Flintkote 

28 

281* 

Florida Power ... 

307 8 

31 


33Ja 


F.M.C 

23', 

235s 

Ford Motor .. . 

41), 

415s 

Foremost Mck. .. 

18), 

19 1 8 

Foxboro . - 

32), 

31 SB 

Franklin Mint.. . 

5)a 

51 2 

Freepost Ml no ra. 

31S* 

32«a 

Frau haul 

26*j 

26'* 

Fuqua lnda 

as. 

9U 

G.A.F 

ilk, 

HU 

Gannett 

4l)a 

41)8 

Gen. Amer. Inv-.. 

101, 

10)8 

G.A.T.X 

237 a 

237 8 

Gen. Cable 

14 

14)0 

Gen. Dynamics. . 

785* 

79', 

Gen. Electrics 

471« 

473, 

Gen. Foods 

32 

321, 

General Mills 

295a 

29), 

General Motors.. 

54), 

547a 

Gen. Pub Util 

175* 

171* 

Gen- Signal 

27 

26 

Gen. Tel. Elect.... 

283 b 


Gen. Tire 

24), 

24 t 3 

Genesco 



Georgia Pacific-. 

24I S 

24 1* 

Geosource 

277 a 

285a 

Getty Oil 

38 

38s a 

Gillette 

2ST, 

251* 

Goodrich B. F.. .. 

17*, 

17 i b 

Goodyear Tire.... 

16), 

167s 

Gould 

26), 

26 »b 

Grace W.H 

26 

26 )b 

G rt. Allan PacTeaj 

5*8 

61, 

Grt. North Iron... 

22i« 

215a 

Greyhound 

111* 

Ills 

Gulf & Western... 

14 

14 *r 

iGuirOil 

24 

24« 

Halliburton 

665: 

671, 

Hanna Mining— 

301* 

30 

Harmschfeger— 

15'' a 

161* 

HarrisCorpn 

29 

28), 

Heinz H. J 

39 1* 

39*, _ 

Heubtem 

28(6 

26*4 

Hewlett Packard 

89), 

90 

Holiday Inns 

17Ja 

171* 

Homestake 

30 U I 

307, 

Honeywell 

70* a 

71Sa 

Hoover 

H'a 

Ilia 

Hasp Carp. Amer 

31 

30*8 

Houston Nat. Gas 

21)8 , 

2D, 

Hunt iPh.Ai Chm 

117* 

ll*a 

Hutton (E.F.i 

155& 

157, 

I.C. Industries. .. 

24 

34*8 

INA 

38 

39)8 

Ingeraoll Rand .. 

48U | 

48*e 

Inland Steel 

34S* 

35)0 

Insilco 

ns. 

117, 

IBM ' 

304 

302.37 

Itnl. Flavour 

235s 

23), 

Inti. Harvester ... 

ses* 

35 r 8 

Inti. M/n & Chemi 

355a 

353g 

Inti. Multifoods.. 

18 i 

18 

Inco 

15)8 

15t(i 

Inti. Paper 

36U 

3658 

Inti. Rectifier.. 

il*a 

111, 

inti. Tel ft Tel j 

27*8 

27 

Iowa Beef 1 

40), 

415, 

IU International.’ 

103* 

10)8 

Jim Walter 1 

263* 

265, 


Stock 


Dec. 

28 


Dec. 

27 


John Manviile.. . 
Johnson Johnson; 
Johnson Control.' 
Joy Manufacturgi 
K. Mar Corn . . . * 
Kaiser Alumini'rn 
Kaiser Industries' 

Kaiser Steel ! 

Kay i 

Kennecott 

Kerr McGee 

Kidde Waiter. ... 
Kimberley Clark, 

Hoppers.-. I 

Kraft 

Kroger Co I 

Leaseway Trans.! 
Levi Strauss...- . ' 
UbbyOw. Ford ..I 

Liggett Group....| 

Lilly lEli). 

Utton Industries, 
Lockh’ed Alrcrft 
Lone Star lnd'nt»| 
Long lel'nd Ltd.. | 
Louisiana Land ..! 

Lubrtzo 

Lucky Stores 

Lykes Corpn ] 

MacMillan. 1 

Macy R.H j 

Mtts. Hanover . \ 

Mapco ; 

Marathon Oil , 

Marine Midland. 
Marshall Field ...I 

May Dept. Stores' 

MU' 

McDermott.. . . , 
McDonnell Doug.; 

McGraw Hill ■ 

Memorex 

Merck 

Merrill Lynch 

Mesa Petroleum.' 

MGM i 

Minn MingftMtg- 

Mool Corp 

Monsanto 

Morgan J. P 

Motorola 

Murphy Oil 

Nabisco.. 

Nalco Chemicals' 
National Can I 

Nat. Distillers.. . 
Nat. Service Ind.. 
National Steel. - ! 

Natotaaa i 

NCR. j 

Neptune Int 

New England E.. 
New England Tel 


22)8 

741; 

25', 

27), 

223, 

171, 

2 

IS)* 

113, 

193, 

478 b 


23 
75*s 

24 ii 

283e 
23>i 
I 73 b 
2 

1918 
11 7» 
20 
471; 



! Dec. ; 

Dec. 

Stock 

1 28 1 

27 


26*6 ' 29* 
407 S . 403, 
20 20 *, 
447 9 . 45 U 
34 , 34 

51 31 

35t B 351, 
24 . 24>, 

36 )b ' 363, 


477^ ■ 
19J* i 

10ii 

2l5a 
175a 
22 
45 1 3 
145, 
8JS 
10 
36* 
32l B 
29 U 
5458 
15 

ia; a 

231a 
411* 
213fl 
327* 
24I 8 
29 U 
673, 
15)8 
325, 
41 1 2 


48 1 g 
20ia 
19», 
215 b 
175 b 
22 
461; 
143, 
858 
101, 
35)2 
33ie 
2958 
SSSs 

15 

16 

23Ss 

411* 

21)8 

33 

24 

291; 

68 

16i S 

33 *b 

591; 


627; l 631, 
6858 ; 683a 
47 , 471; 

45*8 i 433a 
395s 1 39)s 


44 

25 

267 fl 

185 S 

18*2 

141, 

29 Ir 


4b*, 
243, 
27», 
18 1 2 

19 

141 2 

291, 


41U • 415, 


Niagara Mohawk, 
Niagara Share.-..! 
N. L Industries... 
Norfolk ft West'n 
North Nat. Gas - 
Nthn. States Pwr 
Nth west Airliner 
Nthw'st Bancorp 

Norton Simon 

Occident'! Petrol: 
Ogilvy Mather....: 

Ohio Edison ! 



Overseas Ship..... 
Owens Corning... 

Owens Illinois 

Pacific Gas.. . 
Pacific Lighting. 
Pan Pwr. ft Ltg .j 
Pan Am World Air 
Parker Hannifin. 

Peabody Inti 

Penn Pw.A L_. ... 

Penney J.C 

Pennzoil 

Peoples Drug 

Peoples Gas. 

Pepsico 

Perkin Elmer 

Plizer 

Phelps Dodge . 
Philadelphia Eie.- 
Philip Morris...... , 

Phillips Petro'm.- 

Pilsbury 

Pitney Bowes .. ... 

Pittston .. 

Plesaey Ltd ADR. 

Polaroid ] 

Potamac Elec... 
PPG Industries 
Procter Gamble 
Pub. Ter. Elect ..I 

Pullman > 

Purex I 

Quaker Oats ! 

Rapid American.: 
Rath eon.. _...... ...I 

RCA I 

Republic Steel.... 
Sesorts Inti i 


61 

241, 

21*8 

341, 

14 
103g 
20 1 2 
22 
34s« 
841, 

275s 
25 U 
16*8 
161, 
20 

15 
18*8 

22 'a 

25 U 

1738 

22*8 

2138 

20 

63» 

241; 

223s 

19*8 

303, 

31 

105 B 

335a 

255* 


62*8 

223a 

211 , 

347 g 

14 
103« 
201; 
22 
35i0 
241; 
271; 
25 «, 
163 b 
1612 
30 

15 
19 

223; 
261; 
17 in 
21:, 
2H, 
197| 
7 

24i, 
23 U 
191, 

30 ij 

31 
103; 
335s 
2Sij 


Revlon 

Reynolds Metals. 
Reynolds R.J. . 
Rich'son Mcrrcil. 
Rockwell Inter. . 

Rohm ft Haas 

Royal Dutch-- 

RTB 

Ross Togs 

Ryder System.. 
Safeway Stores.. 1 
St. Joe Minerals^ 

St- Regis Paper ... 

Santa Fa Inds | 

Saul Invest ; 

Saxon Inds , 

Schiltz Brewing.. 
Schlumberaer.— , 04 

scm ib ; 8 

Scott Paper 1 14 

Scovil Mrg i 18 

Scudder Duo Capi 7), 


SO-t 
32 i, 
567* 
23), 
. 343, 
: 31 >2 
> 6058 
' 10 
' 97a 
2438 
40 
2278 
28 
30)8 
61* 
43* 
10 


Sea Container. . 

Seagram 

Searfe 'G.D.I .. 

Sears Roebuck 

SEDCO 

Shell Oil 

Shell Transport 

signal 

Sign ode Corp.. 
Simplicity Pat 

Singer 

Smith Inter 

Smith Klme . . . 
Sol'rtron ... 

Southdown 
Southern Cal. Ed. 

Southern Co 

Southern Nat Res 
Southern Pacific' 25 ; B 
Southern Railw’y- 461s 


-I 


20 U 
28 
127 r 
20 
29 1 3 
32** 
455? 
201, 
29/« 
95, 
13)8 
46 k, 
921; 
4 

523, 

2638 

133e 

323s 


. 51ls 
! 533* 
: 57*8 
: 2338 
I 343, 

■ 321* 

■ 605, 
I IO* 2 

i 10 

! 241; 

i 40 

! 23 

I 28 

50)« 

65 b 

47a 
95, 
94 .* 
173 b 
I 14 
| IBS? 
I 77 B 

' 213* 

‘ 37?a 
127 6 
20*a 

30U 

527, 

46I(i 

201, 

305, 

10 

I 133e 
! 461g 
; 9238 

I «*■ 

I 32 j, 

: 36 U 
131* 

: ll" 

; 47i, 


South lam i 

S'w't Banshares.1 
Sperry Hutch . 

Sperry Rand. .. 

Squibb 

Standard Brand. 
Std.Oil California 
Std. Oil Indiana.. 

Std. Oil Ohio 

Stauff Chemical.' 
Sterling Drug . .. 

Studebaker 

Sun Co 

Sundstrand 21 

Syntex. . . 54 i. 

Technicolor . . | 9r 9 

Tektronix 47*, 

Teledyne ' 98 

Telex 53 b 

Teneco 30 1, 

TesoroPetr leum. 

Texaco : 

Texasgulf ! 

Taxaa Eastern... ' 

Texas Irvst'm i 

Texas oir ft Gas.. I 52i« 


26)8 I 261* 
241; 241, 

147a i — 
44:a | 

27^ ! 

23)8 j 
467 B 
565a 1 
423, j 
381; 

157 3 [ 

2Bi* 


15 
44)3 
28 )b 
231a 
471, 
S73e 
42), 
38i* 
163s 
261; 
43)8 I 42 Ir 


21 
345a 
10 
47), 
98 l s 
5i; 
303, 


a 

24 

181; 

341* 

80)« 


277; 1 273, 
35 I 33U 
21*8 I 207* 
151; | 153* 
717a 
311; 
371; 
23 
173* 
2»a 


71 

315, 

36), 

233s 

171; 

SI 


517* 

135, 

23 $b 

8B5, 

203e 

348* 

1549 

251 b 

137a 

461 2 

2638 

23 


; 511, 
. 157* 
, 233a 

I 8638 
I 201; 
35 

! 151; 
I 2276 
I 14)8 

i 47 
! 26s* 
23 


291, I 263 b 


Texas Utilities.. 

Times Inds • 

Times Mirror . . i 

Timken 

•Trane 

Tran. America. 

Transco 

Tran. Union 

ran way Intrn... 
Tran World Air.... 
Traveers .... 
jri -Continental... 

Triton Oil ft Gas. 

TRW 

20th CenturyFox 

U.A.L. 

UARCO. 

UGI 

I Unilever. . . 

I Unilever NV.. 

] Union Bancorp . 
i Union Carbide. 
UmonCommerce 
Union Oil Calif. .. 
Union Pacific .. . 

Uniroyal ' 

United Brands. 

US Bancorp 

US Gypsum.. . . 

US Shoe 

US Steel . . .. 

Utd Technologies 

UV Industries 

Virginia Elect.. .. 

Wagrcen 

WaJlace-Murray ■ 
WarnerCommn.. 
Warner- Lambert 
Waste -Man' nient 
Wells-Fargo .. . 
Weston Bancort - 
Western N.Amer. 
Western Union . 
Westing' he Elec- 
Weyerhaeuser... 

Whirlpool 

White Con. Ind . ; 

William Co 

! Wisconsin Elect- 


19 

4H; 

297 S 

49), 

39 

16 

201 , 

291; 

21*, 


8 

2438 
181; 
35 
821* 
321, 
187 a 
421* 
297a 
48 

I 391; 
I 16)9 
I 30)* 
; 29 )* 
I 2H, 
177o i IB** 

33)] ' 33 7j 

17> s ; 1 7-', 

5*, 5i i 
37 373* 

30*; 305., 

295.-. i 29); 
501: 50 

16), 1 16’<« 


Stock 


Dec. 

28 


Dec. 

27 


Woolworth ■ 19's i l&i. 

Xerox 53i« ! 5 3i* 

Zapata . in, j 1)3* 

Zenith Radio 12), l£-i. 

U.S.Treas. 43 '80 t03;j ' t 93;.' 
USTreas4i»7S/BB ,7BU :78** 
U.S. 90-day bills., 9.18% , &.14 c „ 


CANADA 

Abitibi Paper ‘ 191; I 19 U 

Agnlco Eagle 37* . s;* 

Alcan Aluminium! '401, 40', 

Algoma Steel 26)8 26:-* 

Asbestos T 46 3 3 46 

Bank of Montreal] 253a 25*, 

Bank NovaScotia 1 237; 23)* 

Basic Resources.' 4.70 4.e5 

Bell Telephone... 1 65 65'* 

Bow Valley lnd...l 21 21', 

BP Canada ' 201; ] 20 

Brascan 161; itl6i; 

Brlnco t7.25 it 7.25 

Calgary Power...- 40*« j 40', 
Camflo Mines..-.. 13ia , 13 's 
Canada Cement 12i, 112)* 
Canada NW Lan., 10)* lO’i 
Can.Imp.Bk.Com. 287 b 28), 

Canada Indust.-.. 1 204, !;22 

Can. Pacific , 25 j 24i* 

Can. Pacific Inv..' 24), 

Can. Super Oil. -. t76U 
Carling O'Keefe. 4.83 
Corsair Asbestos 9 J , 
t273. 


Chieftain ... 

Cominco. . . . 

Cons. Bathurst.. 
Consumer Gas... 1 
Coseka Resource 

Costain 

Daon Devel. . ... 
Denison Mine.... 

Dome Mine 

Dome Petroleum 
Dominion Bridge r31 

Domtar^. 237; 

Dupont t 15)e 

Falcon ‘ge Nickel 32*, 
Ford Motor Can.. f71'* 


23 '« 
76*; 
4.80 
9U 
I 27--. 
311; I 51', 
141, j 13., 
18*, ! 18'« 

! 5.63 
; ii 
I 134, 
1 73 
I 90 

• 9738 
i 301* 

• 24)8 

i 16 

; 32 

: 7H; 


5.50 

11*2 

137, 

731, 

92 

95J, 


Genstar 36-, 

GiantYellwknife 7 10 
GulfOilof Canada 37 
Hawker Sid. Can.! 8i; 

Hollinger . 138*, 

Home Oil ‘A' i 461; 

Hudson Bay Mng.| 19 1* 
Hudson Bay- . 20 
Hudson OK ft Gas, 51U 

I.A.C I 18 

Imaseo : 391; 

Imperial Oil 244, 


Inco 'A’ 


18*j 


42 

594 

20 

337, 

8'* 

56 m 


30 

60', 

28 

337* 

81* 

SS3« 


524s i 53 


51. 

8k, 
271; 
261; 
2H, 
21), 
38 *a 
23'* 
13; a 
251, 
19 
464, 
23: a 
274* 
27', 
341* 
234, 
15 
164, 

23 

18), 

167, 

15 

257a 


5*; 

84* 
2:1; 
271, 
211; 
21 , a 
38', 
23*, 
14 
251; 
20 
47), 
24 
27 S* 
26 J; 
2448 
23i; 
15U 
16), 
251* 
18), 
lb:* 

14: a 

257j 


lnda , 124, 

Inland Nat. Gas.., 11 
Int'p.v. Pipe Una 161* 
Kaiser Resource.: lf>'s 
Lauri Fin. Corp.. 97a 
Loblaw Com. *B - 4.35 
Memd'n Bloed. . 
Massey Ferguson 

McIntyre 

Moore Corpn 
Mountain State R 
Noranda Mine. .. 
Norcen Energy 
Nth. Telecom.. . 
Numac Oil ftCas 
Oak wood Pe t ro ' p 
Pacific Copper M 
Pacific Petrol'm 614* 
Pan Can Petr dm 3B'; 

Patino 20 1, 

Peoples Dopt. S- 6), 
Place Can. ft Op. 2.20 
Placet Develop'! t26': 
Power C'porat'n 231, 

Price 

QuebecSturgeon 
Ranger Oil. . 

Reed Stenhouse. 

Rio Algom 

Royal Bk. of Can. 

Royal Trust Co.. 


351; 
' 1 10*4 
I 37 
i 81; 
| 38>, 
46U 
! 19 <a 
205s 
51 
18 

1394* 
2458 
18*8 

121 ; 
10 r a 

157 8 
164a 
10 

14.23 

.. 121/8 
105, 1 104. 
24 1 34 U 

324, . 325a 
3.35 ; 5.40 
36:-8 I 361; 
17), . 17J, 
354, , 357j 
29 ' 28 ¥ ', 

4.65 • 4.75 
1.82 I 1.B3 


Sceptre Res urce 
Seagram 
Shell Canada .. 
Sherrltt G. Mines 
Siebens O. G. 

Simpson 

Steel of Canada- 
Steep Rock Iron. 
Texaco Canada.. 
Toronto Dom.Bk. 
TrnnsCanPipeLn 
Trans Mount Opt 

Trizec 

Union Gas 

UntdS'seoeMnes 
Walker Hiram- 
West Coast Trans 
Weston i.Geo.).. 


7231, 

1.32 

15*; 

10>* 

33J, 

37 ) b 
135* 

33 

J6I, 

7i* 

38) , 
2.40 
27: a 
3.60 
501; 
221 * 
17J* 

8 )r 
f 16 

976 

93, 

39'* 

115* 

23 


• 614s 
.138 

201 * 

' 64| 

. 2.25 
. 264e 

• 34 
*23', 

, • 1.25 

• IS), 

: 10 i; 
i 33*8 

371, 

' 134e 
' Si 2 
327* 

' J6>* 

■ 74, 

: 384, 

; 2.40 
274, 

, 3.60 
. 50i 2 
j 221; 

! J7 ,- b 
858 
1 116 
i 9i ‘ 

I 91; 

! 3B7a 
; 113, 

: az&a 


T Bid. r Askvd. : Traded. 
II Near -nock. 


EUROPEAN OPTIONS EXCHANGE 


Series 


Jan. 

Vo(. Last 


Apr. 

Vol. Last 


July 

Vol. Last 


Stock 


AKZ 

F.25 

2 

4 

__ 


— 

— 

F.2B.70 

AKZ 

F.27.50 


- - 

20 

3.40 



|B 

AKZ 

F.30 

10 

0.50 

16 

2 

22 

3.20 


AKZ 

F.32.50 

— 

-- 

4 

1.20 

6 

2.10 

F. 7 5.20 

ARB 

F.70 



- 

— 

10 

8 

ARB 

F, 73.90 

6 

1.90 

— 

— 

- 

— • 

„ 

ARB 

F.75 

— 

— 


— 

3 

4.40 

n 


F.BO 

— 

. — 

— 

— 

1 

3.10 

„ 

CSF 

F.400 

— 



— 

6 

26 

F.377 

EK 

F60: 

2 

25, 

— 

— 


— 

S605, 

FNC 

>25, 


— 

— 

— 

2 

2)0 

S255 b 

GOB 

F. 160' 

— 

— 

5 

4.50 

5 

7.10 

F.148 

HO 

F.32.501 

— 

— 

— 

— 

4 

6.40 

F.34 

HO 

F.35| 

— 

-- 

2 

2.50 

7 

3.80 


HO 

F.37.50[ 


— 

5 

2 

2 

3.20 

M 

HO 

F.40 1 




5 

1.10 

10 

2.50 

fr 

HO 

F.45! 



2 

0.60 

— 

• - 

IBM 

S280| 

4 

22 

z 

29 

1 

36 

S303 

IBM 

S300j 

59 

9i- 


— 

1 

24 


KLM 

F-120! 

3 

2.50 

— 



— 

F.118 

KLM 

F.130' 

10 

0.50 

« 

3.60 

■— 


,, 

KLM 

F.I40 


. 



2 

4.30 


KLM 

F.170 

5 

0.10 

— 



— 


PHI 

F. 22.50 

1U 

2 

— 



— 

F. 24.20 

PHI 

F.25 

15 

0.40 

20 

1.50 

23 

1.90 


PSA 

F.460 


— 



6 

53.90 

F.482 

PSA 

F.520 

— 


11 

22.50 

6 

34.50 


RD 

F.120 

24 

2.10 

12 

6.10 

— 

- 

F.120 

RD 

F. 130. 

20 

0.20 

5 

1.80 

1 

3 

.. 



Feb. 

May 

August 


BA 

S70 

l 

7 

— 

— 

— 

— 

5731* 

BA 

P80 

— 

— 

1 

55a 

— 



OXY 

S25 

— 

— 

30 


— 


316*1 

TOTAL 

VOLUME 

IN CONTRACTS 


432 



\ 


a-/* 43 


BASE LENDING RATES 


A.B.N. Bank 121*51 

A I J led I r i sh Ba □ ks L id. 1 'jl <v, 

Amro Bank 

American Express Bk. 12' "J, 

A P Bank Lid 121% 

Henry Ansbacher 

Assucialcs Cap. Cnrp.... r^ ll 7. 
Banco dc Bilbao .... 

Bank of Credit & Cmce. 

Bank of Cyprus 12'.% 

Bank of N.S.W 1*1% 

Banque Beige Lid. ... 
Banque du Rhone et de 

la Taniise S.A 13 % 

Barclays Bank ......... 121% 

Barnett Christie Ltd.... 13^% 

Bremar Holdings Ltd. 13,!% 
BriL Bank of -Mid. East 12J% 

■ Brown Shipley 124% 

Canada Perm’t Trust... 12 

Cayzer Ltd 12t% 

Cedar Holdings 121% 

■ Charterhouse JapheL.. 12 

Choularions 12i% 

C. E. Coates 12*% 

Consolidated Credits... 

Co-operative Bank ’121^, 

Corinthian Securities lii'o 

Credit Lyonnais I'-MSi 

Duncan Laurie 121% 

The Cyprus Popular Bk. 121% 

Eagil Trust 12*% 

English Transconl . ... 12;% 
First Nat. Fin. Corp. ... 14 % 
First Xat. Secs. Ltd. ... 14 'V. 

■ Antony Gibhs 12!% 


14J -v, 
121% 
121% 


Crey hound Guaranty... 12 1% 
Crindluys Bank 12 i% 


B Guinness Mahon 


12i% 


IHanihros Bank 12!% 

I Hill Samuel *124% 

(’. Haare & Co tl2j% 

•luhan S. Hodge 131% 

Hongkong &i Shanghai ljl"', 

Induslrial £11:. u f Sent. 12!% 

Key so r Ullmann 12!% 

Knowsley & Cn. Lid 

Lloyds Bank 

London Mercantile 
Edward Man son & Co. 131% 

Midland Bank 12!% 

I Samuel Montagu 12J% 

I Morgan Grenfell 12!% 

National Westminster 121% 
Norwich General Trust 121% 

P. S. Refson & Co 32* % 

Rossrainster 12t% 

Royal Bk. Canada Trust 12^% 
Schlesioger Limited ... 12*% 

E. S. Schwab 131% 

Security Trust Co. Ltd. 131% 

Shenley Trust 14 % 

Standard Chartered ... 121% 

Trade Dev. Bank 121% 

Trustee Savings Bank 12 j% 
Twentieth Century Bk. 13 *% 
United Bank of Kuwait 12!% 
Whiteaway Laidlaw ... 13 % 
.Williams & Glyn's ... 121% 
Yorkshire. Bank 121% 

| Membtis o! rhu Acoepiinq Houses 
CommillOQ 

7-il-iv doctjsr?* 10%. l-menth 
HCDosil; 10*,*. 

r.rliy •iorosiv nt -,f C'-Q.IWO 

n n4 ur.fl*i 1(V i.p in £25.000 
10'/. ^r.d ova, C25.non Iff 1 -' . 

ChII rlnni-isiis ovo, Cl. 000 "0%. 

ncm.l',,1 rtfim'.iK 10'- 


DM lfe.4m of Bundesbank pur- 
chases. Mark Foreign Loans, 
however, were steady to firmer. 

The Bourse will be closed to- 
day and next Monday. 

Paris 

In a relatively quiet trading 
session, share prices were 
inclined -to Jose further ground 
on the forward market 

Brokers said most of the 
activity at the exchange centred 
on the cash market Small 
investors can benefit from income 
tax deductions if they invest in 
French shares before the end of 
this year. 

Market observers said senti- 
ment was further depressed by 
news of events in Iran and the 
consequent weakness of the 
dollar. 

Declines predominated in 
practically all sectors, apart from 
Foods and Oils. Notably lower 
were Comptoir des Entre- 
preneurs. Bouygues, Prieel, 

Ruche Pice, Dumez, Klebcr. 
Poclain, Prenatal, CIT Alcatel, 
Thomson-CSF, Chiers-ChatiUon, 
L'Oreal and SIC. 

Gaining against the general 
trend were SL Louis, Mtunm, 
Michel in. Generate DXntreprises. 
B5N. Alspi, Sacllor and Generate 
des Eauz. 

Hong Kong 

News tbat two of the colony's 
banks had raised their best lend- 
ing rate to 9.5 per rent from a 
previous S.75 per cent caused an 
early fresb stock market setback. 
However, trading was thin and a 
partial recovery occurred later, 
leaving the Hang Seng index only 
3.61 lower on balance at 500.09. 

Among market leaders. Hong 
Kong Bank were a net 10 cents 
lower at HKS 17.60. while Hong 
Kong Land lost 15 cents to 
HKS 7.65. Jardinp Mathe.son and 
Swire Pacific shed 10 cents each 
to HKS 11.S0 and HKS 7.55 
respectively. but Hotchison 
Whampoa closed unchanged at 
HKS 4. Off and Wheelock Harden 
managed a net improvement of 
2.5 cents at HK$ 2.575. 

Australia 

Shares continued to show a 
firming tendency yesterday. Trad- 
ing. however, was quiet, with 
the overnight weakness of the 



Dm. j -Dec. 
28 ! 2? 

Dec- 

26 

Des. 

22 


n_ 


2i ; 

■ so 1 

— — 

. .fthidusmele 

i 

885. 96j 805.SE 

- - 

818.81. 808.47 

794.78 

1 

735.S6J 

H'me B’nil». 

B4.71! 94,89 

84.85 

-84,91 

84.82j E5.83j 

Tnwmpwt.- . 

2BB.95] 208.76 

211.18; 208.46 

2BS.4H 

UtiiiCle* 

’S9.14J 98.00 

| 

98.31 

89:21 

* 

97.77 

97,75] 

i 

OOCTbI 

.. 

a,440 £ 2S.E80 

21,478* 

1 

26.790 



r STANDARD ASD POORS 


Fortescue Three oil find, slipped 
back 2 cents to ASS.96. 

Johannesburg . 

Golds mainly improved afresh 
in moderate trading on the 
stronger Bullion price. 

Mining Financial were harder, 
shadowing the trend in gold pro- 
ducers. Diamond share De Beers 
extended recent sharp gains to 
rule 17 cents higher at . R8.40. 
aided by London and New York 
buying. Colliery issues also 
advanced, buoyed by Iranian 
and local petroleum supply con- 
siderations. 

Platinums were .narrowly 
mixed, although Coppers were 
harder, where changed. 

Industrials were . basically^ 
steady in slack conditions. 

Milan 

Selective gains occurred in a 
light turnover. ' 

Fiat advanced 30 to L2.820 
following announcement of the 
creation of the group's new car 
subsidiary. 


NOTES: Overseas prices shown below 
exclude S premium. Belgian dividends 
are alter withholding tax. 
ft DM 50 dcoom. unless otherwise stated, 
yields based on net dividends plus tax. 
V Pta 500 dehoni. unless otherwise stated. 
Jf. DFr 100 dejinru. unless otherwise Slated. 
«ji SwFr Wo denom. and Bearer shares 
unless oihenvise staled. -Y50 deiKun. 
unless otherwise stated. S Price at umo 
nf suspension. aTlonns. bSchlUlucs. 
e Cents, d Dividend after pendinc rlshij 


and or scrip issue, e Per share. / Francs. 
p Gross dlt. %. h Assumed dividend after 
senp and/or rights issue, k After local 
taxes, to tax rree. n Francs: 'Inclodtng 
Unilac div. p Nam. V Share split, i Dlv. 
and yield exclude special payment- t Indi- 
cated dir. k Unofficial trading, v Minority 
holders only, u Mentor pending. * Asked, 
t Bid. S Traded t Seller -Assumed, 
xr Ex rights, xd Ex dividend, xc Ex 
scrip Issue, xa Ex all. a Interim since 
increased. 


Financial Times Friday 


Indices 

NEW YORK- J ? tfwJOffBS 



1978 




78J0J . 
80.66 

Sffl.48 

fS/9) 

110.83 

(5Jl) 


plaaeCtmyh^, 


f 


Low 


742.12 
.128/21-: 
B4.-63 
(27)18) 
199J1 
ffftf) : 
8/. 73 
(20/19 




1061.76 


VUUWWMt^-'.l 


279.3a 

emm 

163.62 


4U2 


■12JS 
IBM - 



ft Day's bigb low 802.73 



Dee- 22 

Des. 15 | 

Dec. 8\ 

(Tewegoi IBP® 


6.00 

:. 6.03 j 

3>7 1 

6.64 


irnriuJtrihW 


■jCcsnpiwlto 



Dec. Dec. 

J a 


187.48 

8B.51 


1SL45 

84.71 


Dec. 

20 


ms 


‘fftgh 


'106.46: 118171 
(12 j 9) 
94.68 1QKS8 

; J oz/S) 


Low 


95-52 


86 

(6/3) 


Since Compiiat'n 


ffisb j Low 


■ 134.64 | 3.5B 


(6/31 hui/i^p*/3zj 


12SJB6 4.48 
!aiyh65i (l/ft&i 


indi illy. % - | 

: Dec. 97 



Year, ago iApptox.) 

8.10 


- . 5-14 v . 

. ' . 4.90 

ind- r/K Karin . 

BJ79 

'• &S5-"^ 

V “8.64 / 

• ' 9.13 ' 

;l5)aj:Ui}v. Bond yield | 

: . '8.98. . J 

- 8.95“. i 

6i84. 

■ ' - 8.p2 


BfjT KE. *T.T. COMMOS 


Dec. I Dec. 

'■za ! 27 


Dec. I 
* 


-1078 


Bum* and. Fall* . 

i Dec. WjTjec. 271 Dec. K 


22 


VM.as; 95.90, 64.58/ B5'.77j 


High', 


HUB 

(11/91. 


Low 


48-67 

.18/3 J 


. lauus: Inwted-L.. 1 . 1,957 
r 461 

Fallei: d 1,043 

Unchanged 463 

New Highs-......: ; 4 

Kew Lows..-.'.:.».r . 103 


1JB43 
451 
1,057 
- 465 
7 

78 


1,870 

863 

585 

434 

21 

60 


iCOXTTBJElAL 

: ledusfrU! ■ 
Combined... 

Dec. 

,sa-'. 

.Dec:. 
* 7 '. 

Deol. 

32 _ 

Dee, 
.21 1 

'- ... 18 

178 

. High 

. ' Cow 

217.771 218.32 
228.74] mM 

JJ&.S4 

2K.48 

274.341 

mosn 

j 

222.14 (11/Uil 
236.81 tlS/Ub 

t62M.(lB/£i. 
.178.62 (30/1) 

^OSONTrO Coropcwiie 

1 13084 

1286.8 

12SB.3 

1»4J| liS2.7UZ.lQ) 

■®62 (30/1) 

TOM A NTTESBITEG 

Gold ' * 

.loiiiwrriel 

. 980.3 
288.7{ 

260.3 

f; 2S84 

' 3?. 

4n. 

248. li- Sry.O iWLBi ' 
27IL5I 2814 H/Uj 

188.0(20/4) 

- .194:9 (15/3) 


vtuus I High ■ '■ Low 


Belgium ! 

Denmarkt ** 88.961 
Trance ittV j 
ffe nnan yitl) 817.20 1 
kolland *4^ . 80.7 
1 600.09 
uih 68J8B 
tat' 449^6 

i 


a/® •• 

90.43 r 
(23/Gl 
88.08 
(20/Ufi 
47.6 

1&.4. 


Italy 

Japan 


- t3Zfl) 

97.93 1 IDL16 

80.66 1 

TS.e 

(4,10) 

816-6 963^ 

(19/iQ): 

8L2 | 93J 
(IL9> 

603.701 TO7.70 

I 

68.76 82-2, 

(85/91,1.00/1) - 
447^6 r 462JO i 364.0*: 
<13/12) (4/10) ' 


- 1 Dee. ,-Pre- 

1378 ; 

. 1378 

■ ' -' -1 29 

| viou* 

Hlgti 

JjOW 

Spain - V>‘ 88-53 

.88.63, 

110.78 

8708 



(9/6j ! 

(17/4) 

Sweden . « 3ELZ5 

364.00 

408.00 

335.74 

“ r ■■ . . * -4 >1 


(*/8) -\ 

l5il> 

SwitxerldC/^ 287.2- 

290.1 

323:7 
- (14(2) | 

26LS 

<K(9» 


78.0 

I4f*» 

363A 


BingnparsCM 3*6. 71 / 348.16: WJBO f 2620 
i ' ' (9/1) 


Det.' 1063. STAroaterdaut industrial 
-1870.-'- 75-Hang - Seng Bank 31/776*. 
HU Bencjf Commercials Iraliana 1972. 
laTokyo : NaW' .SE ' h Straits 

.Times -1966.' r Ctoaed. > dMednd SE 
30/12/77. Stockholm Industrial 1/1/68. 
i Swiss- Bank Corporation, u Unavail- 
able, •'.. ■. . . • • -. 


thubsdKy/s active stocks 


Indices and bswe dotes .. . 
values 100 ' except WYSE. All- Cornmori — 
60; Standards and Pdora^-10; .'. and 
Toronto 300 — 1 .000; - the - Iasi . named 
based on 1975). Excluding '-'bands. 
4400 Industrials. § 400. Industriars. : 40 
UtiliriM, 40 Finance and 20 Transport. 
i.% Sydney All Ordinary,. || Balaia n SE 
31/12/63. “Copenhagen ,SF T/T773.' 
ft Pans Bourse 1981 . tt Gam mart bank 


(ell base Sonny ' 

' ” ‘ Soars Hoabiick 

Texa c o 

WhhB Motor .-. 

Unirdye 
Chrysler ....... 

Exxon 

ibm..,; ...... 

Bedileh'em Sfei 
Ratnada (nhc .. 174:800 


- -. ; 


Change 

Sucks 

Closing 

on 

traded 

price 

day 

606,400 

f. 88 

• +\ 

308,700 

20 

-h 

283.900 

24 


238.400 

7h 

:+v t 

217.300 

5S 


205.000 

8^1 


193,500 

•- 49 

— *4 

182.300 

304 . 

+ 1^ 

'181,500' 

19*. 



V, 


GERMANY ♦ 


Dec.^3 


Fnee ! + ,,r | 
Uni. • — • 


dR 


.ji hi. 

u 


ABO , 76.6-1.2 1 - - 

Alliance Verrich.. 499 —4 i 51. 2' 3.1 

BMW 223 —3 128.12, 6.3 

HAdF 134.0 - 0.5 il8.«! 7.D 

Barer 133 1-0.7 18.75,7.1 

B.Vcr. HvfK, ....! 299sr*l ,28.12,4.7 

Haivr. V*reie,hk, 512.0 28. «! 4.5 

Ci1elnt.3iHl.wrui 1*7 +1 -_|_ 

i.oineiH'-.Niok j 223.0 -r 1.2,26.56; 6.0 

Ci-uu«jinnml , 64.5 ^0.5- — I — 

Daimler Ben*.. 317.5-3.0 ;28.ia 4.4 

IKvum 250 +3 26.56! 5.3 

Deems i 169.0 -1.5 17.1510.1 

riem.che Bant...., 302.0 -0.1 '28.121 4.7 
Dm ilner Rank. . , 243-8 +0.5 IZ8.12) 5.8 

Dy.-kerJinlT 18L j«J8 2.6 

Giitehi-douus- •• 231. 5ir ... — :18J!K 3.9 
99 :-3 ||4.0t;l 7.1 
155.(^ ; 15.61 ! 5.1 


Hain? L1»Td i 

Hanwner 

Hi«vh*t 

Riewli - I 

Hnrien i 

Kali unit Sail... 

K*r*l*rtl 

Kaufho/ 

KInrknee DM 100 

XHD 

Knini- DM100... , 
Lin-ic .. 


133.7-+0.4 
49.0. +0.1 

150 

137.9 — 0.5 
323 ,-I 
243.01+1.5 
90.5'+0.7 
193.5'— 1.0 
103 l-i-l 
387.3 + 0.8 


1 .arnihnn Dll 100 1.575 : r 5 


18.76 7.1 


9.36 

14.0* 

23.44 

18.71 

18.7t| 

25 

25 


r+iflhanMi I 

31. A. X 

Mannetninua . 
M^IhII^cs.. . . 
3luii,-1ien<.T UiicV. 
A+i-L+rmsnn... 
Prr.i-.8i; DM. 10O| 
l.'lii.iiiU'eft.EIcrl . 

is I 

f*n.i‘n-ii" .... j 
sii.1 7.11,-Lci .... 

l lij-Wi A. 

1’a'tH | 

VEKA 

Vi.|tiii>\\) ei If kf 
V,-ll..wwseo j 


3.1 

5.1 

3.6 

3.9 

4.9 

4.4 

7.9 

4.7 


99.0. -D.5 I 0.3£l 
228 -4 2 18.7614.2 

176.5+0.3 1 17. IB 4 9 

251.0 15.611 3.1 

675 T 10 28.12! 2.1 

156.5 + 1.0) — ! - 

182.0 1 25 ‘ 6.9 

259 -rl ,28.12' 5.4 

283.1 ... 25 i 4.4 

253 -3 '17.96; 5.5 

118.5 +1.5 17.16 7.2 

180 +6 j 16. 16) 4.6 

128.2 — 0.8 | 0.38' 3.6 

296 , . 26.12' 4.7 

237 -2 '25 5.3 


TOKYO ? 


Dec. 28 


[Dtv.lYW.. 
% \% 


—2 


4 12 


AMSTERDAM 


lev. 23 


Pnce 

V\t. 


| + «>r 'Div. 


Ato+I D'l-lVi | 

Ak*.-iKl.iO | 

AlceniBnmKI.liX'i 
AJIBV tKl.lt>> . 
Anur-hank iFI.2lli 

BiiCiiknrl ' 

lt.-kntVi-.ln, a-a.', 

Buhrni' Ti-ru-mde 
Khe* ler ( y 1.20 1 ... 
Kuni.i X.l . Bearer 
KuKriniT-.iiFI.ICli 
fiivlaUin'iulmlFI 
UciuekL-n iFJJJhj. 
n.-t-'iL-u? ( ri.3T'*| 
H iiii.er 11. i FI. lOOt* 
K.I.. Jl. (Fl.l'O)....] 
let. Muller (FI Ji'i 
Nai.Xp.t1nsjFI.10i! 
Nail n*t BkiFI^OJ 
Xml Mirt nkiFl.TC" 

tier IF 1.20) | 

•ii KM i Kl. !(*».. . ■ 
Van i.immfrni. 
]'akh<«<l iFI.20i...j 
1'lulifn (PI. 10,.. . i 
IfjiiN'h 1'Pr! Kl . 100' 
IJ4W.I ll'lA*.. . 
U--( ,IH -> iKUdi... 1 
lj-.reni-.,Fl.w<i. ; 

i;»V«ll>iil.leFI.2vl' 

>1 h'. ,- n>i>ii" ... . 

I eilficr iKl.itU.. 

Vitiii- ll>:% 

lV.-si. I'll. H\|«* 


115 -1 |*18 
28.6-0.4 , - 
369.5—2.5 j A26g 
89.8-0.2] aU 
75.2 +0.6 t A2o4j 
86 —2.5 i Kb 

*eo 


VI- L 


Atsbi Iris^k 358 

Lannn 485 

Cute i B98 

Chiar.D 339 

Dsi Nippon PrtuL . 680 

Furl Photo. I.. 668 

Uitscbi 265 

Hoads Motors 480 

Hou*e Fool ,1.030 

C. It.»h - 1 242 

Ito Voksiia 1.750 

•I 1 744 

J-A.L 2.810 

Kaiimi Elect. Pk. ' 1.200 

KomaUu '. 374 

KnUnta : 293 

hjiXo-Ceismic ...3.600 |— 1001 35 
Maueabiu lisl...- 723 
Miuuhi»ht BsnkJ 
Mitsubishi Heavy! 

Miuubisbi Lerpl.l 
Mnaui A C->.... 

Miuukusbi I 

Nipple Denso....! 1.460 
X I ppon ah rnpaa ‘ 7S5 
N imd Molotb.....] 705 

PKtoeoi '1.770 

danyo Bletrtc .... 265 
dekixni Pierab....! 946 

Shiwri.lo. —...11.180 

5o»iv ] 1.680 

Taish” Marine.... 241 
Takeds CbemicalJ 526 

TDK— _....| 1.890 

■cijic | 142 

Inky.. Marine 607 

I ok vo Biel L'ow'rll . 100 

inkvn 342 

I ■*mv | 185 

Inel.lle 1 156 

l.-i.-ia Mntnr ■■ .. 881 !— 7 ■ 20 

Source NUcko S>.-cuntlcs. Tokyo 


BRUSSELS/LUXEMBOURG 

I ' ; ' iltiv 

Dec. 23 i l*n.« + nr Fr-. 

I Fr% I — | Net 


AUSTRALIA - 



Dec. 28 

Auat. 9 

+ or 


to,e5- : 
10^5 . 






Ampul BitplorsUoe..... 

tl-35 

40.7B 

-1-1^0 

+002 

SS 


Asm?. PuIp'Piper SI—.—. 

- n-,7ff : 

WhBS 


4.8 

6~4 

5.6 

6.3 

6.0 

6.9 


Jc. I 7.3 
27.51 1.9 
.157;' 5.4 
94.al 5.0 
JO * 5.3 
14 I 3.7 


116.8-1.2 

71.4 -0.S 
285 -2.5 

139.5- 1 

70.4 

37.3 -r0.7 
96.6 +0.6 
34 1-0.9 
22.4<— 0.1 

117.5- 0.5 
46.5-1.8 

110 i + O.4 

56.3-0.2 
199 '—1 
164.2'.- 1.3 

30.4, | 

148 -1.51 — 

47.21-0.4 — 

24.5, — 0.1 ; 17 

57 -0.6 1 - 

163 '-0.5 . 25. b 7.8 
125 :-i -I- 

122.5, + 0.1 I I9.£l 3.9 
119.8 -1.1 !5i.i5 9.0 
239 ,rl - 2U ' 8.4 
124 -J -'U.stl. 0.6 
120.2,- 0.4 42.1 7.1 
39 +0.1 '.tp..(r 1.2 

412 , T 1 I 33 . 5.9 


5.3 
3.5 
8.2 

4.4 

7.4 

5.5 
4.4 

7.6 


7.0 


Artwil -...2,000 ' + 40 ! — 

BerhefB" 2,600 | :I16 

L.B.U. Ckuneni. ,,.'1.010 +10 1100 

Cuckuetii I 436 —3 — 

tBfo -2.370 -10 177 

1 6.850 ifl + 40 430 


Fhjii »jue Nat 13.060 

(■.I). liiimUm...,,. 2.516 

li+v*m .....1,426 

liULibrns Lr..._. 1,640 

HitiAni 2.506 

Inlamai... . 1.860 


Kralictienk 

Ipi U'-iJiip Uviiii*. 

ran Hneliiu;. 

I > v-Lr>'tiea 

i , in. ,>nij.|i,i- 
.mi. lleie, 

a»,niia 



Elect .... 

L'Ct) 

Lin Aim. (l.-lOt 

V ic* ue M<mUfpi8.| 


6.970 

6.150 

2.730 

5,235 

5.200 

12.030 

5.340 

2.470 

3.780 

1.222 

702 

1.626 


1GJ 
iloO 
| 86 

' 00 

1 170 

• 142 

-60 

+ 50 .325 
—10 sd.46] 


PS 


rid. 


1+5 

UiV 
+ 20 
+ 1D 

+ 32 

+ io 


18 

2u4 

14j 

219 

A^10| 

17J 

SO 


4.5 

9.9 

7.6 
6 3 

6.6 
.6.0 
6.0 
5.4 
6.6 

7.6 

4.2 

5.3 
2.8 

5.6 

6.4 

6.9 

6.5 

8.5 
6.1 

7.1 


Amqc. Con. Industrie* 

A uat- FouedsLiou invert... 
a-X.i - 

Audhnoi — 1 

Aunt. Oil k Gas.....--*-...: 
Bamboo Creek Gotti.. . ...... 

Blue Metsl.fnd. 

DougainvlUeCopper ..... . 

B rambles rotluacries ...— 
Broken HUI Prapristsiy.... 

BEf South 

Carlton Coifed Brewery .. 

L*»R (51j- .... 

CockUurn Cement 

Culn (GJ.)-.- ; 

Con a. Gfriddelda-Aurt 

Coatmlnar rfl) — s 

CenxlnQ Kiotinto__ 

CVwtain Auatrslis.— 

Dimlcrp hob bar (60 oeu] ... 

ESCOR. — : 

Klder-Smith; — — 

Endeavour Rncoorcea .... 

EJi. Industrie* - -- 

Gen. Property 1 Taut-.. 

Hamersipy. 

Hooker. 

1CI AvntraJts -I 

Inter. Comer... 

Jennings ludn dries..... 

Jones (Davldi.. .j 

fenuranl Oil- j 

Metals Bsplojatjod'. -1 

Mctramar Miherals.... I 

HIM Rollings—... — t 

Myers Emporium— J 

New* 1 — .; :.| 

X icbolur International ....j 
N orth Broken H'diog* (60c)l 
Dashridgo ...... ..-f 

Oil Search....—..—.- .[ 

Utter BxpbHstian 

Pioneer Concrete.: —4 

Rerkttr S Co! man 

H. C. Sleigh 

Soutblunl Mining 

•Spargra Bxptor»ttoa_.: ,' 

T.joth (S) — 

WaJtbns 

Western Mining (50 eeniap 
W oiilwnrtha — — — — — 

PARIS - 


(+8.91 


tu» 

tl.70 
. 10.65 
KK72- 

. to;i7 
.10*9 . 
-TM62 ttfLfli 
tl-86 
18.96. 
*fL3B 
'11.69 
13.30.- 
11.26 
taj7 
15^0 
12.70 
13.60 •' 

- 11:35 
10D6 
10.90 
12-40 
1023 
12^5 . 

11.68 
12.23 
1083: 

12.32 
.1030 
to £8 
flJO-'MJl 
to.29: 1+002 


-axa 


,4-0-ff i 


1—0.02 

1-8.02 


+ 0.112 


j+I.OS 

V-OJB 


+0.01 

+IL03 

+D.0? 

Ftt-W 


OSLO 1 





• pms.%hr' ; 

Price 

Kroner 

-f or T Dtv. 

Ym. 

z 

Berpew Bent 

•lor ; 

1+1 j 

i 9 1 

8.5 

Bantsantl....,^ 

J 7oac 



— 

Credtrt»nk.i.^_.j 

119 


F ii- 

8.4 


! -200 

-10 I 

20 

6.8 

BTredttkBBsffli . . J 

Hydro 

116 

180. 

m 

-n 

9.5 
. 5.3 

ffiorebtand,.:. — ; 1 

.. 88.73 

— l-lSl 

3 

731 


-I4PI t i ra jf'.'T' 

-'i/y t 


BRAZIL 


-10.31 

1016 

tZ.46 

tl.74 

12.40 

10.98 

11.30 

11:66 


1 — . 

1 

'+«ioi 

|- ...— . 
...... 

+ 0.01 


10.11. t+O.ftl 


10.38 


11-5 1- +—0-0-1 


12.56 
1067" 
10.26 
ro^a 
-11.74 
10.70 
tl.72 
11. S3 


l+d.as 


+0 M 
+8.8! 
-fl-02- 


+0-01 

(-0.03 


Den. !8 


Price 

Fr.. 


715 

390 


ft- MfBtvTjSidl 
Fra . 


-9 

-2 


389.8 +4^ 
631 i+l . 


SWITZERLAND » 


Dec. 28 


Pnee 

Fr*. 


COPENHAGEN + 


Pnee * + or ! Div.lVid. 
I Kroner , — I J ! J 


An<leDh*nken I 

1*»d"*>» Bank..... 
Karl A«|allc Co.., 
Pmaualeaken—-. 

Brypserlcr 

Por I'apir 

BaadelUnnk 
-Vtb'aH.ih'rttbi 

N'nnl Katvl 

Niirn IniliuUri B. I 
f*llcf*r>ril .. 
ftnw/wnk- . 
1‘mrtnriwn 1 . 
ii'pli.Bei i'QW'Q....| 


140 I 

123i*| 

13312!— 25* 
154tei+ia 
3271**0 -5* 

771 3 ; 

125 

286ia! 

174ia 1— i 4 

215i a -li B 
118 -1 
131 +r 4 
137 ! + J* 
3671a —it 
1643*' _lt 4 


7.B 

9.8 

9.0 

9.7 

3.6 

as 

3.8 

6.9 

3.7 

9.2 

5.1 

5.2 

7.3 


-for 


Aluminium 11.145 

UbC 1 A ' ,1.670 

Ml* Gmo 1 Pr.iOff 1.130 i -15 

Do. Phrl 865 |--5 

III. ii'i-g [ 645 --5 

frntli -uliwr... .2.105 j— IB 

fc. let in inn 1 1 -.11.800 —5 

FimIki it.iAirgn.i 560 --5 
U.flnum Pi C«n. 67.2 50 | -2S0| 

Du. 1, maul 6.730 —25 

ImerfmvJ » 3,800 j 

Jenn.iu iFr.lUU)... >1.420 I + 10 
Ne-ti- lFr.l0A.... l 3.120 1— 20 

IA). Hex '2,296 ]-10 

Ueriikint UtF^btfli2.560 .-5 
PirtthdlP(P.iaj) 276 -J 
nandor (F. jOi .... 3,760 —40 

Uu. Part Leri.-.. 452 

5cli im Here t(Flodl 287 *1 

MiiisrCi iKr.lllO) 338 

■Swimalr iPr.5hO]. 735 I— Z 
owmbnluFr.lOOil 344 +3 
5WI«* (Ko ilf rJ»i ,4.726 +26 

Liikhi Uauk 3.035 +10 

Zuhcb In 111,425 !— 75 


DU-I'Yl.l. 

? \% 


8 1 5.5 
10 I 3.0 
22 2.0 
22 2.5 
22 ! .5.5 
16 ; 3.6 
10 I 2.8 


3 

I LOO 

llu 
21 
21 
id 8.0 

*38.7, 

lb 

16 

86 

2b 

12 

14 

10 

10 

40 

20 

44 


4.5 

1.6 
1.6 
2.8 
1.6 
2.8 

3.7 
1.5 

5.4 

1.7 
2.9 

4.2 

4.5 
4.4 

2.9 

2.1 

3.3 

1.9 


iftnle+e- .'—J 

virifjhe it t+i'iV 
Ait uuuide..-.../ 

,\i|Ui(uDt 

Hit'..;.' 

Uouygue- — 

Li.a.N. tiervair- 
Carrelour — ._ - 

U . U . B . 

C'J.T. AlcateJ— 

Cie H an ca w nu— 

Club NleUitar ! 

Credit Corn.Pr'ce 
Creusot Loire--. 

Dumez — 

Pr . Pc * role *.....-. 

Gen. Oeddentaie 
i metal— — 

Ja ■que^yorel-.-.j 
/stance— 

LUnal— j. 725, ^9 

—.1.909 i+9 


871 

-19 

643 

+8 

[J&O 

—5 

-399 

+ 1 

970 

—26 

409 

+6 

- 4S4 

-4 , 

150 

50J» 

+ 1 - 


41*1 0.6 
24.76 6.4 


10.3 

2&S6, 

13.961 

42 

4031 
73 f 


4.2 

93 

JL5 

4.8 

7.4 

4J) 


31^1 7.9 
70J13] IA 


2.4 

1.5 
9.2 


i€4B '-15. 35.761 5.2 
141.0|+a8 14.1W.0 
858 ;-l |a.Z5j ; 3i» 
55D+0.2, 6.7110.4 
113.5^-0.51 — J _ 
S57.5.+2.5 6.6 

aoJel 


VIENNA 


Dee. 28 


Price -for 1 


Div- ,Yld- 

l Itft 


Creditanstalt. - 

342 


10 1 

1 2.9 

Montodison ■ 

Penmooaer. . .. ] 

271 


9< 

3.3 

Olivetti Priv . 

Seiecw j 

570 

-2 

58 1 

8-4 

Pirelli ft Co. 

Scmporrt ■ 

7P 




Pirelli Spa . 

Steyr Daimler... 
Ve.t Magnmt . 

300 

202 

i , 

,-3 : 

! 

IO ! 

4.0 

4.! 

Snia viwoea. 


O* 


MILAN 


Dee. 28 


Prwe 

Lire 


33 

470 

: 2.820 


ANIC 

BflAUHl. .. 

Flat 

Do. Prlv. 2.199 

FinB/der 

Italeemonti... 


Dir.'YS; 


—2 
+ 4 

+ 30 [ 130 5.4 
( + 54 | ISO' 6.9 
136.25' + O.S8! — ; . 
22.9 IO 4-7101 bUU| 2.6 

y 

1 — ,ou ipOW o.c 

167.0 +0.75.' - 


1.120 

1.800 

880 

855 


+ 10 
-2 
+ 15 
+ 6 


13ff 7.1 
BUI 9.1 


.Maivoo- Pbeonax. 498. ; + l 154.9 
ilfteun . m h"..'.-;'L 218 ...+ 17 |37J 
More, Hende^y-, .550 -12 - 12.E 

Nbaim'iex 134.1 -1.9. 3 . 

IVinbar,—..:-.-.] 209.2 '-OA-IWs! 

1'iahinej-. -j -72 -1.- i #.af 

Penind Xicani..'— 3 17.9 +5S j 7.5 

4B2.OX.8-ilI.2sl 

197.0 — 4J5 [ _ 
414 ,-16JB 27 
-•566 [+3 1 Jo 

-137J3 1-0.71' 9, 
14* 1+UilChl 
L900 I J 39- 


Peturer* Cnrwm,.' 

bail to Technique, 
■ tedeatq -, — ;. M . 

Khoue Pouleno, 
4L aobela-^.- . 
SklB&Maig&OL.— I 
ti lirr— 

TrsQmemmque— . 
Tbomron Drawl r. 
tfaincc— 


296 — LS|I94«0 

512 '“i 12543.0 

ag« — a ■ 16.T6j 6.4 

12 . 90 -- 0 . 86 i — 


1.9 

e.or 

3.1 

2 . 3 - 

2.3 

4.7 
10.4 

2A 

3-6 

6.5 

0.4 

7.6 

9.8 
2.0 


Dec.27 


Acedia-.;.-.. j +Ojuio.l4- 14.81 


Baecodo Brazil.-. 
Bud' Itau'PX.. _ 
Beige MineirsO 
Lqjws Anw. O.P 
Petrebres PE..... 

Pirelli OPi...— .. 
fours Crus OP.. 
TTnlp PB— ...... 

Vale JUe Dote 



+ Or iCrnsj xM. 
- I Div.! - 


+:o.ai|o.ib;9^4 
..0.5721.41 
1—0.030.08^.30 
fO-Wju^u 6.34 
+ 0.140.13,6.91 
+ 0.ro|0.iu;l1.« 

0^2 11.00 

+0.010.2514.46 
-0.18'ir.6D 


Ttfraowr CrJ5.2nt. Volume 55.5m* 
• ; Source: Rio de Janeiro SE. 


JOHANNESBURG 

MINES 

Dec. 28 . 

.Angle Amer. Corpn. ... 
Charter Conaltd. - 
East Drlefontein 

Elsburg 

Harmony ... 

Kinnis*. '. : 

Kioot 

Run ten burg Platinum _. 

St.' Helena ; 

Southvaal — - 

Gold- Fields SA ... 

Union Corporation 

De Beers Deterred 

Blyvoomitzichi .- ;. 

‘ East -Rend.Pty. 

Free State Geduld 

President. Brand 

P resident .Steyn 

StHfomam . 

Welkom 

West Drietomein 
Western Ho/d(o'os 
yVestom Deep 

INDUSTRIALS 


* Hand 

!+' or —■ 

6.80 

.+0.03 

4.10 

+0.05 

15.35 

.+0.35 

' 1.72 

'+0.02 

. 645 

,+0.15 

5.70 

. .11,10 


2.10 

;+ooz 

t15.7S 

9.35 

-005 

125.60 

■+0.25 

5.70 

'+0.05 

8.40 

+0.17 

6 88 

-0.02 

ts^o 

>—0^0 

30 JO 


T7.5Q 


14.00 


8.57 

:+o.o2 

♦5.70- 

-ODS 

50.00 

1+0.75 

35.25 

'+0.75 

-16.50 

i+0.10 


AECt , 

Annlo-Ambr. Indust. ... 

CNA .Investments 
Currie Finan.cs 
De ; Bears Indusirlal . 

Edgars Conslld. Inv. ... 

Edgars Stores 

Ever Ready SA 

Fed: Volksbe leggings'^ . 
Greetamans Stores ... 

H'ttleas' 

lta 

McCarthy Rodway 

MedBank 

OK Biruars - 

Premielr Milling ... 

Pretoria Cement. 

■Pro«a :Mol dings - 

Rand Mines Props; 

Rambrundt Group 

Retco 

Eagi Holdings 

.C,; G Sknith ' Sugar ... 

SA BreWanas . 

Tiger Oas*. & Nsd. Mta-. iiiigo 
Umsec i...: 1.13 

Securities Rand U.S4W.69 

(Disconnt of 43.5%) 


' 3^5 

mao 

t1;7D - 
0.96 
t!3D0 
12.ffi ■ 
136.00 
tUBO 
' 1.75' 
2.90 
• 227 ' 
12^0 . 

-13D5 
.7.35 : 
15.60 . 
3.50 
i;bo t ' 

.3.85 
0.31 
•..1:50 
1iS5 
■ 5.20 
1.22 


1-0.03 


H-0.03 




H-0.02 

r +0.02 

-0.05 


STOCKHOLM 


Deo. 28 


Price 

Kronor 


R-or 


Aga AB (Kr. 40).l 
Alfa LavaKKr.BO! 

ASE«Kr.5(n 

AHasQo'co Kr25| 

Billarud 

Borora- , 

Cardo-..- 

Celiulesa- .1 

Elat'lux’BTKr50; 
Erlcs'op'BiKrSD 
Esselta “B"..,:... 

Fagersta 

Orange* tFreei- 
HandelstMtnkon 

Mnrabou 

MoOch Dornstol 
Sandvik ‘S' Krs. 
S.K.F. *B’ Kta.-. 
Skand Ensklldx- 
Tandsttk BfKrfiol 

Unddeholni J 

Volvo (Kr 5Di._J 


203 +2 
142 

'77.0-15 
108 !—3 


42 
112 
172 J. 
230 
10B 


+ 1 


Div. YW. 
Kr. i % 


2.5 

3.5- 

S6.4 

! 5 .ff 


^ I 3.6 
1^2 . 5.75 J 3.4 
-1 I 10 j .4.4 
5.26 i 4.7 


BJk 

2.B 

4.3 


120 1-1 | 6 

286 '. 8 

90 —3 j 

130 >5 8-61 

62 4 , _ i.Z* 

260 +2 |5.78i 2.2 
59 ^1 I 4.5 j 7^8 

+1 j *a UJ 

".TV"’ - 6 -r3-8 
55.0 +0 i- v_ j — -■ 

i+l! i 6 7.9 


76 


- 4 

:+ 2 


- 2 . 



SPAIN 

Dec. 28 1 ’■ ' Percent 

Aehind —.+......;.....-.., -ns '■ 

B«nco BilbNo ... ■ - SB' 

B. 'Atlaniicoi (1.000). ... 243 • 

Banctr Centibi - 

Benco' .&iteiSor 278' ' 

]"^noo GeAtni ..1^. ... 237 
.-Banco .Granada ( 1,003 j las 
Bntco Hispaqo 
®- /^-Cat. 1 (1,000). .. 165 ■ 

Bi Ind; Meditamn«o.:;^87 . — 

Banco Madrid 213 :• .w 

Banco -Popular wn - 

B- Santander- (^0) ... 337- 

- 

B!lh^ e lr A WU ,,,C,l, — -'-W' ' 7” 

Hsaeocx Wilcox 2S ■ 1— • 

cic ' ' "105." ■ 

---."7 167 •+- 2 

I* *• Aregone*ar !-.'!! 3230 .+ T JO * 

Eapanola one gg . . _ 

txpl. Rio Tin to 51 050 

P*** *«1 - - 0.75 

Fsnoaa (1.000) E7«d - — 

Gal. Preciado* '. ._ 1 ... '40 Z 1 ' - - 

Vatotquex fWO) 155; — • 

« W !S ,a - • 6T.50 “ T-7S • 

toemuero 54. -3 

oietra ; .70. • 

PaprHeras Rauntdss l.*: 4> - rl* 3 -' - 

Petrol' ber .,332 .. 

Petrweos *•«.-" MB .,*>»•',• 

S«rri» Papaiera 33~ 

| n '°«i . . 02253 X OMZ „ •*. 

Taleionica ^9 “ * — -OABk 

Torraa Hostench f' - r 

Union Elec. -.'....v.. * v 2 &‘ 1 : t 

■ ' 'Hyyy,: *v'j.v ^ v '■ ■ -•'5 
• ’ -■ 

^ *- ; ' '• • • rr • 

■v.r— 'rjp. ,-v ■ uiM-m’ 



49-1978; 


17 


COMMODITIES, RAW MATERIALS and AGRICULTURE 






• v, f i.’ 


,'ij 


7f; t V., . .. 

’ ■M 0U^,CO»lcqmiE5 ST AFF 


rS". 











’ rG0£^A-'.?RICESK Ori .15* _worl3 . .Hie Secretariat lias also 
c wmve; wto.Tenain'firm published new supply estimates 
r' dunstt-%tb# '-.^resfeut ! season. For coffee. It puts world 1978- 
- ; laceOTding; to .^e Commonwealth 1979 coffee output at 71:$in bags 
'*■ : Secretaria£ f ^r' - . • . (60 .kilos each) and exportable 

- This forecast*, is based, on supplier at 53.6m bags, .'At the 

this month the 
Coffee Organ isa- 

. — • “*"* *v»woi i5/ 8-79. supplies at 

. .Tropical f Produce;*' . which put between " 69J7m and /73.79m 

- r 1978^ - production ^ at. l-.39m bags' so the ‘new forecast falls 
i tonnes and grindiugs at. 13 .7m, squarely in the middle’ of that 

" -Tbe. rosuttixiE^ 2d,000 ‘ tonnes range. '- _~: v " " " 1 

■'surplus is;; 4mn4r .'.'to ihe J2l,000 . .. The new forecast represents 
^predicted hy-tadon-mercljidits . V 4.4. per cent' 1 increase 1 over 
: GH1- ' sod ^Botfus- earlier this . -estimated ■ ■ prodnctjon-^m the 
*. monffi;- eamriateis r 6n., 1977-73 season. 

. Brazilian productios>n) 1978- 
T ld pr0 ‘ 1979 is expected to reaqh 19m 
; 2^,000 ' tonnes - bags and may rise to 2(to in the 
Gm and Duffus’ but .following season bid the 
. . ylius-is -compensated by. the fact Secretariat says Brazil’s 
= - that lta “demand estimate 'is 
' 30,000 tonnes higher. • 

' “If these-. • -forecasts are 
. realised,"^ be ^'Secretariat s^ys, 

.-. - . v prices.will tend to remain Ann; 

at lea st in the ^sbort ierih. " . 

"; ;lt . expects -Latnr rAmerica’s 

- share, of. the- world cocoa crop 

. - to continue, to rise at . the 

. : expense of the "West' African 
■ prodocerst' By the 1984/85 
-- -season - ;'the Latin American 
. . 1 share -could have risen to 34 per 
. - cent from, the present 29 per 
- cerfct. ! mainly reflecting exten- 
sive'new plantings In Brazil, the 
. Secretariat says. - 

-Ghana’s total 1973/79 crop is 
forecast at only 270,000 tonnes, 

,-•! the - , lowest' level since the 
1958/59 season. But this is still 


expected to keep it in the lead -of 1980. 


says Bra*w$ pro- 
duction potential is about 26m 
bags. . • ■ , 

'Other major, production 
estimates ore:- Colombia.! 10. 1m 
bags (10.7m in. 1977-78fc Ivory 
Coast, 4.3ra {S.3m);:>Jffexico, 
,3.8m (3.7m); Indonesia, 3.2m 
(1.5m); and Uganda; 2.3m 
12.1m). - - : ; 

FMC TO BUILD 
£2M ABATTOIR 

By, Our Commodities Staff' 

FMC, Britain’s biggest meat pro- 
cessing and distribution com- 
pany, is to build a £2mjabattoir 
and processing cotoplex in 
Perth, Scotland. The : project 
should be completed by'^the end 


. t — 



in the world cocoa production 
league^— ahead Of the Ivory 
"•coast’ With'. 260, 00Q tonnes: 
.Bxazii -• ^20,000-260,000; and 
■-Nigeria; 170,000r. 


The company is finding the 
money from its own resources. 
Part of the finance is being pro- 
vided through the disposal of 
surplus assets 


School milk 
scheme 
boosts sales 

By Our Commodities Staff 

THE FREE milk scheme for 
schoolchildren between the 
ages of seven and 11 has In- 
creased liquid milk consump- 
tion in Britain by almost 1 
•per cent since it was intro- 
duced two months ago, 
according to officials at the 
National Dairy Council. 

Money for the programme, 
which was won at the annual 
agricultural price review in 
Brussels last spring, comes 
from the Common Market’s 
farm fund. 

Because many authorities 
turned down the offer of cash 
to cover the full cost of free 
milk for two terms only 48 per 
cent of eligible children are 
benefiting, the council said. 

The numbers will shrink 
further in the spring when 16 
councils carry through their 
earlier warnings that they will 
stop giving free milk when 
they have to begin making a 
small contribution to the cost 
from their own resources. 

Mr. George Holmes, council 
director, announcing that his 
budget in the New Year was 
to be raised from a I most, f 6m 
to. £7m, said his main aim 
was to win back recent falls 
In liquid milk consumption 
and expand sales significantly 
in the longer term. 

lie pointed out that the 
£2bn-a-vear milk industry 
spent less than £10 tn a year 
on promotions while the 
brewers spent £100m and fizzy 
pop makers £14m a year. 

The NDC is funded 50-50 
by the MHk Marketing Board 
and the Dairy Trade 
Federation. 

Men and Matters, Page 12 


Pakistan may 
scrap cotton ban 


Record tea crop expected in India 




' : .v k '. 
• £»• • 


- V* 


F-; ."' 

-. . " ■ 

- 1* 

I 0 *". " 

f= ‘i-. 

- vy-- 

fe 

r,* . 

‘ - Tij-v 
■ - ? s *: 
-. —r^r-.fx 

m 

:■ "T-- 


BY K. K. SHARMA . . 

NEW^fiLHI — Tea produc- 
' tfonirP India is expected to rise 
' *to 575m kjlpgrams in 1979-80 
" from . tbe -record level of 560m 
kilos expected in the current 
' financial year 

. ; The expectation is based on 
plans formulated by representa- 
tives' of the tea industry and the 
natk'nid ; pairing commission 
.which hopes production will 
' - increase -to- TOO- kHos within five 
years.-. 

ProductiDn' - .ia- the current 
: yearlsexpected to rise despite 
i the shaky 1 'banning owing to 
' heavy rain In north and horth- 
. east India, ’Production, in . the 
■ ndri^Js ,ottw. virtually over. 


The Indian Government is 
now considering a number of 
incentives for the tea Industry 
following discussions" '9ifh its 
representatives . who - :; have 
demanded higher subsidies for 
replantation and. ’extension of 
acreage. Increased production 
is needed both to meet domestic 
demand and export needs. 

. Although the export duty on 
tea was recently lowered, the 
Government has fixed an upper 
limit of 225 kilos for expbrt this 
year. It is hoped to raise this 
next year to get better earnings 
but this will depend oh, produc- 
tion trends and domestic 
demand. • .. 


Reuter adds from Calcutta 
that much larger tea exports 
can be expected next season, 
Mr. B. K Goswani, the Indian 
Tea Board chairman, told the 
annual general meeting of the 
Tea Research Asocial ion. 

However, urgent steps need 
to be taken if India is to main- 
tain its position in the world 
tea market, he said. 

The whole question of market- 
ing tea is being examined by a 
Government committee and 
action can be expected soon, 
Mr. Goswarai said. Despite 
rising domestic consumption, 
India interids to try to improve 
its share of the world market 


BY CHRISTOPHER SHERWEU. 

ISLAMABAD — Mr. Mian 
Zahid Sarfraz, Pakistan's Com- 
merce Minister, yesterday gave 
a categorical assurance, to pur- 
chasers of cotton from Pakistan 
that his Government would 
honour all commitments made 
by the country's Cotton Export 
Corporation (CEC). 

The CEC. a public body which 
is Pakistan's only buyer of 
cotton for export, was ordered 
to stop purchasing and export- 
ing cotton two weeks ago. The 
decision, m/de to ensure that 
lucal textile mills receive 
adequate supplies of cottou at 
economic prices following this 
year's poor crop, angered Euro- 
pean merchants and buyers in 
Japan and Hong Kong. 

Mr. Sarfraz said that Pakistan 
would not back out of its Inter- 
national commitments. The 
Government would know within 
one month what the precise 
crop position was. once all the 
cotton had shifted from the 
farmers to the ginuers. At that 
point it would be clear whether 
there would be an exportable 
surplus. 

“ If we find there is no 
exportable surplus," Mr. Sarfraz 
said, " we will settle with buyers 
at the prevailing international 
prices." He was confident this 
would not turn out to be neces- 
sary. and that there would be 


no overall shortage either for 
the struggling domestic mills 
or for export. 

Prices in the local cotton 
market had climbed because of 
apprehension and speculation 
about the cotton crop, he said, 
and he had to intervene both 
to preserve the profit margins 
of :he textile mills and because 
it would have been worse if they 
failed to honour their commit- 
ments. Prices had since fallen 
back. 


USSR raises 
grain target . 

MOSCOW — Mr. Valentin 
Mesyats, the Soviet Agriculture 
Minister said here the USSR is 
aiming to produce 227ra tonnes 
of gTain in the new crop year. 

Last .season the target of 220m 
tonnes was exceeded by a record 
harvest of 235m tonnes. Mr. 
Mesyats said the crop would 
enable The USSR to build up 
livestock with the long-term aim 
of easing the shortage of meat. 

Reuter added the Soviet 
Union's sugar beet harvest this 
year will be about 95m tonnes, 
2m more ihan last year. 

This compares with a harvest 
of 99.9m tonnes in 1976 and 
93.1m in 1977. 


‘Satisfactory’ year for 
Danish fishermen 


BY HILARY BARNES 

COPENHAGEN — The 
Danish fishing industry has 
enjoyed a reasonably satisfac- 
tory year in 1878. according ro 
a statement by Mr. Svend 
Jakohscn. the fisheries Minister. 

He said that forecasts to the 
effect that 1978 would be 
disastrous for Danish fishermen 
have been put to shame. 

He said that the quantity of 
fish .caught in the first nine 
months of the year was down 
by a mere 1.5 per cent com- 
pared with the same period in 
1977, when the catch totalled 
1.4m tonnes. 

The catch of fish for industrial 
processing was unchanged while 
there was a small decline in 
landings of table fish. In terms 
of value, the table fish catch 
increased by 7 per cent and the 
industrial fish catch by 10 per 
cent, compared with last year. 


. While there was a small 
decline in the catch of cod and 
haddock this was balanced by 
a slight increase in the catch 
of mackerel while for industrial 
fish a fall in the catch of 
Norway pout was offset by a 
larger sanded catch. 

Mr. Jakobsen said that he 
understood the irritation among 
fishermen at the failure to 
agree on a common EEC policy, 
but he said that EEC member^ 
shin was nevertheless a condi- 
tion for securing a future for 
the Danish fishing industry. 

Mr. Laurids Toerness, chair- 
man of the Danish fishermen's 
association, said in a new. year 
statement that the continued 
uncertainty with regard to the 
EEC fisheries policy was making 
it impossible for Danish fisher- 
men to plan ahead or invest for 
the future. . 


U.S. AGRICULTURE 



High prices cheer 
peanut growers \ 


ATLANTA— The -U.S. peanut 
crop for 1978. aided by a better 
than expected harvest in 
Georgia, may well turn out to 
be a record. 

The big crop, combined with 
rising overseas demand for 
American peanuts, has made 
1978 " the best for peanut 
farmers in years," said Mr, J. 
Tyron Spearman, coordinator of 
the Georgia Peanut Commis- 
sion. 

Georgia accounts for more 
than 40 per cent of the U.S. 
crop and ali-but-complete statis- 
tics from the Georgia Crop 
Reporting Service put the State's 
harvest at 857,600 tons, up nearly 
15 per cent from 1977 when 
exceptionally dry weather had a 
major impact. 

Mr. H. E. “ Andy " Anderson, 
who heads the peanut division 
of the Gold Kist farm co-opera- 
tive group, said the near record 
yield in Georgia ” surprised 
everyone." 

Many thought drought condi- 
tions through much of this 
year would cut the crop as in 
1977, “ but a couple of late rains 
at just the right time and 
perfect harvesting weather 
saved the day," said Mr. Ander- 
son. 

Due to later harvesting in the 
Texas-Oklahoma area, final U.S. 
Department of Agriculture 
figures on the 1978 harvest will 
not be released until mid- 
January. However, provisional 
estimates show a 1978 crop of 
1,989.860 tons, or about 50,000 
tons above the previous record 
harvest of 1,928,600 tons set 
in 1975. 

Mr, Frasier Galloway, of the 
Georgia Crop Reporting Service, 
said one reason why this year’s 
dry weather didn't have so great 
an impact was the increasing 
amount of irrigation being used 
by peanut farmers. He estimates, 
that 35 to 40 per cent of the 
more than 500,000 acres of pea- 
nut land in Georgia is now 
irrigated. 

Mr. Galloway also said the 
1978 outlook was never as bad 
as some believed. ** The way 
these poor-mouthing farmers 
talk you would think we had 
lost the crop at least three times 
this year." 

Under, the Government's 
“quota support rate” system. 
U.S. peanut farmers receive a 
guaranteed price pf 8420 per ton 
for about 75 per cent of their 
acreage which is allocated for 


BY ALAN JENKS 

domestic consumption. The floor 
price for export markets is S250 
a ton. but fanners have been 
getting more than this because 
of goad overseas demand' for 
peanuts. 

. Although, there isn't any 
specific world price. for peanuts 
due to different grades and 
qualities, Mr. Frank McGill, a 
peanut specialist at the Univer- 
sity of Georgia, said that world 
prices have been running at 
about 90 per cent of the $420- 
per<ion domestic level. 

Competition 

Mr. McGiil and other peanut 
experts say the main reason for 
the strong foreign demand for 
American peanuts has been the 
failure of India, the world's 
largest grower, to do any ex- 
porting in 1978. 

The U.S. also faced little com- 
petition in 1978 on world 
markets from African countries 
such as Nigeria and South 
Africa, which in the past have 
been considerable exporters. 

Although the Indian peanut 
harvest for the current season 
hasn't yet been completed, the 
amount the New Delhi Govern- 
ment allows its farmers to ex- 
port in 1979 will be the key to 
foreign demand for American 
peanuts. 

India can produce as many as 
8m tons of peanuts in a year—; 
four times the U.S. crop. But it 
is generally expected that 
India will limit its exports in 
1979 to 50.000 tons or less, said 
Mr. Anderson of Gold Kist. 
which is the largest marketer 
of peanuts in the U.S. (Gold 
Kist has also managed the 
Carter peanut • ' warehouse 
business in Plains. - Ga., since 
President Carter took office 
early in 1977.) 

In- the fiscal year ended July 
31. 1978, -American peanut ex- 
ports totalled 511,000 tons, up 
more than two thirds from a 
year earlier and this rise in ex- 
ports has continued through tn 
the end of 1978- 

The largest importer .- of 
American peanuts is Britain 
which bought 67.750 tons in the 
12 months to July 31. The, 
reason for the. high British de- 
mand,. ' according to Georgia 
marketing ! experts; .is, ■ the 
decision of • - Rowntree- 
Mackintosh to promote the eat- 
ing of peanut butter in the UK. 

Mr. Spearman, of the Georgia 


Peanut Commission, said . the 
success of the American peanut 
abroad is due to the belter 
quality of the' U.S. product, 
better control over disease and 
more reliable delivery. 

■However, good worldwide -.de- 
mand fur peanuts is almost 
certain to result in increased 
competition for American 

farmers. " IVe cannot expect to 
go unchallenged on international 
markets i£ peanut prices stay 
the -wav they are now," said Mr. 
Anderson. 

In the hope of retaining land 
expanding their overseas 
markets. American peanut 
growers are organising their 
first export promotion pro- 
gramme. 

.Mr. Spearman said mare 
than S300.000 will be spent in 
1979. with trade missions 
travelling to the Soviet Union. 
Italy, Spain. France and Japan. 
“ If everythin? goes right. :we 
may be selling peanut butter 
in a tube in Sweden by the end 
of next year," said the Georgia 
Peanut Cum mission coordinator. 


Lead at new 
record price " 

By Our Commodities Staff 
CASH LEAD reached a new- 
record price on the London 
Metal Exchange yesterday, gain- 
ing £5 a tonne to close at £447. 
Dealers said the “very firm" 1 
undertone to the market Was 
unaffected by currency 1 
fluctuations. 

Main influence continued, to > 
be the losses of production at 
the Stolber? refinery of 
Metallgcsellschaft which has 
been closed by a fire. • 

A spokesman for the company 
could not say how much output 
would be lost, commenting only 
that the works would be com- 
pletely closed until mid-January. 

Three months lead rose £3.425 
a tonne to £412.75. 

- Copper prices remained vir- 
tually unchanged, the market 
ignoring currency movements 
and even U.S. producer price 
increases. Asarc-o. raised domes- 
tic prices for electrolytic metal 
by 0.5 cents a pound. Pennzoil's 
subsidiary Duval put prices up 
3 cent. 

. The tin market was firmer 
and prices rose, assisted by the 
decline of sterling against other 
currencies . :• 




COMMODITY MARKET REPORTS 

[BASE . METALS 


AND PRICES 




:COPPEfi— Mqvad- quietly -on . tha 
-• London Metal Exchanga wiffi . trading 
•; i(*‘" forward matat hold between £785 
.-.and' £788 throughout tha -day... • The 
,j. Wnarket Ignored - oihaido influancas like 
/.currency (novamenu and prica r<saa 
. fmpng^ U.S. producers. Activity was 
7. .-mainly confined to book-squaring and 

large - portion of tha tonnage moved over . 1.260 wnneit. 
/ was. carrier .“The-, closa' on die Kerb 
' ' was £787. -Tumovar 24.475 tonnes. 


three'- man tha £775-- Kerbs: Wlrabais 
three manrhs £787.5, 87, B7.5. 

Tint— Firm, si though forward metal 
started at £5,750 despite the rise in 
the East overnight In fire morning the 
price moved up to £6.790. but activity 
quickened In the afternoon as. buying 
against .physical and stop>loas pur- 
chases lifted the -price. Tha rise was 
assisted by' the (ail of the pound. The 
close -on the Kerb was £6.900/- Turn- 


trading although there were no new 
factors to stimulate the market. Alter 
starting at E408-E410. forward metal 
held during the morning between £411 
and £413 and a slightly higher level 
prevailed in the afternoon. The under- 
tone remained Firm and the back- 
wardation widened. The market ignored 
currency movements and the pr<ce 
cloned on the Kerb at £414 25. Turn- 
over 7.800 tonnes. 


U 5 cenis per pound); Daily price 
or Dec. 27 178.90 f175 .24);. indicator 
price lor Dec. 28; 15-day average 178.20 
178.411; 22-day average 180.65 
1B1.06). 


RUBBER 


COFFEE 


■PRS-. 


" ‘-i/ 


Kv 


fi' 

J;, 

v.- 


i.: - 

■ v 


. J i.ni. (+ of 
. jrqpnrailoflictiLi j — 

p.m. 

tfoofflotal 1 

+ or 

: -i ■ £ ! £ 1 

£ • '! 

£ ' 

Prshm • ! 1 - 

Caah.....,.Tt 77S-.B ( -1.7b 772^-3^1 

-1-5 

Itunuthe.! 7B6-.6 ' 

' 7B7-.6. 

+ .fcb 

Sctti'mjit 773-5 -2 1 

. ' 


L Cathodes ’ ’ 


" 

Caab 755-6 -r3.5 

759-60 

+ .5 ' 

montiia^ 775-A -2-26 

.776 .6 

+ .25 

&it[’raflt 766' +3i 

. -i- 


PJL'SijjtJ . ....; 

• *72-3 

. 


a. to. 
Official 




jcuku Grade' £ | £ ■ 

Cwt 1 6900-S j+77-5 


P-TO. 1+ 01 
irnwCiciBl| — 


3 mutifini. 
Settleni't J 
Standard 

l"a* 

. 3 months 
fiettlexn'l. 


£ l £■ ■ 

... 69S0 701+117' 
,6790-800;+ 2fi I 6860-75 +77.5 


btralri. BJ JS1791 
ffev York- — 


6905 

68 BO-5 
6780-5 
6885 


+ 75 

+ 60 
+46 
+ 60 
+ 10 


UBAD ■ 

a.m. |+ or 
OHlcfail | - 

p.m. 1+ nr 
L T nafWclall — 


£ 

1 £ | 

£ 1 

Ctish. i 

446-7 

'+12 

446-8 +5 

3 months j 

411.5-3 

!+5 1 

412.5-3 '+8.12 

Sett’memJ 

447 

i+Mi 

I 

U.8. bpot.| 

— 

1 1 

•36.36 1 


Dealers noted moderate activity in 
Robuata futures in spite of holiday 
lethargy and vbIuos eased from the 
previous close in early trading. Drexel 
Burnham Lambert reported. Trade sell- 
ing on dhe close took the market to - the 
day’s lows bur laia buy orders held by 
one broker held values steady in late 
trading. 


6940-50 .+ tOZ 
6860-5 J+TOO' 


Morning; Standard cash €8.880, SO,- 
80. three months £8.765, 70. 75, 80.. 85. 

• IM.I High Grade cash £6.900. Kerbs: 

- • Standard three months £6.785. 80, 85. 


fiiar m the morning cash wire ba re 
traded -at £773:5, 72. three months £787, 

. 66.5; 87; -'87.5. 87. 86.5. 88. 88.5. 88.5. 

. Cathodes cosh £757, 56.5. three months 
*774.5; 74. . Kerbs: Wire bars three 

■months E7B8, 86.5. 86. Afternoon; Wira- 
. bai»; three months £787. 787.5; Cathodes 


Afternoon: Standard cash £6,930, 40,.' 
three months £6.790, 95. 6.800, 20. 30, ; ;. 
25. 30. 40. 50. Kerbs: Standard three 
months £6.860, 55. 80, 

B.900; 

' LEAD— Gained ground 


Morning: each £445. 48. three months 
£413. 125. 12. 11. 11.5. 12. Kerbs: 
three months £412. 11.5. 12. 12.5. 
Afternoon: -three months £413, 14. 13.5. 
14. 13.5, 13, 12.5. Kerbs; three months 
£412.5, 13, 13.5. 

ZINC— Steady, influenced mainly by 
lead, but the market was quiet. For- 
ward men! moved between £354 and 
£358 during the pre-market and this 
established the price range lor the 
day. The close on Kerb was . £336.5. 
'-Turnover 10.650 tonnes. 


COFFEE 

VWwday'sj " 

I'lUMf 1 + nr 1 fliiNlmere 


j £ pur totmej ' 

Januat}' 

.Usn-h 

1 

,14561465 -20.0 1473-1448 
' 1306-1307 -73.0 1322- 130/ 
1224-1226 -2D.0. 1246- 1221 
1175 1180 -27.0 1810-1180 
1 145- 11 SO. -80. D 1183-1170 
1120-1125! -30.0 1150-1140 
1096-1105 -3S.0 


depleinl+r 
.Voreml+r...! 
January...... .1 


QUIET opemnq on the London 
physical market. Easier throughout the 
day closing uncertain. Lewis and Peat 
reported the Malaysian go-down price 
was 238’* {ZSBM cents a kilo (buyer. 

January). 

_ . 

No. 1 jYemerday'a Prennua , Bu-lneo* 
B.s_a. > CU**e j Uiwe • imne 

.F*h 87.25-57. 40 : 58.KL6fl.B5. 67.88-57.25 

Mar 61.00-51.05' 88.B5-6fl.90 5B.OO 

Apr- Joe 69.58-55.60' ED.46-E0.M: 50.00-69.25 
Jv^ent. Bl.BD-fll.86, B2.70-62.75 1 B2J0.fll.70 
'i.-f-Ow-' S4.40-B4.4B- 65.06-65.101 65.00-64.00 
JKO-AUr 66.50-86. 85' 87.S5-67.40j 66. 66- 66. M 
Apr- Jne 68.85-6B.Bfl' 69.75-69.60' 69.10-68.80 
Jv-Oept-! 71.10-71.25i 72.15T2.2Qi 71.1571.10 
ir<+.nw[7fl.66-7l.40; 74.50 74.66! 75.7fl-73J5 

Sales: 11 (19) lots of 5 "tonnes. 341 
(154) lots ot 15 tonnes. 

Physical closing prices (buyers) 
were: Spot 5B.25p (56 75); Fob. 58p. 
(58.75): March 58.75p (59.5). 

SOYABEAN MEAL 


• LC. Index Limited 01-351 3486. . . Three months I 

29 Lfmoot Rood, London SW10 0HS. 
r - !;•, Tax-free trading on commodify f mures. 

2, The commodity futures market for tke smaller Investor. - ■ 


. 80,-80 

± . ZINO | 

A.m. 

Official 

j+nr| 

' 1 

P-m s 

UnuOk-uU 

ft+nr 



£ 

i * ; 

e 

1 £ 

411-415 

Cash 

347-. 5 

i+ij. 1 

34S-.5 

+ 

Ul 

a 

•i mimUis . 

355.5-6 

+ .6 1 

357 .6 

IT 1 


d'meot .... 

347.5 

+ 1J 1 

— 



■ Prlm.vNtj 

— 

1 

•S3.3<.5 



GOLD SILVER 
PLATINUM 

Buyers -Processors -Refiners 

- " Basic Metal Co Ltd •' 

- Vineyard Walk. London ECT 
01-278 6311 Telex: 271 59 


^-mHAAROGATI— a 

©UlSroati-Sottl' 

B ’ UT4 S5J& p c'l!i^ SHM 

. Conference Sucre tary RAC- 

Ap Telaphona (0423) 504051 ■ ■ V. 

I. - -- ISO Boons Ml yb* 3 n nan Seitw . - -- 
Plu try to*!**** 3W + 4 Print* Koam *75 
I: Kenan 0Jataii3Bfl+ Bnflflatttaauitans. -.’ 
\ 3 awt a a ia a m tll aja.tall re,--. 

"TELEXB7322 OLD SWAN HAROGAT C 
M Orient BrUA/nS PfiEST!G£ HOTELS efl 


COMPANY /NOTICE 


THE COPENHAGEN C»UNTY AUTHORITY v 
" ;. 1 7 i % 1972^1987 $US 15 >000,000 LOAN 

NOTICE is hereby given to bondholders of the above; 
loan that Ibe amount redeemable on February .15^ : 
1979 i.e. ?US 500,000 was bought in the market. 

- ; Amount outstanding: $US 13,500,000. 
Luxeniboin^ December 28^1978 : 

v , . , . The Principal Payi ng Agent-'- 

. - - ■: ■ . • ‘ . KREDIETBANK - 4 : ; 

- - - . : V . . - .-SA. Luxembpurgeoi.se ,; v 


Sales: 3,248 (2.647) lots ol 5 tonnes. 
ICO Indicator pricau for Dec. 27 (U S. 
cents per pound): Colbmbian Mild 
Arabicas 172.75 (172.50): unwashed 
Aiabitas 143.00 (same)* other Mild 


jY CTtwtfaj -f «r I JJii*iiii»» 
' Ch»e i — Hone 


Arabicas 131 00 (131.501; Rcbustas ICA 
1978 129.50 (samel; Robuslas ICA 1588 
130.50 (same). Daily average 130.2S 
(130.50). 


Morning:' cash £349, three months 
£358. 55. 55.5.. Kerbs: three months 
£55.5. Afternoon: cash £349. three 
months £356 . 56.5, 57. Kerbs: three 
months £257. 

ALUMINIUM— Euler as forward 
morel moved from £620 to £61 B in 
the morning. Bui the price steadied 
in tha afiemoon as sterling moved 
down, and closed on the Keib at E620 
after a day's quiet trading. Turnover 
4,500- tonnes. 


GRAINS 


AHunln‘oi| a.m. :f+or ; r^ nl - f-f-or 
Official , — iFnidipai i — 


dpot_ 

3 nmnllit- 


LONDON FUTURES (GAFTA)— Grains 
opened up 15p lower on wheat, 20p 
lower on barley aid crops. Wheat 
values eased slightly initially in very 
thin volume due to some pressure on 
the Spot position. But buying interest 
in the distant increased values to close 
firm 10/25p higher on lack of sellers. 
Barley old crop sow a good trade with 
excellent commercial buying interest to 
close steady unchanged on January to 
15p higher. New crops did not trade 
and closed unchsnged on barley to 
20p- lower on wheat, Acfi reported. 


i£penonnK j. 

Fehmary 124.5B-24.fi -Q.S0 24.70-24.Ofl 

April 122J0-22.6 -0.75 26.20-21.80 

June. fliO.BO-iO.a;— l.M. 20.80-20. 50 

Aurhji 121.2+22 6 -1.86' — 

■ H.Kil«r 1 121.60-24.0 -0.75 — 

I >n -em her ....1 12 1.50-26.0 — 0.50| — 

Kehruary iliO.OC l7.5- 0.75| — 

Sales: 101 (BO) lots of 100 tonnes. 


SUGAR 


LONDON DAILY PRICE (raw sugar) 
£94.00 (£97.00) a tonne cil lor Nov.- 
Dec. shipment. White sugar daily prica 
was fixed ar £94.00 (E96.50). 

Opening prices were slightly below 
kerb levels but Idler drilled with 
further louses of around 50 points 
being recorded. Later, however, higher 
overseas quotations stimulated 


* : 1 % i 

6 lag i— 3.61 6ia£) '—2 


WHEAT 


BARLEY — . 


Morning: three months £619. 18. 
Kerbs: three months £619. Afternoon: 
three month* £820. 19. 

• Cents- per pound, t *ST per plcuL 
t Oh previous (Official dose. 


fi’nth 

Yertenfay 

clour 

sj+or 

Twte+la.v’* 

dare 

+ ..r 

Jan ... 

91.70 

;+o.io 

B5.20 - 


Mar... 

93.85 

[+0.1B 

85.70 

+ 0.10 

Way.. 

fept. 

Not— 

96.35 

89.90 

92.75 

+ 0.25 
— 0.20 
(-OJO 

88.26 

83.70 

86.55 

-0.16 


were recovered, reported C. 1 

Izarnikow. 

Sugar 
I'ref. 
Cmmn. 
Cun. | 

1 

Yeacenlay’i 

tlaae 

[ JPreviuna 
CIl<m 

J BosineMs 

| Dune 

1 


371.0. 372.0. 371 0-371.0, 4; May 373.0. 
374 0. ml., ml. Sales: 29. 

NEW ZEALAND CROSSBREDS — 
Close (in. order buyer, sellar). Dec. 
unquoted; March 183.0. 185.0; May 
185 0, 186.0; July 187 0, 190.0: October 
190 0. 193 0: Dec. 192.0. 197.0: March 
193 0. 198.0: May 193.0. 198.0.; Sales ■ 
ml. 

BRADFORD — Prices in tha wool textile 
industry have shown no movement 
because of the holiday period, though 
there was a certain amount ol business 
about at low prices iust before the 
-holiday. 


MEAT/ VEGETABLES 

MEAT COMMISSION— Average fat- 
a rock prices at representative markets 
on December 28. GB cattle 72.42p per 
kg I w (+078). UK sheep 138:5p per 
kg. eat. d c.w. (+4.8). GB pigs- BG.2p 

S et kg. Iw. ( + 5.6). England and 
tales: No number changes due to 
holiday marketings. Cattle average 
price 72.62p (-rO.flOJ. Sheep average 
price 138. Op f + 3.2). Pig average 
pnee 66. 2p ( +8.6). Scotland: Cattle 
numbers down 45.8 per cent, averaqe 
puce 7l.68p ( + 0.06). Sheep numbers 
down 60.2 per cent, average price 
129 3p (+7.8). 

SMITHFI ELD— Pence par pound. 
Beef: Scotch killed sides 56.0 to 60.0: 
Eire hindquarters 68.0 to 72 0. fore- 
quarters 37.0 to 42. D. 

Weal: Dutch hinds and ends 96.0 to 

100 . 0 . 

Lamb: English smell 50.0 to 62.0, 
medium 44.D to S8.0, heavy 48.0 to 
56.0: Scotch medium 50.0 lo 56.0, 
heavy 46.0 lo 53.0: Imported frozen: 
N.Z. PH 46.0 to 47.0, N.Z. YLs 46.0 
to 46.0. 

Pork: English, under 100 lbs 38.5 
to 46.0, 1 00-120 lbs 36.5 to 45.0. 

120-160 lbs 37.0 to 43.0. 

Partridges: Young (each) 200.0 to 

220 . 0 . 

Pheasants: Best (per brace) 300.0 
to 320.0. 

COVENT GARDEN— Prices in starling 
per package except where otherwise 
stated. Imported Produce: Lemons — 
Italian: 120s new crop 5.50-5.80: Cyprus; 
Trays 4.00-5.00. boxes 80/IBQs 4.50- 
6.50: Californian: Canons 90/165 6.00- . 
8.00. Oranges: Spania: Navel/ Kavelinas 
3.80-4.50: Egyptian:. Baladi 2.80-3.20; 


PRICE CHANGES 

Price in tonnes unless otherwise 
stared. . . 


Pei-. 38;+ «>r ; Monlii 
1978 i — • ag.t 


Metals ■ • J 

Aluminium £710 1 £710 

Free market iriei . 51-200/20. SI.I59/B0 

C opper cash W Bar £779 -1.5 '£757.5 

3 nwntlie. iln. ilo.'£7B7.2SU 0.2B £775.25 
CU»b Cathode... . . . £769.3 ;+0.b £746 
3 month* ", jn. .ln.'£775.2R + 0.25 £764 
flald...;.:...TK>)- (•/. $221.E2b — 1 .$196.6 

Ua.I«*»lv £447 i-r5 £438.5 

3 months . ; £4 12.75 +5. 125 £407.75 

>K<ke4 : : 1 : 

FK* MarkeUciriflHS 1.63 91.68 

, 1.76 :-.QQ5 : l.-flZ 


JJ;S;IVIarkets 


Detuium ln»r 

Free fieri et 

Quu-ksllver 

Silver I my w 

3 n mn l ha 

Tie rash 

i months 

Tungsten |z) 

Wi.lfram 22.04 HI. 

Zinc i-seb 

3 muni li». 

Producers 

Oils 

CuLimut rPhil) 

(i n Mind nut; 

Linaaed Crude. 

Palm Malayan 


.£156 ; £156 

..£172.8 ,+0.95 £164.55 
.!$ 180/170 + TO. 5 $140/46 
295.35)- 1 — O.L 303|. 
302.85^-0.9 3 ZO.Br> 
,£6,9<5 +IB2.5 £7.610 
£6.862.5+100 £7.486 

. S145.6G '9141.88 

. S1J4/140' S 158/4! 

. £349-25' + 0.76 £547.75 
£357.25 -r 1.0 £359.5 
$720 18720 

i I 

.■$910-/ -10 $860 


I £333 
8619( 


j—3.0 £333 
+ 5.0 $602 


SILVER 


Silver was fixed O.lp an ounce lower 
for spar delivery in the London bullion 
market yesterday at 295. 35 p. U.S. cent 
equivalents of the fixing levels were: 
spot 602.Sc. up 3 9c; three-month 
516.7c, up 3,6c; six-month 631.3c. up 
4.0c; and 12 month 861 .8c. up 5.0c. The 
metal opened at 294.T-295.1p f60lV 
603c) and : closed at 296.1 -237. Ip 
(600V802C):. - 


CUtSSlFIEb ADVERTISEMENT RATES 

EFFECTIVE: FROM 2nd JANUARY, 


per 
.. line 
£ 

5.30 
2^0' 
• 550 


; Commercial find." Industrial -Property 
Rtfa'aentlAl -Property;^ ' .- ■ 

Appointments- ' .. . 7 ■ -J- j. . 

Business . & Investment' UpportUmties, _ 

• Corporation/ Loans, Production Capacity, 

. Businesses ifor Sale/Wanted - - 
^BducationV Motors. Contracts & Tenders, 

■. Personal. Gardening. 

Hofeis and Travel ’ 

Book Publishers,' . . ... . 

premium positions available 

• r ' . (Minimum size 40 colnnm cms.) 

£1.50 per single cpiurnn cm. extra 

• . T . For. further details write to? 

. . L .Oasslfied Advertisement Manager, 

^ : Financial Times, 10, Cannon Street, EC4P 


625 

5.00 

5.00 


197 a 

- single 
colmm 
. . cm. 
£[■ 
. 16,00:: 
9,59 
16,00 - 


19.00 

15.00 

12.00 

S.00 


4BY. 


SILVER, ; Bullion + nr L.1I.E. 1+ or 
• )«r: j dKiU£. I — | ‘•■luau \ — 

troC dr. t priefi , 

Sput-.- w . 293,3Sp ,-0.1.296.9|i ffl.6 

5 uxwitb*'. 502.65p —fl.5 -304.4Sp tD.6 

6 muntbs.iS10.15p -0.5 1 — , ..... 

12 months' 326.75p -0.6 ' — ; ~.... 


* LM6— 1 Turnover 118 (81) lots of 
10,000 049. Morning: Three months 
202.9. 03.3. 00. Kerb: Three months 
303. 2. Afternoon: Throe months 304.2, 
04.4, 04.5. 04.6, 04.5, 04.3, 04.2. 04.5. 
Kerb: Three months 304.4, 04.8, 04.5, 
04.6, 04.8, 04.9. 


COCOA 


After a dull morning session, cocod 
prices rallied during the afternoon due 
lb further short -covering and fresh 
Commisson House buying reflecting 0 
stronger dollar lo close EE-C30 higher 
on tha day, reported Gill and Duflug- 


' COCOA 

Testcnlaj-'a: + or , Bnuinwa 
! Cloce ; — Done 

Dee. 

.1857.060.0 !+35.013a).e-192fl 

Mar 

.202EJ-23J) . + 27.5 20310-2003 


.203B3-5H5 :+iaJ5 2031620)2 

faj it 

. MK. 0-33.6 '+ 115 2044.0-2020 
.2028.0-34.0 +20.25 2030.0-5015 

fisn-b 

:SD25.0-310 ' + 16.0 2020.0-29 10 


. Sales: 3.7<V (3.187) lots o( lb tonnes, 
imemztioaai Cocoa Oiqannatioa 


Business don e - W heat: Jan. 91.65- 
91. 55. March 93.ffi-S3.70. May 96.35- 
96.20. Sept. ml. Nov. mi. Salas. 57. 
Barley: Jen. 83.15-82.95, March 85.65- 
85-45. May 88.05-87.95. Sept. nil. Nov. 
nil. Sales, 133. 

HGCA— Location ex farm spot 
prices. No prices lor N Lincoln, Herns 
and W Sussex. 

The UK monetary coefficient for tha 
week beginning ^ Jan. 1 is expected 
la remain unchanged. 

MGCA—Average ex-form spot prices 
for week endinq December 21. Other 
milling wheat: East 97. BD. E. Midlands 
90.00, N.E 92.80, Scotland 95.00. UK 
91.70. Feed barley: S.E. 81.00. S.W. 
80.90. East 80.80. E. Midlands 80.60, 
W. Midlands 79.B0. N.E. 80.00. N.W. 
80.10, Scotland 81.80. UK 80.40. UK 
forward prices for delivery during 
Feb. — M. Wheat (bread) 95.40. M. 
wheat (other) 92.10. Feed wheat 90.40. 
Matting barley 88.B0. Feed barley 
81.80. March— ML wheat (bread) 95.70, 
M. wheat (other) 33 30. Feed wheat 
91.30, Malting barley 92.00, Feed 
barley 84.80. 

IMPORTED— Wheat: CWRS No. 1. 
13^ par cent, Dae. 97.00 quoted. U.S. 
Dark Northern Spring No. 2. 14 per 
cent, DOC- 89.25, Jsn. 90 00. Fab. 
S0.50. transhipment East Coast. U.S. 
Hard Winter 134 per ««.. and 
Jan. 85.25, Feb. 85.E0, transhipment 
East Coast. EEC unquoted. Malio: 
U.S. /French unquoted. French Jan. 
107. Feb 108. lower East Coast. S. 
Africa White Jan. 67.50. S. Africa 
Yellow Jan. 67.50. Bartey; Enqtiah Feed 
fob Apr./June 90.50 EaBt Coast. 

COTTON 

LIVERPOOL COTTON— Spot and e hip- 
men c eales in Liverpool amounted to 
22 tonnes, bringing the total lor the 
week so fsr » 148 tonnas. Users 
were unwilling to operate freely in the 
circumstances, and only minor "trans- 
actions were recorded. Moat ol the 
demand wae in North and South 
American growths, although Middle 
Eastern ’ supplies were occasionally 
warned. 


£ per uioiitf 
Slareb .. lQ2.ra-D5.60 104.B64M.75 06.00-0Z.75 

May lO5.BD-OS.9Oillf7.D0-O7.OS 07.00 -05.D0 

Ang 1D9.90-09.85'110.75-10.85|10.BO- 09.50 

Uit ,1 1JL88-1ZJB! 1 14.00- T4.ZS 14.00-12.fi0 

Live 1 15.50- IB-fiSi 1 16. 50-17. BO 15.50-15.00 

Varvh _T 19.86-19.75 1 19.60-ZUB 19.75. 19-25 
May... JlZl, BO- 26.00 121.50-24.DQl — 

Salas: 2.467 (2.060) lots of 50 
tonnes. 

Tare end Lyle ex-refinery price for 
granulated basis white sugai was 
£264.85 (same) a tonne for home 
trade and £167.50 (£172.50) lor 

export. 

International Sugar Agreement (U.S. 
cents per pound) fob and slowed 
Caribbean port. Prices lor Dec. 27: 
Dari^7.95 (B.01J; 15-day average 8.07 

WHITE SUGAR — Close (in order 
buyer, setter, business, soles). Feb. 
92.28. 93.00, 93.00-92.75. 39; April 

97.50. 98.00. 97.25. 30: July 103.50. 
104 00, 104.50-104 25, 7: Sopt. 110.25, 

110.50. 110.50-109 50. 96: Nov. 115.75. 
116.00, 116.00-115.50. 30: Feb. 122.25. 
122.75. 122.50, 71; April 126.00. 128.00. 
nil. ml. Sales 206. 

WOOL FUTURES 

LONDON— The - market was quiet, 
reported Bache. 

1 Pence per Wlo) 


Australian :rtt*nl’yB|+ at! fiuain«* 
Grcmn'Wno:| Close I — ! ILmc 


December... — I ; — 

Worn '818Jl-25.il' 1 - 

fiav._ I8B4.0.JS.6' ’ 

July 331.0+0.6- - — 

Cli-tu'ier .....iB34.tW0.0i \ — 

Liewmber... 1235^-42 J) — 

Mann lfcSfi.fl.44JI. — 

May j 259.0- HU. - 

Sales: 0 (same) lots of 1,500 kg- 
SYDNEY GREASY— Close (in order 
buyer, seller, business, sales). Micron 
Contract: March 351 8. 352.0, 351.0- 

351.0. 2: May 358 0. 369.0. 358.0-357.5, 
7: July 362.0. 382.5. 362.0-361.5, 8; 
Oct 364 2. 364.5. 364.5-363.5. G: Dec 

368.0. 369.0, 368. 0-368. 0. - 2: March 


3.60-4.50; Egyptian:. Baladi 2.80-3.20) 
Greek: Navels 20 kg 3.60-3.80: Israeli: 
4.80-5.05. Clementines— Cyprus r 10 kg 

3.20- 3.60; Moroccan: 3.20-4.20. Set- 

sumas — Spania: Trays 1.80-2.60. Grape- 
fruit— Texas: Red Blush 4.60-4.60: 

Florida; 4.60; Cyprus: 2.20-3.60: Israeli: 
Jaffa 40/75 3.40-3.60, Apple s French: 
Stark crimson 40 lb 138/1B3s 4.40-5.30. 
20 lb 84s 1.70-2.00: 72s 2.20-2.40; 
Golden Delicious 2D lb 72s 1.80-2.20. 
84s 1.60-1.80. 40 lb 138/163/175* 3.50- 

4.0. jumble pack per lb 0.07; Granny 

Smith 20 lb 72s 1.90-2.20. 84a 1.70-1.90. 
large boxes 138/150/163 3.60-4.40. 

jumble pack 55/60 31 lb par lb 0.06- 
0 07. Bananas— Jamaican: Par lb 0.13- 
0.14. Grape* — Spanish: Almeria 3.30- 
3. BO, Negri 3.60-3.80; Californian: Red 
Emperor 20 '23 lb 8 00. Avocado*: 
Israeli: 3.30-3.50. Melons: Spanish: 
Green 5.80-6.00. 15 kg boxes 8/12s 

10.00. Onions — Spanish.- 3.00-4 .80; 
Dutch; 2.00-2.20. Tomatoes*— Spanish: 
0.50-1.50; Canary: 3.00-4.20. Cucumbers 
—Canary: 10/1 63 2.80-3.20. Capsicums 
— Canary; 0 25. Dates — Algerian: Per 
qlove box 0.38-0.43; Californian: Tubs 
0.30. Lettuce — French: 12s 1.80; Dutch 
24s 3.60. Walnuts — Californian: Per 
pound 0.40: Chinese: 0.30-0.31. Brazils 
— Par pound LWM 0.42-0.44. Tocantins 
0.36-0.37. Almonds*— Spanish: Semi-soft 
per pound 0.42, hard shell 0.30. Chest- 
nuts— Italian: 10 Jcq 4.5O-6.50: Spanish; 
5 kg 2.50-4 00. 10 kq 4.40&B0;. Por* 
tug usee: 5.00-5.50. filberts — Italian: 
Par pound 0.30-0.31. Pecan Nuts — 
Californisn; Per pound 0.B0. Potatoes — 
Italian: Boxes 20 lb 3.80. Peaches — S. 
African: 23/28# 2 20-300. . Apricots— 
S. African: Per pound 0.55-0.80. Celery 
— Spanish: 15/30# 5 50-6.50r French; 
5.m-5.5Q. 

English produce: Potato** — Per 25 feq 
140-1.80. Lettuce— Per 12 round 1.70- 
1.80. Mushrooms — Per pound 0.30-0.40. 
Apples— Per pound Brum lay 0.08-0 12; 
Cox'e Orange Pippin 0.ri5-0.13' 
Worcester Pearmein 0.04-0.06: Russets 
PP6-D.ce- Spartan 0.06-0.10. Pears— Per 
pound Conference 0.10-0.16. Cornice ■ 
0.14-0.-18. Cabbegeo— Per crate 1.00- 
1.20. Celery— Crate* 14/18s 1.50-1. TO. 
Cauliflowers— Per ,12s Kent 4 00-4.50, 
Beetroot — Per 28 »b 0.70-0.80. Carrots— 
Per 28 lb 0.80-1,00- Capsicums — Per 
pound 0-20. Onions— Per baq 1 BO-2 30. 
Swedes— Per 28 lb 0.70-0.80- Turnip* 
-—Per 2B lb 1.00.. Parsnips — Per 28 1b 

1.20- 1.40. Spiout*— Per pound o.os-o.qb. 


Seeds 

Copra Philip IS 625? | 1560 

Soyabean (U.d.j |S285« {—1.0 S277 

! | I 

Grains ; 

Barley | 

Home Future.. . /£B5. 7 1+ 0.1 £86.8 

Hair*. : 

French No. 3 Am £107 • — 0.5 £105 

Wh«r 

.\o.l Hnl dprinK-£97 ;+0.5 .£95.75 
\n.£ Hard WinterL'85.25 ; +0.5 £90.5 
Bnglinit Milling 1 £95.5« ; £94 

Other CanunDdities 

CnL-oa Shipment.... £2. 041 ; + 20. 5 £3,184 

Fiitura Mir. !£1.3M.5i + 2B.O.£8,l«.5 

(ifler Future 1 I 

Mir Lei. 306 —13.0 £1.490.5 

Coll on 'A' igdez....7B.i5u +0.1 l80.6<- 

lluMier kilo.:, 1 56.25 1> -0.5 j59.25r> 

Sugar I Raw) |£94 -3 l£99 

ICiiolTnpt 64e jkili>i. l 270i<_ I- '274p 

* Nominal, t New crop. 4 Unquoied. 
n Jan. -March, p Dec. -Jan. q Jan. -Feb. 
-r Feb.- u Jn. x per ton. rindlraior 


INDICES 


FINANCIAL TIMES 

Dr. Dei-- 37 finnlh a^o 1 Tear api 

257.51 1 257.34 265.63 | 236 
fBase; July 1. I932=io0i 

_ REUTERS 

Dec. SB Dee. 27 finuili ■po ] Tnr ajjo 

J495.3 1498.8; 1516.3 ! 1417.4 

l Base;" September 18." iB3L=100i 

DOW JONES 

Dow j Dec. "j Her, • Mouth f Vnr" 
Jones j 28. 27' | J syu * 

Hnot ....1354.47 382.70 3B4.43-341.76 
PiiturMi38B.67i381.03 395.12,333.54 
■ lAverait )K+c5-ifi=100< 

MOODY'S 



Her- 

i Her. .fiunth Year 

Mtmd.v'* 

28 

| 21 j bjii ago 


Spin Cirmmty. B77.4 97SS.4|96B.^8H9.a 
■ December 3!. 1931=100 ■ 


May 

Feb. 

Apnl 


JUTE 


JUTE— Steady. Jan. /Feb. C and F. 
Dundee: BWC C266. BWD C2S4. BTC 
E298, BTD £255. C and F Antwerp: 
BWB £570, BWC 5539. BWD S523. 
BTB 5568. BTC $541. BTD $525. Juie 
goods unchsnged. Dec./Jan. C and F 
Dundee: 40 in 10 ot £11-18. 40 in 
7.5 oz £8.55, B twills 30.D2+. 


Silver and 
gold mixed 

NEW YORK. Dec. 28. 
PRECIOUS mauls closed in mfxed 
leahion on moderate trade and Com- 
mission House oc unity following a 
smaller than expucted U.S. ' balance 
ol payments delicii - for November. 
Copper and sugai eased under the 
weight ol trade arbitrage selling while 
cocoa tallied following forecast- of 
lower world output. Bathe reported. 
Cocoa— Match 174 90 (173.30). May 

176.10 (174.40). July 176,20. Sept. 

176.05. Dec. 174.75. March 173.75. 
Sales: 1.276 • . - 

Coffee — " C " Centre cj; March 
132.40 (133 18). May 129.00-129.50 

(129.50), July 128.75-128.90, Sept. 
128 50-128.75. Dec 127.btM27.75. 
Match 129.50. May 129.00-130.00 asked. 
Sales. 704. 

Copper — Dec. 69 40 (69.55). -Feb. 

70 15 (70.35). Match 70.90. May 72 35. 
July 73.60. Sepi. 74 GO. Dec. 75.85. 
Ja.i 76 25. Maich 77 05. May 77.85. 
July 78 G5. Sept 79.46. .! 

Cotton— No. 2; Match C7 50-67.60 
(67.12). May 6t) 55-69 70 (69.17). July 

71.20- 71.25. Oci. 66.75-66.90, Dec. 
«. 75-64 79. Match 65.65-65.75, 

66 50 67.00. Sales' 5.050. 

•Gold— Jan 223.10 (222.80). 

225.10 (224 BO), Merch 227.10, 

229.20, June 233.30, Aug. 237.40. Oct. 
241.60. Dec. 245.90. Feb. 250.30. April 
254.70, June 259.10. Aug. 263.50.. Oct. 
267 90. Safes: 14.453. 

tLard— Chicago loose not available 
(23 50). NY prime steam 25.00 
nominal. 

ttMaize— March 232‘4-232i, (23t«,). 

May 24U.-241>j (240i,). July 247» 4 - 

247',. Sept. 249*,. Dec. 254-253V 
March 26 T.. 

§ Platinum — Jar,. 347.40-348 00 
IMS 80). April 352. IP-253 50 f35f 30). 
July 554 70. Oct 358 60-358.80. Jan. 
361.60-361.80. Apnl 364.40-364.60, 'July 

367.20- 267.40. Sales. 1,683. 

IStlver— Dec. 603.40 ( 604.80), 'Feb. 

607.20 ( 608.80). March 611.00. 'May 
618.40. July 626.80. Sept. 635.20. Dec. 
648.50. Jen. 653 20. March 662.60. 
May 672.20. July 681 BO. Sept. 691'50. 
Handy Harman spot 604 40 (603.50). 

Soyabeans — Jan. 678- 676 1 , (BC^l, 
Match 633-692 (69Efo|. May 703-702. 
July 707-708. Aug. 701. Sept. 678 1 ,. 
Nov 667-G67 1 ,. Jan. 676. 

CSoyabean Meal— Jan. 189.30-190.00 
(189 40). March 190.00-189 SO- (169 401. 
May 189.50-189.20. July 189 80-189.50, 
Aug. 189 80. Sept. 188.30. Oci. 186.50, 
Dec. 186.00-186 30. Jan. 186.00-18620. 

Soyabean Oil — Jan 24.60-24 70 
(25.08). March 24 85-24,76 (25.22). 

Muv 24 72-24 80. July 24.BO-24.75, Ahp. 
24.70-24.75. Sept. 24.10, Oct 23.'90, 
Dec 21 80- 23. 60. Jan. 23.45-23.60, 
March 23 25-23 55 

Sugar— No. IT. Jan 7 75-7 90 (7.831. 
March B.32-8.34 |8.33). May 8 55. July 
8.78, Sepl. 9.S0-9 01. Oci. 9.12. Jjn. 

9 55-9.56. March 9.76-9.78. May 9.B4- 

10 00 5a/es: 4.475. 

Tin — 6SO.OOJ762 00 nom. T646 OO- 
651 00 noml. Spot 660.00-662.00, asked 
(64PKI-G51 001. 

••Wheat— March 344 1 : -344>« (342»,). 
May 335‘ 3 -335 1 4 (232^). July 323L- 

323. Sept. 328. Dec. 339. 

WINNIPEG, Dec. 2B. tfRye— Ddc. 
91 .80 bid (91 60 asked). May 97.70 
bid (97.50 asked). July 99.50 nam, 
Oci. 102.00 nom. 

tTBariey— Dec. 74.20 bid (74,20 bfi), 
March 76.10 bid (75.90 bid),- May 
76.90 ajkod, July 77.30 asked, Oct. 
77.60 asked. 

§5 Flaxseed — Dec. 272.00 bid- (27L00 
bid). May 2B3.50 bid (281.50 bid). 
July 281.50 bid. Ocl 280.50 bid- 2 
Wheat— SCWRS 13.5 per cent 
protein content cif 5 l Lawrence 
187 05 (186.70). . ~ 

AH tenu per pound ex-warehouse 
unless otherwise stated. * fa per tr.oy 
ounce— 100-ounce lots, t Chicago loose 
fa per 100 lbs— Dept, ol Ag. -prices 
previous day Pume steam fob NY bulk 
tank care, t Cents per 56-lb bushel 
ex-warehouse. 5,000-bushel lots. 5 fa 
pet tioy ounce lor 50-oz unils ol £»,$ 
per cent puiiiy delivered NY 5 Cents 
per troy ounce e* -warehouse. [| New 
B contract in Ss a short tpn for 
bulk lots of 1(W short tons delivered 
lob cjrs Chtcaqa. Toledo. Si. Louis aed 
Alton. *• Cents per' 59-lb bushel .In 
stole. tt Cents per 24-lb bushel, 

J I Cents per 48-lb bushel ex -warehouse. 
55 CBnis par 58-lb bushel ex-warehouse, 
l.QOO-bushe) lots. CS* per tonne. 








LONDON STOCK EXCHANGE 

cast shadow over equity markets 

30-share index loses 5.3 to 472.9-Gilts react and rally 



Account Dealing Dates 
‘First Declare- Last Account 
Dealings lions Dealings Day 
Dcc.Jl Dec. 28 Dec. 29 Jan. 9 
Jan. £ Jan. 11 Jan. 12 Jan. 22 
Jan. 13 Jan. 23 Jan. 2ti Feb. 6 

■ " New limn ■' dealings may take 
pines from 9.30 am two business days 
earlier. 

Oil was the key factor in slock 
markets yesterday. The renewed 
threat of a tanker drivers' 
stoppage following the decision 
by some Esso drivers to strike 
early in January cast lengthening 
shadows over equities, while the 
deepening crisis in Iran, which 
has ceased to export oil. was 
another major unsettling 
influence. 

Awaiting further developments 
on both fronts and with business 
s Li 1 1 restricted b> seasonal con- 
siderations, it needed only a 
light weight of selling to depress 
sentiment in leading industrials. 
Dealers' offers of stock io 
broking sources were often 
rejected, manv of the latter being 
either more interested in 
financial end-year balancing or 
.suffering the effects of the 
extended holida> by clients. 

An initial mark down in the 
leaders went virtually unchal- 
lenged and the .subsequent reluct- 
ance of potential buyers fed to 
talk about ihe movement 
developing into the major set- 
back some analjsis have been 
forecasting. The FT Industrial 
Ordinary share index charted 
the course of evunis by register- 
ing a loss of 3.1 at 20 am and 
a closing fall of 5.3 at 472.9. 

The Iran situation together 
with latest weakness m the dollar 
amused worries uf yet a further 
hike in U.S. interest rules and 
ensuing unsettled eonditii.ns in 
short-dated Gill-edged securities. 
Investment funds were initially 
very scarce but as soon as the 
early selling waned, they began 
to emerge and shortly after noon 
a recovery developed. 

Further progress was made 
later and the early losses, which 
had ranged to i. were either 
reduced or eiasetl completely 
after Lhe official clus** of 
business. Trade at lhe longer 
pnd of the market was almost 
at a standstill but a select ive 
interest, usually from surtax 
payers, was shown for the low- 
coupon Funding 51 per cent 
19S2-S4 which ruse • Wi 8lJ. A 
fcw r other medium liTe issues 
improved in sympathy. Corpora- 
tions were uniesteri. 

Largely due to some institu- 
tional year-end clearing-up 

operations, mure interest was 
shown in the investment 

currency market yesterday. The 
premium, after moving between 
S3J and S2t per cent, closed 

unaltered at S3 per cent. 

Yesterdays S.E. conversion 

factor was 0.7000 ( 0.6991 >. 


Traded Options remained quiet 
with half the 232 contracts being 
done in ICi and only 24 of the 
lStt positions attracted any busi- 
ness. 

Insurance brokers dull 

Insurance brokers made a dull 
showing on fresh concern about 
the sector's overseas earnings in 
light of the weakening dollar. 
C. E. Heaih relinquished 7 to 
232 1 1 and Minet 4 to 170p. Down 
fi the previous day following 
news that the bid discussions 
with an unnamed suitor have 
been terminated. Brentnall Beard 
lust 2 more at 32p. Apart from 
an improvement of 5 to 186p in 
London United, Composites 
drifted lower. Sun .Alliance, 
504 p. and General Accident, 
20t»|). cheapened 8 and 6 respec- 
tively. while Royals gave up 5 
I'.i 380p aud GitE 4 to 216p. 

Home banks turned easier with 
Nat West closing 5 off at 283p. 
ANZ. however, rose 10 to 337 p 
amung overseas issues. 

Among the drinks sector, most 
issues drifted lower in an 
extremely slack trade. Arthur 
Guinness cheapened 3 to 166p, 
while similar falls were recorded 
in Highland Distilleries, 77p, and 
Distillers. -01 p Still depressed 
by fad in? 1ml hopes. Matthew 
t'larfc cl used 2 lower at 140p. 

Housebuilder' A. Monk again 
displayed weakness in the Build- 
ing sector, dropping 6 to a low 
for the year of 73p for a fall of 
24 since lhe recently-announced 
intertill results and the chair- 
man's bearish statement about 
current trading. Although hardly 
tested. Contracting and Construc- 
tion issues presented a generally 
dull picture. In contrast. Wilson 
tConnolty t found a little support 
and added a couple oi pence to 
125p. as did Y. J. Lovell, to 113p. 
the lauer following favourable 
Fress comment. Elsewhere. 
Ycclis Stone moved up 2p to a 
197S peak oF -lip in response to 
the annual results and proposed 
100 oer cent scrip issue. 

ICI drifted lower from the 
outset and closed 3 cheaper at 
3B4 p. Among other Chemicals, 
Farm Feed added a penny for 
a two-day rise of 6 at 68n and. 
in a* thin market. William 
Rausom udva need 5 to a high 
for the year or 305p. 

GEC react 

Leading Stores gave ground 
on small selling and laek of 
support. Gussies A lost 4 to 308p 
and British Home declined 3 to 
lS7p as did Combined English, 
tn lOfip. Secondary issues 
displayed an irregular tendency: 
Wallis cheapened 4 to 76p but 
H Samuel A added that much to 
1S2}> and Time Products 
appreciated 5 to 192p. Details 


of the increased interim loss had 
no apparent effect on B. Paradise, 
unaltered at -Op. 

Scattered offerings and the 
virtual absence Of support made 
for dullness in the Electrical 
leaders where GEC closed 
around the day's lowest with a 
fall of 6 at 323p. EMI eased to 
136p before recovering to close 
only a net penny cheaper at 
138p. Secondary issues also had 
an easier bias. Berec gave up 4 
to l30p and Electronic Rentals, 
a firm market of late, ran back 
a few pence to 152}/. BSR, down 
a penny at S4p. failed to benefit 
from news of the £4m. U.S. audio 
acquisition. Electronic issues to 
ease a shade further included 

Ratal. 3 down at 345p. and AB 
Electronic, 2 off at 15Sp. Against 
the trend. If. Wigfad continued 
firmly and put oo 4 lu 249p, while 


160 



120 ' 


Packaging 
and Paper 

F.T.- Actuaries Index 


h978 


JUl AUG SEP OCT NOV DEC 


in front of today's interim 
results, Crellon hardened a -shade 
to 13 

Engineering leaders were 
vulnerable to light offerings. 
John Brown reacted afresh to 
close 10 cheaper at 36Sp. while 
losses uf 4 were marked against 
Hawker. 222 p. Tubes. 376p. 3nd 
Vickers, 190p. Elsewhere. Baker 
Perkinx, a recent speculative 
Perkins, a recent speculative 
account profit-taking and reacted 
6 to 144p. Occasional selling left 
Bahcock and Wilcox 4 cheaper 
at 148p and Stave ley 3 lower at 
271p, while Drake and Scull gave 
up 2 tu 32p in smaller-priced 
issues. Among the few firm 
spots. Tex Abrasives put on 2 
lo 54p. 

With stock on offer. Foods dis- 
played modest falls. Tate and 
Lyle slipped 3 to 185p and Rown- 
Iree Mackintosh 5 to 390p. while 
Unigate shed 2 to 74p and 
Spillcrs 1 to 30 1 p. In Super- 
markets. Tesro eased a penny to 
53 ip and Associated Dairies a 
couple of pence to 202p. Occa- 
sional firm spots included Lock- 
woods and W. J. Pyke. both 2 
better at 104p and 67 p respec- 


tively. Still buoyed by the recent 
annual results, Carrs Milling 
added 2 to a 1978 peak of.70p. 

In quietly dull Hotels and 
Caterers. Lad broke came on 
offer and relinquished 4 to l77p 
and Trust Houses Forte eased 3 
to 255p. In contrast. Press com- 
ment highlighting the company’s 
bid prospects prompted a gain 
of 4 to l86p in De Vert Hotels. 

Turner & Newall down 

End-account considerations 
together with the worsening 
Iranian situation and the threat 
of a tanker drivers' strike, made 
for a dull day in miscellaneous 
Industrial leaders. Persistent 

small selling in an unwilling 
market saw Turner and Newall 
close fi off at a 1978 low of 157p. 
-while Glaxo also closed at the 
year’s lowest of 505p. down 
another 5 on further considera- 
tion of a leading broker’s bearish 
circular. Pilklngtoo came on 
offer at 29Sp. down 10. while 
Unilever lost 6 to 532p and Metal 
Box 4 to 29Sp. Beeebam touched 
615p initially but rallied to close 
a net 2 dearer on balance at 
625p. Elewhere, reflecting the 
•increased stake taken in toe 
group by Racak Electronics, 
EvteJ improved 4 to 230p, while 
small speculative interest helped 
Aeronautical and General 
Instruments improve 3 to 102p. 
Kennedy Smale found support at 
44p. up 5. while Provincial 
Laundries 12 per cent Con- 
vertible. 1986418 rose S points to 
£165. By way of contrast. 
Sotheby's declined 4 at 34::p. 
after 340p. and Beatson Clark 
also gave ’up 4 to 176p. 

Saga Holidays put on 5 for a 
two-day gain of 9 at 182p on 
expectations of increased demand 
for holiday bookings, hut Horizon 
Midlands, despite favourable 
Press comment, eased a penny 
to 123p. Elsewhere in i In- 
Let sure sector, Associated 
relinquished 21 to 70tp and 
Coral a similar amount to lOi'tv. 

Despite the return to profits. 
Reliant Motor's annual statement 
had no effect on the shares which 
held at 95 p. Garages tended 
easier as fears of a petrol short- 
age increased, with Heron down 
2 to 106p. 

Not helped by reports of a 
survey predicting falling circula- 
tions, Newspapers finished easier 
following a quiet session. Daily 
Mail A shed 5 to 353p while 
Associated eased 3 to 167 ri. 
Among advertising issues. Mills 
and Allen encountered further 
profit-taking following recent bid 
speculation and eased 2 for a 
two-day fall of 9 at 223p. 

Properties attracted a reason- 
able level of business given 
general market conditions, but 
sellers usually predominated and. 
in consequence, quotations gener- 


ally finished easier. In the 
leaders. MEPC shed a couple of 
pence to 149p, while English 
Property eased a penny to 3?$p. 
By way of contrast British Land 
improved i to 45p and the 12 per 
cent Convertible added 5 points 
to £171. Among smaller-priced 
issues, recently firm Regalias 
gave up 2 at 21p. but Westminster 
hardened a penny more to 26p, 
the latter on suggestions ttf a 
property revaluation. 

Oils unsettled 

Continuing fears about the 
possible repercussions from the 
Iranian political crisis made for 
another unsettled day’s dealings 
in Oils. Trading conditions were 
extremely thing and sensitive, 
with British Petroleum, down 10 
at 916p. particularly vulnerable 
to the occasional selling order, 
Shell gave up 8 to 565p, while 
Oil Exploration, 216p. and 
Siebeos (UK), 256p, fell 6 and 
10 respectively in the more 
speculative issues. News of the 
reduction in Us share of the 
Ninian oil field in the North Sea 
left Las mo down 6 more at 128p 
and the OPS 25 lower at 385p. 

S. Hoffnung reported a 42 per 
cent drop in first-half taxable 
profits and. although the interim 
payment was maintained and the 
company expects full-year results 
much the same as the previous 
year, the shares reacted 4 to a 
1978 low of 64p. Elsewhere 
among Overseas Traders, Gill and 
Dnffus tended dull on end-of- 
accnunt setting and gave up 7 
at 14b'p. 

Little of interest occurred in 
the Trust sector where the 
majority of movements were 
limited to a few pence either 
way. 

Shipping took a distinct turn 
for the worse. . Common Bros., 
a recent speculative favourite, 
ran back 7 to 183p. while Furness 
Withy, 236p. and Reardon Smith, 
73p. fell 4 apiece. P- & O. De- 
ferred, down 2 at S3p, were not 
helped by a Press report that 
the company is believed to have 
raised £4m by the sale of three 
of its older cargo ships- 

Sparse dealings in Textiles saw 
most issues barely altered from 
overnight levels. Courtauids 
lost 2 to 116p along with the 
market trend. Recently firm on 
bid hopes. David Dixon met 
small profit-taking and shed 3 to 
Ulp. 

Golds steady 

South African Golds shrugged 
off initial uncertainty arising 
from New York selling overnight 
and concern about the impact of 
an oil shortage in South Africa. 
Prices rallied although they 
closed below the best as the 
bullion price sagged in the 
afternoon. 


This advertisement is issued in compliance with the requirements of the Council of 
The Stock Exchange. It is not an invitation to subscribe for or purchase any securities. 


PRUDENTIAL CORPORATION 

LIMITED 

Incorporated under lhe Companies Acts 1948lo 1976 No. 1397169 


Authorised 

£ 

87,500,000 


SHARE CAPITAL 


Ordinary Shares of 25p each 


Issued and 
fully paid 
£ 

74,597.063.50 


All the issued share capital of Prudential Corporation Limited has been admitted 
by the Council of The Stock Exchange to the Official List. 

Particulars relating to Prudential Corporation Limited are available in the Extel 
Statistical Services and copies of these particulars may be obtained during usual 
business hours (Saturdays and public holidays excepted) between 29th 
December 1 978 and 1 2th January 1 979, both dates inclusive from : 


Prudential Corporation Limited 
142 Holborn Bars 
London EC1 N2NH 


Mullens and Company 
1 5 Moorgate 
London EC2R 6AN 


29th December 1 978 


LOCAL 

AUTHORITY 


Every Saturday the 
Financial Times 
publishes a table' 
giving details of 
LOCAL AUTHORITY 
BONDS 

on offer to the public 


For advertisement details 
please ring S. Cooper 
01-248 S0Q0, Extn. 700$ 


B. Paradise 
mid-way loss 
up £9,000 

For the six months to July 31, 
197$, B. Paradise, the clothing 
concern, reports an increased 
pre-tax loss of £4S.OOO. compared 
with £39,000. on turnover lower 
at il.llin against £l.34m. 

Mr. G. Paradise, the chairman, 
sajs that as forewarned last 
June, first-half results were hit 
bv adverse effects resulting from 
some major customers delaying 
placing of orders in the light of 
circumstances theo present. 

The delay in hnnie sales was 
also greatly influenced by 
unseasonably warm weather 
which continued into November, 
and has affected &ales in the 
second six months. 

The directors have, however, 
taken steps to reduce unprofit- 
able lines and now look forward 
to 1979 for which there are signs 
that trediag prospects Should be 
more favourable, ho states. 

For the year ended January. 
1978. the company achieved a 
£10.000 taxablfe profit, on sales oF 
£3. 74 m. 

Slated first-half loss per I0p 
share stood at 3.Sp compared 
with 3.1p. No interim dividend 
is payable — the last payment was 
a i.G5p net interim in Tespect of 
1976*77. 


Cementation 
(Africa) holds 
profit level 

Despite static turnover and 
tight trading condition? in the 
engineering industry. Cementa- 
tion Company (Africa), reports 
a profit improvement in the year 

to September 30. 

Op marginally lower turnover 
of R49.6in (R49.8m). pre-tax- 

profit increased Srora R3.56m to 
K3.7Sm. which came in a year 
characterised by the need for 
short-term planning resulting 
from generally slack demand. 

This 50 per cenl-owned mining 
contracting subsidiary of 
Trollope and Colls and Trafalgar 
House cut its contribution to 
earnings from R450.000 to 
R325.000. There were less 
diamond drilling and shaft sink- 
ing contracts on offer and 
generally tighter margins. For 
the current year, the order book 
is longer and increased profit- 
ability expected. 

However, on the engineering 
side, short-term prospects appear 
lo be less bright- Last year's 
results were achieved with com- 
pletion oF significant export 
orders and maintenance of 
export levels is increasingly 
doubtful. 


LONDON TRADED OPTIONS 


| January 

April 

Jil 

ly 



Exrc'&OiCiOsing: 


Closingl 

.Closing 


• Equity 

Option 

price 

offer . 

Vol. 

offer 

VoL 

offer 

Vol. 

close 

BP 

900 

34 : 

3 

67 


89 



917p 

BP 

B50 

8 1 

— 

38 

-- 

58 

5 

„ 


160 

1 I 

_ 

4 

5 

7 


14Sp 

Cons Gold 

160 

zo 

— 

29 

- 5 

29 

— 

W7p 

Courtauids 

120 

3 

1 

a«: 

— 

1QI* 

— 

116p 

GEC 

280 

46 , 

6 

56 

— 

— 

— 

325p 

GEC 

300 

27 ■ 

5 

«»1 

— 

54 

- - 

.. 

Grand Mat. 

100 

13l 3 ; 


171* 

7 

22 

— 

113p 

Grand Met. 

110 

4ir 

35 

91* 

— 

13 

— 

■■ 


120 

1 



5 

1 

7ljj 

— 


ICI 

360 

12 iji 

20 

19 

- 

33 


363p 

ICI 

390 

2 . 

47 

ai 2 

3b 

18 

— 


ICI 

420 

U 

— 

4 

11 

9 

— 

83p 


90 

1 

5 

41* 

1 

8 

. 

Shell 

550 

18 , 

1 

39 

— 

50 

— 

566p 

Shell 

600 

21* 


12 

23 

25 




Total* 


1 

121 


88 


5 


J 

February 

May 

August 


BOC Inti. 

70 

I':- 

_ 

4 

. . 

S 

2 

66p 

BOC Inti. 

ao 

l*» 

-- 

l 

2 



186p 

BOOti 

20D 

3i- 

12 

10 


15 


EMI 

160 

1 

— 

41- 

2 

a 


130p 

Totals 



12 


4 


2 



RECENT ISSUES 

EQUITIES 


1978 


§3 3 So, 

Issue io2 2?«i ! 

Price £d ejo ; 

p; «a. High Low 


Stock 


[“o I LfjsglssLs 

SSH.+ orLSifasaffi 

; 5 W I 


42 1* 

F.P. 24,11- 48 

4J 

Arncliffe Hldgs 

1 43 

1 -. • 

ASU.50 F.P. - ■ 78 

: 61 

Ashton Mining 58c. .. 

; 74 

1 + 2 

AS 125 

F.P.. — '106 

100 

: Aust- Farming A«1. 

105 

+ 2 

1SS 

F.P. 10/1 ,176 

171 

HarriaQueen6w'y 20p 1172 

1-1 

29 : 

F.P.. 5:1 * 31 

29 

iKitchen Queen IDd 

29 

1 ... 

1 10 . 

F.P. — 135 

115 

Miil'ttsL's'reShpsSOp ;131 

1-3 


m 2. 55 1 RAj 4.7l 6.9 

/7.B. 3.1. 6.8i 7.3 
(.1.54 3.4; 6.9[ 4.8 
WS.7- 1.8, 6.5h2.6 


FIXED INTEREST STOCKS 


= o ' 

SO. 


- 3 SiS 1978 


£ ■ H a c . 5o 


o.. J o: High'Uw 


BW I 

!l [*■- 

UCL 


I lOOp' 
JlOOp; 
■cl ■ 

# 

? • 

97p . 


F.P. 16,2 109p 109p Assoc. Dairies 9 S *“ Pref ! 109pi ... . 

£10 26/1 . 13 llij Colne Valiev Water 8 k i Red Prf. 1985 1 13 

F.P. 28; 12 lOOi? :p S9p Findlay 8% Cnv. Cum. Rod. Prf j 99p ' 

Nil 5.'1 • 6pm 2pm Hawley Goodail lft Cnv. Una. Ln. '66-M 6pm; 

F.P. 22/12 99p 97p Newman Inds. 10 i» t Acc . Prof. 37p —I 

CIO - . 15i, 13 Mid Kent Water 6% Pref. 1384 . I3U; 

Nil .11,1 'ljpm' iipm Riving ton Reed 9i9%Cnv.Cum. Red.Pref.il pm La 
F.P. 5/1; 99 P 98p.Seaw:ope lOUSPref |99p I ... . 


“ RIGHTS ” OFFERS 


; 1 Latest : 

1 Renunc, | 


Issue. » 

Pricoj S-| ■ 


1978 


■‘to. 


j High Lsw | 


stock 


IB* 

1= e 

■ o -- 
o'Z a 


560 , F.P. 

17 ! F.P. 
67 . F.P. 
305 ( F.P. 
193 . F.P. 
45 Nil 
130 | F.P. 
210 j Nil 
12S F.P. 
250 Nil 
53 I Nil 
186 I F.P. 
63 : F.P. 
228 i Nil 


8/ 12 12,1 
15/1226-1 
29,12 5:1 
15/12 12/1 
1S/12 12/1 
3>1 9,2 
8/12 12/1 
5,1 9 2 

15/12 12,' I 
3/1 - 9.2 
S/1 '26,1 
181210/1 
18/12 15/1 
10,1 9,3 


1 645 ' 
' 20 1«, 
! 77 j 

I 122 I 
I 116 ; 

! 5 pm 1 
. 1*7 . 
: 38pm 
! 161 . 
■ 70pm 

uST. 

; 76 : 
> 8pm 


568 iBaecham 

1912 Boulton iWm.i 

71 jCapper-Neill .. .. 
107 (Clifford iC/iaa.i .... 

101 jDixon 1 D .1 

2pm.Foster (John) 

140 Hoskins & Horton. 

32pm Lap Group 

i50;M. L. Holdings 

4Bpm.MeUI Box 

12pmiMilbury 

210 ,Stolhert A Pitt 

57 .Tern Consulate.... 
6pm : York Fine Woollen 


...I 627 1-3 

. . 19ia 

I 71 _i 

...; izz 

.1 112 I — 4 

-l 5pni|7!7... 

. I 143 

.... 3Bpm!+4 

155 | 

.... 48 pm 1—4 

.. 12pm{ 

... 223 j-a 
M j— 2 
...| 6 pm' 


Renunciation dale usually last day tor dealing tide of stamp duly. 6 Figures 
based or, prospecius estimaia. k Assumed dividend and yield, u Forecast divi- 
dend. cover based on pluvious yevr's v Div/dond and yield based on 

prosoeclua oi orhor 0 U 1 c.nl estimates lor 7979. u Gross. T figures assumnd. 
I Caver allows for conversion ot shares not now ranking lor dividend or ranking 
only for restricted d'V,ds»ds. $ Placing price to public. Pf Pence unless other- 
wise indicated. ? Issued by tender. H Ottered 10 holders of ordinary shares as 
a " rights." ** Issued by way ol capitalisation. §5 Reintroduced. VI Issued in 
connection With reorganisation, merrier or tako-ovar, |l‘l Introduction. £ Issued 
10 former preterenco holders. B Alleimem letters ior luMy-poid). • Provisional 
or parllv-psid allotment loners. * With warrants. 


The Gold Mines Index was- 0.7 
higher at 143-2. while the. 
ex-premium Index rose 0.6 to 
100.2. The bullion price finished 
$LOO lower at §221.625 an ounce. 

Trading was at a low ebb, 
however, and prices were 
supported by the steadiness Tof 
the investment dollar premium 
and the securities rand rate. 
Among the shares to hold gains 
were West Driefontein, j harder, 
at £23, and Vaal Beefs, l better 
at £13i. 

The general tone among South 
African Financials was steady 
with De Beers prominent, after 
demand from the U.S. over- 
night and early buying from 
Johannesburg, and finally 4 up 
at 382p, after touching 3S6p at 
one stage. 

London Financials were 
dominated by Consolidated Gold' 
Fields, which featured in - the 
day’s list o£ active stocks. The 
shares rose 2 to 17Sp in the 
morning and then remained 
untested despite the fall iix the 
bullion price, 

Rio Tinto-Zinc turned easier 
because of the strike at the 
Bossing uranium mine, but came, 
off the bottom on news of a 
return to work to finish 2 easier 
at 226p. Charter at 131p and 
Selection Trust at 444p. tended 
to drift. 

Tins were firm, reflecting the 
level of prices in the Far East 
overnight. Small buying in a 
thin market took .Ayer Hitam 20 
higher to 330p, While Berjuntai, 
Malayan and South Malayan 
moved up in sympathy. 

Coppers and Rhodesians were 
untested* but there were rises' 
among lrish-Canadians v especially 
in Auglo-United. which gained 
34 to 230p, as London prices 
were adjusted in line with a rise 
in Canada overnight. 


FINANCIAL TIMES STOCK INDICES 


Government Secs — 

Fixed Interest. 

.industrial .... 

Gold Minas-.-...,.....- 
. Gold MineafEx-S pml 

Ord. Oiv. Yield 4 

Earrings.Y'Id % IfulJ), 
>JE Ratio (net) 
-treatings marked'. — 
Equity turnover £m.| 
Equity bargains total- 


Dec. 

28 

Dec, 
37 ■ 

Pee. 

23 

Deo. 

21 

Deft' 

20 

r Dec. 

1 10 

A y ear - 

W';:' 

68.66 

68.66 

68.67 

68^5 

BB.49 

68.60 

. 

7055 

70,32 

70.37 

70.32 

70.33 

. 

B0.«: 

473.9 

478.2 

479-3 

478.2 

478.2 

476.1 

.490.6 

143-2 

143.5 

141.1 

139.2 

141.4 

i4di 

139.6 

100.2 

99.6 

99.8 

99.2 

WJ1.0 

• 101 J! 

iba.7 

6.10 

6.03 

6.02 

6.03 

6.02 

6.05 

5.45 

16.0& 

15.82 

15.79 

15.83 

16.92 

13.99 

16J7 

8.12 

. &S1 

8^3 

8.21 

8.15 

. B.ZS 

BJ56. 

8,446 

- 1,674 

1,793 

3,383 

3,080 

3,403 

3,563 


16.80 

27.38 

40.84 

51.98 

60.51 

65.98 

' — 

5,037 

6,039 

9,597 

10,328j 

12,385] 

18, 148 


■ V 10 am 475.1. 11 am 473.4. 

. .. : 2; pm .4723. 

latest Index 

-Wl- 

Edsi3 100 Govt. Secs. 15/10/26. 
-’3/7/35. Gold Minds 12/9/55. BbS 
-Activity Juty-Dac. 1942. 


'Noon 473.4. 1- pm 472.9. 

3 pin 473.0. . 

01-238 8026, 

. 7 . 88 . ' ' 

Fixed Int 1928. indus trial Ow. 
pm. index bunted June 1972. 5E 


HIGHS AND LOWS 


S.E. ACTIVITY 


1978 


High 


Govt Sees.. 
Fixed Int... 
Jhd. Ord. - 

-V 

Cold Mines] 


>ld Min 
x-£ pm! 


inesj 

Til. -I 


78.6B 
<3/11 : 
8L27 
19/1) 

536.5 
(14/9) _ 

206.6 

(14/8) 

132.3 

(M/S) 


LOW . 


67.92 
(10/U) 
69.30 
<1 3/IDJ 
433-4 

(2/3) 

124.1 

(29/11) 

90.3 
(1S/4). . 


Since CompHat’n 


H(gh ~| L Dir 


187.4 

P/U38) 

.i».4 
(22/ 11/47)1 

{tU«77) 

442.3 

367.1 

■(5/4/741 


49.18 
<3/1 (75) 
S0.35' J 
(3/1/76) 
.40 A 
(28/8/40). 

-43.5 

H26/10/71) 

S4.S 

(26/8/75) 


— Daily 
Gilt Edged . 
industrials 
Sp«ualabv«u 


S-d'y Av’r'gtJ 
QUt Edged J 
Induitflate.: 
Speculative. 

Totals,. ........ 


Dec. 
- 28 


-102.3 

80.9 

.55.7 


90 J. 
84-3 

19.2 

BB.S 


Deo. 

.87 


76.0 

56.1 

12.2 

38.1 


B&7 

91.0 

.21.6 

60.7 


stock' 

Shell Transport 

BP 

Metal Box ‘New 

GEC 

Grand Met. :... 

ici : 

■Rirner & Newall £1 . 

Ultramar ..J 25 P 

Allied Breweries 25p 

Beecham ; 25p 

Cons. Gold Fids 
Marks & Spencr 
Mills Allen IntL 
Trafalgar House 

Triist Hse Forte 


ACTIVE STOCKS 

■ No: 

aoeing Change 
price (pX .on day 


Denonuha- 'of 
lion marks 
25p - 22 . 
£1 ' 0 
Nil/pd. 0 


25p 

50p 

£1 


25p 

25p 

50p 

20p 

25p 


565 
916- 

: 4§pm 

323 

112 

364 

1B7 


5 
'-rlO 

4 

T* -6 
1. 

- 3 

6 


1978 
high 
602 
954 
70pm 
349 .. 
121 . . 

, 

209 


1978 
.low 
484 .. 
720 
48pm 
233 - 

. 87 
-328 
157i. 


6 

-220 

6 

2S4 

182 

5..- 

S3 


.94 

73 

S-\. 

625 

' -+ 2 

726 

•381 

5 ' 

iTS 

+ 1 

204 

163 

+ 5 

• S3 

’’ -1 V 

"94 

674 

5 

223 

• •-••2 •- 

235 

110 

5 

120" 

- 1 

167 . 

111 

5 

225 

: 

262 

166 


DEALING DATES 
First Last Last For ' 

Deal- Deal- Declaxa- Settle- 

ings ing? tion moot 

Dec. 19 Jan. 8 Mar. 22 Apr. 3 
Jan. 9 Jan. 22 Apr. 5 Apr. 18 
Jan.23 Feb. 5 Apr. 19 May 1 


OPTIONS 

For rote indications see end of 
-.Share Information Service 
Money was given for the call 
in Avana, John Brown, Bank 
•and Commercial, Associated 
Fisheries. Talbcx, Lad broke : 


Warran ts, Carl ess Capd, Tri* 
cehtEoL Maurice, James and 
British -i-Xind.^- No . . puts were 
reported but doubles' were 
arranged in Carrington ViyeDa, 
Avana, . FNFC per cent 

1992-97 and British Land. 


RISES AND FALLS 
YESTERDAY 


British Funds 

Up 

5 

Down Same 
5 68 

Corpns. Dom. and 
Foreign Bonds ... 

0 

7 

54 


ITS 

431 

962 

Financial end Prop. 

SO 

110 

352 

Oils 

2 

16 

19 

Plantation 

2 

4 

26 

Mines 

56 

16 

68 

Recent Issues 

3 

10 

IB 

Totals 

253 

539 

1.567 


NEW HIGHS AND LOWS FOR 1978 


NEW HIGHS (20) 

The following securities quoted by the 
Sharp information Service yesterday 
attained JfJ* ! 978 - 

Stone cHCMKALS <« 1 

Jtknom (Win.) , • - 

stows a) 

Ramar Textikn Rosglll ' . 

• ELECTRICALS (13 

Sound Diffusion _ ■ ■ .• 

ENGINEERING (T> • 

Crown House 
'. FOODS <11 

Carr'S Milling 

INDUSTRIALS (71 

Christies Intnl. Do. 12 pc Con. 86-88 

Grlmshanc Restmor 

Provincial Laundries Third MTlelny. 

James iM.J pROpEIlrr f1) ; 

County 4 °^ T S Tl ta> 

Torav . Textured Jersey 




MINES' <1> 


Conv. Ln. 


Kellock 
-Siifontetn 

1 NEW LOWS 02) 

FOREIGN BONDS C1l 
Ireland 91.PS 91 -96 - - 

CA NAD IANS Ol 
Can. PacMc4pcDb. . 

BUILDINGS <12 

Moltk CA.) . 

- - CHEMICALS CD 

Coalite * Chemicar . 

8NONCCRING 411. 

Brtt Northrop 

FOODS Cl I 
Assoc. Fisheries __ 

INDUSTRIALS (3) 

Glaxo Tomer & MevraH 

Monsanto Spc 82-86 . . . ' 

MOTORS -<2i 

Wood head tJ.> Arlington Motor 

■ OVERSEAS TRADERS (1| 

Hoff DUOS (S.)' 


FT-ACTUARIES SHARE INDICES 

These intiices are the joint compitatisn of the, Financed Times, the institute «f Acfoaries 

aitd the Fantty of Actasnies 


EQUITY GROUPS 
GROUPS & SUB-SECTIONS 

Figures in parentheses show nurier of 
stocks per section 


1 

2 

3 

4 

5 

. 6 

8 

11 

12 

13 

14 

21 

22 

23 

24 

25 

26 

32 

33 

34 

35 

36 

37 

41 

42 

43 

44 

45 

46 


49 


51 


59 


61 

62 

63 

64 

65 

66 

67 

68 

69 

70 


CAPITAL GOODS (172) 

Building Materials (27) 

Contracting, Construction (28) ... 

Electricals (15) 

Engineering Contractors (14) — 
Mechanical Engineering(72) — 
Metals and Metal Forming(16) .. 
CONSUMER 600DS 

(DURABLEK53) - 

Ll Electronics, Radio, TV (16) _ 

Household Goods (12) 

Motors and Distributors (25) 

CONSUMER GOODS 

(NQK-DURABLE) (170) 

Breweries (14) 

Wines and Spirits (6) 

Entertainment, Catering (17). 

Food Manufacturing (19) 

Food Retailing (15) 

Newspapers, PuMsMng (12) 

Packaging and Paper (15) 

Stores (40) 

Textltes<23) 

Tobaccos (3). 


Toys and Gaines (6) — 

OTHER GROUPS (99) 

Chemicals (19) 

Pharmaceutical Products (7) 

Office Equipment (6) 

■Shipping (10J 

Miscellaneous (57) 


INDUSTRIAL 6R0UP(494> . 


01ls(6) 


500 SHARE INC 


FINANCIAL SRIHJPQOO)„ 

Banks(6) 

Discount Houses (10) 

Hire Purchase (5)— 

I nsu ranee (Life) (10) 

Insurance (Composite) (7) _ 

Insurance Brokers (10) 

Merchant Banks (14) 

Property (31) - 

Miscellaneous (7) 


Investment Trusts (50) 

Mining Finance (4) 

Overseas Traders (19) 


99 I ALL-SHARE INDEXC673J 


Thurs., 

Dec. 28, 1978 

Wed, 

Dee. 

Dec. - 

Dec 

Wed, 

Dec. 






27 

22. 

■a 

70.; 



. Ea. 

Crus 

EsL 







EatniBBs 

Db. 

P/E 




- 

Index 


Yield % 

YWd% 

fc0o 

index 

index 

Index 

Index 

Ho. 

Change 

IMax.) 

(ACT 

(IW) 

Na 

Na 

Nil. 

. Na 


% 


at 33%) 





. 

249 Ml 

-12 

—12. 

1732 

1837 

. 5.60 
632 

7.95 

7.49 

234.82 

20630 

234.88 

20639 

234.41 

29609 

23442 

20553 

20435 

-Knot 

-12 

2L06 
13 JB 

452 

632 

9.95- 

36217 

549.94 

30.42 

55011 

362.04 

55014 

36L71 

549.66 

541.92 

-15 

350 

35431 

-LO 

1839 

6.08 

7.40 

357.92 

358-93 

35851 

368.61 

182.01 

-LO 

18-52 

616 

710 

1B331 

183.71 

18316 

18333 

160.43 

-LO 

•17-03 

851 

616 

7.91 

16236 

mu 

16L9Z 

21857 

ui to 

wir 

209/06 

-0.8 

1685 

516 

29954 

20968 

265.01 

-05 

14.06 

3.94 

9.97 

26734 

266.49 

265.0 

26455 

1&6.35 

+0-2 

1830 

633 

758 

16643 

16676 

166.76 

16718 

12038 

-0.8 

2L5&. 

730 

5.82 

12138 

12169 

12178 

12166 

20754 

-05 

16.44 

614 

.839 

20918 

20931 

20849 

28888 

23335 

-03 

15.73 

644 

831 

23434 

2333L 

232.90 

232.85 

282.92 

-L4 

16.42 

537 

8.94 

286.96 

28551 

286.76 

285.91 

269.29 

-1.0 

13.77 

654 

1060 

27236 

27271 

Z7LD5 

27062 

200.01 

-LO 

19.06 

5.63 

6.96 

20L94 

20233 

28282 

29179 

228.00 

-0.9 

14.60 

516 

935 

23815 

229.00 

22636 

225.95 

369. 95" 

-05 

2174 

656 

6.49 

37245 

372.08 

369.93 

37123 

131.43 

-U 

1939 

831 

673 

13239. 

13296 

132.92 

13151 

190.80 

-0.9 

12.42 

4.99 

U58 

192.49 

19237 

19L92 

19358 

17831 

-0.9 

1834 

839 

716 

17958 

18018 

life Q*p 

179.98 

236.07 

— 

2330 

7.95 

5.03 

236.07 

23539 

235.89 

23657 

92^8 

— 

23.92 

7.01 

433 

9t22 

9254 

9275 

9275 

194.66 

-Oi 

15.93 

639 

8.08 

19537 

19631 

19549 

19sjw 

276.77 

-0J 

1639 

633 

812 

27167 

28833 

27720 

77655 

243.76 

— 

1138 

4.77 

1064 

2015 

244.93 

2048, 

20.48 

128.75 

+02 

1837 

6.00 

632 


128.94 

1MM 

HIM 

40559 

-L4 

14.91 

7 AO 

851- 

41137 

41102 

40876 

407.03 

209.79 

-1.0 

18.24 

635 

718 

ZU32 

22L4B 

21170' 

21145 


-03 



-L2 

13.72 

3.95 

7.93 




517.05 

241 32 

-0.9 

1631 

557 

832 

20.73 



M3 JO 

168.81 

— LO 


535 

- 

17052. 

17044 

26935 

16972 

19739 

-03 

2331 

.5.95 

630 

19957 

19906 

19718 

19716 

212.93 

— 

— 

831 

— 

212.93 

21945 

20171 

-21187 

165.09 

-0.6 

1476 

517 

B.94 

16637 

165.75 

16578 

16659 

133.91 

-L4 


7.01 


13517 

I3tD&' 

135.48 

15580 

122.65 

-L7 

_ ,-. 

715 


12474' 

12532 

123.96 

123.90 

310.12 

-L4- 

1542 

543 

* 936- 

334.48 

333.47 

313.47 

31319 

7737 

-0.4 



633 

- — 

7767 

77.71 

77.49 

7754 

268.89 

-05 

3.70 

3105 

4412 

27010 

27073 

26971 

267.71 

11338 

-05 

5271 

TA1 

563 

11416 

11353 

11313 

11277 

20330 

10036 

-0.1 

-05 

1864 

517 

7.06 

6.61. 

20404 

10L48 

293.48 

UL30 

20371 

Min 

282.92 

lfftt* 

293A1 

-0.8 

1657 

7.98 

757 

29632 

295.45 

295.09 

29459 

22139 

-0.9 

- ' 

5.73 

— 

22336 

22358} 

222,73 

222.78 


Year 

■ago 

(approx) 


Index 

No.- 


210J5 
19310 
34325 
46059 - 

300.79 - 

161.15 . 

19469 
23363 
18L41 - 
11554 

205.97 ; 

T0 19 

256.45 T 
263.99 ’ 

202.45 , 
216.49 
54954 
13L40 
19757. 
17257 '•* 
22053 
10065 -C 
19657 . . 
26565 

050 
12461 
476.42 
20630 


l. 


21075 


40857 


ZBJ 


4 


-173.95 
199.93 
22451 - 
16831 ;K 
14152 -- 
13831 : 
33735 

8278 
24551 4 
1MJ8 -■ 

8957 

2a9fl 


216.43 


FIXED INTEREST PRICE INDICES 


FIXED INTEREST . 
YIELDS 

&■- Govt. Av. fires Red. 


British Government 

Thurs, 

Dec 

28 

Oafs 

change 

lb 

n) adi ! 
To4tty 

xd aft. 
1978 

U |W» 

1 

l/fritr 5 

1QZ52 

+092 


919 

2 

5-15y^rs — — 

110.75 

+055 

— . 

1LW 

3 

Over 15 year — 

11553 

— 

— 

1453 

4 

Irredeemables 

12248 

— 

— 

14.48 

5 

All stocks 

10977 

+0.02 

— 

1165 


5yiarS..: 

15 jwi:.-!. — 1 
25 J 

5 years. — „| 

15 jfrars__„, 

25 years.,... — J 


Irredearables, 


IL» I- 1L94 


9-90 


Thun- Doc. 28 


Index Yield 
No. % 


5 20-jt. Bed. Deb & Loans (15) 

6 Investment Trust Prefs. <15) 

7 Coml. and Indl. Prefs. (20) 

UMdun. ECW aav. price Up. by poet 22a. wHMHJters. IbB.FInadal Times. BracJatL Howe, Canon StrMti. 





IV 



iec^trer '2^-1978 


||iBif®|| 5 |;i^^AUTH 0 RISEtt unit’ TRUSTS 



„ AS^ u"i« T^ Jtoffrr.. Lid. b> 


*&£] 


02969**:: 



iTraadlngtss' tWr Mot. 
'- S-7 imMy«4£C4BSMi: 


-Ltd- 



r^3 


m 



Fun lfoftBQ.Tri,;- 

-juffijd HnArtf tlM^vraJ, (gV '.' 

TU*5Sa.2S51 p* BreetWiwJ- 

ptowtAftte 


Mends? PnwdL tlntt Yr/Mgn.?' 
FMon EndfiDofUng. ? 
MniiPrav.lltk._M.gr • 4 
On. Accum — J5&6 


Minster Fond Utnigers Ltd. - - 
MlntUr Hjft, Arttor SL, EM. 01-6231050 

8SS8=dK iSSrJ IS 

MLA Unit Tlllft Mngmnt Ltd. 
ou Owen Street. SW1A9JB. 01-9307333 


MU Units- 


Provincial LHa Inv. Co. Ltd.? 

222, ewwptgv, EC2. 01-7*7 6533 

58ffi£r=l fifi 041 *8 

Prudl. Portfolio Mitgri. Ltd.? faXhXc) 


.J46.4 48ft J - 3J9 ' Ho«wo Bars, EC1N 2NH. 


4.60 



*4at 

SS^rtSSL^aT. : ; 







' J SJ» l/ntltenagm LUMP 
: 16 RtKbUT CJrcw, EC2V 7DD 
' g-T. to.f 

.htffcmsz 
■ £fci 

G.T.FwYd 



Murray Johnstone U.T. Mgnt? (a) 

' Jhft H toe Street, Siawow, 62 2UH. 041-221 5521 

MJEwoown -gJM B7ft+10i 157 
Drains Day Friday. 

QWZB0131 Mutual Unit Tnnt Managers? (aXo) 

15. Cooilnll Aw, EC2R 7BU. 

Mutual Sec. Plus (5Z2 

asHt-** 

Motial NlgbYUL 

National and Commercial 
31. SL Andrew Square. Ednbugh. 


Prudential .„ 


-1127JJ 


01-4059222 
135ft -1.51 CB 


Quitter Management Co. Ud.? 

Tl® Slk. Exchange, EC2N 1HP. 01-6004177 

Quadrant Gre. FA — (105.1 1095 I 452 1 

Quldr&nt Income |U2J 13U|.-J 8X4 5*J2 hSiW^ ~ 


Save & Prosper continued 
Scot Mts Se unities Ltd? 

Sattttf 37.6 4041-03 

Sewyted 505 «3-0J 

Scot*am_. 59.9 (US -0.‘ 

Scot. Ex. GBL- 24« Zfclft 

scm-p-yw*-. — jiao i hSk 
•Prices at Dee. !?. ttm so 
ScMesbtgef Tnnt Mngrs. Ltd. (a) (z) 
1 40, Soctb Street. Doddno. iO 


Am. Exempt 

Am. Growth 



Rt Banco Unit Mgra. Ltd.? 

Reliance Use., Tunsrldge Wells, KL 0B92 22271 

tsttSbadm 14*4 m 

4oi| -Oft 557 


302 


fl. & A. Trust (bXb) 
5 Retort* Road, Brentwood 
G.&A — : [330 


• • - T...L (Aecum. Uwtsi. 

(02773 2Z7300 toit.Qec.27 

v,?*\ iJ 523 “*»n. Urdu) fclMO 


1575 

2190 

1350 



fiarturere Fund Manager*? (ittf) 
2 $«.■ Mary Am, EC3A BflP ” 

■gas safer 


Cosumc&f Stare ! 
j^afotomeT*. 





* ri. 


9fPcd0>MM^lids ,,m %• 

i ss*“" 

Orerttas 

AntWpAttt&iT'pkt' Managers UxL. 

SLssjsas 6 ^ . a&te'issp » 

... 

Oeafm ‘Toes. ttWed. 

Gowtt (John)? 


AadffdkgJIp^MlPBt- Ccu. Ltd, 
.frSUde^aanrtUit-.- -: . CH-6236S76 

: • . 1751 —J 9.72 

.' Jl7iniihOrt_Semiiks Lid. (aXc> 

% JO^tamSU London |C4R1BY._ Ql-SQ&S28i 
H *~(Araw.uii 5 ) 


National ProvHent Inv. Mngrs. Ud.¥ 
01-2333531 ^ < f¥« , «w»‘Sl,EC3P3HH. 01-6234200 

SrSSnftSfc:# M ® 

T?3 I S l*Plo , seas.ThBL_- 1M5 
■*** lAuwj.un«s»“ 11402 


«eprt.Unlb» _... 

•*5?** No *- 2°- l““t deaBiig Dee. _ 
Prices on Dec. li Ne*t deaflng Dec. 29. 
National MfestminsterV (a) 


4.aa 

2JS 

.135 


. ,iAet>._W5J 
SeWordeT. Inc..— H3 6 

Ridgefield Management Ltd. 

38-40, Kennrdjr SL, Manchester 061-236BS22 

RWoeflrUJ Int UT.-..I93 MU| J 2.87 

Rlflgclkln Inconw 9fiS| J 9.90 

Roths chad Asset Management (g) 

72-flO, Gaietnusr Ri, Aylrshonr. 0296 5941 

llU’ 1 ^ il! 

1462 1553a -o!s jJS 
B?3 +L1 1.75 


EiemptHMiyid-. 
EreiDpt MK. Lflrs- 

Extra UK. Tn. 

InconwDUt--— 
l«J0%tWrwl._ 
Unr.TstlWb__ 

IntE Growth 

Mamet Leaders _ 
■NIIYIdif— — _^ l= _ 
Pref.&6S Tr«t j23U 


Property Stares „ 

SnecItOSitTst.. 






Target TsL Ugn. (Scotland) (a) (b) 

19, Athol Crescent. Ed In. 3. 031-229 8621/Z 

Target Amer.EagW24.9 26Jd — J 1.76 

Target Thlaie-_Z-WJi. <3.71 -Oi 6.06 
Extra Income Fd. ]60.4 b4 9j -Ol) 10.04 

Trades Union Unit Tst Managers? 

10Q Wood Street. E.C2. 01-6288011 

TUUTDec.l [502 535j 534 

Transatlantic and Can. Ski. Co.¥ 

91-99 New Lend* Ra. Cheliqsferfl 0245 51651 

BartUcaaDec.28. 

(team. Unlts.l 

6BariLEm.Dec.27. 1 

Bnekhm. Ore. 28- i 

lAccum. Unhs)- 
ColrtdDeC-22- 
(Acarm. Unltsi- 
CumU.Dec.27. 
tAcaan. Units} . 


Gin Dec 19- 

(Accum. Unto) 

MarteroDee.27. 


N.C. EauKyFunl I168J 

N.C. Engj Ret, Tst,-[1D£3 

N.C. Income Fund 1461 

N.C. I nil. Fd. (Iik.iN 4.0 
pN.g. iml. F± iAcc.1 


.5mllrCorsFd.^ 


i mm ts- 


16L Owapddc, EC2V 6EU. 


«W» (Autwiy) : (Mt TsL Mgs. LM- 

aySB8«iu 


77 London WxJI, EC2 

gSJ& fer-fB M 

IbE tofisa Our Jta. 
Grieves OQ Management Ca. LlriZ 
59 Gmftaoi Street, EC2P2DS 


set.’ 

ip.:. 


V~ 

• Si- .• 


%: 

■ 





01-606 fiOba 


573 *0.71 


S2 

5i§ 

LOO 

2.49 


UnNeruJ Fd.(d) 

NEL Trait' Managers Ltd.? (aXg) 

Milton Court, Doriclng, Surrey. 5911 

Si »ns=tl8 IS 

Norwich Utdoa Jnsoraucs Group (b] 

P.0. Box 4, Nonrteh, NR1 3NG. (WWWNyt 
Group Tst. Fd. [3613 38L4|-U| 530 

WW64433 S? r il n,st Ltd. (aXgXa) 

- JJ2 25% High Holborn, WC1V7EB. 014058441 
Peart Growth Fd. — (23.9 . 2S.H -C2 4.92 

@g£= zzf& e3 1 *s 
caiSS5=B 3 ^3I il 



Gnrtitam Royal Ex. Unit Mgn. lid 


m. 




Aretway Unit Tst Mgs. Ltd.? (aXO 
317, fflgli Hoftanv WC2V7NL 02-831 6233 : 

Barcbors Unicoru Ltd.? (aKcXg) - 
UMchii: H d-'2S% Ranfbrd Rd, E7. "01-8345544 
' Unfcsrn Ante rka 
Do.Ant.Acc 


Rdyal Exchange, EC3P 30ft 
(agj GuardhS 7st_[92.9 


. 02-6288011 
9&4t£7] 437 


Do. Ant Inc 




TB4 1 » 

-02 L77 

-02 
-04 
—0.4 

-05 


Henderson AdmhiUnUon? (aXcXH) 
Premier UT Admin, 

Brentwood , Essex. 

ILK. Funds 

(Ugh Income 
High Income . 

Cabot Extra i 


CabaJre$A£M 
Setter Foods 
-Financial ft I TV 
Ofl&ttaLRes 
latematloml 
Cabot 


Ptfcaa Units Admin. Ltd. (gXx) 

81, Fountain SL, Mudcsar 061-236 5686 

PeScaoUma [86.4 92.9) -0A( 4.8# 

Perpetual Unit Trust MngwiL? (a) 

4ft Mart St, Henley on Thames 049126868 

PpehJMGiLttft. 142-9 46.4) ..._4 326 

PfccadiBy Uuft Trust <a)(b) 

Anta^r Gtete Uaft Trust Kaaegers Ltd. - 


Rothschild & Lowndes MpmL (a) 

St. SwUtmn Lw, Ufa., EC4 . 01-626 4356 

New C'L Exemia-.. Jfl243 13L0[ ..... J 3.98 
Prices oi Ok. U. Hra dealing ia. IS. 

Rowan Unit Trust MngL Ltd.? (a) 

City Gale Hse,FinaurvS4.,EC2. 01-6061066 

American Dec. 28 655 &B5I +3 a 

SKitades Dec. 28.-. 1753 18«J -2a 

& M ,- 3 

793 8XS . 

97.8 lOXa . 


HlshVTd.Dee.22 

lAmaa. ilniK) 

Merlin Dec. Z7 

(Amn. Units) 

Royal TsL Can. Fd. Mgn. Ud. 

54, Jermya Street, S.W2. 01-6298252 

Capital Fd 1673 . TLB J 355 

Income Fd »97 753. ..J 7.7Q 

Prices at Decmte 15. Next deatagbecSw 29. 

Save & Prosper Group 
4, Great SL Helen, London EC3P 3EP 
68-73 Queen St- ENntmrgh EK2 4 NX 
DeaUngs to: 01-554 8899 or 031-226 7351 . 
Save & Prosper Securities Ltd.? 
International Funds 


U.K, Gitk. AceurtvE 

UJC.Gfth.D6L F-— _.. 

J. Henry Schroder Wang A do. Ud.? 
120, Chaps*. E.C JL 

Capital Dec Z7 R02.9 

CAcamvl — — ISA 

income DtC. 27 193J 

(AecwLlWUL 2953 


-b62. 


8018 *031 
124.0 +d3q 
89. 9) — ... 

633 *01J 
LJ+0-^ 

K1”J ... 
ftd r3 I! 




•PnftCtaFdDecl9_u7U 


*SpeeEx D«. 5 c 

'Reoaery Dec. 5 — |; 


ga 


fffi; 


linlv. (Trowlh 

tocrexilng Inco m e FiacS 

»- Yield ~ 


072 


W*** -*^7^.72^ P '^*' Jew% eSr 8HCL 


Htgn-V 
High l 


|533 


. Income Fundi 

High Return 1673 

Income 422 


573[-0.4[ 736 


« for 19)1 ; 

"■"I.U t 6 


T >i ‘ w .'i i* i 
-•■'’-Th CVS , 

11 \iLuz- 
' ). 


5*-i. 


.17ft? : 77: 

“Baring. Brother* C Co, Ltd.? (aXiO 
88. Ij-Jdenhafl St, EC3. 01-5882830 

BfinMde.PngreuIn MgmL Co.? - 
ft- Bfatopsaate, EC2. • 01-5886280 

ttS&Ek 

* 

Next sft dqr *JM 3 L -J» ft 

Bridge Fond Managers (aXc). 

Regb lbe~ v HrgMMim SL. EC 4 . 

- Americ an * 

cSSnotF 



Capital Fund ___{42. 9 

loL Eras. & Assets _ 43.7 

PHtate Fund — - 353 

AccumltT. Fund 64.9 

Technology Fuad 61.0 

Far EaslFd 272 

Aatertcw Furd [ZX.7 _ 

Practical Invest Co. Ltd.? (yXc) 

44. Bloomsbury S<^ WC1A 2 RA 01-6238893 

ES£&*zzm ^:dt8 


3L8 -0.1 10.; 
43J -OJ 5, 
462d -04 . 

47J3« -02 620 

M3 -0.6 4.90 

71.4 -0.4 260 

653 -0.8 4.20 
293 200 

23.4 -02 320 


U.K. FM 

UK Equity 

Orerxeas Fwds(i) 
Europe _______ 




8.57 

936 


Jaui. 

S.LfcJa , 

U3. 


,.|44.B 

189.6 

1Q4.6 

37.7 

&9j4 


4L1| -02j 514 


Setter Funds 

Commodity 

Energy. 


.176.7 
. Ib8.6 


Financial Sect— |693 

Hkb^&ilHmni Fends 

Select Intern at 749 6 

Select Income |533 



•Far tax exempt fends aotr 
Scottish EgmtaUe FmL Mgn. Ud.? 

28 SL Andrews Sq. Eifintxagh 031-556 9101 

Income Units 1503 5171 I 5.49 

Acaan. Uofes [S&8 6£s[ 5.49 

Dealing Wtteesmy. 

Setaag Unit TsL Mwwgm Ltd.? (a) 

PS Sox 521, Sckbry. H*e, E.C.4. (31-236 5000 

«88SSfcfii . tM 

Sectary Sdectln Ud. 

15-19. Lheofert Ina FMh. WC2. - 01-83169369 

IBS SSfcztS «=d 

.Stewart Unt TsL Managers Ltd. (a} 

45, Ctwrtette Sq, Edhtegh.- 031-2263271 

IStmrart inwrh-r Find 

SLmdanl Units ISM 633] +2AJ 130 

Accum. Units 1643 683+23 130 

Withdrawal Unto [47.8 5l4 +L9| — 

BrttohCfad^Fm 

Unto .^§3 _ . _ 

Dealing tTues. & FrL -Wed. 

Stui TUSance Fund MngL Ltd. 

SubARwhx Hse- Honham. 040364141 

E«.&.TsLDrta3_EZ60 237.91 J 4.48 

VThe Fanuly Fd. [972 103jj -0.7] 3.97 

Target TsL Mngrs. Ltd.? (a) (g) 

31, Gresham SL. ECZ. Dealings: 0296 5941 

Thigai Commodity 

Target Flmctai __ 

Target Etpihy__. — 

Target Ex. Dec. 27 

wOo. AcC. Unili— 

Tarnet Pacific Fd 
Do.Rell 


i^Urd.^ 


405 


CAcaim. Unhs)- 

Van. Goth. Dec. 22. 

(AeanL llnlrel 

Van "Hr Dec. 22 

tang, fee Dec. 27. 

(Aesun. Units. r__ 

WlcXer Dec. 2fl 

(Aman.Unibl-_-v 

WlticDn.0ee.22 

Pc. Action. . . 

Tyndall Managers Ltd.? 

18, Canyoge Road, Bristol. 

Income Dec. 20 
(Acoun. UnHii 
Capital Oet 20 
(Ascuol Uritsl_ 

ExetspL Dec. 20 

(Accufll. IWwi . |.| 

Im. Ear Dec. 20 

(Accum. Units) 

Prel.Dec.20_ 

(Actum. Unhs). 

24, Curie 5L 

ScolIhc.Dk.20. 

Scol Cap. Dec. 20 
(Action. Unto). 

ilfeBGr 
1 Growth 

ilh flrflim 

Extra Inc. Growth 

Pn a™. 

Ffamncfal Prtty— 

Do. Acaan 1 

High tec. Priority. 

Tnternationti 
Special ~ 

TSB Unit Trusts (y) 

21. ChMhy Wq>, Aadouer, HaoB. 026462188 

DeaUngs te 0264 63432-3 



(b)TSB General 

(b) TSBteSwIZZ MiT 
Actum 64.0 

Q» Do. AeaxtL W0.4 


483 -0.4 4.08 

623 -03 4“ 
63 Ja -03 7. 

683 -05 7. 
38-9 -06 2J 
9U -03 2. 


SSS^gfearia-i 

Oetneas Finds 

Austraflau B73 

Euregej, PJ3 

N.Am__ , 

Cabot Am. Sm 

Erenpr Fmh 
Japan — 

iLAmer 

Smaller Cas. . 

HOI Samuel Uidt TsL Mgrs.t W 


L * b» i 


45 Beech SL.EC2P2LX 
(bl British Titdt 

SKJBL. 

(W Income Trest 


01-6288011 



I 

■ Ht9hTmlilTsL_t29-4 



Trait 

rTras 

(b)Hfgh 

Intel*? (aKg) • 

15, CMstepber Sheer, LL2. 
lnteLInv. Fund [293 


•ARer Sift DMfcxi. 
Key Fund Managers Ltd. (aXfl) 


- 0M477243 
3L4-H1I 730 


(04067070 


•W9K- LV-. — 


fThes. Prices 

Britamda.TriHt-Mnagement (aXg) 

m 



25, UfflcSL, EC2V8JE. 

Key Energy In.Fd. 

KerEmri^&Gen. 

*Key£temp( Fd. 17u 

KrtWreAnl 77.9 

Key Fhnd int. Ftf._ 603 
Key Snail CoT Fd__|ms 

Klelnwort Benson Unit ManagetS? 



20. Fendnocb Sl. E.C3. 
KLB.UnhFd.1 ~ 

ICB.UmtFiLAc 

K-B.Fd. Inv. Tits. __ 

ICB3<L IilTsLAcc 

KfiSmlrCaVd Inc i 

KftSm.CosJRLAcc__ 44 

High YkLFd. Inc 45„ 

HlfpiYId. Fd. Act. __ 45.9 


V % 7. 

jr'V 1 The Bfftrsh Life IKRcn Ltd? {a) . 

' • 1 Retan Hsew ToobrlflBe Weft. KL Off&ZZZn. 


=Tf7- 


:• &$8t 



*Mce»Dec.-27. Next dealing 
-Brown Shipley A Co. Ltd.? 
Mngrs, FondM Ct, ECft- 




01-600 8520 

tzd-ui 


(04238000 
95.71 J.ii 
•lzu 

603 

Jh 

L A C UnK Trast Management lid.? 

: The Stocfc Exchange, EC2N1HP. 015882800 

.i«afl=H=» T ■ 

Lawson Sot Ltd.? (aXc) . 

37, (teen's St, Inodon EC4R1SY. 

*Raw. Materials 002. 

JHAmm. Units) 03 

•Growth Fond- 56.9 

•CAcaim. Urrfts) : K4 

ffiasfe-g| 

TCAcnnn Units) __ 223 

. DeaL-tSfarTnues. TtWed. 

Legal & General Tyndal Fund? 
lft Capynge Raft Bristol. 027232241 

BftSfecdW. | 

Next siffi. Us Jamary L 
Lrtroire- Administration Ltd. 

2. MteSL, London W1M 6JP. 01-4865991 

Lloyds Bit. Unft TsL Mngrs. Ltd.? (a) 






Saaasta Ufe Unit Trst Mngrs. Ltd.? 
Z^KTahSL, P«tm Bar, Herts. P. Bar 51122 

g&ffistcgl J8 

Do.tec.6wTZ^Zb3.7 ... S3 -oil ftS 

tolecAccwt. -|453 . 47.7| -0. 

Capei (James) MngL Lid.? ' 

10ft Ota Brew) 5LEC2N1BQ • 01-5886010 

• Rlr.J » 

amdsAniedcm*-^:^ _ 99lJ JZj 


UoytPs Ufe Unit TsL Mngrs. Ud. 
ft2 ' 72480, Gatehouse Rd_Ay(esfauy. (2965941 
Equity A ccubl — . 737 6 7 9 1703] — J 4.74 


Lf«s^KW®a, 

See also Stock Brehange 


8Z-4364S88 



Prices m Ok. 2ft Next drafing date Jan. 3u 
CarSot Writ Fd. Mgn. Ltd.? (aMc) 

i Home, tiewc aitle m o n -Typ 23165 
72-71 -_J A25 



'OoiHWhVt 
OocAccura. 

..Next 

: Charinco Ftmdtt 
lftW9ate.Uxme.ECZ 01-4384121 

= )~m 

Charities Official Invest. Fd? . 

71 London WaftEC2N IDS. 01-588 1815 

)KSS:1?=^ - ISS. 

CUefbdn Trust Managers Ltd? <aXs> 
U,liewSc.£C2tt 4TP. . . . 03-2832632 


d 1S~2 

^SS3E£!L- 

Canfeiteratiou Funds MgL 


_ .(Accnm.H 
Aietralastafl 
m (AcamUtits). 

SramJ^ata) 

SI 


:-_;r£7 CtuiTeileratlon Turns mgr. 

-Tt s : ’ 5ft Ctancary C*J WC2AUS. " 01 

. .GrawthFimd_i-_— 14&6: <W -1 

- .. CasmcjioWan Fund Managers 



' ^ rf - »9 * 

•’*' 

•' - > r. 

~ 1 • .. 


431 

CasnopsWan 
3a Pont Street, London SW1X9EJ- - 012358525. 

ttss&m-m tardiis 

Cndgotocuit tfatt TsL Mgn. Ltd. 

900 Foster Lane, EC2V6HH 01-4069262 
High Income^ .146.4 5031 -031 1000 

U«fctow« hS toe -El ^ 7^3 900 
Cmeflnt Ujfit TiL Mags. UtL (aXg) _ 
4,«eM(teCrew^dM)argb3. Q3132M931 






’ i : !■ *’ 

• 3 

•;-yr 





UscrgHonarr Unit Fond 
22, EtaflaW SL 7AL-- 
tBs.UBDK.S—i-417ft4 lBUf-Vc^l 
E. F, Wnctater Fund MngL Ltd. 

Old Jewry, EC2. " . ■ OM06Z2ir 

SMSSfelSi n=f a 

Enson & Dafiey TS. Mngnmt Ltd. 
2ftAfft«tonSW&WX - 01-4997551 

«• 

- sw ®tey UatTrost ttisn. 

. Eonfty ft law Uil Trl M.? CaMbKc) - 

AmenfaaM^HtBftWyGBrito 049433377- 

Etp**Aia»__ [664 1 . 6M}-0jq 439 

iamerTinby lfefi trasf «a#t Ltd. 

10-14, West N»e Storey Glasgow. 0KL2M 1321 

iSSItSS: ~~ ' 


Manulife Manage nrent Ltd. ' 

SL George* Way. Stewnwe. 04385^0, 

Growth Units |5L2 591j — -) *». 

Mayflower Management Co. Ltd. 

14-18, Gresham SL, EC2V 7AU. 01-606 8099. 
Income Dec. 19 ^-3 — \ f-S 

General Dec. 19__^.W3 53 — j HS: 

iRternl. Dec. 19 [03 45.(1 -—4 

Mercnry *** Managers “*»- 

30,€reshmn St, EC2P 2EB. 01-600 4S5. 

Nwc.tre.DK.27 c 1953l„— 

Aec. Uts-Dec.^ — 



wf [ 73Z -i 

AcotLUtS. Nor23_|2B20 

Mfdlaad Bank Group 

Uidt Trast Managers Ud.? (a) 

Commodity ft Gra- 
ft). Aeons, 

Growth 




^Pricai at DecTl^ Med deafag’l 


/CORAL INDEX: Close 471-476 


V INSURANCE BASE RATES 

t Prop erty ^mvta 


tVsihru^tataaieed 


ai3i% 
1057* 


tMdresj SMWB under tewam* and Pmpmty Bond Table. 


I 


Tg: Pref 

TgL Special Sris. 



Ulster Bank? (a) 

Waring Street, Belfast. 023235231 

(b)Uister Growth 06.7 39.4J -0.4] 5.85 

Unit Trust Account & MgmL Ltd. 


n ZHpLb 


King William SL EC4R9AR 

Friars Hse. 

Wider Grth. Fn 
Do. Accum. 

Wieler Growth Fund 
King Wifllatn SL EC4R 9AR 

Income Units DO. 9 

Amen. Units .——-06.8 


01-6234951 

42.fi I 432 

3Ld _J 437 
• SO ..Jj 437 


01-6234951 

IlSrd 4 67 


437 


INSURANCE AND PROPERTY BONDS 


Abbey Life Assurance Co. Ltd. 

1-3 SL Pail's Churchyard. EC4. 01-248 9111 


Fnd. 
tec.- 
Property Fd.. 




Property At* 

SdecthwFufld 

Cjwartfiife Fund 

UMoneyl Fund 

VProp.Td^.4 




3831 

} ffi 

17L9 

%i 

]Sll 

14 Oi 
J 37i 

ft 


. l EooltyFd.Ser.4.._Q5X 

VCoov.Fd. Ser.4 fillO 

V Money FtlSer. 4- Jll2.9 

Prices at Dec. 19. Valuation mmally Toes. 

Albany Ufe Assurance Co. Ltd. 

31. Old Burlington SL, W.J. 01-4375962 


VEcpilfyFd. Aol. 
VFUedlni. An._ ._ _ 
»Gtri.MonevPdJVc._ 
9tBti.Maft.FdAcra-_ 
VProp.FdAcc._ 

VM 'rie Irnr. Att- 

SMSSKfr: 

SS'&t&ErfeLL, 


[197.1 

I14LB 

117.4 
1113 

115.4 
.1716 

s» 

134.9 

118.6 

131D 


207. S +03) 
149J +01 
123^ -+0.1 
117J +21 

1214 

1S05 +1.0 
2482 +10 
19L2 +D.4 
1420 +03 
124.9 +23 

14aS 

22401 +13 


AMEV Life Assurance Ltd.? 

Alma Hse, Alira Rd, Relgate. Rebate 40101 

AMEV W waged (144.7 

AMEV &18.5 

AMEV Money Fd. HQ 7 

AMEV Eowty Fd 

AMEV Fixed lid. 903 

AMEV Prop. Fd 99.6 

AMEVMwi’erkFcL 1063 
AMEV MgdJ>eiL‘B' 1063 

Ftafplan flOO 

AMEy/Fremfingtoa 
American 

Incnme 

InL Grewth 

Fur Airnw Life Assurance see 
Praridesce Capital Life Assurance 


Crown Life Assurance Co. Ltd.? 

Crnara LVe Hse , WoLmo, GU21 1XW 04862 5030 

Mang'd Fund Act 1036 

MangU F«L Incm 10L5 

Mang'ilFd Inn 1016 

Equity Fd. ACC. 982 

Ecuhly Fd. Incm. %+ 

Eijilty Fd. Inn 96.7 

Property Fd. tec. 96.7 

Property Fd. Incm.._ 96.7 
PrupnrtyFd.lniL._- 95 0 ' 

lmt.TsLFd.Aec. 1003 

Inv Tst. Fd. Incm. 97.9 

Inv. Tst. Fd. IniL—.... 988 

Futedlm. Fd. Aa 1803 

Fad. InL FeL Incm. ._. 99A 

Inter'I. Fd. Ace 10E.fi 

Inter' I . Fd. IncilU.— . 1036 

Money Fd. Act. 98.4 

More* Fd Incm,--.- 960 

OisL Fd Incm. 102.7 

Crown Brt. Inv.'A'—. (159.7 

Crusader Insurance Co. Ltd. 

V+icufa House, Toner PI, EC3. 01-626 8031 

Gth. Prop. Dec. 5 174.4 843} — J — 

Eagle Star Insur/Midlaad Asss. 

1, Threateieedle SL, EC2. 01-5881212 

Eagle/MfeL Unto. (653 53.6) -021 6J9 

Equity & Law. Life Ass. Soc. Ltd.? 
Amenheni Road, High Wyoonbg 049433377 

Equity Fd i__(1152 1212} 



Up yds Life Assurance 

20. CBfton SL, EC2A 4 MX 


MIK.GLNov.30 l - 

Op^A’Pr. Dec. 28-11440 
OpjA'EqL Dec. 28 .034.4 
OpS'A'Hv. Dec. 28 -IS62 
Qp3'A'Man.Dec. 28. 
0pL5‘A‘OpL Dec. 28. 


1380CB 


1533 

1216 



London Indondty & GuL Ins. Co. 
18-2ftThe Forbuty, Reading 5B35U. 

mm - 

Fixed Interest D4J 363] ..Z| — 

The London & Manchester Ass. Gp.? 
WtasladeParic, Exeter. - 0392-52155. 

as 

S°3 

114.0 
135.4 
853 

mo 


Royal Insurance Group 
New Hall Place. Liverpool. 051-2274422 

Royal Shield Fd (1453 153.9} -02} — - 

Sate & Prosper Group? 

4, GLSLHelerTs, Lndn„ EC3P3EP. 01-5548899 
Bal. In*. Fd. . 

Property Fd.* 

Gill Fd.. 


Depotil Fdt 

Conw-Pens.Fd.t 


ii 


1269 

10.4 



Cap. Growth Fond , 

OFtex. Ewnx* Fd._ 
' Pra j. FA 

'. Ta. FA 



Inv.frvst Fund. , 

. Property Fund 

GtADeposjtFA 

M & G Sroup? 

Tim (teys. Tower NULEC3R6BQ. 01-6264588. 



Property Fd. 115,2 

Flint I merest F. 108.2 

Gt A Deoos/l Fd. 1DL7 

Mixed Fd 1133 


107.0 

119.71 



Barclays Life Assur. Co. LtiL 

252 Romfwd RA,‘E.7. 


&£- 

Property 

hdertaOoaaL 

{£««» 

money 

MarLPensJIcaiiu.. 
Do. Initial 


01-5345514 
134.71 .... 

Ub3 . . 

94.7 -1. 

117.0 -0. 

106.7 


General Portfolio Life Ins. C. Ltd.? 

6D Bartholomew CL, Waltham Cross. WX31971 

Portfolio Fund ( 144.9 

Port! otto Managed. -1423 «4. 

P" folio. Fxd. Im _.f473 50. 

Gresham Life Ass. Soc. Ltd. 

2 Prince of Waits Rd, B'mouttt. 

&.L. Cash Fond (99.4 104. 

G.L. Equity Fund—... 108.0 , 113.' 

G.L Gilt Fund 1129 lif 1 

G.L lot). Fund 1060 ETl 

G.L. Pptj. Fund. 102.9 J083| +a 

Growth & Soc. Life Ass. Sec. Ltd.? 
Weir Banft Bray-cr-Thames, Berks. 0628-34234 
Retihle Ffnance. — ' 

I .iwtiafli. ScCS 

Laretunk Scs. Acc _|127.9 
G. & S. Super Fd. — 

Guardian Royal Exchange 

Royal Exchange, E.C3. 01-2837107 

Property Borefs 11970 2052} 1 - 

Hamliro Life Assurance Limited? 



American FABd.- fc 

Cora. Deposit* 

EtpiWBoref- ! 

5LYfetoFd.Bd.T3Hl 

Family 79-80** _ 

Family 81-86“ — 

GRtBond*- 

IntemabH. Bond*' 

Japan FA Bd .« 

MaoanedBA«r*_ 

PersTpOTtvoc'**- 

P ro per l y Bd.** , 

Recm*ryFa.Bd-*__L-_ , 

Prices on *Dec 27, **Dec. 2ft *^*Dec. 
Merchant luvestors Assurance? 

Leon Hse, Z33 High SL, Crayctan. 01-6869171. 


#S|:d 

— +13 — 

— +03 

1128 

1053 +13 

l&I = 


UlO. . 

Edun.Pens.FA [1378 

PropPetis.Fi* IZ373 

GirtPws Fd g5 2 

DeposPens-Fit— .-J1032 

•Prices on December 2ft 
TWeeldy dealings 

Schroder Life Group? 

Enterprise House, Portsmouth. 070527733 


Overseas 4 

P r operty 4. 

K tS GotL Secs 4— 123 

B.S. Pen Cap. B J25- 

B3. Pen. Act. 8 M# 

•Mngd. Pea Cap. B._ 210.7 

MrigA Peru Acc. B 2543 

F. Tre. Pen. Cap- B 
F. let. Pen. Acc. B 9A2 



_ Money Pen. Cap. B_ 

~ Money Pm. te£ B_ 1M2 
_ Prop. Pen. Cap. B 1092 



— • Property 


Pens. 


Equity Pros- 


ZXi 


Money Market 

^f*y MB. Peru— | 

Deport Kns 
Managed 


nes, nerns. w»a»->«a+ 

rfJ'flE. 

£7,971 1 _.4 — 


Managed Pens..- 

I nU.EquIty 

Do. Pens- 


:rl - 


Prap.’Peo. Cap. _ 

Prop. Pen. Acc. B. 

Scottish Widows’ Group 
P.O. Box 902. Eifinburgh EH 16 5BU. 
031-655 60% 

Invest. Cash Dec. ZL- 100.7 
ExULAcc.Dec.20_ 1403 
ExUL Inc. Dec 20— 1323 
Mag. Pen. Dec. 19 —|2703 

Solar Life Assurance limited 


Pd 

1060 

1461 

1383 

2703 


^w.4 a ^ 

•Derest unto value Dec 20. 


7 OH Park Lane, London, W1 
Fixed im. Dep._ — -1128.4 
Equity (1 


01-4990031 


Beehive Ufe Assur. do. LfaL? 
71, Lombard St, EC3. 

Bit. Horse Dec 1 I 


13Z33 

Caudt Life Assurance Co. 
SftHipiSt, Patten Bar, Herts 

6L7 
1203 


01-6231288 
f.--| - 




n Assurance Ltd.? 

X Obtode Wy, Wemb le y HA90NB. 

_ ' Units mix 

gprEc^era 

Ifel 

2raf Ifcd Rerts/Acc 1D4.6 

a ®«Ei8.¥ 

2niAm.Perc/Acc 02 

L ft E SJ.^.'Z 38 

Carmx «be Oeeente 

Capital Life Assurance? 
Coiiston Hoasft Chapel Ash wnen. 

Key forest F A 1 UU" 

PHtiwatarJirtFA—l 


P. Bar 51122 

l~J - 


01-9028876 
-0021 — 



Managed Cap 

Managed Acc 

Overseas— 

Gill Edged 

American Acc. __ 

PeaF.I.Dtp.Cap 1130.8 

PeflT.IJfepAa; — —11553 

Pen. Prop. u» .(214-7 

Pen. Prop. Acc.— 

PVn.Uen.Cap 

Pen.' Man. A cc 27ftl 

Pen.GiltEdg.Cap 12L9 

Pen. Gill Edg. Acc. — 130.6 

RtiiS£=W 

pen. DJLF. Cap— _ 

Pea DJLF. Acc. 

Hearts of Oak Benefit Society 

25-27, Taritfocfc Mace, WCJH 9SM 01-3875020 

Hearts ol Oak (37.8 - 39.91 — l — 

Hta Samuel Life Assur. UtL? 

NLATwr, Addlscomto RA, Cray. 01-6864355 



InU. Managed. 

Do. Pens— 

NEL Penstom Ltd. 

MUton Carat, Dgridng, Strrey. 

Nefex Eq. Cap. — 1 

Netex Eq. AcnHa. 

Nefex MfineyCap. 

Nelex Mot. t 
Nefex Gth inc Cap 
NelexGth Inc tec— 

NriM*AFACap._l 
Nri MiA FA Ao. — - 

Next & . .. . 

NPI Pensions Management Ltd. 

48 Gmchurch SL, EC3P 3HH- • 01-6234200 

Managed Fund-. — -(157.6 26 ftfl J — 

Pitas Dec. L Next dealing Jan. 2. 

New Zeabad Ins. Co. (UK) Ltd.? 
MaMaxlHoiB>. Southend SSI 2JS 070262955 
Kfurt Key Inv. PJan— JT 



~ 

Sato Managed S — 

Soto Property S 

SotoEcptarS 

Solar FxAfnLS 

Soto CashS. 

1284 

1119 

m 

1029 

5911 

SctolntLS__ 

Solar Managed P __ 
Solar Property P 

Solar Equity P — 

Soto Fxd-lnL P 

0^1 

if 


Soto InU. P 

186.8 



Sun Affiance Fund MangmL Ltd. 

Sun Alliance House, Horsham. 0403 64141 

Sun Affiance United Ufe Ins. Ltd. 

Sun Alliance House, Horsham. 040364141 

Equity Fond 

FUedlnleresiFA 




, 1.7 103.3 

• iB| 

m 

Norwich Union Insurance Group? 

PO Bax 4, Norwich NR13NG. 060322200 


Manned Fund 

Sun Life of Canada (UK) Ltd. 

2, 3, 4, Gtxfcpra St, SW1Y 5BH 01-9305400 

Maple U. Grth. ( 

Maple Lf. MaogA — ! 

Maple Lf. Egtr DL4 

Persri. PnlFa. 1 2082 

Target Life Assurance Co. Ltd. 



0902 28SU 

i=:i = 


C h arfe i h o us e Magna 'Gp.? 

Sterttite. rite, Brexri Centre, Brtrtd^Wrte^ 

■'1= i = 


— r Units 

Property 5ei«A — 

Managed Unto 

. •• Managed Series A.._. 

“ Managed Series C — 

Money Units 

Z MowSer^sA^ 

Fbcedi m. Ser. A 

~~ Pus. Managed Cap. _tl 4' 

Pns. Managed Acc — (1> 

Pns. Gteed. Cap QQ 

Pns. Creed Acc 

_ P+ns. Equ ity C* 

Pens. Equity Acc.. — 

Pns-Fxri.InLLap [95 4 

Pns.Frdlnl.5cj (97.1 

PetB. Prop. Cap__. 

Pens. Prop. Acc 

Imperial Life Ass. Co. of Canada 
Imperial House, Guildford 

GrLFd.Dec.15 175.4 

Perts.FdDec.15_— IW.9 



^3 -10) — 

14Z7 +0J1 — 

t3 - 

215.1 

UnH Funds) Ltd. 

01^058441 


Managed Find. 

Equity Fund 
Property Fuixl — 

Fixed InL Fund 
Deposit Fund— 
ttor. Unit Dec 15 — | 

Pearl Assurance 
252, HI* Holhenv Wav 7EB. 

Managed Fund Q1S2 

Property Actiim. — 41266 
Phoenix Assurance- Co. Ltd. 

4-5 King WUJkra SI, EC4P 4N R. 

Wealth Ast. [U3J 119J 

EbV.PfcAfc I 78.6 „ , 

EbT.PhXq.E- (770 8LI 

Prop. Equity & Life Ass. Co.? 

119 Crawford Street. W1H 2AS. CD 57 

R. 51 Ik Prop. BA | 186.9 

l«fi 

rlw Money nfl | xroT.o 

Property Growth Assur. Co. Ltd.? 

Leon Horae, Croydon CR91LU. . 01-6800606 


Tar^t Noose. Gatehou* R^Ay^, 


Buds. 

Mad Fund Inc— 

Man. Fund Acc 1 

Prop. FA Inc 


— • Prop. FA Act. 


01-6269876 



Prop. Fd. Inv 

Fixed InL FA Inc. 
Den-FA Int- 
ReT Plan At 


(97.9 103.U 

flZU lZ7. r 

lUB.7 _ 124.' 
.153.0 


J97.7 

(76.7 


Rrt.PlanCap.Pen. — 1B.4. 
ManJfen.FdAct — 0283 


Man.Pen.FAto) |U61 

Gift Pen.FdAct — ' 

GHtPen-FACap. 

Prop. Pen. FdAcc 
Prop. Pen. FA Cap. — 

Guar. Pen.FdAct 
Guar. Pen-Fi Cap. 
OJLPen-FdAct 


1064 

1022 

832 

£3 


7 

m 


SH 

1020 

1025 

10U 


a = 


i)5941 


DAJfon.FAtol.. (966 

Trans! nteroational Life Ins. Co. Ltd. 


2 Bream Bldgs, EC4 INV. 


01-4056497 




Property FonA- 


Mananed Fund 
Fbc^IrA 


City of Wlk staihater Assur. Co. Ltd. 
WNtefawe IhaA 

KaaH 1 ® 




01-6235433 
1020OMUOJ — 


lira 


CKy of Westnunstar Assur. Soc. Ltd. 

Thfapbcne OUM 9664 

FtotllnfB — Li 0290 B5S — [ — 

Property Units fe43 573] — | — 


01-2837500 


Uoomwciai Unhn &ocp 

St Hrien-s 1. UnderdafL EC3. 
Vr.An.Adfcc.29_l 58.40 
Do. Annuity 18J8 


Coafederatfam Life tasurance Co. 
5ftCtancetyIanA WC2A1HE. . 01-2420252 

i 


Irish Ufe Assurance Co. Ltd. 

11. FTrntxry Square, EC2. 

Blue OunDet22 _J».4 

Prop-Md. Dec. 1__ 1955 
Prop. MoA Gth. 21B.4 

prp.Md.Gmi.Sef.li pi7 
King & Shazson Ltd. 

5ft Cornfrill EC3. 

Bond Fd Exempt —_(10L48 .. . — 

Nnt deawg trte Jareery 3. 

Langfatn Life Assurance Co. Ltd. 
Ut#mfte,HcApre*fe,KW4. 01JB52n. 

Hdfvest Plan— (983 lga — — 

Lwxjtam "A 1 Plan 1664, 69 .g — — 

VProp. Bond. -IW.I 154.5 — 

WisptSP) Man Fd P65 m3 __| — 

Legal ft General (Unit Assur.) Ltd. 

Cash Initial— 

DdAcouiL— , 

Equity Initial 

Do.Araim.-_ 

Fixed Initial— . 

Da Accum. — 

Inti. Initial— 

Dd.Accum. — 

Managed fatlal 

DD.Acuni._M_ 

Property inWal 

Dg.Actifn. 




]f= 

E^utyFwrirA) ~ 
Moray Frari 


E&sm 

*Retire Arexifty 

Prog. Growth. Max ft Aadta Cl 
AD W’ther At IHs. 130.4 137.3 

f AH Weather Cap.— 1208, „ r 2273j 

SSeSra'FoBCir 135.0 j 
Cmt Pws. Fd— 

Oik. Pm. Cap. W. 


19L1 



Ian. Pen. Fd. Cap.. 

Man. Pen. Fd. Act— F 
VMngd Inv. FA Ird_p89 _ . 

VMngd Im. FA Acc-jUKLO 1052j 

Trident Life Assnrance Co. Ltd.? 


H Rendade House, Ghracester. 


045236541 



82.4 — 


. Pwstaj... 
Property Pensior 




Legal ft General (to 
Exenpr Cash InIL 
Do.Acaxu— .. 

Extort E?y- lot — 

Do. Accum — 

Exempt Rxed Int 

&eS M W^S:i323 
DdAcoxn. 1367 


Do. Accum. 



rTOpi rop._n Lm. rn 

ProvhfBWe Capitol Life Ass. Co. Lid. 

30 Uxbridge Road, W128PG. 01-7499111 

|g;Kg:^§£zffl 

Pension EaA 
Peartml 

BHRL 
is gate 

FxA InL Cap. 

F*A IolAcc. 

. Intrt. Cap- 

Property FA F 

Proviticfaf Life Assurance Co. Ltd. 

222BkhopcDate,EC2. 01-2476533 

Gift Fund,. — 

Property Frau 



Pens. MngA Cap 

Pens. Mogd. Acc. 1216 

Pens-GtADeoXap — 104.7 
Pens-GnLDepJfet — 1117 
Pens. Ppty- Cap — — 117^ 
Pens Pty. Acc 

TedL Bond- 

•TrdLG.1. Bond [ 

*CBh oka 


970 

for £100 preswm. 


3= BBIHB 


TyndaH Assaranc^Pensions? 

18, toynge ftssi, SriaaL 
3-Way Dec. 21_ 

E»tttyDetZL_ 

Bend Dec 21 ... 

&2K15S&H 

T3SyPn.Dee.14, 
ilrw.Dec.21— 


027232241 


SI 

■v” 

SI 

_~e.- 


zz 





Oo.Bond’Dec.l 1 

Do. Prop. Dec 1 ; 

Vanbrugh Life Assnaoce 
<M3 Maddox St, Uta. WlR 9LA. 


Ksas \ fA 

150.4 

ERPfcimri. .. 

^3 

Fixed Inters FA 

1^7,4 


1610 

1222 


01-4994923 

» -4 


m= 


CoraUB Insurance Go. Lid. 

32, Cortejin, EX3. 01-6265410 

Cap. Feft fce.^9— JBIB . _ - 

172.5 1820} -3 - 


IOE& 


CrwBt ft Commerce baurance 

220. Regent St, London W1R5FE. 01-4397081 
CftCMnaLFA 131ft J — 


E* wpl Prop. IniL — 

Db. Amr 1 

Legal ft General Prop. Fd. M?i Ltd. 

Ti Qiaeo Vtcterta Sl- EC4N 4TP. 01^2489678 

iMPnLfAOecAJmr 1043} 1 — 

Next srt. day JanHiy L 

Ljfe Assul Co. of PeMsyfeama 
3M2, New Bond St, W270RQ, 01-49SH395 

LACOPIftdts— f»6 1015} — | — 

Lloyds Bk. Unit TsL Husk- Ltd. 

7L totted St, £C3 l • QI-6Z31288 

Exerac (983 103.4| 701, 


3: HU Bard 



Vanbrugh Pesdons Limited 
4143 Maddm St. Un. WIR 9U 

"B 


01-4994923 


Managed 

Epwtya 




Prudential Pensions United? 

Holhoro Bars, ECLN2NH. 014059222 

— 

ReOance Mutual 

Tonbridge WriftKte*. 0B9222Z71 

ReLProp. Bds_ — J 2219 I — I — 

Rothschild Asset Kamgemeut 

SLSwftbbs Lane; London EC4. 01-6264356 


Guaranteed see iis. Base toes’ table. 
Welfare ins uran c e Col Lid.? 

Wftsbdr Pari; Exeter. 0392-52155 

Matuymalter 

For other fs_... . _ 

fiiwp. 

Wmtteor Life Assur. Co. Ltd. 

Royal Albert Hse, Sleet SL, Windsor 68144 


N.C. Prop- 


Next Sub. tag 


.BkJar- 


■i - 


«Fd ( 104.9 J — | — . 

texft please refer to The London ft 
Manchester Grocp. 

Life Ass 

st Hse, S 

I rVUB teHreNMl 


f722 760 

170 
44,00 

&0O2 UftSj 


OFFSHORE AND 
OVERSEAS FUNDS 


Alexander Fond 

37, me Hhn-Ouk, tontcoy 

Alexander Fund 1 SUSTOI |+Q311 - 

INt asset nbe Dec. 12. 

AUeu Harvey ft Ross Iny. Mgt (C.L) _ 

L Ctartog Cross, Sl Heller, Jn, LL 0534-73741 

AHft Gttt Edq.F A [UD23 102ft +003] U.9B 

Arbuthnot Securities (C.U United 
P.O. Bn 284, SL Helirr, Jersey. 0534 72177 

Govt Sea. Tst POQ 1K| — | 1200 

-H UT 

Hex-, oealtnj tote tonary H- 
Aestrafian Selection Fund NV 
Market Opportunities to Irish Young ft OothKdte, 
127, Kem SL. Sydney 

usa Shares | » SL48 l.-.-i - 

Net asei aha Norenhte 24. 

Bank of America International SJL 

35 Boulevard Royal, Luxeifoourg G.O. 

Wliflnrea Iraxsne HUSUitl UftSlj J 7J0 

Prats * Ore. 2L Next S»hT5» Dec. 27. 

Banque BroxeUes Lambert 
ft Rue De la Regeoce 8 1000 Brussels 

Renta Fund LF 11.884 1.9421 -4| 805 

Barclays Unicom IdL ICh. Is.) Ltd 
Louring Cross, SLHrtier.Jsy. 0534 73741 

Overseas Income (47,0 _ 49.3 1 1220 

UnidoltarTnet— .-&IS1U2 1L39] — .1 160 
Unibond Trua BUSU0J3 1026ft — j 850 

Barcbys Unicom InL <lx.Man) 

1, Times SL, Douglas, l-o.M, 

Umcorti Amt Ext — H.l ,55 
DO. AusL Mm Sb 35.1 

Do. Grtr. Pacific 58.4 

Do. Ini. Income. 37.7 

Do. I.of ManTsi. 47 J, 

Do. Mam Mutual (25.9 

Bisbopsgato ComraoeSty Ser. Ltd. 

P.O. Sox 42, Douglas, I jxM. - 0624-23911 

ARMAC*Oee.4 B 

CANRHO— Dec.4_E 

COUNT** Dec. 4 10627 2.7 

OrlgkaUy ul "$Z0 aod 1 

Bridge Management Ltd. 

PA). Box 50ft Grand Cayman, Cayman Is. 
N*ta5tsDecJ 1 YU, 858 | . — | — 

fgMbtttsu 3421-0.141 0.77 

Britannia TsL MnqmL, (Cl) Ltd. 

30, Bath St, SL Heller. Jerqr. 


Keyser UHmaim Ltd. 

25. Milk Strew. ECTV&lE. 

fonsefe* — IFrl-377 

Bomfeefex 

Cent. Assets Cap (139.43 

King & Shaxson Mgrs. 

1 Charing Crew, SL Helirr. Jersey. 

Valley Hsr. SL Prtrr Port, Grwy. 

3 Thomas Street, Dowlas, I.O.M. „ __ 
GihFuiuifJertei).— po6 90g 

ClHTroslllo M.)— 11023 104.fi 

Gilt FnA 6irenMy|9J3 9.14] 

fed. (tot Sets. TsL , 

ISB&- misa 

Kleinwort Benson Limited 
20, Fenc lurch SL, EC3. 

EurimresL Lux. F. 

Guernsey Inc, 

Do.Acpm 

KB Far East FA 
KBIdL Fund. 





KB Japan Fund. . 

K-ftlES. Gwth. FA .. 
Signet Bermuii 
Imerntl. BA Fd 


susKSs 

Lloyds Bk. (C.I.l UfT Mgn. 

P.O. Bn 195, SL Hellier, Jeney. 0534 27561 

LV»tB TsL O'srtc -[55.1 5G.0I.__J 0.97. 

Next dead in i«e January 15. . 

LioydS Trad Gdl 2.9.97 1O.0WT f 1200 

Next dtalmg dale J*n»fy 10- 

Lloyds Bank IntemattonaL Geneva 
P.O. Box 43ft 1211 Geneve 11 (Switzerland) 

tssi±ess=iwaHi=i a.. 

Managernent International Ltd. 

Bank oi Bermuda Budding. Bermuda 


Cbury Dec. 22 JSUE7J0 | .1 — 

M ft G Group 

Three Quays, Tower Hill EC3R 6BQ. 01-6264583 
AUanllcDec.27 (“" 



108 


Sterling 
Growth I 
Intel. F4 


ated .Frit. 




063473114 

r 4 

— 

2.00 

U» 

127ft 


150 

1171 


1.00 

0>M 


1240 

5.471 

0.9WJ 


1 9J8 


(Accum Unto) (188.6 

Samuel Montagu Ldn. Agents 

114, Old Broad SL, E.CJL 

AporloFd. Dec. 20 [SF4060 44 

JtoeaDec.15 UKS13fil 14_. 

117 Group Dec. 27— BUSlfl.49 lUll+AU] 

117 Jersey Dec. 13_pJ3 T& 

JsvO-sDec.6 (£9.93 10.45i 

Murray, Johnstone (Inv. Adviser) 

163, Hooe SL, Gfasgow, C2. 041-2215521 

•Hope SL Fd_. 

•Murray Fund- 


01-5886464 
405' 
0.87 
2.44- 
. A7S. 


1=1 =. 


Univ.LSTiUSt' 

High im.SUg.Ta (E0.93 

UJL Date Denowwited Fdv. 

Univsi. 5 Ta .BUSSJO 

InLHiqh InLTtt- _ _|$USa% 

Vabe Dec. 2L Next deafoig Jan. 2. 

Brown Shipley TsL Co. (Jersey) Ltd. 

P.O. Box 583. SL Heller, Jersey. 0534 74777 
Stlng.BndLFAfh) (£100 10031 .,...| 12.00 

Butterfield Management Co. Ltd. 

P.O. Box 195. Hand Hon, Bermuda 

Buttress Equity IWS231 13? .(■ L79 

Buttress Income JSUS2D1 209] J 8.01 

Prices at Dec. 1. Next sti>. day Jan. 8 
For Capifirex SA see under Keyser Uliman 
Ltd. 

Capital International SJL 

37 rue Notre-Came, Luxembourg 

Capitol InL Fund | SUS1705 | | — 

For Central Assets MngL Ltd see under 
Keyser Uilman Ltd. 

CharterfeoaK Japhet 

1 Paternoster Row, EC4 

Adiropa RHI30J1I 3L70)-0 

ADIveSa DUNAO 52J0 -0 

FondaV KhCLfiD 3330 .. 

Fondis K5D80 21.90-0 

Emperor Fund B3-15_ 330 .. 

Hispano BU3C33 44J7 .. 

Clive Investments (Jersey) Ltd. 

P.O. Box 320, SL HeSer. Jersey 0534 37361 
Clive Gilt fd.(C.I.) _(9.66 
CUre Gilt FA (J^j -{962 

Corn Ml Ins. (Guernsey) Ltd. 

P0. Box 157, SL Peter Port, Guernsey 

Irani. Man. FA (1633 178.0] ( — 

DWS Deutsche Ges. F. Wertpapiersp 

Grunetnrgvreg 113. 6000 Frankfurt 

l mesa -PG7J0 390ft — 

Delta Grnnp 

P.O. Box 301ft Nassau, Bahamas 

Delta Inv. Dec- 26 —.tSUSlAB- •'L76|-Qill| - 

Deutscher Investment-Trust 

Posdach 2685 Bfehergaaf 6-10 6000 Frankfurt 

2L70I 

7L0ft 


Negit SJL 

IDa Boulevard Royal, Luxembourg 

NAV Dec. 15 | 5US1238 f 4 — 

Negit Ltd. 

Ejnt of Bemaids Dldyi- Hamlhon. Bmaa. 

NAV Dec. 15 (£6-10 — 1 ( — 

Phoenix International 

PO Box 77, Sl Peter Fort. Guernsey 

Inter -Dcdlar Fund ISUS236 255I+0M1 — 

Quest Fund Mngmnt- (Jersey) Ltd. 

PO Box 194, SL Hriier, Jersey. 0534 27441 
Quest SUq.F>AlnL -1883 93.51 _....( 12.00- 

OuertlntLSec p.926 0.9961 __..i 3 00 

Quest InU. BA ,EjS0.SO9 0962] J 9.00 

Price al Dec. zf. Next dealing Jan. 3. 

Richmond Ufe Ass. Ltd. 

48. Athol StreeL Douglas- 1-O.M. 


I.) The Silver Trust — 
Ridwrond GdEd. — 


Do. Platinum 

Do. Diamond BA I 

Do. Em IncomeBA— , 


[111-5 

J16B 

hM5 

fea 5 l 


0624 23914 


Carrlllon C.G.l.BA 195.0 


m-M - 


169.0 +0.7 
101b 
1769 

100.0 


1L57 1 


01-2483999 


m M 


Concent ra.. 


-SI ::d = 


SJLI.L 

5A.0.L 


InL Reirtenroiids 

Dreyfus Intercuntineiitai Inv. Fd. 

P0. Box N3712, Nassau. Baharas. 

NAVDecJ9 |SU 515.48 16.471 | — 

Etnson & Dudley TsL MgL Jray. Lid. 

PJ). Box 73, SL Hefler. Jersey. 053420591 

EJ5-IX.T. 1 1233 1318| | 100 

The English Association 

4 Fore Street. EC2 01-588 7081 

Eng. Ass. Sterttngr* — K5127 5L2S — J — 

Wantate Cm Fd** [00.93 113ft 1 — 

•Next dealing to. 3. "Next dealing Dec. 29. 

Eurobond Holdings N.V. 

Handehkade 24, WiltanrtaA Curacao 
London Agents: Intel. 15 Christopher St, EC2. 

TeL 01-247 7243. Telex: 88144® 

NAV per share Dec. 22. JUS2D0O. 

F. & C. 'MgmL Ltd. Inv. Advisers 
1-2 Laurence Pountoey Hill, EC4R0BA 
01-623 4680 

Cent FA Dec 20 15115526 -0.17| | - FEqurty. 

Fidelity MgmL ft Res. (Bda.) Ltd. 

P.O. Bov 670, HamUlcn. Bermuda 

Fidelity Am. Ass i 5US24.14 

Flckflly Int. Fund SUS20.91 

Fidelity Pac. Fd I SUS54J4 

Fidelity WridFd 1 SUSM16 

Fhteffiy MgmL Research (Jersey) Ltd., 

Waterloo Hse, Don St, SL Heifer, Jersey. 0534 
27561 


Rothschild Asset Management (C.I.) 

P.O. Bor 58. SL Julians CL, Guernsey. 048126331 

O.C.Eq.Fr.Nn. 30 —156.5 60.1 2.42 

O.C.Inc.FA Dec.1 0521 1610a 758 

OX.lntl.FAf »126 133a 132 

0CSmCoNav.30 loO B 149 2 338 

OX. Commodity* 243.6 153 1 4J1 

O. C. Dtr.Corntoy.r—BZaaa 30 6ft 055 

•Prices on Dec. 14. Next deaiinq Dec. *9. 
tPnces on Dec. 2L HeA deattrg January ft 

Rothschild Asset MgL (Bermuda) 

P. O. Box 664. BL' of Bemuda Bid., Bermuda 

Reserve Assets FABUS9-84 9.Bft „_J — 

Price on Dec. 25. Next deaUq Jan. ft 

Royal Trast (C.U Fd. MgL Ltd. 

P.a Bax 194. Royal TA Hse, Jersey. 0534 27441 

RfifawJflP- 2 ffl:d ^ 

Prices at Dec. 27. Next deoflnq Jan. ft 
Save ft Prosper International 
Dealing Ik 

37. Broad SL, SL Helier, Jersey. 

VS. DoUar-denuiidnated Fronts 

Dir. FxAInL't (p6 

Internal. Gr.*!....— _|7.58 
Far Easiern*t_--- — -.W755 

North American •±__.j? 77 

Seprot !l_|l511 

Staibw+tenonroated Funds 

Channel CaprtaHt 1244-6 

Channel lilandnc. 

Craiimod.*"!— . 

5L Deposit*. 


053420591 



SL Fixed— *t _ 

■Prices on Dec. lft. «Dec 20 

jWeeUy Dealings. {Drily Dealings. 

ScMesinger Interna tioual MngL Ud. 

41. La Mode Sl, SL Helier. Jersey. 053473588 


It 


8tH 
94 
219 
„ 101 

, = Tfa 

F» East Fund 198 • 104 . 

Next sub. day December 13. 


fotl.M.Je5y^— :.I95 
InuLFALxntog. — [u.08 


-U 


-ooft 


9.06 

4.79 

238 


Schroder Life Group 
Enterprise House, Portsnxwth.- 
tnteniatianal Fronts 


070527733 


SEquinf. 

f Fixed Interest. 
SFlxed liuereu- 

tMaraged 

S Managed 


(1043 


335.4 

(139.0 


127 


3 


U0.fi . 
14L9 . 

m i 

Bo.u . 
127.91 - 


J. Henry Schroder Wagg ft Co. Ltd. - 

120, Cheapsiite, ECft ■ 01-5884000 


ISS B fpad'fic) JI IS 19 l+jjmj — 

Series D(AnLAsNl— (0554 |-o£l — 

First Viking Ifemmodity Trusts 

10-12, St Geode’s SL, DuagtB, l-o.M. 0624 25015 

FsLVnc.Cm.TsL p5.0 . 36.91 I 300 

FstVk.ObLOp.Tst -.455.0 57.ft J — 

Fleming Japan Fund SJL 

37, rue Notre-Oame, Luxembouro 

Fleming Dec. 28 1 5US6020 [-L71J — 

Free World Fund Ltd. 

Butterfield Bldg, KamRtuu. Berrnida. 

NAV Nov. 30 1 SUSI89J8 f 1 - 

G.T. Management Ltd. 

Park Hse- 16 Firabroy Cbcus. London EC2 
Tel: 01-628 B13L TLX: 886100 
London Agents for: __ 

Anchor Unto. BUS101 1.03+0011 

Anther Gill Edge K944 9301 ...-J 

Anchor jnL FA. &J54.96 5091+0.03 


Cheap 5 Dec. 27 ( 

Trafatear Nov. 30 . 

AsanFA Dec. Z7. . 

Darling FA Dec 18— J 
Japan FA Dec. 28_ f 


1L40 -t 

2.04 

9.044 ..... 


-0071 2.81 


Z87 

550 

033 


2.06 

1337 

206 

108 

0.84 

0.91 

LBV 

270 

539 

L47 

033 



Berry Pac Strlg — —315.00, 329.68 ...J 

G.T. Asia Fd aiiaiLi5 1055 +rixft 

G.T. Asia Slerflng _ 03.99 1402 +fljS 

G.T. Australia FA — 5US9T1 10.10 -OX.il 

G.T. Bond Fund SUS13.74 +0JLft 

S.T. Dollar FA SUS6.78 „ 

G.T. Wr. (Strlg.) F6 £8.69 -9.06 

6-T.PaciflcFd JU3A72 — ,+0.44 

G. T. Ptillcptne FA —|$U&904 10.45} 

Gartiuore Invest Ltd. Ldn. Agts. 
ft SL Mary Axe, London. EC3. 01-283 3531 
Gartnere Fund MiroL tC.L) Ltd. (a)lh) 

4 1 Broad St, Sl Heftr. Jersey 0534-73741 

Gift FundfJersey) fi60 10L0| | 1225 

Gartmore Fund MngL (Far East) LtA laKbi 

1503 Hutdttsw H», 

HK&PacU. TsL 

Japan FA 

N. American Tst.. 

InU. Bond Fund— 

Garin or* luvestateut . 

PX. Box 32 Douglas, IpU. 

GaitmoreTntl. Inc— .ELI 
Grotmre Inti. Grihj6L2 
Hambro- Pacific Fund MgmL Ltd. 

2110, Connaught Centre, Hong Kong 

Far East Dec. 27 {M3439 15J4| _....( — 

Japan Fund [SJ59-59 1007] J — 

Ham bras Bank (Guernsey) LWJ 
Hamtnus FA Mgrs. (C.IJ Lid. 

P.0. Box 8b, Guernsey. 0481-26521 

. 3.70 

, 830 

[ 210 

Next dealing' Jan. 3. ■ 
Henderson Baring Fund Mgrs. Ltd. 

605, Gamon House, Hong Kong. 

jaaeun ®tsi = 

Bond FA Dec. 21 J 5US10697 | \ — 

•Exdoshv or any prelim, charge. 

Hn-Samud ft Co. (Guernsey) Ltd. 

8 LeFetivre St, SL Peter Port. Guernsey, C.I. 

Guernsey TsL 1150.9 1614( .....J 307 

HR1 Samuel InreL MgmL IntnL 

P.0. Bor 63. Jersey. 0534 27381 

HS Channel Is. F (1222 130ft. | 332 

Bm 262ft Berq, SwttarianA Teti J3#25_ 

H£. Oversea BUSa# - 

CS.F. Fd. (ACC.) ©1570 16.0ft — 

uld = 

Inleraatioul Pacific inv. MgmL Ltd. 

P.0. Box R237, 56. Pitt SL, Sydney, Airfl. 
toeGn Equity Tsl_.BA 232 ft«l — I - 

■LE.T. Managers (Jersey) Ltd. 

PA Box 5ft Charnel Houe, Jersey. 053473673 
Jersey Extnil. i T5t_|l580 1AB0J _J - 

As at Nn. 3ff Neat suh. dayfec. 3L 

Jardiue Ftemisg ft Co. Ltd. 

46th Floor, Comaaght Centre, Hong Koto 


Sentry Assurance International Ltd. 

P.a Box 326. HairvTton 5, Bermuda 

Managed Fund (SUSUhOS 235631 4 — 

Singer ft Frietflander Ldn. Agents. 

20, Cannon SL, EC4. 01-2489646 

pekafofid?_ (010637 27801 .....I 6.12 

Tokyo TsLfcc. 27 WS4030n+O50| 153 

Stronghold Management Limited 

PX. Box 315, SL Heifer, Jersey. 0534-73460 

Commodity Tnm 187 JO 9189J+0J31 — 

Surinvest (Jenqy) Ltd. (x> 

Queers Hse, Don RA, SL HeOer, Jjy. 0534 27349 

American Ind.TsL _KT7 21 737(+A011 — 

CopperTna (£1152 T2JJ]-Oja — 

Jap. Index TsL l£LU7 lL4l|+OX7l — 

TSB Unit Trust Managers (C-l.) Ltd. 

.Bagatelle RA.SL Saviour, Jersey. 0534 73494 

agte=M- Si3“::i 

Pros on Dec 28. Next tab. day Jam. 2. 

TSB GQt Fund Managers (C.f.) Ltd. 

Bagatelle RA, Sl Safeoir. Jeney. 053473494 

Gill Fund (#9.0 102.01 1 32J0 

HU Fund (J».) — J99.0 lOirf .1 1200 

Pneet on Dec. 27. Next a*, day Dec. 27. 

Tokyo Pacific HoMiflgs N.V. 

I numb Management Co. N.V_ Curacao. 

WAV per stare Dec. LL 5US6404. 
Tbkyo Pacific Hldgs. (Seaboard) H.V. 
l minis Management Co. N.V, Curacao. 

NAV per share Dec. U. JUS47J5. 

Tyndall Group 

P.O. Box 1256 Hamilton 5, Bermuda, 2-2760 
— J .600 


2NewSt_ SL Hefier, Jeney 

TOFSL Dec 21 (OJo 

t Accum. Shares) |fll. r 

American Dec. 21 (770 

^Accum shares!— R80 




arEaslDec.21. _ 

lAreum shares) (84 5 

Jersey FA Dec. 20 —^12 

(Nan-J. Aec. ULO Q9A8 

Gilt Fund Dec. 20. 1103.4 

(Attum. Stares) (14L2 

Vkhuy House. Donato, Isle of Max. 0624 24111. 
Managed Dec. l4_Z|m4 145ft | _ 

Unilife Assurance (Overseas) Ltd. 

P.O. Box 1388, Hamilton 5-3L Bermuda . 

Internl. MngA Fd |SUS0.% — | ... . | — 

Uwan-lmestmeat-GeseHscbaft mbH 

Poalart 16767, D 6000 Frankfurt 16. 

M.95 1L6CH-0J 


7J0 



Unirnma .. . 

UntspecWl 

Utd. IntnL Magimt (C.I.) Ltd. ' 

14, Muicasur Street. SL Helier, Jersey 

U.l-B. Fund ISU5UHJE 2D5J3} J 

United States Tst Ipfl. Adv. Co. 

14, Rue Aldrlngrr, Luxembourg. 

IIS. Tsl Inv. FnA (£10-67 — [-oja 

Net assets Decenfer 27. 

S- G. Warburg ft Co. Ltd. 

30, Gresham Street, ECft 01-6004555 


0.94 



Jarrine Eshi.TsI— .... 

JartSneJ'pn.FA* 

JanlineS.EJl 

Jaidfoe Fjem-lnl 

IiW.PblS«s.(IbD_ 



HKS13.78 . 

'Equivalent 3U&332 


190 

2-10 


Next sub. day Decesttr 29. 


^2452 

Warburg Invest MngL Jnj. Ud. 

L Charing Cross, SL Heller, Jsy.Cl «34 73741 
CMFLtAN(W.30— . HlSliS 13 901 
CMTLtAltav.30— ClBr 1403 
Metals tjl no».16_. 02.73 13M 

TMT Dec. 14 nmj) 10^3 

TOMT LtA Dec. 1# OOJa 1055) . 

Worfd Wide Growth Management^ 

10a. BouJewrt Royal, Luwniwura 
WorWwfeJe Gth Fd) 50515.09 |-HLll| _ 


NOTES 

























































































































































































i l -3 ru< 

** % •^‘>1 

<> **-5 

% * * ^ 2 . 

.:, Ci '& 


B8: 

900 

Wb, 

32' 


# 

LRAtatf 

LaWfex^. 

m 

LeadlndsJ 

bdAMSfi 

m, 


'36 - 



• ' £ p«j». 






JU& 


Leisure 


116% 40 

nT 83 

§ 2 160 

6 % 

^ S 

ill 108 

41 30 

« ft 
«■« 
3W 79 

I? & 

7P Z % 

* f 

S 1 s 

a 

62' 44% 


-.... K24 3JJ 7iii 6.4 

-2% flJff 3* 65JS 
...... t*2J3 66 3.4 S.t 

-1 14.47 L< tilts 
+1 7506 46 4.8 63 
-3 2.0 92 28 43 

-3 M6.6 26 93 hi 


... W|3 23 6i 
-. 93 urn.: 
... 2.44 17 9J 


-1 M.73 3.4 76 235 
...... faO.62 to 3.4 7.7- 

+2 925 * 9.9 « 

-1 626 * 8.7 * 

...... MU5 2.9 26195 

-2 r*2J2 34 22183 
-... £.76 1* 103 73 

2.05 50 36 &2 

5.95 27-4 123 - 

+5 56.75 23 5510.9 
+1 72.4 6H 5J 43 
7237 2.9 7.8 66 


43 

— hd0.45 


184 ig 9.d 82 


\+h\ 15 


MOTORS, At RC RAFT TRADES 

Meters and Cycles 


30 1 2D 22 — — — - 

272 185 Gem.Mts.Owls 190 -5 Q275c L7 75 65 

53 37 Lotus Car 10g~ 49 — — — 10.4 

12% 5% ReBantMwS- 94, ...... — — _ * 

120% 6Sa RnBs4toyt*«rs. 95 -1% M534 2.4 8.2 42 

£25 |762 JVoJwKrSL— 1] Ql% 24 5.ij 6b J 

Commercial Vehicles ' & 

243 W%|E.fLF.(Hlfc3. 129 -1 2.46 13.11 2.M 2.8 760 

69 49 Fo*ns(55& 56 335 6.2 8.9M 

12% 7 Peak Invests. 10p B ..... - - _ _ » 

118 57% PtatoraL^ — U7 ..... 4.75 4 6i9 * 

73 45 YoricTrafefMp. 50 ..... 1d2J7 5J5 S3 42 



270 
226 
129 
205 
85 . 

31- 29 


- Components 



ponenis 309 1252 

50 <068 3JH 8JK 5.0 S£ S? 

37 <912.46 4J 10J 29 151 ii? 

66 -% 0226 3.7 51 78 £5 

109% -1% 5-24 « 7.4 A v7 u 

72* -% 859 If 21 60 life 

60 Z. 332 f 9.8 A 

26% 1.08 3.7 6.1 43 IK 

£20% +% 0140c 33 35 9.7 ■£?, 2 ,™ 

262* -3 450 4.0 2.6 14,4 3SS ^ 

65 538 L7 124 U HS ,S2 

«t iuuuiu g§ % 

49% MBA 33 2JUJ ^ 3} 

302 -2 908 4.6 4 5 52 ,5f 8 

52 -1 atO 4j} 4.7152 115 57 

79% -1 303 33 5.91681 

85 -2 J336 5.0 6.9 4.4 C 

.79 4-47 2.4 8.4 73 . « 


45 38% 

I 1 B 

63 213 172 
292 145 106 
- 165 

47% 

22 o 
66 
244 
73 
142 
250 
127 

m 

96 
87% 

86 
127 

8.2| 42 | I 157 

SHIPBUILDERS, REPAIRERS HI 

L» L*? (Hawthorn L5(£>.J _67 J»»j - J _ J _ J _ | g 

111%] 76) 
191% 

57 

» 

193 

293 -3 t9.40 3.4] 4.8} 93 157 

187 SH 72 12 lfo 1 § 0 - 1 § 

St 1. go 2 ? - *? i 9 g g 

39 -% dlJB 7.7 72 23 99 72% 


. — — 

IHawtfnrn L50p,l 67 i J — I — I — J — ' 

fessSii U« |<4 h*i: 

lYaiTtsw 50p — (308 |-7 15.15 | 3ll 25|173 ! 


SHIPPING 


F.U1L1.TJR025) 
Fuitdinvest Inc.. 


(UJJH /.£ /«£ 43 .99 72% 

231 ”... t457 65 57 5&Q 114 84* 

220 5.18 23 3.5 161 m 7T 

34 — — — 15 105 67% 

329 +4 263 - 30 - 86 60% 

107 -1 837 26 117 [381 80 56 

gf -2 6.64 - 0.9 11.9 131 % 97 

73 -4 DO — 0.2 — 70 55 

33% -% 0.1 - 0.4 - 85 65 

59 -I M3.7S 21 95 35 113 90 


SHOES AND LEATHER 


95 63 

21 9% 

LOS 72 
*138 106 
45% 34% 

44% 35 
95 BO 
53% 40 
26 19 

113 64 

44 29% 

47% 35 
102 74 

-8(1 64 

54 39 

59 44% 

38 29 

51 21 

L26 92 

*138 74% 

*135 112 

[49 88 

95 72 | Hurst (Charles) 

46 31 

84 65 

91% 66% 

76 48 

87 73% 

9* 

*1 77 

W% 26 

88 43 
54% 33 ! 

30 68 


Garages and Distributors ^ ^ 

4.42 32* 921 5.4 ,80 56 

— — _ 20.B 108 93 

-2 M6J4 2510.9 78 « |0 

-1 757 25 111 42 I®? M 

37% -% KM* 3.4 67 3.7 g 47 

36 tL40 45 51 5.4 54 36 

80 <M5 30 8.4 45 59 38 

51 -% 251 23 7.4 8.6 « 40 

22 ...... tL44 22 9.B 69 » 4M, 

1M 7650 23 9.5 6.9 J8 33 

32%d <12.41 LI 113 (U3j 72 54 

44% WL73 4.6 53 4i SO 41 

90i 2 -% 352 53 55 35 « 

77 150 22 9.9 63 U8 661! 

45 -1% g85 36 9.4 24 

33 127 15 5i7 17.4 

48% 00.47 17.4 L4 53 

MS -1 W38 33 60 67 125 80 

186 t6.90 5.7 9.6 33 635 410 

124 -1 ta71 32105 56 97 42 

186 -2 364 37 50 65 275 95 

d6D5 3.0113 4.4 125 87 

..... L98 4.4 7.4 30 490 288 

-% 7421 26 8.9 65 102 35 

-% M5 32 85 42 190 130 

60 7250 55 63 38 90 54 

76 609 LI 120 5.9 680 445 

28 -% 6214 13 11.4 ^97 72 49 

-2“' 76273 75 38 38 

..... tl&7 68 60 42 


25»jnl Jl.15 2. 

52 .... 4.46 3. 

69 «J9 2.11 9. 

96 7457 4.1J 7. 

48 M1.7 7.91 5: 

106 t«97 2j| 7 j 

82 -2 3.0 

4B 1322 

56 t264 

50 7L9 

50 t281 

43 216 

68 4.73 

76 2.75 

41 71018 

98 M4.02 

2» 2 -% 1.45 

SOUTH AFRICANS 

93 |+3 1 10.16 1 L4I10.91 6.4 
525 Q63c 2« 7 A 57 

44 U Q5c *1 6.| 


102 67 

70% 56 
70 48 

89 6*>% 


1 

1 



m 

m 

|^P?Ss5i 


Hill (Philip) 

HawHItk.-A" 



130 020c 4 

102 028c L 

355 tffift: L 

A - i 

55 +1 011c 2 
535 ..... «52c 3. 
49 010%c 1 


t: ?.j h 

1617.0 36 
LI 98 58 
* 58 * 
26124 31. 


2M1L9) 27 
3.« 5iJ 4.4 


NEWSPAPERS, PUBLISHERS W 



1 12 
0 
II 

f.4 

55 
62 

it 

64 

Si 

65 
73 

II 

72 

ti 

72 
65 
132 
85 
4.0 * ■ 
34 S3 
L7 55 
41 68- 



167 -3 75.9 421 13 67 
240 -3 14.08 7S 25 7.9 , 

60 32 S3 88 3.7 ! 

59 -1 237 2« 60 831 


148 04.97 3J 58 98 % 

friar fl&8 | 

137 -1 4.75 2.9 52 75 S 

3S3 -5 7128 L4 5J 19.0. 

55 tti21 33 5.7 53 

83 ..... m268 4.7 48 65 
75 .™. 7457 28 9J 6.0 

200 1460 26 4.9 118 

270 blOc 3J 28 85 


w Ml ac- 

52 75 

57 « «* 

9J 60 
4 911Q 39 31 

3 8 85 105 «% 

£Ji BJ me I an* 


.... OUIL w to m inc 4 Q 

210 -3 105 35 175 - IrU 51 

120 .^... 7757 21 92 69 

48 -1 t4.43 16 13.8 7.0 » 

275 ; — j983 46 58 65 t3| S* 

196 608 42 46 7.4 1 


196 . 608 42 46 7.4 

72 -I 1335 42 65 66 

39- 702.49 23 95 68 

193 ..... 1421 43 31 168 


145 +2 W3.40 51 
325 -1 1419 3] 
56 1136 3.< 


42 ..... +L4Z 3.91 511 67 


PAPER, PRINTING 
ADVERTISING 


46 29 

83 62 

*56% 39 
77 55 




a s- 

65 56 37 

34 Z7 

67 32 26 

u « a 

54 42 

72 38 

23 15 

16% 7 

61 34 

68 55 

49 42 
53% 21 

107 73 

48 29 

74 46 

147 102 

50 24 

62 58 
19 ' 12 
31% 8 % 

105 60 41 

u •§ » 

70 n 8 

48 


TEXTILES ' 

146 I |7d55? 




70659 351 671 64 
«.73 28 218 55 

jf i 7 fi « 

18 


= 19 


48 

3.7 82 58 47 

39 9.6 4.0 83 


K=ff m 1 

69%-% 7351 31 71 51 110 

36% 7L88 3.9 7.7 45 885 

116 -2 7767 13 9-9 (Hi) 23% 

£78% 07% 202 tl3.4 - 263 

34 .... d0.66 — 29 — 35 

88rt -1 hP7.0 25 1L9 50 ,|2 

89x0 ...... 6P7.0 25 117 51 1», 

111 -3 H533 47 73 45 114% 

32 2.01 11 9.4 76 U1 

49r P25 25 7.6 71 

193 ..... W.76 243 06 105 63 

113 77.24 2JI 9J (42) 137 

9>z 0.76 26 119 5J 75 

543 13.06 31 8.4 59 ,3* 

66 456 25 103 6.4 140 

41 + 1 312 * 12.0 * 

Z9«d -% tl50 55 75 28 

28d -% 1150 5.0 84 27 

36«d ml31 35 5.4 71 

50 M2. 82 34 64 58 

65nl ..... <069 5 5 3.9 66 

23 <029 24 3.4(69) 


5U <0.0 71 3 D 67 

66 4.99 1.1 113 115 

44 ..... <1335 0.9 112 152 

53% 167 5.4 4.7 7.0 

89 t3.76 45 6.4 37 

45 HL62 35 5.4 85 

69 -1 1354 22 7.7 8.7 

139 ..... 7329 51 35 71 

4® ...... tL5 04 5.7 474 

76ri td323 7.1 63 25 

16 14.7 21 1 110 

9 p-7 a f 62 

52 431 * 12.4 a 

51% H335 il 103 44 

a% ...... L15 * 64 * 

vi. mvuyiu , 62if L.... «4 .49 28112 1 4j 

48 S.E.EX20P— 72 1.B4 94 35 42 

25 Saflt Robertson 44 . — 1278 25 9.4 (4«. 

18 SekerslnLlOp- 34 1153 22 67 85 

Sn c«™r,P«w«inh 73 -X H2.51 13 52 217 

32 166 13 7.7155 

87 611 15 105 9.9 I 

79 M22 53 4.0 72 1 

45 12-03 L 6 67 135 i 

71+1 — — — — - 

£ 125 L8 167 71 I 

m <ii33 25 66 aa 

3® 152 51 76 25 j 

42 03.75 2.7 8.9 5.7 1 

.69 -1 M34 55 7.8 62 

47 +1 101 42 32183 

6 W 419. » 9.8 *_ 


Bo. SohSlsRi. 
RoRnco NV FI50 
Do. Sub. Store 
Romney Trust 
Roswllniond Inc 


43*2 -% 12.76 23 9. 
»7%<a +t Q10% LO 1 

2S 169 0.8 9 

80 ...» 235 55 4 

56 355 22 9 

35v 085 02 8 

31 -1 tf.08 - • 


1 3 95 ts 

14 L7 6L4 

0.8 93 m 

55 4.4 60 „ 

« 94 73 _§6 


PROPERTY 


TOBACCOS m 

34 b 1260 IBATlRds J 285 J 6.91 5.0 gj 


304 227 Do. Def<L___ 
400 330 DunWJI(A.)10p_ 


- - - 45 

-5 855 5.7 3.6 7.1 


» 135 Ail'd London 10pJ 56 b -1 Z » 251 5.3105 89 \Tjh \ S AL I 21. 

4 184 AUnaULoreftW. 230 — «37 a 2324.4 651^ £% Rpthmans 12I#- ...» 12.07 9.fl 52^ 25 

2 7% AnBtamsaJSbKS - -31% — — — — 66 | 50 lSkwssmHn.lOpl 54 j-1 1 12.83 [ L9| 7.^ 65 203 

n 4 ApeTPrPJB-lOp. 86 bl31 14 2346.4 , 900 


ry 66 Apex.PlOJB.10p. 86 H131 14(23)46.4 , 

2 59 2 iSea^S). a »» L§ U 32 nil TRUSTS, FINANCE, LAND 

1 57 I 1 .. & 15 1 Lilfili Investment Trusts 

! 4^ BellwflHWgs.. 75- -% 191 Zl 55126 « ------ 

3 81 Bert^wWambro 147 -t t327 12 33 33.9 « 

2 151 187 1627 14 55 20.9 iff 7 

0 m BrjatfordProp- 280. — tt91 41 3.7 8.4 ^ 

8 26 BrltaiLand^ 45 +% - - - — ig jS 

ISO fllfi lfcl3BO*r.2M2~ Etn +5 - 172 - "g ill 


117 77 

250 193 


9 89 Brteton Estate- 318 -1 1194 

k «% “ -'s 

2 Sfi CanM0)6iv-5Dp> 97. . — d228 


0- 59 rDo.Can.20p- 


97. :».. <1228 12 33081 
W + l - ,-P 


215 129 
51% 
82 47 


INSURANCE 


125 97 

58 ] 28 
188 

» 

166 
26 
.£132 
m 

2 50 
262 
412 
298. 

147 
■178 
183 
ISO 
U5. 

ZB 

216 


-met Hides. 


6r fl7 |«BrtB(CW)a61- S9ai... 



! A 8S5fc J T«-i 

0 233 ChurcHfnf&L. 320ml H66 1J 

D 47% City Offices 68 -i 11.92 H 

3 52 DiteNldtoth. 71ml ...... 1L99 LI 

2 22% CoBWlSeci lOp 33 -1 1084 0. 

7 154 C«E*tteBgMB- »... ^-03 2X 

g 21 7afryNe*T.10p. 36 -1 0,66 — 

9 75 CTO & DhL Up. 128 1DJ8 4 J 

D 60 Daefcin (Hlcte). 105 3.04 3J 


i - W- - ^ ^ 


_ _ 51 36 

3.7 405 ^ SI 

^ 

4219.7 “% % 

(jgj St, 13 

if _ 158 106 
10 235 W] 

43 9.9 S 
3.8 ion 115 69 


900 

NANCE, LAND . Sf* 

ent Trusts zS 

58 t239 15j 611241 104 

130 535 4 6 J * 

111 ...» 4.86 LW 67 2L7 

UM t3.05 LO 4 J 32.4 

207 -1 7^J L: 51201 

m -i"So - J o3 - Finance, Land, 

»%+% fa 12 1X7 10.9 ^ 188 l 2 j Aknvd sndlhen J 200 ...... 

&• H «« 5? ik &££&« It ± 

96 ::»3.05 U. 4.7 291 & W M 


FINANCE, LAND— Continued 


J+ tA Wf J iru 

Pw* I - I Net lEVlCr'i PiE 





OILS 


MINES — Continued 
AUSTRALIAN 
Sink . | Price | + -°1 W Itm|SJ 


125 60 ttAraEscrgyEl. 

96 66 Atlosi(20p 

268 134 BrfLBwwolDf. 
954 720 Srit,Petnrm.U 
76> 2 65 Do. 8 %Pf.£l 
89 42 BnrmahEl — 

£62% £51 Da8%UL9JJ96 
03% 750 tKXPMLSsa. 
40 30 nCastleaaRes.. 

65 49 CeirturylOo — 

30 21 CftartertiaH 5p- 

£26*2 £12% Pe Fr. Prtroles B. 
450 323 ttCluffOilU „ 
413 375 Do.Cm.“A"_ 
144 S 6 MClyde Petrel a. 
98 83 Hunting Petrol . 

38 24 KCA 

190 126 LASMO 

n09% £97 LASUBM%HBl-83- 
415 284 LASUO-Dps'lOn. 
45 13 UageMetzliiae. 

228 178 OllExpL lOp — 
19 22% Premier Cons. 5p 

£131713 Ranger Oil 

2*4 IV RemokfeD«.lc_ 
£49 £35% RyL Dutch FLZO. 
620 EO Sceptre Rk — 
602 484 SbeflTraiB. Rm- 
69 57 Do.7%Pf.£3. 


JS % 

6 S - -3" 
£61% +V 
£ 11 % 


ttii 15 66155 
tS.43 3.a 3.7 1L4 
. 5.6% 442.4 12.4 - 

Q3%% - l5 7 - 



362 

400 


t2.67j 31 651 5.9 

|(U«d 1« 7.7110.5 


. ..Bsfljxia 

£64 £32 reco)4%%Cnv. 

190 130 TrlcHTtraL 

284 382 Ultramar 

161 120 Do. 7pc Cn*. £1 
195 8a Weeks NaLlOcts- 
195 8& Da.PftL0rd.10c 


85 -1 

32 -1 
128 -6 

£ 102 % j 

385 -25 

25 

216 -6 
24 -% 1 
930 -28; 

£42%S 

500 

565 -8 

62% 

256 -18 

£»% 

152 -4 
220. -6 
133 

155 

155 ...» 

56 +2 


1.02 8i L7 8.4 
b4.65 3.6 82 6U 
mfl.l 15J 05 143 

Q14% -TtlM — 


214 311 15te.£ 


tswa 2.4 6.2 7.1 

115.94 41 « Ti 
I 4.99b HE 1L7 - 

|Q4%% — 195 — 
1L34 55 1313J 

1% 245 75 - 

Q35%c - 61 — 


1978 I 
ffigh La* 

IS 9 
140 64 

131 63 

820 150 
336 148 


158 81 iHamptn Areas 5p 

40 10 Metals Ex. 50c» 

223 125 ImJ.M. Hldgs-SOc 

22 ID. 

40 10 

56 12 

343 79 

16% 8% 

50 12 

178 115 

42 10 

70 30 

£15% 725 
40 12 

570 310 

300 50 [Southern Pacific. 

164 84 Mtabi. Minrni 

IDO 35 Whim Creek 


+1 - -J - 
+3 108c 1.4 33 

+1 — — — 

+ 2 " Wife 22 

it : :: 

:::::: 41355 2.0 35 
+1 — — — 

Q9e X7 28 



^4 Q12ei 9.9 


1+251 - 1-1- 


TiNS 


OVERSEAS TRADERS 


120 60 
170 % 

73 45 

66 25% 
130 S3% 

166 95 

£70 £49 
575 325 
97 £4 


78 55 

49 38 

27 5 207 
107 68 

235 165 
225 160 
54 27 

9% 4% 
132 44 

250 175 
61 40 

£100 £87 
73 41 

72 41 



63J7 

75 

...... G3-5c 

-2 1M.19 
-1 62 

152 

u5.0 

-7 K426 
»... Q12% 

1*12403 

-4 4.32 
-2 15.23 
Zl.fl 


19D 2.0 2.7 
306 32 32 
1.1 12 502 
M 4.1 5.7 

J 3l2 1^2 
38 8.9 45 
22 5.0 93 
2.4 1.9 222 
22 7.4 9.4 
L6103 7.8 
22 7.6 73 
63 - 3.4 


30 ■ 23 
420 240 
60 45 

305 190 
185 111 
11 8 % 
350 226 
320 130 
93 67 

11 7 

84 63 
640 450 
470 280 

78 40 

78 50 

270 US 
87 49 

70 47 

245 140 
340 230 
240 134 

85 55 

103 84 

100 74 

270 148 



+6 OlScJ *J 22 
+2 03cl olfl Z3 


281 

+20 0300c 

4.0 

+12 0110c 
H557 


11536 

-2 125 
-6 H20 


+2 VS2A. 
Q 

+20 0175c 

»» 660' 
+5 Olfflc 

1223 

-1 14J9 
+5 tsCflA5c 
+15 Q190c 
+10 mQ65c 
+5 ZOlOc 

6.60 

(P58K 

+10 1088c 


Mitchell Cotts... 
Nigerian Elec. £1 1 
Ocean Wteo. 20p 
Pafan.Zoch.IOp 
Do. ‘A 1 N/V 10c 



-1 6.65 23 160 p.11 

3.46 LQ 13.6 [46! 

13.40 0.8 95 022 

...» 292 3.1 5.6 hi 

8.0 69 69 3J 

80 6.9 6.9 3.] 

40.08 - 03 - 



rQ3.0 24 3.1Z5.C 

165 4.4 5.2 64 

13.15 27 9.4(47] 

08% 18.0 (8.9 - 

0.M 7J 2.7 7.9 

Q10% 30.6 13.9 — 


1978 

Ifigh Unr 


RUBBERS AND SISALS 

Um | * Sadc | Price | + -*| fi |cVr|fiS 



279 4.7[ 4.7 

355 17 51 

*173 lo Ts 

355 * 22 

MA 12 43 

-% Q3.0 U 8J 
..... dfl.6 OJ 7.5 
+3 315.0 L 2 69 
<W.O 15 5.9 

Q25c L2 4.9 

Q12%c 15 35 



M60 15 4.8 

h015c L9 5 A 

-1 48.48 3.9 1.2 
44223 20 5.1 

:::::: 4huz irl u 


TEAS 

India and Ban 


265 [175 [Assam Dooars£l. 
385 255 Assam Frontier £1_ 
123 90 Assam Invs.Cl — 

30% 20% Empire Plants 10u- 
350 325 Lawrie Plants £1. 
245 180 McLeod ftresein.. 
420 330 Moron £l-»»». 
29% 22 Single HWgs. lOp 
130 90 Warren Plants.™ 

183 138 Williamson £1 


Bangladesh 

245 [-3 49.63 5.9) 5-‘ 

255 1075 4.4 5.9 

99 7.11 3.7 10.7 

24% ...... 41201 16 122 

335 615 — 6.) 


222 -3 135 2.6 9J 

330 15.0 17 6.£ 

26 4(175 32 10.* 

112 h7.44 4.9 9.' 

157 125 42 1L5 


Sri Lanka 

230 |123 |Liaiuva£l [ 230 |+3 ]558 | 15| 37 

Africa 

155 1100 |Blant*re I 155*H[ |tl269] 6 | i 

595 [130 [Ruo Estates 1 140 | — 1*132|2.4| ] 

MINES 

. CENTRAL RAND 

442 (140 [Durban Deep Rl-f 292 +3 / 050c / — Z10 
420 244 East Rand Pro. Rl- 264 -lfl QlDc I — 23 
£42 £26% iRarxffijnfn Efl. R2 . 0/P 4 +% W50c « 95 

178 78% |WeU Rand Rl . — I 95 fi!J%c 4> 115 


EASTERN RAND 


106 57% 

37 18 

416 235 
152 76 

444 231 
75 35 

105 52 

73% 37 
56% 31 
365 517 
63 28% 



70 +1 044c 

25 1020c 

289 FD50c 

101 +1 Q38c 

257 -3 Q55c 

94 T.;: QTOc 

56 +1 — 

46 sQlOc 

588 Q129c 

33+1 — 


14.7 

40.0 

10J|Si 

24.4 

29.4 
362 

37.1 
18.0 
1L8 



FAR WEST RAND 

310 +4 1063c 
827 +18 Q190c 
89 +1 - 

239 Q50c 

704 +11 QU5c 

218 — 

78 -1 Q13c 

Olh 8250c 

503 KMOc 

447 +4 ttlMt 

429 021c 

331 +7 866c 
£13% +% MU15i 
155 +4 tQ25c. 
£23 +% 1Q385( 

130 Qfflc 

766 +18 tOSZSc 
215 »... Q4Uk 

o.f.s: * 

110 [75 |Free State Dev. 5fe[ 90 Q12c 

£20V £ll% F5.GeduW50c» £33% ’. Q315t 

121 58>2 F5. Saaiplaas Rl | 59 -1 - 

296 +4 1Q55c 

BOl +9" 0150c 
651 +11 080c 

722 +1 Q190c 

187 - 

257 065c 

£15 +% 0«15c 


COPPER 

104 I 54 |Messna R030 ».| 5b | ] - [-[ — 

MISCELLANEOUS 

68 35 Barymin 54 — — — 

17 9 Bunna Mines 17t^> 33% — — — 

300 165 Cons. Murch. 10c. 165 -5 1030c 2.6 t 

465 245 Northgate CS1 __ 370 - — — . 

263 164 R.T.Z. 226 -2 9 3 23 6l3 

90 30 Sabina lnfls.CSl. 40 — — — 

02 687 Tara Exptn. 31 — 725 +13 - - -| 

185 p20 (Yukon Cons. C$1. 170 07c 2.%2Ji 

GOLDS EX-$ PREMIUM - 

London guctaUons (nr selecied South African gotd mining shares In U.S, 
currency ncludng the imesuimit dollar premium. These prices are 
available only to non-UK reddents. 

Sll% +V Q170c 11016.7 
510 +15 1078c L7 9.0 

375c -15 

$19% +% 0315c * 185 
SU% +% 0150c « 152 
S10V ...... Q190c A 2L4 

470c +10 1022c 23 5.4 
S18% +% Q115c 33 7J. 
332% +% 0385c L7 13.6 
522% +^4 0415c A 2X1 
*10% +V 0823c 2 j4 8.B 


NOTES 

Unless otherwise Indicated, prices and net riiridenrit are in pence- 
and denoonnaUans are 25p. Estimated price/rondogs ratios and 
covevc are based on latest arntolivpArts and accnrrts and; ut i ere 
possflik, are updated on baH-yearty fkjures. P/Es are adcidated na 
the basis of net rfa tr llin U uii: bracketed figures Indicate 10 per 
cent or more difference if cakutaled na “irir distrflHitlan. Covert 
are based on "macitnutn" dfetributian. Yleids are based on ottfle 
prices, me gross, adjusted to ACT of 33 per cent, and aflourfor 
value at declared dstzftutiens and rights. Securities with 
dc n tm wm iio n s other than sterling are qeated tudnsfre of the 
in vest me n t dollar prempm. 

h Sterling denominated securities which Include Investment dollar 
premium. 

* “Tap" Stock. 

* Highland Lews marked thus have been arffesied to allow for rights 
. Issues for cadi. 

t Interim since Increased or resumed. 

1 literlm since retfaced, passed or deterred. 
it Tax-free <o non-residents on ^pOration. 

+ Flames or report awaited, 
ft Uidtsted security, 
it Price at lime of suspension. 

4 Indicated dividend after pending scrip and/or rights tanc: COW 
relates u previous dividends or forecasts. 

* Merger bid or reorganisation In progress. 

4 Not comparable. 

* -Same interim: reduced final aad/or reduced earnings haficated. 
i Forecast (Svufend; cover on earnings updated by latest Interim 

statement. 

I Caver allows for conversion of shares not now ranking for dvUends 
or ranking only for restricted dividend. 

* Cover does not allow for shweswMcii my aim rank for dividend at 
a future date. Mo P.'E ratio uanihr provided. 

V Excluding a final dividend declaration. 

+ Regional price. 

II No per value. 

a Tax free. h Figures based on prospe ct us or other official 
estimate, c Cents, d Dividend rate paid or payable on pan of 
capital: cover based on dividend on hill capital, e Redemption yield, 
f Flat yield, g Assumed dividend and yield, fa Assumed dividend and 
yield after scrip issue, j Payment from capital sources, k Kenya, 
m Interim higher than previous total, n Rights Issue pendmg- 
g Earnings based on preliminary fi^xes. s Dividend and yield exclude 
a special payment. I Indicated dividend: cover relates to previous 
dividend, P.’E ratio based on latest annual earnings, u Forecast 
dividend: cover based on previous year’s earnings, v Tax free up to 
30plnthet.w Yield allows for currency clause, y Dfvidend and yiefd 
based on merger terms, z Dividend and yield include a special payment; 
Cover does not apply to special payment. A Net tHvidend and yieid. B 
Preference dividend passed or deferred. C Canadian. E Issue price. F 
Dividend and yield based on projector; or other official estimates for 
1979-80. G Assured dividend and yield after pending scrip and'or 
rights issue. H Dtvl*sid and yield based on prospectus or other official 
estimates far 1978-79. K Figures based on prospectus or other 
official estimates for 1978. M Dividend and yield based on prospectus 
or other official estimates for 19TB. N Dividend and yield based on 
prospectus or tMJw official estimates lor 1979. P Figures based on 
ctosmOus or other official estimates lor 1978-79. a Grass. T Figures 
assumed. Z Dividend total to date, ff Yield based on assumption 
Treasury BUI Rate stays unchanged until maturity ol stock. 

Abbreviations: riei draidend; mev scrip Issue; vei rights; n ex aO: 41 
ex capital dJan button. 

“ Recent Issues w and “ Right* ” Page 18 

This service Is available to every Company dealt in no Stack 
Exchanges ttnugbout the United Kingdom for a fee of £400 
per annum far each security 


REGIONAL MARKETS 

The following b a selection of London quotations of shares previously 
listed onto In regional markets. Prices of Irish Issues, most of which are 
ntK officially listed In London, are as eputed on the Irish exchange. 



Albany Inv. 20p._-| 26 


Sheffield Brick — J 


— I — J — | Ash Sphmtog__" -. 70 |4j“| Staff. Bgshnn 


_,) 52 

rji S = 


FINANCE 


Finance, Land, 


'.Mitoe I nr 



p ^ ssn % ■ = sa pH%Si 

L I e £& jp ± & ” 1 £ 


03 £60 DotfaPCCw.. £87 Q6%%3Afff7.7 — » S 

rioo £77 Do-lScCtw.- £88- flISfc U QU — Jj 

89 38 Ests.& Agency, 58 ...» 0.46 18 L2 711 

tv, I? Ests.&fen.iOp. _21 J 2 tUJ2 U 12 178 ^ 

m 2 77 Est5.-Prop.l«- U8 2J6 L9 32 24.4 

1M 76 Evans Leeds— W <032 3 i 2219.1 S.'S* Jc* 

88. FM v MkS» 631 7.0(53) & 

Mz 16 R8ncefiW.lftL- 28 »... 11 21 82 8k & 

Zt$ ' (70 StSSteSs®’. 2ZW .TZ 1*295 ZAZD2LB 

AS 30 Greent^lOP- 37 »» dL49 * U1325 ffi * 

10 jGreencoat 5p;» 8>g — ... — — — 227 ^*2 



n^u>s >g T 

-■ 5® J * tiff oa ^ Hf 1 -i- 

g = SBT B SEX S " SSSSb " -r 

51 075 U 22 « » ElOroHinhgldp. 52 

98 2 041 12 06HJ4 48 ^ Erskine House- 37 

S 193 U 48 292 15% 12 &Undsl0p» 13% 

as 3 0 U 5126J 23 22 ExptotkaCo.Sp 24 

S 25 5 U 7J2L* » Fashion i fee. 118 

£=■'“! “ 13 § Sffi'fS:: ^ 

% - ^ a 3‘“-7 ® ! a am s a 

ir Lfi W 135 so K 3 b 3 i 2 ilc 5 /-: — 130 ...... 

*3 _ _ _ 51 25 ttKeHocfclOp- 51 +2 

ML +167 L2 22.0 51 25 1«BiO».UlflO- 51 +2 

fcmf T 24 . U 52^0 « 44 fflehlMvl*. 9Z +3 

m ::::: a3 u 8 ® a « kw^iSp™ 24 


5U0 0*5^3 

24 ...... TL51 

A »» TU7 


11%|»...| 0-7 


etc. 

16.75 * 115j 

- - - 78 

Qtfll4c 22 T.4 U 
t3.41 L4 82ZI6 
0423 LI 32 j 
H16.CS 14 7.7 (Ml 
L75 19 6.3 5.7 

D.03 - ?8 -■ 

dLOO L8 19 BH 
TL92 16 7.9 6.1 
12 3.6114 3 3 

0.50 6J 3J 7.7 
15.01 12 6.3182 

103 ♦ 93 * 


04 0 22 1.7 29.9 

I <aH6 19 8.4 64 
sdlOfc 13 52 70 
105 - 15 171 
! to J - 15 173 
LftZ ZM 16 40 
184 0.7 1L4 15 J 



*■35 Q60c 
-1 10362; 
+% t0165c 
+25 0115c 
-2 8 43 
+1 9.19 

107 

+10 tQ45c 

Q135c 

10170c 

T? 

+4 Q12c 

Q16c 

...» QCSOc 

llOt 

-4 18.95 

tQ3pc 

+1 ±154 
-2 010.0 

m; 

onfle 

+1 1030c 
-1 tQ38c 
-2 t07%c 


16.3 7 8 
3 3 62 
12 03 
1.6 0.9 
10 8.1 


DIAMOND AND PLATINUM 

£49 (£30 lAngb-AmlnYJjOc.J £38 +2 0600c 1.1) 9.4 

B8‘ 2B5 De Beers Of . 5c _ 382 +4 10525c 33 8.2 

£11% 925 Do,40pcPf. R5. 950 0200c 390^22.6 

230 J 28- Impala Plot. 20c- 175 -1 0184c 3 3 U 


83 54 Lydeflburgl2%c..( 66 06.8c 6 b.2 

117 i 70 |Rus. Plat. 10c ] 94 |+1 ) Q8c | 2.7[ 5.1 

CENTRAL AFRICAN 

210 (140* [Falcon Rh30c. | 140 [ | Q60c I * [26.0 

24 12 [RhotTnCorp. lbZjpJ 12 057 7.1 71 


80 52 RDanC<m.K4_ 70 

« 29 WaMetoLIW 30 

17J 2 10 Zam.Cpr.5BD024.. 1H 2 


30 +'i" Q9r 3.9 21.8 


Bertaoi 15 .... StodailfWm.) -J U3 

Bdg’wlr. EsL 50p- 323 

Clover Croft 28 IRISH 

Craig a Rose £L._ 615s? , “ ls " 

Dyson (R. A.) A — 35 Com. 9S. WIBZ... £99 

Ellis & McHdy 66 Alliance Gas W 

Etrred„^ 24 Arnou JTBsd 

rife Forge 52 Carroll fPJ.)— ... 97 

Finlay Pkg. 5p ..... 21 .... Ctomblkm KJ2Jj 

Graig Ship. El 140 Concrete Prods. ... 130 

HigsonsBrew 74 Hertar (Hldgs J — 5® 

Holt (Jos) 25p 252 Ins. Coro 163 

I.O.M. Stm. £1 147 Irish Ropes 18S 

N'thn. Grtdvn«h 73 -1 Jacob 50 

Pearce (C.H.) 193 T.M.G I« , 

PeelMIUs 22 Unidare 80 


OPTIONS 

3-month Call Rates 


MuOtWt ' 

A. Brew 6% 

A P. Cement IB 

B. S.R. 9 

BabctxA„ 21 

Barclays Bank— 25 

Beectam 35 

Boots 15 

Bcwaure 16 

B.A.T 24 

British Oxygm.... 6 

Brown (J.).. 20 

Burton ‘A'—. 12 

CatSwr— 5 

CourtauKte.- 16 

Dehen Hants— 8 

DlalHers 15 

Dunlop 7 

5iar , U 

E.M.I 14 

Gen. Accident 27 

Gen.Electrie..... 18 

Glaxo 40 

Grand Met. 9 

C-.U S -A'...— 20 
Guardian .......... 18 

G.K.N-. — 22 

Hawker Sldd.._. 20 
House of Fraser. 12 

A selection 
Londsn 


Ladbroke — 17 _ 

Legal &Gm 14 Properly 

Let Service 7 Ri-lt I am i *L. 

? gf 1 ^ 

l S5^ - u 

?n MEPC 12 

£® Peachey 8 

SKfc 8 *=«*= t 

N.EI 12 00c 

NaL West Bank. 22 _ , _ . . 

Dd. Warrants. . 10 Bnl. Pe&TBleijm _ 45 

PJiQDfa. S BwwahOll 5 

Ipiessey. 8 Charterlrtl 3 

R.H.M... 5 Stall 22 

RanlrOrg.'A- .... 18 Ulframar.......-] 20 

Reed Inlnl. 12 

SpHlers 3 ““*» 

J«w 4 Charter Cons. —.{12 

Thorn. 22 Cons. Goto M 

Trust Homes .... 15 Rio T. Zinc 16 

of Options traded Is given on tto 
Stock Exchange Report page 






















































































l ?*7 


Companies House Searches? 

Extei are Expert 


EXT EL STATISTICAL SERVICES LTD 
37/45 PAUL ST. LONDON EC2A4PB 
Tel : 01 -253 3400 Telex : 263437 



straths: 


-“Togaldli E Sua; 

: T *7 


Friday December 29 1978 


‘ ' i ~ "T, "■ r " ' 



European steelmakers 
fear more losses 


BY ROY HODSON 


Nippon Steel Corporation, the 
world's biggest steel company. 
'Than nnmnh.n said in a statement last night 
2° that the six major Japanese 


HSU steel companies have decided to 
or nothing to protect them from K 


an unfavourable market. 

Other EEC countries are 
supplying West German in- 
dustry with steel ■ in increasing 
quantities as the effects of the 
industrial dispute there affect 


continue self-imposed export 
controls on steel shipments to 
the EEC in 1979. Nippon added 
that the companies were acting 
in response to an EEC request. 

Ur. Eisbiro Saito, president of 


THE EEC steel industry fears a The increase in costs feared British Steel has made only 
new round of losses as prices by steel companies is substantial 17m liquid tonnes of steel in 
are not expected to rise in some cases. British Steel, 1978 — its lowest output since 
sufficiently to cover growing for instance, is facing a 12 per nationalisation — and is fore- 
production costs. cent pay claim from the Iron casting an improvement of not 

The prospect comes as a blow and Steel Trades Confederation, more than 200,000 liquid tonnes 
to many European steelmakers the biggest union in the British in 1979. 

who have improved their industry. Japanese steelmakers will 

trading performance in the Makers of stainless steel had continue to restrain steel 
second half of the year. Some teen hoping that brisker exports to the EEC in 1979, 
West German and French com- demand would enable them to according to a Tokyo report, 
panies have recently been raise prices. Now they are 
trading profitably while the big resigned to bolding back a 
State-owned steelmakers of the round of increases at least until 
Community, British Steel 

Corporation and Finsider of 
Italy, have been reducing their 
losses. 

But production costs are once 
again outstripping sales revenue 
and the steel companies believe 
there is little prospect of a 

general increase in EEC steel - 

prices before March or April. h 0IDe supplies. The biggest Nippon, and chairman of the 

This position has not been demand is for flat-rolled pro- International Iron and Steel 
mitigated by the temporary dis- ducts for the West German car r^tute. . ®* 7^° *““6 his 
tortion in the European market industry, 
caused by the West German n flni<<lccw i 
steel strike and the accompany- 

ing lock-outs which are entering A proloonged strike in the 
their fifth week. West German steel industry 

Viscount Etienne Davignon. would have the effect of harden- 
the EEC Industry Commis- ing EEC steel prices towards the 

■sioner. is pressing Eurofer — the levels the producers are seek- sales restraint period are 
standing cartel conference of ing. But the steel companies see Kawasaki. Nippon KOkan, 
the EEC steelmakers — to act as little joy in that prospect. They Sumitomo. Kobe and Nisshin. 
his policeman by insisting that say that the troubles of the A year ago the Japanese 
member companies respect the West German industry can do steelmakers agreed with 
minimum steel selling prices nothing to rectify the funda- Viscount Davignon to restrict 
listed m the Davignon Plan for mental imbalance now existing sales to the EEC to 1.2m tonnes 
restructuring the industry. in European steelmaking be- for a period of one year. 

However. Eurofer has not. so tween costs and prices. Actual Japanese exports to the 

far, proved capable of enforc- While the European steel EEC have totalled only 533,000 
ing price discipline among all market remains depressed, steel- tonnes since then compared 
its members. A number uf makers have no prospect of with over lm tonnes a year 
Continental European com- achieving further economies in earlier. 

panies arc continuing to sell at production costs. Better produc- There had been fears that the 
below the Davignon minima, tivity will require a bigger Japanese would refuse to extend 
although his rules are being throughput of steel at the mills, the restraint agreement 
strictly ' observed by British most of which are working at 70 IG-Hetall baiting three more 
steelmakers. per cent or less of capacity. plants. Page 2 


personal influence with the 
other Japanese steelmakers to 
give EEC steelmakers the relief 
from the pressure of imports 
they so badly need. 

The other five Japanese com- 
panies agreeing to extend the 


U.S. trade deficit 
narrows to $2bn 
in November 


THE LEX COLUMN 


BY DAVID BUCHAN 



•; r i- fi*. ■ y 

5 fa : - • ** 

■’ V i.1 ■!' 

■ V t 

•f ar. j-.. - m m 

M f 


WASHINGTON — The U.S. of the first 5 per cent OPEC 
trade deficit in November price rise on January 1. 



...one year to. another it CbQld 


sion is repeatedly denied. relatively cheaper. 

The trade deficit for the first The 0 . 6 ^ drop In ^ 
11 months of 1978 now stands at November leading indicators 
g6.i4bn, or above the record index came after fairly steady 
$J>.5bn deficit for the whole of r j ses j n the previous three 
1977. . months. But the index can be 

Officials argue that it is too volatile and is regularly revised 
early to establish a direct link by the U.S. Commerce Depart- 
between the fall in the trade ment. as changes in its ten corn- 
deficit and the leading Jndi- ponents are made. 

22 Analyst, warn that it takes 
that, m the longer- term, the a (j 0u ^ three months’ movement 
economy may grow more slowly of jndex in one dir £ti on e to l 
and consequently suck in fewer indicate a definite 
imports. 

The narrowing of the 


2-1 Oi 


S PER £ 


2-OOf— 


__ r ... With the financial: year-end of- . . - 

narrowed to below 82bn, while part of the improvement in many large British companies’. Index" fell 5 3 to 472.9 ' make .- a big difference . to the ^ 

for the same period the index th e November trade picture is only a couple of days off, 'finance ;; - 

of leading economic indicators, attributed to the measures the directors will be turning' their:' 
used to gauge future trends, Carter Administration took in attention to the shape of the-' 
fell for the first time since July. November to strengthen the 1978 accounts. In several 
Administraion officials have dollar. These included, increased respects they face a difficult : 
been forecasting a slowdown in u.S. Treasury gold sales, which task. For the second year run-i 
economic growth next year to boosted the November export ning 'the dollar is playing aT 
an annual rate of 2 .5 per cent, figure. The recovery of the dol- cruel trick upon British -com : '-' 
though the prospect of a reces- lar has also made imports panies by staging a .'sbarp : : 

decline in December. Finance^" 
directors will continue to ha*e : > 
to straggle with the: stream qf-> 
accounting standards and expo-'-; 
sure drafts. And this year the,-, 
more successful companies will.,' 
be in a position to consider the;;, 
possible implications, of The.* 
dividend cover, rule which will':; 
allow them to breach the general ■ 

10 per cent dividend limit — ift 
they really want to. 

In December. 1977, the dollar 

lost over 5 per cent against^: . ... . .. . ........ 

__ . . .sterling, and this month the ..-.while it sterling fttanfcs'tOdlrt tributes two4fths of the 

0 __ The Administration, and the I decline has been more than 4 -TWorth Sea oil) is not necessarily, electric energy ■ co nsum ed in 

November deficit, caused by a Federal Reserve Board, can take I per cent (though the dollar 'going to be, a weak currency in .Brazil-^^ahade it’-' a hot favourite 
* - — •- some comfort from the fact that 1 - - - 


1-90 


1-80 1 



cover calculations. \5 

All this will leave plenty of Jjf 
/ scope for the agile finance 
v. director to negotiate that little , 

; blt .extra. on the 1979 dividend. 

L It may, also prqvide room for % 
tHe company which is not r 
actually" too keen on paying a 
big increase to : pi rt up a . * • 

- smokescreen, of technical diffi- ■- 

;■ cutties and : point to an ideal 1-.' 

- scapegoat -in the' shape of the . * 
.Treasury: One challenge for 
1979 will be to spot which 
company . tried hardest . to- get ‘ 
the dividend : up. ' 


Brascan 


... There was a.:, time when 
Brascan ! s 83 per cent interest 
. ia Light-Servicos de Eletrici- 
dade the - /utility ' which 


Increased oil imports into the 
U.S., to beat next year’s OPEC 
oil price rises, had been 
thought likely to push the 
deficit higher than the October the 1979 inflation rate and trade 
deficit figure of $2.13bn. picture will be adversely 

The level of December oil affected by the 14.5 per cent rise 
imports may still rise in advance in oil prices. 


>ecc 


U.S. to check complaint 
of EEC steel dumping 


BY DAVID BUCHAN 


WASHINGTON — The U.S. Lukens Steel, which has alleged year accounted for 44 per cent 
Treasury announced yesterday th at French. Belgian German, of U.S. carbon steel plate 

that it would launch a formal ~ - ■- - ’ ^ J 

anti-dumping investigation in- 
volving imports of carbon steel 
plate from five EEC countries, 
including Britain. 

Tougher checks will be made 
on U.S. steel importing com- 
panies that the Treasury thinks Guidance price S 
may be buying steel from r 


Italian and 'British steel com- imports, compared^ to just 'over 
panies, which exported ?150m 38 per cent in 1977. 
worth of carbon steel plate to Carbon steel plate from Japan 
the U.S. in the first nine months was formally declared bv the 
of 1978, have been selling it at U.S. Treasury in January this 


‘less than fair value.' 


foreign affiliates at less than the 
Government’s trigger prices. 

The U.S. Commerce Depart- 
ment said yesterday that steel 
imports into the U.S. rose to 
2.016m tons in November, up 
from the 1.7m tons in October. 

Mr, Lewis Fay. chairman of 
Bethlehem Steel, the second- 
biggest U.S. steel company, and 
the head of the American Iron 
and Steel Institute, said that he 
was shocked at the November 
impart figures. 

These showed “a continuation 
of clearly unacceptable levels” 
of foreign steel reaching the 
U.S. market. 

The anti-dumping investiga- 
tion is based on a complaint 
from a Pennsylvania company. 


This is the first big anti- 
dumping case opened by the 
U.S. Treasury since it intro- 
duced its " trigger prices " at 
the start of the year. 

The Lukens complaint on 
which it is acting alleges that 
the companies from the five 
named EEC countries have been 
selling below the “ guidance 
prices" set by the EEC Com- 
mission in Brussels for sales 
within the European com- 
munity. 

It does not charge them with 
selling below the U.S. trigger 
prices — the American system 
designed to keep out cut price 
imports. 

EEC suppliers have so far this 


1.9 per cent rise in exports to some comtort trom tne tact mat picked np a little yesterday ’lithe next f?w : years. . .. among -international fund 

$13.26bn and an 0.5 per cent the biggest single factor in the after the U.S. trade deficit^. It is h^d • to. .beat currency:- managers seeking a foothold in 

increase in imports to $l5.21bn, index s decline m November was proved to be not quite so bad^r-translatiun as van are a- for free-^ a gr Owing .economy." . Now . the 

is relatively good news. a 0.9 per cent drop in the money as feared). The depreciation^ dom. But tiie nld '..favourite .. position, looks quite: different 

supply. 0 f dollar in terms of sterling SSAP 6 entitled “ Extraordinary The news- that the 'holding- is w . . 

This must give some hope for has been about 51 per cent this- -.'Items and Prior Year Adjust- .being, nationalised has been V'jjrf 
the Administration's fight year. On the other hand it’ .jnents" should no the forgotten.-, greeted, with -enthusiasm ’in “ 

against inflation, even though must be borne in mind that-: Nor, of course,. should the" l&tert- T.&rdntQ; Brasean’s -home town. ' • : ~ 

1978 has not, overall, been a-' tax standard . SSAP 15 - whfch -_ J «Bnarei»d net 

strong year for sterling, says that companies need duly. S135nf or 90 ner - 
Although f sterling’s ^ provide too set axes tfeey. actually -ee^oUthe Canadian company’s 

" ‘ But 

unit ; • : ■ 

was 

H on tne ena-unr ievei- -.-'-analysis p/e r «aicBiai|ousrV«oM." able itf generate Ittferhallv -no - — ' - 

But this is deceptive, because many more companies ^ ^ el f‘ m6re ithan’-ah.^ eighth .of the ’ 
scarcely any British companies;' to fall in with-riic newsta^ard required to meet, an o 5r?ct 

have significant assets .in Japan^;: during the coming, reporting eflonhdus.--' capital'--'; spending ~ 

and investments in the harder.;' season. Otter ac^ountingjtanr programme-^which has run to 
curreno' European countries-' dards would be just ^^puiar ■ over ^ (jj e Jast f 0liJ years 
are also relatively small. The-, with comp^es ifoniy -they Jiad . T . " nfl 7 frtr w nero ,- 

overseas subsidiaries of British, sun i lar magically _-l»eneflCial^ t. ■ : 

mm tend to be concentrated.; .effect* on earnings instead of rismg^byrabouL lO per cent a 
in the U.S. and in the older , erasing . damage Hike Tnflatibn .■ wr; But Light buys over three- ■ • 

.Commonwealth countries. and, «cnuntlng and ^hord depr^.-JuarW^^^^ * 

Anglia. Hastings and Thanet j currency conversion effects in,-.' CIa _^ on - * ore. set by 


House prices rise 
by up to 50% 



BY MICHAEL CASSELL 


STEEP INCREASES in house 
prices this year 
rises of as much as 50 per 
in the London area, according areas were 


3c.o m uuuse j^ngua, nasungs ana inanei currency cuuveoiuu u*..-.— ■ - ■ ,■ , a hnvjrrninan* a ; n j r c , j r ; 

have included chief surveyor, said the sharp most of these cases are going to. - finance. , directors 

as 50 per cent increase? recorded in most be unfavourable. ; heavily en Angled tt- ms 

... ...= «rea, according areas were "astonishing when Currency translation is there-, accounting web wHI be. those of 

to the Anglia, Hastings and seen against a year of fluctuat- fore an area where finance companies- .setog to .4^ . A tt<^jmglyde- 

Thanet Building Society. ing investors' receipts and directors are likely to be doing advantage of tte_ T^wry s 

The society yes.erd.y released Government restricUons on . sood^eal morn JMnking .W.- £%e£&.a: 

report 1 tt b«ed anaY^is In spite of the recent 2 per tude. There are no rules— even 'Ife 1 

of 33.000 properties it dealt cent rise in mortgage rates, the suggested ones-requinng com- ‘ ^ v ' 

with during 1978 and said that demand for home loans still out- panies to .apply -dm ... 


ins fun o 


■\ rt- 


cf p re- 1919 properties rose by 
24.5 per cent. 


year to have been dumped. 

Since then, Japanese imports 
have dropped sharply. 

However, increased shipments 
by Japan of 155.000 tons of 
general steel products in Novem- 
ber was the main factor in the 
rise in imports. EEC steel 
exports, which were very strong 
throughout the summer, 
declined slightly from October 
levels. 

Most of the remaining increase , _ . 

in November came from what | per cent. They even covered 


there are now some si«iw that stripped the supplv of building or any other exchange rates in ' the Treasury a certatn figure : A, group.: of private Brazilian 
prices are beginning to 3 case. society funds. Most of his translating the accounts of oyer- for the highest cover acmeved^. .husinessmen -:: buy aM»wlir«t} 

P Average prices for all new society’s branches still had a seas operations into sterimg. This will mean trying, to work -firast^n out a couple ;of ;years 

ham/ s rose ^ 315 per cent waiting list of three montti tut 'jSr companies concen- out, tmmg ; otter 
over the 
Modern 
increased 

average, while the average price ~ low 'account. This time they ordinary or prior year .Heals 'is ^ --Bjifthe .jfScr.'ttitt' ^it^ T's getting 

“Experience shows that may be wondering whether a immutable. Clearly, if . the" odd-S380m ip hai-d, remiltahle 'cash 

buyers of all generations are judicious switch from,closihg to pension fund top-up^ or tax ja;; significant, than .any 

putting more of their own average rates might be worth- windfall Could be shifted from notiemai baok figure 1 . ' 



ifitwarnir 


Variations 


money into purchases and this 
The society said the figures can only assist in spreading our 
concealed considerable regional available funds. It is often said 
variations, with average prices that the life of 3 mortgage is 
in London rising by about 47 on average seven years. 


the Treasury called “ sharply 
higher” imports of steel plate 
from Poland. 

Polish steelplate is already 
subject to a U.S. Treasury 
dumping inquiry begun 
October. The Treasury warned 
that the level of shipments i 
since then could prejudice the ! 
outcome of the inquiry’ against [ 
Poland. 


" With improved wage packets 


in , 


higher increases for certain over such a. period and an in- 
types of properly, particularly creased value in their property, 
modern homes. the seven-year itch allows many 

The lowest price rises — to move upmarket — such aspirn- 
averaging only io to 15 per tions being well within their 
cent — were recorded in the East reach and again not necessarily 
Midlands and Scotland. giving rise to larger mortgage 

Mr. Peter Moreton. the demands.” 



Councils seek clear 
guide on pay deals 


Continued from Page 1 

' EMS 


BY PAUL TAYLOR 


LOCAL AUTHORITY associa- 
tions are to seek clarification 
from the Government of its atti- 
tude to the pressure from local 
government unions for pay rises 
outside the weakened 5 per cent 
guidelines. 

Although the three main local 
authority associations oppose 
any settlement outside 5 per 
cent because of the impact it 
would have on rates increases 
next year, they are concerned 
that the Government appears to 
be shifting its ground on the 
issue. 

Last month Mr. Peter Shore, 
the Environment Secretary, 
announced strict limits on local 
government spending with the 
1979-80 rate support grant 
settlement, but the Government 
appears to be edging back from 
a rigid interpretation of the pay 
guidelines. 

The associations are particu- 
larly anxious to clarify the 
evident disparity between 
recent comments made by 
Treasury Ministers and by Mr. 
Denis Healey, the Chancellor. 


was 


nounced in Novemher 
reduced by £3m because councils 
had allowed chief executives 
and other senior officers a pay 
increase of between 12.5 and 
13 per cent under the previous 
round of pay policy. 

The most likely consequence 
of any change of heart by the 
Government towards public- 
sector pay settlements would be 
an increase in next year's grant 
cash limit, which allows for 
inflation to cover pay settle- 
ments outside 5 per cent. . 

That would not. however, 
solve the dilemma facing local 
authority treasurers, since the 
grant, and the cash limit pro- 
vision, cover only 61 per cent 
of local government expendi- 
ture. 

Mr. Shore’s November call 
for rate increases to be kept to 
single figures was predicated 
on two main factors: 5 per cent 
nay settlements; and the £L2bn 
in local authority capital 

reserves. 

However. although some 
councils have large reserves 


Mr. Healey has admitted that might be used to subsidise 
privately to union leaders that wage settlements, others 
say rises for the 1.5m public- have or no reserves, 
service manual workers, whose Thus, even if cash limits were 
10 per' cent demand poses Sine increased to take account of 
jf the greatest threats to The higher wage settlements, some 
aovemment’s anti-inflation councils will have no choice but 
ooiicy, might exceed 5 per cent, to raise rates by more than 10 
Mr. A. G. Taylor, chairman P er cent - 
»f the Association of Metro- Some local - government 
jolitan Authorities and one of treasurers have talked about 
he most vocal opponents of any rate increases of 30 per cent or 
lettlement outside 5 per cent more, even if wage settlements 
aid that his association would are kept below 5 per cent, 
eek an urgent meeting with although the Government 
Ministers in the new year. considers those statements 
The rate support grant an- exaggerated. 


Units, consisting of a basket of 
each currency. 

The most likely formula is 
lhat guJd will be valued at a 
discount of 25 per cent to the 
.market price. If this is not 
sorted out immediately i he 
system could still go ahead with 
a modified version of existing 
swap facilities between central 
banks. 

A senior official at the Bank 
of France said there was no 
question of introducing a 
partial EMS- Finance Ministry 
officials said France was in no 
way threatening to back out and 
stand with Britain on the side- 
lines of the system. 

Franee appeared yesterday to 
have greatly scaled down the 
demands which brought matters 
to a head at the EEC Farm 
Ministers' meeting in Brussels 
a week ago. 

It was understood that France 
was no longer playing its EMS 
card to press its claim for 
devaluing the “ green franc " or 
for a time-table for the phasing- 
out of MCAs, which favour 
German farmers in their trade 
with France. 

Instead. France has reduced 
its demands to a German com- 
mitment that any new monetary 
compensation amounts intro- 
duced under EMS would be 
phased out by the end of the 
year. New MCAs might be 
created if the D-mark were re- 
valued from its pretenf parity 
in the “snake." 

The running-down of MCA 
was approved in principle at the 
Brussels heads of Government 
meeting at the beginning of the 
month, but no time-table was 
set. 

Agriculture Ministers are due 
to meet again on January 15, 
but there was speculation in 
Paris that this date might now 
be brought forward. 


Strike costs Ford 
Europe market lead 


BY KENNETH GOODING. MOTOR INDUSTRY CORRESPONDENT 


FORD WOULD have been 
Western Europe's market 
leader for cars and commercial 
vehicles this year but for the 
UK strike. 

By thr end of October, the 
group had captured 13 per c«nt 
of total Western European Dew 
car saics anrl had an 
apparently unbeatable lead over 
Renault, the slate-owned French 
group, which had a 12.4 per 
cent share. 

In 1977, Ford was third in the 
car sale? league, with 12.2 per 
cent against Renault's 12.8 per 
cent. Fiat of Italy's share of the 
market — including Seat 
models made in Spain — was 
12.9 per cent 


WESTERN EUROPE (15 countries) 
market shares at end-October 


Cars 

0/ 

/a 

Commercials 

o/ 

/o 

Ford 

13.0 

133 

Renault 

12.4 

12-9 

Fat/Seat 

Peugeot/ 

11.7 

8.3 

Citroen 

12.3 

11.7 

VW/Audi 

11.4 

10.1 

GM 

10.4 

6.4 

Chrysler 

5.9 

3.6 

BL 

4.9 

63 

Japanese 

4.6 

4.3 


UK TODAY 

SHOWTRS, snow in N. 

London, S-E.. Central S., W. 
England. Channel Is. 
Bright intervals, showers. 
Max. 11C (52F). 

E. Anglia, E- - N.W. England, 
Midlands. Wales 
Cloudy, rain, some snow. 
Max. 8C (46F). 

Lakes, Isle of Man, N.E. Eng- 
land, S. Scotland, N. Ireland 
Cloudy, sleet or snow. Max. 
4C (39F). 

N. Scotland. Highlands, W\ Isles, 
Orkney. Shetland 
Bright intervals, scattered 
snow showers. Max. 3C (37F). 

Outlook: Sleet or snow. 


BUSINESS CENTRES 


Athona 

Bahrain 

Baclona. 

Beirut 

Bellusi 


Beilin 
B'ham . 
Bristol 


represented its last chance for 
Ford also had a solid load in many years to capture the 
the commercial vehicle market Western European “double” in 
by the end of October, with a car &bd commercial vehicle 
13.3 per cent share of total sales, for Chrysler Europe be- 


Cairo 

Cardiff 

Chicago 

Cologne 


Dublin 


Western European rales, well comfcS Parr of the Peugeot- f«5SR 


ahead nf RenaulL with 12.9 per Citroen combine in January, 
cent, and Peu goot-Citroen of This newly-formed grouping 
France, with 11.7 per cent. Ford with around 18 per cent 

held second place in 1977 com- of European new car sales and 
mercial vehicle sales. Ford cannot hope to match that 

The statistics reflect the » m e time, 
success of Ford's “European isa- P n .the commercial vehicles 


Genova 


Jo-burg 

Lisbon 

London 

Luxmbg 


n R 

Y'day 
Middav 
°C m F 
10 50 

Madrid 

c 

Y’day 
Midday 
»C °F 
11 52 

S 

17 

63 

Mnchstr 

R 

7 

45 

S 

19 

66 

Mnlbna 

F 

20 

68 

F 

17 

63 

Max. C. 

S 

20 

68 

F 

18 

64 

Milan 

c 

5 

41 

R 

3 

37 

Montrl 

s 

-12 

10 

j P 

13 

53 

Moscw 

s 

-18 

~2 

R 

3 

48 

Munich 

F 

11 

52 

F 

10 

50 

Nwcsd 

R 

4 

39 

R 

to 

SC 

i N. York 

S 

-1 

3fi 

9 

, R 

n 

52 

Oslo 

C -13 

: S 

32 

90 

Pans 

R 

10 

50 

S 

20 

68 

Penh 

F 

24 

75 

R 

9 

46 

Prague 

F 

to 

50 

C 

— T 

28 

Rcyknfc 

S 

-7 

19 

C 

u 

52 

Rio J o 

c 

3 

8Z 

Srf 

-2 

28 

Rome 

c 

16 

61 

R 

7 

45 

'Sincjpr 

s 

28 

62 

SI 

3 

37 

Sickhm 

s 

-7 

19 

C 

11 

52 

Strasbrg C 

'14 

57 

c 

12 

54 

Sydnoy 

R 

20 

68 

St 

3 

37 

Tehran 

s 

6 

43 

S -22 

-8 

Tel Aviv 

c 

17 

63 

S 

20 

68 

Tonya 

c 

to 

50 

C 

27 

81 

Toronto 

s 

-3 '16 

C 

•IS 

61 

Vienna 

0 

2 

36 

C 

11 

52 

Warsaw 

St 

1 

34 

G 

8 

46 

Zvr*cij 

F. 

10 

50 



2 k box’ ft 


INTERIM RESULTS 


Unaudited results of S. : Hoff nung& Go. Limited forthe half-yearended 
30th September, 1978>- ' ■*. 


Turnover 


1O30J.78 

(notdl) 

£“000 

43,478-, 


" : HaH-ycar.. 

toaoa?7 . 

. .:tnol» 2 l 

r '. rooo . 

50,974' 


Half-year 
,1031.3.78 
(note 2) 
£'000 
'54,346' 


escap 


Group profit before tax A" 

Tax ' •' . • • 


880 


1,520 


1,258 


Ex traordinary i terns (note 3);. 


Profit attributable to minority 
Interests . / 


Half-year preference dividend 
• Profit attributable to 
ordinary shareholders 

Earnings per ordinary share 
Fully diluted earnings 
per ordinary share 

Notes:— . 


: 466 ; 

782 

343 

414 

. 738 

915 

' CM)- 


' 166 

.316 . . 

738 

, 1 ’osi 

91 

62 

-'-—'.47 

225 

67S 

'. 1,034 

10 

- -TO ' -• 

•••••w- 9 

215 


• 1;025 

1.78p . . 

078P , 

-4v88p 




2*4*8 :-c- : 


r~- ' : •-.mater iafiy. different 


_ .. ." 1 - -• 

0 ) tn accordance with the company's established pqScy, the resuite foe the 

half-year ended 30lh September, 1978 hava been converted Inlo^tefiing at the 
rates of exchange ruling at the close of business bn thai'dat* when the official 
rate of exchange for the Australian doDafwaail^SA 1.71. — 

SP-SSK?* Tor lhe Nxo half-years ende^ 3 £tth^AetatSei^i' 97 ? aod 31st 
March, 1978 have been converted into steWiag&itbe^ 8 ^d£e!kpfem 0 e ruling at 


: ir 


ifie te * when the official rate ot.e)tob£og&^^ 


(3) 


, UV :v’to»AW£.: ; • 
. _■ . . - -fa. \ ■« VJwK-Uij . • 

Extiaardinarv items consist •' •; Jr- : ' / 


Extraordinary profits 
Deduct: ReorganisaUodaridcloGU^ff-ir, o : 
costa net of tax re?lel>-i £:■£>: 


98 

m 


■'■HaH-year - 

Handcar 

.1030.8 77 

10313,78 


; EUOO " 


'-T.' 274-. 

•; • ’ 

. . • • ms 

' — ' 

166 


(41 Statement of Standatt^Aotounti ng Practice No. 12 which refers to 


accountingforxtepredatla>tep^es to UieGrdUp tor the-first lime intt® current- 
JnppcW y r. I^Hdi rtg^lJ^Qf pr qf^K>rel aq*ice. no provision for depreck 


anon on freehoU.or toog^teBsetibid buiRJirigb has been made in these results. 
The Boflrd do not eny prdvislorrfar the fall yeaifttj.be material. 


tion" programme in which, it has new Peugeot grouping 

developed products attractive to w 'hl slart with around 15 per 


all European markets. 


cent nf European saics, again 


HOLIDAY RESORTS 


The figures also illustrate the 'enough to give it a clear lead 
impact of a full year with a on Ford. 


small car. the Fiesta. Its 
success has even been some- 


Ford's share of the UK car 
market in December will b*' 


thing of an embarrassment to about 16 per cent, compared 
Ford in Spain, wheTe some with BL’s 27 per cent 


Ajaccio 
Algiers 
Biarritz 
Black pi 


Y’day 
Midday 
•C. ‘F 
F J6 61 
F 20 H 

F IS 64 


Y'day 
' Midday 
■C ‘F 
Joraoy C 12 54 
L. Ptmia C 18 65 
Luchino S 7 45 


R * 39. Majorca S' 17 63 


assembly of the model is done. While much' better than the 
Ford had agreed to restrict 6 per cent recorded in Novem- 


its penetration of the Spanish ber. the December figures 


market to 10 per cent in 1978 
but had an 11.8 per cent market 
share by the end of October. 

It would have had to restrict 
sales in the final months of the 
year had the UK dispute not 


reflect the fact that a return 


BordQstiii S 16 61 Wiiana 
Boulgns R 9 48|M<ilta 
C’blnca F 20 68; Nairobi 
N.iolea 
Nice 
Nicosia 
Oporto 


Cage Tn C 2 t 70 
Corfu C IB 59 
Dbrvnk R 12 54 
, Faro C 17 61 

to normal conditions is taking | Florence r o b 
time. 

The group's market share 
should be back to the 25 per 
cent level in January, usually 


Rhodes 

Salzbrq 

Tangier 


intervened. a month of comparatively high 

Unfortunately for Ford. 1978 volume sales. 


FuiChJi F 19 66 
G'brltr F 16 61. . „ 
Gnc-n joy F 12 64 j Tenerilo 
Innabrk C ' 9 48. Tunis 
Invrnsn C 2 36 Valencia 
I. Man R 5 4tlVeniL-a 


17 63 

18 64 
24 7b 
17 63 

14 57 
17 63 
13 55 

17 63 
6 43 

18 64 

15 69 
20 68 
15 59 

6 43 


C— Cloud. D— Dnzzle. F— Fair. R— Rain. 
S— Sunny. SI — Steel. Sn— Snow. 



As indicatecLm the Cfelnnarfa Annual statement, ffv> festiHS tSf^h» ■ r ' ' I? 

first. half of the year to 3Qth.SBptember. 1978, were Door r 7?®^a^^i ‘ 1 * 

that time expected that: in -spit* of this the results 1 

1978179: Would .show art improvement over i9f7i78 .^ ?ShSbSS''‘ 



&£+"" ry has gore 'ihn ^ 

.L. .. - t - ■ .• . ' - - "■ .• • a *'*CS 

ns a rssult the Board now expects that the hia-ta» Per 1?1 » . 

e«mp:in pBTO.wfllapproxiiSTe 

« ronj.nuing.te poHcy of ratjonaKsatibh in " 


-f; 


Ordinary -shares of 25p each 
the year ending 3ist March, It 


••• 


.^K^pgr.sT 



Rerisicfftt. at the Post OiTico. Prin*«i ~ n .,„ _ 

br tbe.Fffltol Times Ltd.-. 


■ — ' 

-2 i!? e A " 1 


r"« - ^ 

i. _L ; : l s:LL \ -